v3.19.3.a.u2
Cover Page - USD ($)
 12 Months Ended
Dec. 31, 2019
Feb. 21, 2020
Jun. 30, 2019
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2019    
Document Transition Report false    
Entity File Number 001-36429    
Entity Registrant Name ARES MANAGEMENT CORPORATION    
Entity Incorporation, State or Country Code DE    
Entity Tax Identification Number 80-0962035    
Entity Address, Address Line One 2000 Avenue of the Stars    
Entity Address, Address Line Two 12th Floor    
Entity Address, City or Town Los Angeles    
Entity Address, State or Province CA    
Entity Address, Postal Zip Code 90067    
City Area Code 310    
Local Phone Number 201-4100    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Large Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
Entity Shell Company false    
Entity Public Float     $ 1,980,043,921
Entity Central Index Key 0001176948    
Current Fiscal Year End Date --12-31    
Document Fiscal Year Focus 2019    
Document Fiscal Period Focus FY    
Amendment Flag false    
Class A common stock      
Entity Information [Line Items]      
Title of 12(b) Security Class A common stock, par value $0.01 per share    
Trading Symbol ARES    
Security Exchange Name NYSE    
Entity Common Stock, Shares Outstanding   118,610,306  
Series A Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 7.00% Series A Preferred Stock, par value $0.01 per share    
Trading Symbol ARES.PRA    
Security Exchange Name NYSE    
Class B common stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   1,000  
Class C common stock      
Entity Information [Line Items]      
Entity Common Stock, Shares Outstanding   1  
v3.19.3.a.u2
Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Assets        
Investments, at fair value     $ 1,724,571  
Other assets     130,341  
Total assets $ 12,014,196 $ 10,154,692 8,563,522  
Liabilities        
Operating lease liabilities 168,817      
Total liabilities 10,155,598 8,760,351 7,103,230  
Commitments and contingencies    
Stockholders' Equity        
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at December 31, 2019 and 2018, respectively) 298,761 298,761    
Additional paid-in-capital 525,244 326,007    
Retained earnings (50,820) (29,336)    
Accumulated other comprehensive loss, net of tax (6,047) (8,524)    
Total stockholders' equity 768,290 587,924 1,460,292  
Total equity 1,858,598 1,394,341 1,460,292 $ 1,377,262
Total liabilities, non-controlling interests and equity 12,014,196 10,154,692 $ 8,563,522  
Class A common stock        
Stockholders' Equity        
Common stock 1,152 1,016    
Class B common stock        
Stockholders' Equity        
Common stock 0 0    
Class C common stock        
Stockholders' Equity        
Common stock 0 0    
Consolidated Funds        
Assets        
Cash and cash equivalents 606,321 384,644    
Investments, at fair value 8,727,947 7,673,165    
Due from affiliates 6,192 17,609    
Other assets 30,081 23,786    
Receivable for securities sold 88,809 42,076    
Liabilities        
Accounts payable, accrued expenses and other liabilities 61,857 83,876    
Due to affiliates 0 0    
Payable for securities purchased 500,146 471,390    
CLO loan obligations, at fair value 7,973,748 6,678,091    
Fund borrowings 107,244 209,284    
Non-controlling interest in Consolidated Funds 618,020 503,637    
AOG        
Liabilities        
Non-controlling interest in Ares Operating Group entities 472,288 302,780    
Ares Management L.P        
Assets        
Cash and cash equivalents 138,384 110,247    
Investments, at fair value 1,663,664 1,326,137    
Due from affiliates 268,099 199,377    
Other assets 341,293 377,651    
Right-of-use operating lease assets 143,406      
Liabilities        
Accounts payable, accrued expenses and other liabilities 88,173 83,221    
Accrued compensation 37,795 29,389    
Due to affiliates 71,445 82,411    
Performance related compensation payable 829,764 641,737    
Debt obligations 316,609 480,952    
Operating lease liabilities 168,817      
Stockholders' Equity        
Additional paid-in-capital 525,244 326,007    
Retained earnings (50,820) (29,336)    
Accumulated other comprehensive loss, net of tax (6,047) (8,524)    
Total stockholders' equity 768,290 587,924    
Ares Management L.P | Class A common stock        
Stockholders' Equity        
Common stock 1,152 1,016    
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 $ 0 $ 0    
v3.19.3.a.u2
Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Nov. 26, 2018
Dec. 31, 2017
Investments       $ 1,724,571
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01    
Preferred stock, shares authorized (in shares) 1,000,000,000 1,000,000,000    
Preferred stock, shares issued (in shares) 12,400,000 12,400,000    
Preferred stock, shares outstanding (in shares) 12,400,000 12,400,000    
Common stock, shares outstanding (in shares) 115,243,029 101,595,096    
Class A common stock        
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01  
Common stock, shares authorized (in shares) 1,500,000,000 1,500,000,000    
Common stock, shares issued (in shares) 115,242,028 101,594,095    
Common stock, shares outstanding (in shares) 115,242,028 101,594,095    
Class B common stock        
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01  
Common stock, shares authorized (in shares) 1,000 1,000    
Common stock, shares issued (in shares) 1,000 1,000 1,000  
Common stock, shares outstanding (in shares) 1,000 1,000    
Class C common stock        
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01  
Common stock, shares authorized (in shares) 499,999,000 499,999,000    
Common stock, shares issued (in shares) 1 1    
Common stock, shares outstanding (in shares) 1 1    
Ares Management L.P        
Investments $ 1,663,664 $ 1,326,137    
Ares Management L.P | Accrued Interest        
Investments $ 1,134,967 $ 841,079    
v3.19.3.a.u2
Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues                      
Total revenues $ 436,929 $ 466,490 $ 384,822 $ 477,197 $ 247,432 $ 240,777 $ 204,163 $ 266,089   $ 958,461 $ 1,479,943
Expenses                      
Total expenses 362,288 395,701 335,701 369,107 215,874 227,188 221,017 206,283 $ 1,462,797 870,362 1,504,758
Other income (expense)                      
Total other income 26,620 32,787 35,262 27,870 (12,678) 38,754 67,926 2,240 122,539 96,242 174,674
Income before taxes 101,261 103,576 84,383 135,960 18,880 52,343 51,072 62,046 425,180 184,341 149,859
Income tax expense (benefit)                 52,376 32,202 (23,052)
Net income 84,475 91,875 74,878 121,576 16,337 47,212 14,169 74,421 372,804 152,139 172,911
Net income attributable to non-controlling interests related to consolidated VIEs                     35,915
Net income attributable to Ares Management Corporation 38,465 33,331 32,139 44,949 11,937 15,910 (11,775) 40,948 148,884 57,020 76,178
Less: Series A Preferred Stock dividends paid 5,425 5,425 5,425 5,425 5,425 5,425 5,425 5,425 21,700 21,700 21,700
Net income attributable to Ares Management Corporation Class A common stockholders $ 33,040 $ 27,906 $ 26,714 $ 39,524 $ 6,512 $ 10,485 $ (17,200) $ 35,523 $ 127,184 $ 35,320 $ 54,478
Net income per share of Class A common stock                      
Basic (in dollars per share) $ 0.27 $ 0.24 $ 0.24 $ 0.36 $ 0.05 $ 0.09 $ (0.20) $ 0.39 $ 1.11 $ 0.30 $ 0.62
Diluted (in dollars per share) $ 0.25 $ 0.23 $ 0.23 $ 0.36 $ 0.05 $ 0.09 $ (0.20) $ 0.28 $ 1.06 $ 0.30 $ 0.62
Weighted-average shares of Class A common stock:                      
Basic (in shares) [1]                 107,914,953 96,023,147 81,838,007
Diluted (in shares)                 119,877,429 96,023,147 81,838,007
Consolidated Funds                      
Expenses                      
Expenses of Consolidated Funds                 $ 42,045 $ 53,764 $ 39,020
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                 15,136 (1,583) 100,124
Interest expense                 (277,745) (222,895) (126,727)
Interest and other income of Consolidated Funds                 395,599 337,875 187,721
Net income attributable to non-controlling interests related to consolidated VIEs                 39,704 20,512 60,818
AOG                      
Other income (expense)                      
Net income attributable to non-controlling interests related to consolidated VIEs                 184,216 74,607 35,915
Ares Management L.P                      
Revenues                      
Total revenues                 1,765,438 958,461 1,479,943
Expenses                      
Compensation and benefits                 653,352 570,380 514,109
Performance related compensation                 497,181 30,254 479,722
General, administrative and other expenses                 270,219 215,964 196,730
Transaction support expense                 0 0 275,177
Total expenses                   870,362  
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                 9,554 (1,884) 8,262
Interest and dividend income                 7,506 7,028 7,043
Interest expense                 (19,671) (21,448) (21,219)
Other income (expense), net                 (7,840) (851) 19,470
Total other income                   96,242  
Income tax expense (benefit)                 52,906 32,071 (24,939)
Management fees | Ares Management L.P                      
Revenues                      
Total revenues                 979,417 802,502 722,419
Carried interest allocation                      
Revenues                      
Total revenues                 621,872    
Carried interest allocation | Ares Management L.P                      
Revenues                      
Total revenues                 621,872 42,410 620,454
Incentive fees | Ares Management L.P                      
Revenues                      
Total revenues                 69,197 63,380 16,220
Principal investment income (loss) | Ares Management L.P                      
Revenues                      
Total revenues                 56,555 (1,455) 64,444
Administrative, transaction and other fees                      
Revenues                      
Total revenues                 0    
Administrative, transaction and other fees | Ares Management L.P                      
Revenues                      
Total revenues                 $ 38,397 $ 51,624 $ 56,406
[1] Year ended December 31, 2017 represents common units.
v3.19.3.a.u2
Consolidated Statements of Operations (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Ares Management L.P | Affiliated entity | ARCC          
Management fees, part I fees $ 48,060 $ 37,145 $ 164,396 $ 128,805 $ 105,467
v3.19.3.a.u2
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Net income $ 84,475 $ 91,875 $ 74,878 $ 121,576 $ 16,337 $ 47,212 $ 14,169 $ 74,421 $ 372,804 $ 152,139 $ 172,911
Consolidated Funds                      
Other comprehensive income:                      
Less: Comprehensive income (loss) attributable to non-controlling interests                 37,869 15,575 62,165
AOG                      
Other comprehensive income:                      
Less: Comprehensive income (loss) attributable to non-controlling interests                 186,896 70,670 43,764
Ares Management L.P                      
Other comprehensive income:                      
Foreign currency translation adjustments, net of tax                 3,322 (13,190) 13,927
Total comprehensive income                 376,126 138,949 186,838
Comprehensive income attributable to Ares Management Corporation                 $ 151,361 $ 52,704 $ 80,909
v3.19.3.a.u2
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Partners' Capital
Ares Management L.P
Partners' Capital
Preferred Partner
Preferred Class A
Class A common stock
Common Stock
Class A common stock
Additional Paid-in-Capital
Class A common stock
Retained Earnings
Class A common stock
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Ares Management L.P
Non-Controlling interest
Non-Controlling interest
AOG
Non-Controlling interest
AOG
Non-Controlling interest
Non-Controlling interest
Consolidated Funds
Balance at Dec. 31, 2016 $ 1,377,262 $ 301,790 $ 298,761           $ (8,939)     $ 447,615   $ 338,035
Increase (Decrease) in Stockholders' Equity                            
Changes in ownership interests and related tax benefits (22,176) (11,979)                   (10,197)    
Contributions 195,403 1,036                   4,213   190,154
Dividends/Distributions (345,222) (92,587) (21,700)                 (169,069)   (61,866)
Net income 172,911 54,478 21,700                 35,915   60,818
Currency translation adjustment 13,927               4,731     7,849   1,347
Equity compensation 68,187 26,327                   41,860   0
Balance at Dec. 31, 2017 1,460,292 279,065 298,761           (4,208) $ (4,208)   358,186   528,488
Increase (Decrease) in Stockholders' Equity                            
Adoption of ASU 0                          
As adjusted balance at January 1, 2018 1,437,681 268,238 298,761           (4,208)       $ 341,069 533,821
Changes in ownership interests and related tax benefits (1,211) (26,712)         $ 9,140         16,361    
Consolidation of a new fund 42,942                         42,942
Contributions 180,420 106,283                   3,128   71,009
Dividends/Distributions (494,056) (104,501) (16,275) $ (5,425)       $ (30,348)       (177,797)   (159,710)
Net income 152,139 34,308 16,275 5,425       1,012       74,607   20,512
Currency translation adjustment (11,988)               (3,114)     (3,937)   (4,937)
Equity compensation 88,414 36,245         2,820         49,349    
Reclassifications resulting from conversion to a corporation 0 (315,063) (298,761) 298,761   $ 1,016 314,047              
Balance at Dec. 31, 2018 1,394,341 0 0 298,761   1,016 326,007 (29,336) (8,524)     302,780   503,637
Increase (Decrease) in Stockholders' Equity                            
Relinquished with deconsolidation of funds (55)                         (55)
Changes in ownership interests and related tax benefits (28,613)         22 (133,976)         105,341    
Repurchases of Class A common stock (10,449)       $ (10,400) (4) (10,445)              
Contributions 381,432         70 206,635         1,876   172,851
Dividends/Distributions (441,649)     (21,700)       (148,668)     $ (96,282) (174,999)    
Net income 372,804     21,700       127,184       184,216   39,704
Currency translation adjustment 3,322               2,477     2,680   (1,835)
Equity compensation 96,954           46,560         50,394    
Stock option exercises 90,511         48 90,463              
Balance at Dec. 31, 2019 $ 1,858,598 $ 0 $ 0 $ 298,761   $ 1,152 $ 525,244 $ (50,820) $ (6,047)     $ 472,288   $ 618,020
v3.19.3.a.u2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net income $ 372,804 $ 152,139 $ 172,911
Allocable to non-controlling interest in Consolidated Funds:      
Net cash used in operating activities (2,083,021) (1,417,058) (1,863,014)
Cash flows from investing activities:      
Purchase of furniture, equipment and leasehold improvements, net (16,796) (18,419) (33,160)
Net cash used in investing activities (16,796) (18,419) (33,160)
Allocable to non-controlling interests in Consolidated Funds:      
Net cash provided by financing activities 2,122,330 1,405,295 1,654,877
Effect of exchange rate changes 5,624 21,500 17,365
Net change in cash and cash equivalents 28,137 (8,682) (223,932)
Cash and cash equivalents, beginning of period 110,247 118,929 342,861
Cash and cash equivalents, end of period 138,384 110,247 118,929
Ares Management L.P      
Adjustments to reconcile net income to net cash used in operating activities      
Equity compensation expense 97,691 89,724 69,711
Depreciation and amortization 39,459 28,517 32,809
Net realized and unrealized gains (losses) on investments (53,092) 12,935 (67,034)
Contingent consideration 0 0 (20,156)
Other non-cash amounts 0 10 (1,731)
Investments purchased (278,798) (248,460) (257,295)
Investments purchased 284,810 381,703 154,278
Cash flows due to changes in operating assets and liabilities:      
Net performance income receivable (103,962) 29,578 (90,444)
Due to/from affiliates (76,107) 33,023 (2,483)
Other assets 27,653 (66,795) (36,786)
Accrued compensation and benefits 7,650 114 (105,109)
Accounts payable, accrued expenses and other liabilities 30,669 2,306 14,640
Cash flows from financing activities:      
Proceeds from issuance of Class A common stock 206,705 105,333 0
Proceeds from credit facility 335,000 680,000 455,000
Proceeds from term notes 0 44,050 100,459
Repayments of credit facility (500,000) (655,000) (245,000)
Repayments of term loans 0 (206,089) 0
Dividends and distributions  (323,667) (312,646) (261,656)
Series A Preferred Stock dividends and distributions (21,700) (21,700) (21,700)
Repurchases of Class A common stock (10,449) 0 0
Stock option exercises 90,511 950 1,036
Taxes paid related to net share settlement of equity awards (33,554) (18,014) (14,308)
Other financing activities (3,212) 3,128 2,819
Supplemental information:      
Cash paid during the period for interest 17,922 19,881 17,222
Cash paid during the period for income taxes 35,021 26,740 18,034
Consolidated Funds      
Adjustments to reconcile net income to net cash used in operating activities      
Net realized and unrealized gains (losses) on investments (15,136) 1,583 (100,124)
Investments purchased (5,216,931) (4,919,118) (4,058,936)
Investments purchased 3,077,755 2,756,924 2,303,315
Allocable to non-controlling interests in Consolidated Funds:      
Other non-cash amounts (8,383) (4,519) (4,470)
Allocable to non-controlling interest in Consolidated Funds:      
Change in cash and cash equivalents held at Consolidated Funds (221,677) 171,856 (101,224)
Cash acquired/relinquished with consolidation/deconsolidation of Consolidated Funds (81,059) 11,915 198,297
Change in cash and cash equivalents held at Consolidated Funds (54,834) 11,962 (48,837)
Change in other liabilities and payables held at Consolidated Funds 88,467 137,545 85,654
Allocable to non-controlling interests in Consolidated Funds:      
Contributions from non-controlling interests in Consolidated Funds 172,851 71,009 190,154
Distributions to non-controlling interests in Consolidated Funds (96,282) (159,710) (61,866)
Borrowings under loan obligations by Consolidated Funds 3,341,837 2,901,633 2,949,949
Repayments under loan obligations by Consolidated Funds (1,035,710) (1,027,649) (1,440,010)
Supplemental information:      
Cash paid during the period for interest 215,168 165,070 76,889
Cash paid during the period for income taxes $ 604 $ 742 $ 145
v3.19.3.a.u2
ORGANIZATION
 12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION ORGANIZATION 
Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. Information about segments should be read together with Note 15, “Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”). Such subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. Ares is managed and operated by its Board of Directors and Executive Management Committee. Unless the context requires otherwise, references to “Ares” or the “Company” refer to Ares Management, L.P., together with its subsidiaries prior to November 26, 2018 and thereafter to Ares Management Corporation, together with its subsidiaries. See Note 14, "Equity," for detailed description of the Company's ownership structure and relevant changes.
The accompanying audited financial statements include the consolidated results of the Company and its subsidiaries. The Company is a holding company, and the Company’s sole assets are equity interests in Ares Holdings Inc. (“AHI”), Ares Offshore Holdings, Ltd., and Ares AI Holdings L.P. In this annual report, the following of the Company’s subsidiaries are collectively referred to as the “Ares Operating Group”: Ares Offshore Holdings L.P. (“Ares Offshore”), Ares Holdings L.P. (“Ares Holdings”), and Ares Investments L.P. (“Ares Investments”). The Company, indirectly through its wholly owned subsidiaries, is the general partner of each of the Ares Operating Group entities. The Company operates and controls all of the businesses and affairs of and conducts all of its material business activities through the Ares Operating Group.
In addition, certain Ares-affiliated funds, related co-investment entities and collateralized loan obligations (“CLOs”) (collectively, the “Consolidated Funds”) managed by Ares Management LLC (“AM LLC”) and its wholly owned subsidiaries have been consolidated in the accompanying financial statements as described in Note 2, “Summary of Significant Accounting Policies.” Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying consolidated financial statements; however, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to Stockholders' Equity. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in Consolidated Funds. Further, cash flows allocable to non-controlling interest in Consolidated Funds are specifically identifiable in the Consolidated Statements of Cash Flows.
Non-Controlling Interests in Ares Operating Group Entities
The non-controlling interests in Ares Operating Group (“AOG”) entities represent a component of equity and net income attributable to the owners of the Ares Operating Group Units (“AOG Units”) that are not held directly or indirectly by the Company. These interests are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the AOG entities based on their historical ownership percentage for the proportional number of days in the reporting period.
v3.19.3.a.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis in the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP.
All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values in the Company’s Consolidated Statements of Financial Condition. Net income attributable to holders of
subordinated notes of the CLOs is included in net income (loss) attributable to non-controlling interests in Consolidated Funds in the Consolidated Statements of Operations.

The Company has reclassified certain prior period amounts to conform to the current year presentation.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other income (expense) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements.
Principles of Consolidation
The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity, including Ares affiliates and affiliated funds and co-investment entities and (b) entities that the Company concludes are variable interest entities (“VIEs”), including limited partnerships and CLOs, in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary.
The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, performance income, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in many of these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE”).
Variable Interest Model
An entity is considered to be a variable interest entity (“VIE”) if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights.
The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.
The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders the conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more
parties' equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary.
Consolidated CLOs
As of December 31, 2019 and 2018, the Company consolidated 16 and 13 CLOs, respectively.
The Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities within the GAAP fair value hierarchy. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company).
The loan obligations issued by the CLOs are collateralized by diversified asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent incentive fee income. In cases where the Company earns fees from a CLO that it consolidates, those fees have been eliminated as intercompany transactions. The Company's holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes, which are repaid based on available cash flows subject to priority of payments under each consolidated CLO's governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO.
Fair Value Measurements
GAAP establishes a hierarchal disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.
Financial assets and liabilities measured and reported at fair value are classified as follows:
•Level I—Quoted prices in active markets for identical instruments.
•Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.
•Level III—Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available.
In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and
considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. (See Note 5 for further detail).
Cash and Cash Equivalents
Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds.
At December 31, 2019 and 2018, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.
Investments
The Company has retained the specialized investment company accounting guidance under GAAP with respect to its Consolidated Funds, which hold substantially all of its investments. Thus, the consolidated investments are reflected in the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price).
Equity Method Investments
The Company accounts for its investments in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments in the Consolidated Statements of Financial Condition. Certain of the Company's equity method investments are reported at fair value. Management's determination of fair value includes various valuation techniques. These techniques may include market approach, recent transaction price, net asset value approach, discounted cash flows, acreage valuation and may use one or more significant unobservable inputs such as EBITDA or revenue multiples, discount rates, weighted average cost of capital, exit multiples, terminal growth rates and other unobservable inputs. Alternatively, the carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is included within principal investment income (loss) and net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued but unpaid carried interest as of the reporting date is reported in within investments in the Consolidated Statements of Financial Condition.

Derivative Instruments

The Company recognizes all derivatives as either assets or liabilities in the Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively, and reports them at fair value.
Goodwill and Intangible Assets
The Company's finite-lived intangible assets consists primarily of contractual rights to earn future management fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 2.2 to 8.5 years. The purchase price of the acquired management contract is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses in the Consolidated Statements of Operations.
The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using undiscounted future cash flow.
Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value.
The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.
The Company's intangible assets and goodwill are included within other assets on the Company’s Consolidated Statements of Financial Condition.
Fixed Assets
Fixed assets, consisting of furniture, fixtures and equipment, leasehold improvements, computer hardware and internal-use software, are recorded at cost, less accumulated depreciation and amortization. Fixed assets are included within other assets on the Company’s Consolidated Statements of Financial Condition.
Direct costs associated with developing, purchasing or otherwise acquiring software for internal use (“Internal-Use Software”) are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred.
Fixed assets are depreciated or amortized on a straight-line basis over an asset's estimated useful life, with the corresponding depreciation and amortization expense included within general, administrative and other expenses on the Company’s Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the lease term or the life of the asset while other fixed assets and internal-use software are generally depreciated between three and seven years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Revenue Recognition
Revenues primarily consist of management fees, carried interest allocation, incentive fees, principal investment income and administrative, transaction and other fees.

Adoption of ASC 606

Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers. The Company adopted ASC 606 to all applicable contracts under the modified retrospective approach using the practical expedient provided for within paragraph 606-10-65-1(f)(3); therefore, the presentation of prior year periods has not been adjusted. The Company recognized the cumulative effect of initially adopting ASC 606 as an adjustment to the opening balance of components of equity as of January 1, 2018.
Pursuant to ASC 606, the Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Under this standard, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligation(s) are
satisfied and control is transferred to the customer. The Company's adoption of ASC 606 impacted the timing and recognition of incentive fees in the Company’s Consolidated Statements of Operations. The adoption of ASC 606 did not have an impact on the Company’s management fees, administrative fees, transaction fees or other fees. The details of the significant changes and quantitative impact of the adoption of ASC 606 are further discussed below.
The adoption of ASC 606 had the following impact on the Company’s revenue streams:

Revenues of the CompanyImpact of ASC 606
Management feesNo impact - Management fees are recognized as revenue in the period advisory services are rendered.
Performance income - Carried interest allocationNo impact. See discussion below for change in accounting policy.
Performance income - Incentive feesSee discussion below for impact.
Administrative, transaction and other feesNo impact - Administrative, transaction and other fees are recognized as revenue in the period in which the related services are rendered.

Management Fees
Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value (“NAV”), net investment income, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability.
Management fees also include a quarterly incentive fee based on the net investment income (“ARCC Part I Fees”) from Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”), a publicly traded business development company registered under the Investment Company Act and managed by a subsidiary of the Company.
ARCC Part I Fees are equal to 20.0% of its net investment income (before ARCC Part I Fees and incentive fees payable based on capital gains), subject to a fixed “hurdle rate” of 1.75% per quarter, or 7.0% per annum. No fee is recognized until ARCC's net investment income exceeds a 1.75% hurdle rate, with a “catch-up” provision to ensure that the Company receives 20% of ARCC's net investment income from the first dollar earned. Such fees from ARCC are classified as management fees as they are paid quarterly, predictable and recurring in nature, not subject to contingent repayment and are typically cash settled each quarter.
Performance Income
Performance income revenues consist of carried interest allocation and incentive fees. Performance income is based on certain specific hurdle rates as defined in the applicable investment management agreements or governing documents. Substantially all performance income is earned from affiliated funds of the Company.
Carried Interest Allocation
In certain fund structures, typically in private equity and real estate equity funds, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund's net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns.
As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company.
Accrued but unpaid carried interest as of the reporting date is recorded within investments in the Consolidated Statements of Financial Condition.
Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally does not become realized until the end of a fund’s life. As of December 31, 2019, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. As of December 31, 2018, if the funds were liquidated at their fair values, there would have been $0.4 million of repayment obligations, which the Company recorded as a contingent repayment liability that is presented within accrued carried interest within investments and performance related compensation payable on the Company's Consolidated Statements of Financial Condition.
Prior to January 1, 2018, the Company accounted for carried interest under Method 2 described in ASC 605-20-S99-1, which provided guidance on accounting for incentive-based performance income, including carried interest. The Company has reassessed its accounting policy for carried interest, and has determined that carried interest is addressed within scope of ASC 323, Investments-Equity Method and Joint Ventures, and out of scope under the scoping provision of ASC 606. Therefore, following the application of ASC 323, the Company accounted for carried interest, which represents a performance-based capital allocation from an investment fund to the Company, as earnings from financial assets within the scope of ASC 323. Accordingly, the Company recognizes carried interest allocation as a separate revenue line item in the Consolidated Statements of Operations with uncollected carried interest as of the reporting date reported within investments in the Consolidated Statements of Financial Condition.

The Company has applied the change in accounting principle on a full retrospective basis, and prior periods presented herein have been recast to conform with the current period's presentation. The change in accounting principle did not change the timing or the amount of carried interest recognized. Instead, the change in accounting principle resulted in reclassification from performance income to carried interest allocation, and therefore did not have any impact on net income. See the tables below for the impact of the change in accounting principle of carried interest.

Incentive Fees
Incentive fees earned on the performance of certain fund structures, typically in credit funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal.

Prior to January 1, 2018, the Company accounted for incentive fees under Method 2 as described above. However, the accounting for incentive fees is separate and distinct from the accounting for carried interest because the incentive fees are contractual fee arrangements and do not represent allocations of returns from partners' capital accounts. The Company now accounts for incentive fees in accordance with ASC 606. Accordingly, the Company recognizes incentive fee revenue only when the amount is realized and no longer subject to reversal. Therefore, the Company no longer recognizes unrealized incentive fees in revenues in the consolidated financial statements. The adoption of ASC 606 results in the delayed recognition of unrealized incentive fees in the consolidated financial statements until they become realized at the end of the measurement period, which is typically annually.

The Company adopted ASC 606 for incentive fees using the modified retrospective approach with an effective date of January 1, 2018. The cumulative effect of the adoption resulted in the reversal of $22.6 million of unrealized incentive fees and is presented as a reduction to the opening balances of components of equity as of January 1, 2018.

Principal Investment Income

Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages.
Administrative, Transaction and Other Fees
The Company provides administrative services to certain of its affiliated funds that are reported within administrative and other fees. The administrative fees generally represent expense reimbursements for a portion of overhead and other expenses incurred by certain Operations Management Group professionals directly attributable to performing services for a fund but may also be based on a fund’s NAV for certain funds domiciled outside the U.S. The Company also receives transaction fees from certain affiliated funds for activities related to fund transactions, such as loan originations. These fees are recognized as other revenue in the period in which the administrative services and the transaction related services are rendered.

The following table presents the adjustments made in connection with the Company's change in accounting principle related to carried interest under ASC 323, Investments-Equity Method and Joint Ventures on the financial statement line items for the periods presented in the consolidated financial statements:
Consolidated Statement of Operations
For the Year Ended December 31, 2017
As Previously ReportedAdjustmentsAs Adjusted
Revenues
Performance income$636,674  $(636,674) $—  
Carried interest allocation—  620,454  620,454  
Incentive fees—  16,220  16,220  
Principal investment income—  64,444  64,444  
Total revenues1,415,499  64,444  1,479,943  
Other income (expense)
Net realized and unrealized gain on investments67,034  (58,772) 8,262  
Interest and dividend income12,715  (5,672) 7,043  

The Company's change in accounting policy related to carried interest did not impact the Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Equity or Consolidated Statements of Cash Flows for the year ended December 31, 2017.


The following tables present the impact of incentive fees on the consolidated financial statements upon the adoption of ASC 606 effective January 1, 2018:
Consolidated Statement of Financial Condition 
 As of January 1, 2018
 As adjusted December 31, 2017
Adjustments		As Adjusted for
ASC 606 adoption
Investments $1,724,571  $—  $1,724,571  
Other assets130,341  (22,611) (1)107,730  
Total assets8,563,522  (22,611) 8,540,911  
Total liabilities7,103,230  —  7,103,230  
Cumulative effect adjustment to equity(2) —  (22,611) (22,611) 
Total equity1,460,292  (22,611) 1,437,681  
Total liabilities, non-controlling interests and equity8,563,522  (22,611) 8,540,911  

(1)Unrealized incentive fees receivable balance as of December 31, 2017.
(2)See detail below.
Consolidated Statement of Changes in Equity 
Preferred EquityShareholders' CapitalAccumulated Other Comprehensive LossNon-controlling interest in Ares Operating Group EntitiesNon-Controlling Interest in Consolidated FundsTotal Equity
Balance at December 31, 2017$298,761  $279,065  $(4,208) $358,186  $528,488  $1,460,292  
Cumulative effect of the adoption of ASC 606—  (10,827) —  (17,117) 5,333  (22,611) 
As adjusted balance at January 1, 2018$298,761  $268,238  $(4,208) $341,069  $533,821  $1,437,681  

In accordance with the ASC 606 disclosure requirements, the following tables present the adjustments made by the Company to remove the effects of adopting ASC 606 on the consolidated financial statements as of and for the year ended December 31, 2018:
Consolidated Statement of Financial Condition 
As of December 31, 2018
As ReportedAdjustmentsBalances without adoption of ASC 606
Assets
Cash and cash equivalents$110,247  $—  $110,247  
Investments (includes $841,079 of accrued carried interest)1,326,137  —  1,326,137  
Due from affiliates199,377  —  199,377  
Other assets377,651  40,374  418,025  
Total assets10,154,692  40,373  10,195,065  
Commitments and contingencies
Non-controlling interest in Consolidated Funds503,637  (7,574) 496,063  
Non-controlling interest in Ares Operating Group entities302,780  29,663  332,443  
Stockholders' Equity
Additional paid-in-capital326,007  23,587  349,594  
Retained earnings(29,336) (5,095) (34,431) 
Accumulated other comprehensive loss, net of tax(8,524) (208) (8,732) 
Total stockholders' equity587,924  18,284  606,208  
Total equity1,394,341  40,373  1,434,714  
Total liabilities and equity10,154,692  40,373  10,195,065  
Consolidated Statement of Operations
For the Year Ended December 31, 2018
As ReportedAdjustmentsBalances without adoption of ASC 606
Revenues
Incentive fees$63,380  $20,997  $84,377  
Total revenues958,461  20,997  979,458  
Expenses
Expenses of Consolidated Funds53,764  —  53,764  
Total expenses870,362  —  870,362  
Other income (expense)
Other income, net(851) 30  (821) 
Total other income96,242  30  96,272  
Income before taxes184,341  21,027  205,368  
Income tax expense32,202  2,475  34,677  
Net income152,139  18,552  170,691  
Less: Net income attributable to non-controlling interests in Consolidated Funds20,512  (1,921) 18,591  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities74,607  12,808  87,415  
Net income attributable to Ares Management Corporation57,020  7,665  64,685  
Less: Series A Preferred Stock dividends paid21,700  —  21,700  
Net income attributable to Ares Management Corporation Class A common stockholders35,320  7,665  42,985  

Consolidated Statement of Comprehensive Income  
 For the Year Ended December 31, 2018
 As ReportedAdjustmentsBalances without adoption of ASC 606
Net income $152,139  $18,552  $170,691  
Other comprehensive income: 
Foreign currency translation adjustments(13,190) (470) (13,660) 
Total comprehensive income 138,949  18,082  157,031  
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds15,575  (1,921) 13,654  
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities70,670  12,546  83,216  
Comprehensive income attributable to Ares Management Corporation$52,704  $7,457  $60,161  
Consolidated Statement of Cash Flows 

For the Year Ended December 31, 2018
As ReportedAdjustmentsBalances without adoption of ASC 606
Cash flows from operating activities:
Net income$152,139  $18,552  $170,691  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Other assets(66,795) (20,473) (87,268) 
Change in other liabilities and payables held at Consolidated Funds137,545  1,921  139,466  
Net cash used in operating activities$(1,417,058) $—  (1,417,058) 
Equity-Based Compensation
The Company recognizes expense related to equity-based compensation in which it receives employee services in exchange for (a) equity instruments of the Company, (b) derivatives based on the Company’s Class A common stock or (c) liabilities that are based on the fair value of the Company’s equity instruments. Equity-based compensation expense represents expenses associated with restricted units, options and phantom shares granted under 2014 Equity Incentive Plan, as amended and restated on March 1, 2018 and as further amended and restated effective November 26, 2018 (the “Equity Incentive Plan”).

Equity-based compensation expense for restricted units and options is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in additional paid-in-capital. Grant date fair value of the restricted units was determined to be the most recent closing price of shares of the Company's Class A common stock. Certain restricted units are subject to a lock-up provision that expired on the fifth anniversary of the IPO. The Company used Finnerty’s average strike-price put option model to estimate the discount associated with this lack of marketability. The Company estimated the grant date fair value of the options as of the grant date using Black-Scholes option pricing model. The phantom shares were settled in cash and represented a liability that was remeasured at each reporting period until the final settlement in May 2019. Prior to the final settlement, fair value of the phantom shares was determined to be the most recent closing price as of each reporting period.
The Company recognizes share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period.
The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of equity-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax returns are recorded as adjustments to additional paid-in-capital. If the tax deduction is less than the deferred tax asset, the calculated shortfall reduces the pool of excess tax benefits. If the pool of excess tax benefits is reduced to zero, then subsequent shortfalls would increase the income tax expense.
Equity-based compensation expense is presented within compensation and benefits in the Consolidated Statements of Operations.
Performance Related Compensation
The Company has agreed to pay a portion of the performance income earned from certain funds, including income from Consolidated Funds that is eliminated in consolidation, to investment and non-investment professionals. Depending on the nature of each fund, the performance income allocation may be structured as a fixed percentage subject to vesting based on continued employment or service (generally over a period of four to six years) or as an annual award that is fully vested for the particular year. Other limitations may apply to performance income allocation as set forth in the applicable governing documents of the fund or award documentation. Performance related compensation is recognized in the same period that the
related performance income is recognized. Performance related compensation can be reversed during periods when there is a reversal of performance income that was previously recognized.
Performance related compensation payable represents the amounts payable to professionals who are entitled to a proportionate share of performance income in one or more funds. The liability is calculated based upon the changes to realized and unrealized performance income but not payable until the performance income itself is realized.
Net Realized and Unrealized Gains (Losses) on Investments
Realized gain (loss) occurs when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Also, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is included within net realized and unrealized gains (losses) on investments.
Interest and Dividend Income
Interest, dividends and other investment income are included in interest and dividend income. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established.
Foreign Currency
The U.S. dollar is the Company's functional currency; however, certain transactions of the Company may not be denominated in U.S. dollars. Foreign exchange revaluation arising from these transactions is recognized within other income (expense) in the Consolidated Statements of Operations. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $8.5 million, $0.1 million and $1.7 million, respectively, in transaction losses related to foreign currencies revaluation.
In addition, the combined and consolidated results include certain foreign subsidiaries and Consolidated Funds that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income.
Income Taxes
The Company elected to be taxed as a corporation effective March 1, 2018 (the “Tax Election”). Prior to the Tax Election, the Company's share of carried interest and investment income generally were not subject to U.S. corporate income taxes. Upon the effectiveness of the Tax Election, all earnings allocated to the Company are subject to U.S. corporate income taxes. Prior to March 1, 2018, a significant portion of Company's share of carried interest and investment income flowed through to investors without being subject to entity level income taxes. Consequently, we did not reflect a provision for income taxes on such income except those for foreign, state, and local income taxes at the entity level. Beginning March 1, 2018, the Company's share of unrealized gains and income items became subject to U.S. corporate tax. A provision for corporate level income taxes imposed on these previously unrealized gains and income items as well as taxes imposed on certain subsidiaries’ earnings is included in the consolidated tax provision. Also included in the consolidated tax provision are entity level income taxes incurred by certain affiliated funds and co-investment entities that are consolidated in these financial statements. The portion of consolidated earnings not allocated to the Company continues to flow through to owners of the Ares Operating Group entities without being taxed at the corporate level.
Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse.
The effect on deferred assets and liabilities of a change in tax rates is recognized as income, in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reported on a net basis and included within other assets in the Consolidated Statements of Financial Condition.
The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. Both accrued interest and penalties, where appropriate, related to UTBs are shown in general, administrative and other expenses in the Consolidated Statements of Operations.
Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new legislation is passed or new information becomes available.
Income Allocation
Income (loss) before taxes is allocated based on each partner’s average daily ownership of the Ares Operating Group entities for each year presented.
Earnings Per Share
Basic earnings per share of Class A common stock is computed by dividing income available to Class A common stockholders by the weighted-average number shares of Class A common stock outstanding during the period. Income available to Class A common stockholders represents net income attributable to Ares Management Corporation after giving effect to the Series A Preferred stock dividends paid.
Diluted earnings per share of Class A common stock is computed by dividing income available to Class A common stockholders by the weighted-average number of shares of Class A common stock outstanding during the period, increased to include the number of additional shares of Class A common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire shares of Class A common stock, unvested restricted units and AOG Units exchangeable for shares of Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of Class A common stock using the more dilutive result of the treasury stock method or the two-class method.
Unvested share-based payment awards that contain non-forfeitable rights to dividend or dividend equivalents (whether paid or unpaid) are participating securities and are considered in the computation of earnings per share of Class A common stock pursuant to the two-class method. Unvested restricted units that pay dividend equivalents are deemed participating securities and are included in basic and diluted earnings per share of Class A common stock calculation under the two-class method.
Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and other appreciation (depreciation) affecting stockholders' equity that, under GAAP, are excluded from net income (loss). The Company's other comprehensive income (loss) includes foreign currency translation adjustments.
Adoption of ASC 842

Effective January 1, 2019, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 842
(“ASC 842”), Leases. The Company adopted ASC 842 under the modified retrospective approach using the practical expedient provided for within paragraph 842-10-65-1; therefore, the presentation of prior year periods has not been adjusted. There is no cumulative effect upon adoption because no adjustment to the opening balances of the components of equity was necessary.

The Company has entered into operating and finance leases for corporate offices and certain equipment and makes the determination if an arrangement constitutes a lease at inception. Operating leases are included in right-of-use operating lease assets and operating lease liabilities in the Company's Consolidated Statements of Financial Condition. Finance leases are included in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the Consolidated Statements of Financial Condition.
Right-of-use operating lease assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and corresponding lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses the its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The right-of-use operating lease asset also includes any lease prepayments and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Lease expense is primarily recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. However, for certain equipment leases where the non-lease components are not material, the Company accounts for the lease and non-lease components as a single lease component.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In May 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The objective of the guidance in ASU 2016-13 is to allow entities to recognize estimated credit losses in the period that the change in valuation occurs. ASU 2016-13 requires an entity to present financial assets measured on an amortized cost basis on the balance sheet net of an allowance for credit losses. Available for sale and held to maturity debt securities are also required to be held net of an allowance for credit losses. The guidance should be applied using a modified retrospective approach. ASU 2016-13 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods. Early adoption is permitted for annual and quarterly reporting periods beginning after December 15, 2018. In April, May, and November 2019, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses were issued to provide clarification to previously issued credit losses guidance (ASU 2016-13) that has not yet been implemented. These updates are required to be adopted with ASU 2016-13. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). ASU 2018-15 amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This ASU aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, ASU 2018-15 amends ASC 350 to include in its scope implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. In addition, this ASU states that a cloud computing arrangement that is a service contract does not give rise to a recognizable intangible asset because it is an executory service contract. Consequently, any costs incurred to implement a cloud computing arrangement that is a service contract would not be capitalized as an intangible asset since they do not form part of an intangible asset but instead would be characterized in the financial statements
in the same manner as other service costs and assets related to service contracts such as prepaid expense. That is, these costs would be capitalized as part of the service contract and the related amortization would be consistent with the ongoing periodic costs of the underlying cloud computing arrangement. ASU 2018-15 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods, with early adoption permitted. The guidance may be applied either prospectively or retrospectively. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. ASU 2018-17, amends ASC 810 to address whether indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For example, if a decision maker or service provider owns a 20 percent interest in a related party and that related party owns a 40 percent interest in the legal entity being evaluated, the decision maker’s or service provider’s indirect interest in the VIE held through the related party under common control should be considered the equivalent of an eight percent direct interest for determining whether its fees are variable interests. ASU 2018-17 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods, with early adoption permitted. The guidance should be applied retrospectively. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public entities for annual reporting periods beginning after December 15, 2020 and interim periods within those reporting periods, with early adoption permitted. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
v3.19.3.a.u2
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
Finite Lived Intangible Assets, Net
The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets that are included within other assets in the Consolidated Statements of Financial Condition:
Weighted Average Amortization Period as of December 31, 2019As of December 31,
20192018
Management contracts2.2 years$12,498  $42,335  
Client relationships8.5 years6,341  38,600  
Trade name2.5 years378  3,200  
Intangible assets19,217  84,135  
Less: accumulated amortization(11,242) (52,701) 
Intangible assets, net$7,975  $31,434  

Amortization expense associated with intangible assets, excluding impairment charges, was $3.4 million, $9.0 million and $17.9 million for the years ended December 31, 2019, 2018 and 2017, respectively, and is presented within general, administrative and other expenses within the Consolidated Statements of Operations. During the first quarter of 2019, the Company removed $29.8 million of intangible assets that were fully amortized.
During the year ended December 31, 2019, the Company recorded a non-cash impairment charge of $20.0 million to general, administrative and other expenses within the Consolidated Statements of Operations related to certain intangible assets recorded in connection with the Company’s acquisition of Energy Investors Funds (“EIF”). The EIF funds are a component of the Private Equity Group operating segment. The primary indicators of impairment were lower legacy EIF investor commitments into successor funds from the Company’s original projections and the Company’s decision to no longer introduce successor funds under its EIF trade name. As a result, the Company expects a decrease in the future expected cash flows from management fees generated by EIF’s existing client relationships and a decrease in royalties attributed to EIF’s trade name. The Company determined that the carrying value of these intangible assets exceeded the expected undiscounted future cash flows and recorded an impairment charge equal to the difference between its carrying value of each asset and the asset’s estimated fair value, as calculated using a discounted cash flow methodology. Following the recognition of the impairment charge, the Company removed $35.1 million of the client relationships and trade name intangible assets to reflect the adjusted carrying value to be amortized over the remaining useful life.

At December 31, 2019, future annual amortization of finite-lived intangible assets for the years 2020 through 2024 and thereafter is estimated to be:
YearAmortization
2020$1,627  
20211,542  
2022895  
2023711  
2024711  
Thereafter2,489  
Total$7,975  

Goodwill
The following table summarizes the carrying value of the Company's goodwill assets that are included within other assets in the Consolidated Statements of Financial Condition:
Credit GroupPrivate
Equity Group		Real
Estate Group		Total
Balance as of December 31, 2017$32,196  $58,600  $53,099  $143,895  
Foreign currency translation—  —  (109) (109) 
Balance as of December 31, 201832,196  58,600  52,990  143,786  
Foreign currency translation—  —  69  69  
Balance as of December 31, 2019$32,196  $58,600  $53,059  $143,855  
There was no impairment of goodwill recorded during the years ended December 31, 2019 and 2018. The impact of foreign currency translation is reflected within other comprehensive income.
v3.19.3.a.u2
INVESTMENTS
 12 Months Ended
Dec. 31, 2019
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS INVESTMENTS
The Company’s investments are comprised of the following:
 Percentage of total investments as of
December 31,December 31,
2019201820192018
Equity method investments:
Equity method private investment partnership interests - principal (1)$390,407  $357,655  23.5 %27.0 %
Equity method - carried interest (1)1,134,967  841,079  68.2 %63.4 %
Equity method private investment partnership interests and other (held at fair value)51,528  46,449  3.1 %3.5 %
Equity method private investment partnership interests and other16,536  18,846  1.0 %1.4 %
Total equity method investments1,593,438  1,264,029  95.8 %95.3 %
Collateralized loan obligations22,265  20,824  1.3 %1.6 %
Other fixed income46,918  40,000  2.8 %3.0 %
Collateralized loan obligations and other fixed income, at fair value69,183  60,824  4.1 %4.6 %
Common stock, at fair value1,043  1,284  0.1 %0.1 %
Total investments$1,663,664  $1,326,137  

(1)Investment or portion of the investment is denominated in foreign currency and is translated into U.S. dollars at each reporting date.

Equity Method Investments
The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the years ended December 31, 2019, 2018 and 2017 no individual equity method investment held by the Company met the significance criteria. As such, the Company is not required to present separate financial statements for any of its equity method investments.

The following tables present summarized financial information for the Company's equity method investments, which are primarily funds managed by the Company, for the years ended December 31, 2019, 2018 and 2017.


As of December 31, 2019 and the Year then Ended
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Financial Condition
Investments$10,937,224  $9,700,725  $4,939,245  $25,577,194  
Total assets11,625,699  10,077,149  5,314,908  27,017,756  
Total liabilities3,416,429  534,965  958,020  4,909,414  
Total equity8,209,270  9,542,184  4,356,888  22,108,342  
Statement of Operations
Revenues$871,168  $325,529  $205,274  $1,401,971  
Expenses(211,984) (112,610) (120,467) (445,061) 
Net realized and unrealized gains (losses) from investments5,040  1,674,002  382,383  2,061,425  
Income tax expense(1,537) (27,887) (926) (30,350) 
Net income$662,687  $1,859,034  $466,264  $2,987,985  
As of December 31, 2018 and the Year then Ended
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Financial Condition
Investments$8,210,094  $9,574,998  $3,337,076  $21,122,168  
Total assets8,799,290  9,785,312  3,763,907  22,348,509  
Total liabilities1,542,058  423,687  813,269  2,779,014  
Total equity7,257,232  9,361,625  2,950,638  19,569,495  
Statement of Operations
Revenues$766,009  $264,376  $144,706  $1,175,091  
Expenses(189,432) (85,801) (96,353) (371,586) 
Net realized and unrealized gains (losses) from investments(67,477) (892,800) 417,974  (542,303) 
Income tax expense(2,526) (20,554) (4,075) (27,155) 
Net income$506,574  $(734,779) $462,252  $234,047  

For the Year Ended December 31, 2017
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Operations
Revenues$603,682  $144,829  $154,967  903,478  
Expenses(169,086) (91,803) (67,396) (328,285) 
Net realized and unrealized gains from investments41,185  2,335,027  365,091  2,741,303  
Income tax expense(2,700) (31,359) (13,092) (47,151) 
Net income$473,081  $2,356,694  $439,570  $3,269,345  

The Company recognized net gains related to its equity method investments of $57.4 million and $78.3 million for the years ended December 31, 2019 and 2017, respectively. The Company recognized a net loss related to its equity method investments of $3.8 million for the year ended December 31, 2018. The net gains and losses were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Consolidated Statements of Operations.
With respect to the Company's equity method investments, the material assets are expected to generate either long-term capital appreciation and or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets.
Investments of the Consolidated Funds

Investments held in the Consolidated Funds are summarized below:
Fair value atFair value as a percentage of total investments as of
December 31,December 31,
2019201820192018
United States
Fixed income investments:
Bonds$10,074  $31,517  0.1 %0.4 %
Loans4,871,752  4,618,542  55.8  60.2  
Total fixed income investments (cost: $4,920,272 and $4,876,915 at December 31, 2019 and December 31, 2018, respectively)
4,881,826  4,650,059  55.9  60.6  
Equity securities (cost: $431 and $354 at December 31, 2019 and December 31, 2018, respectively)
432  335  —  —  
Partnership interests (cost: $201,000 and $210,000 at December 31, 2019 and December 31, 2018, respectively)
296,012  271,447  3.4  3.5  
Total investments, at fair value - United States5,178,270  4,921,841  59.3  64.1  
Europe
Fixed income investments:
Bonds202,302  282,799  2.3  3.8  
Loans3,086,655  2,140,551  35.4  27.9  
Investments in CLO warehouse44,435  —  0.5  —  
Total fixed income investments (cost: $3,340,351 and $2,484,519 at December 31, 2019 and December 31, 2018, respectively)
3,333,392  2,423,350  38.2  31.7  
Equity securities (cost: $45,549 and $56,154 at December 31, 2019 and December 31, 2018, respectively)
1,063  23,536  —  0.3  
Total investments, at fair value - Europe3,334,455  2,446,886  38.2  32.0  
Asia and other
Fixed income investments:
Bonds—  4,183  —  0.1  
Loans104,333  127,656  1.2  1.7  
Total fixed income investments (cost: $105,495 and $140,139 at December 31, 2019 and December 31, 2018, respectively)
104,333  131,839  1.2  1.8  
Equity securities (cost: $104,997 and $122,418 at December 31, 2019 and December 31, 2018, respectively)
110,889  172,599  1.3  2.2  
Total investments, at fair value - Asia and other215,222  304,438  2.5  4.0  
Total Investments, at fair value$8,727,947  $7,673,165  
v3.19.3.a.u2
FAIR VALUE
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
FAIR VALUE FAIR VALUE
Financial Instrument Valuations
The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment. 
CLOs and CLO loan obligations: The fair value of CLOs held by the Company are estimated based on either a third-party pricing service or broker quote and are classified as Level III. The Company measures its CLO loan obligations of the Consolidated Funds by first determining whether the fair values of the financial assets or financial liabilities of its consolidated CLOs are more observable.
Corporate debt, bonds, bank loans and derivative instruments: The fair value of corporate debt, bonds, bank loans and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified as Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If management is only able to obtain a single broker quote, or utilizes a pricing model, such securities will generally be classified as Level III.
Equity and equity-related securities: Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II.
Partnership interests: The Company generally values its investments using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient.
Certain investments of the Company are valued at NAV per share of the fund. In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. As of December 31, 2019 and 2018, NAV per share represents the fair value of the investments for the Company and discounted cash flow analysis is used to determine the fair value for an investment held by the Consolidated Funds.

The substantial majority of the Company's private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interests other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. Investors in open-ended and evergreen funds have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods generally ranging from one month to three years. In addition, separately managed investment vehicles for a single fund investor may allow such investors to terminate the fund at the discretion of the investor pursuant to the terms of the applicable constituent documents of such vehicle.
Fair Value of Financial Instruments Held by the Company and Consolidated Funds
The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2019:
Financial Instruments of the CompanyLevel I Level II Level III Investments
Measured
at NAV		Total 
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income
$—  $—  $69,183  $—  $69,183  
Common stock and other equity securities—  1,043  14,704  —  15,747  
Partnership interests—  —  35,192  1,632  36,824  
Total investments, at fair value—  1,043  119,079  1,632  121,754  
Derivatives-foreign exchange contracts—  4,023  —  —  4,023  
Total assets, at fair value$—  $5,066  $119,079  $1,632  $125,777  
Liabilities, at fair value
Derivatives-foreign exchange contracts$—  $(113) $—  $—  $(113) 
Total liabilities, at fair value$—  $(113) $—  $—  $(113) 
Financial Instruments of the Consolidated FundsLevel I Level II Level III Total 
Assets, at fair value
Investments:
Fixed income investments:
Bonds$—  $207,966  $4,410  $212,376  
Loans—  7,728,014  334,726  8,062,740  
Investments in CLO warehouse—  44,435  —  44,435  
Total fixed income investments—  7,980,415  339,136  8,319,551  
Equity securities26,396  —  85,988  112,384  
Partnership interests—  —  296,012  296,012  
Total investments, at fair value26,396  7,980,415  721,136  8,727,947  
Derivatives-foreign exchange contracts—  667  —  667  
Total assets, at fair value$26,396  $7,981,082  $721,136  $8,728,614  
Liabilities, at fair value
Derivatives:
Foreign exchange contracts$—  $(670) $—  $(670) 
Asset swaps-other—  —  (4,106) (4,106) 
Total derivative liabilities, at fair value—  (670) (4,106) (4,776) 
Loan obligations of CLOs—  (7,973,748) —  (7,973,748) 
Total liabilities, at fair value$—  $(7,974,418) $(4,106) $(7,978,524) 
The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2018:
Financial Instruments of the CompanyLevel I Level II Level III Investments
Measured
at NAV		Total 
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income
$—  $—  $60,824  $—  $60,824  
Common stock and other equity securities280  1,004  10,397  —  11,681  
Partnership interests—  —  35,192  861  36,053  
Total investments, at fair value280  1,004  106,413  861  108,558  
Derivatives-foreign exchange contracts—  1,066  —  —  1,066  
Total assets, at fair value$280  $2,070  $106,413  $861  $109,624  
Liabilities, at fair value     
Derivatives-foreign exchange contracts$—  $(869) $—  $—  $(869) 
Total liabilities, at fair value$—  $(869) $—  $—  $(869) 
Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIITotal
Assets, at fair value
Investments:
Fixed income investments:
Bonds$—  $316,850  $1,649  $318,499  
Loans—  6,340,440  546,309  6,886,749  
Total fixed income investments—  6,657,290  547,958  7,205,248  
Equity securities45,718  —  150,752  196,470  
Partnership interests—  —  271,447  271,447  
Total investments, at fair value45,718  6,657,290  970,157  7,673,165  
Derivatives:
Foreign exchange contracts—  1,881  —  1,881  
Asset swaps-other—  —  1,328  1,328  
Total derivative assets, at fair value—  1,881  1,328  3,209  
Total assets, at fair value$45,718  $6,659,171  $971,485  $7,676,374  
Liabilities, at fair value
Derivatives:
Foreign exchange contracts$—  $(1,864) $—  $(1,864) 
Asset swaps-other—  —  (648) (648) 
Total derivative liabilities, at fair value—  (1,864) (648) (2,512) 
Loan obligations of CLOs—  (6,678,091) —  (6,678,091) 
Total liabilities, at fair value$—  $(6,679,955) $(648) $(6,680,603) 
The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2019:
Level III Assets
Level III Assets of the Company
Equity 
Securities
Fixed IncomePartnership InterestsTotal
Balance, beginning of period$10,397  $60,824  $35,192  $106,413  
Deconsolidation of fund—  10,021  —  10,021  
Purchases(1)3,000  27,795  —  30,795  
Sales/settlements(2)—  (31,387) —  (31,387) 
Realized and unrealized appreciation, net1,307  1,930  —  3,237  
Balance, end of period$14,704  $69,183  $35,192  $119,079  
Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date$1,307  $1,365  $—  $2,672  

Level III Assets of Consolidated Funds
Equity 
Securities
Fixed 
Income
Partnership
Interests		Derivatives, NetTotal
Balance, beginning of period$150,752  $547,958  $271,447  $680  $970,837  
Deconsolidation of fund—  (184,919) —  —  (184,919) 
Transfer in—  56,914  —  —  56,914  
Transfer out—  (187,925) —  —  (187,925) 
Purchases(1)1,363  432,760  13,000  —  447,123  
Sales/settlements(2)(40,857) (333,220) (22,000) (431) (396,508) 
Amortized discounts/premiums—  361  —  (129) 232  
Realized and unrealized appreciation (depreciation), net(25,270) 7,207  33,565  (4,226) 11,276  
Balance, end of period$85,988  $339,136  $296,012  $(4,106) $717,030  
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(24,690) $783  $33,565  $(4,400) $5,258  

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2018:
Level III Assets
Level III Assets of the Company
Equity 
Securities
Fixed IncomePartnership InterestsTotal
Balance, beginning of period$—  $195,158  $44,769  $239,927  
Deconsolidation of fund—  78  —  78  
Transfer in250  —  —  250  
Purchases(1)1,000  92,797  —  93,797  
Sales/settlements(2)—  (222,934) —  (222,934) 
Realized and unrealized appreciation (depreciation), net
9,147  (4,275) (9,577) (4,705) 
Balance, end of period$10,397  $60,824  $35,192  $106,413  
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$9,147  $(3,923) $(9,577) $(4,353) 

Level III Assets of Consolidated Funds
Equity 
Securities
Fixed 
Income
Partnership InterestsDerivatives, NetTotal
Balance, beginning of period$162,577  $267,889  $232,332  $904  $663,702  
Consolidation of fund506  46,829  —  —  47,335  
Transfer in—  86,995  —  —  86,995  
Transfer out—  (45,647) —  —  (45,647) 
Purchases(1)203  492,142  25,000  —  517,345  
Sales/settlements(2)(21,141) (283,620) (5,000) (186) (309,947) 
Amortized discounts/premiums—  380  —  (140) 240  
Realized and unrealized appreciation (depreciation), net
8,607  (17,010) 19,115  102  10,814  
Balance, end of period$150,752  $547,958  $271,447  $680  $970,837  
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$8,686  $(13,157) $19,115  $(57) $14,587  

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

The Company recognizes transfers between the levels as of the beginning of the period. Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service.
The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2019:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)Range
Assets
Equity securities$14,704  Transaction price(1)N/AN/A
Partnership interests32,661  Transaction price(1)N/AN/A  
2,531  OtherN/AN/A
Collateralized loan obligations22,265  Broker quotes and/or 3rd party pricing servicesN/AN/A
Other fixed income46,918  OtherN/AN/A
Total$119,079  

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$431  Enterprise value market multiple analysisEBITDA multiple(2)8.2x - 21.3x16.1x
40,745  OtherNet income multiple36.2x36.2x
Illiquidity discount25.0%  25.0%  
 44,812  Transaction price(1)N/AN/A  N/A  
Partnership interest296,012  Discounted cash flowDiscount rate19.6%  19.6%  
Fixed income securities
271,919  Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
67,217  Income approachYield4.8% - 14.3%9.7%  
Total assets$721,136  
Liabilities
Derivatives instruments $(4,106) Broker quotes and/or 3rd party pricing servicesN/AN/A  N/A  
Total liabilities$(4,106) 

(1)Transaction price consists of securities recently purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2018:
Level III Measurements of the CompanyFair Value Valuation Technique(s) Significant Unobservable Input(s)Range
Assets
Equity securities$10,397  Transaction price(1)N/AN/A
Partnership interests35,192  Discounted cash flowDiscount rate8.0%  
Collateralized loan obligations20,824  Broker quotes and/or 3rd party pricing servicesN/AN/A
Other fixed income40,000  OtherN/AN/A
Total$106,413  

Level III Measurements of the Consolidated FundsFair Value Valuation Technique(s) Significant Unobservable Input(s) RangeWeighted Average
Assets
Equity securities
$23,871  Enterprise value market multiple analysisEBITDA multiple(2)7.2x - 22.9x7.7x
41,562  OtherNet income multiple38.8x38.8x
 Illiquidity discount25.0%  25.0%  
 271,447  Discounted cash flowDiscount rate20.8%  20.8%  
85,319  Transaction price(1)N/AN/AN/A
Fixed income securities
441,368  Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
106,590  Income approachYield1.0% - 14.8%9.6%  
Derivative instruments1,328  Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total assets$971,485  
Liabilities
Derivatives instruments $(648) Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(648) 

(1)Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
The Company has an insurance-related investment in a private fund managed by a third party that is valued using net asset value (“NAV”) per share. The terms and conditions of this fund do not allow for redemptions without certain events or approvals that are outside the Company's control. This investment had a fair value of $1.6 million and $0.8 million as of December 31, 2019 and December 31, 2018, respectively. The Company has no unfunded commitments for this investment.
v3.19.3.a.u2
DERIVATIVE FINANCIAL INSTRUMENTS
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVE FINANCIAL INSTRUMENTS DERIVATIVE FINANCIAL INSTRUMENTS
In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management.
By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company's counterparty credit risk is equal to the amount reported as a derivative asset in the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate.
To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Consolidated Statements of Financial Condition with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds present derivative and other financial instruments on a net basis. This election is determined at management's discretion on a fund by fund basis. The Company has retained the Consolidated Fund's election upon consolidation.
Qualitative Disclosures of Derivative Financial Instruments
Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss) within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Upon settlement of the instrument, the Company records the realized gain (loss) within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations.
Significant derivative instruments utilized by the Company and the Consolidated Funds during the reporting periods presented include the following:
Forward Foreign Currency Contracts: The Company and the Consolidated Funds enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risk on certain non-U.S. dollar denominated cash flows. When entering into a forward currency contract, the Company and the Consolidated Funds agree to receive and/or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statements of Financial Condition. The Company and the Consolidated Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. In addition, the potential inability of the counterparties to meet the terms of their contracts poses a risk to the Company and the Consolidated Funds.
Asset Swap: The Consolidated Funds enter into asset swap contracts to hedge against foreign currency exchange rate risk on certain non-Euro denominated loans. Assets swap contracts provide the Consolidated Funds with the opportunity to purchase or sell an underlying asset that is not denominated in Euros at a pre-agreed exchange rate and receives Euro interest payments from the swap counter party in exchange for non-Euro interest payments pegged to the currency of the underlying loan and applicable interest rates. The swap contracts can be optionally cancelled at any time, normally due the disposal or redemption of the underlying asset, however in the absence of sale or redemption the swap contracts maturity matches that of the underlying asset. By entering into asset swap contracts to exchange interest payments and principal on equally valued loans denominated in a different currency than that of the underlying assets the Consolidated Funds can mitigate the risk of exposure to foreign currency fluctuations. Generally, the fair value of asset swap contracts are calculated using a model that utilizes the spread between the fair value of the underlying asset and the exercise value of the contract, as well as any other relevant inputs. Broker quotes may also be used to calculate the fair value of asset swaps, if available.
Quantitative Disclosures of Derivative Financial Instruments
The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds as of December 31, 2019 and 2018. These amounts may be offset (to the extent that there is a legal right to offset) and presented on a net basis within other assets or accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition:
As of December 31, 2019As of December 31, 2018
Assets Liabilities Assets Liabilities 
The CompanyNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair Value
Foreign exchange contracts$67,930  $4,023  $10,846  $113  $33,026  $1,066  $27,140  $869  
Total derivatives, at fair value(2)$67,930  $4,023  $10,846  $113  $33,026  $1,066  $27,140  $869  

As of December 31, 2019As of December 31, 2018
AssetsLiabilitiesAssets Liabilities 
Consolidated Funds Notional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair Value
Foreign exchange contracts$667  $667  $667  $670  $1,881  $1,881  $1,881  $1,864  
Asset swap - other—  —  7,640  4,106  5,226  1,328  2,605  648  
Total derivatives, at fair value(3)
$667  $667  $8,307  $4,776  $7,107  $3,209  $4,486  $2,512  

(1)Represents the total contractual amount of derivative assets and liabilities outstanding.
(2)As of December 31, 2019 and December 31, 2018, the Company had the right to, but elected not to, offset $0.1 million and $0.9 million of its derivative liabilities, respectively.
(3)As of December 31, 2019 and December 31, 2018, the Consolidated Funds offset $0.1 million and $5.7 million of their derivative assets and liabilities, respectively.

The following tables present a summary of net realized gains (losses) and unrealized appreciation (depreciation) on the Company's and Consolidated Funds' derivative instruments, that are included within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations, for the years ended December 31, 2019, 2018 and 2017:

For the Year Ended December 31,
The Company201920182017
Net realized gains (losses) on derivatives
Foreign currency forward contracts2,284  (1,197) (1,830) 
Net realized gains (losses) on derivatives$2,284  $(1,197) $(1,830) 
Net change in unrealized appreciation (depreciation) on derivatives
Foreign currency forward contracts3,713  2,338  (5,299) 
Net change in unrealized appreciation (depreciation) on derivatives$3,713  $2,338  $(5,299) 

For the Year Ended December 31,
Consolidated Funds201920182017
Net realized gains (losses) on derivatives of Consolidated Funds
Foreign currency forward contracts8  96  (181) 
Asset swap - other(1,197) (795) 903  
Net realized gains (losses) on derivatives of Consolidated Funds$(1,189) $(699) $722  
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds
Foreign currency forward contracts(20) 15  (529) 
Asset swap - other(4,751) (183) 2,338  
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds$(4,771) $(168) $1,809  
v3.19.3.a.u2
DEBT
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
DEBT DEBT
The following table summarizes the Company’s and its subsidiaries’ debt obligations:
As of December 31, 2019As of December 31, 2018
Debt Origination DateMaturityOriginal Borrowing AmountCarrying
Value		Interest RateCarrying
Value		Interest Rate
Credit Facility(1)
Revolver3/21/2024N/A  $70,000  3.06%  $235,000  4.00%  
Senior Notes(2)
10/8/201410/8/2024$250,000  246,609  4.21%  245,952  4.21%  
Total debt obligations$316,609  $480,952  

(1)The AOG entities are borrowers under the Credit Facility, which provides a $1.065 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. On March 21, 2019, the Company amended the Credit Facility to, among other things, extend the maturity date from February 2022 to March 2024 and to reduce borrowing costs on the drawn and undrawn amounts. As of December 31, 2019, base rate loans bear interest calculated based on the base rate plus 0.25% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.25%. The unused commitment fee is 0.15% per annum. There is a base rate and LIBOR floor of zero.  
(2)The Senior Notes were issued in October 2014 by Ares Finance Co. LLC, a subsidiary of the Company, at 98.268% of the face amount with interest paid semi-annually. The Company may redeem the Senior Notes prior to maturity, subject to the terms of the indenture.

As of December 31, 2019, the Company and its subsidiaries were in compliance with all covenants under the debt obligations. 
The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the Company's Senior Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included in other assets in the Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation.
The following table presents the activity of the Company's debt issuance costs:
Credit FacilitySenior NotesTerm LoansRepurchase Agreement Loan
Unamortized debt issuance costs as of December 31, 2017$6,543  $1,571  $1,171  $—  
Debt issuance costs incurred—  —  98  259  
Amortization of debt issuance costs(1,571) (237) (56) (7) 
Debt extinguishment expense—  —  (1,213) (252) 
Unamortized debt issuance costs as of December 31, 20184,972  1,334  —  —  
Debt issuance costs incurred1,594  —  —  —  
Amortization of debt issuance costs(1,311) (232) —  —  
Unamortized debt issuance costs as of December 31, 2019$5,255  $1,102  $—  $—  

Loan Obligations of the Consolidated CLOs
Loan obligations of the Consolidated Funds that are CLOs (“Consolidated CLOs”) represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs.

As of December 31, 2019 and December 31, 2018, the following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:
As of December 31, 2019As of December 31, 2018
Loan
Obligations
Fair Value of
Loan Obligations
Weighted 
Average
Remaining Maturity 
In Years 		Loan
Obligations		Fair Value of Loan Obligations
Weighted
Average
Remaining
Maturity 
In Years 
Senior secured notes(1)$7,738,337  $7,700,038  10.97$6,642,616  $6,391,643  10.94
Subordinated notes(2)449,877  273,710  11.02455,333  286,448  11.21
Total loan obligations of Consolidated CLOs$8,188,214  $7,973,748  $7,097,949  $6,678,091  

(1)Original borrowings under the senior secured notes totaled $7.7 billion, with various maturity dates ranging from July 2028 to October 2032. The weighted average interest rate as of December 31, 2019 was 2.91%.
(2)Original borrowings under the subordinated notes totaled $449.9 million, with various maturity dates ranging from July 2028 to October 2032. The notes do not have contractual interest rates, instead holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO.
Loan obligations of the Consolidated CLOs are collateralized by the assets held by the Consolidated CLOs, consisting of cash and cash equivalents, corporate loans, corporate bonds and other securities. The assets of one Consolidated CLO may not be used to satisfy the liabilities of another Consolidated CLO. Loan obligations of the Consolidated CLOs include floating rate notes, deferrable floating rate notes, revolving lines of credit and subordinated notes. Amounts borrowed under the notes are repaid based on available cash flows subject to priority of payments under each Consolidated CLO’s governing documents. Based on the terms of these facilities, the creditors of the facilities have no recourse to the Company.
Credit Facilities of the Consolidated Funds
Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities have no recourse to the Company and only have recourse to a subsidiary of the Company to the extent the debt is guaranteed by such subsidiary. Credit facilities of the Consolidated Funds are reflected at cost in the Consolidated Statements of Financial Condition. As of December 31, 2019 and December 31, 2018, the Consolidated Funds were in compliance with all covenants under such credit facilities.
The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding as of December 31, 2019 and December 31, 2018:
As of December 31, 2019As of December 31, 2018
Consolidated Funds' Debt FacilitiesMaturity DateTotal Capacity
Outstanding
Loan(1)
Effective RateOutstanding Loan(1)Effective Rate
Credit Facilities:
1/1/2023$18,000  $17,550  3.44%  $14,953  3.98%  
12/29/2019(2)—  —  —  43,624  1.55  (3)
3/7/202071,500  71,500  3.14  71,500  3.47  
6/30/2021196,315  —  1.00  (3)38,844  1.00  (3)
7/15/202875,000  17,000  4.75  39,000  4.75  
Revolving Term Loan1/31/20221,900  1,194  7.70  1,363  8.07  
Total borrowings of Consolidated Funds$107,244  $209,284  

(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.
(2)On August 27, 2019, the facility was terminated at the Consolidated Fund's discretion.
(3)The effective rate is based on the three month EURIBOR or zero, whichever is higher, plus a spread of 1.00% or 1.55%.
v3.19.3.a.u2
OTHER ASSETS
 12 Months Ended
Dec. 31, 2019
Other Assets [Abstract]  
OTHER ASSETS OTHER ASSETS
The components of other assets as of December 31, 2019 and 2018 were as follows:
 As of December 31,
 20192018
Other assets of the Company:  
Accounts and interest receivable$5,749  $11,624  
Incentive fees receivable40,650  49,697  
Fixed assets, net62,883  63,380  
Deferred tax assets, net46,364  42,137  
Goodwill143,855  143,786  
Intangibles7,975  31,434  
Other assets33,817  35,593  
Total other assets of the Company$341,293  $377,651  
Other assets of Consolidated Funds:  
Dividends and interest receivable26,030  19,330  
Income tax and other receivables4,051  4,456  
Total other assets of Consolidated Funds$30,081  $23,786  
 
Fixed Assets, Net
Fixed assets included the following as of December 31, 2019 and 2018:
 As of December 31,
 20192018
Furniture$9,484  $9,536  
Office and computer equipment19,963  19,722  
Internal-use software36,966  29,005  
Leasehold improvements56,619  53,494  
Fixed assets, at cost123,032  111,757  
Less: accumulated depreciation(60,149) (48,377) 
Fixed assets, net$62,883  $63,380  
For the years ended December 31, 2019, 2018 and 2017, depreciation expense was $17.1 million, $16.1 million and $12.6 million, respectively, and is included in general, administrative and other expense in the Consolidated Statements of Operations. During 2019, the Company disposed of approximately $5.2 million of fixed assets that were fully depreciated.
v3.19.3.a.u2
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Indemnification Arrangements
Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the Consolidated Statements of Financial Condition. As of December 31, 2019, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.
Commitments
As of December 31, 2019 and December 31, 2018, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $387.4 million and $267.6 million, respectively.
Guarantees
The Company guaranteed loans provided to certain professionals to support these professionals' investments in affiliated co-investment entities, permitting these professionals to invest alongside the Company and its investors in the funds managed by the Company. The total committed and outstanding loan balances were not material as of December 31, 2019 and 2018.
Performance Income
Performance income is affected by changes in the fair values of the underlying investments in the funds that we advise. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest. 
Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company's funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations.
Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has recognized more performance income than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund.
At December 31, 2019 and 2018, if the Company assumed all existing investments were worthless, the amount of performance income subject to potential repayment, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $233.4 million and $469.0 million, respectively, of which approximately $175.1 million and $364.4 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such performance income. Management believes the possibility of all of the investments becoming worthless is remote. As of December 31, 2019, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. As of December 31, 2018, if the funds were liquidated at their fair values, there would have been $0.4 million of repayment obligations, which the Company recorded as a contingent repayment liability that is presented within accrued carried interest within investments and performance related compensation payable on the Company's Consolidated Statements of Financial Condition.
Litigation
From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows.

Leases

The Company leases office space and certain office equipment. The Company's leases have remaining lease terms of one to 11 years. The tables below present certain supplemental quantitative disclosures regarding the Company's leases as of and for the years ended December 31, 2019, 2018 and 2017:
ClassificationAs of December 31, 2019
Operating lease assetsRight-of-use operating lease assets$143,406  
Finance lease assetsOther assets(1)1,787  
Total lease assets$145,193  
Operating lease liabilitiesOperating lease liabilities$168,817  
Finance lease obligationsAccounts payable, accrued expenses and other liabilities1,651  
Total lease liabilities$170,468  

(1) Finance lease assets are recorded net of accumulated amortization of $0.6 million as of December 31, 2019.
For the Year Ended December 31,
Classification201920182017
Operating lease expenseGeneral, administrative and other expenses$28,814  $30,497  $26,122  
Finance lease expense:
Amortization of finance lease assetsGeneral, administrative and other expenses304  260  —  
Interest on finance lease liabilitiesInterest expense39  39  —  
Total lease expense$29,157  $30,796  $26,122  

Maturity of lease liabilities   Operating LeasesFinance Leases
2020$30,314  $504  
202129,453  504  
202230,618  471  
202327,062  144  
202423,913  122  
After 2024  50,600  —  
Total future payments191,960  1,745  
Less: interest23,143  94  
Total lease liabilities$168,817  $1,651  

As of December 31, 2019, the Company has entered into an operating lease for office space of $10.5 million that is expected to commence in 2020 with a lease term of eight years.
Lease term and discount rateAs of December 31, 2019
Weighted-average remaining lease terms (in years):
Operating leases6.5  
Finance leases3.3  
Weighted-average discount rate:
Operating leases4.00 %
Finance leases3.39 %

Other informationYear ended
December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$31,509  
Operating cash flows from finance leases58  
Financing cash flows from finance leases311  
Leased assets obtained in exchange for new finance lease liabilities778  
Leased assets obtained in exchange for new operating lease liabilities49,833  
v3.19.3.a.u2
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
Substantially all of the Company’s revenue is earned from its affiliates, including management fees, carried interest allocation, incentive fees, principal investment income and administrative expense reimbursements. The related accounts receivable are included within due from affiliates within the Consolidated Statements of Financial Condition, except that accrued carried interest allocations and incentive fees receivable, which are predominantly due from affiliated funds, are presented separately within investments and other assets, respectively, within the Consolidated Statements of Financial Condition.
The Company has investment management agreements with Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds.
The Company also has entered into agreements to be reimbursed for its expenses incurred for providing administrative services to certain related parties, including ARCC, ACRE, ARDC, Ivy Hill Asset Management, L.P., ACF FinCo I L.P. and CION Ares Diversified Credit Fund.
Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management or performance income.
Performance income the Company earns from the funds can be distributed to professionals or their related entities on a current basis, subject to repayment by the subsidiary of the Company that acts as general partner of the relevant fund in the event that certain specified return thresholds are not ultimately achieved. The professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several, and not joint, and are limited to distributions received by the relevant recipient.
The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following:
 As of December 31,
 20192018
Due from affiliates:  
Management fees receivable from non-consolidated funds$203,554  $151,455  
Payments made on behalf of and amounts due from non-consolidated funds and employees64,545  47,922  
Due from affiliates—Company$268,099  $199,377  
Amounts due from portfolio companies and non-consolidated funds$6,192  $17,609  
Due from affiliates—Consolidated Funds$6,192  $17,609  
Due to affiliates:  
Management fee rebate payable to non-consolidated funds$2,420  $2,105  
Management fees received in advance3,012  5,491  
Tax receivable agreement liability26,542  24,927  
Undistributed carried interest and incentive fees28,086  31,162  
Payments made by non-consolidated funds on behalf of and payable by the Company11,385  18,726  
Due to affiliates—Company$71,445  $82,411  

Due from Ares Funds and Portfolio Companies
In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies. The Company reimbursed ARCC approximately $0.6 million for certain recurring rent and utilities incurred by ARCC during the first quarter of 2018. In addition, in the second quarter ended June 30, 2018, the Company reimbursed ARCC approximately $2.2 million, $3.0 million, $3.2 million and $2.9 million of rent and utilities for the years ended 2017, 2016, 2015 and 2014, respectively, for an aggregate reimbursement to ARCC of $11.8 million. Beginning April 1, 2018, the Company directly incurs these expenses.
ARCC Investment Advisory and Management Agreement 
In connection with ARCC's board approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150% effective on June 21, 2019, the investment advisory and management agreement was amended effective June 6, 2019 to reduce the annual base management fee paid to the Company from 1.5% to 1.0% on all assets financed using leverage over 1.0 times debt to equity.

Transaction Support Expense
On January 3, 2017, ARCC and American Capital, Ltd. (“ACAS”) consummated a merger transaction valued at approximately $4.2 billion (the “ARCC-ACAS Transaction”). To support the ARCC-ACAS Transaction, the Company, through its subsidiary Ares Capital Management LLC, which serves as the investment adviser to ARCC, paid $275.2 million to ACAS shareholders in accordance with the terms and conditions set forth in the merger agreement.

ARCC Fee Waiver
In conjunction with ARCC's acquisition of ACAS, the Company agreed to waive up to $10 million per quarter of ARCC's Part I Fees for ten calendar quarters, which began with the second quarter of 2017 and ended with the third quarter of 2019. ARCC Part I Fees are reported net of the fee waiver. For the years ended December 31, 2019, 2018 and 2017, the Company waived $30.0 million, $40.0 million and $30.0 million, respectively.
v3.19.3.a.u2
INCOME TAXES
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Effective March 1, 2018, the Company elected to be treated as a corporation for U.S. federal and state income tax purposes. Upon the effectiveness of this election, all earnings allocated to the Company are subject to U.S. federal, state and local corporate income taxes and certain of its foreign subsidiaries are subject to foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income, subject to applicable limitations). Prior to March 1, 2018, a substantial portion of the Company's share of carried interest and investment income flowed through to investors without being subject to corporate level income taxes. Consequently, the Company did not reflect a provision for income taxes on such income except those for foreign, state and local income taxes incurred at the entity level. Beginning March 1, 2018, the Company's share of unrealized gains and income items became subject to U.S. corporate tax.
The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment entities that are consolidated in the Company's consolidated financial statements.
The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years prior to 2015. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s consolidated financial statements.
On December 22, 2017, the Tax Cuts and Jobs Act was enacted into law creating significant and material updates to the Internal Revenue Code. The most significant change is a decrease of the corporate tax rate from 35% to 21%. The reduction in the corporate tax rate is effective for tax years beginning on or after January 1, 2018.
The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following for the years ended December 31, 2019, 2018 and 2017. Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the year ended December 31, 2017.
 For the Year Ended December 31,
Provision for Income Taxes201920182017Unaudited 2017 Pro Forma
The Company
Current:   
U.S. federal income tax expense (benefit)$32,012  $16,859  $(21,559) $2,634  
State and local income tax expense6,940  4,306  454  2,963  
Foreign income tax expense6,103  6,607  3,741  3,741  
 45,055  27,772  (17,364) 9,338  
Deferred:
U.S. federal income tax expense (benefit)8,820  10,572  (3,466) 18,297  
State and local income tax expense (benefit)1,001  (4,789) (2,414) (721) 
Foreign income tax benefit(1,970) (1,484) (1,695) (1,695) 
 7,851  4,299  (7,575) 15,881  
Total:
U.S. federal income tax expense (benefit)40,832  27,431  (25,025) 20,931  
State and local income tax expense (benefit)7,941  (483) (1,960) 2,242  
Foreign income tax expense4,133  5,123  2,046  2,046  
Income tax expense (benefit)52,906  32,071  (24,939) 25,219  
Consolidated Funds
Current:   
Foreign income tax expense (benefit)(530) 131  1,887  1,887  
Income tax expense (benefit)(530) 131  1,887  1,887  
 
Total Provision for Income Taxes
Total current income tax expense (benefit)44,525  27,903  (15,477) 11,225  
Total deferred income tax expense (benefit)7,851  4,299  (7,575) 15,881  
Total income tax expense (benefit)$52,376  $32,202  $(23,052) $27,106  
The effective income tax rate differed from the federal statutory rate for the following reasons for the years ended December 31, 2019, 2018 and 2017. Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the year ended December 31, 2017.  
 For the Year Ended December 31,
 201920182017Unaudited 2017 Pro Forma
Income tax expense at federal statutory rate21.0 %21.0 %35.0 %35.0 %
Income passed through to non-controlling interests(10.4) (9.9) (51.1) (23.2) 
State and local taxes, net of federal benefit1.9  2.1  (1.4) 0.4  
Foreign taxes0.3  0.3  0.3  0.3  
Permanent items(0.4) (0.8) 0.3  0.3  
Tax Cuts and Jobs Act—  (0.4) (0.4) 3.3  
Corporate conversion expense—  5.4  —  —  
Other, net(0.1) (0.3) 0.4  0.4  
Valuation allowance—  0.1  1.3  1.3  
Total effective rate12.3 %17.5 %(15.6)%17.8 %

Deferred Taxes
The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2019 and 2018. Deferred tax assets, net are included within other assets on the Consolidated Statements of Financial Condition.
 As of December 31,
Deferred Tax Assets and Liabilities of the Company20192018
Deferred tax assets  
Amortizable tax basis for AOG unit exchanges$25,994  $25,928  
Investment in partnerships12,841  11,527  
Net operating losses367  865  
Other, net7,216  5,416  
Total gross deferred tax assets46,418  43,736  
Valuation allowance(54) (22) 
Total deferred tax assets, net46,364  43,714  
Deferred tax liabilities 
Investment in partnerships—  (1,577) 
Total deferred tax liabilities—  (1,577) 
Net deferred tax assets$46,364  $42,137  

 As of December 31,
Deferred Tax Assets and Liabilities of the Consolidated Funds20192018
Deferred tax assets  
Net operating loss$5,391  $5,525  
Other, net2,173  2,173  
Total gross deferred tax assets7,564  7,698  
Valuation allowance(7,564) (7,698) 
Total deferred tax assets, net$—  $—  
In assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts.
The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements. In connection with its election to be taxed as a corporation effective March 1, 2018, the Company recorded a significant one-time deferred tax liability arising from the embedded net unrealized gains of both carried interest and the investment portfolio that were not previously subject to corporate taxes. Cash taxes will be paid only on gains to the extent realized.
The valuation allowance for deferred tax assets decreased by $0.1 million in 2019 due to the utilization of certain operating losses in foreign jurisdictions. The deferred tax assets related to these operating losses do not meet the more likely than not threshold and continue to have a valuation allowance recorded for the net balance. The valuation allowance for deferred tax assets increased by $0.8 million in 2018 due to additional net valuation allowances recorded related to operating losses that generated deductible temporary differences in various jurisdictions in which the Company operates, offset by the reduction of valuation allowances recorded in prior years for which the Company is able to conclude that as of December 31, 2018 the related deferred tax asset is more likely than not to be realized.

At December 31, 2019, the Company had $39.1 million of foreign net operating loss (“NOL”) carryforwards attributable to its Consolidated Funds available to reduce future foreign income taxes for which a full valuation allowance has been provided. The majority of the foreign NOLs have no expiry.
As of, and for the three years ended December 31, 2019, 2018 and 2017, the Company had no significant uncertain tax positions.
v3.19.3.a.u2
EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share of Class A common stock is computed by using the two-class method. Diluted earnings per share of Class A common stock is computed using the more dilutive method of either the two-class method or the treasury stock method.

The treasury stock method is used to determine potentially dilutive securities resulting from options and unvested restricted units granted under the Equity Incentive Plan. The two-class method is an earnings allocation method under which earnings per share is calculated for shares of Class A common stock and participating securities considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Because the holders of unvested restricted units have the right to participate in dividends when declared, the unvested restricted units are considered participating securities to the extent they are expected to vest.

For the year ended December 31, 2019, the treasury stock method was the more dilutive method. For the years ended December 31, 2018 and December 31, 2017, the two-class method was the more dilutive method. No participating securities had rights to undistributed earnings during any period presented.

The computation of diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive:

For the Year Ended December 31,
201920182017
Options—  19,194,615  21,001,916  
Restricted units82  15,970,004  14,105,481  
AOG Units116,802,160  121,296,583  130,244,013  
The following table presents the computation of basic and diluted earnings per common share:
For the Year Ended December 31,
201920182017
Net income attributable to Ares Management Corporation Class A common stockholders
$127,184  $35,320  $54,478  
Distributions on unvested restricted units(7,670) (6,948) (3,588) 
Net income available to Class A common stockholders$119,514  $28,372  $50,890  
Basic weighted-average shares of Class A common stock107,914,953  96,023,147  81,838,007  
Basic earnings per share of Class A common stock$1.11  $0.30  $0.62  
Net income attributable to Ares Management Corporation Class A common stockholders
$127,184  $35,320  $54,478  
Distributions on unvested restricted units—  (6,948) (3,588) 
Net income available to Class A common stockholders$127,184  $28,372  $50,890  
Effect of dilutive shares:
Restricted units7,838,200  —  —  
Options4,124,276  —  —  
Diluted weighted-average shares of Class A common stock119,877,429  96,023,147  81,838,007  
Diluted earnings per share of Class A common stock$1.06  $0.30  $0.62  
Dividend declared and paid per Class A common stock$1.28  $1.33  $1.13  
v3.19.3.a.u2
EQUITY COMPENSATION
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
EQUITY COMPENSATION EQUITY COMPENSATION
Equity Incentive Plan
In exchange for services provide by certain employees, the Company grants equity-based compensation under the Equity Incentive Plan. Based on a formula as defined in the Equity Incentive Plan, the total number of shares available to be issued under the Equity Incentive Plan resets and may increase on January 1 each year. Accordingly, on January 1, 2019, the total number of shares available for issuance under the Equity Incentive Plan reset to 32,792,005 shares, and as of December 31, 2019, 28,930,797 shares remain available for issuance.
Generally, unvested phantom shares, restricted units and options 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.
Equity-based compensation expense, net of forfeitures, recorded by the Company is included in the following table:
For the Year Ended December 31,
 201920182017
Restricted units$88,979  $74,441  $54,339  
Restricted units with a market condition3,613  1,524  —  
Options4,362  12,449  13,848  
Phantom shares737  1,310  1,524  
Equity-based compensation expense$97,691  $89,724  $69,711  
Restricted Units
During July 2018, the Company granted 2,000,000 restricted units to an executive of which 1,333,334 restricted units are subject to vesting based on the future price of shares of the Company's Class A common stock (described in greater detail below under the heading “Restricted Unit Awards with a Market Condition”) and 666,666 restricted units that vest subject to the executive's continued service on terms similar to those described below.
Each restricted unit represents an unfunded, unsecured right of the holder to receive a share of the Company's Class A common stock on a specific date. The restricted units generally vest and are settled in shares of Class A common stock either (i) at a rate of one-third per year, beginning on the third anniversary of the grant date, (ii) in their entirety on the fifth anniversary of the grant date, (iii) at a rate of one quarter per year, beginning on either the first or second anniversary of the grant date or the holder's employment commencement date, or (iv) at a rate of one third per year, beginning on the first anniversary of 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). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award.
The holders of restricted units, other than the market condition awards described below, 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”). During the year ended December 31, 2019, the Company declared a dividend each quarter of $0.32 per share to Class A common stockholders at the close of business on March 15, 2019, June 14, 2019, September 16, 2019, and December 17, 2019, respectively. For the year ended December 31, 2019, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $21.5 million, which are presented as a component of dividends within the Consolidated Statements of Changes in Equity. When units are forfeited, the cumulative amount of dividend equivalents previously paid is reclassified to compensation and benefits expense in the Consolidated Statements of Operations.
The following table presents unvested restricted units' activity during the year ended December 31, 2019:
 Restricted Units
Weighted Average
Grant Date Fair
Value Per Unit
Balance - January 1, 201916,255,475  $19.21  
Granted4,499,563  21.42  
Vested(3,691,234) 17.96  
Forfeited(253,331) 19.68  
Balance - December 31, 201916,810,473  $20.07  

The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $203.0 million as of December 31, 2019 and is expected to be recognized over the remaining weighted average period of 2.81 years.

Restricted Unit Awards with a Market Condition
In July 2018, the Company granted certain restricted units with a vesting condition based upon the volume-weighted, average closing price of shares of the Company’s Class A common stock meeting or exceeding a stated price for 30 consecutive calendar days on or prior to January 1, 2028, referred to as a market condition. 666,667 restricted units with a market condition of $35.00 per share (“Tranche I”) and 666,667 restricted units with a market condition of $45.00 per share (“Tranche II”) were granted. Vesting is also generally subject to continued employment at the time such market condition is achieved. Under the terms of the awards, if the price target is not achieved by the close of business on January 1, 2028, the unvested market condition awards will be automatically canceled and forfeited. Restricted units subject to a market condition are not eligible to receive a Dividend Equivalent.
        The grant date fair values for Tranche I and Tranche II awards were $10.92 and $7.68 per share, respectively, based on
a probability distributed Monte-Carlo simulation. Due to the existence of the market condition, the vesting period for the awards is not explicit, and as such, compensation expense is recognized on a straight-line basis over the median vesting period
derived from the positive iterations of the Monte Carlo simulations where the market condition was achieved. The median vesting period is 3.0 years and 4.3 years for Tranche I and Tranche II, respectively.

Below is a summary of the significant assumptions used to estimate the grant date fair value of the market condition awards. There were no new market condition awards granted during the year ended December 31, 2019.
2018
Closing price of the Company's common shares as of valuation date
$20.95  
Risk-free interest rate2.95 %
Volatility30.0 %
Dividend yield5.0 %
Cost of equity10.0 %

The following table presents the unvested market condition awards' activity during the year ended December 31, 2019:
 Market Condition Awards UnitsWeighted Average
Grant Date Fair
Value Per Unit
Balance - January 1, 20191,333,334  $9.30  
Granted—  —  
Vested—  —  
Forfeited—  —  
Balance - December 31, 20191,333,334  $9.30  

The total compensation expense expected to be recognized in all future periods associated with the market condition awards is approximately $7.3 million as of December 31, 2019 and is expected to be recognized over the remaining weighted average period of 2.2 years.
Options
Each option entitles the holders to purchase from the Company, upon exercise thereof, one share of Class A common stock at the stated exercise price. The term of the options is generally ten years, beginning on the grant date. The options generally vest at a rate of one-third per year, beginning on the third anniversary of the grant date. Compensation expense associated with these options is being recognized on a straight-line basis over the requisite service period of the respective award. Net cash proceeds from exercises of stock options were $90.5 million for the year ended December 31, 2019. The Company realized tax benefits of approximately $4.3 million from those exercises.
A summary of options activity during the year ended December 31, 2019 is presented below:
 OptionsWeighted Average Exercise Price
Weighted Average
Remaining Life
(in years)
Aggregate Intrinsic Value
Balance - January 1, 201918,741,504  $18.99  4.88$—  
Granted—  —  —  —  
Exercised(4,905,998) 19.00  —  —  
Expired(366,366) 19.00  —  —  
Forfeited(42,270) 19.00  —  —  
Balance - December 31, 201913,426,870  $18.99  4.34$224,260  
Exercisable at December 31, 201913,317,053  $18.99  4.33$222,372  

Aggregate intrinsic value represents the value of the Company’s closing share price of Class A common stock on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options exercisable or expected to vest.
The fair value of an award is affected by the Company’s share price of Class A common stock on the date of grant as well as other assumptions including the estimated volatility of the Company’s share price of Class A common stock over the term of the awards and the estimated period of time that management expects employees to hold their unit options. The estimated period of time that management expects employees to hold their options was estimated as the midpoint between the vesting date and maturity date.

The fair value of each option granted was measured on the date of the grant using the Black Scholes option pricing model. No new options have been granted since 2014.

Phantom Shares
Each phantom share represents an unfunded, unsecured right of the holder to receive an amount in cash per phantom share equal to the average closing price of a share of Class A common stock for the 15 trading days immediately prior to, and the 15 trading days immediately following, the vesting date. The phantom shares vested in equal installments over five years at the anniversaries of the IPO date, with the final payment made in May 2019. The phantom shares are accounted for as liability awards with compensation expense being recognized on a straight-line basis based on the number of unvested shares. Forfeitures will reduce the expenses in the period in which the forfeiture occurs. During the year ended December 31, 2019 the Company paid $1.5 million to settle vested phantom shares.

A summary of unvested phantom shares' activity during the year ended December 31, 2019 is presented below:
 Phantom SharesWeighted Average
Grant Date Fair
Value Per Share
Balance - January 1, 201966,287  $19.00  
Vested(61,502) 19.00  
Forfeited(4,785) 19.00  
Balance - December 31, 2019—  $—  
v3.19.3.a.u2
EQUITY
 12 Months Ended
Dec. 31, 2019
Stockholders' Equity Note [Abstract]  
EQUITY EQUITY
Common Stock

The Company completed its conversion from a Delaware limited partnership to a Delaware corporation (the “Conversion”) effective on November 26, 2018. Prior to the Conversion, common shares represented limited partnership interests in the Company. The holders of common shares were entitled to participate pro rata in distributions from the Company and to exercise the rights or privileges that were available to common shareholders under the Company’s limited partnership agreement. The common shareholders had limited voting rights and had no right to remove the Company’s general partner, Ares Management GP LLC, or, except in limited circumstances, to elect the directors of the general partner.  
Since the Conversion on November 26, 2018, the Company's common stock consists of Class A, Class B and Class C common stock. As a result of the Conversion on November 26, 2018, (i) each outstanding common share representing limited partner interests in the Company before the Conversion converted into one issued and outstanding, fully paid and nonassessable share of Class A common stock, $0.01 par value per share, of the Company, (ii) the general partner share of the Company before the Conversion converted into 1,000 issued and outstanding, fully paid and nonassessable shares of Class B common stock, $0.01 par value per share, of the Company and (iii) the special voting share of the Company before the Conversion converted into one issued and outstanding, fully paid and nonassessable share, of Class C common stock, $0.01 par value per share, of the Company.

The Class B common stock and Class C common stock are non-economic and holders are not entitled to (i) dividends from the Company or (ii) receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC is the sole holder of the Class C common stock.

In February 2019, the Company's board of directors authorized the repurchase of up to $150 million of shares of Class
A common stock. Under this stock repurchase program, shares may be repurchased from time to time in open market purchases,
privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. In February 2020, our board of directors approved the renewal of the program and reset the repurchase amount back to $150 million. The program is scheduled to expire in March 2021. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the year ended December 31, 2019, the Company repurchased 0.4 million shares at a total cost of $10.4 million. As of December 31, 2019, the amount remaining available for repurchases under the program was $139.6 million.

On September 20, 2019, the Company sold 7,000,000 shares of its Class A common stock in an underwritten public offering (the “Offering”) from which it received $207.3 million in gross proceeds. The Company incurred approximately $0.6 million of expenses in connection with the Offering. The expenses have been recorded as a reduction in the proceeds received and are presented on a net basis together with contributions in additional paid-in-capital within the Consolidated Statements of Changes in Equity.
The following table presents the changes in each class of common stock for the year ended December 31, 2019:
Class A Common StockClass B Common StockClass C Common StockTotal
Balance - January 1, 2019101,594,095  1,000  1  101,595,096  
Issuance of stock7,000,000  —  —  7,000,000  
Exchanges of AOG Units163,509  —  —  163,509  
Stock option exercises4,785,131  —  —  4,785,131  
Repurchases of stock(400,000) —  —  (400,000) 
Vesting of restricted stock awards, net of shares withheld for tax2,099,293  —  —  2,099,293  
Balance Outstanding - December 31, 2019115,242,028  1,000  1  115,243,029  


The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities as of December 31, 2019 and December 31, 2018, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities for the years ended December 31, 2019, 2018 and 2017.

Daily Average Ownership
As of December 31, 2019As of December 31, 2018For the Year Ended December 31,
AOG UnitsDirect Ownership InterestAOG UnitsDirect Ownership Interest201920182017
Ares Management Corporation115,242,028  49.70 %101,594,095  46.47 %48.02 %44.19 %38.59 %
Ares Owners Holding L.P.116,641,833  50.30 %117,019,274  53.53 %51.98 %53.99 %55.52 %
Affiliate of Alleghany Corporation—  — %—  — %— %1.82 %5.89 %
Total231,883,861  100.00 %218,613,369  100.00 %

During the quarter ended March 31, 2018, an affiliate of Alleghany Corporation (“Alleghany”) exchanged 9,750,000 of its AOG Units into 9,750,000 common shares. During the quarter ended September 30, 2018, Alleghany exchanged its remaining 2,750,000 of AOG Units into 2,750,000 common shares.

The Company’s ownership percentage of the AOG Units will continue to change upon: (i) the vesting of restricted units and exercise of options that were granted under the Equity Incentive Plan; (ii) the exchange of AOG Units for shares of Class A common stock; (iii) the cancellation of AOG Units in connection with certain individuals’ forfeiture of AOG Units upon termination of employment and (iv) the issuance of new AOG Units, including in connection with acquisitions, among other reasons. Holders of the AOG Units, subject to any applicable transfer restrictions, may up to four times each year (subject to the terms of the exchange agreement) exchange their AOG Units for shares of Class A common stock on a one-for-one basis. Equity is reallocated among partners upon a change in ownership to ensure each partners’ capital account properly reflects their respective claim on the residual value of the Company. This change is reflected as either a reallocation of interest or as dilution in the Consolidated Statements of Changes in Equity.
Except as otherwise expressly provided in the Company’s Certificate of Incorporation (the “Certificate of Incorporation”), the Company’s common stockholders are entitled to vote on all matters on which stockholders of a corporation are generally entitled to vote under the Delaware General Corporation Law (the “DGCL”), including the election of the Company’s board of directors. Holders of shares of the Company’s Class A common stock are entitled to one vote per share of the Company’s Class A common stock. On any date on which the Ares Ownership Condition (as defined in the Certificate of Incorporation) is satisfied, holders of shares of the Company’s Class B common stock are, in the aggregate, entitled to a number of votes equal to (x) four times the aggregate number of votes attributable to the Company’s Class A common stock minus (y) the aggregate number of votes attributable to the Company’s Class C common stock. On any date on which the Ares Ownership Condition is not satisfied, holders of shares of the Company’s Class B common stock are not entitled to vote on any matter submitted to a vote of the Company’s stockholders. The holder of shares of the Company’s Class C common stock is generally entitled to a number of votes equal to the number of Ares Operating Group Units (as defined in the Certificate of Incorporation) held of record by each Ares Operating Group Limited Partner (as defined in the Certificate of Incorporation) other than the Company and its subsidiaries.
Preferred Stock
In connection with the Conversion on November 26, 2018, each 7.00% Series A preferred share of the Company before the Conversion was converted into one share of 7.00% Series A Preferred Stock, $0.01 par value per share of the Company. As of December 31, 2019 and December 31, 2018, the Company had 12,400,000 shares of the Series A Preferred Stock outstanding. When, as and if declared by the Company’s board of directors, dividends on the Series A Preferred Stock are payable quarterly at a rate per annum equal to 7.00%. The Series A Preferred Stock may be redeemed at the Company’s option, in whole or in part, at any time on or after June 30, 2021, at a price per share of $25.00.

In connection with the Series A Preferred Stock issuance, the Ares Operating Group issued mirror preferred units (“GP Mirror Units”) paying the same 7.00% rate per annum to wholly owned subsidiaries of the Company including AHI. Although income allocated in respect of distributions on the GP Mirror Units may be subject to tax, cash dividends to our Series A Preferred stockholders will not be reduced on account of any income taxes owed by us. As a result, the amounts of dividend ultimately paid by us to our Class A common stockholders may be reduced by any corporate taxes imposed on us or AHI.

In July 2018, the Company's board of directors authorized the repurchase, from time to time in open market purchases
or privately negotiated transactions of the Series A Preferred Stock with an aggregate liquidation preference of up to $50.0 million. Such repurchases, if any, will depend on the prevailing market conditions and other factors. As of December 31, 2019, the program has expired and the Company has not had any repurchases of the Series A Preferred Stock.

Except as provided in the Certificate of Incorporation and the Company’s Bylaws and under the DGCL and the rules of the NYSE, shares of the Series A Preferred Stock are generally non-voting.
v3.19.3.a.u2
SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
The Company operates through its distinct operating segments. During the year ended December 31, 2019, the Company reclassified certain expenses from OMG to its operating segments. The Company has modified historical results to conform with its current presentation.
The Company’s operating segments are summarized below:
Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including syndicated loans, high yield bonds, multi-asset credit, alternative credit investments and direct lending.
Private Equity Group:  The Private Equity Group manages investment strategies broadly categorized as corporate private equity, infrastructure and power, special opportunities, and energy opportunities.
Real Estate Group:  The Real Estate Group manages comprehensive real estate equity and debt strategies.
The Company has an OMG that consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, strategy and relationship management, legal, compliance and human resources. Additionally, the OMG provides services to certain of the Company’s investment companies and partnerships, which reimburse the OMG for expenses equal to the costs of services provided. The OMG’s expenses are not allocated to the Company’s reportable segments but the Company does consider the cost structure of the OMG when evaluating its financial performance.
Segment Profit Measures: These measures supplement and should be considered in addition to, and not in lieu of, the Consolidated Statements of Operations prepared in accordance with GAAP.
Fee related earnings (“FRE”) is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes performance income, performance related compensation, investment income from the Consolidated Funds and non-consolidated funds and certain other items that the Company believes are not indicative of its core operating performance.
Realized income (“RI”) is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from net income by excluding (a) income tax expense, (b) operating results of the Consolidated Funds, (c) depreciation and amortization expense, (d) the effects of changes arising from corporate actions, (e) unrealized gains and losses related to performance income and investment performance and (f) certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital transactions, underwriting costs and expenses incurred in connection with corporate reorganization. Management believes RI is a more appropriate metric to evaluate the Company's current business operations.
Management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds.
The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2019:
Credit GroupPrivate Equity GroupReal
Estate Group		Total
Segments		OMGTotal
Management fees (Credit Group includes ARCC Part I Fees of $164,396)$713,853  $211,614  $87,063  $1,012,530  $—  $1,012,530  
Other fees17,124  162  792  18,078  —  18,078  
Compensation and benefits(261,662) (78,259) (49,124) (389,045) (139,162) (528,207) 
General, administrative and other expenses(55,103) (19,098) (13,249) (87,450) (91,292) (178,742) 
Fee related earnings414,212  114,419  25,482  554,113  (230,454) 323,659  
Performance income—realized104,442  264,439  33,637  402,518  —  402,518  
Performance related compensation—realized(61,641) (211,550) (17,191) (290,382) —  (290,382) 
Realized net performance income42,801  52,889  16,446  112,136  —  112,136  
Investment income—realized2,457  47,696  8,020  58,173  —  58,173  
Interest and other investment income (expense) —realized18,670  5,046  5,633  29,349  (160) 29,189  
Interest expense(6,497) (7,486) (3,824) (17,807) (1,864) (19,671) 
Realized net investment income (loss)14,630  45,256  9,829  69,715  (2,024) 67,691  
Realized income$471,643  $212,564  $51,757  $735,964  $(232,478) $503,486  
Total assets$997,064  $1,123,254  $467,741  $2,588,059  $165,122  $2,753,181  

The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2018:
Credit GroupPrivate Equity GroupReal
Estate Group		Total
Segments		OMGTotal
Management fees (Credit Group includes ARCC Part I Fees of $128,805)$564,899  $198,182  $73,663  $836,744  $—  $836,744  
Other fees23,247  1,008  33  24,288  —  24,288  
Compensation and benefits
(218,148) (74,672) (38,623) (331,443) (124,812) (456,255) 
General, administrative and other expenses(44,845) (18,482) (11,123) (74,450) (75,015) (149,465) 
Fee related earnings325,153  106,036  23,950  455,139  (199,827) 255,312  
Performance income—realized121,270  139,820  96,117  357,207  —  357,207  
Performance related compensation—realized(75,541) (111,764) (64,292) (251,597) —  (251,597) 
Realized net performance income45,729  28,056  31,825  105,610  —  105,610  
Investment income—realized2,492  17,816  11,409  31,717  4,790  36,507  
Interest and other investment income —realized10,350  4,624  2,257  17,231  2,184  19,415  
Interest expense(11,386) (6,000) (1,836) (19,222) (2,226) (21,448) 
Realized net investment income1,456  16,440  11,830  29,726  4,748  34,474  
Realized income$372,338  $150,532  $67,605  $590,475  $(195,079) $395,396  
Total assets$729,930  $942,928  $469,595  $2,142,453  $65,961  $2,208,414  
The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2017:
Credit GroupPrivate Equity GroupReal
Estate Group		Total
Segments		OMGTotal
Management fees (Credit Group includes ARCC Part I Fees of $105,467)$481,466  $198,498  $64,861  $744,825  $—  $744,825  
Other fees20,830  1,495  106  22,431  —  22,431  
Compensation and benefits(194,821) (68,569) (39,586) (302,976) (110,759) (413,735) 
General, administrative and other expenses(34,335) (17,561) (10,519) (62,415) (74,116) (136,531) 
Fee related earnings273,140  113,863  14,862  401,865  (184,875) 216,990  
Performance income—realized21,087  287,092  9,608  317,787  —  317,787  
Performance related compensation—realized(9,218) (228,774) (4,338) (242,330) —  (242,330) 
Realized net performance income11,869  58,318  5,270  75,457  —  75,457  
Investment income—realized7,102  22,625  5,534  35,261  3,880  39,141  
Interest and other investment income —realized10,192  3,226  511  13,929  1,142  15,071  
Interest expense(12,405) (5,218) (1,650) (19,273) (1,946) (21,219) 
Realized net investment income4,889  20,633  4,395  29,917  3,076  32,993  
Realized income$289,898  $192,814  $24,527  $507,239  $(181,799) $325,440  
Total assets$837,562  $1,255,454  $306,463  $2,399,479  $119,702  $2,519,181  

The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income:
For the Year Ended December 31,
201920182017
Segment revenues
Management fees (includes ARCC Part I Fees of $164,396, $128,805 and $105,467 for the years ended December 31, 2019, 2018, and 2017, respectively)$1,012,530  $836,744  $744,825  
Other fees18,078  24,288  22,431  
Performance income—realized402,518  357,207  317,787  
Total segment revenues$1,433,126  $1,218,239  $1,085,043  
Segment expenses
Compensation and benefits$389,045  $331,443  $302,976  
General, administrative and other expenses87,450  74,450  62,415  
Performance related compensation—realized290,382  251,597  242,330  
Total segment expenses$766,877  $657,490  $607,721  
Segment realized net investment income
Investment income—realized$58,173  $31,717  $35,261  
Interest and other investment income —realized29,349  17,231  13,929  
Interest expense(17,807) (19,222) (19,273) 
Total segment realized net investment income $69,715  $29,726  $29,917  
The following table reconciles the Company's consolidated revenues to segment revenue:
For the Year Ended December 31,
201920182017
Total consolidated revenue$1,765,438  $958,461  $1,479,943  
Performance (income) loss-unrealized(303,142) 247,212  (325,915) 
Management fees of Consolidated Funds eliminated in consolidation34,920  34,242  22,406  
Carried interest allocation of Consolidated Funds eliminated in consolidation—  —  1,017  
Incentive fees of Consolidated Funds eliminated in consolidation13,851  4,000  4,075  
Principal investment (income) loss of Consolidated Funds eliminated in consolidation(12,235) 2,502  24,587  
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation12,641  —  —  
Administrative fees(1)(31,629) (27,380) (34,049) 
Performance loss reclass(2)740  205  1,936  
Principal investment income(44,320) (1,047) (89,031) 
Net (income) expense of non-controlling interests in consolidated subsidiaries(3,138) 44  74  
Total consolidation adjustments and reconciling items(332,312) 259,778  (394,900) 
Total segment revenue$1,433,126  $1,218,239  $1,085,043  

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
(2)Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Consolidated Statements of Operations.

The following table reconciles the Company's consolidated expenses to segment expenses:
For the Year Ended December 31,
201920182017
Total consolidated expenses$1,462,797  $870,362  $1,504,758  
Performance related compensation-unrealized(206,799) 221,343  (237,392) 
Expenses of Consolidated Funds added in consolidation(90,816) (92,006) (65,501) 
Expenses of Consolidated Funds eliminated in consolidation48,771  38,242  26,481  
Administrative fees(1)(31,629) (27,380) (34,049) 
OMG expenses(230,454) (199,827) (184,875) 
Acquisition and merger-related expense(16,266) (2,936) (280,055) 
Equity compensation expense(97,691) (89,724) (69,711) 
Deferred placement fees(24,306) (20,343) (19,765) 
Depreciation and amortization expense(40,602) (25,087) (30,481) 
Other expense(2)—  (11,836) —  
Expense of non-controlling interests in consolidated subsidiaries
(6,128) (3,318) (1,689) 
Total consolidation adjustments and reconciling items(695,920) (212,872) (897,037) 
Total segment expenses$766,877  $657,490  $607,721  

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
(2)2018 period includes $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018.
The following table reconciles the Company's consolidated other income to segment realized net investment income:
For the Year Ended December 31,
201920182017
Total consolidated other income
$122,539  $96,242  $174,674  
Investment (income) loss - unrealized26,620  49,241  (46,860) 
Interest and other investment loss - unrealized9,061  233  1,868  
Other income from Consolidated Funds added in consolidation, net
(117,405) (114,286) (154,869) 
Other (income) loss from Consolidated Funds eliminated in consolidation, net (12,991) (865) 1,059  
OMG other income(1,190) (3,315) (11,828) 
Performance income reclass(1)(740) (205) (1,936) 
Principal investment loss44,320  1,047  89,031  
Change in value of contingent consideration—  —  (20,156) 
Other (income) expense, net (460) 1,653  (1,042) 
Other income of non-controlling interests in consolidated subsidiaries(39) (19) (24) 
Total consolidation adjustments and reconciling items(52,824) (66,516) (144,757) 
Total segment realized net investment income$69,715  $29,726  $29,917  

(1)Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Consolidated Statements of Operations.


The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE:
For the Year Ended December 31,
201920182017
Income before taxes$425,180  $184,341  $149,859  
Adjustments:
Depreciation and amortization expense40,602  25,087  30,481  
Equity compensation expense97,691  89,724  69,711  
Acquisition and merger-related expense16,266  2,936  259,899  
Deferred placement fees24,306  20,343  19,765  
OMG expense, net229,264  196,512  173,047  
Other (income) expense, net(1) (460) 13,489  (1,042) 
Net expense of non-controlling interests in consolidated subsidiaries
2,951  3,343  1,739  
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations(39,174) (20,643) (62,705) 
Total performance (income) loss - unrealized (303,142) 247,212  (325,915) 
Total performance related compensation - unrealized206,799  (221,343) 237,392  
Total investment (income) loss - unrealized 35,681  49,474  (44,992) 
Realized income735,964  590,475  507,239  
Total performance income - realized(402,518) (357,207) (317,787) 
Total performance related compensation - realized290,382  251,597  242,330  
Total investment income - realized(69,715) (29,726) (29,917) 
Fee related earnings$554,113  $455,139  $401,865  

(1)2018 period includes $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018.
v3.19.3.a.u2
CONSOLIDATION
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATION CONSOLIDATION
Deconsolidated Funds
Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) the Company deconsolidated such funds as a result of being liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the year ended December 31, 2019, two entities were liquidated/dissolved and two entities experienced a significant change in ownership that resulted in deconsolidation of the fund or CLO during the period. During the year ended December 31, 2018 and 2017, one entity was liquidated/dissolved and no non-VIE entities experienced a significant change in ownership or control that resulted in deconsolidation during each of the periods. For deconsolidated funds, the Company will continue to serve as the general partner and/or investment manager until such funds are fully liquidated.
Investments in Consolidated Variable Interest Entities  
The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss.
Investments in Non-Consolidated Variable Interest Entities
The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value.
The Company's interests in consolidated and non-consolidated VIEs, as presented in the Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows:
As of December 31,
20192018
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)
$260,520  $222,477  
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)
181,856  186,455  
Assets of consolidated VIEs9,454,572  8,141,280  
Liabilities of consolidated VIEs8,679,869  7,479,383  

(1)As of December 31, 2019, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $104.7 million.

For the Year Ended December 31,
201920182017
Net income attributable to non-controlling interests related to consolidated VIEs
$39,704  $20,512  $60,818  
Consolidating Schedules
The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition as of December 31, 2019 and December 31, 2018 and results from operations for the year ended December 31, 2019 and 2018 and 2017. 
 As of December 31, 2019
 Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated 
Assets    
Cash and cash equivalents$138,384  $—  $—  $138,384  
Investments (includes $1,134,967 of accrued carried interest)1,845,520  —  (181,856) 1,663,664  
Due from affiliates282,197  —  (14,098) 268,099  
Other assets343,674  —  (2,381) 341,293  
Right-of-use operating lease assets143,406  —  —  143,406  
Assets of Consolidated Funds   
Cash and cash equivalents—  606,321  —  606,321  
Investments, at fair value—  8,723,169  4,778  8,727,947  
Due from affiliates—  6,192  —  6,192  
Receivable for securities sold—  88,809  —  88,809  
Other assets—  30,081  —  30,081  
Total assets$2,753,181  $9,454,572  $(193,557) $12,014,196  
Liabilities    
Accounts payable, accrued expenses and other liabilities$88,173  $—  $—  $88,173  
Accrued compensation37,795  —  —  37,795  
Due to affiliates71,445  —  —  71,445  
Performance related compensation payable829,764  —  —  829,764  
Debt obligations316,609  —  —  316,609  
Operating lease liabilities168,817  —  —  168,817  
Liabilities of Consolidated Funds   
Accounts payable, accrued expenses and other liabilities—  61,857  —  61,857  
Due to affiliates—  11,700  (11,700) —  
Payable for securities purchased—  500,146  —  500,146  
CLO loan obligations, at fair value—  7,998,922  (25,174) 7,973,748  
Fund borrowings—  107,244  —  107,244  
Total liabilities1,512,603  8,679,869  (36,874) 10,155,598  
Commitments and contingencies
Non-controlling interest in Consolidated Funds—  774,703  (156,683) 618,020  
Non-controlling interest in Ares Operating Group entities472,288  —  —  472,288  
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding)298,761  —  —  298,761  
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (115,242,028 shares issued and outstanding)1,152  —  —  1,152  
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 (1 share issued and outstanding)—  —  —  —  
Additional paid-in-capital525,244  —  —  525,244  
Retained earnings(50,820) —  —  (50,820) 
Accumulated other comprehensive loss, net of tax(6,047) —  —  (6,047) 
       Total stockholders' equity768,290  —  —  768,290  
       Total equity1,240,578  774,703  (156,683) 1,858,598  
       Total liabilities, non-controlling interests and equity$2,753,181  $9,454,572  $(193,557) $12,014,196  
 As of December 31, 2018
 Consolidated
Company 
Entities 		Consolidated
Funds 		EliminationsConsolidated 
Assets    
Cash and cash equivalents$110,247  $—  $—  $110,247  
Investments (includes $841,079 of accrued carried interest)1,512,592  —  (186,455) 1,326,137  
Due from affiliates207,924  —  (8,547) 199,377  
Other assets377,651  —  —  377,651  
Assets of Consolidated Funds
Cash and cash equivalents—  384,644  —  384,644  
Investments, at fair value—  7,673,165  —  7,673,165  
Due from affiliates—  17,609  —  17,609  
Receivable for securities sold—  42,076  —  42,076  
Other assets—  23,786  —  23,786  
Total assets$2,208,414  $8,141,280  $(195,002) $10,154,692  
Liabilities    
Accounts payable, accrued expenses and other liabilities$83,221  $—  $—  $83,221  
Accrued compensation29,389  —  —  29,389  
Due to affiliates82,411  —  —  82,411  
Performance related compensation payable641,737  —  —  641,737  
Debt obligations480,952  —  —  480,952  
Liabilities of Consolidated Funds   
Accounts payable, accrued expenses and other liabilities—  83,876  —  83,876  
Due to affiliates—  8,547  (8,547) —  
Payable for securities purchased—  471,390  —  471,390  
CLO loan obligations—  6,706,286  (28,195) 6,678,091  
Fund borrowings—  209,284  —  209,284  
Total liabilities1,317,710  7,479,383  (36,742) 8,760,351  
Commitments and contingencies
Non-controlling interest in Consolidated Funds—  661,897  (158,260) 503,637  
Non-controlling interest in Ares Operating Group entities302,780  —  —  302,780  
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding)298,761  —  —  298,761  
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (101,594,095 shares issued and outstanding)1,016  —  —  1,016  
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 (1 share issued and outstanding)—  —  —  —  
Additional paid-in-capital326,007  —  —  326,007  
Retained earnings(29,336) —  —  (29,336) 
   Accumulated other comprehensive loss, net of tax(8,524) —  —  (8,524) 
       Total stockholders' equity587,924  —  —  587,924  
       Total equity890,704  661,897  (158,260) 1,394,341  
       Total liabilities, non-controlling interests and equity$2,208,414  $8,141,280  $(195,002) $10,154,692  

 
 For the Year Ended December 31, 2019
 
Consolidated
Company 
Entities 
Consolidated
Funds 		Eliminations Consolidated 
Revenues    
Management fees (includes ARCC Part I Fees of $164,396)$1,014,337  $—  $(34,920) $979,417  
Carried interest allocation621,872  —  —  621,872  
Incentive fees83,048  —  (13,851) 69,197  
Principal investment income 44,320  —  12,235  56,555  
Administrative, transaction and other fees51,038  —  (12,641) 38,397  
Total revenues1,814,615  —  (49,177) 1,765,438  
Expenses    
Compensation and benefits653,352  —  —  653,352  
Performance related compensation497,181  —  —  497,181  
General, administrative and other expense270,219  —  —  270,219  
Expenses of the Consolidated Funds—  90,816  (48,771) 42,045  
Total expenses1,420,752  90,816  (48,771) 1,462,797  
Other income (expense)    
Net realized and unrealized gains on investments10,405  —  (851) 9,554  
Interest and dividend income9,599  —  (2,093) 7,506  
Interest expense(19,671) —  —  (19,671) 
Other expense, net(8,190) —  350  (7,840) 
Net realized and unrealized gains on investments of the Consolidated Funds—  3,312  11,824  15,136  
Interest and other income of the Consolidated Funds—  395,599  —  395,599  
Interest expense of the Consolidated Funds—  (281,506) 3,761  (277,745) 
Total other income (expense)(7,857) 117,405  12,991  122,539  
Income before taxes386,006  26,589  12,585  425,180  
Income tax expense (benefit)52,906  (530) —  52,376  
Net income333,100  27,119  12,585  372,804  
Less: Net income attributable to non-controlling interests in Consolidated Funds—  27,119  12,585  39,704  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities184,216  —  —  184,216  
Net income attributable to Ares Management Corporation148,884  —  —  148,884  
Less: Series A Preferred Stock dividends paid21,700  —  —  21,700  
Net income attributable to Ares Management Corporation Class A common stockholders$127,184  $—  $—  $127,184  
 For the Year Ended December 31, 2018
 
Consolidated
Company 
Entities 
Consolidated
Funds 		Eliminations Consolidated 
Revenues    
Management fees (includes ARCC Part I Fees of $128,805)$836,744  $—  $(34,242) $802,502  
Carried interest allocation42,410  —  —  42,410  
Incentive fees67,380  —  (4,000) 63,380  
Principal investment income1,047  —  (2,502) (1,455) 
Administrative, transaction and other fees51,624  —  —  51,624  
Total revenues999,205  —  (40,744) 958,461  
Expenses
Compensation and benefits570,380  —  —  570,380  
Performance related compensation30,254  —  —  30,254  
General, administrative and other expense215,964  —  —  215,964  
Expenses of the Consolidated Funds—  92,006  (38,242) 53,764  
Total expenses816,598  92,006  (38,242) 870,362  
Other income (expense)
Net realized and unrealized losses on investments(2,867) —  983  (1,884) 
Interest and dividend income7,121  —  (93) 7,028  
Interest expense(21,448) —  —  (21,448) 
Other expense, net(1,715) —  864  (851) 
Net realized and unrealized gains (losses) on investments of the Consolidated Funds—  664  (2,247) (1,583) 
Interest and other income of the Consolidated Funds—  337,875  —  337,875  
Interest expense of the Consolidated Funds—  (224,253) 1,358  (222,895) 
Total other income (expense)(18,909) 114,286  865  96,242  
Income before taxes163,698  22,280  (1,637) 184,341  
Income tax expense32,071  131  —  32,202  
Net income131,627  22,149  (1,637) 152,139  
Less: Net income attributable to non-controlling interests in Consolidated Funds—  22,149  (1,637) 20,512  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities74,607  —  —  74,607  
Net income attributable to Ares Management Corporation57,020  —  —  57,020  
Less: Series A Preferred Stock dividends paid21,700  —  —  21,700  
Net income attributable to Ares Management Corporation Class A common stockholders$35,320  $—  $—  $35,320  
v3.19.3.a.u2
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2019
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
The Company evaluated all events or transactions that occurred after December 31, 2019 through the date the consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure:
In February 2020, the Company's board of directors declared a quarterly dividend of $0.40 per share of Class A common stock payable on March 31, 2020 to common stockholders of record at the close of business on March 17, 2020.

In February 2020, the Company's board of directors declared a quarterly dividend of $0.4375 per share of Series A Preferred Stock payable on March 31, 2020 to preferred stockholders of record at the close of business on March 15, 2020. As March 15, 2020 falls on a Sunday, the effective record date for the dividend will be Friday, March 13, 2020.
v3.19.3.a.u2
QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
QUARTERLY FINANCIAL DATA (UNAUDITED) QUARTERLY FINANCIAL DATA (UNAUDITED)
Unaudited quarterly information for each of the three months in the years ended December 31, 2019 and 2018 are presented below.  
 
 For the Three Months Ended
 March 31, 2019June 30, 2019September 30, 2019December 31, 2019
Revenues$477,197  $384,822  $466,490  $436,929  
Expenses369,107  335,701  395,701  362,288  
Other income 27,870  35,262  32,787  26,620  
Income before taxes135,960  84,383  103,576  101,261  
Net income121,576  74,878  91,875  84,475  
Net income attributable to Ares Management Corporation44,949  32,139  33,331  38,465  
Series A Preferred Stock dividends paid5,425  5,425  5,425  5,425  
Net income attributable to Ares Management Corporation Class A common stockholders39,524  26,714  27,906  33,040  
Net income per share of Class A common stock  
Basic$0.36  $0.24  $0.24  $0.27  
Diluted$0.36  $0.23  $0.23  $0.25  
Dividends declared per share of Class A common stock$0.32  $0.32  $0.32  $0.32  
 
 For the Three Months Ended
 March 31, 2018June 30, 2018September 30, 2018December 31, 2018
Revenues$266,089  $204,163  $240,777  $247,432  
Expenses206,283  221,017  227,188  215,874  
Other income (loss)2,240  67,926  38,754  (12,678) 
Income before taxes62,046  51,072  52,343  18,880  
Net income74,421  14,169  47,212  16,337  
Net income (loss) attributable to Ares Management Corporation(1)40,948  (11,775) 15,910  11,937  
Series A Preferred Stock dividends paid5,425  5,425  5,425  5,425  
Net income (loss) attributable to Ares Management Corporation Class A common stockholders(1)35,523  (17,200) 10,485  6,512  
Net income (loss) per share of Class A common stock(1):
Basic$0.39  $(0.20) $0.09  $0.05  
Diluted$0.28  $(0.20) $0.09  $0.05  
Dividends declared per share of Class A common stock(1)$0.24  $0.28  $0.28  $0.28  
(1)Periods prior to the Conversion on November 26, 2018 were attributable to Ares Management L.P. common shareholders.
v3.19.3.a.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Basis of Accounting
Basis of Presentation
The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis in the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP.
All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values in the Company’s Consolidated Statements of Financial Condition. Net income attributable to holders of
subordinated notes of the CLOs is included in net income (loss) attributable to non-controlling interests in Consolidated Funds in the Consolidated Statements of Operations.
Reclassifications The Company has reclassified certain prior period amounts to conform to the current year presentation.
Use of Estimates
Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other income (expense) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements.
Principles of Consolidation
Principles of Consolidation
The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity, including Ares affiliates and affiliated funds and co-investment entities and (b) entities that the Company concludes are variable interest entities (“VIEs”), including limited partnerships and CLOs, in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary.
The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, performance income, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in many of these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE”).
Variable Interest Model
An entity is considered to be a variable interest entity (“VIE”) if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights.
The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.
The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders the conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more
parties' equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary.
Consolidated CLOs
Consolidated CLOs
As of December 31, 2019 and 2018, the Company consolidated 16 and 13 CLOs, respectively.
The Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities within the GAAP fair value hierarchy. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company).
The loan obligations issued by the CLOs are collateralized by diversified asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent incentive fee income. In cases where the Company earns fees from a CLO that it consolidates, those fees have been eliminated as intercompany transactions. The Company's holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes, which are repaid based on available cash flows subject to priority of payments under each consolidated CLO's governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO.
Fair Value Measurements
Fair Value Measurements
GAAP establishes a hierarchal disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.
Financial assets and liabilities measured and reported at fair value are classified as follows:
•Level I—Quoted prices in active markets for identical instruments.
•Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.
•Level III—Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available.
In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and
considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. (See Note 5 for further detail).
Cash and Cash Equivalents
Cash and Cash Equivalents
Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds.
At December 31, 2019 and 2018, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.
Investments
Investments
The Company has retained the specialized investment company accounting guidance under GAAP with respect to its Consolidated Funds, which hold substantially all of its investments. Thus, the consolidated investments are reflected in the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price).
Equity Method Investments Equity Method InvestmentsThe Company accounts for its investments in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments in the Consolidated Statements of Financial Condition. Certain of the Company's equity method investments are reported at fair value. Management's determination of fair value includes various valuation techniques. These techniques may include market approach, recent transaction price, net asset value approach, discounted cash flows, acreage valuation and may use one or more significant unobservable inputs such as EBITDA or revenue multiples, discount rates, weighted average cost of capital, exit multiples, terminal growth rates and other unobservable inputs. Alternatively, the carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is included within principal investment income (loss) and net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued but unpaid carried interest as of the reporting date is reported in within investments in the Consolidated Statements of Financial Condition
Derivative Instruments
Derivative Instruments

The Company recognizes all derivatives as either assets or liabilities in the Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively, and reports them at fair value.
In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management.
By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company's counterparty credit risk is equal to the amount reported as a derivative asset in the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate.
To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Consolidated Statements of Financial Condition with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds present derivative and other financial instruments on a net basis. This election is determined at management's discretion on a fund by fund basis. The Company has retained the Consolidated Fund's election upon consolidation.
Qualitative Disclosures of Derivative Financial Instruments
Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss) within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Upon settlement of the instrument, the Company records the realized gain (loss) within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations.
Significant derivative instruments utilized by the Company and the Consolidated Funds during the reporting periods presented include the following:
Forward Foreign Currency Contracts: The Company and the Consolidated Funds enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risk on certain non-U.S. dollar denominated cash flows. When entering into a forward currency contract, the Company and the Consolidated Funds agree to receive and/or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statements of Financial Condition. The Company and the Consolidated Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. In addition, the potential inability of the counterparties to meet the terms of their contracts poses a risk to the Company and the Consolidated Funds.
Asset Swap: The Consolidated Funds enter into asset swap contracts to hedge against foreign currency exchange rate risk on certain non-Euro denominated loans. Assets swap contracts provide the Consolidated Funds with the opportunity to purchase or sell an underlying asset that is not denominated in Euros at a pre-agreed exchange rate and receives Euro interest payments from the swap counter party in exchange for non-Euro interest payments pegged to the currency of the underlying loan and applicable interest rates. The swap contracts can be optionally cancelled at any time, normally due the disposal or redemption of the underlying asset, however in the absence of sale or redemption the swap contracts maturity matches that of the underlying asset. By entering into asset swap contracts to exchange interest payments and principal on equally valued loans denominated in a different currency than that of the underlying assets the Consolidated Funds can mitigate the risk of exposure to foreign currency fluctuations. Generally, the fair value of asset swap contracts are calculated using a model that utilizes the spread between the fair value of the underlying asset and the exercise value of the contract, as well as any other relevant inputs. Broker quotes may also be used to calculate the fair value of asset swaps, if available.
Quantitative Disclosures of Derivative Financial Instruments
Goodwill and Intangible Assets
Goodwill and Intangible Assets
The Company's finite-lived intangible assets consists primarily of contractual rights to earn future management fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 2.2 to 8.5 years. The purchase price of the acquired management contract is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses in the Consolidated Statements of Operations.
The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated fair value attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using undiscounted future cash flow.
Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value.
The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.
The Company's intangible assets and goodwill are included within other assets on the Company’s Consolidated Statements of Financial Condition.
Fixed Assets
Fixed Assets
Fixed assets, consisting of furniture, fixtures and equipment, leasehold improvements, computer hardware and internal-use software, are recorded at cost, less accumulated depreciation and amortization. Fixed assets are included within other assets on the Company’s Consolidated Statements of Financial Condition.
Direct costs associated with developing, purchasing or otherwise acquiring software for internal use (“Internal-Use Software”) are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred.
Fixed assets are depreciated or amortized on a straight-line basis over an asset's estimated useful life, with the corresponding depreciation and amortization expense included within general, administrative and other expenses on the Company’s Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the lease term or the life of the asset while other fixed assets and internal-use software are generally depreciated between three and seven years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Revenue Recognition
Revenue Recognition
Revenues primarily consist of management fees, carried interest allocation, incentive fees, principal investment income and administrative, transaction and other fees.
Management Fees
Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value (“NAV”), net investment income, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability.
Management fees also include a quarterly incentive fee based on the net investment income (“ARCC Part I Fees”) from Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”), a publicly traded business development company registered under the Investment Company Act and managed by a subsidiary of the Company.
ARCC Part I Fees are equal to 20.0% of its net investment income (before ARCC Part I Fees and incentive fees payable based on capital gains), subject to a fixed “hurdle rate” of 1.75% per quarter, or 7.0% per annum. No fee is recognized until ARCC's net investment income exceeds a 1.75% hurdle rate, with a “catch-up” provision to ensure that the Company receives 20% of ARCC's net investment income from the first dollar earned. Such fees from ARCC are classified as management fees as they are paid quarterly, predictable and recurring in nature, not subject to contingent repayment and are typically cash settled each quarter.
Performance Income
Performance income revenues consist of carried interest allocation and incentive fees. Performance income is based on certain specific hurdle rates as defined in the applicable investment management agreements or governing documents. Substantially all performance income is earned from affiliated funds of the Company.
Carried Interest Allocation
In certain fund structures, typically in private equity and real estate equity funds, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund's net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns.
As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company.
Accrued but unpaid carried interest as of the reporting date is recorded within investments in the Consolidated Statements of Financial Condition.
Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally does not become realized until the end of a fund’s life. As of December 31, 2019, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. As of December 31, 2018, if the funds were liquidated at their fair values, there would have been $0.4 million of repayment obligations, which the Company recorded as a contingent repayment liability that is presented within accrued carried interest within investments and performance related compensation payable on the Company's Consolidated Statements of Financial Condition.
Prior to January 1, 2018, the Company accounted for carried interest under Method 2 described in ASC 605-20-S99-1, which provided guidance on accounting for incentive-based performance income, including carried interest. The Company has reassessed its accounting policy for carried interest, and has determined that carried interest is addressed within scope of ASC 323, Investments-Equity Method and Joint Ventures, and out of scope under the scoping provision of ASC 606. Therefore, following the application of ASC 323, the Company accounted for carried interest, which represents a performance-based capital allocation from an investment fund to the Company, as earnings from financial assets within the scope of ASC 323. Accordingly, the Company recognizes carried interest allocation as a separate revenue line item in the Consolidated Statements of Operations with uncollected carried interest as of the reporting date reported within investments in the Consolidated Statements of Financial Condition.

The Company has applied the change in accounting principle on a full retrospective basis, and prior periods presented herein have been recast to conform with the current period's presentation. The change in accounting principle did not change the timing or the amount of carried interest recognized. Instead, the change in accounting principle resulted in reclassification from performance income to carried interest allocation, and therefore did not have any impact on net income. See the tables below for the impact of the change in accounting principle of carried interest.

Incentive Fees
Incentive fees earned on the performance of certain fund structures, typically in credit funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal.

Prior to January 1, 2018, the Company accounted for incentive fees under Method 2 as described above. However, the accounting for incentive fees is separate and distinct from the accounting for carried interest because the incentive fees are contractual fee arrangements and do not represent allocations of returns from partners' capital accounts. The Company now accounts for incentive fees in accordance with ASC 606. Accordingly, the Company recognizes incentive fee revenue only when the amount is realized and no longer subject to reversal. Therefore, the Company no longer recognizes unrealized incentive fees in revenues in the consolidated financial statements. The adoption of ASC 606 results in the delayed recognition of unrealized incentive fees in the consolidated financial statements until they become realized at the end of the measurement period, which is typically annually.

The Company adopted ASC 606 for incentive fees using the modified retrospective approach with an effective date of January 1, 2018. The cumulative effect of the adoption resulted in the reversal of $22.6 million of unrealized incentive fees and is presented as a reduction to the opening balances of components of equity as of January 1, 2018.

Principal Investment Income

Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages.
Administrative, Transaction and Other Fees The Company provides administrative services to certain of its affiliated funds that are reported within administrative and other fees. The administrative fees generally represent expense reimbursements for a portion of overhead and other expenses incurred by certain Operations Management Group professionals directly attributable to performing services for a fund but may also be based on a fund’s NAV for certain funds domiciled outside the U.S. The Company also receives transaction fees from certain affiliated funds for activities related to fund transactions, such as loan originations. These fees are recognized as other revenue in the period in which the administrative services and the transaction related services are rendered.
Adoption of ASC 606, 842 and Recent Accounting Pronouncements
Adoption of ASC 606

Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers. The Company adopted ASC 606 to all applicable contracts under the modified retrospective approach using the practical expedient provided for within paragraph 606-10-65-1(f)(3); therefore, the presentation of prior year periods has not been adjusted. The Company recognized the cumulative effect of initially adopting ASC 606 as an adjustment to the opening balance of components of equity as of January 1, 2018.
Pursuant to ASC 606, the Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. Under this standard, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligation(s) are
satisfied and control is transferred to the customer. The Company's adoption of ASC 606 impacted the timing and recognition of incentive fees in the Company’s Consolidated Statements of Operations. The adoption of ASC 606 did not have an impact on the Company’s management fees, administrative fees, transaction fees or other fees. The details of the significant changes and quantitative impact of the adoption of ASC 606 are further discussed below.
Adoption of ASC 842

Effective January 1, 2019, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 842
(“ASC 842”), Leases. The Company adopted ASC 842 under the modified retrospective approach using the practical expedient provided for within paragraph 842-10-65-1; therefore, the presentation of prior year periods has not been adjusted. There is no cumulative effect upon adoption because no adjustment to the opening balances of the components of equity was necessary.

The Company has entered into operating and finance leases for corporate offices and certain equipment and makes the determination if an arrangement constitutes a lease at inception. Operating leases are included in right-of-use operating lease assets and operating lease liabilities in the Company's Consolidated Statements of Financial Condition. Finance leases are included in accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the Consolidated Statements of Financial Condition.
Right-of-use operating lease assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and corresponding lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses the its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The right-of-use operating lease asset also includes any lease prepayments and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Lease expense is primarily recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. However, for certain equipment leases where the non-lease components are not material, the Company accounts for the lease and non-lease components as a single lease component.
Recent Accounting Pronouncements
The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements.

In May 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The objective of the guidance in ASU 2016-13 is to allow entities to recognize estimated credit losses in the period that the change in valuation occurs. ASU 2016-13 requires an entity to present financial assets measured on an amortized cost basis on the balance sheet net of an allowance for credit losses. Available for sale and held to maturity debt securities are also required to be held net of an allowance for credit losses. The guidance should be applied using a modified retrospective approach. ASU 2016-13 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods. Early adoption is permitted for annual and quarterly reporting periods beginning after December 15, 2018. In April, May, and November 2019, ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments, ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, and ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments—Credit Losses were issued to provide clarification to previously issued credit losses guidance (ASU 2016-13) that has not yet been implemented. These updates are required to be adopted with ASU 2016-13. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). ASU 2018-15 amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This ASU aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, ASU 2018-15 amends ASC 350 to include in its scope implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. In addition, this ASU states that a cloud computing arrangement that is a service contract does not give rise to a recognizable intangible asset because it is an executory service contract. Consequently, any costs incurred to implement a cloud computing arrangement that is a service contract would not be capitalized as an intangible asset since they do not form part of an intangible asset but instead would be characterized in the financial statements
in the same manner as other service costs and assets related to service contracts such as prepaid expense. That is, these costs would be capitalized as part of the service contract and the related amortization would be consistent with the ongoing periodic costs of the underlying cloud computing arrangement. ASU 2018-15 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods, with early adoption permitted. The guidance may be applied either prospectively or retrospectively. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. ASU 2018-17, amends ASC 810 to address whether indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For example, if a decision maker or service provider owns a 20 percent interest in a related party and that related party owns a 40 percent interest in the legal entity being evaluated, the decision maker’s or service provider’s indirect interest in the VIE held through the related party under common control should be considered the equivalent of an eight percent direct interest for determining whether its fees are variable interests. ASU 2018-17 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods, with early adoption permitted. The guidance should be applied retrospectively. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public entities for annual reporting periods beginning after December 15, 2020 and interim periods within those reporting periods, with early adoption permitted. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.
Equity-Based Compensation
Equity-Based Compensation
The Company recognizes expense related to equity-based compensation in which it receives employee services in exchange for (a) equity instruments of the Company, (b) derivatives based on the Company’s Class A common stock or (c) liabilities that are based on the fair value of the Company’s equity instruments. Equity-based compensation expense represents expenses associated with restricted units, options and phantom shares granted under 2014 Equity Incentive Plan, as amended and restated on March 1, 2018 and as further amended and restated effective November 26, 2018 (the “Equity Incentive Plan”).

Equity-based compensation expense for restricted units and options is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in additional paid-in-capital. Grant date fair value of the restricted units was determined to be the most recent closing price of shares of the Company's Class A common stock. Certain restricted units are subject to a lock-up provision that expired on the fifth anniversary of the IPO. The Company used Finnerty’s average strike-price put option model to estimate the discount associated with this lack of marketability. The Company estimated the grant date fair value of the options as of the grant date using Black-Scholes option pricing model. The phantom shares were settled in cash and represented a liability that was remeasured at each reporting period until the final settlement in May 2019. Prior to the final settlement, fair value of the phantom shares was determined to be the most recent closing price as of each reporting period.
The Company recognizes share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period.
The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of equity-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax returns are recorded as adjustments to additional paid-in-capital. If the tax deduction is less than the deferred tax asset, the calculated shortfall reduces the pool of excess tax benefits. If the pool of excess tax benefits is reduced to zero, then subsequent shortfalls would increase the income tax expense.
Equity-based compensation expense is presented within compensation and benefits in the Consolidated Statements of Operations.
Performance Related Compensation
Performance Related Compensation
The Company has agreed to pay a portion of the performance income earned from certain funds, including income from Consolidated Funds that is eliminated in consolidation, to investment and non-investment professionals. Depending on the nature of each fund, the performance income allocation may be structured as a fixed percentage subject to vesting based on continued employment or service (generally over a period of four to six years) or as an annual award that is fully vested for the particular year. Other limitations may apply to performance income allocation as set forth in the applicable governing documents of the fund or award documentation. Performance related compensation is recognized in the same period that the
related performance income is recognized. Performance related compensation can be reversed during periods when there is a reversal of performance income that was previously recognized. Performance related compensation payable represents the amounts payable to professionals who are entitled to a proportionate share of performance income in one or more funds. The liability is calculated based upon the changes to realized and unrealized performance income but not payable until the performance income itself is realized.
Net Realized and Unrealized Gains (Losses) on Investments Net Realized and Unrealized Gains (Losses) on InvestmentsRealized gain (loss) occurs when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Also, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is included within net realized and unrealized gains (losses) on investments.
Interest and Dividend Income Interest and Dividend Income Interest, dividends and other investment income are included in interest and dividend income. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established.
Foreign Currency
Foreign Currency
The U.S. dollar is the Company's functional currency; however, certain transactions of the Company may not be denominated in U.S. dollars. Foreign exchange revaluation arising from these transactions is recognized within other income (expense) in the Consolidated Statements of Operations. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $8.5 million, $0.1 million and $1.7 million, respectively, in transaction losses related to foreign currencies revaluation.
In addition, the combined and consolidated results include certain foreign subsidiaries and Consolidated Funds that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income.
Income Taxes
Income Taxes
The Company elected to be taxed as a corporation effective March 1, 2018 (the “Tax Election”). Prior to the Tax Election, the Company's share of carried interest and investment income generally were not subject to U.S. corporate income taxes. Upon the effectiveness of the Tax Election, all earnings allocated to the Company are subject to U.S. corporate income taxes. Prior to March 1, 2018, a significant portion of Company's share of carried interest and investment income flowed through to investors without being subject to entity level income taxes. Consequently, we did not reflect a provision for income taxes on such income except those for foreign, state, and local income taxes at the entity level. Beginning March 1, 2018, the Company's share of unrealized gains and income items became subject to U.S. corporate tax. A provision for corporate level income taxes imposed on these previously unrealized gains and income items as well as taxes imposed on certain subsidiaries’ earnings is included in the consolidated tax provision. Also included in the consolidated tax provision are entity level income taxes incurred by certain affiliated funds and co-investment entities that are consolidated in these financial statements. The portion of consolidated earnings not allocated to the Company continues to flow through to owners of the Ares Operating Group entities without being taxed at the corporate level.
Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse.
The effect on deferred assets and liabilities of a change in tax rates is recognized as income, in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reported on a net basis and included within other assets in the Consolidated Statements of Financial Condition.
The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. Both accrued interest and penalties, where appropriate, related to UTBs are shown in general, administrative and other expenses in the Consolidated Statements of Operations.
Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new legislation is passed or new information becomes available.
Income Allocation Income AllocationIncome (loss) before taxes is allocated based on each partner’s average daily ownership of the Ares Operating Group entities for each year presented.
Earnings Per Share
Earnings Per Share
Basic earnings per share of Class A common stock is computed by dividing income available to Class A common stockholders by the weighted-average number shares of Class A common stock outstanding during the period. Income available to Class A common stockholders represents net income attributable to Ares Management Corporation after giving effect to the Series A Preferred stock dividends paid.
Diluted earnings per share of Class A common stock is computed by dividing income available to Class A common stockholders by the weighted-average number of shares of Class A common stock outstanding during the period, increased to include the number of additional shares of Class A common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire shares of Class A common stock, unvested restricted units and AOG Units exchangeable for shares of Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of Class A common stock using the more dilutive result of the treasury stock method or the two-class method.
Unvested share-based payment awards that contain non-forfeitable rights to dividend or dividend equivalents (whether paid or unpaid) are participating securities and are considered in the computation of earnings per share of Class A common stock pursuant to the two-class method. Unvested restricted units that pay dividend equivalents are deemed participating securities and are included in basic and diluted earnings per share of Class A common stock calculation under the two-class method.
Comprehensive Income (Loss)
Comprehensive Income (Loss)
Comprehensive income (loss) consists of net income (loss) and other appreciation (depreciation) affecting stockholders' equity that, under GAAP, are excluded from net income (loss). The Company's other comprehensive income (loss) includes foreign currency translation adjustments.
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
 12 Months Ended
Dec. 31, 2019
Accounting Policies [Abstract]  
Schedule of Adoption of ASU 2016-09
The adoption of ASC 606 had the following impact on the Company’s revenue streams:

Revenues of the CompanyImpact of ASC 606
Management feesNo impact - Management fees are recognized as revenue in the period advisory services are rendered.
Performance income - Carried interest allocationNo impact. See discussion below for change in accounting policy.
Performance income - Incentive feesSee discussion below for impact.
Administrative, transaction and other feesNo impact - Administrative, transaction and other fees are recognized as revenue in the period in which the related services are rendered.
The following table presents the adjustments made in connection with the Company's change in accounting principle related to carried interest under ASC 323, Investments-Equity Method and Joint Ventures on the financial statement line items for the periods presented in the consolidated financial statements:
Consolidated Statement of Operations
For the Year Ended December 31, 2017
As Previously ReportedAdjustmentsAs Adjusted
Revenues
Performance income$636,674  $(636,674) $—  
Carried interest allocation—  620,454  620,454  
Incentive fees—  16,220  16,220  
Principal investment income—  64,444  64,444  
Total revenues1,415,499  64,444  1,479,943  
Other income (expense)
Net realized and unrealized gain on investments67,034  (58,772) 8,262  
Interest and dividend income12,715  (5,672) 7,043  

The Company's change in accounting policy related to carried interest did not impact the Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Equity or Consolidated Statements of Cash Flows for the year ended December 31, 2017.


The following tables present the impact of incentive fees on the consolidated financial statements upon the adoption of ASC 606 effective January 1, 2018:
Consolidated Statement of Financial Condition 
 As of January 1, 2018
 As adjusted December 31, 2017
Adjustments		As Adjusted for
ASC 606 adoption
Investments $1,724,571  $—  $1,724,571  
Other assets130,341  (22,611) (1)107,730  
Total assets8,563,522  (22,611) 8,540,911  
Total liabilities7,103,230  —  7,103,230  
Cumulative effect adjustment to equity(2) —  (22,611) (22,611) 
Total equity1,460,292  (22,611) 1,437,681  
Total liabilities, non-controlling interests and equity8,563,522  (22,611) 8,540,911  

(1)Unrealized incentive fees receivable balance as of December 31, 2017.
(2)See detail below.
Consolidated Statement of Changes in Equity 
Preferred EquityShareholders' CapitalAccumulated Other Comprehensive LossNon-controlling interest in Ares Operating Group EntitiesNon-Controlling Interest in Consolidated FundsTotal Equity
Balance at December 31, 2017$298,761  $279,065  $(4,208) $358,186  $528,488  $1,460,292  
Cumulative effect of the adoption of ASC 606—  (10,827) —  (17,117) 5,333  (22,611) 
As adjusted balance at January 1, 2018$298,761  $268,238  $(4,208) $341,069  $533,821  $1,437,681  

In accordance with the ASC 606 disclosure requirements, the following tables present the adjustments made by the Company to remove the effects of adopting ASC 606 on the consolidated financial statements as of and for the year ended December 31, 2018:
Consolidated Statement of Financial Condition 
As of December 31, 2018
As ReportedAdjustmentsBalances without adoption of ASC 606
Assets
Cash and cash equivalents$110,247  $—  $110,247  
Investments (includes $841,079 of accrued carried interest)1,326,137  —  1,326,137  
Due from affiliates199,377  —  199,377  
Other assets377,651  40,374  418,025  
Total assets10,154,692  40,373  10,195,065  
Commitments and contingencies
Non-controlling interest in Consolidated Funds503,637  (7,574) 496,063  
Non-controlling interest in Ares Operating Group entities302,780  29,663  332,443  
Stockholders' Equity
Additional paid-in-capital326,007  23,587  349,594  
Retained earnings(29,336) (5,095) (34,431) 
Accumulated other comprehensive loss, net of tax(8,524) (208) (8,732) 
Total stockholders' equity587,924  18,284  606,208  
Total equity1,394,341  40,373  1,434,714  
Total liabilities and equity10,154,692  40,373  10,195,065  
Consolidated Statement of Operations
For the Year Ended December 31, 2018
As ReportedAdjustmentsBalances without adoption of ASC 606
Revenues
Incentive fees$63,380  $20,997  $84,377  
Total revenues958,461  20,997  979,458  
Expenses
Expenses of Consolidated Funds53,764  —  53,764  
Total expenses870,362  —  870,362  
Other income (expense)
Other income, net(851) 30  (821) 
Total other income96,242  30  96,272  
Income before taxes184,341  21,027  205,368  
Income tax expense32,202  2,475  34,677  
Net income152,139  18,552  170,691  
Less: Net income attributable to non-controlling interests in Consolidated Funds20,512  (1,921) 18,591  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities74,607  12,808  87,415  
Net income attributable to Ares Management Corporation57,020  7,665  64,685  
Less: Series A Preferred Stock dividends paid21,700  —  21,700  
Net income attributable to Ares Management Corporation Class A common stockholders35,320  7,665  42,985  

Consolidated Statement of Comprehensive Income  
 For the Year Ended December 31, 2018
 As ReportedAdjustmentsBalances without adoption of ASC 606
Net income $152,139  $18,552  $170,691  
Other comprehensive income: 
Foreign currency translation adjustments(13,190) (470) (13,660) 
Total comprehensive income 138,949  18,082  157,031  
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds15,575  (1,921) 13,654  
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities70,670  12,546  83,216  
Comprehensive income attributable to Ares Management Corporation$52,704  $7,457  $60,161  
Consolidated Statement of Cash Flows 

For the Year Ended December 31, 2018
As ReportedAdjustmentsBalances without adoption of ASC 606
Cash flows from operating activities:
Net income$152,139  $18,552  $170,691  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:   
Other assets(66,795) (20,473) (87,268) 
Change in other liabilities and payables held at Consolidated Funds137,545  1,921  139,466  
Net cash used in operating activities$(1,417,058) $—  (1,417,058) 
v3.19.3.a.u2
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of carrying value for the Company's intangible assets
The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets that are included within other assets in the Consolidated Statements of Financial Condition:
Weighted Average Amortization Period as of December 31, 2019As of December 31,
20192018
Management contracts2.2 years$12,498  $42,335  
Client relationships8.5 years6,341  38,600  
Trade name2.5 years378  3,200  
Intangible assets19,217  84,135  
Less: accumulated amortization(11,242) (52,701) 
Intangible assets, net$7,975  $31,434  
Schedule of estimated future annual amortization of finite-lived intangible assets
At December 31, 2019, future annual amortization of finite-lived intangible assets for the years 2020 through 2024 and thereafter is estimated to be:
YearAmortization
2020$1,627  
20211,542  
2022895  
2023711  
2024711  
Thereafter2,489  
Total$7,975  
Schedule of goodwill rollforward
The following table summarizes the carrying value of the Company's goodwill assets that are included within other assets in the Consolidated Statements of Financial Condition:
Credit GroupPrivate
Equity Group		Real
Estate Group		Total
Balance as of December 31, 2017$32,196  $58,600  $53,099  $143,895  
Foreign currency translation—  —  (109) (109) 
Balance as of December 31, 201832,196  58,600  52,990  143,786  
Foreign currency translation—  —  69  69  
Balance as of December 31, 2019$32,196  $58,600  $53,059  $143,855  
v3.19.3.a.u2
INVESTMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Investments in and Advances to Affiliates [Abstract]  
Summary of investments held
The Company’s investments are comprised of the following:
 Percentage of total investments as of
December 31,December 31,
2019201820192018
Equity method investments:
Equity method private investment partnership interests - principal (1)$390,407  $357,655  23.5 %27.0 %
Equity method - carried interest (1)1,134,967  841,079  68.2 %63.4 %
Equity method private investment partnership interests and other (held at fair value)51,528  46,449  3.1 %3.5 %
Equity method private investment partnership interests and other16,536  18,846  1.0 %1.4 %
Total equity method investments1,593,438  1,264,029  95.8 %95.3 %
Collateralized loan obligations22,265  20,824  1.3 %1.6 %
Other fixed income46,918  40,000  2.8 %3.0 %
Collateralized loan obligations and other fixed income, at fair value69,183  60,824  4.1 %4.6 %
Common stock, at fair value1,043  1,284  0.1 %0.1 %
Total investments$1,663,664  $1,326,137  

(1)Investment or portion of the investment is denominated in foreign currency and is translated into U.S. dollars at each reporting date.
Investments held in the Consolidated Funds are summarized below:
Fair value atFair value as a percentage of total investments as of
December 31,December 31,
2019201820192018
United States
Fixed income investments:
Bonds$10,074  $31,517  0.1 %0.4 %
Loans4,871,752  4,618,542  55.8  60.2  
Total fixed income investments (cost: $4,920,272 and $4,876,915 at December 31, 2019 and December 31, 2018, respectively)
4,881,826  4,650,059  55.9  60.6  
Equity securities (cost: $431 and $354 at December 31, 2019 and December 31, 2018, respectively)
432  335  —  —  
Partnership interests (cost: $201,000 and $210,000 at December 31, 2019 and December 31, 2018, respectively)
296,012  271,447  3.4  3.5  
Total investments, at fair value - United States5,178,270  4,921,841  59.3  64.1  
Europe
Fixed income investments:
Bonds202,302  282,799  2.3  3.8  
Loans3,086,655  2,140,551  35.4  27.9  
Investments in CLO warehouse44,435  —  0.5  —  
Total fixed income investments (cost: $3,340,351 and $2,484,519 at December 31, 2019 and December 31, 2018, respectively)
3,333,392  2,423,350  38.2  31.7  
Equity securities (cost: $45,549 and $56,154 at December 31, 2019 and December 31, 2018, respectively)
1,063  23,536  —  0.3  
Total investments, at fair value - Europe3,334,455  2,446,886  38.2  32.0  
Asia and other
Fixed income investments:
Bonds—  4,183  —  0.1  
Loans104,333  127,656  1.2  1.7  
Total fixed income investments (cost: $105,495 and $140,139 at December 31, 2019 and December 31, 2018, respectively)
104,333  131,839  1.2  1.8  
Equity securities (cost: $104,997 and $122,418 at December 31, 2019 and December 31, 2018, respectively)
110,889  172,599  1.3  2.2  
Total investments, at fair value - Asia and other215,222  304,438  2.5  4.0  
Total Investments, at fair value$8,727,947  $7,673,165  
Equity Method Investments
The following tables present summarized financial information for the Company's equity method investments, which are primarily funds managed by the Company, for the years ended December 31, 2019, 2018 and 2017.


As of December 31, 2019 and the Year then Ended
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Financial Condition
Investments$10,937,224  $9,700,725  $4,939,245  $25,577,194  
Total assets11,625,699  10,077,149  5,314,908  27,017,756  
Total liabilities3,416,429  534,965  958,020  4,909,414  
Total equity8,209,270  9,542,184  4,356,888  22,108,342  
Statement of Operations
Revenues$871,168  $325,529  $205,274  $1,401,971  
Expenses(211,984) (112,610) (120,467) (445,061) 
Net realized and unrealized gains (losses) from investments5,040  1,674,002  382,383  2,061,425  
Income tax expense(1,537) (27,887) (926) (30,350) 
Net income$662,687  $1,859,034  $466,264  $2,987,985  
As of December 31, 2018 and the Year then Ended
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Financial Condition
Investments$8,210,094  $9,574,998  $3,337,076  $21,122,168  
Total assets8,799,290  9,785,312  3,763,907  22,348,509  
Total liabilities1,542,058  423,687  813,269  2,779,014  
Total equity7,257,232  9,361,625  2,950,638  19,569,495  
Statement of Operations
Revenues$766,009  $264,376  $144,706  $1,175,091  
Expenses(189,432) (85,801) (96,353) (371,586) 
Net realized and unrealized gains (losses) from investments(67,477) (892,800) 417,974  (542,303) 
Income tax expense(2,526) (20,554) (4,075) (27,155) 
Net income$506,574  $(734,779) $462,252  $234,047  

For the Year Ended December 31, 2017
Credit GroupPrivate Equity GroupReal Estate GroupTotal
Statement of Operations
Revenues$603,682  $144,829  $154,967  903,478  
Expenses(169,086) (91,803) (67,396) (328,285) 
Net realized and unrealized gains from investments41,185  2,335,027  365,091  2,741,303  
Income tax expense(2,700) (31,359) (13,092) (47,151) 
Net income$473,081  $2,356,694  $439,570  $3,269,345  
v3.19.3.a.u2
FAIR VALUE (Tables)
 12 Months Ended
Dec. 31, 2019
Fair Value Disclosures [Abstract]  
Summary of valuation of investments and other financial instruments by fair value hierarchy levels
The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2019:
Financial Instruments of the CompanyLevel I Level II Level III Investments
Measured
at NAV		Total 
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income
$—  $—  $69,183  $—  $69,183  
Common stock and other equity securities—  1,043  14,704  —  15,747  
Partnership interests—  —  35,192  1,632  36,824  
Total investments, at fair value—  1,043  119,079  1,632  121,754  
Derivatives-foreign exchange contracts—  4,023  —  —  4,023  
Total assets, at fair value$—  $5,066  $119,079  $1,632  $125,777  
Liabilities, at fair value
Derivatives-foreign exchange contracts$—  $(113) $—  $—  $(113) 
Total liabilities, at fair value$—  $(113) $—  $—  $(113) 
Financial Instruments of the Consolidated FundsLevel I Level II Level III Total 
Assets, at fair value
Investments:
Fixed income investments:
Bonds$—  $207,966  $4,410  $212,376  
Loans—  7,728,014  334,726  8,062,740  
Investments in CLO warehouse—  44,435  —  44,435  
Total fixed income investments—  7,980,415  339,136  8,319,551  
Equity securities26,396  —  85,988  112,384  
Partnership interests—  —  296,012  296,012  
Total investments, at fair value26,396  7,980,415  721,136  8,727,947  
Derivatives-foreign exchange contracts—  667  —  667  
Total assets, at fair value$26,396  $7,981,082  $721,136  $8,728,614  
Liabilities, at fair value
Derivatives:
Foreign exchange contracts$—  $(670) $—  $(670) 
Asset swaps-other—  —  (4,106) (4,106) 
Total derivative liabilities, at fair value—  (670) (4,106) (4,776) 
Loan obligations of CLOs—  (7,973,748) —  (7,973,748) 
Total liabilities, at fair value$—  $(7,974,418) $(4,106) $(7,978,524) 
The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2018:
Financial Instruments of the CompanyLevel I Level II Level III Investments
Measured
at NAV		Total 
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income
$—  $—  $60,824  $—  $60,824  
Common stock and other equity securities280  1,004  10,397  —  11,681  
Partnership interests—  —  35,192  861  36,053  
Total investments, at fair value280  1,004  106,413  861  108,558  
Derivatives-foreign exchange contracts—  1,066  —  —  1,066  
Total assets, at fair value$280  $2,070  $106,413  $861  $109,624  
Liabilities, at fair value     
Derivatives-foreign exchange contracts$—  $(869) $—  $—  $(869) 
Total liabilities, at fair value$—  $(869) $—  $—  $(869) 
Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIITotal
Assets, at fair value
Investments:
Fixed income investments:
Bonds$—  $316,850  $1,649  $318,499  
Loans—  6,340,440  546,309  6,886,749  
Total fixed income investments—  6,657,290  547,958  7,205,248  
Equity securities45,718  —  150,752  196,470  
Partnership interests—  —  271,447  271,447  
Total investments, at fair value45,718  6,657,290  970,157  7,673,165  
Derivatives:
Foreign exchange contracts—  1,881  —  1,881  
Asset swaps-other—  —  1,328  1,328  
Total derivative assets, at fair value—  1,881  1,328  3,209  
Total assets, at fair value$45,718  $6,659,171  $971,485  $7,676,374  
Liabilities, at fair value
Derivatives:
Foreign exchange contracts$—  $(1,864) $—  $(1,864) 
Asset swaps-other—  —  (648) (648) 
Total derivative liabilities, at fair value—  (1,864) (648) (2,512) 
Loan obligations of CLOs—  (6,678,091) —  (6,678,091) 
Total liabilities, at fair value$—  $(6,679,955) $(648) $(6,680,603) 
Summary of changes in the fair value of the Level III investments
The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2019:
Level III Assets
Level III Assets of the Company
Equity 
Securities
Fixed IncomePartnership InterestsTotal
Balance, beginning of period$10,397  $60,824  $35,192  $106,413  
Deconsolidation of fund—  10,021  —  10,021  
Purchases(1)3,000  27,795  —  30,795  
Sales/settlements(2)—  (31,387) —  (31,387) 
Realized and unrealized appreciation, net1,307  1,930  —  3,237  
Balance, end of period$14,704  $69,183  $35,192  $119,079  
Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date$1,307  $1,365  $—  $2,672  

Level III Assets of Consolidated Funds
Equity 
Securities
Fixed 
Income
Partnership
Interests		Derivatives, NetTotal
Balance, beginning of period$150,752  $547,958  $271,447  $680  $970,837  
Deconsolidation of fund—  (184,919) —  —  (184,919) 
Transfer in—  56,914  —  —  56,914  
Transfer out—  (187,925) —  —  (187,925) 
Purchases(1)1,363  432,760  13,000  —  447,123  
Sales/settlements(2)(40,857) (333,220) (22,000) (431) (396,508) 
Amortized discounts/premiums—  361  —  (129) 232  
Realized and unrealized appreciation (depreciation), net(25,270) 7,207  33,565  (4,226) 11,276  
Balance, end of period$85,988  $339,136  $296,012  $(4,106) $717,030  
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(24,690) $783  $33,565  $(4,400) $5,258  

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2018:
Level III Assets
Level III Assets of the Company
Equity 
Securities
Fixed IncomePartnership InterestsTotal
Balance, beginning of period$—  $195,158  $44,769  $239,927  
Deconsolidation of fund—  78  —  78  
Transfer in250  —  —  250  
Purchases(1)1,000  92,797  —  93,797  
Sales/settlements(2)—  (222,934) —  (222,934) 
Realized and unrealized appreciation (depreciation), net
9,147  (4,275) (9,577) (4,705) 
Balance, end of period$10,397  $60,824  $35,192  $106,413  
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$9,147  $(3,923) $(9,577) $(4,353) 

Level III Assets of Consolidated Funds
Equity 
Securities
Fixed 
Income
Partnership InterestsDerivatives, NetTotal
Balance, beginning of period$162,577  $267,889  $232,332  $904  $663,702  
Consolidation of fund506  46,829  —  —  47,335  
Transfer in—  86,995  —  —  86,995  
Transfer out—  (45,647) —  —  (45,647) 
Purchases(1)203  492,142  25,000  —  517,345  
Sales/settlements(2)(21,141) (283,620) (5,000) (186) (309,947) 
Amortized discounts/premiums—  380  —  (140) 240  
Realized and unrealized appreciation (depreciation), net
8,607  (17,010) 19,115  102  10,814  
Balance, end of period$150,752  $547,958  $271,447  $680  $970,837  
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$8,686  $(13,157) $19,115  $(57) $14,587  

(1)Purchases include paid-in-kind interest and securities received in connection with restructurings.
(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Summary of quantitative inputs and assumptions used for Level III inputs The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2019:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)Range
Assets
Equity securities$14,704  Transaction price(1)N/AN/A
Partnership interests32,661  Transaction price(1)N/AN/A  
2,531  OtherN/AN/A
Collateralized loan obligations22,265  Broker quotes and/or 3rd party pricing servicesN/AN/A
Other fixed income46,918  OtherN/AN/A
Total$119,079  

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$431  Enterprise value market multiple analysisEBITDA multiple(2)8.2x - 21.3x16.1x
40,745  OtherNet income multiple36.2x36.2x
Illiquidity discount25.0%  25.0%  
 44,812  Transaction price(1)N/AN/A  N/A  
Partnership interest296,012  Discounted cash flowDiscount rate19.6%  19.6%  
Fixed income securities
271,919  Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
67,217  Income approachYield4.8% - 14.3%9.7%  
Total assets$721,136  
Liabilities
Derivatives instruments $(4,106) Broker quotes and/or 3rd party pricing servicesN/AN/A  N/A  
Total liabilities$(4,106) 

(1)Transaction price consists of securities recently purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2018:
Level III Measurements of the CompanyFair Value Valuation Technique(s) Significant Unobservable Input(s)Range
Assets
Equity securities$10,397  Transaction price(1)N/AN/A
Partnership interests35,192  Discounted cash flowDiscount rate8.0%  
Collateralized loan obligations20,824  Broker quotes and/or 3rd party pricing servicesN/AN/A
Other fixed income40,000  OtherN/AN/A
Total$106,413  

Level III Measurements of the Consolidated FundsFair Value Valuation Technique(s) Significant Unobservable Input(s) RangeWeighted Average
Assets
Equity securities
$23,871  Enterprise value market multiple analysisEBITDA multiple(2)7.2x - 22.9x7.7x
41,562  OtherNet income multiple38.8x38.8x
 Illiquidity discount25.0%  25.0%  
 271,447  Discounted cash flowDiscount rate20.8%  20.8%  
85,319  Transaction price(1)N/AN/AN/A
Fixed income securities
441,368  Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
106,590  Income approachYield1.0% - 14.8%9.6%  
Derivative instruments1,328  Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total assets$971,485  
Liabilities
Derivatives instruments $(648) Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(648) 

(1)Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.
(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
v3.19.3.a.u2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of fair value and notional amounts of derivative contracts by major product type on a gross basis These amounts may be offset (to the extent that there is a legal right to offset) and presented on a net basis within other assets or accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition:
As of December 31, 2019As of December 31, 2018
Assets Liabilities Assets Liabilities 
The CompanyNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair Value
Foreign exchange contracts$67,930  $4,023  $10,846  $113  $33,026  $1,066  $27,140  $869  
Total derivatives, at fair value(2)$67,930  $4,023  $10,846  $113  $33,026  $1,066  $27,140  $869  

As of December 31, 2019As of December 31, 2018
AssetsLiabilitiesAssets Liabilities 
Consolidated Funds Notional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair ValueNotional(1)Fair Value
Foreign exchange contracts$667  $667  $667  $670  $1,881  $1,881  $1,881  $1,864  
Asset swap - other—  —  7,640  4,106  5,226  1,328  2,605  648  
Total derivatives, at fair value(3)
$667  $667  $8,307  $4,776  $7,107  $3,209  $4,486  $2,512  

(1)Represents the total contractual amount of derivative assets and liabilities outstanding.
(2)As of December 31, 2019 and December 31, 2018, the Company had the right to, but elected not to, offset $0.1 million and $0.9 million of its derivative liabilities, respectively.
(3)As of December 31, 2019 and December 31, 2018, the Consolidated Funds offset $0.1 million and $5.7 million of their derivative assets and liabilities, respectively.

The following tables present a summary of net realized gains (losses) and unrealized appreciation (depreciation) on the Company's and Consolidated Funds' derivative instruments, that are included within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations, for the years ended December 31, 2019, 2018 and 2017:

For the Year Ended December 31,
The Company201920182017
Net realized gains (losses) on derivatives
Foreign currency forward contracts2,284  (1,197) (1,830) 
Net realized gains (losses) on derivatives$2,284  $(1,197) $(1,830) 
Net change in unrealized appreciation (depreciation) on derivatives
Foreign currency forward contracts3,713  2,338  (5,299) 
Net change in unrealized appreciation (depreciation) on derivatives$3,713  $2,338  $(5,299) 

For the Year Ended December 31,
Consolidated Funds201920182017
Net realized gains (losses) on derivatives of Consolidated Funds
Foreign currency forward contracts8  96  (181) 
Asset swap - other(1,197) (795) 903  
Net realized gains (losses) on derivatives of Consolidated Funds$(1,189) $(699) $722  
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds
Foreign currency forward contracts(20) 15  (529) 
Asset swap - other(4,751) (183) 2,338  
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds$(4,771) $(168) $1,809  
Summary of net realized and unrealized appreciation (depreciation) on derivative instruments
The following tables present a summary of net realized gains (losses) and unrealized appreciation (depreciation) on the Company's and Consolidated Funds' derivative instruments, that are included within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations, for the years ended December 31, 2019, 2018 and 2017:

For the Year Ended December 31,
The Company201920182017
Net realized gains (losses) on derivatives
Foreign currency forward contracts2,284  (1,197) (1,830) 
Net realized gains (losses) on derivatives$2,284  $(1,197) $(1,830) 
Net change in unrealized appreciation (depreciation) on derivatives
Foreign currency forward contracts3,713  2,338  (5,299) 
Net change in unrealized appreciation (depreciation) on derivatives$3,713  $2,338  $(5,299) 

For the Year Ended December 31,
Consolidated Funds201920182017
Net realized gains (losses) on derivatives of Consolidated Funds
Foreign currency forward contracts8  96  (181) 
Asset swap - other(1,197) (795) 903  
Net realized gains (losses) on derivatives of Consolidated Funds$(1,189) $(699) $722  
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds
Foreign currency forward contracts(20) 15  (529) 
Asset swap - other(4,751) (183) 2,338  
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds$(4,771) $(168) $1,809  
v3.19.3.a.u2
DEBT (Tables)
 12 Months Ended
Dec. 31, 2019
Debt Disclosure [Abstract]  
Schedule of borrowings outstanding
The following table summarizes the Company’s and its subsidiaries’ debt obligations:
As of December 31, 2019As of December 31, 2018
Debt Origination DateMaturityOriginal Borrowing AmountCarrying
Value		Interest RateCarrying
Value		Interest Rate
Credit Facility(1)
Revolver3/21/2024N/A  $70,000  3.06%  $235,000  4.00%  
Senior Notes(2)
10/8/201410/8/2024$250,000  246,609  4.21%  245,952  4.21%  
Total debt obligations$316,609  $480,952  

(1)The AOG entities are borrowers under the Credit Facility, which provides a $1.065 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. On March 21, 2019, the Company amended the Credit Facility to, among other things, extend the maturity date from February 2022 to March 2024 and to reduce borrowing costs on the drawn and undrawn amounts. As of December 31, 2019, base rate loans bear interest calculated based on the base rate plus 0.25% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.25%. The unused commitment fee is 0.15% per annum. There is a base rate and LIBOR floor of zero.  
(2)The Senior Notes were issued in October 2014 by Ares Finance Co. LLC, a subsidiary of the Company, at 98.268% of the face amount with interest paid semi-annually. The Company may redeem the Senior Notes prior to maturity, subject to the terms of the indenture.
The following table presents the activity of the Company's debt issuance costs:
Credit FacilitySenior NotesTerm LoansRepurchase Agreement Loan
Unamortized debt issuance costs as of December 31, 2017$6,543  $1,571  $1,171  $—  
Debt issuance costs incurred—  —  98  259  
Amortization of debt issuance costs(1,571) (237) (56) (7) 
Debt extinguishment expense—  —  (1,213) (252) 
Unamortized debt issuance costs as of December 31, 20184,972  1,334  —  —  
Debt issuance costs incurred1,594  —  —  —  
Amortization of debt issuance costs(1,311) (232) —  —  
Unamortized debt issuance costs as of December 31, 2019$5,255  $1,102  $—  $—  
As of December 31, 2019 and December 31, 2018, the following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:
As of December 31, 2019As of December 31, 2018
Loan
Obligations
Fair Value of
Loan Obligations
Weighted 
Average
Remaining Maturity 
In Years 		Loan
Obligations		Fair Value of Loan Obligations
Weighted
Average
Remaining
Maturity 
In Years 
Senior secured notes(1)$7,738,337  $7,700,038  10.97$6,642,616  $6,391,643  10.94
Subordinated notes(2)449,877  273,710  11.02455,333  286,448  11.21
Total loan obligations of Consolidated CLOs$8,188,214  $7,973,748  $7,097,949  $6,678,091  

(1)Original borrowings under the senior secured notes totaled $7.7 billion, with various maturity dates ranging from July 2028 to October 2032. The weighted average interest rate as of December 31, 2019 was 2.91%.
(2)Original borrowings under the subordinated notes totaled $449.9 million, with various maturity dates ranging from July 2028 to October 2032. The notes do not have contractual interest rates, instead holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO.
The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding as of December 31, 2019 and December 31, 2018:
As of December 31, 2019As of December 31, 2018
Consolidated Funds' Debt FacilitiesMaturity DateTotal Capacity
Outstanding
Loan(1)
Effective RateOutstanding Loan(1)Effective Rate
Credit Facilities:
1/1/2023$18,000  $17,550  3.44%  $14,953  3.98%  
12/29/2019(2)—  —  —  43,624  1.55  (3)
3/7/202071,500  71,500  3.14  71,500  3.47  
6/30/2021196,315  —  1.00  (3)38,844  1.00  (3)
7/15/202875,000  17,000  4.75  39,000  4.75  
Revolving Term Loan1/31/20221,900  1,194  7.70  1,363  8.07  
Total borrowings of Consolidated Funds$107,244  $209,284  

(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.
(2)On August 27, 2019, the facility was terminated at the Consolidated Fund's discretion.
(3)The effective rate is based on the three month EURIBOR or zero, whichever is higher, plus a spread of 1.00% or 1.55%.
v3.19.3.a.u2
OTHER ASSETS (Tables)
 12 Months Ended
Dec. 31, 2019
Other Assets [Abstract]  
Schedule of Other Assets
The components of other assets as of December 31, 2019 and 2018 were as follows:
 As of December 31,
 20192018
Other assets of the Company:  
Accounts and interest receivable$5,749  $11,624  
Incentive fees receivable40,650  49,697  
Fixed assets, net62,883  63,380  
Deferred tax assets, net46,364  42,137  
Goodwill143,855  143,786  
Intangibles7,975  31,434  
Other assets33,817  35,593  
Total other assets of the Company$341,293  $377,651  
Other assets of Consolidated Funds:  
Dividends and interest receivable26,030  19,330  
Income tax and other receivables4,051  4,456  
Total other assets of Consolidated Funds$30,081  $23,786  
Property, Plant and Equipment
Fixed assets included the following as of December 31, 2019 and 2018:
 As of December 31,
 20192018
Furniture$9,484  $9,536  
Office and computer equipment19,963  19,722  
Internal-use software36,966  29,005  
Leasehold improvements56,619  53,494  
Fixed assets, at cost123,032  111,757  
Less: accumulated depreciation(60,149) (48,377) 
Fixed assets, net$62,883  $63,380  
v3.19.3.a.u2
COMMITMENTS AND CONTINGENCIES (Tables)
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Lease The tables below present certain supplemental quantitative disclosures regarding the Company's leases as of and for the years ended December 31, 2019, 2018 and 2017:
ClassificationAs of December 31, 2019
Operating lease assetsRight-of-use operating lease assets$143,406  
Finance lease assetsOther assets(1)1,787  
Total lease assets$145,193  
Operating lease liabilitiesOperating lease liabilities$168,817  
Finance lease obligationsAccounts payable, accrued expenses and other liabilities1,651  
Total lease liabilities$170,468  

(1) Finance lease assets are recorded net of accumulated amortization of $0.6 million as of December 31, 2019.
For the Year Ended December 31,
Classification201920182017
Operating lease expenseGeneral, administrative and other expenses$28,814  $30,497  $26,122  
Finance lease expense:
Amortization of finance lease assetsGeneral, administrative and other expenses304  260  —  
Interest on finance lease liabilitiesInterest expense39  39  —  
Total lease expense$29,157  $30,796  $26,122  
Lease term and discount rateAs of December 31, 2019
Weighted-average remaining lease terms (in years):
Operating leases6.5  
Finance leases3.3  
Weighted-average discount rate:
Operating leases4.00 %
Finance leases3.39 %

Other informationYear ended
December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$31,509  
Operating cash flows from finance leases58  
Financing cash flows from finance leases311  
Leased assets obtained in exchange for new finance lease liabilities778  
Leased assets obtained in exchange for new operating lease liabilities49,833  
Operating Lease, Liability, Maturity
Maturity of lease liabilities   Operating LeasesFinance Leases
2020$30,314  $504  
202129,453  504  
202230,618  471  
202327,062  144  
202423,913  122  
After 2024  50,600  —  
Total future payments191,960  1,745  
Less: interest23,143  94  
Total lease liabilities$168,817  $1,651  
Finance Lease, Liability, Maturity
Maturity of lease liabilities   Operating LeasesFinance Leases
2020$30,314  $504  
202129,453  504  
202230,618  471  
202327,062  144  
202423,913  122  
After 2024  50,600  —  
Total future payments191,960  1,745  
Less: interest23,143  94  
Total lease liabilities$168,817  $1,651  
v3.19.3.a.u2
RELATED PARTY TRANSACTIONS (Tables)
 12 Months Ended
Dec. 31, 2019
Related Party Transactions [Abstract]  
Schedule of amounts due from and to affiliates
The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following:
 As of December 31,
 20192018
Due from affiliates:  
Management fees receivable from non-consolidated funds$203,554  $151,455  
Payments made on behalf of and amounts due from non-consolidated funds and employees64,545  47,922  
Due from affiliates—Company$268,099  $199,377  
Amounts due from portfolio companies and non-consolidated funds$6,192  $17,609  
Due from affiliates—Consolidated Funds$6,192  $17,609  
Due to affiliates:  
Management fee rebate payable to non-consolidated funds$2,420  $2,105  
Management fees received in advance3,012  5,491  
Tax receivable agreement liability26,542  24,927  
Undistributed carried interest and incentive fees28,086  31,162  
Payments made by non-consolidated funds on behalf of and payable by the Company11,385  18,726  
Due to affiliates—Company$71,445  $82,411  
v3.19.3.a.u2
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the year ended December 31, 2017.
 For the Year Ended December 31,
Provision for Income Taxes201920182017Unaudited 2017 Pro Forma
The Company
Current:   
U.S. federal income tax expense (benefit)$32,012  $16,859  $(21,559) $2,634  
State and local income tax expense6,940  4,306  454  2,963  
Foreign income tax expense6,103  6,607  3,741  3,741  
 45,055  27,772  (17,364) 9,338  
Deferred:
U.S. federal income tax expense (benefit)8,820  10,572  (3,466) 18,297  
State and local income tax expense (benefit)1,001  (4,789) (2,414) (721) 
Foreign income tax benefit(1,970) (1,484) (1,695) (1,695) 
 7,851  4,299  (7,575) 15,881  
Total:
U.S. federal income tax expense (benefit)40,832  27,431  (25,025) 20,931  
State and local income tax expense (benefit)7,941  (483) (1,960) 2,242  
Foreign income tax expense4,133  5,123  2,046  2,046  
Income tax expense (benefit)52,906  32,071  (24,939) 25,219  
Consolidated Funds
Current:   
Foreign income tax expense (benefit)(530) 131  1,887  1,887  
Income tax expense (benefit)(530) 131  1,887  1,887  
 
Total Provision for Income Taxes
Total current income tax expense (benefit)44,525  27,903  (15,477) 11,225  
Total deferred income tax expense (benefit)7,851  4,299  (7,575) 15,881  
Total income tax expense (benefit)$52,376  $32,202  $(23,052) $27,106  
Schedule of Effective Income Tax Rate Reconciliation Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the year ended December 31, 2017.  
 For the Year Ended December 31,
 201920182017Unaudited 2017 Pro Forma
Income tax expense at federal statutory rate21.0 %21.0 %35.0 %35.0 %
Income passed through to non-controlling interests(10.4) (9.9) (51.1) (23.2) 
State and local taxes, net of federal benefit1.9  2.1  (1.4) 0.4  
Foreign taxes0.3  0.3  0.3  0.3  
Permanent items(0.4) (0.8) 0.3  0.3  
Tax Cuts and Jobs Act—  (0.4) (0.4) 3.3  
Corporate conversion expense—  5.4  —  —  
Other, net(0.1) (0.3) 0.4  0.4  
Valuation allowance—  0.1  1.3  1.3  
Total effective rate12.3 %17.5 %(15.6)%17.8 %
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets, net are included within other assets on the Consolidated Statements of Financial Condition.
 As of December 31,
Deferred Tax Assets and Liabilities of the Company20192018
Deferred tax assets  
Amortizable tax basis for AOG unit exchanges$25,994  $25,928  
Investment in partnerships12,841  11,527  
Net operating losses367  865  
Other, net7,216  5,416  
Total gross deferred tax assets46,418  43,736  
Valuation allowance(54) (22) 
Total deferred tax assets, net46,364  43,714  
Deferred tax liabilities 
Investment in partnerships—  (1,577) 
Total deferred tax liabilities—  (1,577) 
Net deferred tax assets$46,364  $42,137  

 As of December 31,
Deferred Tax Assets and Liabilities of the Consolidated Funds20192018
Deferred tax assets  
Net operating loss$5,391  $5,525  
Other, net2,173  2,173  
Total gross deferred tax assets7,564  7,698  
Valuation allowance(7,564) (7,698) 
Total deferred tax assets, net$—  $—  
v3.19.3.a.u2
EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 31, 2019
Earnings Per Share [Abstract]  
Schedule of antidilutive securities excluded from earnings per common unit
The computation of diluted earnings per share for the years ended December 31, 2019, 2018 and 2017 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive:

For the Year Ended December 31,
201920182017
Options—  19,194,615  21,001,916  
Restricted units82  15,970,004  14,105,481  
AOG Units116,802,160  121,296,583  130,244,013  
Schedule of the computation of basic and diluted earnings per common unit
For the Year Ended December 31,
201920182017
Options—  19,194,615  21,001,916  
Restricted units82  15,970,004  14,105,481  
AOG Units116,802,160  121,296,583  130,244,013  
The following table presents the computation of basic and diluted earnings per common share:
For the Year Ended December 31,
201920182017
Net income attributable to Ares Management Corporation Class A common stockholders
$127,184  $35,320  $54,478  
Distributions on unvested restricted units(7,670) (6,948) (3,588) 
Net income available to Class A common stockholders$119,514  $28,372  $50,890  
Basic weighted-average shares of Class A common stock107,914,953  96,023,147  81,838,007  
Basic earnings per share of Class A common stock$1.11  $0.30  $0.62  
Net income attributable to Ares Management Corporation Class A common stockholders
$127,184  $35,320  $54,478  
Distributions on unvested restricted units—  (6,948) (3,588) 
Net income available to Class A common stockholders$127,184  $28,372  $50,890  
Effect of dilutive shares:
Restricted units7,838,200  —  —  
Options4,124,276  —  —  
Diluted weighted-average shares of Class A common stock119,877,429  96,023,147  81,838,007  
Diluted earnings per share of Class A common stock$1.06  $0.30  $0.62  
Dividend declared and paid per Class A common stock$1.28  $1.33  $1.13  
v3.19.3.a.u2
EQUITY COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of equity-based compensation expense, net of assumed forfeitures
Equity-based compensation expense, net of forfeitures, recorded by the Company is included in the following table:
For the Year Ended December 31,
 201920182017
Restricted units$88,979  $74,441  $54,339  
Restricted units with a market condition3,613  1,524  —  
Options4,362  12,449  13,848  
Phantom shares737  1,310  1,524  
Equity-based compensation expense$97,691  $89,724  $69,711  
Schedule of weighted average assumptions used for fair value
Below is a summary of the significant assumptions used to estimate the grant date fair value of the market condition awards. There were no new market condition awards granted during the year ended December 31, 2019.
2018
Closing price of the Company's common shares as of valuation date
$20.95  
Risk-free interest rate2.95 %
Volatility30.0 %
Dividend yield5.0 %
Cost of equity10.0 %
Summary of unvested restricted units' activity
The following table presents unvested restricted units' activity during the year ended December 31, 2019:
 Restricted Units
Weighted Average
Grant Date Fair
Value Per Unit
Balance - January 1, 201916,255,475  $19.21  
Granted4,499,563  21.42  
Vested(3,691,234) 17.96  
Forfeited(253,331) 19.68  
Balance - December 31, 201916,810,473  $20.07  
The following table presents the unvested market condition awards' activity during the year ended December 31, 2019:
 Market Condition Awards UnitsWeighted Average
Grant Date Fair
Value Per Unit
Balance - January 1, 20191,333,334  $9.30  
Granted—  —  
Vested—  —  
Forfeited—  —  
Balance - December 31, 20191,333,334  $9.30  
Summary of unvested options activity
A summary of options activity during the year ended December 31, 2019 is presented below:
 OptionsWeighted Average Exercise Price
Weighted Average
Remaining Life
(in years)
Aggregate Intrinsic Value
Balance - January 1, 201918,741,504  $18.99  4.88$—  
Granted—  —  —  —  
Exercised(4,905,998) 19.00  —  —  
Expired(366,366) 19.00  —  —  
Forfeited(42,270) 19.00  —  —  
Balance - December 31, 201913,426,870  $18.99  4.34$224,260  
Exercisable at December 31, 201913,317,053  $18.99  4.33$222,372  
Summary of unvested phantom units activity
A summary of unvested phantom shares' activity during the year ended December 31, 2019 is presented below:
 Phantom SharesWeighted Average
Grant Date Fair
Value Per Share
Balance - January 1, 201966,287  $19.00  
Vested(61,502) 19.00  
Forfeited(4,785) 19.00  
Balance - December 31, 2019—  $—  
v3.19.3.a.u2
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2019
Stockholders' Equity Note [Abstract]  
Schedule of Stock by Class
The following table presents the changes in each class of common stock for the year ended December 31, 2019:
Class A Common StockClass B Common StockClass C Common StockTotal
Balance - January 1, 2019101,594,095  1,000  1  101,595,096  
Issuance of stock7,000,000  —  —  7,000,000  
Exchanges of AOG Units163,509  —  —  163,509  
Stock option exercises4,785,131  —  —  4,785,131  
Repurchases of stock(400,000) —  —  (400,000) 
Vesting of restricted stock awards, net of shares withheld for tax2,099,293  —  —  2,099,293  
Balance Outstanding - December 31, 2019115,242,028  1,000  1  115,243,029  
Schedule of Ownership Interests
The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities as of December 31, 2019 and December 31, 2018, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities for the years ended December 31, 2019, 2018 and 2017.

Daily Average Ownership
As of December 31, 2019As of December 31, 2018For the Year Ended December 31,
AOG UnitsDirect Ownership InterestAOG UnitsDirect Ownership Interest201920182017
Ares Management Corporation115,242,028  49.70 %101,594,095  46.47 %48.02 %44.19 %38.59 %
Ares Owners Holding L.P.116,641,833  50.30 %117,019,274  53.53 %51.98 %53.99 %55.52 %
Affiliate of Alleghany Corporation—  — %—  — %— %1.82 %5.89 %
Total231,883,861  100.00 %218,613,369  100.00 %
v3.19.3.a.u2
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2019
Segment Reporting [Abstract]  
Schedule of financial results for Company's operating segments, as well as the OMG
The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2019:
Credit GroupPrivate Equity GroupReal
Estate Group		Total
Segments		OMGTotal
Management fees (Credit Group includes ARCC Part I Fees of $164,396)$713,853  $211,614  $87,063  $1,012,530  $—  $1,012,530  
Other fees17,124  162  792  18,078  —  18,078  
Compensation and benefits(261,662) (78,259) (49,124) (389,045) (139,162) (528,207) 
General, administrative and other expenses(55,103) (19,098) (13,249) (87,450) (91,292) (178,742) 
Fee related earnings414,212  114,419  25,482  554,113  (230,454) 323,659  
Performance income—realized104,442  264,439  33,637  402,518  —  402,518  
Performance related compensation—realized(61,641) (211,550) (17,191) (290,382) —  (290,382) 
Realized net performance income42,801  52,889  16,446  112,136  —  112,136  
Investment income—realized2,457  47,696  8,020  58,173  —  58,173  
Interest and other investment income (expense) —realized18,670  5,046  5,633  29,349  (160) 29,189  
Interest expense(6,497) (7,486) (3,824) (17,807) (1,864) (19,671) 
Realized net investment income (loss)14,630  45,256  9,829  69,715  (2,024) 67,691  
Realized income$471,643  $212,564  $51,757  $735,964  $(232,478) $503,486  
Total assets$997,064  $1,123,254  $467,741  $2,588,059  $165,122  $2,753,181  

The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2018:
Credit GroupPrivate Equity GroupReal
Estate Group		Total
Segments		OMGTotal
Management fees (Credit Group includes ARCC Part I Fees of $128,805)$564,899  $198,182  $73,663  $836,744  $—  $836,744  
Other fees23,247  1,008  33  24,288  —  24,288  
Compensation and benefits
(218,148) (74,672) (38,623) (331,443) (124,812) (456,255) 
General, administrative and other expenses(44,845) (18,482) (11,123) (74,450) (75,015) (149,465) 
Fee related earnings325,153  106,036  23,950  455,139  (199,827) 255,312  
Performance income—realized121,270  139,820  96,117  357,207  —  357,207  
Performance related compensation—realized(75,541) (111,764) (64,292) (251,597) —  (251,597) 
Realized net performance income45,729  28,056  31,825  105,610  —  105,610  
Investment income—realized2,492  17,816  11,409  31,717  4,790  36,507  
Interest and other investment income —realized10,350  4,624  2,257  17,231  2,184  19,415  
Interest expense(11,386) (6,000) (1,836) (19,222) (2,226) (21,448) 
Realized net investment income1,456  16,440  11,830  29,726  4,748  34,474  
Realized income$372,338  $150,532  $67,605  $590,475  $(195,079) $395,396  
Total assets$729,930  $942,928  $469,595  $2,142,453  $65,961  $2,208,414  
The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2017:
Credit GroupPrivate Equity GroupReal
Estate Group		Total
Segments		OMGTotal
Management fees (Credit Group includes ARCC Part I Fees of $105,467)$481,466  $198,498  $64,861  $744,825  $—  $744,825  
Other fees20,830  1,495  106  22,431  —  22,431  
Compensation and benefits(194,821) (68,569) (39,586) (302,976) (110,759) (413,735) 
General, administrative and other expenses(34,335) (17,561) (10,519) (62,415) (74,116) (136,531) 
Fee related earnings273,140  113,863  14,862  401,865  (184,875) 216,990  
Performance income—realized21,087  287,092  9,608  317,787  —  317,787  
Performance related compensation—realized(9,218) (228,774) (4,338) (242,330) —  (242,330) 
Realized net performance income11,869  58,318  5,270  75,457  —  75,457  
Investment income—realized7,102  22,625  5,534  35,261  3,880  39,141  
Interest and other investment income —realized10,192  3,226  511  13,929  1,142  15,071  
Interest expense(12,405) (5,218) (1,650) (19,273) (1,946) (21,219) 
Realized net investment income4,889  20,633  4,395  29,917  3,076  32,993  
Realized income$289,898  $192,814  $24,527  $507,239  $(181,799) $325,440  
Total assets$837,562  $1,255,454  $306,463  $2,399,479  $119,702  $2,519,181  
Schedule of segment’ revenue, expenses and other income (expense)
The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income:
For the Year Ended December 31,
201920182017
Segment revenues
Management fees (includes ARCC Part I Fees of $164,396, $128,805 and $105,467 for the years ended December 31, 2019, 2018, and 2017, respectively)$1,012,530  $836,744  $744,825  
Other fees18,078  24,288  22,431  
Performance income—realized402,518  357,207  317,787  
Total segment revenues$1,433,126  $1,218,239  $1,085,043  
Segment expenses
Compensation and benefits$389,045  $331,443  $302,976  
General, administrative and other expenses87,450  74,450  62,415  
Performance related compensation—realized290,382  251,597  242,330  
Total segment expenses$766,877  $657,490  $607,721  
Segment realized net investment income
Investment income—realized$58,173  $31,717  $35,261  
Interest and other investment income —realized29,349  17,231  13,929  
Interest expense(17,807) (19,222) (19,273) 
Total segment realized net investment income $69,715  $29,726  $29,917  
Schedule of segment revenues components
The following table reconciles the Company's consolidated revenues to segment revenue:
For the Year Ended December 31,
201920182017
Total consolidated revenue$1,765,438  $958,461  $1,479,943  
Performance (income) loss-unrealized(303,142) 247,212  (325,915) 
Management fees of Consolidated Funds eliminated in consolidation34,920  34,242  22,406  
Carried interest allocation of Consolidated Funds eliminated in consolidation—  —  1,017  
Incentive fees of Consolidated Funds eliminated in consolidation13,851  4,000  4,075  
Principal investment (income) loss of Consolidated Funds eliminated in consolidation(12,235) 2,502  24,587  
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation12,641  —  —  
Administrative fees(1)(31,629) (27,380) (34,049) 
Performance loss reclass(2)740  205  1,936  
Principal investment income(44,320) (1,047) (89,031) 
Net (income) expense of non-controlling interests in consolidated subsidiaries(3,138) 44  74  
Total consolidation adjustments and reconciling items(332,312) 259,778  (394,900) 
Total segment revenue$1,433,126  $1,218,239  $1,085,043  

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
(2)Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Consolidated Statements of Operations.
Schedule of segment expenses components
The following table reconciles the Company's consolidated expenses to segment expenses:
For the Year Ended December 31,
201920182017
Total consolidated expenses$1,462,797  $870,362  $1,504,758  
Performance related compensation-unrealized(206,799) 221,343  (237,392) 
Expenses of Consolidated Funds added in consolidation(90,816) (92,006) (65,501) 
Expenses of Consolidated Funds eliminated in consolidation48,771  38,242  26,481  
Administrative fees(1)(31,629) (27,380) (34,049) 
OMG expenses(230,454) (199,827) (184,875) 
Acquisition and merger-related expense(16,266) (2,936) (280,055) 
Equity compensation expense(97,691) (89,724) (69,711) 
Deferred placement fees(24,306) (20,343) (19,765) 
Depreciation and amortization expense(40,602) (25,087) (30,481) 
Other expense(2)—  (11,836) —  
Expense of non-controlling interests in consolidated subsidiaries
(6,128) (3,318) (1,689) 
Total consolidation adjustments and reconciling items(695,920) (212,872) (897,037) 
Total segment expenses$766,877  $657,490  $607,721  

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
(2)2018 period includes $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018.
Schedule of segment other income (expense) components
The following table reconciles the Company's consolidated other income to segment realized net investment income:
For the Year Ended December 31,
201920182017
Total consolidated other income
$122,539  $96,242  $174,674  
Investment (income) loss - unrealized26,620  49,241  (46,860) 
Interest and other investment loss - unrealized9,061  233  1,868  
Other income from Consolidated Funds added in consolidation, net
(117,405) (114,286) (154,869) 
Other (income) loss from Consolidated Funds eliminated in consolidation, net (12,991) (865) 1,059  
OMG other income(1,190) (3,315) (11,828) 
Performance income reclass(1)(740) (205) (1,936) 
Principal investment loss44,320  1,047  89,031  
Change in value of contingent consideration—  —  (20,156) 
Other (income) expense, net (460) 1,653  (1,042) 
Other income of non-controlling interests in consolidated subsidiaries(39) (19) (24) 
Total consolidation adjustments and reconciling items(52,824) (66,516) (144,757) 
Total segment realized net investment income$69,715  $29,726  $29,917  

(1)Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Consolidated Statements of Operations.
Reconciliation of segment results to the Company's income before taxes and total assets
The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE:
For the Year Ended December 31,
201920182017
Income before taxes$425,180  $184,341  $149,859  
Adjustments:
Depreciation and amortization expense40,602  25,087  30,481  
Equity compensation expense97,691  89,724  69,711  
Acquisition and merger-related expense16,266  2,936  259,899  
Deferred placement fees24,306  20,343  19,765  
OMG expense, net229,264  196,512  173,047  
Other (income) expense, net(1) (460) 13,489  (1,042) 
Net expense of non-controlling interests in consolidated subsidiaries
2,951  3,343  1,739  
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations(39,174) (20,643) (62,705) 
Total performance (income) loss - unrealized (303,142) 247,212  (325,915) 
Total performance related compensation - unrealized206,799  (221,343) 237,392  
Total investment (income) loss - unrealized 35,681  49,474  (44,992) 
Realized income735,964  590,475  507,239  
Total performance income - realized(402,518) (357,207) (317,787) 
Total performance related compensation - realized290,382  251,597  242,330  
Total investment income - realized(69,715) (29,726) (29,917) 
Fee related earnings$554,113  $455,139  $401,865  

(1)2018 period includes $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018.
v3.19.3.a.u2
CONSOLIDATION (Tables)
 12 Months Ended
Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract]  
Schedule of interest in VIEs
The Company's interests in consolidated and non-consolidated VIEs, as presented in the Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows:
As of December 31,
20192018
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)
$260,520  $222,477  
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)
181,856  186,455  
Assets of consolidated VIEs9,454,572  8,141,280  
Liabilities of consolidated VIEs8,679,869  7,479,383  

(1)As of December 31, 2019, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $104.7 million.

For the Year Ended December 31,
201920182017
Net income attributable to non-controlling interests related to consolidated VIEs
$39,704  $20,512  $60,818  
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 as of December 31, 2019 and December 31, 2018 and results from operations for the year ended December 31, 2019 and 2018 and 2017. 
 As of December 31, 2019
 Consolidated
Company 
Entities 		Consolidated
Funds 		Eliminations Consolidated 
Assets    
Cash and cash equivalents$138,384  $—  $—  $138,384  
Investments (includes $1,134,967 of accrued carried interest)1,845,520  —  (181,856) 1,663,664  
Due from affiliates282,197  —  (14,098) 268,099  
Other assets343,674  —  (2,381) 341,293  
Right-of-use operating lease assets143,406  —  —  143,406  
Assets of Consolidated Funds   
Cash and cash equivalents—  606,321  —  606,321  
Investments, at fair value—  8,723,169  4,778  8,727,947  
Due from affiliates—  6,192  —  6,192  
Receivable for securities sold—  88,809  —  88,809  
Other assets—  30,081  —  30,081  
Total assets$2,753,181  $9,454,572  $(193,557) $12,014,196  
Liabilities    
Accounts payable, accrued expenses and other liabilities$88,173  $—  $—  $88,173  
Accrued compensation37,795  —  —  37,795  
Due to affiliates71,445  —  —  71,445  
Performance related compensation payable829,764  —  —  829,764  
Debt obligations316,609  —  —  316,609  
Operating lease liabilities168,817  —  —  168,817  
Liabilities of Consolidated Funds   
Accounts payable, accrued expenses and other liabilities—  61,857  —  61,857  
Due to affiliates—  11,700  (11,700) —  
Payable for securities purchased—  500,146  —  500,146  
CLO loan obligations, at fair value—  7,998,922  (25,174) 7,973,748  
Fund borrowings—  107,244  —  107,244  
Total liabilities1,512,603  8,679,869  (36,874) 10,155,598  
Commitments and contingencies
Non-controlling interest in Consolidated Funds—  774,703  (156,683) 618,020  
Non-controlling interest in Ares Operating Group entities472,288  —  —  472,288  
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding)298,761  —  —  298,761  
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (115,242,028 shares issued and outstanding)1,152  —  —  1,152  
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 (1 share issued and outstanding)—  —  —  —  
Additional paid-in-capital525,244  —  —  525,244  
Retained earnings(50,820) —  —  (50,820) 
Accumulated other comprehensive loss, net of tax(6,047) —  —  (6,047) 
       Total stockholders' equity768,290  —  —  768,290  
       Total equity1,240,578  774,703  (156,683) 1,858,598  
       Total liabilities, non-controlling interests and equity$2,753,181  $9,454,572  $(193,557) $12,014,196  
 As of December 31, 2018
 Consolidated
Company 
Entities 		Consolidated
Funds 		EliminationsConsolidated 
Assets    
Cash and cash equivalents$110,247  $—  $—  $110,247  
Investments (includes $841,079 of accrued carried interest)1,512,592  —  (186,455) 1,326,137  
Due from affiliates207,924  —  (8,547) 199,377  
Other assets377,651  —  —  377,651  
Assets of Consolidated Funds
Cash and cash equivalents—  384,644  —  384,644  
Investments, at fair value—  7,673,165  —  7,673,165  
Due from affiliates—  17,609  —  17,609  
Receivable for securities sold—  42,076  —  42,076  
Other assets—  23,786  —  23,786  
Total assets$2,208,414  $8,141,280  $(195,002) $10,154,692  
Liabilities    
Accounts payable, accrued expenses and other liabilities$83,221  $—  $—  $83,221  
Accrued compensation29,389  —  —  29,389  
Due to affiliates82,411  —  —  82,411  
Performance related compensation payable641,737  —  —  641,737  
Debt obligations480,952  —  —  480,952  
Liabilities of Consolidated Funds   
Accounts payable, accrued expenses and other liabilities—  83,876  —  83,876  
Due to affiliates—  8,547  (8,547) —  
Payable for securities purchased—  471,390  —  471,390  
CLO loan obligations—  6,706,286  (28,195) 6,678,091  
Fund borrowings—  209,284  —  209,284  
Total liabilities1,317,710  7,479,383  (36,742) 8,760,351  
Commitments and contingencies
Non-controlling interest in Consolidated Funds—  661,897  (158,260) 503,637  
Non-controlling interest in Ares Operating Group entities302,780  —  —  302,780  
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding)298,761  —  —  298,761  
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (101,594,095 shares issued and outstanding)1,016  —  —  1,016  
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 (1 share issued and outstanding)—  —  —  —  
Additional paid-in-capital326,007  —  —  326,007  
Retained earnings(29,336) —  —  (29,336) 
   Accumulated other comprehensive loss, net of tax(8,524) —  —  (8,524) 
       Total stockholders' equity587,924  —  —  587,924  
       Total equity890,704  661,897  (158,260) 1,394,341  
       Total liabilities, non-controlling interests and equity$2,208,414  $8,141,280  $(195,002) $10,154,692  
Schedule of results from operations
 For the Year Ended December 31, 2019
 
Consolidated
Company 
Entities 
Consolidated
Funds 		Eliminations Consolidated 
Revenues    
Management fees (includes ARCC Part I Fees of $164,396)$1,014,337  $—  $(34,920) $979,417  
Carried interest allocation621,872  —  —  621,872  
Incentive fees83,048  —  (13,851) 69,197  
Principal investment income 44,320  —  12,235  56,555  
Administrative, transaction and other fees51,038  —  (12,641) 38,397  
Total revenues1,814,615  —  (49,177) 1,765,438  
Expenses    
Compensation and benefits653,352  —  —  653,352  
Performance related compensation497,181  —  —  497,181  
General, administrative and other expense270,219  —  —  270,219  
Expenses of the Consolidated Funds—  90,816  (48,771) 42,045  
Total expenses1,420,752  90,816  (48,771) 1,462,797  
Other income (expense)    
Net realized and unrealized gains on investments10,405  —  (851) 9,554  
Interest and dividend income9,599  —  (2,093) 7,506  
Interest expense(19,671) —  —  (19,671) 
Other expense, net(8,190) —  350  (7,840) 
Net realized and unrealized gains on investments of the Consolidated Funds—  3,312  11,824  15,136  
Interest and other income of the Consolidated Funds—  395,599  —  395,599  
Interest expense of the Consolidated Funds—  (281,506) 3,761  (277,745) 
Total other income (expense)(7,857) 117,405  12,991  122,539  
Income before taxes386,006  26,589  12,585  425,180  
Income tax expense (benefit)52,906  (530) —  52,376  
Net income333,100  27,119  12,585  372,804  
Less: Net income attributable to non-controlling interests in Consolidated Funds—  27,119  12,585  39,704  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities184,216  —  —  184,216  
Net income attributable to Ares Management Corporation148,884  —  —  148,884  
Less: Series A Preferred Stock dividends paid21,700  —  —  21,700  
Net income attributable to Ares Management Corporation Class A common stockholders$127,184  $—  $—  $127,184  
 For the Year Ended December 31, 2018
 
Consolidated
Company 
Entities 
Consolidated
Funds 		Eliminations Consolidated 
Revenues    
Management fees (includes ARCC Part I Fees of $128,805)$836,744  $—  $(34,242) $802,502  
Carried interest allocation42,410  —  —  42,410  
Incentive fees67,380  —  (4,000) 63,380  
Principal investment income1,047  —  (2,502) (1,455) 
Administrative, transaction and other fees51,624  —  —  51,624  
Total revenues999,205  —  (40,744) 958,461  
Expenses
Compensation and benefits570,380  —  —  570,380  
Performance related compensation30,254  —  —  30,254  
General, administrative and other expense215,964  —  —  215,964  
Expenses of the Consolidated Funds—  92,006  (38,242) 53,764  
Total expenses816,598  92,006  (38,242) 870,362  
Other income (expense)
Net realized and unrealized losses on investments(2,867) —  983  (1,884) 
Interest and dividend income7,121  —  (93) 7,028  
Interest expense(21,448) —  —  (21,448) 
Other expense, net(1,715) —  864  (851) 
Net realized and unrealized gains (losses) on investments of the Consolidated Funds—  664  (2,247) (1,583) 
Interest and other income of the Consolidated Funds—  337,875  —  337,875  
Interest expense of the Consolidated Funds—  (224,253) 1,358  (222,895) 
Total other income (expense)(18,909) 114,286  865  96,242  
Income before taxes163,698  22,280  (1,637) 184,341  
Income tax expense32,071  131  —  32,202  
Net income131,627  22,149  (1,637) 152,139  
Less: Net income attributable to non-controlling interests in Consolidated Funds—  22,149  (1,637) 20,512  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities74,607  —  —  74,607  
Net income attributable to Ares Management Corporation57,020  —  —  57,020  
Less: Series A Preferred Stock dividends paid21,700  —  —  21,700  
Net income attributable to Ares Management Corporation Class A common stockholders$35,320  $—  $—  $35,320  
 For the Year Ended December 31, 2017
 
Consolidated
Company 
Entities 
Consolidated
Funds 		Eliminations Consolidated 
Revenues    
Management fees (includes ARCC Part I Fees of $105,467)$744,825  $—  $(22,406) $722,419  
Carried interest allocation621,471  —  (1,017) 620,454  
Incentive fees20,295  —  (4,075) 16,220  
Principal investment income89,031  —  (24,587) 64,444  
Administrative, transaction and other fees56,406  —  —  56,406  
Total revenues1,532,028  —  (52,085) 1,479,943  
Expenses
Compensation and benefits514,109  —  —  514,109  
Performance related compensation479,722  —  —  479,722  
General, administrative and other expense196,730  —  —  196,730  
Transaction Support Expenses275,177  —  —  275,177  
Expenses of the Consolidated Funds—  65,501  (26,481) 39,020  
Total expenses1,465,738  65,501  (26,481) 1,504,758  
Other income (expense)
Net realized and unrealized gains on investments  13,565  —  (5,303) 8,262  
Interest and dividend income9,048  —  (2,005) 7,043  
Interest expense(21,219) —  —  (21,219) 
Other income, net19,470  —  —  19,470  
Net realized and unrealized gains on investments of the Consolidated Funds—  126,836  (26,712) 100,124  
Interest and other income of the Consolidated Funds—  187,721  —  187,721  
Interest expense of the Consolidated Funds—  (159,688) 32,961  (126,727) 
Total other income20,864  154,869  (1,059) 174,674  
Income before taxes87,154  89,368  (26,663) 149,859  
Income tax expense (benefit)(24,939) 1,887  —  (23,052) 
Net income112,093  87,481  (26,663) 172,911  
Less: Net income attributable to non-controlling interests in Consolidated Funds—  87,481  (26,663) 60,818  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities35,915  —  —  35,915  
Net income attributable to Ares Management L.P.76,178  —  —  76,178  
Less: Preferred equity dividends paid21,700  —  —  21,700  
Net income attributable to Ares Management L.P. common shareholders$54,478  $—  $—  $54,478  
v3.19.3.a.u2
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)
 12 Months Ended
Dec. 31, 2019
Quarterly Financial Data [Abstract]  
Quarterly Financial Information
Unaudited quarterly information for each of the three months in the years ended December 31, 2019 and 2018 are presented below.  
 
 For the Three Months Ended
 March 31, 2019June 30, 2019September 30, 2019December 31, 2019
Revenues$477,197  $384,822  $466,490  $436,929  
Expenses369,107  335,701  395,701  362,288  
Other income 27,870  35,262  32,787  26,620  
Income before taxes135,960  84,383  103,576  101,261  
Net income121,576  74,878  91,875  84,475  
Net income attributable to Ares Management Corporation44,949  32,139  33,331  38,465  
Series A Preferred Stock dividends paid5,425  5,425  5,425  5,425  
Net income attributable to Ares Management Corporation Class A common stockholders39,524  26,714  27,906  33,040  
Net income per share of Class A common stock  
Basic$0.36  $0.24  $0.24  $0.27  
Diluted$0.36  $0.23  $0.23  $0.25  
Dividends declared per share of Class A common stock$0.32  $0.32  $0.32  $0.32  
 
 For the Three Months Ended
 March 31, 2018June 30, 2018September 30, 2018December 31, 2018
Revenues$266,089  $204,163  $240,777  $247,432  
Expenses206,283  221,017  227,188  215,874  
Other income (loss)2,240  67,926  38,754  (12,678) 
Income before taxes62,046  51,072  52,343  18,880  
Net income74,421  14,169  47,212  16,337  
Net income (loss) attributable to Ares Management Corporation(1)40,948  (11,775) 15,910  11,937  
Series A Preferred Stock dividends paid5,425  5,425  5,425  5,425  
Net income (loss) attributable to Ares Management Corporation Class A common stockholders(1)35,523  (17,200) 10,485  6,512  
Net income (loss) per share of Class A common stock(1):
Basic$0.39  $(0.20) $0.09  $0.05  
Diluted$0.28  $(0.20) $0.09  $0.05  
Dividends declared per share of Class A common stock(1)$0.24  $0.28  $0.28  $0.28  
(1)Periods prior to the Conversion on November 26, 2018 were attributable to Ares Management L.P. common shareholders.
v3.19.3.a.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)
 12 Months Ended
Dec. 31, 2019
USD ($)
entity
Dec. 31, 2018
USD ($)
entity
Dec. 31, 2017
USD ($)
Consolidated CLOs      
Number of CLOs consolidated | entity 16 13  
Management Fees      
Carried interest, contingent repayment obligations $ 0 $ 400,000  
Incentive Fees      
Adoption of ASU     $ 0
Foreign Currency      
Foreign currency transaction gain (loss) $ 8,500,000 $ 100,000 $ 1,700,000
ARCC      
Management Fees      
Management fees as a percentage of net investment income 20.00%    
Hurdle rate per quarter 1.75%    
Hurdle rate per annum 7.00%    
Percentage of net investment income received from first dollar earned 20.00%    
Minimum      
Goodwill and Intangible Assets      
Estimated useful lives, intangible assets 2 years 2 months 12 days    
Incentive Fees      
Performance fee compensation, employment or service period 4 years    
Minimum | Property Plant And Equipment Other Than Leasehold Improvements And Internal Use Software      
Fixed Assets      
Estimated useful life 3 years    
Maximum      
Goodwill and Intangible Assets      
Estimated useful lives, intangible assets 8 years 6 months    
Incentive Fees      
Performance fee compensation, employment or service period 6 years    
Maximum | Property Plant And Equipment Other Than Leasehold Improvements And Internal Use Software      
Fixed Assets      
Estimated useful life 7 years    
v3.19.3.a.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Operations) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues                      
Total revenues $ 436,929 $ 466,490 $ 384,822 $ 477,197 $ 247,432 $ 240,777 $ 204,163 $ 266,089   $ 958,461 $ 1,479,943
Other income (expense)                      
Expenses 362,288 395,701 335,701 369,107 215,874 227,188 221,017 206,283 $ 1,462,797 870,362 1,504,758
Total segment realized net investment income 26,620 32,787 35,262 27,870 (12,678) 38,754 67,926 2,240 122,539 96,242 174,674
Income before taxes 101,261 103,576 84,383 135,960 18,880 52,343 51,072 62,046 425,180 184,341 149,859
Income tax expense (benefit)                 52,376 32,202 (23,052)
Net income 84,475 91,875 74,878 121,576 16,337 47,212 14,169 74,421 372,804 152,139 172,911
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                     35,915
Net income attributable to Ares Management Corporation 38,465 33,331 32,139 44,949 11,937 15,910 (11,775) 40,948 148,884 57,020 76,178
Less: Series A Preferred Stock dividends paid 5,425 5,425 5,425 5,425 5,425 5,425 5,425 5,425 21,700 21,700 21,700
Net income attributable to Ares Management Corporation Class A common stockholders $ 33,040 $ 27,906 $ 26,714 $ 39,524 $ 6,512 $ 10,485 $ (17,200) $ 35,523 127,184 35,320 54,478
Consolidated Funds                      
Other income (expense)                      
Expenses of Consolidated Funds                 42,045 53,764 39,020
Net realized and unrealized gains (losses) on investments                 15,136 (1,583) 100,124
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                 39,704 20,512 60,818
AOG                      
Other income (expense)                      
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                 184,216 74,607 35,915
Ares Management L.P                      
Revenues                      
Total revenues                 1,765,438 958,461 1,479,943
Other income (expense)                      
Expenses                   870,362  
Net realized and unrealized gains (losses) on investments                 9,554 (1,884) 8,262
Interest and dividend income                 7,506 7,028 7,043
Other income (expense), net                 (7,840) (851) 19,470
Total segment realized net investment income                   96,242  
Income tax expense (benefit)                 52,906 32,071 (24,939)
Accounting Standards Update 2016-07 | As Previously Reported | Ares Management L.P                      
Revenues                      
Total revenues                     1,415,499
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                     67,034
Interest and dividend income                     12,715
Accounting Standards Update 2016-07 | Adjustments | Ares Management L.P                      
Revenues                      
Total revenues                     64,444
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                     (58,772)
Interest and dividend income                     (5,672)
ASC 606 | Adjustments                      
Other income (expense)                      
Income before taxes                   21,027  
Income tax expense (benefit)                   2,475  
Net income                   18,552  
Net income attributable to Ares Management Corporation                   7,665  
Less: Series A Preferred Stock dividends paid                   0  
Net income attributable to Ares Management Corporation Class A common stockholders                   7,665  
ASC 606 | Balances without adoption of ASC 606                      
Other income (expense)                      
Income before taxes                   205,368  
Income tax expense (benefit)                   34,677  
Net income                   170,691  
Net income attributable to Ares Management Corporation                   64,685  
Less: Series A Preferred Stock dividends paid                   21,700  
Net income attributable to Ares Management Corporation Class A common stockholders                   42,985  
ASC 606 | Consolidated Funds | Adjustments                      
Other income (expense)                      
Expenses of Consolidated Funds                   0  
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                   (1,921)  
ASC 606 | Consolidated Funds | Balances without adoption of ASC 606                      
Other income (expense)                      
Expenses of Consolidated Funds                   53,764  
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                   18,591  
ASC 606 | AOG | Adjustments                      
Other income (expense)                      
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                   12,808  
ASC 606 | AOG | Balances without adoption of ASC 606                      
Other income (expense)                      
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                   87,415  
ASC 606 | Ares Management L.P | Adjustments                      
Revenues                      
Total revenues                   20,997  
Other income (expense)                      
Expenses                   0  
Other income (expense), net                   30  
Total segment realized net investment income                   30  
ASC 606 | Ares Management L.P | Balances without adoption of ASC 606                      
Revenues                      
Total revenues                   979,458  
Other income (expense)                      
Expenses                   870,362  
Other income (expense), net                   (821)  
Total segment realized net investment income                   96,272  
Performance income | Ares Management L.P                      
Revenues                      
Total revenues                     0
Performance income | Accounting Standards Update 2016-07 | As Previously Reported | Ares Management L.P                      
Revenues                      
Total revenues                     636,674
Performance income | Accounting Standards Update 2016-07 | Adjustments | Ares Management L.P                      
Revenues                      
Total revenues                     (636,674)
Carried interest allocation                      
Revenues                      
Total revenues                 621,872    
Carried interest allocation | Ares Management L.P                      
Revenues                      
Total revenues                 621,872 42,410 620,454
Carried interest allocation | Accounting Standards Update 2016-07 | As Previously Reported | Ares Management L.P                      
Revenues                      
Total revenues                     0
Carried interest allocation | Accounting Standards Update 2016-07 | Adjustments | Ares Management L.P                      
Revenues                      
Total revenues                     620,454
Incentive fees | Ares Management L.P                      
Revenues                      
Total revenues                 69,197 63,380 16,220
Incentive fees | Accounting Standards Update 2016-07 | As Previously Reported | Ares Management L.P                      
Revenues                      
Total revenues                     0
Incentive fees | Accounting Standards Update 2016-07 | Adjustments | Ares Management L.P                      
Revenues                      
Total revenues                     16,220
Incentive fees | ASC 606 | Ares Management L.P | Adjustments                      
Revenues                      
Total revenues                   20,997  
Incentive fees | ASC 606 | Ares Management L.P | Balances without adoption of ASC 606                      
Revenues                      
Total revenues                   84,377  
Principal investment income (loss) | Ares Management L.P                      
Revenues                      
Total revenues                 $ 56,555 $ (1,455) 64,444
Principal investment income (loss) | Accounting Standards Update 2016-07 | As Previously Reported | Ares Management L.P                      
Revenues                      
Total revenues                     0
Principal investment income (loss) | Accounting Standards Update 2016-07 | Adjustments | Ares Management L.P                      
Revenues                      
Total revenues                     $ 64,444
v3.19.3.a.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Financial Condition) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Jan. 01, 2018
Dec. 31, 2017
Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Retained earnings $ (50,820) $ (29,336)      
Assets          
Investments, at fair value       $ 1,724,571  
Other assets       130,341  
Assets 12,014,196 10,154,692   8,563,522  
Liabilities 10,155,598 8,760,351   7,103,230  
Cumulative effect of the adoption of ASC 606       0  
Additional paid-in-capital 525,244 326,007      
Accumulated other comprehensive loss, net of tax (6,047) (8,524)      
Stockholders' Equity Attributable to Parent 768,290 587,924   1,460,292  
Total equity 1,858,598 1,394,341   1,460,292 $ 1,377,262
Total liabilities and equity 12,014,196 10,154,692   $ 8,563,522  
Ares Management L.P          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Retained earnings (50,820) (29,336)      
Assets          
Cash and cash equivalents 138,384 110,247      
Investments, at fair value 1,663,664 1,326,137      
Due from affiliates 268,099 199,377      
Other assets 341,293 377,651      
Additional paid-in-capital 525,244 326,007      
Accumulated other comprehensive loss, net of tax (6,047) (8,524)      
Stockholders' Equity Attributable to Parent 768,290 587,924      
Ares Management L.P | Accrued Interest          
Assets          
Investments, at fair value   841,079      
Consolidated Funds          
Assets          
Cash and cash equivalents 606,321 384,644      
Investments, at fair value 8,727,947 7,673,165      
Due from affiliates 6,192 17,609      
Other assets 30,081 23,786      
Non-controlling interest in Consolidated Funds 618,020 503,637      
AOG          
Assets          
Non-controlling interest in Ares Operating Group entities $ 472,288 302,780      
Accounting Standards Update 2016-07 | Adjustments | Ares Management L.P          
Assets          
Cumulative effect of the adoption of ASC 606     $ 22,600    
ASC 606          
Assets          
Cumulative effect of the adoption of ASC 606     (22,611)    
ASC 606 | Adjustments          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Retained earnings   (5,095)      
Assets          
Investments, at fair value   0 0    
Due from affiliates   0      
Other assets   40,374 (22,611)    
Assets   40,373 (22,611)    
Liabilities     0    
Cumulative effect of the adoption of ASC 606     (22,611)    
Non-controlling interest in Consolidated Funds   (7,574)      
Additional paid-in-capital   23,587      
Accumulated other comprehensive loss, net of tax   (208)      
Stockholders' Equity Attributable to Parent   18,284 (22,611)    
Total equity   40,373      
Total liabilities and equity   40,373 (22,611)    
ASC 606 | Balances without adoption of ASC 606          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Retained earnings   (34,431)      
Assets          
Investments, at fair value     1,724,571    
Other assets     107,730    
Assets   10,195,065 8,540,911    
Liabilities     7,103,230    
Cumulative effect of the adoption of ASC 606     (22,611)    
Additional paid-in-capital   349,594      
Accumulated other comprehensive loss, net of tax   (8,732)      
Stockholders' Equity Attributable to Parent   606,208 1,437,681    
Total equity   1,434,714      
Total liabilities and equity   10,195,065 $ 8,540,911    
ASC 606 | Ares Management L.P | Adjustments          
Assets          
Cash and cash equivalents   0      
ASC 606 | Ares Management L.P | Balances without adoption of ASC 606          
Assets          
Cash and cash equivalents   110,247      
Investments, at fair value   1,326,137      
Due from affiliates   199,377      
Other assets   418,025      
ASC 606 | Consolidated Funds | Balances without adoption of ASC 606          
Assets          
Non-controlling interest in Consolidated Funds   496,063      
ASC 606 | AOG | Adjustments          
Assets          
Non-controlling interest in Ares Operating Group entities   29,663      
ASC 606 | AOG | Balances without adoption of ASC 606          
Assets          
Non-controlling interest in Ares Operating Group entities   $ 332,443      
v3.19.3.a.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Changes in Equity) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Jan. 01, 2018
Dec. 31, 2017
Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Total equity $ 1,858,598 $ 1,394,341   $ 1,460,292 $ 1,377,262
Cumulative effect of the adoption of ASC 606       0  
As adjusted balance at January 1, 2018     $ 1,437,681 1,437,681  
Accumulated Other Comprehensive Income (Loss)          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Total equity (6,047) (8,524)   (4,208) (8,939)
As adjusted balance at January 1, 2018       (4,208)  
Ares Management L.P | Accumulated Other Comprehensive Income (Loss)          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Total equity       (4,208)  
As adjusted balance at January 1, 2018     (4,208)    
AOG | Non-Controlling interest          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Total equity 472,288 302,780   358,186 447,615
As adjusted balance at January 1, 2018     341,069    
Consolidated Funds | Non-Controlling interest          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Total equity 618,020 503,637   528,488 338,035
As adjusted balance at January 1, 2018     533,821 533,821  
Partners' Capital | Ares Management L.P          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Total equity 0 0   279,065 301,790
As adjusted balance at January 1, 2018     268,238 268,238  
Partners' Capital | Preferred Partner          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Total equity $ 0 $ 0   298,761 $ 298,761
As adjusted balance at January 1, 2018     298,761 $ 298,761  
ASC 606          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of the adoption of ASC 606     (22,611)    
ASC 606 | Ares Management L.P | Accumulated Other Comprehensive Income (Loss)          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of the adoption of ASC 606     0    
ASC 606 | AOG | Non-Controlling interest          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of the adoption of ASC 606     (17,117)    
ASC 606 | Consolidated Funds | Non-Controlling interest          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of the adoption of ASC 606     5,333    
ASC 606 | Partners' Capital | Ares Management L.P          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of the adoption of ASC 606     (10,827)    
ASC 606 | Partners' Capital | Preferred Partner          
New Accounting Pronouncements or Change in Accounting Principle [Line Items]          
Cumulative effect of the adoption of ASC 606     $ 0    
v3.19.3.a.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Comprehensive Income) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income $ 84,475 $ 91,875 $ 74,878 $ 121,576 $ 16,337 $ 47,212 $ 14,169 $ 74,421 $ 372,804 $ 152,139 $ 172,911
Ares Management L.P                      
Other comprehensive income:                      
Foreign currency translation adjustments, net of tax                 3,322 (13,190) 13,927
Total comprehensive income                 376,126 138,949 186,838
Comprehensive income attributable to Ares Management Corporation                 151,361 52,704 80,909
Consolidated Funds                      
Other comprehensive income:                      
Less: Comprehensive income (loss) attributable to non-controlling interests                 37,869 15,575 62,165
AOG                      
Other comprehensive income:                      
Less: Comprehensive income (loss) attributable to non-controlling interests                 $ 186,896 70,670 $ 43,764
Adjustments | ASC 606                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income                   18,552  
Adjustments | Ares Management L.P | ASC 606                      
Other comprehensive income:                      
Foreign currency translation adjustments, net of tax                   (470)  
Total comprehensive income                   18,082  
Comprehensive income attributable to Ares Management Corporation                   7,457  
Adjustments | Consolidated Funds | ASC 606                      
Other comprehensive income:                      
Less: Comprehensive income (loss) attributable to non-controlling interests                   (1,921)  
Adjustments | AOG | ASC 606                      
Other comprehensive income:                      
Less: Comprehensive income (loss) attributable to non-controlling interests                   12,546  
Balances without adoption of ASC 606 | ASC 606                      
New Accounting Pronouncements or Change in Accounting Principle [Line Items]                      
Net income                   170,691  
Balances without adoption of ASC 606 | Ares Management L.P | ASC 606                      
Other comprehensive income:                      
Foreign currency translation adjustments, net of tax                   (13,660)  
Total comprehensive income                   157,031  
Comprehensive income attributable to Ares Management Corporation                   60,161  
Balances without adoption of ASC 606 | Consolidated Funds | ASC 606                      
Other comprehensive income:                      
Less: Comprehensive income (loss) attributable to non-controlling interests                   13,654  
Balances without adoption of ASC 606 | AOG | ASC 606                      
Other comprehensive income:                      
Less: Comprehensive income (loss) attributable to non-controlling interests                   $ 83,216  
v3.19.3.a.u2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Cash Flows) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:                      
Net income $ 84,475 $ 91,875 $ 74,878 $ 121,576 $ 16,337 $ 47,212 $ 14,169 $ 74,421 $ 372,804 $ 152,139 $ 172,911
Net cash used in operating activities                 (2,083,021) (1,417,058) (1,863,014)
Consolidated Funds                      
Cash flows from operating activities:                      
Change in other liabilities and payables held at Consolidated Funds                 88,467 137,545 85,654
ASC 606 | Adjustments                      
Cash flows from operating activities:                      
Net income                   18,552  
Net cash used in operating activities                   0  
ASC 606 | Balances without adoption of ASC 606                      
Cash flows from operating activities:                      
Net income                   170,691  
Net cash used in operating activities                   (1,417,058)  
ASC 606 | Consolidated Funds | Adjustments                      
Cash flows from operating activities:                      
Change in other liabilities and payables held at Consolidated Funds                   1,921  
ASC 606 | Consolidated Funds | Balances without adoption of ASC 606                      
Cash flows from operating activities:                      
Change in other liabilities and payables held at Consolidated Funds                   139,466  
Ares Management L.P                      
Cash flows from operating activities:                      
Other assets                 $ 27,653 (66,795) $ (36,786)
Ares Management L.P | ASC 606 | Adjustments                      
Cash flows from operating activities:                      
Other assets                   20,473  
Ares Management L.P | ASC 606 | Balances without adoption of ASC 606                      
Cash flows from operating activities:                      
Other assets                   $ (87,268)  
v3.19.3.a.u2
GOODWILL AND INTANGIBLE ASSETS (Carrying Value of Intangible Assets) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Finite-lived intangible assets, net          
Intangible assets $ 19,217   $ 19,217 $ 84,135  
Less: accumulated amortization (11,242)   (11,242) (52,701)  
Intangible assets, net 7,975   7,975 31,434  
Amortization expense         $ 17,900
Fully-amortized intangibles, amount removed during the period   $ 29,800      
Removal of intangible assets 35,100        
General, administrative and other expense          
Finite-lived intangible assets, net          
Amortization expense     3,400 9,000  
Non-cash impairment charge     $ 20,000    
Management contracts          
Finite-lived intangible assets, net          
Estimated useful lives, intangible assets     2 years 2 months 12 days    
Intangible assets 12,498   $ 12,498 42,335  
Client relationships          
Finite-lived intangible assets, net          
Estimated useful lives, intangible assets     8 years 6 months    
Intangible assets 6,341   $ 6,341 38,600  
Trade name          
Finite-lived intangible assets, net          
Estimated useful lives, intangible assets     2 years 6 months    
Intangible assets $ 378   $ 378 $ 3,200  
v3.19.3.a.u2
GOODWILL AND INTANGIBLE ASSETS (Future Amortization) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]    
2020 $ 1,627  
2021 1,542  
2022 895  
2023 711  
2024 711  
Thereafter 2,489  
Intangible assets, net $ 7,975 $ 31,434
v3.19.3.a.u2
GOODWILL AND INTANGIBLE ASSETS (Goodwill) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Goodwill [Roll Forward]      
Goodwill, beginning balance $ 143,786,000 $ 143,895,000  
Foreign currency translation 69,000   $ (109,000)
Goodwill, ending balance 143,855,000 143,786,000 143,895,000
Goodwill impairment 0 0  
Credit Group      
Goodwill [Roll Forward]      
Goodwill, beginning balance 32,196,000 32,196,000  
Foreign currency translation 0   0
Goodwill, ending balance 32,196,000 32,196,000 32,196,000
Private Equity Group      
Goodwill [Roll Forward]      
Goodwill, beginning balance 58,600,000 58,600,000  
Foreign currency translation 0   0
Goodwill, ending balance 58,600,000 58,600,000 58,600,000
Real Estate Group      
Goodwill [Roll Forward]      
Goodwill, beginning balance 52,990,000 53,099,000  
Foreign currency translation 69,000   (109,000)
Goodwill, ending balance $ 53,059,000 $ 52,990,000 $ 53,099,000
v3.19.3.a.u2
INVESTMENTS (Fair Value Investments, excluding Equity Method Investments Held at Fair Value) (Details) - Ares Management L.P - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Investments    
Equity method investments $ 1,663,664 $ 1,326,137
Partnership interests 36,824 36,053
Total equity method investments 121,754 108,558
Collateralized loan obligations 22,265 20,824
Equity securities $ 15,747 $ 11,681
Percentage of total investments as of 1.30% 1.60%
Partnership interests    
Investments    
Total equity method investments $ 1,593,438 $ 1,264,029
Percentage of total investments as of 95.80% 95.30%
Other fixed income    
Investments    
Total equity method investments $ 46,918 $ 40,000
Percentage of total investments as of 2.80% 3.00%
Investments in CLO warehouse    
Investments    
Collateralized loan obligations $ 69,183 $ 60,824
Percentage of total investments as of 4.10% 4.60%
Common Stock    
Investments    
Equity securities $ 1,043 $ 1,284
Percentage of total investments as of 0.10% 0.10%
Partnership interests    
Investments    
Equity method investments $ 390,407 $ 357,655
Percentage of total investments as of 23.50% 27.00%
Carried interest allocation    
Investments    
Equity method investments $ 1,134,967 $ 841,079
Percentage of total investments as of 68.20% 63.40%
Equity method private investment partnership interests and other (held at fair value)    
Investments    
Equity method investments $ 51,528 $ 46,449
Percentage of total investments as of 3.10% 3.50%
Equity method private investment partnership interests and other    
Investments    
Partnership interests $ 16,536 $ 18,846
Percentage of total investments as of 1.00% 1.40%
v3.19.3.a.u2
INVESTMENTS (Equity Method Investments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Schedule of Equity Method Investments [Line Items]        
Equity method investments gain (loss) $ (3,800) $ 57,400   $ 78,300
Statement of Financial Condition        
Investments 21,122,168 25,577,194 $ 21,122,168  
Total assets 22,348,509 27,017,756 22,348,509  
Total liabilities 2,779,014 4,909,414 2,779,014  
Total equity 19,569,495 22,108,342 19,569,495  
Statement of Operations        
Revenues   1,401,971 1,175,091 903,478
Expenses   (445,061) (371,586) (328,285)
Net realized and unrealized gains (losses) from investments   2,061,425 (542,303) 2,741,303
Income tax expense   (30,350) (27,155) (47,151)
Net income   2,987,985 234,047 3,269,345
Credit Group        
Statement of Financial Condition        
Investments 8,210,094 10,937,224 8,210,094  
Total assets 8,799,290 11,625,699 8,799,290  
Total liabilities 1,542,058 3,416,429 1,542,058  
Total equity 7,257,232 8,209,270 7,257,232  
Statement of Operations        
Revenues   871,168 766,009 603,682
Expenses   (211,984) (189,432) (169,086)
Net realized and unrealized gains (losses) from investments   5,040 (67,477) 41,185
Income tax expense   (1,537) (2,526) (2,700)
Net income   662,687 506,574 473,081
Private Equity Group        
Statement of Financial Condition        
Investments 9,574,998 9,700,725 9,574,998  
Total assets 9,785,312 10,077,149 9,785,312  
Total liabilities 423,687 534,965 423,687  
Total equity 9,361,625 9,542,184 9,361,625  
Statement of Operations        
Revenues   325,529 264,376 144,829
Expenses   (112,610) (85,801) (91,803)
Net realized and unrealized gains (losses) from investments   1,674,002 (892,800) 2,335,027
Income tax expense   (27,887) (20,554) (31,359)
Net income   1,859,034 (734,779) 2,356,694
Real Estate Group        
Statement of Financial Condition        
Investments 3,337,076 4,939,245 3,337,076  
Total assets 3,763,907 5,314,908 3,763,907  
Total liabilities 813,269 958,020 813,269  
Total equity $ 2,950,638 4,356,888 2,950,638  
Statement of Operations        
Revenues   205,274 144,706 154,967
Expenses   (120,467) (96,353) (67,396)
Net realized and unrealized gains (losses) from investments   382,383 417,974 365,091
Income tax expense   (926) (4,075) (13,092)
Net income   $ 466,264 $ 462,252 $ 439,570
v3.19.3.a.u2
INVESTMENTS (Investments of the Consolidated Funds) (Details) - Consolidated Funds - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Investments    
Total investments $ 8,727,947 $ 7,673,165
Percent of total assets 5.00%  
United States    
Investments    
Total investments $ 5,178,270 $ 4,921,841
Percentage of total investments as of 59.30% 64.10%
United States | Fixed Income Securities    
Investments    
Total investments $ 4,881,826 $ 4,650,059
Percentage of total investments as of 55.90% 60.60%
Investment owned $ 4,920,272 $ 4,876,915
United States | Fixed Income Securities | Bonds    
Investments    
Total investments $ 10,074 $ 31,517
Percentage of total investments as of 0.10% 0.40%
United States | Fixed Income Securities | Loans    
Investments    
Total investments $ 4,871,752 $ 4,618,542
Percentage of total investments as of 55.80% 60.20%
United States | Equity Securities    
Investments    
Total investments $ 432 $ 335
Percentage of total investments as of 0.00% 0.00%
Investment owned $ 431 $ 354
United States | Partnership Interests    
Investments    
Total investments $ 296,012 $ 271,447
Percentage of total investments as of 3.40% 3.50%
Investment owned $ 201,000 $ 210,000
Europe    
Investments    
Total investments $ 3,334,455 $ 2,446,886
Percentage of total investments as of 38.20% 32.00%
Europe | Fixed Income Securities    
Investments    
Total investments $ 3,333,392 $ 2,423,350
Percentage of total investments as of 38.20% 31.70%
Investment owned $ 3,340,351 $ 2,484,519
Europe | Fixed Income Securities | Bonds    
Investments    
Total investments $ 202,302 $ 282,799
Percentage of total investments as of 2.30% 3.80%
Europe | Fixed Income Securities | Loans    
Investments    
Total investments $ 3,086,655 $ 2,140,551
Percentage of total investments as of 35.40% 27.90%
Europe | Fixed Income Securities | Investments in CLO warehouse    
Investments    
Total investments $ 44,435 $ 0
Percentage of total investments as of 0.50% 0.00%
Europe | Equity Securities    
Investments    
Total investments $ 1,063 $ 23,536
Percentage of total investments as of 0.00% 0.30%
Investment owned $ 45,549 $ 56,154
Asia and other    
Investments    
Total investments $ 215,222 $ 304,438
Percentage of total investments as of 2.50% 4.00%
Asia and other | Fixed Income Securities    
Investments    
Total investments $ 104,333 $ 131,839
Percentage of total investments as of 1.20% 1.80%
Investment owned $ 105,495 $ 140,139
Asia and other | Fixed Income Securities | Bonds    
Investments    
Total investments $ 0 $ 4,183
Percentage of total investments as of 0.00% 0.10%
Asia and other | Fixed Income Securities | Loans    
Investments    
Total investments $ 104,333 $ 127,656
Percentage of total investments as of 1.20% 1.70%
Asia and other | Equity Securities    
Investments    
Total investments $ 110,889 $ 172,599
Percentage of total investments as of 1.30% 2.20%
Investment owned $ 104,997 $ 122,418
v3.19.3.a.u2
FAIR VALUE (Assets and Liabilities Measured at Fair Value) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Consolidated Funds    
Assets, at fair value    
Collateralized loan obligations and other fixed income $ 8,319,551 $ 7,205,248
Common stock and other equity securities 112,384 196,470
Partnership interests 296,012 271,447
Total investments, at fair value 8,727,947 7,673,165
Total derivative assets, at fair value   3,209
Total assets, at fair value 8,728,614 7,676,374
Liabilities, at fair value    
Derivative liabilities (4,776) (2,512)
Loan obligations of CLOs (7,973,748) (6,678,091)
Total liabilities, at fair value (7,978,524) (6,680,603)
Consolidated Funds | Derivatives-foreign exchange contracts    
Assets, at fair value    
Total derivative assets, at fair value 667 1,881
Liabilities, at fair value    
Derivative liabilities (670)  
Derivatives-foreign exchange contracts   (1,864)
Consolidated Funds | Asset swaps-other    
Assets, at fair value    
Total derivative assets, at fair value   1,328
Liabilities, at fair value    
Derivative liabilities (4,106) (648)
Consolidated Funds | Investments in CLO warehouse    
Assets, at fair value    
Collateralized loan obligations and other fixed income 44,435  
Consolidated Funds | Bonds    
Assets, at fair value    
Collateralized loan obligations and other fixed income 212,376 318,499
Consolidated Funds | Loans    
Assets, at fair value    
Collateralized loan obligations and other fixed income 8,062,740 6,886,749
Consolidated Funds | Level I     
Assets, at fair value    
Collateralized loan obligations and other fixed income 0 0
Common stock and other equity securities 26,396 45,718
Partnership interests 0 0
Total investments, at fair value 26,396 45,718
Total derivative assets, at fair value   0
Total assets, at fair value 26,396 45,718
Liabilities, at fair value    
Derivative liabilities 0 0
Loan obligations of CLOs 0 0
Total liabilities, at fair value 0 0
Consolidated Funds | Level I  | Derivatives-foreign exchange contracts    
Assets, at fair value    
Total derivative assets, at fair value 0 0
Liabilities, at fair value    
Derivative liabilities 0  
Derivatives-foreign exchange contracts   0
Consolidated Funds | Level I  | Asset swaps-other    
Assets, at fair value    
Total derivative assets, at fair value   0
Liabilities, at fair value    
Derivative liabilities 0 0
Consolidated Funds | Level I  | Investments in CLO warehouse    
Assets, at fair value    
Collateralized loan obligations and other fixed income 0  
Consolidated Funds | Level I  | Bonds    
Assets, at fair value    
Collateralized loan obligations and other fixed income 0 0
Consolidated Funds | Level I  | Loans    
Assets, at fair value    
Collateralized loan obligations and other fixed income 0 0
Consolidated Funds | Level II     
Assets, at fair value    
Collateralized loan obligations and other fixed income 7,980,415 6,657,290
Common stock and other equity securities 0 0
Partnership interests 0 0
Total investments, at fair value 7,980,415 6,657,290
Total derivative assets, at fair value   1,881
Total assets, at fair value 7,981,082 6,659,171
Liabilities, at fair value    
Derivative liabilities (670) (1,864)
Loan obligations of CLOs (7,973,748) (6,678,091)
Total liabilities, at fair value (7,974,418) (6,679,955)
Consolidated Funds | Level II  | Derivatives-foreign exchange contracts    
Assets, at fair value    
Total derivative assets, at fair value 667 1,881
Liabilities, at fair value    
Derivative liabilities (670)  
Derivatives-foreign exchange contracts   (1,864)
Consolidated Funds | Level II  | Asset swaps-other    
Assets, at fair value    
Total derivative assets, at fair value   0
Liabilities, at fair value    
Derivative liabilities 0 0
Consolidated Funds | Level II  | Investments in CLO warehouse    
Assets, at fair value    
Collateralized loan obligations and other fixed income 44,435  
Consolidated Funds | Level II  | Bonds    
Assets, at fair value    
Collateralized loan obligations and other fixed income 207,966 316,850
Consolidated Funds | Level II  | Loans    
Assets, at fair value    
Collateralized loan obligations and other fixed income 7,728,014 6,340,440
Consolidated Funds | Level III     
Assets, at fair value    
Collateralized loan obligations and other fixed income 339,136 547,958
Common stock and other equity securities 85,988 150,752
Partnership interests 296,012 271,447
Total investments, at fair value 721,136 970,157
Total derivative assets, at fair value   1,328
Total assets, at fair value 721,136 971,485
Liabilities, at fair value    
Derivative liabilities (4,106) (648)
Loan obligations of CLOs 0 0
Total liabilities, at fair value (4,106) (648)
Consolidated Funds | Level III  | Derivatives-foreign exchange contracts    
Assets, at fair value    
Total derivative assets, at fair value 0 0
Liabilities, at fair value    
Derivative liabilities 0  
Derivatives-foreign exchange contracts   0
Consolidated Funds | Level III  | Asset swaps-other    
Assets, at fair value    
Total derivative assets, at fair value   1,328
Liabilities, at fair value    
Derivative liabilities (4,106) (648)
Consolidated Funds | Level III  | Investments in CLO warehouse    
Assets, at fair value    
Collateralized loan obligations and other fixed income 0  
Consolidated Funds | Level III  | Bonds    
Assets, at fair value    
Collateralized loan obligations and other fixed income 4,410 1,649
Consolidated Funds | Level III  | Loans    
Assets, at fair value    
Collateralized loan obligations and other fixed income 334,726 546,309
Ares Management L.P    
Assets, at fair value    
Common stock and other equity securities 15,747 11,681
Partnership interests 36,824 36,053
Total investments, at fair value 121,754 108,558
Total assets, at fair value 125,777 109,624
Liabilities, at fair value    
Derivatives-foreign exchange contracts   (869)
Total liabilities, at fair value (113) (869)
Ares Management L.P | Derivatives-foreign exchange contracts    
Assets, at fair value    
Total derivative assets, at fair value 4,023 1,066
Liabilities, at fair value    
Derivative liabilities (113)  
Ares Management L.P | Investments in CLO warehouse    
Assets, at fair value    
Collateralized loan obligations and other fixed income 69,183 60,824
Ares Management L.P | Level I     
Assets, at fair value    
Common stock and other equity securities 0 280
Partnership interests 0 0
Total investments, at fair value 0 280
Total assets, at fair value 0 280
Liabilities, at fair value    
Derivatives-foreign exchange contracts   0
Total liabilities, at fair value 0 0
Ares Management L.P | Level I  | Derivatives-foreign exchange contracts    
Assets, at fair value    
Total derivative assets, at fair value 0 0
Liabilities, at fair value    
Derivative liabilities 0  
Ares Management L.P | Level I  | Investments in CLO warehouse    
Assets, at fair value    
Collateralized loan obligations and other fixed income 0 0
Ares Management L.P | Level II     
Assets, at fair value    
Common stock and other equity securities 1,043 1,004
Partnership interests 0 0
Total investments, at fair value 1,043 1,004
Total assets, at fair value 5,066 2,070
Liabilities, at fair value    
Derivatives-foreign exchange contracts   (869)
Total liabilities, at fair value (113) (869)
Ares Management L.P | Level II  | Derivatives-foreign exchange contracts    
Assets, at fair value    
Total derivative assets, at fair value 4,023 1,066
Liabilities, at fair value    
Derivative liabilities (113)  
Ares Management L.P | Level II  | Investments in CLO warehouse    
Assets, at fair value    
Collateralized loan obligations and other fixed income 0 0
Ares Management L.P | Level III     
Assets, at fair value    
Common stock and other equity securities 14,704 10,397
Partnership interests 35,192 35,192
Total investments, at fair value 119,079 106,413
Total assets, at fair value 119,079 106,413
Liabilities, at fair value    
Derivatives-foreign exchange contracts   0
Total liabilities, at fair value 0 0
Ares Management L.P | Level III  | Derivatives-foreign exchange contracts    
Assets, at fair value    
Total derivative assets, at fair value 0 0
Liabilities, at fair value    
Derivative liabilities 0  
Ares Management L.P | Level III  | Investments in CLO warehouse    
Assets, at fair value    
Collateralized loan obligations and other fixed income 69,183 60,824
Ares Management L.P | Investments Measured at NAV    
Assets, at fair value    
Partnership interests 1,632 861
Total investments, at fair value 1,632 861
Total assets, at fair value $ 1,632 $ 861
v3.19.3.a.u2
FAIR VALUE (Changes in Fair Value of Level III Measurements) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Fixed Income Securities    
Changes in the fair value of the Level III investments    
Transfer in   $ 0
Partnership interests    
Changes in the fair value of the Level III investments    
Transfer in   0
Consolidated Funds    
Changes in the fair value of the Level III investments    
Balance, beginning of period $ 970,837 663,702
Deconsolidation of fund (184,919) 47,335
Transfer in 56,914 86,995
Transfer out (187,925) (45,647)
Purchases 447,123 517,345
Sales/settlements (396,508) (309,947)
Amortized discounts/premiums 232 240
Realized and unrealized appreciation (depreciation), net 11,276 10,814
Balance, end of period 717,030 970,837
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date 5,258 14,587
Consolidated Funds | Equity Securities    
Changes in the fair value of the Level III investments    
Balance, beginning of period 150,752 162,577
Deconsolidation of fund 0 506
Transfer in 0 0
Transfer out 0 0
Purchases 1,363 203
Sales/settlements (40,857) (21,141)
Amortized discounts/premiums 0 0
Realized and unrealized appreciation (depreciation), net (25,270) 8,607
Balance, end of period 85,988 150,752
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date (24,690) 8,686
Consolidated Funds | Fixed Income Securities    
Changes in the fair value of the Level III investments    
Balance, beginning of period 547,958 267,889
Deconsolidation of fund (184,919) 46,829
Transfer in 56,914 86,995
Transfer out (187,925) (45,647)
Purchases 432,760 492,142
Sales/settlements (333,220) (283,620)
Amortized discounts/premiums 361 380
Realized and unrealized appreciation (depreciation), net 7,207 (17,010)
Balance, end of period 339,136 547,958
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date 783 (13,157)
Consolidated Funds | Partnership interests    
Changes in the fair value of the Level III investments    
Balance, beginning of period 271,447 232,332
Deconsolidation of fund 0 0
Transfer in 0 0
Transfer out 0 0
Purchases 13,000 25,000
Sales/settlements (22,000) (5,000)
Amortized discounts/premiums 0 0
Realized and unrealized appreciation (depreciation), net 33,565 19,115
Balance, end of period 296,012 271,447
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date 33,565 19,115
Consolidated Funds | Derivatives, Net    
Changes in the fair value of the Level III investments    
Balance, beginning of period 680 904
Deconsolidation of fund 0 0
Transfer in 0 0
Transfer out 0 0
Purchases 0 0
Sales/settlements (431) (186)
Amortized discounts/premiums (129) (140)
Realized and unrealized appreciation (depreciation), net (4,226) 102
Balance, end of period (4,106) 680
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date (4,400) (57)
Ares Management L.P    
Changes in the fair value of the Level III investments    
Balance, beginning of period 106,413 239,927
Deconsolidation of fund 10,021 78
Transfer in   250
Purchases 30,795 93,797
Sales/settlements (31,387) (222,934)
Realized and unrealized appreciation (depreciation), net 3,237 (4,705)
Balance, end of period 119,079 106,413
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date 2,672 (4,353)
Ares Management L.P | Equity Securities    
Changes in the fair value of the Level III investments    
Balance, beginning of period 10,397 0
Deconsolidation of fund 0 0
Transfer in   250
Purchases 3,000 1,000
Sales/settlements 0 0
Realized and unrealized appreciation (depreciation), net 1,307 9,147
Balance, end of period 14,704 10,397
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date 1,307 9,147
Ares Management L.P | Fixed Income Securities    
Changes in the fair value of the Level III investments    
Balance, beginning of period 60,824 195,158
Deconsolidation of fund 10,021 78
Purchases 27,795 92,797
Sales/settlements (31,387) (222,934)
Realized and unrealized appreciation (depreciation), net 1,930 (4,275)
Balance, end of period 69,183 60,824
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date 1,365 (3,923)
Ares Management L.P | Partnership interests    
Changes in the fair value of the Level III investments    
Balance, beginning of period 35,192 44,769
Deconsolidation of fund 0 0
Purchases 0 0
Sales/settlements 0 0
Realized and unrealized appreciation (depreciation), net 0 (9,577)
Balance, end of period 35,192 35,192
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 0 $ (9,577)
v3.19.3.a.u2
FAIR VALUE (Valuation Techniques) (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Consolidated Funds    
Assets, Fair Value Disclosure [Abstract]    
Equity securities $ 112,384 $ 196,470
Partnership interests 296,012 271,447
Collateralized loan obligations 7,973,748 6,678,091
Other fixed income 8,319,551 7,205,248
Total derivative assets, at fair value   3,209
Total assets, at fair value 8,728,614 7,676,374
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives instruments (4,776) (2,512)
Total liabilities, at fair value (7,978,524) (6,680,603)
Consolidated Funds | Level III     
Assets, Fair Value Disclosure [Abstract]    
Equity securities 85,988 150,752
Partnership interests 296,012 271,447
Collateralized loan obligations 0 0
Other fixed income 339,136 547,958
Total derivative assets, at fair value   1,328
Total assets, at fair value 721,136 971,485
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives instruments (4,106) (648)
Total liabilities, at fair value (4,106) (648)
Consolidated Funds | Level III  | Transaction price    
Assets, Fair Value Disclosure [Abstract]    
Equity securities 44,812 85,319
Consolidated Funds | Level III  | Discounted cash flow    
Assets, Fair Value Disclosure [Abstract]    
Equity securities   $ 271,447
Partnership interests $ 296,012  
Consolidated Funds | Level III  | Discounted cash flow | Discount rate    
Unobservable Input    
Equity securities   0.208
Partnership interest 0.196  
Consolidated Funds | Level III  | Discounted cash flow | Discount rate | Weighted Average    
Unobservable Input    
Equity securities   0.208
Partnership interest 0.196  
Consolidated Funds | Level III  | Broker quotes and/or 3rd party pricing services    
Assets, Fair Value Disclosure [Abstract]    
Other fixed income $ 271,919 $ 441,368
Total derivative assets, at fair value   1,328
Liabilities, Fair Value Disclosure [Abstract]    
Derivatives instruments (4,106) (648)
Consolidated Funds | Level III  | Other    
Assets, Fair Value Disclosure [Abstract]    
Equity securities $ 40,745 $ 41,562
Consolidated Funds | Level III  | Other | Net income multiple    
Unobservable Input    
Equity securities 36.2  
Consolidated Funds | Level III  | Other | Net income multiple | Weighted Average    
Unobservable Input    
Equity securities 36.2  
Consolidated Funds | Level III  | Other | Illiquidity discount    
Unobservable Input    
Equity securities 0.250 0.250
Consolidated Funds | Level III  | Other | Illiquidity discount | Weighted Average    
Unobservable Input    
Equity securities 0.250 0.250
Consolidated Funds | Level III  | Enterprise value market multiple analysis    
Assets, Fair Value Disclosure [Abstract]    
Equity securities $ 431 $ 23,871
Consolidated Funds | Level III  | Enterprise value market multiple analysis | EBITDA multiple | Minimum    
Unobservable Input    
Equity securities 8.2  
Consolidated Funds | Level III  | Enterprise value market multiple analysis | EBITDA multiple | Maximum    
Unobservable Input    
Equity securities 21.3  
Consolidated Funds | Level III  | Enterprise value market multiple analysis | EBITDA multiple | Weighted Average    
Unobservable Input    
Equity securities 16.1  
Consolidated Funds | Level III  | Income approach    
Assets, Fair Value Disclosure [Abstract]    
Other fixed income $ 67,217 $ 106,590
Consolidated Funds | Level III  | Income approach | Yield | Minimum    
Unobservable Input    
Fixed income securities 0.048  
Consolidated Funds | Level III  | Income approach | Yield | Maximum    
Unobservable Input    
Fixed income securities 0.143  
Consolidated Funds | Level III  | Income approach | Yield | Weighted Average    
Unobservable Input    
Fixed income securities 0.097 0.096
Ares Management L.P    
Assets, Fair Value Disclosure [Abstract]    
Equity securities $ 15,747 $ 11,681
Partnership interests 36,824 36,053
Total assets, at fair value 125,777 109,624
Liabilities, Fair Value Disclosure [Abstract]    
Total liabilities, at fair value (113) (869)
Ares Management L.P | Level III     
Assets, Fair Value Disclosure [Abstract]    
Equity securities 14,704 10,397
Partnership interests 35,192 35,192
Total assets, at fair value 119,079 106,413
Liabilities, Fair Value Disclosure [Abstract]    
Total liabilities, at fair value 0 0
Ares Management L.P | Level III  | Transaction price    
Assets, Fair Value Disclosure [Abstract]    
Equity securities 14,704 10,397
Partnership interests 32,661  
Ares Management L.P | Level III  | Discounted cash flow    
Assets, Fair Value Disclosure [Abstract]    
Partnership interests   $ 35,192
Ares Management L.P | Level III  | Discounted cash flow | Discount rate    
Unobservable Input    
Partnership interest   0.080
Ares Management L.P | Level III  | Broker quotes and/or 3rd party pricing services    
Assets, Fair Value Disclosure [Abstract]    
Collateralized loan obligations 22,265 $ 20,824
Ares Management L.P | Level III  | Other    
Assets, Fair Value Disclosure [Abstract]    
Partnership interests 2,531  
Other fixed income $ 46,918 $ 40,000
v3.19.3.a.u2
FAIR VALUE (Investments Using NAV per Share) (Details) - Non-core investments - USD ($)
Dec. 31, 2019
Dec. 31, 2018
FAIR VALUE    
Unfunded commitments $ 0 $ 0
Investments Measured at NAV    
FAIR VALUE    
Fair Value $ 1,600,000 $ 800,000
v3.19.3.a.u2
DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Consolidated Funds    
Assets    
Notional amount, Assets $ 667 $ 7,107
Fair Value, Assets 667 3,209
Liabilities    
Notional amount, Liabilities 8,307 4,486
Fair Value, Liabilities 4,776 2,512
Derivative asset, amount offset 100 100
Derivative liability, amount offset 5,700 5,700
Consolidated Funds | Foreign exchange contracts    
Assets    
Notional amount, Assets 667 1,881
Fair Value, Assets 667 1,881
Liabilities    
Notional amount, Liabilities 667 1,881
Fair Value, Liabilities 670 1,864
Consolidated Funds | Asset swap - other    
Assets    
Notional amount, Assets 0 5,226
Fair Value, Assets 0 1,328
Liabilities    
Notional amount, Liabilities 7,640 2,605
Fair Value, Liabilities 4,106 648
Ares Management L.P    
Assets    
Notional amount, Assets 67,930 33,026
Fair Value, Assets 4,023 1,066
Liabilities    
Notional amount, Liabilities 10,846 27,140
Fair Value, Liabilities 113 869
Derivative liability, amount not offset (100) (900)
Ares Management L.P | Foreign exchange contracts    
Assets    
Notional amount, Assets 67,930 33,026
Fair Value, Assets 4,023 1,066
Liabilities    
Notional amount, Liabilities 10,846 27,140
Fair Value, Liabilities $ 113 $ 869
v3.19.3.a.u2
DERIVATIVE FINANCIAL INSTRUMENTS (Net Realized Gain/Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Consolidated Funds | Investment Income      
DERIVATIVE FINANCIAL INSTRUMENTS      
Net realized gains (losses) on derivatives $ (1,189) $ (699) $ 722
Consolidated Funds | Net Change In Unrealized Appreciation Depreciation On Investments      
DERIVATIVE FINANCIAL INSTRUMENTS      
Net realized gains (losses) on derivatives (4,771) (168) 1,809
Consolidated Funds | Derivatives-foreign exchange contracts | Foreign currency forward contracts | Investment Income      
DERIVATIVE FINANCIAL INSTRUMENTS      
Net realized gains (losses) on derivatives 8 96 (181)
Net realized gains (losses) on derivatives (20) 15 (529)
Consolidated Funds | Asset swaps-other | Asset swap - other | Investment Income      
DERIVATIVE FINANCIAL INSTRUMENTS      
Net realized gains (losses) on derivatives (1,197) (795) 903
Net realized gains (losses) on derivatives (4,751) (183) 2,338
Ares Management L.P | Investment Income      
DERIVATIVE FINANCIAL INSTRUMENTS      
Net realized gains (losses) on derivatives 2,284 (1,197) (1,830)
Ares Management L.P | Net Change In Unrealized Appreciation Depreciation On Investments      
DERIVATIVE FINANCIAL INSTRUMENTS      
Net realized gains (losses) on derivatives 3,713 2,338 (5,299)
Ares Management L.P | Derivatives-foreign exchange contracts | Foreign currency forward contracts | Investment Income      
DERIVATIVE FINANCIAL INSTRUMENTS      
Net realized gains (losses) on derivatives 2,284 (1,197) (1,830)
Ares Management L.P | Derivatives-foreign exchange contracts | Foreign currency forward contracts | Net Change In Unrealized Appreciation Depreciation On Investments      
DERIVATIVE FINANCIAL INSTRUMENTS      
Net realized gains (losses) on derivatives $ 3,713 $ 2,338 $ (5,299)
v3.19.3.a.u2
DEBT (Debt Obligations) (Details) - Ares Management L.P - USD ($)
 1 Months Ended 12 Months Ended
Oct. 31, 2014
Dec. 31, 2019
Dec. 31, 2018
DEBT      
Carrying Value   $ 316,609,000 $ 480,952,000
Credit Facility      
DEBT      
Carrying Value   $ 70,000,000 $ 235,000,000
Interest Rate   3.06% 4.00%
Maximum borrowing capacity   $ 1,065,000,000.000  
Unused commitment fees   0.15%  
Interest rate   0.00%  
Credit Facility | Base rate      
DEBT      
Interest rate spread   0.25%  
Credit Facility | LIBOR      
DEBT      
Interest rate spread   1.25%  
Senior Notes      
DEBT      
Original Borrowing Amount   $ 250,000,000  
Carrying Value   $ 246,609,000 $ 245,952,000
Interest Rate   4.21% 4.21%
AFC Notes      
DEBT      
Debt issuance rate 98.268%    
v3.19.3.a.u2
DEBT (Debt Issuance Costs) (Details) - Ares Management L.P - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Credit Facility    
Debt Issuance Costs    
Unamortized debt issuance costs $ 4,972 $ 6,543
Debt issuance costs incurred 1,594 0
Amortization of debt issuance costs (1,311) (1,571)
Debt extinguishment expense   0
Unamortized debt issuance costs 5,255 4,972
Senior Notes    
Debt Issuance Costs    
Unamortized debt issuance costs 1,334 1,571
Debt issuance costs incurred 0 0
Amortization of debt issuance costs (232) (237)
Debt extinguishment expense   0
Unamortized debt issuance costs 1,102 1,334
Term Loans    
Debt Issuance Costs    
Unamortized debt issuance costs 0 1,171
Debt issuance costs incurred 0 98
Amortization of debt issuance costs 0 (56)
Debt extinguishment expense   (1,213)
Unamortized debt issuance costs 0 0
Repurchase Agreement Loan    
Debt Issuance Costs    
Unamortized debt issuance costs 0 0
Debt issuance costs incurred 0 259
Amortization of debt issuance costs 0 (7)
Debt extinguishment expense   (252)
Unamortized debt issuance costs $ 0 $ 0
v3.19.3.a.u2
DEBT (Loan Obligations of the Consolidated CLOs) (Details) - Consolidated Funds - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
DEBT    
Fair Value of Loan Obligations $ 7,973,748 $ 6,678,091
Investments in CLO warehouse    
DEBT    
Loan Obligations 8,188,214 7,097,949
Fair Value of Loan Obligations 7,973,748 6,678,091
Senior secured notes | Investments in CLO warehouse    
DEBT    
Loan Obligations 7,738,337 6,642,616
Fair Value of Loan Obligations $ 7,700,038 $ 6,391,643
Weighted  Average Remaining Maturity  In Years  10 years 11 months 19 days 10 years 11 months 8 days
Debt instrument face amount $ 7,700,000  
Weighted average interest rate (as a percent) 2.91%  
Subordinated notes / preferred shares | Investments in CLO warehouse    
DEBT    
Loan Obligations $ 449,877 $ 455,333
Fair Value of Loan Obligations $ 273,710 $ 286,448
Weighted  Average Remaining Maturity  In Years  11 years 7 days 11 years 2 months 15 days
Debt instrument face amount $ 449,900  
v3.19.3.a.u2
DEBT (Credit Facilities of the Consolidated Funds) (Details) - Consolidated Funds - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
DEBT      
Total borrowings of Consolidated Funds   $ 107,244 $ 209,284
Credit Facility Maturing 1/1/2023      
DEBT      
Maximum borrowing capacity   18,000  
Outstanding Loan   $ 17,550 $ 14,953
Effective Rate   3.44% 3.98%
Credit Facility Maturing 6/29/2019      
DEBT      
Maximum borrowing capacity   $ 0  
Outstanding Loan   $ 0 $ 43,624
Effective Rate   0.00% 1.55%
Interest rate   0.00% 0.00%
Credit Facility Maturing 6/29/2019 | EURIBOR | Minimum      
DEBT      
Interest rate spread 1.00% 1.00%  
Credit Facility Maturing 6/29/2019 | EURIBOR | Maximum      
DEBT      
Interest rate spread 1.55% 1.55%  
Credit Facility Maturing 3/7/2019      
DEBT      
Maximum borrowing capacity   $ 71,500  
Outstanding Loan   $ 71,500 $ 71,500
Effective Rate   3.14% 3.47%
Credit Facility Maturing 6/30/2021      
DEBT      
Maximum borrowing capacity   $ 196,315  
Outstanding Loan   $ 0 $ 38,844
Effective Rate   1.00% 1.00%
Credit Facility Maturing 7/15/2028      
DEBT      
Maximum borrowing capacity   $ 75,000  
Outstanding Loan   $ 17,000 $ 39,000
Effective Rate   4.75% 4.75%
Revolving Term Loan      
DEBT      
Maximum borrowing capacity   $ 1,900  
Outstanding Loan   $ 1,194 $ 1,363
Effective Rate   7.70% 8.07%
v3.19.3.a.u2
OTHER ASSETS (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Other Assets [Line Items]      
Goodwill $ 143,855 $ 143,786 $ 143,895
Other assets     $ 130,341
Consolidated Funds      
Other Assets [Line Items]      
Dividends and interest receivable 26,030 19,330  
Income tax and other receivables 4,051 4,456  
Other assets 30,081 23,786  
Ares Management L.P      
Other Assets [Line Items]      
Accounts and interest receivable 5,749 11,624  
Incentive fees receivable 40,650 49,697  
Fixed assets, net 62,883 63,380  
Deferred tax asset, net 46,364 42,137  
Goodwill 143,855 143,786  
Intangibles 7,975 31,434  
Other assets 33,817 35,593  
Other assets $ 341,293 $ 377,651  
v3.19.3.a.u2
OTHER ASSETS (Depreciable assets) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Property, Plant and Equipment [Line Items]      
Depreciation $ 17,100 $ 16,100 $ 12,600
Fully depreciated 5,200    
Ares Management L.P      
Property, Plant and Equipment [Line Items]      
Fixed assets, gross 123,032 111,757  
Less: accumulated depreciation (60,149) (48,377)  
Fixed assets, net 62,883 63,380  
Furniture | Ares Management L.P      
Property, Plant and Equipment [Line Items]      
Fixed assets, gross 9,484 9,536  
Office and computer equipment | Ares Management L.P      
Property, Plant and Equipment [Line Items]      
Fixed assets, gross 19,963 19,722  
Internal-use software | Ares Management L.P      
Property, Plant and Equipment [Line Items]      
Fixed assets, gross 36,966 29,005  
Leasehold improvements | Ares Management L.P      
Property, Plant and Equipment [Line Items]      
Fixed assets, gross $ 56,619 $ 53,494  
v3.19.3.a.u2
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)
$ in Millions
Dec. 31, 2019
Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES    
Unfunded capital commitments $ 387.4 $ 267.6
Performance Income    
Performance Income    
Performance income subject to potential clawback provision 233.4 469.0
Performance income subject to potential claw back provision that are reimbursable by professionals $ 175.1 $ 364.4
v3.19.3.a.u2
COMMITMENTS AND CONTINGENCIES (Leases: Assets and Liabilities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Lessee, Lease, Description [Line Items]      
Lease term 8 years    
Operating lease liabilities $ 168,817    
Finance lease obligations 1,651    
Accumulated amortization 600    
Operating lease expense 28,814 $ 30,497 $ 26,122
Office Space      
Lessee, Lease, Description [Line Items]      
Operating lease expense 10,500    
Ares Management L.P      
Lessee, Lease, Description [Line Items]      
Operating lease assets 143,406    
Finance lease assets 1,787    
Total lease assets 145,193    
Operating lease liabilities 168,817    
Finance lease obligations 1,651    
Total lease liabilities $ 170,468    
Minimum      
Lessee, Lease, Description [Line Items]      
Lease term 1 year    
Maximum      
Lessee, Lease, Description [Line Items]      
Lease term 11 years    
v3.19.3.a.u2
COMMITMENTS AND CONTINGENCIES (Leases: Lease Expense) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]      
Operating lease expense $ 28,814 $ 30,497 $ 26,122
Amortization of finance lease assets 304 260 0
Interest on finance lease liabilities 39 39 0
Total lease expense $ 29,157 $ 30,796 $ 26,122
v3.19.3.a.u2
COMMITMENTS AND CONTINGENCIES (Leases: Maturity of Lease Liabilities) (Details)
$ in Thousands
Dec. 31, 2019
USD ($)
Operating Leases  
2020 $ 30,314
2021 29,453
2022 30,618
2023 27,062
2024 23,913
Lessee, Operating Lease, Liability, Payments, Due after Year Five 50,600
Total future payments 191,960
Less: interest 23,143
Operating lease liabilities 168,817
Finance Leases  
2020 504
2021 504
2022 471
2023 144
2024 122
After 2024 0
Total future payments 1,745
Less: interest 94
Finance lease obligations $ 1,651
v3.19.3.a.u2
COMMITMENTS AND CONTINGENCIES (Leases: Lease Term and Discount Rate) (Details)
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Weighted-average remaining lease terms, operating lease 6 years 6 months
Weighted-average remaining lease terms, finance lease 3 years 3 months 18 days
Weighted-average discount rate, operating lease 4.00%
Weighted-average discount rate, finance lease 3.39%
v3.19.3.a.u2
COMMITMENTS AND CONTINGENCIES (Leases: Other Information) (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Operating cash flows from operating leases $ 31,509
Operating cash flows from finance leases 58
Financing cash flows from finance leases 311
Leased assets obtained in exchange for new finance lease liabilities 778
Leased assets obtained in exchange for new operating lease liabilities $ 49,833
v3.19.3.a.u2
RELATED PARTY TRANSACTIONS (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jan. 03, 2017
Jun. 30, 2017
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jun. 21, 2019
Jun. 30, 2018
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
ARCC | American Capital Ltd.                    
Due to affiliates:                    
Maximum fees waived   $ 10,000,000 $ 30,000,000.0 $ 40,000,000.0 $ 30,000,000.0          
Consolidated Funds                    
Due from affiliates:                    
Due from affiliates     6,192,000 17,609,000            
Due to affiliates:                    
Due to affiliates     0 0            
Consolidated Funds | Affiliated entity                    
Due from affiliates:                    
Due from affiliates     6,192,000 17,609,000            
Ares Management L.P                    
Due from affiliates:                    
Due from affiliates     268,099,000 199,377,000            
Due to affiliates:                    
Due to affiliates     71,445,000 82,411,000            
Transaction support expense     0 0 275,177,000          
Ares Management L.P | Affiliated entity                    
Due from affiliates:                    
Management fees receivable from non-consolidated funds     203,554,000 151,455,000            
Payments made on behalf of and amounts due from non-consolidated funds and employees     64,545,000 47,922,000            
Due to affiliates:                    
Management fee rebate payable to non-consolidated funds     2,420,000 2,105,000            
Management fees received in advance     3,012,000 5,491,000            
Tax receivable agreement liability     26,542,000 24,927,000            
Undistributed carried interest and incentive fees     28,086,000 31,162,000            
Payments made by non-consolidated funds on behalf of and payable by the Company     $ 11,385,000 18,726,000            
Ares Management L.P | Affiliated entity | ARCC                    
Due to affiliates:                    
Asset coverage percentage     200.00%     150.00%        
Annual base management fee percentage     1.50%     1.00%        
Debt to equity ratio           1.0        
Payments to acquire businesses $ 4,200,000,000                  
Ares Management L.P | Affiliated entity | ARCC | Rent and other occupancy expenses                    
Due to affiliates:                    
Due to affiliates     $ 11,800,000 $ 11,800,000 $ 2,200,000   $ 600,000 $ 3,000,000.0 $ 3,200,000 $ 2,900,000
Ares Management L.P | Affiliated entity | American Capital Ltd.                    
Due to affiliates:                    
Transaction support expense $ 275,200,000                  
v3.19.3.a.u2
INCOME TAXES (Provision for Income Taxes) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Current:      
Total current income tax expense (benefit) $ 44,525 $ 27,903 $ (15,477)
Deferred:      
Total deferred income tax expense (benefit) 7,851 4,299 (7,575)
Total:      
Income tax expense (benefit) 52,376 32,202 (23,052)
Pro Forma      
Current:      
Total current income tax expense (benefit)     11,225
Deferred:      
Total deferred income tax expense (benefit)     15,881
Total:      
Income tax expense (benefit)     27,106
Ares Management L.P      
Current:      
U.S. federal income tax expense (benefit) 32,012 16,859 (21,559)
State and local income tax expense 6,940 4,306 454
Foreign income tax expense 6,103 6,607 3,741
Total current income tax expense (benefit) 45,055 27,772 (17,364)
Deferred:      
U.S. federal income tax expense (benefit) 8,820 10,572 (3,466)
State and local income tax expense (benefit) 1,001 (4,789) (2,414)
Foreign income tax benefit (1,970) (1,484) (1,695)
Total deferred income tax expense (benefit) 7,851 4,299 (7,575)
Total:      
U.S. federal income tax expense (benefit) 40,832 27,431 (25,025)
State and local income tax expense (benefit) 7,941 (483) (1,960)
Foreign income tax expense 4,133 5,123 2,046
Income tax expense (benefit) 52,906 32,071 (24,939)
Ares Management L.P | Pro Forma      
Current:      
U.S. federal income tax expense (benefit)     2,634
State and local income tax expense     2,963
Foreign income tax expense     3,741
Total current income tax expense (benefit)     9,338
Deferred:      
U.S. federal income tax expense (benefit)     18,297
State and local income tax expense (benefit)     (721)
Foreign income tax benefit     (1,695)
Total deferred income tax expense (benefit)     15,881
Total:      
U.S. federal income tax expense (benefit)     20,931
State and local income tax expense (benefit)     2,242
Foreign income tax expense     2,046
Income tax expense (benefit)     25,219
Consolidated Funds      
Current:      
Foreign income tax expense (530) 131 1,887
Total current income tax expense (benefit) $ (530) $ 131 1,887
Consolidated Funds | Pro Forma      
Current:      
Foreign income tax expense     1,887
Total current income tax expense (benefit)     $ 1,887
v3.19.3.a.u2
INCOME TAXES (Effective Income Tax Rate) (Details)
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Income Taxes [Line Items]      
Income tax expense at federal statutory rate 21.00% 21.00% 35.00%
Income passed through to non-controlling interests (10.40%) (9.90%) (51.10%)
State and local taxes, net of federal benefit 1.90% 2.10% (1.40%)
Foreign taxes 0.30% 0.30% 0.30%
Permanent items (0.40%) (0.80%) 0.30%
Tax Cuts and Jobs Act 0.00% (0.40%) (0.40%)
Corporate conversion expense 0.00% 5.40% 0.00%
Other, net (0.10%) (0.30%) 0.40%
Valuation allowance 0.00% 0.10% 1.30%
Total effective rate 12.30% 17.50% (15.60%)
Pro Forma      
Income Taxes [Line Items]      
Income passed through to non-controlling interests     (23.20%)
State and local taxes, net of federal benefit     0.40%
Foreign taxes     0.30%
Permanent items     0.30%
Tax Cuts and Jobs Act     3.30%
Corporate conversion expense     0.00%
Other, net     0.40%
Valuation allowance     1.30%
Total effective rate     17.80%
v3.19.3.a.u2
INCOME TAXES (Deferred Taxes) (Details) - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Ares Management L.P    
Deferred Tax Assets, Gross [Abstract]    
Amortizable tax basis for AOG unit exchanges $ 25,994 $ 25,928
Investment in partnerships 12,841 11,527
Net operating losses 367 865
Other, net 7,216 5,416
Total gross deferred tax assets 46,418 43,736
Valuation allowance (54) (22)
Total deferred tax assets, net 46,364 43,714
Deferred tax liabilities    
Investment in partnerships 0 (1,577)
Total deferred tax liabilities 0 (1,577)
Net deferred tax assets 46,364 42,137
Consolidated Funds    
Deferred Tax Assets, Gross [Abstract]    
Net operating losses 5,391 5,525
Other, net 2,173 2,173
Total gross deferred tax assets 7,564 7,698
Valuation allowance (7,564) (7,698)
Total deferred tax assets, net $ 0 $ 0
v3.19.3.a.u2
INCOME TAXES (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Income Tax Disclosure [Abstract]    
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount $ (0.1) $ 0.8
Operating Loss Carryforwards $ 39.1  
v3.19.3.a.u2
EARNINGS PER SHARE (Antidilutive) (Details) - shares
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
AOG      
Earnings per common unit      
Antidilutive securities excluded from calculation of earnings per common unit (in units) 116,802,160 121,296,583 130,244,013
Options      
Earnings per common unit      
Antidilutive securities excluded from calculation of earnings per common unit (in units) 0 19,194,615 21,001,916
Restricted units      
Earnings per common unit      
Antidilutive securities excluded from calculation of earnings per common unit (in units) 82 15,970,004 14,105,481
v3.19.3.a.u2
EARNINGS PER SHARE (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 17, 2019
Sep. 16, 2019
Jun. 14, 2019
Mar. 15, 2019
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Basic                              
Net income attributable to Ares Management Corporation Class A common stockholders         $ 33,040 $ 27,906 $ 26,714 $ 39,524 $ 6,512 $ 10,485 $ (17,200) $ 35,523 $ 127,184 $ 35,320 $ 54,478
Distributions on unvested restricted units                         (7,670) (6,948) (3,588)
Net income available to Class A common stockholders                         $ 119,514 $ 28,372 $ 50,890
Basic weighted-average shares of Class A common stock (in shares) [1]                         107,914,953 96,023,147 81,838,007
Basic earnings per share of Class A common stock (in dollars per share)         $ 0.27 $ 0.24 $ 0.24 $ 0.36 $ 0.05 $ 0.09 $ (0.20) $ 0.39 $ 1.11 $ 0.30 $ 0.62
Distributions on unvested restricted units                         $ 0 $ (6,948) $ (3,588)
Net income available to Class A common stockholders                         $ 127,184 $ 28,372 $ 50,890
Diluted                              
Diluted weighted-average shares of Class A common stock (in shares)                         119,877,429 96,023,147 81,838,007
Diluted earnings per share of Class A common stock (in dollars per share)         0.25 0.23 0.23 0.36 0.05 0.09 (0.20) 0.28 $ 1.06 $ 0.30 $ 0.62
Dividend declared and paid per Class A common stock (in dollar per share) $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.28 $ 0.28 $ 0.28 $ 0.24 $ 1.28 $ 1.33 $ 1.13
Restricted units                              
Diluted                              
Effect of dilutive shares (in shares)                         7,838,200 0 0
Options                              
Diluted                              
Effect of dilutive shares (in shares)                         4,124,276 0 0
[1] Year ended December 31, 2017 represents common units.
v3.19.3.a.u2
EQUITY COMPENSATION (Equity Incentive Plan) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Jan. 01, 2019
Equity compensation        
Equity compensation expenses $ 97,691 $ 89,724 $ 69,711  
Restricted units        
Equity compensation        
Equity compensation expenses 88,979 74,441 54,339  
Restricted units with a market condition        
Equity compensation        
Equity compensation expenses 3,613 1,524 0  
Options        
Equity compensation        
Equity compensation expenses 4,362 12,449 13,848  
Phantom Shares        
Equity compensation        
Equity compensation expenses $ 737 $ 1,310 $ 1,524  
Ares Management L.P        
Equity compensation        
Total number of shares available for grant under the Equity Incentive Plan (in shares) 28,930,797     32,792,005
v3.19.3.a.u2
EQUITY COMPENSATION (Restricted Units) (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Dec. 17, 2019
Sep. 16, 2019
Jun. 14, 2019
Mar. 15, 2019
Jul. 31, 2018
Jul. 31, 2018
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Equity compensation                                  
Dividend declared and paid per share of Class A common stock (in dollar per share) $ 0.32 $ 0.32 $ 0.32 $ 0.32     $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.28 $ 0.28 $ 0.28 $ 0.24 $ 1.28 $ 1.33 $ 1.13
Distribution equivalents made to holders                             $ 21.5    
Weighted Average Grant Date Fair Value                                  
Unrecognized compensation expenses             $ 90.5               $ 90.5    
Restricted units                                  
Equity compensation                                  
Granted (in units)           2,000,000                 4,499,563    
Units                                  
Balance at the beginning of the period (in units or shares)                   16,255,475         16,255,475    
Granted (in units)           2,000,000                 4,499,563    
Vested (in units)                             (3,691,234)    
Forfeited (in units)                             (253,331)    
Balance at the end of the period (in units or shares)             16,810,473       16,255,475       16,810,473 16,255,475  
Weighted Average Grant Date Fair Value                                  
Balance at the beginning of the period (in dollars per share)                   $ 19.21         $ 19.21    
Granted (in dollars per share)                             21.42    
Vested (in dollars per share)                             17.96    
Forfeited (in dollars per share)                             19.68    
Balance at the end of the period (in dollars per share)             $ 20.07       $ 19.21       $ 20.07 $ 19.21  
Unrecognized compensation expenses             $ 203.0               $ 203.0    
Weighted average period of compensation expense expected to be recognized                             2 years 9 months 21 days    
Contingent Vesting Units Awards                                  
Equity compensation                                  
Granted (in units)           1,333,334                      
Units                                  
Granted (in units)           1,333,334                      
Restricted units with a market condition                                  
Equity compensation                                  
Granted (in units)           666,666                 0    
Units                                  
Balance at the beginning of the period (in units or shares)                   1,333,334         1,333,334    
Granted (in units)           666,666                 0    
Vested (in units)                             0    
Forfeited (in units)                             0    
Balance at the end of the period (in units or shares)             1,333,334       1,333,334       1,333,334 1,333,334  
Weighted Average Grant Date Fair Value                                  
Balance at the beginning of the period (in dollars per share)                   $ 9.30         $ 9.30    
Granted (in dollars per share)                             0    
Vested (in dollars per share)                             0    
Forfeited (in dollars per share)                             0    
Balance at the end of the period (in dollars per share)             $ 9.30       $ 9.30       $ 9.30 $ 9.30  
Unrecognized compensation expenses             $ 7.3               $ 7.3    
Weighted average period of compensation expense expected to be recognized                             2 years 2 months 12 days    
Third Anniversary of Grant Date | Restricted units                                  
Equity compensation                                  
Annual award vesting percentage                             33.33%    
Third Anniversary of Grant Date | Restricted units with a market condition                                  
Equity compensation                                  
Granted (in units)         666,667                        
Units                                  
Granted (in units)         666,667                        
Weighted Average Grant Date Fair Value                                  
Balance at the end of the period (in dollars per share)         $ 10.92 $ 10.92                      
First Anniversary of Grant Date | Restricted units                                  
Equity compensation                                  
Annual award vesting percentage                             25.00%    
First Anniversary of Grant Date | Restricted units with a market condition                                  
Equity compensation                                  
Granted (in units)         666,667                        
Units                                  
Granted (in units)         666,667                        
Weighted Average Grant Date Fair Value                                  
Balance at the end of the period (in dollars per share)         $ 7.68 $ 7.68                      
v3.19.3.a.u2
EQUITY COMPENSATION (Restricted Units Awards with a Market Condition) (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 12 Months Ended
Jul. 31, 2018
Jul. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Weighted Average Grant Date Fair Value        
Unrecognized compensation expenses     $ 90.5  
Restricted units with a market condition        
Equity compensation        
Weighted average grant date fair value (USD per share)     $ 9.30 $ 9.30
Fair Value        
Closing price of the Company's common shares as of valuation date (USD per share)       $ 20.95
Risk-free interest rate       2.95%
Volatility       30.00%
Dividend yield       5.00%
Cost of equity       10.00%
Units        
Balance at the beginning of the period (in units or shares)     1,333,334  
Granted (in units)   666,666 0  
Vested (in units)     0  
Forfeited (in units)     0  
Balance at the end of the period (in units or shares)     1,333,334 1,333,334
Weighted Average Grant Date Fair Value        
Weighted average grant date fair value (USD per share)     $ 9.30 $ 9.30
Granted (in dollars per share)     0  
Vested (in dollars per share)     0  
Forfeited (in dollars per share)     $ 0  
Unrecognized compensation expenses     $ 7.3  
Weighted average period of compensation expense expected to be recognized     2 years 2 months 12 days  
Restricted units with a market condition | Third Anniversary of Grant Date        
Equity compensation        
Weighted average price of shares purchased (USD per share) $ 35.00 $ 35.00    
Weighted average grant date fair value (USD per share) $ 10.92 10.92    
Vesting period 3 years      
Units        
Granted (in units) 666,667      
Weighted Average Grant Date Fair Value        
Weighted average grant date fair value (USD per share) $ 10.92 10.92    
Restricted units with a market condition | First Anniversary of Grant Date        
Equity compensation        
Weighted average price of shares purchased (USD per share) 45.00 45.00    
Weighted average grant date fair value (USD per share) $ 7.68 7.68    
Vesting period 4 years 3 months 18 days      
Units        
Granted (in units) 666,667      
Weighted Average Grant Date Fair Value        
Weighted average grant date fair value (USD per share) $ 7.68 $ 7.68    
v3.19.3.a.u2
EQUITY COMPENSATION (Options) (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Options      
Exercised (in units)   (4,785,131)  
Aggregate Intrinsic Value      
Unrecognized compensation expenses   $ 90,500  
Options      
Options      
Balance at the beginning of the period (in units) 18,741,504 18,741,504  
Exercised (in units)   (4,905,998)  
Expired (in units)   (366,366)  
Forfeited (in units)   (42,270)  
Balance at the end of the period (in units)   13,426,870  
Exercisable at the end of the period (in units)   13,317,053  
Weighted Average Exercise Price      
Balance at the beginning of the period (in dollars per unit) $ 18.99 $ 18.99  
Exercised (in dollars per unit)   19.00  
Expired (in dollars per unit)   19.00  
Forfeited (in dollars per unit)   19.00  
Balance at the end of the period (in dollars per unit)   18.99  
Exercisable at the end of the period (in dollars per unit)   $ 18.99  
Weighted Average Remaining Life      
Weighted average remaining life 4 years 10 months 17 days    
Expected to vest at the end of the period   4 years 4 months 2 days  
Exercisable at the end of the period   4 years 3 months 29 days  
Aggregate Intrinsic Value      
Beginning balance   $ 224,260 $ 0
Ending balance   224,260 $ 0
Exercisable   $ 222,372  
Shares purchased (in shares)   1  
Term   ten years  
Tax benefits of exercises   $ 4,300  
v3.19.3.a.u2
EQUITY COMPENSATION (Phantom Shares) (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2019
USD ($)
$ / shares
shares
Weighted Average Grant Date Fair Value  
Unrecognized compensation expenses | $ $ 90.5
Phantom Shares  
Units  
Balance at the beginning of the period (in units or shares) | shares 66,287
Vested (in units) | shares (61,502)
Forfeited (in units) | shares (4,785)
Balance at the end of the period (in units or shares) | shares 0
Weighted Average Grant Date Fair Value  
Balance at the beginning of the period (in dollars per share) | $ / shares $ 19.00
Vested (in dollars per share) | $ / shares 19.00
Forfeited (in dollars per share) | $ / shares 19.00
Balance at the end of the period (in dollars per share) | $ / shares $ 0
Number of trading days 15 days
Vesting period 5 years
Settle vested phantom shares | $ $ 1.5
v3.19.3.a.u2
EQUITY (Common Stock) (Details) - USD ($)
 12 Months Ended
Dec. 31, 2019
Feb. 27, 2020
Feb. 28, 2019
Dec. 31, 2018
Nov. 26, 2018
Class of Stock [Line Items]          
Repurchase program cost $ 10,449,000        
Increase (Decrease) in Stockholders' Equity          
Balance (in shares) 101,595,096        
Issuance of stock (in shares) 7,000,000        
Stock option exercises (in shares) 4,785,131        
Repurchases of stock (in shares) (400,000)        
Vesting of restricted stock awards, net of shares withheld for tax (shares) 2,099,293        
Balance (in shares) 115,243,029        
AOG          
Increase (Decrease) in Stockholders' Equity          
Exchanges of AOG Units (in shares) 163,509        
Class A common stock          
Class of Stock [Line Items]          
Common stock, par value (in dollars per share) $ 0.01     $ 0.01 $ 0.01
Common stock, shares issued (in shares) 115,242,028     101,594,095  
Authorized amount     $ 150,000,000    
Repurchase program cost $ 10,400,000        
Remaining available for repurchases of common stock $ 139,600,000        
Increase (Decrease) in Stockholders' Equity          
Balance (in shares) 101,594,095        
Issuance of stock (in shares) 7,000,000        
Stock option exercises (in shares) 4,785,131        
Repurchases of stock (in shares) (400,000)        
Vesting of restricted stock awards, net of shares withheld for tax (shares) 2,099,293        
Balance (in shares) 115,242,028        
Class A common stock | Subsequent event          
Class of Stock [Line Items]          
Authorized amount   $ 150,000,000      
Class A common stock | AOG          
Increase (Decrease) in Stockholders' Equity          
Exchanges of AOG Units (in shares) 163,509        
Class B common stock          
Class of Stock [Line Items]          
Common stock, par value (in dollars per share) $ 0.01     $ 0.01 $ 0.01
Common stock, shares issued (in shares) 1,000     1,000 1,000
Increase (Decrease) in Stockholders' Equity          
Balance (in shares) 1,000        
Issuance of stock (in shares) 0        
Stock option exercises (in shares) 0        
Repurchases of stock (in shares) 0        
Vesting of restricted stock awards, net of shares withheld for tax (shares) 0        
Balance (in shares) 1,000        
Class B common stock | AOG          
Increase (Decrease) in Stockholders' Equity          
Exchanges of AOG Units (in shares) 0        
Class C common stock          
Class of Stock [Line Items]          
Common stock, par value (in dollars per share) $ 0.01     $ 0.01 $ 0.01
Common stock, shares issued (in shares) 1     1  
Increase (Decrease) in Stockholders' Equity          
Balance (in shares) 1        
Issuance of stock (in shares) 0        
Stock option exercises (in shares) 0        
Repurchases of stock (in shares) 0        
Vesting of restricted stock awards, net of shares withheld for tax (shares) 0        
Balance (in shares) 1        
Class C common stock | AOG          
Increase (Decrease) in Stockholders' Equity          
Exchanges of AOG Units (in shares) 0        
v3.19.3.a.u2
EQUITY (Common Stock Offering) (Details) - USD ($)
$ in Millions
 12 Months Ended
Sep. 20, 2019
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Class of Stock [Line Items]        
Proceeds from sale of shares $ 207.3      
Fees related to stock issuance $ 0.6      
AOG Units (in units)   231,883,861 218,613,369  
AOG        
Class of Stock [Line Items]        
Direct Ownership Interest   100.00% 100.00%  
Ares Owners Holdings, L.P.        
Class of Stock [Line Items]        
AOG Units (in units)   116,641,833 117,019,274  
Daily Average Ownership   51.98% 53.99% 55.52%
Ares Owners Holdings, L.P. | AOG        
Class of Stock [Line Items]        
Direct Ownership Interest   50.30% 53.53%  
Affiliate of Alleghany Corporation        
Class of Stock [Line Items]        
AOG Units (in units)   0 0  
Daily Average Ownership   0.00% 1.82% 5.89%
Affiliate of Alleghany Corporation | AOG        
Class of Stock [Line Items]        
Direct Ownership Interest   0.00% 0.00%  
AOG        
Class of Stock [Line Items]        
AOG Units (in units)   115,242,028 101,594,095  
Daily Average Ownership   48.02% 44.19% 38.59%
AOG | AOG        
Class of Stock [Line Items]        
Direct Ownership Interest   49.70% 46.47%  
Class A common stock | Underwritten        
Class of Stock [Line Items]        
Number of shares sold (in shares) 7,000,000      
v3.19.3.a.u2
EQUITY (AOG Units Exchange) (Details) - Alleghany - shares
 3 Months Ended
Sep. 30, 2018
Mar. 31, 2018
AOG    
Class of Stock [Line Items]    
Shares converted (in shares) 2,750,000 9,750,000
Ares Management L.P    
Class of Stock [Line Items]    
Shares issued (in shares) 2,750,000 9,750,000
v3.19.3.a.u2
EQUITY (Preferred Stock) (Details) - USD ($)
 3 Months Ended
Mar. 31, 2019
Dec. 31, 2019
Dec. 31, 2018
Jul. 31, 2018
Class of Stock [Line Items]        
Dividend rate, percentage 7.00%      
Preferred stock, par value (in dollars per share)   $ 0.01 $ 0.01  
Redemption price (in dollars per share)     $ 25.00  
Preferred Stock [Member]        
Class of Stock [Line Items]        
Authorized amount       $ 50,000,000.0
Preferred Equity        
Class of Stock [Line Items]        
Partners' capital (in shares)   12,400,000 12,400,000  
v3.19.3.a.u2
SEGMENT REPORTING (Operating Segments) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment reporting                      
Total revenues $ 436,929 $ 466,490 $ 384,822 $ 477,197 $ 247,432 $ 240,777 $ 204,163 $ 266,089   $ 958,461 $ 1,479,943
Assets 12,014,196       10,154,692       $ 12,014,196 10,154,692 8,563,522
Operating segment                      
Segment reporting                      
Fee related earnings                 554,113 455,139 401,865
Performance income—realized                 402,518 357,207 317,787
Performance related compensation—realized                 (290,382) (251,597) (242,330)
Realized net investment income (loss)                 69,715 29,726 29,917
Realized income                 (735,964) (590,475) (507,239)
OMG                      
Segment reporting                      
Compensation and benefits                 (139,162) (124,812) (110,759)
General, administrative and other expenses                 (91,292) (75,015) (74,116)
Fee related earnings                 (230,454) (199,827) (184,875)
Performance income—realized                 0 0 0
Performance related compensation—realized                 0 0 0
Realized net performance income                 0 0 0
Investment income—realized                 0 4,790 3,880
Interest and other investment income (expense) —realized                 (160) 2,184 1,142
Interest expense                 (1,864) (2,226) (1,946)
Realized net investment income (loss)                 (2,024) 4,748 3,076
Realized income                 (232,478) (195,079) (181,799)
Assets 165,122       65,961       165,122 65,961 119,702
Total                      
Segment reporting                      
Compensation and benefits                 (528,207) (456,255) (413,735)
General, administrative and other expenses                 (178,742) (149,465) (136,531)
Fee related earnings                 323,659 255,312 216,990
Performance income—realized                 402,518 357,207 317,787
Performance related compensation—realized                 (290,382) (251,597) (242,330)
Realized net performance income                 112,136 105,610 75,457
Investment income—realized                 58,173 36,507 39,141
Interest and other investment income (expense) —realized                 29,189 19,415 15,071
Interest expense                 (19,671) (21,448) (21,219)
Realized net investment income (loss)                 67,691 34,474 32,993
Realized income                 503,486 395,396 325,440
Assets 2,753,181       2,208,414       2,753,181 2,208,414 2,519,181
Ares Management L.P                      
Segment reporting                      
Total revenues                 1,765,438 958,461 1,479,943
Compensation and benefits                 (653,352) (570,380) (514,109)
General, administrative and other expenses                 (270,219) (215,964) (196,730)
Ares Management L.P | Affiliated entity | ARCC                      
Segment reporting                      
Management fees, part I fees 48,060       37,145       164,396 128,805 105,467
Ares Management L.P | Operating segment                      
Segment reporting                      
Compensation and benefits                 (389,045) (331,443) (302,976)
General, administrative and other expenses                 (87,450) (74,450) (62,415)
Fee related earnings                 554,113 455,139 401,865
Performance income—realized                 402,518 357,207 317,787
Performance related compensation—realized                 (290,382) (251,597) (242,330)
Realized net performance income                 112,136 105,610 75,457
Investment income—realized                 58,173 31,717 35,261
Interest and other investment income (expense) —realized                 29,349 17,231 13,929
Interest expense                 (17,807) (19,222) (19,273)
Realized net investment income (loss)                 69,715 29,726 29,917
Realized income                 735,964 590,475 507,239
Assets 2,588,059       2,142,453       2,588,059 2,142,453 2,399,479
Ares Management L.P | Operating segment | Credit Group                      
Segment reporting                      
Compensation and benefits                 (261,662) (218,148) (194,821)
General, administrative and other expenses                 (55,103) (44,845) (34,335)
Fee related earnings                 414,212 325,153 273,140
Performance income—realized                 104,442 121,270 21,087
Performance related compensation—realized                 (61,641) (75,541) (9,218)
Realized net performance income                 42,801 45,729 11,869
Investment income—realized                 2,457 2,492 7,102
Interest and other investment income (expense) —realized                 18,670 10,350 10,192
Interest expense                 (6,497) (11,386) (12,405)
Realized net investment income (loss)                 14,630 1,456 4,889
Realized income                 471,643 372,338 289,898
Assets 997,064       729,930       997,064 729,930 837,562
Ares Management L.P | Operating segment | Private Equity Group                      
Segment reporting                      
Compensation and benefits                 (78,259) (74,672) (68,569)
General, administrative and other expenses                 (19,098) (18,482) (17,561)
Fee related earnings                 114,419 106,036 113,863
Performance income—realized                 264,439 139,820 287,092
Performance related compensation—realized                 (211,550) (111,764) (228,774)
Realized net performance income                 52,889 28,056 58,318
Investment income—realized                 47,696 17,816 22,625
Interest and other investment income (expense) —realized                 5,046 4,624 3,226
Interest expense                 (7,486) (6,000) (5,218)
Realized net investment income (loss)                 45,256 16,440 20,633
Realized income                 212,564 150,532 192,814
Assets 1,123,254       942,928       1,123,254 942,928 1,255,454
Ares Management L.P | Operating segment | Real Estate Group                      
Segment reporting                      
Compensation and benefits                 (49,124) (38,623) (39,586)
General, administrative and other expenses                 (13,249) (11,123) (10,519)
Fee related earnings                 25,482 23,950 14,862
Performance income—realized                 33,637 96,117 9,608
Performance related compensation—realized                 (17,191) (64,292) (4,338)
Realized net performance income                 16,446 31,825 5,270
Investment income—realized                 8,020 11,409 5,534
Interest and other investment income (expense) —realized                 5,633 2,257 511
Interest expense                 (3,824) (1,836) (1,650)
Realized net investment income (loss)                 9,829 11,830 4,395
Realized income                 51,757 67,605 24,527
Assets $ 467,741       $ 469,595       467,741 469,595 306,463
Management fees | OMG                      
Segment reporting                      
Total revenues                 0 0 0
Management fees | Total                      
Segment reporting                      
Total revenues                 1,012,530 836,744 744,825
Management fees | Ares Management L.P                      
Segment reporting                      
Total revenues                 979,417 802,502 722,419
Management fees | Ares Management L.P | Operating segment                      
Segment reporting                      
Total revenues                 1,012,530 836,744 744,825
Management fees | Ares Management L.P | Operating segment | Credit Group                      
Segment reporting                      
Total revenues                 713,853 564,899 481,466
Management fees | Ares Management L.P | Operating segment | Private Equity Group                      
Segment reporting                      
Total revenues                 211,614 198,182 198,498
Management fees | Ares Management L.P | Operating segment | Real Estate Group                      
Segment reporting                      
Total revenues                 87,063 73,663 64,861
Other fees | OMG                      
Segment reporting                      
Total revenues                 0 0 0
Other fees | Total                      
Segment reporting                      
Total revenues                 18,078 24,288 22,431
Other fees | Ares Management L.P | Operating segment                      
Segment reporting                      
Total revenues                 18,078 24,288 22,431
Other fees | Ares Management L.P | Operating segment | Credit Group                      
Segment reporting                      
Total revenues                 17,124 23,247 20,830
Other fees | Ares Management L.P | Operating segment | Private Equity Group                      
Segment reporting                      
Total revenues                 162 1,008 1,495
Other fees | Ares Management L.P | Operating segment | Real Estate Group                      
Segment reporting                      
Total revenues                 $ 792 $ 33 $ 106
v3.19.3.a.u2
SEGMENT REPORTING (Revenue, Expenses and Other Income (Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment revenues                      
Total revenues $ 436,929 $ 466,490 $ 384,822 $ 477,197 $ 247,432 $ 240,777 $ 204,163 $ 266,089   $ 958,461 $ 1,479,943
Total segment revenues                 $ 1,433,126 1,218,239 1,085,043
Segment expenses                      
Total expenses 362,288 395,701 335,701 369,107 215,874 227,188 221,017 206,283 1,462,797 870,362 1,504,758
Segment other income                      
Total other income $ 26,620 $ 32,787 $ 35,262 $ 27,870 $ (12,678) $ 38,754 $ 67,926 $ 2,240 122,539 96,242 174,674
Operating segment                      
Segment revenues                      
Performance income—realized                 402,518 357,207 317,787
Segment expenses                      
Total performance related compensation - realized                 290,382 251,597 242,330
Ares Management L.P                      
Segment revenues                      
Total revenues                 1,765,438 958,461 1,479,943
Segment expenses                      
Compensation and benefits                 653,352 570,380 514,109
General, administrative and other expenses                 270,219 215,964 196,730
Total expenses                   870,362  
Segment other income                      
Total other income                   96,242  
Ares Management L.P | Management fees                      
Segment revenues                      
Total revenues                 979,417 802,502 722,419
Ares Management L.P | Operating segment                      
Segment revenues                      
Performance income—realized                 402,518 357,207 317,787
Total segment revenues                 1,433,126 1,218,239 1,085,043
Segment expenses                      
Compensation and benefits                 389,045 331,443 302,976
General, administrative and other expenses                 87,450 74,450 62,415
Total performance related compensation - realized                 290,382 251,597 242,330
Total expenses                 766,877 657,490 607,721
Segment other income                      
Investment income—realized                 58,173 31,717 35,261
Interest and other investment income—realized                 29,349 17,231 13,929
Interest expense                 (17,807) (19,222) (19,273)
Total other income                 69,715 29,726 29,917
Ares Management L.P | Operating segment | Management fees                      
Segment revenues                      
Total revenues                 1,012,530 836,744 744,825
Ares Management L.P | Operating segment | Other fees                      
Segment revenues                      
Total revenues                 $ 18,078 $ 24,288 $ 22,431
v3.19.3.a.u2
SEGMENT REPORTING (Revenue Reconciliation) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenue adjustment                      
Total revenues $ 436,929 $ 466,490 $ 384,822 $ 477,197 $ 247,432 $ 240,777 $ 204,163 $ 266,089   $ 958,461 $ 1,479,943
Total segment revenue                 $ 1,433,126 1,218,239 1,085,043
Ares Management L.P                      
Revenue adjustment                      
Total revenues                 1,765,438 958,461 1,479,943
Operating segment | Ares Management L.P                      
Revenue adjustment                      
Performance (income) loss-unrealized                 (303,142) 247,212 (325,915)
Total segment revenue                 1,433,126 1,218,239 1,085,043
Reconciling items                      
Revenue adjustment                      
Principal investment income                 (44,320) (1,047) (89,031)
Total segment revenue                 (332,312) 259,778 (394,900)
Reconciling items | Non-Controlling interest | Subsidiaries                      
Revenue adjustment                      
Total segment revenue                 (3,138) 44 74
Reconciling items | Performance income reclass                      
Revenue adjustment                      
Performance fee reclass                 740 205 1,936
Management fees | Ares Management L.P                      
Revenue adjustment                      
Total revenues                 979,417 802,502 722,419
Management fees | Operating segment | Ares Management L.P                      
Revenue adjustment                      
Total revenues                 1,012,530 836,744 744,825
Management fees | Consolidated Funds | Eliminations                      
Revenue adjustment                      
Total segment revenue                 34,920 34,242 22,406
Incentive fees | Ares Management L.P                      
Revenue adjustment                      
Total revenues                 69,197 63,380 16,220
Incentive fees | Consolidated Funds | Eliminations                      
Revenue adjustment                      
Total revenues                 13,851 4,000 4,075
Principal investment income (loss) | Ares Management L.P                      
Revenue adjustment                      
Total revenues                 56,555 (1,455) 64,444
Principal investment income (loss) | Consolidated Funds | Eliminations                      
Revenue adjustment                      
Total revenues                 (12,235) 2,502 24,587
Administrative, transaction and other fees                      
Revenue adjustment                      
Total revenues                 0    
Administrative, transaction and other fees | Ares Management L.P                      
Revenue adjustment                      
Total revenues                 38,397 51,624 56,406
Administrative, transaction and other fees | Reconciling items                      
Revenue adjustment                      
Total revenues                 (31,629) (27,380) (34,049)
Administrative, transaction and other fees | Consolidated Funds | Reconciling items                      
Revenue adjustment                      
Total revenues                 12,641 0 0
Carried interest allocation                      
Revenue adjustment                      
Total revenues                 621,872    
Carried interest allocation | Ares Management L.P                      
Revenue adjustment                      
Total revenues                 621,872 42,410 620,454
Carried interest allocation | Consolidated Funds | Eliminations                      
Revenue adjustment                      
Total revenues                 $ 0 $ 0 $ 1,017
v3.19.3.a.u2
SEGMENT REPORTING (Expenses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Expenses $ 362,288 $ 395,701 $ 335,701 $ 369,107 $ 215,874 $ 227,188 $ 221,017 $ 206,283 $ 1,462,797 $ 870,362 $ 1,504,758      
Equity compensation expense                 97,691 89,724 69,711      
Depreciation and amortization expense                     17,900      
Ares Management L.P                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Expenses                   870,362        
Transaction support expense                 0 0 275,177      
Due to affiliates 71,445       82,411       71,445 82,411        
Ares Management L.P | Affiliated entity | Rent and other occupancy expenses | ARCC                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Due to affiliates 11,800       11,800   $ 600   11,800 11,800 2,200 $ 3,000 $ 3,200 $ 2,900
Consolidated Funds                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Due to affiliates $ 0       $ 0       0 0        
Operating segment                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Transaction support expense                 16,266 2,936 259,899      
Equity compensation expense                 97,691 89,724 69,711      
Deferred placement fees                 24,306 20,343 19,765      
Depreciation and amortization expense                 40,602 25,087 30,481      
Operating segment | Ares Management L.P                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Expenses                 766,877 657,490 607,721      
Performance related compensation-unrealized                 (206,799) 221,343 (237,392)      
Operating segment | Consolidated Funds                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Expenses                 1,462,797 870,362 1,504,758      
Reconciling items                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Expenses                 (695,920) (212,872) (897,037)      
Administrative fees                 (31,629) (27,380) (34,049)      
Transaction support expense                 (16,266) (2,936) (280,055)      
Equity compensation expense                 (97,691) (89,724) (69,711)      
Deferred placement fees                 (24,306) (20,343) (19,765)      
Depreciation and amortization expense                 (40,602) (25,087) (30,481)      
Other expenses                 0 (11,836) 0      
Reconciling items | Non-Controlling interest | Subsidiaries                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Expenses                 (6,128) (3,318) (1,689)      
Reconciling items | Consolidated Funds                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Expenses of Consolidated Funds added in consolidation                 (90,816) (92,006) (65,501)      
Expenses of Consolidated Funds eliminated in consolidation                 48,771 38,242 26,481      
OMG                            
Segment Reporting, Other Significant Reconciling Item [Line Items]                            
Expenses                 $ 230,454 $ 199,827 $ 184,875      
v3.19.3.a.u2
SEGMENT REPORTING (Other Income (Expense)) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Total segment realized net investment income $ 26,620 $ 32,787 $ 35,262 $ 27,870 $ (12,678) $ 38,754 $ 67,926 $ 2,240 $ 122,539 $ 96,242 $ 174,674
Ares Management L.P                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Total segment realized net investment income                   96,242  
Other (income) loss from Consolidated Funds eliminated in consolidation, net                 (7,840) (851) 19,470
Contingent consideration                 0 0 (20,156)
Other Noncash Income (Expense)                 0 (10) 1,731
Operating segment                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Investment (income) loss - unrealized                 (35,681) (49,474) 44,992
Other Noncash Income (Expense)                 460 (13,489) 1,042
Operating segment | Ares Management L.P                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Total segment realized net investment income                 69,715 29,726 29,917
Investment (income) loss - unrealized                 26,620 49,241 (46,860)
Interest and other investment loss - unrealized                 9,061 233 1,868
Operating segment | Consolidated Funds                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Total segment realized net investment income                 122,539 96,242 174,674
Reconciling items                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Total segment realized net investment income                 (52,824) (66,516) (144,757)
Principal investment income                 (44,320) (1,047) (89,031)
Contingent consideration                 0 0 (20,156)
Other Noncash Income (Expense)                 (460) 1,653 (1,042)
Reconciling items | Subsidiaries | Non-Controlling interest                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Total segment realized net investment income                 (39) (19) (24)
Reconciling items | Performance income reclass                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Performance fee reclass                 (740) (205) (1,936)
Reconciling items | Consolidated Funds                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Other income from Consolidated Funds added in consolidation, net                 (117,405) (114,286) (154,869)
Eliminations | Consolidated Funds                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Other (income) loss from Consolidated Funds eliminated in consolidation, net                 (12,991) (865) 1,059
OMG                      
Segment Reporting, Other Significant Reconciling Item [Line Items]                      
Total segment realized net investment income                 $ (1,190) $ (3,315) $ (11,828)
v3.19.3.a.u2
SEGMENT REPORTING (Reconciliation of Income Before Taxes) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2014
Economic net income                            
Income before taxes $ 101,261 $ 103,576 $ 84,383 $ 135,960 $ 18,880 $ 52,343 $ 51,072 $ 62,046 $ 425,180 $ 184,341 $ 149,859      
Adjustments:                            
Depreciation and amortization expense                     17,900      
Equity compensation expense                 97,691 89,724 69,711      
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                     35,915      
Consolidated Funds                            
Adjustments:                            
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                 39,704 20,512 60,818      
Total investment income - realized                 (395,599) (337,875) (187,721)      
Due to affiliates 0       0       0 0        
Operating segment                            
Economic net income                            
Income before taxes                 425,180 184,341 149,859      
Adjustments:                            
Depreciation and amortization expense                 40,602 25,087 30,481      
Equity compensation expense                 97,691 89,724 69,711      
Transaction support expense                 16,266 2,936 259,899      
Deferred placement fees                 24,306 20,343 19,765      
Other expense                 (460) 13,489 (1,042)      
Total performance (income) loss - unrealized                 (303,142) 247,212 (325,915)      
Total performance related compensation - unrealized                 206,799 (221,343) 237,392      
Total investment (income) loss - unrealized                 35,681 49,474 (44,992)      
Realized income                 735,964 590,475 507,239      
Total performance income - realized                 (402,518) (357,207) (317,787)      
Total performance related compensation - realized                 290,382 251,597 242,330      
Total investment income - realized                 (69,715) (29,726) (29,917)      
Fee related earnings                 554,113 455,139 401,865      
Operating segment | Consolidated Funds                            
Adjustments:                            
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                 (39,174) (20,643) (62,705)      
OMG                            
Adjustments:                            
OMG expense, net                 229,264 196,512 173,047      
Realized income                 232,478 195,079 181,799      
Total performance income - realized                 0 0 0      
Total performance related compensation - realized                 0 0 0      
Total investment income - realized                 2,024 (4,748) (3,076)      
Fee related earnings                 (230,454) (199,827) (184,875)      
Subsidiaries | Operating segment                            
Adjustments:                            
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations                 2,951 3,343 1,739      
Ares Management L.P                            
Adjustments:                            
Transaction support expense                 0 0 275,177      
Other expense                 0 10 (1,731)      
Due to affiliates 71,445       82,411       71,445 82,411        
Ares Management L.P | Rent and other occupancy expenses | Affiliated entity | ARCC                            
Adjustments:                            
Due to affiliates $ 11,800       $ 11,800   $ 600   11,800 11,800 2,200 $ 3,000 $ 3,200 $ 2,900
Ares Management L.P | Operating segment                            
Adjustments:                            
Total investment (income) loss - unrealized                 (26,620) (49,241) 46,860      
Realized income                 (735,964) (590,475) (507,239)      
Total performance income - realized                 (402,518) (357,207) (317,787)      
Total performance related compensation - realized                 290,382 251,597 242,330      
Total investment income - realized                 (69,715) (29,726) (29,917)      
Fee related earnings                 $ 554,113 $ 455,139 $ 401,865      
v3.19.3.a.u2
CONSOLIDATION (Variable Interest Entities) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Variable Interest Entity [Line Items]      
Assets of consolidated VIEs $ 12,014,196 $ 10,154,692 $ 8,563,522
Liabilities of consolidated VIEs 10,155,598 8,760,351 7,103,230
Net income attributable to non-controlling interests related to consolidated VIEs     35,915
Investments in CLO warehouse      
Variable Interest Entity [Line Items]      
Maximum exposure to loss attributable to the Company's investment in VIEs 104,700    
Consolidated Funds      
Variable Interest Entity [Line Items]      
Net income attributable to non-controlling interests related to consolidated VIEs 39,704 20,512 $ 60,818
Non-Consolidated Variable Interest Entities      
Variable Interest Entity [Line Items]      
Maximum exposure to loss attributable to the Company's investment in VIEs 260,520 222,477  
Consolidated VIEs      
Variable Interest Entity [Line Items]      
Maximum exposure to loss attributable to the Company's investment in VIEs 181,856 186,455  
Consolidated VIEs | Consolidated Funds      
Variable Interest Entity [Line Items]      
Assets of consolidated VIEs 9,454,572 8,141,280  
Liabilities of consolidated VIEs $ 8,679,869 $ 7,479,383  
v3.19.3.a.u2
CONSOLIDATION (Balance Sheet) (Details) - USD ($)
$ / shares in Units, $ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Nov. 26, 2018
Dec. 31, 2017
Dec. 31, 2016
Assets          
Investments, at fair value       $ 1,724,571  
Other assets       130,341  
Total assets $ 12,014,196 $ 10,154,692   8,563,522  
Liabilities          
Operating lease liabilities 168,817        
Total liabilities 10,155,598 8,760,351   7,103,230  
Commitments and contingencies      
Stockholders' Equity          
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at December 31, 2019 and 2018, respectively) 298,761 298,761      
Additional paid-in-capital 525,244 326,007      
Retained earnings (50,820) (29,336)      
Accumulated other comprehensive loss, net of tax (6,047) (8,524)      
Total stockholders' equity 768,290 587,924   1,460,292  
Total equity 1,858,598 1,394,341   1,460,292 $ 1,377,262
Total liabilities, non-controlling interests and equity $ 12,014,196 $ 10,154,692   $ 8,563,522  
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01      
Preferred stock, shares authorized (in shares) 1,000,000,000 1,000,000,000      
Preferred stock, shares issued (in shares) 12,400,000 12,400,000      
Preferred stock, shares outstanding (in shares) 12,400,000 12,400,000      
Common stock, shares outstanding (in shares) 115,243,029 101,595,096      
Class A common stock          
Stockholders' Equity          
Common stock $ 1,152 $ 1,016      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01    
Common stock, shares authorized (in shares) 1,500,000,000 1,500,000,000      
Common stock, shares issued (in shares) 115,242,028 101,594,095      
Common stock, shares outstanding (in shares) 115,242,028 101,594,095      
Class B common stock          
Stockholders' Equity          
Common stock $ 0 $ 0      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01    
Common stock, shares authorized (in shares) 1,000 1,000      
Common stock, shares issued (in shares) 1,000 1,000 1,000    
Common stock, shares outstanding (in shares) 1,000 1,000      
Class C common stock          
Stockholders' Equity          
Common stock $ 0 $ 0      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01    
Common stock, shares authorized (in shares) 499,999,000 499,999,000      
Common stock, shares issued (in shares) 1 1      
Common stock, shares outstanding (in shares) 1 1      
Reportable legal entity          
Liabilities          
Operating lease liabilities $ 168,817        
Stockholders' Equity          
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at December 31, 2019 and 2018, respectively) 298,761 $ 298,761      
Eliminations           
Assets          
Total assets (193,557) (195,002)      
Liabilities          
Total liabilities (36,874) (36,742)      
Commitments and contingencies      
Stockholders' Equity          
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at December 31, 2019 and 2018, respectively) 0 0      
Total equity (156,683) (158,260)      
Total liabilities, non-controlling interests and equity (193,557) (195,002)      
Consolidated Funds          
Assets          
Cash and cash equivalents 606,321 384,644      
Investments, at fair value 8,727,947 7,673,165      
Due from affiliates 6,192 17,609      
Other assets 30,081 23,786      
Receivable for securities sold 88,809 42,076      
Liabilities          
Accounts payable, accrued expenses and other liabilities 61,857 83,876      
Due to affiliates 0 0      
Payable for securities purchased 500,146 471,390      
CLO loan obligations, at fair value 7,973,748 6,678,091      
Fund borrowings 107,244 209,284      
Non-controlling interest in Consolidated Funds 618,020 503,637      
Consolidated Funds | Reportable legal entity          
Assets          
Cash and cash equivalents 606,321 384,644      
Investments, at fair value 8,723,169 7,673,165      
Due from affiliates 6,192 17,609      
Other assets 30,081 23,786      
Receivable for securities sold 88,809 42,076      
Total assets 9,454,572 8,141,280      
Liabilities          
Accounts payable, accrued expenses and other liabilities 61,857 83,876      
Due to affiliates 11,700 8,547      
Payable for securities purchased 500,146 471,390      
CLO loan obligations, at fair value 7,998,922 6,706,286      
Fund borrowings 107,244 209,284      
Total liabilities 8,679,869 7,479,383      
Commitments and contingencies      
Non-controlling interest in Consolidated Funds 774,703 661,897      
Stockholders' Equity          
Total equity 774,703 661,897      
Total liabilities, non-controlling interests and equity 9,454,572 8,141,280      
Consolidated Funds | Eliminations           
Assets          
Cash and cash equivalents 0 0      
Investments, at fair value 4,778 0      
Due from affiliates 0 0      
Other assets 0 0      
Receivable for securities sold 0 0      
Liabilities          
Accounts payable, accrued expenses and other liabilities 0 0      
Due to affiliates (11,700) (8,547)      
Payable for securities purchased 0 0      
CLO loan obligations, at fair value (25,174) (28,195)      
Fund borrowings 0 0      
Non-controlling interest in Consolidated Funds (156,683) (158,260)      
AOG          
Liabilities          
Non-controlling interest in Ares Operating Group entities 472,288 302,780      
AOG | Reportable legal entity          
Liabilities          
Non-controlling interest in Ares Operating Group entities 472,288 302,780      
AOG | Eliminations           
Liabilities          
Non-controlling interest in Ares Operating Group entities 0 0      
Ares Management L.P          
Assets          
Cash and cash equivalents 138,384 110,247      
Investments, at fair value 1,663,664 1,326,137      
Due from affiliates 268,099 199,377      
Other assets 341,293 377,651      
Right-of-use operating lease assets 143,406        
Liabilities          
Accounts payable, accrued expenses and other liabilities 88,173 83,221      
Accrued compensation 37,795 29,389      
Due to affiliates 71,445 82,411      
Performance related compensation payable 829,764 641,737      
Debt obligations 316,609 480,952      
Operating lease liabilities 168,817        
Stockholders' Equity          
Additional paid-in-capital 525,244 326,007      
Retained earnings (50,820) (29,336)      
Accumulated other comprehensive loss, net of tax (6,047) (8,524)      
Total stockholders' equity 768,290 587,924      
Ares Management L.P | Class A common stock          
Stockholders' Equity          
Common stock 1,152 1,016      
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 0 0      
Ares Management L.P | Accrued Interest          
Assets          
Investments, at fair value 1,134,967 841,079      
Ares Management L.P | Reportable legal entity          
Assets          
Cash and cash equivalents 138,384 110,247      
Investments, at fair value 1,845,520 1,512,592      
Due from affiliates 282,197 207,924      
Other assets 343,674 377,651      
Right-of-use operating lease assets 143,406        
Total assets 2,753,181 2,208,414      
Liabilities          
Accounts payable, accrued expenses and other liabilities 88,173 83,221      
Accrued compensation 37,795 29,389      
Due to affiliates 71,445 82,411      
Performance related compensation payable 829,764 641,737      
Debt obligations 316,609 480,952      
Total liabilities 1,512,603 1,317,710      
Commitments and contingencies      
Stockholders' Equity          
Additional paid-in-capital 525,244 326,007      
Retained earnings (50,820) (29,336)      
Accumulated other comprehensive loss, net of tax (6,047) (8,524)      
Total stockholders' equity 768,290 587,924      
Total equity 1,240,578 890,704      
Total liabilities, non-controlling interests and equity 2,753,181 2,208,414      
Ares Management L.P | Reportable legal entity | Class A common stock          
Stockholders' Equity          
Common stock 1,152 1,016      
Ares Management L.P | Reportable legal entity | Class B common stock          
Stockholders' Equity          
Common stock   0      
Ares Management L.P | Reportable legal entity | Class C common stock          
Stockholders' Equity          
Common stock   0      
Ares Management L.P | Eliminations           
Assets          
Cash and cash equivalents 0 0      
Investments, at fair value (181,856) (186,455)      
Due from affiliates (14,098) (8,547)      
Other assets (2,381) 0      
Liabilities          
Accounts payable, accrued expenses and other liabilities 0 0      
Accrued compensation 0 0      
Due to affiliates 0 0      
Performance related compensation payable 0 0      
Debt obligations 0 0      
Stockholders' Equity          
Accumulated other comprehensive loss, net of tax 0 0      
Total stockholders' equity 0 0      
Ares Management L.P | Eliminations  | Class A common stock          
Stockholders' Equity          
Common stock $ 0 $ 0      
v3.19.3.a.u2
CONSOLIDATION (Income Statement) (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Revenues                      
Total revenues $ 436,929 $ 466,490 $ 384,822 $ 477,197 $ 247,432 $ 240,777 $ 204,163 $ 266,089   $ 958,461 $ 1,479,943
Expenses                      
Total expenses 362,288 395,701 335,701 369,107 215,874 227,188 221,017 206,283 $ 1,462,797 870,362 1,504,758
Other income (expense)                      
Total other income 26,620 32,787 35,262 27,870 (12,678) 38,754 67,926 2,240 122,539 96,242 174,674
Income before taxes 101,261 103,576 84,383 135,960 18,880 52,343 51,072 62,046 425,180 184,341 149,859
Income tax expense (benefit)                 52,376 32,202 (23,052)
Net income 84,475 91,875 74,878 121,576 16,337 47,212 14,169 74,421 372,804 152,139 172,911
Net income attributable to non-controlling interests related to consolidated VIEs                     35,915
Net income attributable to Ares Management Corporation 38,465 33,331 32,139 44,949 11,937 15,910 (11,775) 40,948 148,884 57,020 76,178
Less: Series A Preferred Stock dividends paid 5,425 5,425 5,425 5,425 5,425 5,425 5,425 5,425 21,700 21,700 21,700
Net income attributable to Ares Management Corporation Class A common stockholders 33,040 $ 27,906 $ 26,714 $ 39,524 6,512 $ 10,485 $ (17,200) $ 35,523 127,184 35,320 54,478
Eliminations                       
Revenues                      
Total revenues                 (49,177) (40,744) (52,085)
Expenses                      
Compensation and benefits                 0 0  
Performance related compensation                 0 0  
General, administrative and other expenses                 0 0  
Total expenses                 (48,771) (38,242) (26,481)
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                 (851) 983 (5,303)
Interest and dividend income                 (2,093) (93) (2,005)
Other income (expense), net                 350 864 0
Total other income                 12,991 865 (1,059)
Income before taxes                 12,585 (1,637) (26,663)
Income tax expense (benefit)                 0 0 0
Net income                 12,585 (1,637) (26,663)
Less: Series A Preferred Stock dividends paid                 0 0 0
Net income attributable to Ares Management Corporation Class A common stockholders                 0 0 0
Consolidated Funds                      
Expenses                      
Expenses of Consolidated Funds                 42,045 53,764 39,020
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                 15,136 (1,583) 100,124
Interest expense                 (277,745) (222,895) (126,727)
Interest and other income of Consolidated Funds                 395,599 337,875 187,721
Net income attributable to non-controlling interests related to consolidated VIEs                 39,704 20,512 60,818
Consolidated Funds | Reportable legal entity                      
Expenses                      
Expenses of Consolidated Funds                 90,816 92,006 65,501
Total expenses                 90,816 92,006 65,501
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                 3,312 664 126,836
Interest expense                 (281,506) (224,253) (159,688)
Interest and other income of Consolidated Funds                 395,599 337,875 187,721
Total other income                 117,405 114,286 154,869
Income before taxes                 26,589 22,280 89,368
Income tax expense (benefit)                 (530) 131 1,887
Net income                 27,119 22,149 87,481
Net income attributable to non-controlling interests related to consolidated VIEs                 27,119 22,149 87,481
Consolidated Funds | Eliminations                       
Expenses                      
Expenses of Consolidated Funds                 (48,771) (38,242) (26,481)
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                 11,824 (2,247) (26,712)
Interest expense                 3,761 1,358 32,961
Interest and other income of Consolidated Funds                 0 0 0
Net income attributable to non-controlling interests related to consolidated VIEs                 12,585 (1,637) (26,663)
AOG                      
Other income (expense)                      
Net income attributable to non-controlling interests related to consolidated VIEs                 184,216 74,607 35,915
AOG | Reportable legal entity                      
Other income (expense)                      
Net income attributable to non-controlling interests related to consolidated VIEs                 184,216 74,607  
Net income attributable to Ares Management Corporation                     76,178
AOG | Eliminations                       
Other income (expense)                      
Net income attributable to non-controlling interests related to consolidated VIEs                 0 0 0
Ares Management L.P                      
Revenues                      
Total revenues                 1,765,438 958,461 1,479,943
Expenses                      
Compensation and benefits                 653,352 570,380 514,109
Performance related compensation                 497,181 30,254 479,722
General, administrative and other expenses                 270,219 215,964 196,730
Transaction support expense                 0 0 275,177
Total expenses                   870,362  
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                 9,554 (1,884) 8,262
Interest and dividend income                 7,506 7,028 7,043
Interest expense                 (19,671) (21,448) (21,219)
Other income (expense), net                 (7,840) (851) 19,470
Total other income                   96,242  
Income tax expense (benefit)                 52,906 32,071 (24,939)
Ares Management L.P | Affiliated entity | ARCC                      
Other income (expense)                      
Management fees, part I fees $ 48,060       $ 37,145       164,396 128,805 105,467
Ares Management L.P | Reportable legal entity                      
Revenues                      
Total revenues                 1,814,615 999,205 1,532,028
Expenses                      
Compensation and benefits                 653,352 570,380 514,109
Performance related compensation                 497,181 30,254 479,722
General, administrative and other expenses                 270,219 215,964 196,730
Transaction support expense                     275,177
Total expenses                 1,420,752 816,598 1,465,738
Other income (expense)                      
Net realized and unrealized gains (losses) on investments                 10,405 (2,867) 13,565
Interest and dividend income                 9,599 7,121 9,048
Interest expense                 (19,671) (21,448) (21,219)
Other income (expense), net                 (8,190) (1,715) 19,470
Total other income                 (7,857) (18,909) 20,864
Income before taxes                 386,006 163,698 87,154
Income tax expense (benefit)                 52,906 32,071 (24,939)
Net income                 333,100 131,627 112,093
Net income attributable to Ares Management Corporation                 148,884 57,020  
Less: Series A Preferred Stock dividends paid                 21,700 21,700 21,700
Net income attributable to Ares Management Corporation Class A common stockholders                 127,184 35,320 54,478
Management fees | Eliminations                       
Revenues                      
Total revenues                 (34,920) (34,242) (22,406)
Management fees | Ares Management L.P                      
Revenues                      
Total revenues                 979,417 802,502 722,419
Management fees | Ares Management L.P | Reportable legal entity                      
Revenues                      
Total revenues                 1,014,337 836,744 744,825
Carried interest allocation                      
Revenues                      
Total revenues                 621,872    
Carried interest allocation | Eliminations                       
Revenues                      
Total revenues                 0 0 (1,017)
Carried interest allocation | Ares Management L.P                      
Revenues                      
Total revenues                 621,872 42,410 620,454
Carried interest allocation | Ares Management L.P | Reportable legal entity                      
Revenues                      
Total revenues                 621,872 42,410 621,471
Incentive fees | Eliminations                       
Revenues                      
Total revenues                 (13,851) (4,000) (4,075)
Incentive fees | Ares Management L.P                      
Revenues                      
Total revenues                 69,197 63,380 16,220
Incentive fees | Ares Management L.P | Reportable legal entity                      
Revenues                      
Total revenues                 83,048 67,380 20,295
Principal investment income (loss) | Eliminations                       
Revenues                      
Total revenues                 12,235 (2,502) (24,587)
Principal investment income (loss) | Ares Management L.P                      
Revenues                      
Total revenues                 56,555 (1,455) 64,444
Principal investment income (loss) | Ares Management L.P | Reportable legal entity                      
Revenues                      
Total revenues                 44,320 1,047 89,031
Administrative, transaction and other fees                      
Revenues                      
Total revenues                 0    
Administrative, transaction and other fees | Eliminations                       
Revenues                      
Total revenues                 (12,641) 0 0
Administrative, transaction and other fees | Ares Management L.P                      
Revenues                      
Total revenues                 38,397 51,624 56,406
Administrative, transaction and other fees | Ares Management L.P | Reportable legal entity                      
Revenues                      
Total revenues                 $ 51,038 $ 51,624 $ 56,406
v3.19.3.a.u2
SUBSEQUENT EVENTS (Details) - Subsequent event
 1 Months Ended
Feb. 28, 2020
$ / shares
Subsequent events  
Quarterly distribution declared (in dollars per unit) $ 0.40
Preferred equity quarterly distribution (in dollars per unit) $ 0.4375
v3.19.3.a.u2
QUARTERLY FINANCIAL DATA (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 17, 2019
Sep. 16, 2019
Jun. 14, 2019
Mar. 15, 2019
Dec. 31, 2019
Sep. 30, 2019
Jun. 30, 2019
Mar. 31, 2019
Dec. 31, 2018
Sep. 30, 2018
Jun. 30, 2018
Mar. 31, 2018
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Quarterly Financial Data [Abstract]                              
Total revenues         $ 436,929 $ 466,490 $ 384,822 $ 477,197 $ 247,432 $ 240,777 $ 204,163 $ 266,089   $ 958,461 $ 1,479,943
Expenses         362,288 395,701 335,701 369,107 215,874 227,188 221,017 206,283 $ 1,462,797 870,362 1,504,758
Other income         26,620 32,787 35,262 27,870 (12,678) 38,754 67,926 2,240 122,539 96,242 174,674
Income before taxes         101,261 103,576 84,383 135,960 18,880 52,343 51,072 62,046 425,180 184,341 149,859
Net income         84,475 91,875 74,878 121,576 16,337 47,212 14,169 74,421 372,804 152,139 172,911
Net income attributable to Ares Management Corporation         38,465 33,331 32,139 44,949 11,937 15,910 (11,775) 40,948 148,884 57,020 76,178
Less: Series A Preferred Stock dividends paid         5,425 5,425 5,425 5,425 5,425 5,425 5,425 5,425 21,700 21,700 21,700
Net income attributable to Ares Management Corporation Class A common stockholders         $ 33,040 $ 27,906 $ 26,714 $ 39,524 $ 6,512 $ 10,485 $ (17,200) $ 35,523 $ 127,184 $ 35,320 $ 54,478
Net income per share of Class A common stock                              
Basic (in dollars per share)         $ 0.27 $ 0.24 $ 0.24 $ 0.36 $ 0.05 $ 0.09 $ (0.20) $ 0.39 $ 1.11 $ 0.30 $ 0.62
Diluted (in dollars per share)         0.25 0.23 0.23 0.36 0.05 0.09 (0.20) 0.28 1.06 0.30 0.62
Dividend declared and paid per Class A common stock (in dollar per share) $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.32 $ 0.28 $ 0.28 $ 0.28 $ 0.24 $ 1.28 $ 1.33 $ 1.13
v3.19.3.a.u2
Label Element Value
Accounting Standards Update 2018-02 [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ 0
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption (1,202,000)
Accounting Standards Update 2018-02 [Member] | Parent Company [Member] | Partners Capital [Member]  
Cumulative Effect of New Accounting Principle in Period of Adoption us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption $ 1,202,000