Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2020	Feb. 18, 2021	Jun. 30, 2020
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2020
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 4,469,964,167
Entity Central Index Key	0001176948
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Amendment Flag	false
Documents Incorporated by Reference	Part III of this Form 10-K incorporates by reference information from the registrant’s definitive proxy statement related to the 2021 annual meeting of stockholders
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		149,539,441
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		112,447,618

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Total assets	$ 15,168,992		$ 12,014,196
Liabilities
Operating lease liabilities	180,236
Total liabilities	12,596,852		10,155,598
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, 2020 and 2019, respectively)	298,761		298,761
Additional paid-in-capital	1,043,669		525,244
Retained earnings	(151,824)		(50,820)
Accumulated other comprehensive income (loss), net of tax	483		(6,047)
Total stockholders' equity	1,193,685		768,290
Total equity	2,471,774		1,858,598	$ 1,394,341	$ 1,437,681
Total liabilities, redeemable interest, non-controlling interests and equity	$ 15,168,992		12,014,196
Finance lease, liability, extensible list	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Class A common stock
Stockholders' Equity
Common stock	$ 1,472		1,152
Class B common stock
Stockholders' Equity
Common stock	0		0
Class C common stock
Stockholders' Equity
Common stock	1,124		0
Consolidated Funds
Assets
Cash and cash equivalents	522,377		606,321
Investments, at fair value	10,877,097		8,727,947
Due from affiliates	17,172		6,192
Other assets	35,502		30,081
Receivable for securities sold	121,225		88,809
Liabilities
Accounts payable, accrued expenses and other liabilities	46,824		61,857
Due to affiliates	0		0
Payable for securities purchased	514,946		500,146
CLO loan obligations, at fair value	9,958,076		7,973,748
Fund borrowings	121,909		107,244
Non-controlling interests in Consolidated Funds	539,720		618,020
AOG
Liabilities
Redeemable interest in Ares Operating Group entities	100,366	$ 99,804	0
Non-controlling interests in Ares Operating Group entities	738,369		472,288
Ares Management L.P
Assets
Cash and cash equivalents	539,812		138,384
Investments, at fair value	1,682,759		1,663,664
Due from affiliates	405,887		267,130
Other assets	812,419		342,262
Right-of-use operating lease assets	154,742		143,406
Liabilities
Accounts payable, accrued expenses and other liabilities	115,289		88,173
Accrued compensation	103,010		37,795
Due to affiliates	100,186		71,445
Performance related compensation payable	813,378		829,764
Debt obligations	642,998		316,609
Operating lease liabilities	180,236		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, 2020 and 2019, respectively)	298,761		298,761
Additional paid-in-capital	1,043,669		525,244
Retained earnings	(151,824)		(50,820)
Accumulated other comprehensive income (loss), net of tax	483		(6,047)
Total stockholders' equity	1,193,685		768,290
Ares Management L.P \| Class A common stock
Stockholders' Equity
Common stock	1,472		1,152
Ares Management L.P \| Class B common stock
Stockholders' Equity
Common stock	0		0
Ares Management L.P \| Class C common stock
Stockholders' Equity
Common stock	$ 1,124		$ 0

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
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)	259,631,180	115,243,029
Class A common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	147,182,562	115,242,028
Common stock, shares outstanding (in shares)	147,182,562	115,242,028
Class B common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	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
Common stock, shares authorized (in shares)	499,999,000
Common stock, shares issued (in shares)	112,447,618	1
Common stock, shares outstanding (in shares)	112,447,618	1
Ares Management L.P
Equity method investments	$ 1,682,759	$ 1,663,664

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total revenues	$ 1,764,046	$ 1,765,438	$ 958,461
Expenses
Total expenses	1,450,486	1,462,797	870,362
Other income (expense)
Total other income	65,918	122,539	96,242
Income before taxes	379,478	425,180	184,341
Income tax expense	54,993	52,376	32,202
Net income	324,485	372,804	152,139
Net income attributable to Ares Management Corporation	152,142	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	$ 130,442	$ 127,184	$ 35,320
Class A common stock
Net income per share of Class A common stock:
Basic (in dollars per share)	$ 0.89	$ 1.11	$ 0.30
Diluted (in dollars per share)	$ 0.87	$ 1.06	$ 0.30
Weighted-average shares of Class A common stock:
Basic (in shares)	135,065,436	107,914,953	96,023,147
Diluted (in shares)	149,508,498	119,877,429	96,023,147
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 20,119	$ 42,045	$ 53,764
Other income (expense)
Net realized and unrealized gains (losses) on investments	(96,864)	15,136	(1,583)
Interest expense	(286,316)	(277,745)	(222,895)
Interest and other income of Consolidated Funds	463,652	395,599	337,875
Net income attributable to non-controlling interests	28,085	39,704	20,512
AOG
Other income (expense)
Net income	296,400	333,100	131,627
Net income attributable to non-controlling interests	145,234	184,216	74,607
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(976)	0	0
Ares Management L.P
Revenues
Total revenues	1,764,046	1,765,438	958,461
Expenses
Compensation and benefits	767,252	653,352	570,380
Performance related compensation	404,116	497,181	30,254
General, administrative and other expenses	258,999	270,219	215,964
Other income (expense)
Net realized and unrealized gains (losses) on investments	(9,008)	9,554	(1,884)
Interest and dividend income	8,071	7,506	7,028
Interest expense	(24,908)	(19,671)	(21,448)
Other income (expense), net	11,291	(7,840)	(851)
Income tax expense	54,875	52,906	32,071
Management fees \| Ares Management L.P
Revenues
Total revenues	1,150,608	979,417	802,502
Carried interest allocation
Revenues
Total revenues	505,608
Carried interest allocation \| Ares Management L.P
Revenues
Total revenues	505,608	621,872	42,410
Incentive fees \| Ares Management L.P
Revenues
Total revenues	37,902	69,197	63,380
Principal investment income \| Ares Management L.P
Revenues
Total revenues	28,552	56,555	(1,455)
Administrative, transaction and other fees
Revenues
Total revenues	0
Administrative, transaction and other fees \| Ares Management L.P
Revenues
Total revenues	$ 41,376	$ 38,397	$ 51,624

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Ares Management L.P \| Affiliated entity \| ARCC
Management fees, part I fees	$ 184,141	$ 164,396	$ 128,805

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net income	$ 324,485	$ 372,804	$ 152,139
AOG
Net income	296,400	333,100	131,627
Other comprehensive income:
Less: Comprehensive income attributable to redeemable interest in Ares Operating Group entities	562	0	0
Less: Comprehensive income (loss) attributable to non-controlling interests	150,795	186,896	70,670
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	43,184	37,869	15,575
Ares Management L.P
Other comprehensive income:
Foreign currency translation adjustments, net of tax	28,728	3,322	(13,190)
Total comprehensive income	353,213	376,126	138,949
Comprehensive income attributable to Ares Management Corporation	$ 158,672	$ 151,361	$ 52,704

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Revision of Prior Period, Accounting Standards Update, Adjustment	Partners' Capital Preferred Partner	Ares Management L.P Partners' Capital	Ares Management L.P Partners' Capital Revision of Prior Period, Accounting Standards Update, Adjustment	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Revision of Prior Period, Accounting Standards Update, Adjustment	Non-Controlling interest AOG	Non-Controlling interest Consolidated Funds	Preferred Class A	Class A common stock	Class A common stock Common Stock	Class C common stock Common Stock
Beginning balance at Dec. 31, 2017	$ 1,437,681	$ 0	$ 298,761	$ 268,238	$ 1,202	$ 0	$ 0	$ (4,208)	$ (1,202)	$ 341,069	$ 533,821	$ 0		$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
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
Capital contributions	180,420			106,283						3,128	71,009
Dividends/Distributions	(494,056)		(16,275)	(104,501)			(30,348)			(177,797)	(159,710)	(5,425)
Net income	152,139		16,275	34,308			1,012			74,607	20,512	5,425
Currency translation adjustment, net of tax	(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		(298,761)	(315,063)		314,047						298,761		1,016
Ending balance at Dec. 31, 2018	$ 1,394,341		0	0		326,007	(29,336)	(8,524)		302,780	503,637	298,761		1,016	0
Increase (Decrease) in Stockholders' Equity
Accounting standards update extensible list	us-gaap:AccountingStandardsUpdate201802Member
Changes in ownership interests and related tax benefits	$ (28,613)			0		(133,976)				105,341				22
Capital contributions	381,432			0		206,635				1,876	172,851			70
Dividends/Distributions	(441,649)		0	0			(148,668)			(174,999)	(96,282)	(21,700)
Net income	372,804		0	0			127,184			184,216	39,704	21,700
Currency translation adjustment, net of tax	3,322							2,477		2,680	(1,835)
Equity compensation	96,954			0		46,560				50,394
Relinquished with deconsolidation of funds	(55)										(55)
Repurchases of Class A common stock	(10,449)					(10,445)							$ (10,400)	(4)
Stock option exercises	90,511					90,463								48
Ending balance at Dec. 31, 2019	1,858,598		0	0		525,244	(50,820)	(6,047)		472,288	618,020	298,761		1,152	0
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(99,145)					(328,419)				229,229				73	(28)
Issuances of common stock	688,492					687,142								198	1,152
Capital contributions	177,710					481				44,799	132,430
Dividends/Distributions	(719,987)						(231,446)			(215,334)	(251,507)	(21,700)
Net income	325,461		0	0			130,442			145,234	28,085	21,700
Currency translation adjustment, net of tax	27,190							6,530		5,561	15,099
Equity compensation	122,986			0		66,394				56,592
Relinquished with deconsolidation of funds	(2,407)										(2,407)
Stock option exercises	92,876					92,827								49
Ending balance at Dec. 31, 2020	$ 2,471,774		$ 0	$ 0		$ 1,043,669	$ (151,824)	$ 483		$ 738,369	$ 539,720	$ 298,761		$ 1,472	$ 1,124

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 324,485	$ 372,804	$ 152,139
Adjustments to reconcile net income to net cash used in operating activities:
Net cash used in operating activities	(425,659)	(2,083,021)	(1,417,058)
Cash flows from investing activities:
Net cash used in investing activities	(136,764)	(16,796)	(18,419)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	943,895	2,122,330	1,405,295
Effect of exchange rate changes	19,956	5,624	21,500
Net change in cash and cash equivalents	401,428	28,137	(8,682)
Cash and cash equivalents, beginning of period	138,384	110,247	118,929
Cash and cash equivalents, end of period	539,812	138,384	110,247
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions	305,338	0	0
Cash paid during the period for interest	257,132	233,090	184,951
Cash paid during the period for income taxes	38,174	35,625	27,482
Consolidated Funds
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized gains (losses) on investments	96,864	(15,136)	1,583
Other (income) expense, net	(34,297)	(8,383)	(4,519)
Investments purchased	(6,615,732)	(5,216,931)	(4,919,118)
Proceeds from sale of investments	5,502,325	3,077,755	2,756,924
Change in cash and cash equivalents held at Consolidated Funds	83,944	(221,677)	171,856
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	60,895	(81,059)	11,915
Change in other assets and receivables held at Consolidated Funds	(33,298)	(54,834)	11,962
Change in other liabilities and payables held at Consolidated Funds	10,787	88,467	137,545
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	132,430	172,851	71,009
Distributions to non-controlling interests in Consolidated Funds	(251,507)	(96,282)	(159,710)
Borrowings under loan obligations by Consolidated Funds	1,013,291	3,341,837	2,901,633
Repayments under loan obligations by Consolidated Funds	(190,055)	(1,035,710)	(1,027,649)
Ares Management L.P
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	122,986	97,691	89,724
Depreciation and amortization	41,248	39,459	28,517
Net realized and unrealized gains (losses) on investments	(8,039)	(53,092)	12,935
Other (income) expense, net	0	0	10
Investments purchased	(90,851)	(278,798)	(248,460)
Proceeds from sale of investments	174,679	284,810	381,703
Net performance income receivable	(24,351)	(103,962)	29,578
Due to/from affiliates	(76,185)	(75,138)	33,023
Other assets	(36,693)	26,684	(66,795)
Accrued compensation and benefits	54,539	7,650	114
Accounts payable, accrued expenses and other liabilities	21,035	30,669	2,306
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,942)	(16,796)	(18,419)
Acquisitions, net of cash acquired	(120,822)	0	0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154	206,705	105,333
Proceeds from credit facility	790,000	335,000	680,000
Proceeds from senior notes	399,084	0	0
Proceeds from term notes	0	0	44,050
Repayments of credit facility	(860,000)	(500,000)	(655,000)
Repayments of term notes	0	0	(206,089)
Dividends and distributions	(446,780)	(323,667)	(312,646)
Series A Preferred Stock dividends	(21,700)	(21,700)	(21,700)
Repurchases of Class A common stock	0	(10,449)	0
Stock option exercises	92,877	90,511	950
Taxes paid related to net share settlement of equity awards	(95,368)	(33,554)	(18,014)
Other financing activities	(1,531)	(3,212)	$ 3,128
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	138,384
Cash and cash equivalents, end of period	$ 539,812	$ 138,384

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate and Strategic Initiatives. Beginning in the third quarter of 2020, the Company began reflecting a new Strategic Initiatives category, which represents operating segments and strategic investments that are seeking to broaden the Company's distribution channels or expand its access to global markets. 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”). These 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 and Redeemable Interest", 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 assets include equity interests in Ares Holdings Inc., 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” or “AOG”: 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 funds, 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. Redeemable Interest and Non-Controlling Interests in Ares Operating Group Entities The non-controlling interests in AOG entities represents 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 owners consist predominantly of Ares Owners Holdings L.P. but also include other strategic distribution partnerships with whom the Company has established joint ventures. Non-controlling interests in AOG entities 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. On February 21, 2020, the Company completed its acquisition (“Crestline Acquisition”) of the Class A membership interests (the “Class A membership interests”) in Crestline Denali Capital LLC (“Crestline Denali”). The Class A membership interests entitle the Company to the fees associated with managing seven collateral management contracts. The Class B membership interests of Crestline Denali (the “Class B membership interests”) were retained by the former owners of Crestline Denali and represent the financial interests in the subordinated notes of the collateralized loan obligations. In connection with the Company's control over Crestline Denali, the Company also consolidates investments and financial results that are attributable to the Class B membership interests to which the Company has no economic rights or obligations. Equity and income (loss) attributable to the Class B membership interests is included within non-controlling interests in AOG entities. On July 1, 2020, the Company completed its acquisition of a majority interest in SSG Capital Holdings Limited and its operating subsidiaries (“SSG”) in accordance with the purchase agreement entered into on January 21, 2020 (“SSG Acquisition”). Following the acquisition, SSG began operating under the Ares SSG brand. Ares SSG is an alternative investment manager in the Asia Pacific that is focused on leveraging its broad Pan-Asian presence, extensive infrastructure and local origination network to make credit, private equity and special situation investments across Asia and Australia. In connection with the SSG Acquisition, the former owners of SSG retained an ownership interest in the operations acquired by the Company. In certain circumstances, the Company may acquire full ownership of SSG pursuant to a contractual arrangement that may be initiated by the Company or by the former owners of SSG. Since the acquisition of the remaining interest in SSG is not within the Company's sole discretion, the ownership interest held by the former owners of SSG is classified as a redeemable interest and represents mezzanine equity.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. 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 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. The outbreak of the coronavirus pandemic (“COVID-19”) has caused uncertainty and disruption in the global economy and financial markets. As a result, management's estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period. 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 and (b) entities that the Company concludes are variable interest entities (“VIEs”) 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 The Company considers an entity to be a 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. The Company determines it is the primary beneficiary when it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and 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, 2020 and 2019, the Company consolidated 21 and 16 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 hierarchical 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 rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. •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. Fair Value” 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, 2020 and 2019, 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 a substantial majority 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 2.0 to 13.5 years. The purchase price of an 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. Redeemable Interest in Ares Operating Group Entities Redeemable interest in AOG entities represents the ownership interest that the former owners of SSG retained in connection with the SSG Acquisition. Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity in the Consolidated Statements of Financial Condition. Income (loss) is allocated based on the ownership percentage attributable to the redeemable interest. The Company determined that the redemption of the redeemable interest is probable as of the date of acquisition. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount, as defined in accordance with the terms of a contractual arrangement between the Company and the former owners of SSG, to the extent that the redemption amount exceeds the initial measurement on the date of acquisition. The Company recognizes changes in the redemption amount with corresponding adjustments against retained earnings, or additional paid-in-capital in the absence of retained earnings, within stockholders' equity in the Consolidated Statements of Financial Condition. Revenue Recognition Revenues consist of management fees, carried interest allocation, incentive fees, principal investment income and administrative, transaction and other fees. 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. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. 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. 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, 2020 and 2019, if the funds were liquidated at their fair values, there would have been no repayment obligation or liability. The Company accounts 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, Investments-Equity Method and Joint Ventures. 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. 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. 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 professionals directly attributable to performing services for a fund but may also be based on a fund’s NAV. 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. 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 is determined by the most recent closing price of shares of the Company's Class A common stock. 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 certain 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 year ended December 31, 2020, the Company recognized $13.1 million in transaction gains related to foreign currencies revaluation. For the years ended December 31, 2019 and 2018, the Company recognized $8.5 million and $0.1 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 Since the Company’s election to be taxed as a corporation (effective March 1, 2018), all earnings allocated to the Company are subject to U.S. corporate income taxes. A provision for corporate level income taxes imposed on 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 flows 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 Comprehensive income consists of net income and other appreciation (depreciation) affecting stockholders' equity that, under GAAP, are excluded from net income. The Company's other comprehensive income 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 by the Financial Accounting Standards Board (“FASB”). 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 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 has concluded this guidance will not have a material impact on its consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 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 should be applied on a prospective basis. The Company has concluded this guidance will not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The guidance was effective upon issuance and generally can be applied through December 31, 2022. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2020

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

3. 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, 2020	As of December 31,
		2020		2019
Management contracts	5.4 years	$	210,857	$	12,498
Client relationships	9.1 years	25,141		6,341
Trade name	9.4 years	11,079		378
Intangible assets		247,077		19,217
Foreign currency translation		3,093		—
Total intangible assets		250,170		19,217
Less: accumulated amortization		(28,082)		(11,242)
Intangible assets, net		$	222,088	$	7,975

In connection with the SSG Acquisition during the third quarter of 2020, the Company allocated $171.7 million, $18.8 million and $10.7 million of the purchase price to the fair value of the acquired management contracts, client relationships and trade name, respectively. The acquired management contracts, client relationships and trade name had a weighted average amortization period from the date of acquisition of 5.8 years, 10.0 years and 10.0 years, respectively.

In connection with the Crestline Acquisition during the first quarter of 2020, the Company allocated $34.7 million of the purchase price to the fair value of the acquired collateral management contracts. The acquired management contracts had a weighted average amortization period from the date of acquisition of 6.6 years.

Amortization expense associated with intangible assets, excluding impairment charges, was $24.5 million, $3.4 million and $9.0 million for the years ended December 31, 2020, 2019 and 2018, respectively, and is presented within general, administrative and other expenses within the Consolidated Statements of Operations. During the first quarter of 2020, the Company removed $4.7 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 Condensed Consolidated Statements of Operations related to certain intangible assets recorded in connection with the Company’s acquisition of Energy Investors Funds (“EIF”). 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, 2020, future annual amortization of finite-lived intangible assets for the years 2021 through 2025 and thereafter is estimated to be:


Year	Amortization
2021	$	42,424
2022	42,040
2023	38,946
2024	33,144
2025	26,834
Thereafter	38,700
Total	$	222,088

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 Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
Balance as of December 31, 2018	$	32,196	$	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
Acquisitions	—		—		—		224,601		224,601
Foreign currency translation	—		—		61		2,530		2,591
Balance as of December 31, 2020	$	32,196	$	58,600	$	53,120	$	227,131	$	371,047

In connection with the SSG Acquisition during the third quarter of 2020, the Company's assessment resulted in an allocation of the purchase price to goodwill of $224.6 million.

There was no impairment of goodwill recorded during the years ended December 31, 2020 and 2019. The impact of foreign currency translation is reflected within other comprehensive income.

INVESTMENTS

12 Months Ended

Dec. 31, 2020

Investments in and Advances to Affiliates [Abstract]

INVESTMENTS

4. INVESTMENTS

The Company’s investments are comprised of the following:


					Percentage of total investments

	As of December 31,				As of December 31,
	2020		2019		2020		2019
Equity method investments:
Equity method private investment partnership interests - principal (1)	$	366,471	$	390,407	21.8	%	23.5	%
Equity method - carried interest (1)	1,145,853		1,134,967		68.1		68.2
Equity method private investment partnership interests and other (held at fair value)(1)	92,196		51,528		5.5		3.1
Equity method private investment partnership interests and other(1)	23,883		16,536		1.4		1.0
Total equity method investments	1,628,403		1,593,438		96.8		95.8
Collateralized loan obligations (2)	31,766		22,265		1.9		1.3
Other fixed income	21,583		46,918		1.3		2.8
Collateralized loan obligations and other fixed income, at fair value	53,349		69,183		3.2		4.1
Common stock, at fair value	1,007		1,043		0.1		0.1
Total investments	$	1,682,759	$	1,663,664

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

(2)As of December 31, 2020, includes $3.4 million of collateralized loan obligations that are attributable to the Crestline Denali Class B membership interests.

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, 2020, 2019 and 2018 , no individual equity method investment held by the Company met the significance criteria.

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, 2020, 2019 and 2018.


	As of December 31, 2020 and the Year then Ended
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
Statement of Financial Condition
Investments	$	12,406,944	$	8,259,168	$	5,320,711	$	66,875	$	26,053,698
Total assets	13,416,800		8,591,385		5,780,472		70,998		27,859,655
Total liabilities	3,884,603		1,415,383		975,057		11,711		6,286,754
Total equity	9,532,197		7,176,002		4,805,415		59,287		21,572,901

Statement of Operations
Revenues	$	940,450	$	263,335	$	191,543	$	2,656	$	1,397,984
Expenses	(221,083)		(112,325)		(81,071)		(5,585)		(420,064)
Net realized and unrealized gains (losses) from investments	(210,881)		1,218,362		11,923		2,324		1,021,728
Income tax benefit (expense)	(1,693)		57,935		346		—		56,588
Net income (loss)	$	506,793	$	1,427,307	$	122,741	$	(605)	$	2,056,236


	As of December 31, 2019 and the Year then Ended
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
Statement of Financial Condition
Investments	$	10,937,224	$	9,700,725	$	4,939,245	$	—	$	25,577,194
Total assets	11,625,699		10,077,149		5,314,908		—		27,017,756
Total liabilities	3,416,429		534,965		958,020		—		4,909,414
Total equity	8,209,270		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 from investments	5,040		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


	For the Year Ended December 31, 2018
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
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 (loss)	$	506,574	$	(734,779)	$	462,252	$	—	$	234,047

The Company recognized net gains of $22.5 million and $57.4 million related to its equity method investments for the years ended December 31, 2020 and 2019 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 net loss were included within principal investment income, net realized and unrealized gains (losses) 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 at				Percentage of total investments as of
	December 31,		December 31,		December 31,		December 31,
	2020		2019		2020		2019
Fixed income investments:
Bonds	$	397,494	$	212,376	3.6	%	2.4%
Loans	10,012,948		8,062,740		92.1		92.4
Investments in CLO warehouse	—		44,435		—		0.5
Total fixed income investments	10,410,442		8,319,551		95.7		95.3
Equity securities	227,031		112,384		2.1		1.3
Partnership interests	239,624		296,012		2.2		3.4
Total investments, at fair value	$	10,877,097	$	8,727,947

At December 31, 2020 and 2019, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.

FAIR VALUE

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE

5. 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. As of

December 31, 2020 and 2019, 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. The Company also has open-ended and evergreen funds where investors 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, the Company has minority investments in vehicles that may only have a single other investor that may allow such investors to terminate the fund 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 following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2020:


Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income	$	—	$	—	$	53,349	$	—	$	53,349
Common stock and other equity securities	—		1,007		88,412		—		89,419
Partnership interests	—		—		2,575		1,209		3,784
Total investments, at fair value	—		1,007		144,336		1,209		146,552
Derivatives-foreign exchange contracts	—		1,440		—		—		1,440
Total assets, at fair value	$	—	$	2,447	$	144,336	$	1,209	$	147,992
Liabilities, at fair value
Derivatives-foreign exchange contracts	$	—	$	(1,565)	$	—	$	—	$	(1,565)
Total liabilities, at fair value	$	—	$	(1,565)	$	—	$	—	$	(1,565)


Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	397,485	$	9	$	—	$	397,494
Loans	—		9,470,651		542,297		—		10,012,948
Investments in CLO warehouse	—		—		—		—		—
Total fixed income investments	—		9,868,136		542,306		—		10,410,442
Equity securities	5,749		239		221,043		—		227,031
Partnership interests	—		—		231,857		7,767		239,624
Total investments, at fair value	5,749		9,868,375		995,206		7,767		10,877,097


Derivatives-asset swaps-other	—		—		1,104		—		1,104

Total assets, at fair value	$	5,749	$	9,868,375	$	996,310	$	7,767	$	10,878,201
Liabilities, at fair value


Derivatives-asset swaps-other	$	—	$	—	$	(44)	$	—	$	(44)

Loan obligations of CLOs	—		(9,958,076)		—		—		(9,958,076)
Total liabilities, at fair value	$	—	$	(9,958,076)	$	(44)	$	—	$	(9,958,120)

The following tables 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 Company	Level 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 Funds	Level I		Level II		Level III		Investments Measured at NAV		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 securities	26,396		—		85,988		—		112,384
Partnership interests	—		—		296,012		—		296,012
Total investments, at fair value	26,396		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 following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2020:


	Level III Assets
Level III Assets of the Company	Equity Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	69,183	$	35,192	$	119,079

Transfer in due to changes in consolidation	72,967		6,294		—		79,261
Purchases(1)	—		12,970		—		12,970
Sales/settlements(3)	—		(37,058)		(32,430)		(69,488)
Realized and unrealized appreciation (depreciation), net	741		1,960		(187)		2,514
Balance, end of period	$	88,412	$	53,349	$	2,575	$	144,336
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	741	$	4,227	$	5,511	$	10,479


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	85,988	$	339,136	$	296,012	$	(4,106)	$	717,030
Transfer in (out) due to changes in consolidation	(635)		403,751		—		—		403,116

Transfer in	32		127,633		—		—		127,665
Transfer out	—		(286,294)		—		—		(286,294)
Purchases(1)	186,881		340,475		66,000		—		593,356
Sales/settlements(2)	(10,997)		(370,966)		(141,025)		(911)		(523,899)
Amortized discounts/premiums	—		1,049		—		389		1,438
Realized and unrealized appreciation (depreciation), net	(40,226)		(12,478)		10,870		5,688		(36,146)
Balance, end of period	$	221,043	$	542,306	$	231,857	$	1,060	$	996,266
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(44,877)	$	(5,736)	$	10,870	$	3,595	$	(36,148)

(1)Purchases include paid-in-kind interest and securities received in connection with restructuring.

(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, 2019:


	Level III Assets
Level III Assets of the Company	Equity Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	10,397	$	60,824	$	35,192	$	106,413
Transfer in due to changes in consolidation	—		10,021		—		10,021

Purchases(1)	3,000		27,795		—		30,795
Sales/settlements(2)	—		(31,387)		—		(31,387)
Realized and unrealized appreciation, net	1,307		1,930		—		3,237
Balance, end of period	$	14,704	$	69,183	$	35,192	$	119,079
Change 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 Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	150,752	$	547,958	$	271,447	$	680	$	970,837
Transfer out due to changes in consolidation	—		(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
Change 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.

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 tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2020:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Assets

Equity securities

$

14,704

Transaction price(1)

N/A

32,905

Discounted Cash Flow

Discount Rates

14.0% - 20.0%

40,803

Market Approach

Multiple of Book Value

1.6x

Partnership interests

2,575

Other

N/A

Collateralized loan obligations

31,766

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

21,583

Other

N/A

Total

$

144,336

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

438

Market approach

EBITDA multiple(2)

2.9x - 19.5x

13.4x

32,528

Other

Net income multiple

30.0x

Illiquidity discount

25.0%

33

Broker quotes and/or 3rd party pricing services

N/A

188,044

Transaction price(1)

N/A

Partnership interest

231,857

Discounted cash flow

Discount rate

23.8%

Fixed income securities

384,419

Broker quotes and/or 3rd party pricing services

N/A

6,605

Market approach

EBITDA multiple(2)

6.5x - 7.8x

6.9x

122,962

Income approach

Yield

2.7% - 48.1%

7.9%

28,320

Other

N/A

Derivative instruments

1,104

Broker quotes and/or 3rd party pricing services

N/A

Total assets

$

996,310

Liabilities

Derivatives instruments

$

(44)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(44)

(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 tables summarize 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 Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Assets

Equity securities

$

14,704

Transaction price(1)

N/A

Partnership interests

32,661

Transaction price(1)

N/A

2,531

Other

N/A

Collateralized loan obligations

22,265

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

46,918

Other

N/A

Total

$

119,079

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

431

Market approach

EBITDA multiple(2)

8.2x - 21.3x

16.1x

40,745

Other

Net income multiple

36.2x

Illiquidity discount

25.0%

44,812

Transaction price(1)

N/A

Partnership interests

296,012

Discounted cash flow

Discount rate

19.6%

Fixed income securities

271,919

Broker quotes and/or 3rd party pricing services

N/A

67,217

Income approach

Yield

4.8% - 14.3%

9.7%

Total assets

$

721,136

Liabilities

Derivatives instruments

$

(4,106)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(4,106)

(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 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 $1.2 million and $1.6 million as of December 31, 2020 and 2019, respectively. The Company has no unfunded commitments for this investment.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2020

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

6. 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, 2020								As of December 31, 2019
	Assets				Liabilities				Assets				Liabilities
The Company	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Foreign exchange contracts	$	30,040	$	1,440	$	39,362	$	1,565	$	67,930	$	4,023	$	10,846	$	113
Total derivatives, at fair value(2)	$	30,040	$	1,440	$	39,362	$	1,565	$	67,930	$	4,023	$	10,846	$	113


	As of December 31, 2020								As of December 31, 2019
	Assets				Liabilities				Assets				Liabilities
Consolidated Funds	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Foreign exchange contracts	$	—	$	—	$	—	$	—	$	667	$	667	$	667	$	670
Asset swap - other	7,600		1,104		540		44		8,863		—		1,223		4,106
Total derivatives, at fair value(3)	$	7,600	$	1,104	$	540	$	44	$	9,530	$	667	$	1,890	$	4,776

(1)Represents the total contractual amount of derivative assets and liabilities outstanding.

(2)As of December 31, 2020 and 2019, the Company had the right to, but elected not to, offset $1.6 million and $0.1 million of its derivative liabilities.

(3)As of December 31, 2020 and 2019, the Consolidated Funds offset $0.4 million and $0.1 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 Year Ended December 31,
The Company	2020		2019		2018
Net realized gains (losses) on derivatives
Foreign currency forward contracts	277		2,284		(1,197)
Net realized gains (losses) on derivatives	$	277	$	2,284	$	(1,197)
Net change in unrealized appreciation (depreciation) on derivatives
Foreign currency forward contracts	(4,060)		3,713		2,338
Net change in unrealized appreciation (depreciation) on derivatives	$	(4,060)	$	3,713	$	2,338


	For the Year Ended December 31,
Consolidated Funds	2020		2019		2018
Net realized gains (losses) on derivatives of Consolidated Funds
Foreign currency forward contracts	5		8		96
Asset swap - other	(687)		(1,197)		(795)
Net realized losses on derivatives of Consolidated Funds	$	(682)	$	(1,189)	$	(699)
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds
Foreign currency forward contracts	3		(20)		15
Asset swap - other	5,171		(4,751)		(183)
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds	$	5,174	$	(4,771)	$	(168)

.

DEBT

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

DEBT

7. DEBT

The following table summarizes the Company’s and its subsidiaries’ debt obligations:



					As of December 31,
					2020			2019
	Debt Origination Date	Maturity	Original Borrowing Amount		Carrying Value		Interest Rate	Carrying Value		Interest Rate
Credit Facility(1)	Revolver	3/30/2025	N/A		$	—	—%	$	70,000	3.06%
2024 Senior Notes(2)	10/8/2014	10/8/2024	$	250,000	247,285		4.21	246,609		4.21
2030 Senior Notes(3)	6/15/2020	6/15/2030	400,000		395,713		3.28	—		—
Total debt obligations					$	642,998		$	316,609

(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 30, 2020, the Company amended the Credit Facility to, among other things, extend the maturity date from March 2024 to March 2025 and to reduce borrowing costs on the undrawn amounts. As of December 31, 2020, base rate loans bear interest calculated based on the base rate plus 0.125% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.125%. The unused commitment fee is 0.10% per annum. There is a base rate and LIBOR floor of zero.

(2)The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes.

(3)The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes.

As of December 31, 2020, 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 2024 and 2030 Senior Notes (the “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 Facility		Senior Notes
Unamortized debt issuance costs as of December 31, 2018	$	4,972	$	1,334
Debt issuance costs incurred	1,594		—
Amortization of debt issuance costs	(1,311)		(232)

Unamortized debt issuance costs as of December 31, 2019	$	5,255	$	1,102
Debt issuance costs incurred	1,217		3,624
Amortization of debt issuance costs	(1,240)		(443)

Unamortized debt issuance costs as of December 31, 2020	$	5,232	$	4,283

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.

The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:



	As of December 31,
	2020					2019
	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)	$	9,796,442	$	9,665,804	10.1	$	7,738,337	$	7,700,038	11.0
Subordinated notes(2)	482,391		292,272		10.2	449,877		273,710		11.0
Total loan obligations of Consolidated CLOs	$	10,278,833	$	9,958,076		$	8,188,214	$	7,973,748

(1)Original borrowings under the senior secured notes totaled $9.8 billion, with various maturity dates ranging from July 2028 to October 2033. The weighted average interest rate as of December 31, 2020 was 1.89%.

(2)Original borrowings under the subordinated notes totaled $482.4 million, with various maturity dates ranging from July 2028 to October 2033. 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. As of December 31, 2020 and 2019, 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,
				2020			2019
Consolidated Funds' Debt Facilities	Maturity Date	Total Capacity		Outstanding Loan(1)		Effective Rate	Outstanding Loan(1)		Effective Rate
Credit Facilities:
	3/5/2021	$	71,500	$	71,500	1.59%	$	71,500	3.14%
	1/1/2023	18,000		17,909		1.75	17,550		3.44
	10/14/2021	75,000		32,500		2.75	17,000		4.75
Revolving Term Loan	2/9/2022(2)	—		—		—	1,194		7.70
Total borrowings of Consolidated Funds				$	121,909		$	107,244

(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

(2)On July 15, 2020, the revolving term loan was terminated at the Consolidated Fund's discretion.

OTHER ASSETS

12 Months Ended

Dec. 31, 2020

Other Assets [Abstract]

OTHER ASSETS

The components of other assets were as follows:


	As of December 31,
	2020		2019
Other assets of the Company:
Accounts and interest receivable	$	45,494	$	47,368
Fixed assets, net	60,874		62,883
Deferred tax assets, net	70,026		46,364
Goodwill	371,047		143,855
Intangible assets, net	222,088		7,975
Other assets	42,890		33,817
Total other assets of the Company	$	812,419	$	342,262
Other assets of Consolidated Funds:
Dividends and interest receivable	$	30,413	$	26,030
Income tax and other receivables	5,089		4,051
Total other assets of Consolidated Funds	$	35,502	$	30,081

Fixed Assets, Net

The components of fixed assets were as follows:


	As of December 31,
	2020		2019
Furniture	$	10,402	$	9,484
Office and computer equipment	17,666		19,963
Internal-use software	47,456		36,966
Leasehold improvements	57,505		56,619
Fixed assets, at cost	133,029		123,032
Less: accumulated depreciation	(72,155)		(60,149)
Fixed assets, net	$	60,874	$	62,883

For the years ended December 31, 2020, 2019 and 2018, depreciation expense was $19.0 million, $17.1 million and $16.1 million, respectively, and is included in general, administrative and other expense in the Consolidated Statements of Operations. During 2020, the Company disposed of $7.2 million of fixed assets that were fully depreciated.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

9. 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, 2020, 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, 2020 and 2019, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $784.2 million and $387.4 million, respectively.

Guarantees

The Company has entered into agreements with financial institutions to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund. The total amount guaranteed was not material as of December 31, 2020 and 2019.

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, 2020 and 2019, 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 $326.4 million and $233.4 million, respectively, of which approximately $252.4 million and $175.1 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, 2020 and 2019, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability.

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 10 years. The tables below present certain supplemental quantitative disclosures regarding the Company's leases:



		As of December 31,
	Classification	2020		2019
Operating lease assets	Right-of-use operating lease assets	$	154,742	$	143,406
Finance lease assets	Other assets(1)	1,386		1,787
Total lease assets		$	156,128	$	145,193

Operating lease liabilities	Operating lease liabilities	$	180,236	$	168,817
Finance lease obligations	Accounts payable, accrued expenses and other liabilities	1,273		1,651
Total lease liabilities		$	181,509	$	170,468

(1) Finance lease assets are recorded net of accumulated amortization of $1.0 million and $0.6 million as of December 31, 2020 and 2019 respectively.


Maturity of lease liabilities	Operating Leases		Finance Leases
2021	$	34,304	$	519
2022	36,079		486
2023	32,248		158
2024	29,477		156
2025	28,969		7
After 2025	38,713		—
Total future payments	199,790		1,326
Less: interest	19,554		53
Total lease liabilities	$	180,236	$	1,273


		Year ended December 31,
	Classification		2020		2019		2018
Operating lease expense	General, administrative and other expenses		$	31,713	$	28,814	$	30,497
Finance lease expense:
Amortization of finance lease assets	General, administrative and other expenses		469		304		260
Interest on finance lease liabilities	Interest expense		43		39		39
Total lease expense			$	32,225	$	29,157	$	30,796


	Year ended December 31,
Other information	2020		2019

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	32,121	$	31,509
Operating cash flows for finance leases	53		58
Financing cash flows for finance leases	460		311
Leased assets obtained in exchange for new finance lease liabilities	—		778
Leased assets obtained in exchange for new operating lease liabilities	36,935		49,833



	As of December 31,
Lease term and discount rate	2020		2019
Weighted-average remaining lease terms (in years):
Operating leases	6.0		6.5
Finance leases	2.6		3.3
Weighted-average discount rate:
Operating leases	3.59	%	4.00	%
Finance leases	3.26	%	3.39	%

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2020

RELATED PARTY TRANSACTIONS

10. 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, which is predominantly due from affiliated funds, is presented separately within investments in the Consolidated Statements of Financial Condition.

The Company has investment management agreements with the 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 from the funds can be distributed to professionals or their related entities on a current basis, subject, in the case of carried interest programs, 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,
	2020		2019
Due from affiliates:
Management fees receivable from non-consolidated funds	$	308,581	$	183,579
Incentive fee receivable from non-consolidated funds	21,495		19,006
Payments made on behalf of and amounts due from non-consolidated funds and employees	75,811		64,545
Due from affiliates—Company	$	405,887	$	267,130
Amounts due from portfolio companies and non-consolidated funds	$	17,172	$	6,192
Due from affiliates—Consolidated Funds	$	17,172	$	6,192
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	$	4,808	$	5,432


Tax receivable agreement liability	62,505		26,542
Undistributed carried interest and incentive fees	27,322		28,086
Payments made by non-consolidated funds on behalf of and payable by the Company	5,551		11,385
Due to affiliates—Company	$	100,186	$	71,445

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.

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.

ARCC Fee Waiver

In conjunction with ARCC's acquisition of American Capital, Ltd., the Company agreed to waive up to $10.0 million per quarter of ARCC's Part I Fees for ten calendar quarters, which began in the second quarter of 2017 and ended during the third quarter of 2019. ARCC Part I Fees are reported net of the fee waiver. For the years ended December 31, 2019 and 2018, the Company waived $30.0 million and $40.0 million, respectively.

INCOME TAXES

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

11. 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 2016. 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.

The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following for the years ended December 31, 2020, 2019 and 2018.


	For the Year Ended December 31,
Provision for Income Taxes	2020		2019		2018
The Company
Current:
U.S. federal income tax expense	$	23,845	$	32,012	$	16,859
State and local income tax expense	6,714		6,940		4,306
Foreign income tax expense	9,141		6,103		6,607
	39,700		45,055		27,772
Deferred:
U.S. federal income tax expense	12,451		8,820		10,572
State and local income tax expense (benefit)	1,952		1,001		(4,789)
Foreign income tax expense (benefit)	772		(1,970)		(1,484)
	15,175		7,851		4,299
Total:
U.S. federal income tax expense	36,296		40,832		27,431
State and local income tax expense (benefit)	8,666		7,941		(483)
Foreign income tax expense	9,913		4,133		5,123
Income tax expense	54,875		52,906		32,071

Consolidated Funds
Current:


Foreign income tax expense (benefit)	118		(530)		131
Income tax expense (benefit)	118		(530)		131











Total Provision for Income Taxes
Total current income tax expense	39,818		44,525		27,903
Total deferred income tax expense	15,175		7,851		4,299
Income tax expense	$	54,993	$	52,376	$	32,202

The effective income tax rate differed from the federal statutory rate for the following reasons for the years ended December 31, 2020, 2019 and 2018.


	For the Year Ended December 31,
	2020		2019		2018
Income tax expense at federal statutory rate	21.0	%	21.0	%	21.0	%
Income passed through to non-controlling interests	(8.2)		(10.4)		(9.9)
State and local taxes, net of federal benefit	1.8		1.9		2.1
Foreign taxes	0.3		0.3		0.3
Permanent items	(0.5)		(0.4)		(0.8)
Tax Cuts and Jobs Act	—		—		(0.4)
Corporate conversion expense	—		—		5.4
Other, net	(0.2)		(0.1)		(0.3)
Valuation allowance	0.3		—		0.1
Total effective rate	14.5	%	12.3	%	17.5	%

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, 2020 and 2019. 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 Company	2020		2019
Deferred tax assets
Amortizable tax basis for AOG unit exchanges	$	67,571	$	25,994
Investment in partnerships	—		12,841
Net operating losses	1,292		367
Other, net	6,563		7,216
Total gross deferred tax assets	75,426		46,418
Valuation allowance	(1,010)		(54)
Total deferred tax assets, net	$	74,416	$	46,364
Deferred tax liabilities
Investment in partnerships	(4,390)		—

Total deferred tax liabilities	(4,390)		—
Net deferred tax assets	$	70,026	$	46,364


	As of December 31,
Deferred Tax Assets and Liabilities of the Consolidated Funds	2020		2019
Deferred tax assets
Net operating loss	$	—	$	5,391
Other, net	—		2,173
Total gross deferred tax assets	—		7,564
Valuation allowance	—		(7,564)
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 $6.6 million in 2020 due to the deconsolidation of a fund. The deferred tax assets related to operating losses in foreign jurisdictions do not meet the more likely than not threshold and have a valuation allowance recorded for the net balance. 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.

As of, and for the three years ended December 31, 2020, 2019 and 2018, the Company had no significant uncertain tax positions.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. 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 years ended December 31, 2020 and 2019, the treasury stock method was the more dilutive method. For the year ended December 31, 2018, 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, 2020, 2019 and 2018 excludes the following restricted units and AOG Units, as their effect would have been anti-dilutive:


	Year ended December 31,
		2020	2019	2018

Restricted units		16,599	82	—
AOG Units		115,126,565	116,802,160	—

The following table presents the computation of basic and diluted earnings per common share:


	Year ended December 31,
		2020		2019		2018
Basic earnings per share of Class A common stock:
Net income attributable to Ares Management Corporation Class A common stockholders		$	130,442	$	127,184	$	35,320
Distributions on unvested restricted units		(10,454)		(7,670)		(6,948)

Net income available to Class A common stockholders		$	119,988	$	119,514	$	28,372
Basic weighted-average shares of Class A common stock		135,065,436		107,914,953		96,023,147
Basic earnings per share of Class A common stock		$	0.89	$	1.11	$	0.30

Diluted earnings per share of Class A common stock:
Net income available to Class A common stockholders		$	130,442	$	127,184	$	35,320
Distributions on unvested restricted units		—		—		(6,948)
Net income attributable to Ares Management Corporation Class A common stockholders		$	130,442	$	127,184	$	28,372
Effect of dilutive shares:
Restricted units		9,207,639		7,838,200		—
Options		5,235,423		4,124,276		—

Diluted weighted-average shares of Class A common stock		149,508,498		119,877,429		96,023,147
Diluted earnings per share of Class A common stock		$	0.87	$	1.06	$	0.30

Dividend declared and paid per Class A common stock		$	1.60	$	1.28	$	1.33

EQUITY COMPENSATION

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

EQUITY COMPENSATION

13. EQUITY COMPENSATION

Equity Incentive Plan

Equity-based compensation is granted under the Equity Incentive Plan. The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2020, the total number of shares available for issuance under the Equity Incentive Plan reset to 37,528,029 shares, and as of December 31, 2020, 33,861,117 shares remain available for issuance.

Generally, unvested 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:


	Year ended December 31,
		2020		2019		2018
Restricted units		$	115,680	$	88,979	$	74,441
Restricted units with a market condition		7,263		3,613		1,524
Options		43		4,362		12,449
Phantom shares		—		737		1,310
Equity-based compensation expense		$	122,986	$	97,691	$	89,724

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 the 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 or retirement eligibility provisions). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award.

Restricted units are delivered net of the holder's payroll related taxes upon vesting. For the year ended December 31, 2020, 5.5 million restricted units vested and 3.1 million shares of Class A common stock were delivered to the holders. For the year ended December 31, 2019, 3.7 million restricted units vested and 2.1 million shares of Class A common stock were delivered to the holders.

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, 2020, the Company declared dividends of $0.40 per share to Class A common stockholders at the close of business on March 17, 2020, June 16, 2020 and September 16, 2020 and December 17, 2020, respectively. For the year ended December 31, 2020, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $26.0 million, respectively, which are presented as 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:


	Restricted Units	Weighted Average Grant Date Fair Value Per Unit
Balance - January 1, 2020	16,810,473	$	20.07
Granted	3,984,695	36.91
Vested	(4,201,333)	19.62
Forfeited	(294,171)	24.85
Balance - December 31, 2020	16,299,664	$	24.30

The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $228.6 million as of December 31, 2020 and is expected to be recognized over the remaining weighted average period of 2.8 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, 2020.



	2018
Closing price of the Company's common shares as of valuation date	$	20.95
Risk-free interest rate	2.95		%
Volatility	30.0		%
Dividend yield	5.0		%
Cost of equity	10.0		%

The following table presents the unvested market condition awards' activity:


	Market Condition Awards Units	Weighted Average Grant Date Fair Value Per Unit
Balance - January 1, 2020	1,333,334	$	9.30
Granted	—	—
Vested	(1,333,334)	9.30
Forfeited	—	—
Balance - December 31, 2020	—	$	—

For the year ended December 31, 2020, the market-priced vesting condition was met for both Tranche I and Tranche II of the market condition awards and compensation expense of $6.1 million was accelerated.

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. As of December 31, 2020, all of the options issued by the Company have vested. Compensation expense associated with these options was 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 $92.9 million for the year ended December 31, 2020. The Company realized tax benefits of approximately $13.1 million from those exercises.

A summary of options activity during the year ended December 31, 2020 is presented below:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value
Balance - January 1, 2020	13,426,870	$	18.99	4.3	$	224,260
Granted	—	—		—	—
Exercised	(5,114,667)	18.99		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Balance - December 31, 2020	8,312,203	$	18.99	3.4	$	233,251
Exercisable at December 31, 2020	8,312,203	$	18.99	3.4	$	233,251

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

EQUITY AND REDEEMABLE INTEREST

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

EQUITY AND REDEEMABLE INTEREST

14. EQUITY AND REDEEMABLE INTEREST

Common Stock

The Company's common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to 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 (“Ares Voting”) is the sole holder of the Class C common stock.

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.

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, the board of directors approved the renewal of the program and reset the repurchase amount back to $150 million. The renewed 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, 2020, the Company did not repurchase any shares as part of the stock repurchase program. During the year ended December 31, 2019, the Company repurchased 0.4 million shares as part of the stock repurchase program at a total cost of $10.4 million.

On March 31, 2020, the Company issued and sold 12,130,540 shares of new Class A common stock in a private offering (the “Offering”) to Sumitomo Mitsui Banking Corporation (“SMBC”) in connection with a share purchase agreement. The Company received $383.8 million in gross proceeds and incurred approximately $0.7 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. In connection with the Offering, the Company approved the amendment to its certificate of incorporation to, among other things, establish a new series of non-voting common stock, par value $0.01 per share, that has the same economic rights as the Class A common stock. SMBC may exchange all or a portion of the Class A common stock for an equivalent amount of the newly established non-voting common stock pursuant to certain terms set forth in an investor rights agreement entered into between the Company and SMBC. As of December 31, 2020, the Company had authorized 500,000,000 shares of the non-voting common stock with no shares issued. To satisfy a condition related to the Offering, the Company also issued 115,199,620 shares of its Class C common stock to Ares Voting on March 30, 2020. The issuance of the Class C units did not change the aggregate voting power of Ares Voting, and Ares Voting will continue to be entitled to the number of votes equal to the number of AOG Units held by each Ares Operating Group limited partner, other than the Company and its subsidiaries, that does not own a share of Class C common stock.

The following table presents the changes in each class of common stock


	Class A Common Stock	Class B Common Stock	Class C Common Stock	Total
Balance - January 1, 2020	115,242,028	1,000	1	115,243,029
Issuance of stock (1)	19,854,764	—	115,199,620	135,054,384
Exchanges of AOG Units (2)	4,062,425	—	(2,686,003)	1,376,422
Redemptions of AOG Units	—	—	(66,000)	(66,000)
Stock option exercises, net of shares withheld for tax	4,948,742	—	—	4,948,742

Vesting of restricted stock awards, net of shares withheld for tax	3,074,603	—	—	3,074,603
Balance Outstanding - December 31, 2020	147,182,562	1,000	112,447,618	259,631,180

(1) On July 1, 2020, the Company issued 7,724,224 shares of new Class A common stock in connection with the SSG Acquisition.

(2) Effective March 30, 2020, Class C common stock activity represents redemptions to correspond with exchanges of AOG Units.

The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities:


							Daily Average Ownership
	As of December 31, 2020			As of December 31, 2019				Year ended December 31,
	AOG Units	Direct Ownership Interest		AOG Units	Direct Ownership Interest				2020		2019		2018
Ares Management Corporation	147,182,562	56.69	%	115,242,028	49.70	%			53.98	%	48.02	%	44.19	%
Ares Owners Holding L.P.	112,447,618	43.31		116,641,833	50.30				46.02		51.98		53.99
Affiliate of Alleghany Corporation	—	—		—	—				—		—		1.82
Total	259,630,180	100.00	%	231,883,861	100.00	%

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.

Preferred Stock

As of December 31, 2020 and 2019, 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.

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.

Redeemable Interest

The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities that was established in connection with the SSG Acquisition:


	Total
Opening balance at July 1, 2020	$	99,804


Net loss	(976)
Currency translation adjustment, net of tax	1,538
Balance at December 31, 2020	$	100,366

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

SEGMENT REPORTING

15. SEGMENT REPORTING

The Company operates through its distinct operating segments that are summarized below:

Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum from syndicated loans, high yield bonds, multi-asset credit, alternative credit investments to direct lending.

Private Equity Group: The Private Equity Group manages investment strategies broadly categorized as corporate private equity, infrastructure and power and special opportunities.

Real Estate Group: The Real Estate Group manages comprehensive real estate equity and debt strategies.

Strategic Initiatives: Strategic Initiatives represents an all-other category that includes operating segments and strategic investments that are seeking to broaden the Company's distribution channels or expand its access to global markets and includes the results of Ares SSG subsequent to the completion of the SSG Acquisition on July 1, 2020.

The OMG 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 income before taxes by excluding (a) operating results of the Consolidated Funds, (b) depreciation and amortization expense, (c) the effects of changes arising from corporate actions, (d) unrealized gains and losses related to performance income and investment performance and (e) 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. Total assets by segments is not disclosed because such information is not used by the Company’s chief operating decision maker in evaluating the segments.

Many of the Ares Funds managed by the Company have mandates that allow for investing across different geographic regions, including North America, Europe and Asia. The primary geographic region in which the Company invests in is North America and the majority of its revenues are generated in North America.

The following tables present the financial results for the Company’s operating segments, as well as the OMG:


































	Year ended December 31, 2020
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees (Credit Group includes ARCC Part I Fees of $184,141)	$	841,138	$	221,160	$	97,680	$	26,587	$	1,186,565	$	—	$	1,186,565
Other fees	18,644		178		974		152		19,948		—		19,948
Compensation and benefits	(304,412)		(90,129)		(53,004)		(6,442)		(453,987)		(155,979)		(609,966)
General, administrative and other expenses	(53,997)		(22,145)		(12,251)		(2,926)		(91,319)		(80,778)		(172,097)
Fee related earnings	501,373		109,064		33,399		17,371		661,207		(236,757)		424,450
Performance income—realized	92,308		392,635		62,273		—		547,216		—		547,216
Performance related compensation—realized	(60,281)		(315,905)		(39,482)		—		(415,668)		—		(415,668)
Realized net performance income	32,027		76,730		22,791		—		131,548		—		131,548
Investment income (loss)—realized	(2,309)		29,100		3,146		13		29,950		(5,698)		24,252
Interest and other investment income (expense) —realized	16,314		5,987		4,056		996		27,353		(739)		26,614
Interest expense	(8,722)		(8,186)		(5,200)		(1,465)		(23,573)		(1,335)		(24,908)
Realized net investment income (loss)	5,283		26,901		2,002		(456)		33,730		(7,772)		25,958
Realized income	$	538,683	$	212,695	$	58,192	$	16,915	$	826,485	$	(244,529)	$	581,956

	Year ended December 31, 2019
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total Segments		OMG		Total
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 fees	17,124		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 earnings	414,212		114,419		25,482		—		554,113		(230,454)		323,659
Performance income—realized	104,442		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 income	42,801		52,889		16,446		—		112,136		—		112,136
Investment income—realized	2,457		47,696		8,020		—		58,173		—		58,173
Interest and other investment income (expense) —realized	18,670		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


	Year ended December 31, 2018
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees (includes ARCC Part I Fees of $128,805)	$	564,899	$	198,182	$	73,663	$	—	$	836,744	$	—	$	836,744
Other fees	23,247		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 earnings	325,153		106,036		23,950		—		455,139		(199,827)		255,312
Performance income—realized	121,270		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 income	45,729		28,056		31,825		—		105,610		—		105,610
Investment income—realized	2,492		17,816		11,409		—		31,717		4,790		36,507
Interest and other investment income —realized	10,350		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 income	1,456		16,440		11,830		—		29,726		4,748		34,474
Realized income	$	372,338	$	150,532	$	67,605	$	—	$	590,475	$	(195,079)	$	395,396

The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income:


	Year ended December 31,
		2020		2019		2018
Segment revenues
Management fees (includes ARCC Part I Fees of $184,141, $164,396 and $128,805 for the years ended December 31, 2020, 2019 and 2018, respectively)		$	1,186,565	$	1,012,530	$	836,744
Other fees		19,948		18,078		24,288
Performance income—realized		547,216		402,518		357,207
Total segment revenues		$	1,753,729	$	1,433,126	$	1,218,239
Segment expenses
Compensation and benefits		$	453,987	$	389,045	$	331,443
General, administrative and other expenses		91,319		87,450		74,450
Performance related compensation—realized		415,668		290,382		251,597
Total segment expenses		$	960,974	$	766,877	$	657,490
Segment realized net investment income
Investment income—realized		$	29,950	$	58,173	$	31,717
Interest and other investment income —realized		27,353		29,349		17,231
Interest expense		(23,573)		(17,807)		(19,222)
Total segment realized net investment income		$	33,730	$	69,715	$	29,726

The following table reconciles the Company's consolidated revenues to segment revenue:


	Year ended December 31,
		2020		2019		2018
Total consolidated revenue		$	1,764,046	$	1,765,438	$	958,461
Performance (income) loss-unrealized		7,554		(303,142)		247,212
Management fees of Consolidated Funds eliminated in consolidation		45,268		34,920		34,242

Incentive fees of Consolidated Funds eliminated in consolidation		141		13,851		4,000
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		15,824		12,641		—
Administrative fees(1)		(36,512)		(31,629)		(27,380)

Performance income (loss) reclass(2)		(3,726)		740		205
Principal investment (income) loss, net of eliminations		(28,552)		(56,555)		1,455
Net (income) expense of non-controlling interests in consolidated subsidiaries		(10,314)		(3,138)		44
Total consolidation adjustments and reconciling items		(10,317)		(332,312)		259,778
Total segment revenue		$	1,753,729	$	1,433,126	$	1,218,239

(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:


	Year ended December 31,
		2020		2019		2018
Total consolidated expenses		$	1,450,486	$	1,462,797	$	870,362
Performance related compensation-unrealized		11,552		(206,799)		221,343
Expenses of Consolidated Funds added in consolidation		(65,527)		(90,816)		(92,006)
Expenses of Consolidated Funds eliminated in consolidation		45,408		48,771		38,242
Administrative fees(1)		(36,512)		(31,629)		(27,380)
OMG expenses		(236,757)		(230,454)		(199,827)
Acquisition and merger-related expense		(11,124)		(16,266)		(2,936)
Equity compensation expense		(122,986)		(97,691)		(89,724)
Deferred placement fees		(19,329)		(24,306)		(20,343)
Depreciation and amortization expense		(40,662)		(40,602)		(25,087)
Other expense(2)		—		—		(11,836)
Expense of non-controlling interests in consolidated subsidiaries		(13,575)		(6,128)		(3,318)
Total consolidation adjustments and reconciling items		(489,512)		(695,920)		(212,872)
Total segment expenses		$	960,974	$	766,877	$	657,490

(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 an $11.8 million payment to ARCC for rent and utilities for the first quarter of 2018 and the years ended 2017, 2016, 2015 and 2014.

The following table reconciles the Company's consolidated other income to segment realized net investment income:


	Year ended December 31,
		2020		2019		2018
Total consolidated other income		$	65,918	$	122,539	$	96,242
Investment loss—unrealized		47,317		26,620		49,241
Interest and other investment (income) loss—unrealized		(12,134)		9,061		233
Other income from Consolidated Funds added in consolidation, net		(70,994)		(117,405)		(114,286)
Other expense from Consolidated Funds eliminated in consolidation, net		(14,053)		(12,991)		(865)
OMG other income		(927)		(1,190)		(3,315)
Performance (income) loss reclass(1)		3,726		(740)		(205)
Principal investment income		4,044		44,320		1,047
Other (income) expense, net(2)		10,277		(460)		1,653
Other (income) loss of non-controlling interests in consolidated subsidiaries		556		(39)		(19)
Total consolidation adjustments and reconciling items		(32,188)		(52,824)		(66,516)
Total segment realized net investment income		$	33,730	$	69,715	$	29,726

(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.

(2)The year ended December 31, 2020 includes a $10.2 million non-cash unrealized guarantee expense.

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:


	Year ended December 31,
		2020		2019		2018
Income before taxes		$	379,478	$	425,180	$	184,341
Adjustments:
Depreciation and amortization expense		40,662		40,602		25,087
Equity compensation expense		122,986		97,691		89,724
Acquisition and merger-related expense		11,194		16,266		2,936
Deferred placement fees		19,329		24,306		20,343
OMG expense, net		235,830		229,264		196,512
Other (income) expense, net(1)		10,207		(460)		13,489
Net expense of non-controlling interests in consolidated subsidiaries		3,817		2,951		3,343
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(28,203)		(39,174)		(20,643)
Total performance (income) loss-unrealized		7,554		(303,142)		247,212
Total performance related compensation - unrealized		(11,552)		206,799		(221,343)
Total investment loss-unrealized		35,183		35,681		49,474
Realized income		826,485		735,964		590,475
Total performance income - realized		(547,216)		(402,518)		(357,207)
Total performance related compensation - realized		415,668		290,382		251,597
Total investment income - realized		(33,730)		(69,715)		(29,726)
Fee related earnings		$	661,207	$	554,113	$	455,139

(1)The year ended December 31, 2020 includes a $10.2 million non-cash unrealized guarantee expense and the year ended December 31, 2018 includes an $11.8 million payment to ARCC for rent and utilities for the first quarter of 2018 and the years ended 2017, 2016, 2015 and 2014

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

CONSOLIDATION

12 Months Ended

Dec. 31, 2020

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATION

16. 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) such funds have been 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, 2020, one entity was liquidated/dissolved and one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity during the period. During the year ended December 31, 2019, two entities were liquidated/dissolved and two entities experienced a significant change in ownership or control that resulted in deconsolidation during each of the periods. During the year ended December 31, 2018 one entity was liquidated/dissolved and no entities experienced a significant change in ownership that resulted in deconsolidation of the fund or CLO during the period. 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,
	2020		2019
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)	$	224,203	$	260,520
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)	391,963		181,856
Assets of consolidated VIEs	11,580,003		9,454,572
Liabilities of consolidated VIEs	10,716,438		8,679,869

(1)As of December 31, 2020 and 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 $107.7 million and $104.7 million, respectively.


	Year ended December 31,
		2020		2019		2018
Net income attributable to non-controlling interests related to consolidated VIEs		$	28,085	$	39,704	$	20,512

Consolidating Schedules

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition, results from operations and cash flows:


	As of December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	539,812	$	—	$	—	$	539,812
Investments (includes $1,145,853 of accrued carried interest)	2,064,517		—		(381,758)		1,682,759
Due from affiliates	426,021		—		(20,134)		405,887
Other assets	812,630		—		(211)		812,419
Right-of-use operating lease assets	154,742		—		—		154,742
Assets of Consolidated Funds
Cash and cash equivalents	—		522,377		—		522,377
Investments, at fair value	—		10,873,522		3,575		10,877,097
Due from affiliates	—		27,377		(10,205)		17,172
Receivable for securities sold	—		121,225		—		121,225
Other assets	—		35,502		—		35,502
Total assets	$	3,997,722	$	11,580,003	$	(408,733)	$	15,168,992
Liabilities
Accounts payable, accrued expenses and other liabilities	$	125,494	$	—	$	(10,205)	$	115,289
Accrued compensation	103,010		—		—		103,010
Due to affiliates	100,186		—		—		100,186
Performance related compensation payable	813,378		—		—		813,378
Debt obligations	642,998		—		—		642,998

Operating lease liabilities	180,236		—		—		180,236
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		46,824		—		46,824
Due to affiliates	—		16,770		(16,770)		—
Payable for securities purchased	—		514,946		—		514,946
CLO loan obligations, at fair value	—		10,015,989		(57,913)		9,958,076
Fund borrowings	—		121,909		—		121,909
Total liabilities	1,965,302		10,716,438		(84,888)		12,596,852
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	100,366		—		—		100,366
Non-controlling interest in Consolidated Funds	—		863,565		(323,845)		539,720
Non-controlling interest in Ares Operating Group entities	738,369		—		—		738,369
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 (147,182,562 shares issued and outstanding)	1,472		—		—		1,472

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 (112,447,618 shares issued and outstanding)	1,124		—		—		1,124
Additional paid-in-capital	1,043,669		—		—		1,043,669
Retained earnings	(151,824)		—		—		(151,824)
Accumulated other comprehensive loss, net of tax	483		—		—		483
Total stockholders' equity	1,193,685		—		—		1,193,685
Total equity	1,932,054		863,565		(323,845)		2,471,774
Total liabilities, redeemable interest, non-controlling interests and equity	$	3,997,722	$	11,580,003	$	(408,733)	$	15,168,992


	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 affiliates	281,228		—		(14,098)		267,130
Other assets	344,643		—		(2,381)		342,262
Right-of-use operating lease assets	143,406		—		—		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 compensation	37,795		—		—		37,795
Due to affiliates	71,445		—		—		71,445
Performance related compensation payable	829,764		—		—		829,764
Debt obligations	316,609		—		—		316,609
Operating lease liabilities	168,817		—		—		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	—		7,998,922		(25,174)		7,973,748
Fund borrowings	—		107,244		—		107,244
Total liabilities	1,512,603		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 entities	472,288		—		—		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-capital	525,244		—		—		525,244
Retained earnings	(50,820)		—		—		(50,820)
Accumulated other comprehensive loss, net of tax	(6,047)		—		—		(6,047)
Total stockholders' equity	768,290		—		—		768,290
Total equity	1,240,578		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


	Year ended December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees (includes ARCC Part I Fees of $184,141)	$	1,195,876	$	—	$	(45,268)	$	1,150,608
Carried interest allocation	505,608		—		—		505,608
Incentive fees	38,043		—		(141)		37,902
Principal investment income	4,044		—		24,508		28,552
Administrative, transaction and other fees	57,200		—		(15,824)		41,376
Total revenues	1,800,771		—		(36,725)		1,764,046
Expenses
Compensation and benefits	767,252		—		—		767,252
Performance related compensation	404,116		—		—		404,116
General, administrative and other expense	258,999		—		—		258,999
Expenses of the Consolidated Funds	—		65,527		(45,408)		20,119
Total expenses	1,430,367		65,527		(45,408)		1,450,486
Other income (expense)
Net realized and unrealized losses on investments	(8,720)		—		(288)		(9,008)
Interest and dividend income	11,641		—		(3,570)		8,071
Interest expense	(24,908)		—		—		(24,908)
Other income, net	2,858		—		8,433		11,291
Net realized and unrealized losses on investments of the Consolidated Funds	—		(109,387)		12,523		(96,864)
Interest and other income of the Consolidated Funds	—		473,857		(10,205)		463,652
Interest expense of the Consolidated Funds	—		(293,476)		7,160		(286,316)
Total other income (expense)	(19,129)		70,994		14,053		65,918
Income before taxes	351,275		5,467		22,736		379,478
Income tax expense	54,875		118		—		54,993
Net income	296,400		5,349		22,736		324,485
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		5,349		22,736		28,085
Net income attributable to Ares Operating Group entities	296,400		—		—		296,400
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(976)		—		—		(976)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	145,234		—		—		145,234
Net income attributable to Ares Management Corporation	152,142		—		—		152,142
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	130,442	$	—	$	—	$	130,442


	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 allocation	621,872		—		—		621,872
Incentive fees	83,048		—		(13,851)		69,197
Principal investment income	44,320		—		12,235		56,555
Administrative, transaction and other fees	51,038		—		(12,641)		38,397
Total revenues	1,814,615		—		(49,177)		1,765,438
Expenses
Compensation and benefits	653,352		—		—		653,352
Performance related compensation	497,181		—		—		497,181
General, administrative and other expense	270,219		—		—		270,219
Expenses of the Consolidated Funds	—		90,816		(48,771)		42,045
Total expenses	1,420,752		90,816		(48,771)		1,462,797
Other income (expense)
Net realized and unrealized gains on investments	10,405		—		(851)		9,554
Interest and dividend income	9,599		—		(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 taxes	386,006		26,589		12,585		425,180
Income tax expense (benefit)	52,906		(530)		—		52,376
Net income	333,100		27,119		12,585		372,804
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		27,119		12,585		39,704
Net income attributable to Ares Operating Group entities	333,100		—		—		333,100
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	184,216		—		—		184,216
Net income attributable to Ares Management Corporation	148,884		—		—		148,884
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	127,184	$	—	$	—	$	127,184


	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 allocation	42,410		—		—		42,410
Incentive fees	67,380		—		(4,000)		63,380
Principal investment income	1,047		—		(2,502)		(1,455)
Administrative, transaction and other fees	51,624		—		—		51,624
Total revenues	999,205		—		(40,744)		958,461
Expenses
Compensation and benefits	570,380		—		—		570,380
Performance related compensation	30,254		—		—		30,254
General, administrative and other expense	215,964		—		—		215,964
Expenses of the Consolidated Funds	—		92,006		(38,242)		53,764
Total expenses	816,598		92,006		(38,242)		870,362
Other income (expense)
Net realized and unrealized losses on investments	(2,867)		—		983		(1,884)
Interest and dividend income	7,121		—		(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 taxes	163,698		22,280		(1,637)		184,341
Income tax expense	32,071		131		—		32,202
Net income	131,627		22,149		(1,637)		152,139
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		22,149		(1,637)		20,512
Net income attributable to Ares Operating Group entities	131,627		—		—		131,627
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	74,607		—		—		74,607
Net income attributable to Ares Management Corporation	57,020		—		—		57,020
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	35,320	$	—	$	—	$	35,320


	Year ended December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	296,400	$	5,349	$	22,736	$	324,485
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	122,986		—		—		122,986
Depreciation and amortization	41,248		—		—		41,248
Net realized and unrealized (gains) losses on investments	20,651		—		(28,690)		(8,039)


Investments purchased	(352,750)		—		261,899		(90,851)
Proceeds from sale of investments	207,986		—		(33,307)		174,679
Adjustments to reconcile net income to net cash provided by (used) in operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized losses on investments	—		109,387		(12,523)		96,864
Other non-cash amounts	—		(34,297)		—		(34,297)
Investments purchased	—		(6,580,784)		(34,948)		(6,615,732)
Proceeds from sale of investments	—		5,502,325		—		5,502,325
Cash flows due to changes in operating assets and liabilities :
Net performance income receivable	(24,351)		—		—		(24,351)
Due to/from affiliates	(82,222)		—		6,037		(76,185)
Other assets	(34,523)		—		(2,170)		(36,693)
Accrued compensation and benefits	54,539		—		—		54,539
Accounts payable, accrued expenses and other liabilities	31,240		—		(10,205)		21,035
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		83,944		83,944
Net cash acquired with consolidation/deconsolidation of Consolidated Funds	—		60,895		—		60,895
Change in other assets and receivables held at Consolidated Funds	—		(55,461)		22,163		(33,298)
Change in other liabilities and payables held at Consolidated Funds	—		10,787		—		10,787
Net cash provided by (used in) operating activities	281,204		(981,799)		274,936		(425,659)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,942)		—		—		(15,942)
Acquisitions, net of cash acquired	(120,822)		—		—		(120,822)
Net cash used in investing activities	(136,764)		—		—		(136,764)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154		—		—		383,154
Proceeds from credit facility	790,000		—		—		790,000
Proceeds from senior notes	399,084		—		—		399,084
Repayments of credit facility	(860,000)		—		—		(860,000)

Dividends and distributions	(446,780)		—		—		(446,780)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)


Stock option exercises	92,877		—		—		92,877
Taxes paid related to net share settlement of equity awards	(95,368)		—		—		(95,368)
Other financing activities	(1,531)		—		—		(1,531)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		359,381		(226,951)		132,430
Distributions to non-controlling interests in Consolidated Funds	—		(287,467)		35,960		(251,507)
Borrowings under loan obligations by Consolidated Funds	—		1,013,291		—		1,013,291
Repayments under loan obligations by Consolidated Funds	—		(190,055)		—		(190,055)
Net cash provided by financing activities	239,736		895,150		(190,991)		943,895
Effect of exchange rate changes	17,252		2,704		—		19,956
Net change in cash and cash equivalents	401,428		(83,945)		83,945		401,428
Cash and cash equivalents, beginning of period	138,384		606,321		(606,321)		138,384
Cash and cash equivalents, end of period	$	539,812	$	522,376	$	(522,376)	$	539,812
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions	$	305,338	$	—	$	—	$	305,338
Supplemental information of cash flow information:

Cash paid during the period for interest	$	22,127	$	235,005	$	—	$	257,132
Cash paid during the period for income taxes	$	38,005	$	169	$	—	$	38,174


	Year ended December 31, 2019
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	333,100	$	27,119	$	12,585	$	372,804
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	97,691		—		—		97,691
Depreciation and amortization	39,459		—		—		39,459
Net realized and unrealized gains on investments	(37,211)		—		(15,881)		(53,092)


Investments purchased	(401,266)		—		122,468		(278,798)
Proceeds from sale of investments	395,997		—		(111,187)		284,810
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized gains on investments	—		(3,312)		(11,824)		(15,136)
Other non-cash amounts	—		(8,383)		—		(8,383)
Investments purchased	—		(5,310,296)		93,365		(5,216,931)
Proceeds from sale of investments	—		3,077,755		—		3,077,755
Cash flows due to changes in operating assets and liabilities:
Net performance income receivable	(103,962)		—		—		(103,962)
Due to/from affiliates	(80,689)		—		5,551		(75,138)
Other assets	24,303		—		2,381		26,684
Accrued compensation and benefits	7,650		—		—		7,650
Accounts payable, accrued expenses and other liabilities	30,669		—		—		30,669
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(221,677)		(221,677)
Cash relinquished with deconsolidation of Consolidated Funds	—		(81,059)		—		(81,059)
Change in other assets and receivables held at Consolidated Funds	—		(51,681)		(3,153)		(54,834)
Change in other liabilities and payables held at Consolidated Funds	—		88,467		—		88,467
Net cash provided by (used in) operating activities	305,741		(2,261,390)		(127,372)		(2,083,021)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(16,796)		—		—		(16,796)

Net cash used in investing activities	(16,796)		—		—		(16,796)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock	206,705		—		—		206,705
Proceeds from credit facility	335,000		—		—		335,000

Repayments of credit facility	(500,000)		—		—		(500,000)
Dividends and distributions	(323,667)		—		—		(323,667)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)
Repurchases of Class A common stock	(10,449)		—		—		(10,449)
Stock option exercises	90,511		—		—		90,511
Taxes paid related to net share settlement of equity awards	(33,554)		—		—		(33,554)
Other financing activities	(3,212)		—		—		(3,212)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		290,677		(117,826)		172,851
Distributions to non-controlling interests in Consolidated Funds	—		(117,599)		21,317		(96,282)
Borrowings under loan obligations by Consolidated Funds	—		3,349,654		(7,817)		3,341,837
Repayments under loan obligations by Consolidated Funds	—		(1,045,731)		10,021		(1,035,710)
Net cash provided by (used in) financing activities	(260,366)		2,477,001		(94,305)		2,122,330
Effect of exchange rate changes	(442)		6,066		—		5,624
Net change in cash and cash equivalents	28,137		221,677		(221,677)		28,137
Cash and cash equivalents, beginning of period	110,247		384,644		(384,644)		110,247
Cash and cash equivalents, end of period	$	138,384	$	606,321	$	(606,321)	$	138,384
Supplemental information of cash flow information:
Cash paid during the period for interest	$	17,922	$	215,168	$	—	$	233,090
Cash paid during the period for income taxes	$	35,021	$	604	$	—	$	35,625


	Year ended December 31, 2018
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	131,627	$	22,149	$	(1,637)	$	152,139
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	89,724		—		—		89,724
Depreciation and amortization	28,517		—		—		28,517
Net realized and unrealized losses on investments	15,938		—		(3,003)		12,935

Other non-cash amounts	10		—		—		10
Investments purchased	(283,514)		—		35,054		(248,460)
Proceeds from sale of investments	415,894		—		(34,191)		381,703
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized (gains) losses on investments	—		(665)		2,248		1,583
Other non-cash amounts	—		(4,519)		—		(4,519)
Investments purchased	—		(4,919,118)		—		(4,919,118)
Proceeds from sale of investments	—		2,756,924		—		2,756,924
Cash flows due to changes in operating assets and liabilities:
Net performance income receivable	34,911		—		(5,333)		29,578
Due to/from affiliates	30,429		—		2,594		33,023
Other assets	(66,795)		—		—		(66,795)
Accrued compensation and benefits	114		—		—		114
Accounts payable, accrued expenses and other liabilities	2,306		—		—		2,306
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		171,856		171,856
Cash acquired with consolidation of Consolidated Funds	—		11,915		—		11,915
Change in other assets and receivables held at Consolidated Funds	—		9,224		2,738		11,962
Change in other liabilities and payables held at Consolidated Funds	—		137,545		—		137,545
Net cash provided by (used in) operating activities	399,161		(1,986,545)		170,326		(1,417,058)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(18,419)		—		—		(18,419)

Net cash used in investing activities	(18,419)		—		—		(18,419)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock	105,333		—		—		105,333
Proceeds from credit facility	680,000		—		—		680,000
Repayments of term notes	(206,089)		—		—		(206,089)
Proceeds from term notes	44,050		—		—		44,050
Repayments of credit facility	(655,000)		—		—		(655,000)
Dividends and distributions	(312,646)		—		—		(312,646)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)

Stock option exercises	950		—		—		950
Taxes paid related to net share settlement of equity awards	(18,014)		—		—		(18,014)
Other financing activities	3,128		—		—		3,128
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		85,681		(14,672)		71,009
Distributions to non-controlling interests in Consolidated Funds	—		(195,438)		35,728		(159,710)
Borrowings under loan obligations by Consolidated Funds	—		2,921,159		(19,526)		2,901,633
Repayments under loan obligations by Consolidated Funds	—		(1,027,649)		—		(1,027,649)
Net cash provided by (used in) financing activities	(379,988)		1,783,753		1,530		1,405,295
Effect of exchange rate changes	(9,436)		30,936		—		21,500
Net change in cash and cash equivalents	(8,682)		(171,855)		171,855		(8,682)
Cash and cash equivalents, beginning of period	118,929		556,500		(556,500)		118,929
Cash and cash equivalents, end of period	$	110,247	$	384,644	$	(384,644)	$	110,247
Supplemental information:

Cash paid during the period for interest	$	19,881	$	165,070	$	—	$	184,951
Cash paid during the period for income taxes	$	26,740	$	742	$	—	$	27,482

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2020 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 2021, the Company's board of directors declared a quarterly dividend of $0.47 per share of Class A common stock payable on March 31, 2021 to common stockholders of record at the close of business on March 17, 2021. In February 2021, the Company's board of directors declared a quarterly dividend of $0.4375 per share of Series A Preferred Stock payable on March 31, 2021 to preferred stockholders of record at the close of business on March 15, 2021.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2020
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 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. The outbreak of the coronavirus pandemic (“COVID-19”) has caused uncertainty and disruption in the global economy and financial markets. As a result, management's estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period.
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 and (b) entities that the Company concludes are variable interest entities (“VIEs”) 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 The Company considers an entity to be a 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. The Company determines it is the primary beneficiary when it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and 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, 2020 and 2019, the Company consolidated 21 and 16 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 hierarchical 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 rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. •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. Fair Value” 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, 2020 and 2019, 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 a substantial majority 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 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	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	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 2.0 to 13.5 years. The purchase price of an 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. Redeemable Interest in Ares Operating Group Entities Redeemable interest in AOG entities represents the ownership interest that the former owners of SSG retained in connection with the SSG Acquisition. Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity in the Consolidated Statements of Financial Condition. Income (loss) is allocated based on the ownership percentage attributable to the redeemable interest. The Company determined that the redemption of the redeemable interest is probable as of the date of acquisition. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount, as defined in accordance with the terms of a contractual arrangement between the Company and the former owners of SSG, to the extent that the redemption amount exceeds the initial measurement on the date of acquisition. The Company recognizes changes in the redemption amount with corresponding adjustments against retained earnings, or additional paid-in-capital in the absence of retained earnings, within stockholders' equity in the Consolidated Statements of Financial Condition.
Revenue Recognition	Revenue Recognition Revenues consist of management fees, carried interest allocation, incentive fees, principal investment income and administrative, transaction and other fees. 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. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. 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. 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, 2020 and 2019, if the funds were liquidated at their fair values, there would have been no repayment obligation or liability. The Company accounts 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, Investments-Equity Method and Joint Ventures. 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. 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. 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 professionals directly attributable to performing services for a fund but may also be based on a fund’s NAV. 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.
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 is determined by the most recent closing price of shares of the Company's Class A common stock. 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 certain 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 year ended December 31, 2020, the Company recognized $13.1 million in transaction gains related to foreign currencies revaluation. For the years ended December 31, 2019 and 2018, the Company recognized $8.5 million and $0.1 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 Since the Company’s election to be taxed as a corporation (effective March 1, 2018), all earnings allocated to the Company are subject to U.S. corporate income taxes. A provision for corporate level income taxes imposed on 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 flows 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 Comprehensive income consists of net income and other appreciation (depreciation) affecting stockholders' equity that, under GAAP, are excluded from net income. The Company's other comprehensive income includes foreign currency translation adjustments.
Recent Accounting Pronouncements	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 by the Financial Accounting Standards Board (“FASB”). 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 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 has concluded this guidance will not have a material impact on its consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 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 should be applied on a prospective basis. The Company has concluded this guidance will not have a material impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of reference rate reform. The guidance was effective upon issuance and generally can be applied through December 31, 2022. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

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, 2020	As of December 31,
		2020		2019
Management contracts	5.4 years	$	210,857	$	12,498
Client relationships	9.1 years	25,141		6,341
Trade name	9.4 years	11,079		378
Intangible assets		247,077		19,217
Foreign currency translation		3,093		—
Total intangible assets		250,170		19,217
Less: accumulated amortization		(28,082)		(11,242)
Intangible assets, net		$	222,088	$	7,975

Schedule of estimated future annual amortization of finite-lived intangible assets

At December 31, 2020, future annual amortization of finite-lived intangible assets for the years 2021 through 2025 and thereafter is estimated to be:


Year	Amortization
2021	$	42,424
2022	42,040
2023	38,946
2024	33,144
2025	26,834
Thereafter	38,700
Total	$	222,088

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 Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
Balance as of December 31, 2018	$	32,196	$	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
Acquisitions	—		—		—		224,601		224,601
Foreign currency translation	—		—		61		2,530		2,591
Balance as of December 31, 2020	$	32,196	$	58,600	$	53,120	$	227,131	$	371,047

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2020

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,				As of December 31,
	2020		2019		2020		2019
Equity method investments:
Equity method private investment partnership interests - principal (1)	$	366,471	$	390,407	21.8	%	23.5	%
Equity method - carried interest (1)	1,145,853		1,134,967		68.1		68.2
Equity method private investment partnership interests and other (held at fair value)(1)	92,196		51,528		5.5		3.1
Equity method private investment partnership interests and other(1)	23,883		16,536		1.4		1.0
Total equity method investments	1,628,403		1,593,438		96.8		95.8
Collateralized loan obligations (2)	31,766		22,265		1.9		1.3
Other fixed income	21,583		46,918		1.3		2.8
Collateralized loan obligations and other fixed income, at fair value	53,349		69,183		3.2		4.1
Common stock, at fair value	1,007		1,043		0.1		0.1
Total investments	$	1,682,759	$	1,663,664

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

(2)As of December 31, 2020, includes $3.4 million of collateralized loan obligations that are attributable to the Crestline Denali Class B membership interests.

Investments held in the Consolidated Funds are summarized below:


	Fair Value at				Percentage of total investments as of
	December 31,		December 31,		December 31,		December 31,
	2020		2019		2020		2019
Fixed income investments:
Bonds	$	397,494	$	212,376	3.6	%	2.4%
Loans	10,012,948		8,062,740		92.1		92.4
Investments in CLO warehouse	—		44,435		—		0.5
Total fixed income investments	10,410,442		8,319,551		95.7		95.3
Equity securities	227,031		112,384		2.1		1.3
Partnership interests	239,624		296,012		2.2		3.4
Total investments, at fair value	$	10,877,097	$	8,727,947

Summary of 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, 2020, 2019 and 2018.


	As of December 31, 2020 and the Year then Ended
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
Statement of Financial Condition
Investments	$	12,406,944	$	8,259,168	$	5,320,711	$	66,875	$	26,053,698
Total assets	13,416,800		8,591,385		5,780,472		70,998		27,859,655
Total liabilities	3,884,603		1,415,383		975,057		11,711		6,286,754
Total equity	9,532,197		7,176,002		4,805,415		59,287		21,572,901

Statement of Operations
Revenues	$	940,450	$	263,335	$	191,543	$	2,656	$	1,397,984
Expenses	(221,083)		(112,325)		(81,071)		(5,585)		(420,064)
Net realized and unrealized gains (losses) from investments	(210,881)		1,218,362		11,923		2,324		1,021,728
Income tax benefit (expense)	(1,693)		57,935		346		—		56,588
Net income (loss)	$	506,793	$	1,427,307	$	122,741	$	(605)	$	2,056,236


	As of December 31, 2019 and the Year then Ended
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
Statement of Financial Condition
Investments	$	10,937,224	$	9,700,725	$	4,939,245	$	—	$	25,577,194
Total assets	11,625,699		10,077,149		5,314,908		—		27,017,756
Total liabilities	3,416,429		534,965		958,020		—		4,909,414
Total equity	8,209,270		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 from investments	5,040		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


	For the Year Ended December 31, 2018
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total
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 (loss)	$	506,574	$	(734,779)	$	462,252	$	—	$	234,047

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary of valuation of investments and other financial instruments by fair value hierarchy levels

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2020:


Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income	$	—	$	—	$	53,349	$	—	$	53,349
Common stock and other equity securities	—		1,007		88,412		—		89,419
Partnership interests	—		—		2,575		1,209		3,784
Total investments, at fair value	—		1,007		144,336		1,209		146,552
Derivatives-foreign exchange contracts	—		1,440		—		—		1,440
Total assets, at fair value	$	—	$	2,447	$	144,336	$	1,209	$	147,992
Liabilities, at fair value
Derivatives-foreign exchange contracts	$	—	$	(1,565)	$	—	$	—	$	(1,565)
Total liabilities, at fair value	$	—	$	(1,565)	$	—	$	—	$	(1,565)


Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	397,485	$	9	$	—	$	397,494
Loans	—		9,470,651		542,297		—		10,012,948
Investments in CLO warehouse	—		—		—		—		—
Total fixed income investments	—		9,868,136		542,306		—		10,410,442
Equity securities	5,749		239		221,043		—		227,031
Partnership interests	—		—		231,857		7,767		239,624
Total investments, at fair value	5,749		9,868,375		995,206		7,767		10,877,097


Derivatives-asset swaps-other	—		—		1,104		—		1,104

Total assets, at fair value	$	5,749	$	9,868,375	$	996,310	$	7,767	$	10,878,201
Liabilities, at fair value


Derivatives-asset swaps-other	$	—	$	—	$	(44)	$	—	$	(44)

Loan obligations of CLOs	—		(9,958,076)		—		—		(9,958,076)
Total liabilities, at fair value	$	—	$	(9,958,076)	$	(44)	$	—	$	(9,958,120)

The following tables 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 Company	Level 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 Funds	Level I		Level II		Level III		Investments Measured at NAV		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 securities	26,396		—		85,988		—		112,384
Partnership interests	—		—		296,012		—		296,012
Total investments, at fair value	26,396		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)

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, 2020:


	Level III Assets
Level III Assets of the Company	Equity Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	69,183	$	35,192	$	119,079

Transfer in due to changes in consolidation	72,967		6,294		—		79,261
Purchases(1)	—		12,970		—		12,970
Sales/settlements(3)	—		(37,058)		(32,430)		(69,488)
Realized and unrealized appreciation (depreciation), net	741		1,960		(187)		2,514
Balance, end of period	$	88,412	$	53,349	$	2,575	$	144,336
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	741	$	4,227	$	5,511	$	10,479


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	85,988	$	339,136	$	296,012	$	(4,106)	$	717,030
Transfer in (out) due to changes in consolidation	(635)		403,751		—		—		403,116

Transfer in	32		127,633		—		—		127,665
Transfer out	—		(286,294)		—		—		(286,294)
Purchases(1)	186,881		340,475		66,000		—		593,356
Sales/settlements(2)	(10,997)		(370,966)		(141,025)		(911)		(523,899)
Amortized discounts/premiums	—		1,049		—		389		1,438
Realized and unrealized appreciation (depreciation), net	(40,226)		(12,478)		10,870		5,688		(36,146)
Balance, end of period	$	221,043	$	542,306	$	231,857	$	1,060	$	996,266
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(44,877)	$	(5,736)	$	10,870	$	3,595	$	(36,148)

(1)Purchases include paid-in-kind interest and securities received in connection with restructuring.

(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, 2019:


	Level III Assets
Level III Assets of the Company	Equity Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	10,397	$	60,824	$	35,192	$	106,413
Transfer in due to changes in consolidation	—		10,021		—		10,021

Purchases(1)	3,000		27,795		—		30,795
Sales/settlements(2)	—		(31,387)		—		(31,387)
Realized and unrealized appreciation, net	1,307		1,930		—		3,237
Balance, end of period	$	14,704	$	69,183	$	35,192	$	119,079
Change 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 Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	150,752	$	547,958	$	271,447	$	680	$	970,837
Transfer out due to changes in consolidation	—		(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
Change 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.

Summary of quantitative inputs and assumptions used for Level III inputs

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2020:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Assets

Equity securities

$

14,704

Transaction price(1)

N/A

32,905

Discounted Cash Flow

Discount Rates

14.0% - 20.0%

40,803

Market Approach

Multiple of Book Value

1.6x

Partnership interests

2,575

Other

N/A

Collateralized loan obligations

31,766

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

21,583

Other

N/A

Total

$

144,336

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

438

Market approach

EBITDA multiple(2)

2.9x - 19.5x

13.4x

32,528

Other

Net income multiple

30.0x

Illiquidity discount

25.0%

33

Broker quotes and/or 3rd party pricing services

N/A

188,044

Transaction price(1)

N/A

Partnership interest

231,857

Discounted cash flow

Discount rate

23.8%

Fixed income securities

384,419

Broker quotes and/or 3rd party pricing services

N/A

6,605

Market approach

EBITDA multiple(2)

6.5x - 7.8x

6.9x

122,962

Income approach

Yield

2.7% - 48.1%

7.9%

28,320

Other

N/A

Derivative instruments

1,104

Broker quotes and/or 3rd party pricing services

N/A

Total assets

$

996,310

Liabilities

Derivatives instruments

$

(44)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(44)

(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 tables summarize 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 Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Assets

Equity securities

$

14,704

Transaction price(1)

N/A

Partnership interests

32,661

Transaction price(1)

N/A

2,531

Other

N/A

Collateralized loan obligations

22,265

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

46,918

Other

N/A

Total

$

119,079

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

431

Market approach

EBITDA multiple(2)

8.2x - 21.3x

16.1x

40,745

Other

Net income multiple

36.2x

Illiquidity discount

25.0%

44,812

Transaction price(1)

N/A

Partnership interests

296,012

Discounted cash flow

Discount rate

19.6%

Fixed income securities

271,919

Broker quotes and/or 3rd party pricing services

N/A

67,217

Income approach

Yield

4.8% - 14.3%

9.7%

Total assets

$

721,136

Liabilities

Derivatives instruments

$

(4,106)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(4,106)

(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.

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2020

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

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, 2020								As of December 31, 2019
	Assets				Liabilities				Assets				Liabilities
The Company	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Foreign exchange contracts	$	30,040	$	1,440	$	39,362	$	1,565	$	67,930	$	4,023	$	10,846	$	113
Total derivatives, at fair value(2)	$	30,040	$	1,440	$	39,362	$	1,565	$	67,930	$	4,023	$	10,846	$	113


	As of December 31, 2020								As of December 31, 2019
	Assets				Liabilities				Assets				Liabilities
Consolidated Funds	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Foreign exchange contracts	$	—	$	—	$	—	$	—	$	667	$	667	$	667	$	670
Asset swap - other	7,600		1,104		540		44		8,863		—		1,223		4,106
Total derivatives, at fair value(3)	$	7,600	$	1,104	$	540	$	44	$	9,530	$	667	$	1,890	$	4,776

(1)Represents the total contractual amount of derivative assets and liabilities outstanding.

(2)As of December 31, 2020 and 2019, the Company had the right to, but elected not to, offset $1.6 million and $0.1 million of its derivative liabilities.

(3)As of December 31, 2020 and 2019, the Consolidated Funds offset $0.4 million and $0.1 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 Year Ended December 31,
The Company	2020		2019		2018
Net realized gains (losses) on derivatives
Foreign currency forward contracts	277		2,284		(1,197)
Net realized gains (losses) on derivatives	$	277	$	2,284	$	(1,197)
Net change in unrealized appreciation (depreciation) on derivatives
Foreign currency forward contracts	(4,060)		3,713		2,338
Net change in unrealized appreciation (depreciation) on derivatives	$	(4,060)	$	3,713	$	2,338


	For the Year Ended December 31,
Consolidated Funds	2020		2019		2018
Net realized gains (losses) on derivatives of Consolidated Funds
Foreign currency forward contracts	5		8		96
Asset swap - other	(687)		(1,197)		(795)
Net realized losses on derivatives of Consolidated Funds	$	(682)	$	(1,189)	$	(699)
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds
Foreign currency forward contracts	3		(20)		15
Asset swap - other	5,171		(4,751)		(183)
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds	$	5,174	$	(4,771)	$	(168)

.

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121590274&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
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+ Details

DEBT (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of borrowings outstanding

The following table summarizes the Company’s and its subsidiaries’ debt obligations:



					As of December 31,
					2020			2019
	Debt Origination Date	Maturity	Original Borrowing Amount		Carrying Value		Interest Rate	Carrying Value		Interest Rate
Credit Facility(1)	Revolver	3/30/2025	N/A		$	—	—%	$	70,000	3.06%
2024 Senior Notes(2)	10/8/2014	10/8/2024	$	250,000	247,285		4.21	246,609		4.21
2030 Senior Notes(3)	6/15/2020	6/15/2030	400,000		395,713		3.28	—		—
Total debt obligations					$	642,998		$	316,609

(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 30, 2020, the Company amended the Credit Facility to, among other things, extend the maturity date from March 2024 to March 2025 and to reduce borrowing costs on the undrawn amounts. As of December 31, 2020, base rate loans bear interest calculated based on the base rate plus 0.125% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.125%. The unused commitment fee is 0.10% per annum. There is a base rate and LIBOR floor of zero.

(2)The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes.

(3)The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes.

The following table presents the activity of the Company's debt issuance costs:


	Credit Facility		Senior Notes
Unamortized debt issuance costs as of December 31, 2018	$	4,972	$	1,334
Debt issuance costs incurred	1,594		—
Amortization of debt issuance costs	(1,311)		(232)

Unamortized debt issuance costs as of December 31, 2019	$	5,255	$	1,102
Debt issuance costs incurred	1,217		3,624
Amortization of debt issuance costs	(1,240)		(443)

Unamortized debt issuance costs as of December 31, 2020	$	5,232	$	4,283

The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:



	As of December 31,
	2020					2019
	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)	$	9,796,442	$	9,665,804	10.1	$	7,738,337	$	7,700,038	11.0
Subordinated notes(2)	482,391		292,272		10.2	449,877		273,710		11.0
Total loan obligations of Consolidated CLOs	$	10,278,833	$	9,958,076		$	8,188,214	$	7,973,748

(1)Original borrowings under the senior secured notes totaled $9.8 billion, with various maturity dates ranging from July 2028 to October 2033. The weighted average interest rate as of December 31, 2020 was 1.89%.

(2)Original borrowings under the subordinated notes totaled $482.4 million, with various maturity dates ranging from July 2028 to October 2033. 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,
				2020			2019
Consolidated Funds' Debt Facilities	Maturity Date	Total Capacity		Outstanding Loan(1)		Effective Rate	Outstanding Loan(1)		Effective Rate
Credit Facilities:
	3/5/2021	$	71,500	$	71,500	1.59%	$	71,500	3.14%
	1/1/2023	18,000		17,909		1.75	17,550		3.44
	10/14/2021	75,000		32,500		2.75	17,000		4.75
Revolving Term Loan	2/9/2022(2)	—		—		—	1,194		7.70
Total borrowings of Consolidated Funds				$	121,909		$	107,244

(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

(2)On July 15, 2020, the revolving term loan was terminated at the Consolidated Fund's discretion.

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2020

Other Assets [Abstract]

Schedule of Other Assets

The components of other assets were as follows:


	As of December 31,
	2020		2019
Other assets of the Company:
Accounts and interest receivable	$	45,494	$	47,368
Fixed assets, net	60,874		62,883
Deferred tax assets, net	70,026		46,364
Goodwill	371,047		143,855
Intangible assets, net	222,088		7,975
Other assets	42,890		33,817
Total other assets of the Company	$	812,419	$	342,262
Other assets of Consolidated Funds:
Dividends and interest receivable	$	30,413	$	26,030
Income tax and other receivables	5,089		4,051
Total other assets of Consolidated Funds	$	35,502	$	30,081

Property, Plant and Equipment

The components of fixed assets were as follows:


	As of December 31,
	2020		2019
Furniture	$	10,402	$	9,484
Office and computer equipment	17,666		19,963
Internal-use software	47,456		36,966
Leasehold improvements	57,505		56,619
Fixed assets, at cost	133,029		123,032
Less: accumulated depreciation	(72,155)		(60,149)
Fixed assets, net	$	60,874	$	62,883

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease

The tables below present certain supplemental quantitative disclosures regarding the Company's leases:



		As of December 31,
	Classification	2020		2019
Operating lease assets	Right-of-use operating lease assets	$	154,742	$	143,406
Finance lease assets	Other assets(1)	1,386		1,787
Total lease assets		$	156,128	$	145,193

Operating lease liabilities	Operating lease liabilities	$	180,236	$	168,817
Finance lease obligations	Accounts payable, accrued expenses and other liabilities	1,273		1,651
Total lease liabilities		$	181,509	$	170,468

(1) Finance lease assets are recorded net of accumulated amortization of $1.0 million and $0.6 million as of December 31, 2020 and 2019 respectively.


		Year ended December 31,
	Classification		2020		2019		2018
Operating lease expense	General, administrative and other expenses		$	31,713	$	28,814	$	30,497
Finance lease expense:
Amortization of finance lease assets	General, administrative and other expenses		469		304		260
Interest on finance lease liabilities	Interest expense		43		39		39
Total lease expense			$	32,225	$	29,157	$	30,796


	Year ended December 31,
Other information	2020		2019

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	32,121	$	31,509
Operating cash flows for finance leases	53		58
Financing cash flows for finance leases	460		311
Leased assets obtained in exchange for new finance lease liabilities	—		778
Leased assets obtained in exchange for new operating lease liabilities	36,935		49,833



	As of December 31,
Lease term and discount rate	2020		2019
Weighted-average remaining lease terms (in years):
Operating leases	6.0		6.5
Finance leases	2.6		3.3
Weighted-average discount rate:
Operating leases	3.59	%	4.00	%
Finance leases	3.26	%	3.39	%

Operating Lease, Liability, Maturity


Maturity of lease liabilities	Operating Leases		Finance Leases
2021	$	34,304	$	519
2022	36,079		486
2023	32,248		158
2024	29,477		156
2025	28,969		7
After 2025	38,713		—
Total future payments	199,790		1,326
Less: interest	19,554		53
Total lease liabilities	$	180,236	$	1,273

Finance Lease, Liability, Maturity


Maturity of lease liabilities	Operating Leases		Finance Leases
2021	$	34,304	$	519
2022	36,079		486
2023	32,248		158
2024	29,477		156
2025	28,969		7
After 2025	38,713		—
Total future payments	199,790		1,326
Less: interest	19,554		53
Total lease liabilities	$	180,236	$	1,273

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Due from affiliates:
Management fees receivable from non-consolidated funds	$	308,581	$	183,579
Incentive fee receivable from non-consolidated funds	21,495		19,006
Payments made on behalf of and amounts due from non-consolidated funds and employees	75,811		64,545
Due from affiliates—Company	$	405,887	$	267,130
Amounts due from portfolio companies and non-consolidated funds	$	17,172	$	6,192
Due from affiliates—Consolidated Funds	$	17,172	$	6,192
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	$	4,808	$	5,432


Tax receivable agreement liability	62,505		26,542
Undistributed carried interest and incentive fees	27,322		28,086
Payments made by non-consolidated funds on behalf of and payable by the Company	5,551		11,385
Due to affiliates—Company	$	100,186	$	71,445

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following for the years ended December 31, 2020, 2019 and 2018.


	For the Year Ended December 31,
Provision for Income Taxes	2020		2019		2018
The Company
Current:
U.S. federal income tax expense	$	23,845	$	32,012	$	16,859
State and local income tax expense	6,714		6,940		4,306
Foreign income tax expense	9,141		6,103		6,607
	39,700		45,055		27,772
Deferred:
U.S. federal income tax expense	12,451		8,820		10,572
State and local income tax expense (benefit)	1,952		1,001		(4,789)
Foreign income tax expense (benefit)	772		(1,970)		(1,484)
	15,175		7,851		4,299
Total:
U.S. federal income tax expense	36,296		40,832		27,431
State and local income tax expense (benefit)	8,666		7,941		(483)
Foreign income tax expense	9,913		4,133		5,123
Income tax expense	54,875		52,906		32,071

Consolidated Funds
Current:


Foreign income tax expense (benefit)	118		(530)		131
Income tax expense (benefit)	118		(530)		131











Total Provision for Income Taxes
Total current income tax expense	39,818		44,525		27,903
Total deferred income tax expense	15,175		7,851		4,299
Income tax expense	$	54,993	$	52,376	$	32,202

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the federal statutory rate for the following reasons for the years ended December 31, 2020, 2019 and 2018.


	For the Year Ended December 31,
	2020		2019		2018
Income tax expense at federal statutory rate	21.0	%	21.0	%	21.0	%
Income passed through to non-controlling interests	(8.2)		(10.4)		(9.9)
State and local taxes, net of federal benefit	1.8		1.9		2.1
Foreign taxes	0.3		0.3		0.3
Permanent items	(0.5)		(0.4)		(0.8)
Tax Cuts and Jobs Act	—		—		(0.4)
Corporate conversion expense	—		—		5.4
Other, net	(0.2)		(0.1)		(0.3)
Valuation allowance	0.3		—		0.1
Total effective rate	14.5	%	12.3	%	17.5	%

Schedule of Deferred Tax Assets and Liabilities

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, 2020 and 2019. 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 Company	2020		2019
Deferred tax assets
Amortizable tax basis for AOG unit exchanges	$	67,571	$	25,994
Investment in partnerships	—		12,841
Net operating losses	1,292		367
Other, net	6,563		7,216
Total gross deferred tax assets	75,426		46,418
Valuation allowance	(1,010)		(54)
Total deferred tax assets, net	$	74,416	$	46,364
Deferred tax liabilities
Investment in partnerships	(4,390)		—

Total deferred tax liabilities	(4,390)		—
Net deferred tax assets	$	70,026	$	46,364


	As of December 31,
Deferred Tax Assets and Liabilities of the Consolidated Funds	2020		2019
Deferred tax assets
Net operating loss	$	—	$	5,391
Other, net	—		2,173
Total gross deferred tax assets	—		7,564
Valuation allowance	—		(7,564)
Total deferred tax assets, net	$	—	$	—

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Schedule of antidilutive securities excluded from earnings per common unit


	Year ended December 31,
		2020	2019	2018

Restricted units		16,599	82	—
AOG Units		115,126,565	116,802,160	—

Schedule of the computation of basic and diluted earnings per common unit

The following table presents the computation of basic and diluted earnings per common share:


	Year ended December 31,
		2020		2019		2018
Basic earnings per share of Class A common stock:
Net income attributable to Ares Management Corporation Class A common stockholders		$	130,442	$	127,184	$	35,320
Distributions on unvested restricted units		(10,454)		(7,670)		(6,948)

Net income available to Class A common stockholders		$	119,988	$	119,514	$	28,372
Basic weighted-average shares of Class A common stock		135,065,436		107,914,953		96,023,147
Basic earnings per share of Class A common stock		$	0.89	$	1.11	$	0.30

Diluted earnings per share of Class A common stock:
Net income available to Class A common stockholders		$	130,442	$	127,184	$	35,320
Distributions on unvested restricted units		—		—		(6,948)
Net income attributable to Ares Management Corporation Class A common stockholders		$	130,442	$	127,184	$	28,372
Effect of dilutive shares:
Restricted units		9,207,639		7,838,200		—
Options		5,235,423		4,124,276		—

Diluted weighted-average shares of Class A common stock		149,508,498		119,877,429		96,023,147
Diluted earnings per share of Class A common stock		$	0.87	$	1.06	$	0.30

Dividend declared and paid per Class A common stock		$	1.60	$	1.28	$	1.33

EQUITY COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2020

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:


	Year ended December 31,
		2020		2019		2018
Restricted units		$	115,680	$	88,979	$	74,441
Restricted units with a market condition		7,263		3,613		1,524
Options		43		4,362		12,449
Phantom shares		—		737		1,310
Equity-based compensation expense		$	122,986	$	97,691	$	89,724

Summary of unvested restricted units' activity

The following table presents unvested restricted units' activity:


	Restricted Units	Weighted Average Grant Date Fair Value Per Unit
Balance - January 1, 2020	16,810,473	$	20.07
Granted	3,984,695	36.91
Vested	(4,201,333)	19.62
Forfeited	(294,171)	24.85
Balance - December 31, 2020	16,299,664	$	24.30

The following table presents the unvested market condition awards' activity:


	Market Condition Awards Units	Weighted Average Grant Date Fair Value Per Unit
Balance - January 1, 2020	1,333,334	$	9.30
Granted	—	—
Vested	(1,333,334)	9.30
Forfeited	—	—
Balance - December 31, 2020	—	$	—

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, 2020.



	2018
Closing price of the Company's common shares as of valuation date	$	20.95
Risk-free interest rate	2.95		%
Volatility	30.0		%
Dividend yield	5.0		%
Cost of equity	10.0		%

Summary of unvested options activity

A summary of options activity during the year ended December 31, 2020 is presented below:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value
Balance - January 1, 2020	13,426,870	$	18.99	4.3	$	224,260
Granted	—	—		—	—
Exercised	(5,114,667)	18.99		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Balance - December 31, 2020	8,312,203	$	18.99	3.4	$	233,251
Exercisable at December 31, 2020	8,312,203	$	18.99	3.4	$	233,251

EQUITY AND REDEEMABLE INTEREST (Tables)

12 Months Ended

Dec. 31, 2020

Stockholders' Equity Note [Abstract]

Schedule of Stock by Class

The following table presents the changes in each class of common stock


	Class A Common Stock	Class B Common Stock	Class C Common Stock	Total
Balance - January 1, 2020	115,242,028	1,000	1	115,243,029
Issuance of stock (1)	19,854,764	—	115,199,620	135,054,384
Exchanges of AOG Units (2)	4,062,425	—	(2,686,003)	1,376,422
Redemptions of AOG Units	—	—	(66,000)	(66,000)
Stock option exercises, net of shares withheld for tax	4,948,742	—	—	4,948,742

Vesting of restricted stock awards, net of shares withheld for tax	3,074,603	—	—	3,074,603
Balance Outstanding - December 31, 2020	147,182,562	1,000	112,447,618	259,631,180

(1) On July 1, 2020, the Company issued 7,724,224 shares of new Class A common stock in connection with the SSG Acquisition.

(2) Effective March 30, 2020, Class C common stock activity represents redemptions to correspond with exchanges of AOG Units.

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 well as its daily average ownership of AOG Units in each of the Ares Operating Group entities:


							Daily Average Ownership
	As of December 31, 2020			As of December 31, 2019				Year ended December 31,
	AOG Units	Direct Ownership Interest		AOG Units	Direct Ownership Interest				2020		2019		2018
Ares Management Corporation	147,182,562	56.69	%	115,242,028	49.70	%			53.98	%	48.02	%	44.19	%
Ares Owners Holding L.P.	112,447,618	43.31		116,641,833	50.30				46.02		51.98		53.99
Affiliate of Alleghany Corporation	—	—		—	—				—		—		1.82
Total	259,630,180	100.00	%	231,883,861	100.00	%

Schedule of Redeemable Interests

Redeemable Interest

The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities that was established in connection with the SSG Acquisition:


	Total
Opening balance at July 1, 2020	$	99,804


Net loss	(976)
Currency translation adjustment, net of tax	1,538
Balance at December 31, 2020	$	100,366

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21484-112644

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Schedule of financial results for Company's operating segments, as well as the OMG

The following tables present the financial results for the Company’s operating segments, as well as the OMG:


































	Year ended December 31, 2020
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees (Credit Group includes ARCC Part I Fees of $184,141)	$	841,138	$	221,160	$	97,680	$	26,587	$	1,186,565	$	—	$	1,186,565
Other fees	18,644		178		974		152		19,948		—		19,948
Compensation and benefits	(304,412)		(90,129)		(53,004)		(6,442)		(453,987)		(155,979)		(609,966)
General, administrative and other expenses	(53,997)		(22,145)		(12,251)		(2,926)		(91,319)		(80,778)		(172,097)
Fee related earnings	501,373		109,064		33,399		17,371		661,207		(236,757)		424,450
Performance income—realized	92,308		392,635		62,273		—		547,216		—		547,216
Performance related compensation—realized	(60,281)		(315,905)		(39,482)		—		(415,668)		—		(415,668)
Realized net performance income	32,027		76,730		22,791		—		131,548		—		131,548
Investment income (loss)—realized	(2,309)		29,100		3,146		13		29,950		(5,698)		24,252
Interest and other investment income (expense) —realized	16,314		5,987		4,056		996		27,353		(739)		26,614
Interest expense	(8,722)		(8,186)		(5,200)		(1,465)		(23,573)		(1,335)		(24,908)
Realized net investment income (loss)	5,283		26,901		2,002		(456)		33,730		(7,772)		25,958
Realized income	$	538,683	$	212,695	$	58,192	$	16,915	$	826,485	$	(244,529)	$	581,956

	Year ended December 31, 2019
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total Segments		OMG		Total
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 fees	17,124		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 earnings	414,212		114,419		25,482		—		554,113		(230,454)		323,659
Performance income—realized	104,442		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 income	42,801		52,889		16,446		—		112,136		—		112,136
Investment income—realized	2,457		47,696		8,020		—		58,173		—		58,173
Interest and other investment income (expense) —realized	18,670		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


	Year ended December 31, 2018
	Credit Group		Private Equity Group		Real Estate Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees (includes ARCC Part I Fees of $128,805)	$	564,899	$	198,182	$	73,663	$	—	$	836,744	$	—	$	836,744
Other fees	23,247		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 earnings	325,153		106,036		23,950		—		455,139		(199,827)		255,312
Performance income—realized	121,270		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 income	45,729		28,056		31,825		—		105,610		—		105,610
Investment income—realized	2,492		17,816		11,409		—		31,717		4,790		36,507
Interest and other investment income —realized	10,350		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 income	1,456		16,440		11,830		—		29,726		4,748		34,474
Realized income	$	372,338	$	150,532	$	67,605	$	—	$	590,475	$	(195,079)	$	395,396

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:


	Year ended December 31,
		2020		2019		2018
Segment revenues
Management fees (includes ARCC Part I Fees of $184,141, $164,396 and $128,805 for the years ended December 31, 2020, 2019 and 2018, respectively)		$	1,186,565	$	1,012,530	$	836,744
Other fees		19,948		18,078		24,288
Performance income—realized		547,216		402,518		357,207
Total segment revenues		$	1,753,729	$	1,433,126	$	1,218,239
Segment expenses
Compensation and benefits		$	453,987	$	389,045	$	331,443
General, administrative and other expenses		91,319		87,450		74,450
Performance related compensation—realized		415,668		290,382		251,597
Total segment expenses		$	960,974	$	766,877	$	657,490
Segment realized net investment income
Investment income—realized		$	29,950	$	58,173	$	31,717
Interest and other investment income —realized		27,353		29,349		17,231
Interest expense		(23,573)		(17,807)		(19,222)
Total segment realized net investment income		$	33,730	$	69,715	$	29,726

Schedule of segment revenues components

The following table reconciles the Company's consolidated revenues to segment revenue:


	Year ended December 31,
		2020		2019		2018
Total consolidated revenue		$	1,764,046	$	1,765,438	$	958,461
Performance (income) loss-unrealized		7,554		(303,142)		247,212
Management fees of Consolidated Funds eliminated in consolidation		45,268		34,920		34,242

Incentive fees of Consolidated Funds eliminated in consolidation		141		13,851		4,000
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		15,824		12,641		—
Administrative fees(1)		(36,512)		(31,629)		(27,380)

Performance income (loss) reclass(2)		(3,726)		740		205
Principal investment (income) loss, net of eliminations		(28,552)		(56,555)		1,455
Net (income) expense of non-controlling interests in consolidated subsidiaries		(10,314)		(3,138)		44
Total consolidation adjustments and reconciling items		(10,317)		(332,312)		259,778
Total segment revenue		$	1,753,729	$	1,433,126	$	1,218,239

(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:


	Year ended December 31,
		2020		2019		2018
Total consolidated expenses		$	1,450,486	$	1,462,797	$	870,362
Performance related compensation-unrealized		11,552		(206,799)		221,343
Expenses of Consolidated Funds added in consolidation		(65,527)		(90,816)		(92,006)
Expenses of Consolidated Funds eliminated in consolidation		45,408		48,771		38,242
Administrative fees(1)		(36,512)		(31,629)		(27,380)
OMG expenses		(236,757)		(230,454)		(199,827)
Acquisition and merger-related expense		(11,124)		(16,266)		(2,936)
Equity compensation expense		(122,986)		(97,691)		(89,724)
Deferred placement fees		(19,329)		(24,306)		(20,343)
Depreciation and amortization expense		(40,662)		(40,602)		(25,087)
Other expense(2)		—		—		(11,836)
Expense of non-controlling interests in consolidated subsidiaries		(13,575)		(6,128)		(3,318)
Total consolidation adjustments and reconciling items		(489,512)		(695,920)		(212,872)
Total segment expenses		$	960,974	$	766,877	$	657,490

(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 an $11.8 million payment to ARCC for rent and utilities for the first quarter of 2018 and the years ended 2017, 2016, 2015 and 2014.

Schedule of segment other income (expense) components

The following table reconciles the Company's consolidated other income to segment realized net investment income:


	Year ended December 31,
		2020		2019		2018
Total consolidated other income		$	65,918	$	122,539	$	96,242
Investment loss—unrealized		47,317		26,620		49,241
Interest and other investment (income) loss—unrealized		(12,134)		9,061		233
Other income from Consolidated Funds added in consolidation, net		(70,994)		(117,405)		(114,286)
Other expense from Consolidated Funds eliminated in consolidation, net		(14,053)		(12,991)		(865)
OMG other income		(927)		(1,190)		(3,315)
Performance (income) loss reclass(1)		3,726		(740)		(205)
Principal investment income		4,044		44,320		1,047
Other (income) expense, net(2)		10,277		(460)		1,653
Other (income) loss of non-controlling interests in consolidated subsidiaries		556		(39)		(19)
Total consolidation adjustments and reconciling items		(32,188)		(52,824)		(66,516)
Total segment realized net investment income		$	33,730	$	69,715	$	29,726

(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.

(2)The year ended December 31, 2020 includes a $10.2 million non-cash unrealized guarantee expense.

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:


	Year ended December 31,
		2020		2019		2018
Income before taxes		$	379,478	$	425,180	$	184,341
Adjustments:
Depreciation and amortization expense		40,662		40,602		25,087
Equity compensation expense		122,986		97,691		89,724
Acquisition and merger-related expense		11,194		16,266		2,936
Deferred placement fees		19,329		24,306		20,343
OMG expense, net		235,830		229,264		196,512
Other (income) expense, net(1)		10,207		(460)		13,489
Net expense of non-controlling interests in consolidated subsidiaries		3,817		2,951		3,343
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(28,203)		(39,174)		(20,643)
Total performance (income) loss-unrealized		7,554		(303,142)		247,212
Total performance related compensation - unrealized		(11,552)		206,799		(221,343)
Total investment loss-unrealized		35,183		35,681		49,474
Realized income		826,485		735,964		590,475
Total performance income - realized		(547,216)		(402,518)		(357,207)
Total performance related compensation - realized		415,668		290,382		251,597
Total investment income - realized		(33,730)		(69,715)		(29,726)
Fee related earnings		$	661,207	$	554,113	$	455,139

(1)The year ended December 31, 2020 includes a $10.2 million non-cash unrealized guarantee expense and the year ended December 31, 2018 includes an $11.8 million payment to ARCC for rent and utilities for the first quarter of 2018 and the years ended 2017, 2016, 2015 and 2014

CONSOLIDATION (Tables)

12 Months Ended

Dec. 31, 2020

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,
	2020		2019
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)	$	224,203	$	260,520
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)	391,963		181,856
Assets of consolidated VIEs	11,580,003		9,454,572
Liabilities of consolidated VIEs	10,716,438		8,679,869

(1)As of December 31, 2020 and 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 $107.7 million and $104.7 million, respectively.


	Year ended December 31,
		2020		2019		2018
Net income attributable to non-controlling interests related to consolidated VIEs		$	28,085	$	39,704	$	20,512

Schedule of consolidating effects of the Consolidated Funds on the Company's financial condition

Consolidating Schedules

The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition, results from operations and cash flows:


	As of December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	539,812	$	—	$	—	$	539,812
Investments (includes $1,145,853 of accrued carried interest)	2,064,517		—		(381,758)		1,682,759
Due from affiliates	426,021		—		(20,134)		405,887
Other assets	812,630		—		(211)		812,419
Right-of-use operating lease assets	154,742		—		—		154,742
Assets of Consolidated Funds
Cash and cash equivalents	—		522,377		—		522,377
Investments, at fair value	—		10,873,522		3,575		10,877,097
Due from affiliates	—		27,377		(10,205)		17,172
Receivable for securities sold	—		121,225		—		121,225
Other assets	—		35,502		—		35,502
Total assets	$	3,997,722	$	11,580,003	$	(408,733)	$	15,168,992
Liabilities
Accounts payable, accrued expenses and other liabilities	$	125,494	$	—	$	(10,205)	$	115,289
Accrued compensation	103,010		—		—		103,010
Due to affiliates	100,186		—		—		100,186
Performance related compensation payable	813,378		—		—		813,378
Debt obligations	642,998		—		—		642,998

Operating lease liabilities	180,236		—		—		180,236
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		46,824		—		46,824
Due to affiliates	—		16,770		(16,770)		—
Payable for securities purchased	—		514,946		—		514,946
CLO loan obligations, at fair value	—		10,015,989		(57,913)		9,958,076
Fund borrowings	—		121,909		—		121,909
Total liabilities	1,965,302		10,716,438		(84,888)		12,596,852
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	100,366		—		—		100,366
Non-controlling interest in Consolidated Funds	—		863,565		(323,845)		539,720
Non-controlling interest in Ares Operating Group entities	738,369		—		—		738,369
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 (147,182,562 shares issued and outstanding)	1,472		—		—		1,472

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 (112,447,618 shares issued and outstanding)	1,124		—		—		1,124
Additional paid-in-capital	1,043,669		—		—		1,043,669
Retained earnings	(151,824)		—		—		(151,824)
Accumulated other comprehensive loss, net of tax	483		—		—		483
Total stockholders' equity	1,193,685		—		—		1,193,685
Total equity	1,932,054		863,565		(323,845)		2,471,774
Total liabilities, redeemable interest, non-controlling interests and equity	$	3,997,722	$	11,580,003	$	(408,733)	$	15,168,992


	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 affiliates	281,228		—		(14,098)		267,130
Other assets	344,643		—		(2,381)		342,262
Right-of-use operating lease assets	143,406		—		—		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 compensation	37,795		—		—		37,795
Due to affiliates	71,445		—		—		71,445
Performance related compensation payable	829,764		—		—		829,764
Debt obligations	316,609		—		—		316,609
Operating lease liabilities	168,817		—		—		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	—		7,998,922		(25,174)		7,973,748
Fund borrowings	—		107,244		—		107,244
Total liabilities	1,512,603		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 entities	472,288		—		—		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-capital	525,244		—		—		525,244
Retained earnings	(50,820)		—		—		(50,820)
Accumulated other comprehensive loss, net of tax	(6,047)		—		—		(6,047)
Total stockholders' equity	768,290		—		—		768,290
Total equity	1,240,578		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

Schedule of results from operations


	Year ended December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees (includes ARCC Part I Fees of $184,141)	$	1,195,876	$	—	$	(45,268)	$	1,150,608
Carried interest allocation	505,608		—		—		505,608
Incentive fees	38,043		—		(141)		37,902
Principal investment income	4,044		—		24,508		28,552
Administrative, transaction and other fees	57,200		—		(15,824)		41,376
Total revenues	1,800,771		—		(36,725)		1,764,046
Expenses
Compensation and benefits	767,252		—		—		767,252
Performance related compensation	404,116		—		—		404,116
General, administrative and other expense	258,999		—		—		258,999
Expenses of the Consolidated Funds	—		65,527		(45,408)		20,119
Total expenses	1,430,367		65,527		(45,408)		1,450,486
Other income (expense)
Net realized and unrealized losses on investments	(8,720)		—		(288)		(9,008)
Interest and dividend income	11,641		—		(3,570)		8,071
Interest expense	(24,908)		—		—		(24,908)
Other income, net	2,858		—		8,433		11,291
Net realized and unrealized losses on investments of the Consolidated Funds	—		(109,387)		12,523		(96,864)
Interest and other income of the Consolidated Funds	—		473,857		(10,205)		463,652
Interest expense of the Consolidated Funds	—		(293,476)		7,160		(286,316)
Total other income (expense)	(19,129)		70,994		14,053		65,918
Income before taxes	351,275		5,467		22,736		379,478
Income tax expense	54,875		118		—		54,993
Net income	296,400		5,349		22,736		324,485
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		5,349		22,736		28,085
Net income attributable to Ares Operating Group entities	296,400		—		—		296,400
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(976)		—		—		(976)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	145,234		—		—		145,234
Net income attributable to Ares Management Corporation	152,142		—		—		152,142
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	130,442	$	—	$	—	$	130,442


	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 allocation	621,872		—		—		621,872
Incentive fees	83,048		—		(13,851)		69,197
Principal investment income	44,320		—		12,235		56,555
Administrative, transaction and other fees	51,038		—		(12,641)		38,397
Total revenues	1,814,615		—		(49,177)		1,765,438
Expenses
Compensation and benefits	653,352		—		—		653,352
Performance related compensation	497,181		—		—		497,181
General, administrative and other expense	270,219		—		—		270,219
Expenses of the Consolidated Funds	—		90,816		(48,771)		42,045
Total expenses	1,420,752		90,816		(48,771)		1,462,797
Other income (expense)
Net realized and unrealized gains on investments	10,405		—		(851)		9,554
Interest and dividend income	9,599		—		(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 taxes	386,006		26,589		12,585		425,180
Income tax expense (benefit)	52,906		(530)		—		52,376
Net income	333,100		27,119		12,585		372,804
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		27,119		12,585		39,704
Net income attributable to Ares Operating Group entities	333,100		—		—		333,100
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	184,216		—		—		184,216
Net income attributable to Ares Management Corporation	148,884		—		—		148,884
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	127,184	$	—	$	—	$	127,184


	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 allocation	42,410		—		—		42,410
Incentive fees	67,380		—		(4,000)		63,380
Principal investment income	1,047		—		(2,502)		(1,455)
Administrative, transaction and other fees	51,624		—		—		51,624
Total revenues	999,205		—		(40,744)		958,461
Expenses
Compensation and benefits	570,380		—		—		570,380
Performance related compensation	30,254		—		—		30,254
General, administrative and other expense	215,964		—		—		215,964
Expenses of the Consolidated Funds	—		92,006		(38,242)		53,764
Total expenses	816,598		92,006		(38,242)		870,362
Other income (expense)
Net realized and unrealized losses on investments	(2,867)		—		983		(1,884)
Interest and dividend income	7,121		—		(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 taxes	163,698		22,280		(1,637)		184,341
Income tax expense	32,071		131		—		32,202
Net income	131,627		22,149		(1,637)		152,139
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		22,149		(1,637)		20,512
Net income attributable to Ares Operating Group entities	131,627		—		—		131,627
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	74,607		—		—		74,607
Net income attributable to Ares Management Corporation	57,020		—		—		57,020
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	35,320	$	—	$	—	$	35,320

Schedule of cash flows


	Year ended December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	296,400	$	5,349	$	22,736	$	324,485
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	122,986		—		—		122,986
Depreciation and amortization	41,248		—		—		41,248
Net realized and unrealized (gains) losses on investments	20,651		—		(28,690)		(8,039)


Investments purchased	(352,750)		—		261,899		(90,851)
Proceeds from sale of investments	207,986		—		(33,307)		174,679
Adjustments to reconcile net income to net cash provided by (used) in operating activities allocable to non-controlling interests in Consolidated Funds:
Net realized and unrealized losses on investments	—		109,387		(12,523)		96,864
Other non-cash amounts	—		(34,297)		—		(34,297)
Investments purchased	—		(6,580,784)		(34,948)		(6,615,732)
Proceeds from sale of investments	—		5,502,325		—		5,502,325
Cash flows due to changes in operating assets and liabilities :
Net performance income receivable	(24,351)		—		—		(24,351)
Due to/from affiliates	(82,222)		—		6,037		(76,185)
Other assets	(34,523)		—		(2,170)		(36,693)
Accrued compensation and benefits	54,539		—		—		54,539
Accounts payable, accrued expenses and other liabilities	31,240		—		(10,205)		21,035
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		83,944		83,944
Net cash acquired with consolidation/deconsolidation of Consolidated Funds	—		60,895		—		60,895
Change in other assets and receivables held at Consolidated Funds	—		(55,461)		22,163		(33,298)
Change in other liabilities and payables held at Consolidated Funds	—		10,787		—		10,787
Net cash provided by (used in) operating activities	281,204		(981,799)		274,936		(425,659)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,942)		—		—		(15,942)
Acquisitions, net of cash acquired	(120,822)		—		—		(120,822)
Net cash used in investing activities	(136,764)		—		—		(136,764)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154		—		—		383,154
Proceeds from credit facility	790,000		—		—		790,000
Proceeds from senior notes	399,084		—		—		399,084
Repayments of credit facility	(860,000)		—		—		(860,000)

Dividends and distributions	(446,780)		—		—		(446,780)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)


Stock option exercises	92,877		—		—		92,877
Taxes paid related to net share settlement of equity awards	(95,368)		—		—		(95,368)
Other financing activities	(1,531)		—		—		(1,531)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		359,381		(226,951)		132,430
Distributions to non-controlling interests in Consolidated Funds	—		(287,467)		35,960		(251,507)
Borrowings under loan obligations by Consolidated Funds	—		1,013,291		—		1,013,291
Repayments under loan obligations by Consolidated Funds	—		(190,055)		—		(190,055)
Net cash provided by financing activities	239,736		895,150		(190,991)		943,895
Effect of exchange rate changes	17,252		2,704		—		19,956
Net change in cash and cash equivalents	401,428		(83,945)		83,945		401,428
Cash and cash equivalents, beginning of period	138,384		606,321		(606,321)		138,384
Cash and cash equivalents, end of period	$	539,812	$	522,376	$	(522,376)	$	539,812
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions	$	305,338	$	—	$	—	$	305,338
Supplemental information of cash flow information:

Cash paid during the period for interest	$	22,127	$	235,005	$	—	$	257,132
Cash paid during the period for income taxes	$	38,005	$	169	$	—	$	38,174


	Year ended December 31, 2019
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	333,100	$	27,119	$	12,585	$	372,804
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	97,691		—		—		97,691
Depreciation and amortization	39,459		—		—		39,459
Net realized and unrealized gains on investments	(37,211)		—		(15,881)		(53,092)


Investments purchased	(401,266)		—		122,468		(278,798)
Proceeds from sale of investments	395,997		—		(111,187)		284,810
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized gains on investments	—		(3,312)		(11,824)		(15,136)
Other non-cash amounts	—		(8,383)		—		(8,383)
Investments purchased	—		(5,310,296)		93,365		(5,216,931)
Proceeds from sale of investments	—		3,077,755		—		3,077,755
Cash flows due to changes in operating assets and liabilities:
Net performance income receivable	(103,962)		—		—		(103,962)
Due to/from affiliates	(80,689)		—		5,551		(75,138)
Other assets	24,303		—		2,381		26,684
Accrued compensation and benefits	7,650		—		—		7,650
Accounts payable, accrued expenses and other liabilities	30,669		—		—		30,669
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(221,677)		(221,677)
Cash relinquished with deconsolidation of Consolidated Funds	—		(81,059)		—		(81,059)
Change in other assets and receivables held at Consolidated Funds	—		(51,681)		(3,153)		(54,834)
Change in other liabilities and payables held at Consolidated Funds	—		88,467		—		88,467
Net cash provided by (used in) operating activities	305,741		(2,261,390)		(127,372)		(2,083,021)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(16,796)		—		—		(16,796)

Net cash used in investing activities	(16,796)		—		—		(16,796)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock	206,705		—		—		206,705
Proceeds from credit facility	335,000		—		—		335,000

Repayments of credit facility	(500,000)		—		—		(500,000)
Dividends and distributions	(323,667)		—		—		(323,667)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)
Repurchases of Class A common stock	(10,449)		—		—		(10,449)
Stock option exercises	90,511		—		—		90,511
Taxes paid related to net share settlement of equity awards	(33,554)		—		—		(33,554)
Other financing activities	(3,212)		—		—		(3,212)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		290,677		(117,826)		172,851
Distributions to non-controlling interests in Consolidated Funds	—		(117,599)		21,317		(96,282)
Borrowings under loan obligations by Consolidated Funds	—		3,349,654		(7,817)		3,341,837
Repayments under loan obligations by Consolidated Funds	—		(1,045,731)		10,021		(1,035,710)
Net cash provided by (used in) financing activities	(260,366)		2,477,001		(94,305)		2,122,330
Effect of exchange rate changes	(442)		6,066		—		5,624
Net change in cash and cash equivalents	28,137		221,677		(221,677)		28,137
Cash and cash equivalents, beginning of period	110,247		384,644		(384,644)		110,247
Cash and cash equivalents, end of period	$	138,384	$	606,321	$	(606,321)	$	138,384
Supplemental information of cash flow information:
Cash paid during the period for interest	$	17,922	$	215,168	$	—	$	233,090
Cash paid during the period for income taxes	$	35,021	$	604	$	—	$	35,625


	Year ended December 31, 2018
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	131,627	$	22,149	$	(1,637)	$	152,139
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	89,724		—		—		89,724
Depreciation and amortization	28,517		—		—		28,517
Net realized and unrealized losses on investments	15,938		—		(3,003)		12,935

Other non-cash amounts	10		—		—		10
Investments purchased	(283,514)		—		35,054		(248,460)
Proceeds from sale of investments	415,894		—		(34,191)		381,703
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized (gains) losses on investments	—		(665)		2,248		1,583
Other non-cash amounts	—		(4,519)		—		(4,519)
Investments purchased	—		(4,919,118)		—		(4,919,118)
Proceeds from sale of investments	—		2,756,924		—		2,756,924
Cash flows due to changes in operating assets and liabilities:
Net performance income receivable	34,911		—		(5,333)		29,578
Due to/from affiliates	30,429		—		2,594		33,023
Other assets	(66,795)		—		—		(66,795)
Accrued compensation and benefits	114		—		—		114
Accounts payable, accrued expenses and other liabilities	2,306		—		—		2,306
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		171,856		171,856
Cash acquired with consolidation of Consolidated Funds	—		11,915		—		11,915
Change in other assets and receivables held at Consolidated Funds	—		9,224		2,738		11,962
Change in other liabilities and payables held at Consolidated Funds	—		137,545		—		137,545
Net cash provided by (used in) operating activities	399,161		(1,986,545)		170,326		(1,417,058)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(18,419)		—		—		(18,419)

Net cash used in investing activities	(18,419)		—		—		(18,419)
Cash flows from financing activities:
Proceeds from issuance of Class A common stock	105,333		—		—		105,333
Proceeds from credit facility	680,000		—		—		680,000
Repayments of term notes	(206,089)		—		—		(206,089)
Proceeds from term notes	44,050		—		—		44,050
Repayments of credit facility	(655,000)		—		—		(655,000)
Dividends and distributions	(312,646)		—		—		(312,646)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)

Stock option exercises	950		—		—		950
Taxes paid related to net share settlement of equity awards	(18,014)		—		—		(18,014)
Other financing activities	3,128		—		—		3,128
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		85,681		(14,672)		71,009
Distributions to non-controlling interests in Consolidated Funds	—		(195,438)		35,728		(159,710)
Borrowings under loan obligations by Consolidated Funds	—		2,921,159		(19,526)		2,901,633
Repayments under loan obligations by Consolidated Funds	—		(1,027,649)		—		(1,027,649)
Net cash provided by (used in) financing activities	(379,988)		1,783,753		1,530		1,405,295
Effect of exchange rate changes	(9,436)		30,936		—		21,500
Net change in cash and cash equivalents	(8,682)		(171,855)		171,855		(8,682)
Cash and cash equivalents, beginning of period	118,929		556,500		(556,500)		118,929
Cash and cash equivalents, end of period	$	110,247	$	384,644	$	(384,644)	$	110,247
Supplemental information:

Cash paid during the period for interest	$	19,881	$	165,070	$	—	$	184,951
Cash paid during the period for income taxes	$	26,740	$	742	$	—	$	27,482

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

ORGANIZATION (Details)	Feb. 21, 2020 contract
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of collateral management contracts acquired	7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) entity	Dec. 31, 2019 USD ($) entity	Dec. 31, 2018 USD ($)
Consolidated CLOs
Number of CLOs consolidated \| entity	21	16
Foreign Currency
Foreign currency transaction loss \| $	$ 13.1	$ 8.5	$ 0.1
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
Management 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	13 years 6 months
Management 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

GOODWILL AND INTANGIBLE ASSETS (Carrying Value of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Finite-lived intangible assets, net
Intangible assets	$ 247,077	$ 19,217
Foreign currency translation	3,093	0
Total intangible assets	250,170	19,217
Less: accumulated amortization	(28,082)	(11,242)
Intangible assets, net	$ 222,088	7,975
Management contracts
Finite-lived intangible assets, net
Estimated useful lives, intangible assets	5 years 4 months 24 days
Intangible assets	$ 210,857	12,498
Client relationships
Finite-lived intangible assets, net
Estimated useful lives, intangible assets	9 years 1 month 6 days
Intangible assets	$ 25,141	6,341
Trade name
Finite-lived intangible assets, net
Estimated useful lives, intangible assets	9 years 4 months 24 days
Intangible assets	$ 11,079	$ 378

GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($)	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets			$ 247,077,000	$ 19,217,000
Amortization expense					$ 9,000,000.0
Fully-amortized intangibles, amount removed during the period		$ 4,700,000
Acquisitions			224,601,000
Goodwill impairment			0	0
Strategic Initiatives
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisitions	$ 224,600,000		224,601,000
General, administrative and other expense
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense			24,500,000	3,400,000
Crestline Denali
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives, intangible assets		6 years 7 months 6 days
Finite-lived intangible assets acquired		$ 34,700,000
Energy Investors Funds
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment charge				20,000,000.0
Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets			$ 210,857,000	12,498,000
Estimated useful lives, intangible assets			5 years 4 months 24 days
Management contracts \| SSG Capital Holdings
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 171,700,000
Estimated useful lives, intangible assets	5 years 9 months 18 days
Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets			$ 25,141,000	6,341,000
Estimated useful lives, intangible assets			9 years 1 month 6 days
Client relationships \| SSG Capital Holdings
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 18,800,000
Estimated useful lives, intangible assets	10 years
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets			$ 11,079,000	$ 378,000
Estimated useful lives, intangible assets			9 years 4 months 24 days
Trade name \| SSG Capital Holdings
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 10,700,000
Estimated useful lives, intangible assets	10 years
Client Relationships and Trade Names \| Energy Investors Funds
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets removed			$ 35,100,000

GOODWILL AND INTANGIBLE ASSETS (Future Amortization) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 42,424
2022	42,040
2023	38,946
2024	33,144
2025	26,834
Thereafter	38,700
Intangible assets, net	$ 222,088	$ 7,975

GOODWILL AND INTANGIBLE ASSETS (Goodwill) (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2020	Dec. 31, 2018
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 143,855
Goodwill acquired during period		224,601
Foreign currency translation		2,591	$ 69
Goodwill, ending balance		371,047	143,786
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance		32,196
Goodwill acquired during period		0
Foreign currency translation		0	0
Goodwill, ending balance		32,196	32,196
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance		58,600
Goodwill acquired during period		0
Foreign currency translation		0	0
Goodwill, ending balance		58,600	58,600
Real Estate Group
Goodwill [Roll Forward]
Goodwill, beginning balance		53,059
Goodwill acquired during period		0
Foreign currency translation		61	69
Goodwill, ending balance		53,120	52,990
Strategic Initiatives
Goodwill [Roll Forward]
Goodwill, beginning balance		0
Goodwill acquired during period	$ 224,600	224,601
Foreign currency translation		2,530	0
Goodwill, ending balance		$ 227,131	$ 0

INVESTMENTS (Fair Value Investments, excluding Equity Method Investments Held at Fair Value) (Details) - Ares Management L.P - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments
Equity method investments	$ 1,682,759	$ 1,663,664
Partnership interests	3,784	36,824
Total equity method investments	146,552	121,754
Collateralized loan obligations	31,766	22,265
Equity securities	$ 89,419	$ 15,747
Percentage of total investments	1.90%	1.30%
Crestline Denali Class B Interests
Investments
Collateralized loan obligations	$ 3,400
Partnership interests
Investments
Total equity method investments	$ 1,628,403	$ 1,593,438
Percentage of total investments	96.80%	95.80%
Other fixed income
Investments
Total equity method investments	$ 21,583	$ 46,918
Percentage of total investments	1.30%	2.80%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 53,349	$ 69,183
Percentage of total investments	3.20%	4.10%
Common Stock
Investments
Equity securities	$ 1,007	$ 1,043
Percentage of total investments	0.10%	0.10%
Partnership interests
Investments
Equity method investments	$ 366,471	$ 390,407
Percentage of total investments	21.80%	23.50%
Carried interest allocation
Investments
Equity method investments	$ 1,145,853	$ 1,134,967
Percentage of total investments	68.10%	68.20%
Equity method private investment partnership interests and other (held at fair value)(1)
Investments
Equity method investments	$ 92,196	$ 51,528
Percentage of total investments	5.50%	3.10%
Equity method private investment partnership interests and other(1)
Investments
Partnership interests	$ 23,883	$ 16,536
Percentage of total investments	1.40%	1.00%

INVESTMENTS (Equity Method Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Condition
Assets	$ 15,168,992	$ 12,014,196
Liabilities	12,596,852	10,155,598
Total equity	2,471,774	1,858,598	$ 1,394,341	$ 1,437,681
Statement of Operations
Total revenues	1,764,046	1,765,438	958,461
Expenses	(1,450,486)	(1,462,797)	(870,362)
Income tax expense	(54,993)	(52,376)	(32,202)
Net income	324,485	372,804	152,139
Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments, at fair value	26,053,698	25,577,194
Assets	27,859,655	27,017,756
Liabilities	6,286,754	4,909,414
Total equity	21,572,901	22,108,342
Statement of Operations
Total revenues	1,397,984	1,401,971	1,175,091
Expenses	420,064	(445,061)	(371,586)
Net realized and unrealized gains (losses) on investments	1,021,728	2,061,425	(542,303)
Income tax expense	(56,588)	(30,350)	(27,155)
Net income	2,056,236	2,987,985	234,047
Credit Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments, at fair value	12,406,944	10,937,224
Assets	13,416,800	11,625,699
Liabilities	3,884,603	3,416,429
Total equity	9,532,197	8,209,270
Statement of Operations
Total revenues	940,450	871,168	766,009
Expenses	221,083	(211,984)	(189,432)
Net realized and unrealized gains (losses) on investments	(210,881)	5,040	(67,477)
Income tax expense	1,693	(1,537)	(2,526)
Net income	506,793	662,687	506,574
Private Equity Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments, at fair value	8,259,168	9,700,725
Assets	8,591,385	10,077,149
Liabilities	1,415,383	534,965
Total equity	7,176,002	9,542,184
Statement of Operations
Total revenues	263,335	325,529	264,376
Expenses	112,325	(112,610)	(85,801)
Net realized and unrealized gains (losses) on investments	1,218,362	1,674,002	(892,800)
Income tax expense	(57,935)	(27,887)	(20,554)
Net income	1,427,307	1,859,034	(734,779)
Real Estate Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments, at fair value	5,320,711	4,939,245
Assets	5,780,472	5,314,908
Liabilities	975,057	958,020
Total equity	4,805,415	4,356,888
Statement of Operations
Total revenues	191,543	205,274	144,706
Expenses	81,071	(120,467)	(96,353)
Net realized and unrealized gains (losses) on investments	11,923	382,383	417,974
Income tax expense	(346)	(926)	(4,075)
Net income	122,741	466,264	462,252
Strategic Initiatives \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments, at fair value	66,875	0
Assets	70,998	0
Liabilities	11,711	0
Total equity	59,287	0
Statement of Operations
Total revenues	2,656	0	0
Expenses	5,585	0	0
Net realized and unrealized gains (losses) on investments	2,324	0	0
Income tax expense	0	0	0
Net income	$ (605)	$ 0	$ 0

INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
INVESTMENTS (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Investments in and Advances to Affiliates [Abstract]
Equity method investments gain (loss)	$ 22,500	$ 57,400	$ (3,800)

INVESTMENTS (Investments of the Consolidated Funds) (Details) - Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Investments
Total investments	$ 10,877,097	$ 8,727,947
Percent of total assets	5.00%	5.00%
Fixed Income Securities
Investments
Total investments	$ 10,410,442	$ 8,319,551
Percentage of total investments as of	95.70%	95.30%
Fixed Income Securities \| Bonds
Investments
Total investments	$ 397,494	$ 212,376
Percentage of total investments as of	3.60%	2.40%
Fixed Income Securities \| Loans
Investments
Total investments	$ 10,012,948	$ 8,062,740
Percentage of total investments as of	92.10%	92.40%
Fixed Income Securities \| Collateralized loan obligations
Investments
Total investments	$ 0	$ 44,435
Percentage of total investments as of	0.00%	0.50%
Equity Securities
Investments
Total investments	$ 227,031	$ 112,384
Percentage of total investments as of	2.10%	1.30%
Partnership Interests
Investments
Total investments	$ 239,624	$ 296,012
Percentage of total investments as of	2.20%	3.40%

FAIR VALUE (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 10,410,442	$ 8,319,551
Common stock and other equity securities	227,031	112,384
Partnership interests	239,624	296,012
Total investments, at fair value	10,877,097	8,727,947
Derivatives-foreign exchange contracts	1,104
Total derivative assets, at fair value	10,878,201	8,728,614
Liabilities, at fair value
Derivative liabilities		(4,776)
Loan obligations of CLOs	(9,958,076)	(7,973,748)
Total liabilities, at fair value	(9,958,120)	(7,978,524)
Consolidated Funds \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts		667
Liabilities, at fair value
Derivative liabilities		(670)
Consolidated Funds \| Derivatives-asset swaps-other
Assets, at fair value
Derivatives-foreign exchange contracts	1,104
Liabilities, at fair value
Derivative liabilities	(44)	(4,106)
Consolidated Funds \| Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0	44,435
Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	397,494	212,376
Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	10,012,948	8,062,740
Consolidated Funds \| Level I
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Common stock and other equity securities	5,749	26,396
Partnership interests	0	0
Total investments, at fair value	5,749	26,396
Derivatives-foreign exchange contracts	0
Total derivative assets, at fair value	5,749	26,396
Liabilities, at fair value
Derivative liabilities		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
Derivatives-foreign exchange contracts		0
Liabilities, at fair value
Derivative liabilities		0
Consolidated Funds \| Level I \| Derivatives-asset swaps-other
Assets, at fair value
Derivatives-foreign exchange contracts	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level I \| Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0	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	9,868,136	7,980,415
Common stock and other equity securities	239	0
Partnership interests	0	0
Total investments, at fair value	9,868,375	7,980,415
Derivatives-foreign exchange contracts	0
Total derivative assets, at fair value	9,868,375	7,981,082
Liabilities, at fair value
Derivative liabilities		(670)
Loan obligations of CLOs	(9,958,076)	(7,973,748)
Total liabilities, at fair value	(9,958,076)	(7,974,418)
Consolidated Funds \| Level II \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts		667
Liabilities, at fair value
Derivative liabilities		(670)
Consolidated Funds \| Level II \| Derivatives-asset swaps-other
Assets, at fair value
Derivatives-foreign exchange contracts	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level II \| Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0	44,435
Consolidated Funds \| Level II \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	397,485	207,966
Consolidated Funds \| Level II \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,470,651	7,728,014
Consolidated Funds \| Level III
Assets, at fair value
Collateralized loan obligations and other fixed income	542,306	339,136
Common stock and other equity securities	221,043	85,988
Partnership interests	231,857	296,012
Total investments, at fair value	995,206	721,136
Derivatives-foreign exchange contracts	1,104
Total derivative assets, at fair value	996,310	721,136
Liabilities, at fair value
Derivative liabilities		(4,106)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(44)	(4,106)
Consolidated Funds \| Level III \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts		0
Liabilities, at fair value
Derivative liabilities		0
Consolidated Funds \| Level III \| Derivatives-asset swaps-other
Assets, at fair value
Derivatives-foreign exchange contracts	1,104
Liabilities, at fair value
Derivative liabilities	(44)	(4,106)
Consolidated Funds \| Level III \| Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Level III \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	9	4,410
Consolidated Funds \| Level III \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	542,297	334,726
Consolidated Funds \| Investments Measured at NAV
Assets, at fair value
Partnership interests	7,767	0
Total investments, at fair value	7,767	0
Total derivative assets, at fair value	7,767	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	89,419	15,747
Partnership interests	3,784	36,824
Total investments, at fair value	146,552	121,754
Total derivative assets, at fair value	147,992	125,777
Liabilities, at fair value
Derivative liabilities		(113)
Total liabilities, at fair value	(1,565)	(113)
Ares Management L.P \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	1,440	4,023
Liabilities, at fair value
Derivative liabilities	(1,565)
Ares Management L.P \| Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	53,349	69,183
Ares Management L.P \| Level I
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	0	0
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities		0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level I \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	0	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level I \| Collateralized loan obligations
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	1,007	1,043
Partnership interests	0	0
Total investments, at fair value	1,007	1,043
Total derivative assets, at fair value	2,447	5,066
Liabilities, at fair value
Derivative liabilities		(113)
Total liabilities, at fair value	(1,565)	(113)
Ares Management L.P \| Level II \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	1,440	4,023
Liabilities, at fair value
Derivative liabilities	(1,565)
Ares Management L.P \| Level II \| Collateralized loan obligations
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	88,412	14,704
Partnership interests	2,575	35,192
Total investments, at fair value	144,336	119,079
Total derivative assets, at fair value	144,336	119,079
Liabilities, at fair value
Derivative liabilities		0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level III \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	0	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level III \| Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	53,349	69,183
Ares Management L.P \| Investments Measured at NAV
Assets, at fair value
Partnership interests	1,209	1,632
Total investments, at fair value	1,209	1,632
Total derivative assets, at fair value	$ 1,209	$ 1,632
Minimum
FAIR VALUE
Right to withdraw period	1 month
Maximum
FAIR VALUE
Right to withdraw period	3 years

FAIR VALUE (Changes in Fair Value of Level III Measurements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Consolidated Funds
Changes in the fair value of the Level III investments
Balance, beginning of period	$ 717,030	$ 970,837
Transfer out due to changes in consolidation	403,116	(184,919)
Purchases	593,356	447,123
Transfer in	127,665	56,914
Transfer out	(286,294)	(187,925)
Sales/settlements	(523,899)	(396,508)
Amortized discounts/premiums	1,438	232
Realized and unrealized appreciation (depreciation), net	(36,146)	11,276
Balance, end of period	996,266	717,030
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(36,148)	5,258
Consolidated Funds \| Equity Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	85,988	150,752
Transfer out due to changes in consolidation	(635)	0
Purchases	186,881	1,363
Transfer in	32	0
Transfer out	0	0
Sales/settlements	(10,997)	(40,857)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation (depreciation), net	(40,226)	(25,270)
Balance, end of period	221,043	85,988
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(44,877)	(24,690)
Consolidated Funds \| Fixed Income Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	339,136	547,958
Transfer out due to changes in consolidation	403,751	(184,919)
Purchases	340,475	432,760
Transfer in	127,633	56,914
Transfer out	(286,294)	(187,925)
Sales/settlements	(370,966)	(333,220)
Amortized discounts/premiums	1,049	361
Realized and unrealized appreciation (depreciation), net	(12,478)	7,207
Balance, end of period	542,306	339,136
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(5,736)	783
Consolidated Funds \| Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	296,012	271,447
Transfer out due to changes in consolidation	0	0
Purchases	66,000	13,000
Transfer in	0	0
Transfer out	0	0
Sales/settlements	(141,025)	(22,000)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation (depreciation), net	10,870	33,565
Balance, end of period	231,857	296,012
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	10,870	33,565
Consolidated Funds \| Derivatives, Net
Changes in the fair value of the Level III investments
Balance, beginning of period	(4,106)	680
Transfer out due to changes in consolidation	0	0
Purchases	0	0
Transfer in	0	0
Transfer out	0	0
Sales/settlements	(911)	(431)
Amortized discounts/premiums	389	(129)
Realized and unrealized appreciation (depreciation), net	5,688	(4,226)
Balance, end of period	1,060	(4,106)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	3,595	(4,400)
Ares Management L.P
Changes in the fair value of the Level III investments
Balance, beginning of period	119,079	106,413
Transfer out due to changes in consolidation	79,261	10,021
Purchases	12,970	30,795
Sales/settlements	(69,488)	(31,387)
Realized and unrealized appreciation (depreciation), net	2,514	3,237
Balance, end of period	144,336	119,079
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	10,479	2,672
Ares Management L.P \| Equity Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	14,704	10,397
Transfer out due to changes in consolidation	72,967	0
Purchases	0	3,000
Sales/settlements	0	0
Realized and unrealized appreciation (depreciation), net	741	1,307
Balance, end of period	88,412	14,704
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	741	1,307
Ares Management L.P \| Fixed Income Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	69,183	60,824
Transfer out due to changes in consolidation	6,294	10,021
Purchases	12,970	27,795
Sales/settlements	(37,058)	(31,387)
Realized and unrealized appreciation (depreciation), net	1,960	1,930
Balance, end of period	53,349	69,183
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	4,227	1,365
Ares Management L.P \| Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	35,192	35,192
Transfer out due to changes in consolidation	0	0
Purchases	0	0
Sales/settlements	(32,430)	0
Realized and unrealized appreciation (depreciation), net	(187)	0
Balance, end of period	2,575	35,192
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 5,511	$ 0

FAIR VALUE (Valuation Techniques) (Details) $ in Thousands	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Consolidated Funds
Assets
Equity securities	$ 227,031	$ 112,384
Partnership interests	239,624	296,012
Collateralized loan obligations	9,958,076	7,973,748
Other fixed income	10,410,442	8,319,551
Derivative instruments	1,104
Total derivative assets, at fair value	10,878,201	8,728,614
Liabilities
Derivatives instruments		(4,776)
Total liabilities, at fair value	(9,958,120)	(7,978,524)
Consolidated Funds \| Level III
Assets
Equity securities	221,043	85,988
Partnership interests	231,857	296,012
Collateralized loan obligations	0	0
Other fixed income	542,306	339,136
Derivative instruments	1,104
Total derivative assets, at fair value	996,310	721,136
Liabilities
Derivatives instruments		(4,106)
Total liabilities, at fair value	(44)	(4,106)
Consolidated Funds \| Level III \| Transaction price
Assets
Equity securities	188,044	44,812
Consolidated Funds \| Level III \| Discounted Cash Flow
Assets
Partnership interests	$ 231,857	$ 296,012
Consolidated Funds \| Level III \| Discounted Cash Flow \| Discount rate
Unobservable Input
Partnership interest	0.238	0.196
Consolidated Funds \| Level III \| Discounted Cash Flow \| Discount rate \| Weighted Average
Unobservable Input
Partnership interest	0.238	0.196
Consolidated Funds \| Level III \| Market Approach
Assets
Equity securities	$ 438	$ 431
Other fixed income	$ 6,605
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Minimum
Unobservable Input
Equity securities	2.9	8.2
Fixed income securities	6.5
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Maximum
Unobservable Input
Equity securities	19.5	21.3
Fixed income securities	7.8
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Weighted Average
Unobservable Input
Equity securities	13.4	16.1
Fixed income securities	6.9
Consolidated Funds \| Level III \| Other
Assets
Equity securities	$ 32,528	$ 40,745
Other fixed income	$ 28,320
Consolidated Funds \| Level III \| Other \| Net income multiple
Unobservable Input
Equity securities	30.0	36.2
Consolidated Funds \| Level III \| Other \| Net income multiple \| Weighted Average
Unobservable Input
Equity securities	30.0	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 \| Broker quotes and/or 3rd party pricing services
Assets
Equity securities	$ 33
Other fixed income	384,419	$ 271,919
Derivative instruments	1,104
Liabilities
Derivatives instruments	(44)	(4,106)
Consolidated Funds \| Level III \| Income approach
Assets
Other fixed income	$ 122,962	$ 67,217
Consolidated Funds \| Level III \| Income approach \| Yield \| Minimum
Unobservable Input
Fixed income securities	0.027	0.048
Consolidated Funds \| Level III \| Income approach \| Yield \| Maximum
Unobservable Input
Fixed income securities	0.481	0.143
Consolidated Funds \| Level III \| Income approach \| Yield \| Weighted Average
Unobservable Input
Fixed income securities	0.079	0.097
Ares Management L.P
Assets
Equity securities	$ 89,419	$ 15,747
Partnership interests	3,784	36,824
Total derivative assets, at fair value	147,992	125,777
Liabilities
Derivatives instruments		(113)
Total liabilities, at fair value	(1,565)	(113)
Ares Management L.P \| Level III
Assets
Equity securities	88,412	14,704
Partnership interests	2,575	35,192
Total derivative assets, at fair value	144,336	119,079
Liabilities
Derivatives instruments		0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level III \| Transaction price
Assets
Equity securities	14,704	14,704
Partnership interests		32,661
Ares Management L.P \| Level III \| Discounted Cash Flow
Assets
Equity securities	$ 32,905
Ares Management L.P \| Level III \| Discounted Cash Flow \| Discount rate \| Minimum
Unobservable Input
Equity securities	0.140
Ares Management L.P \| Level III \| Discounted Cash Flow \| Discount rate \| Maximum
Unobservable Input
Equity securities	0.200
Ares Management L.P \| Level III \| Market Approach
Assets
Equity securities	$ 40,803
Ares Management L.P \| Level III \| Market Approach \| Multiple of Book Value
Unobservable Input
Equity securities	0.016
Ares Management L.P \| Level III \| Other
Assets
Partnership interests	$ 2,575	2,531
Other fixed income	21,583	46,918
Ares Management L.P \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	$ 31,766	$ 22,265

FAIR VALUE (Investments Using NAV per Share) (Details) - Investments Measured at NAV - Non-core investments - USD ($)	Dec. 31, 2020	Dec. 31, 2019
FAIR VALUE
Fair Value	$ 1,200,000	$ 1,600,000
Unfunded commitments		$ 0

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consolidated Funds
Assets
Notional amount, Assets	$ 7,600	$ 9,530
Fair Value, Assets	1,104	667
Liabilities
Notional amount, Liabilities	540	1,890
Fair Value, Liabilities	44	4,776
Derivative asset, amount offset	400	100
Derivative liability, amount offset	(400)	(100)
Consolidated Funds \| Foreign exchange contracts
Assets
Notional amount, Assets	0	667
Fair Value, Assets	0	667
Liabilities
Notional amount, Liabilities	0	667
Fair Value, Liabilities	0	670
Consolidated Funds \| Asset swap - other
Assets
Notional amount, Assets	7,600	8,863
Fair Value, Assets	1,104	0
Liabilities
Notional amount, Liabilities	540	1,223
Fair Value, Liabilities	44	4,106
Ares Management L.P
Assets
Notional amount, Assets	30,040	67,930
Fair Value, Assets	1,440	4,023
Liabilities
Notional amount, Liabilities	39,362	10,846
Fair Value, Liabilities	1,565	113
Derivative liability, amount offset	(1,600)	(100)
Ares Management L.P \| Foreign exchange contracts
Assets
Notional amount, Assets	30,040	67,930
Fair Value, Assets	1,440	4,023
Liabilities
Notional amount, Liabilities	39,362	10,846
Fair Value, Liabilities	$ 1,565	$ 113

DERIVATIVE FINANCIAL INSTRUMENTS (Net Realized Gain/Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Funds \| Investment Income
DERIVATIVE FINANCIAL INSTRUMENTS
Realized Investment Gains (Losses)	$ (682)	$ (1,189)	$ (699)
Consolidated Funds \| Net Change In Unrealized Appreciation Depreciation On Investments
DERIVATIVE FINANCIAL INSTRUMENTS
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	5,174	(4,771)	(168)
Consolidated Funds \| Derivatives-foreign exchange contracts \| Foreign currency forward contracts \| Investment Income
DERIVATIVE FINANCIAL INSTRUMENTS
Realized Investment Gains (Losses)	5	8	96
Consolidated Funds \| Derivatives-foreign exchange contracts \| Foreign currency forward contracts \| Net Change In Unrealized Appreciation Depreciation On Investments
DERIVATIVE FINANCIAL INSTRUMENTS
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	3	(20)	15
Consolidated Funds \| Derivatives-asset swaps-other \| Asset swap - other \| Investment Income
DERIVATIVE FINANCIAL INSTRUMENTS
Realized Investment Gains (Losses)	(687)	(1,197)	(795)
Consolidated Funds \| Derivatives-asset swaps-other \| Asset swap - other \| Net Change In Unrealized Appreciation Depreciation On Investments
DERIVATIVE FINANCIAL INSTRUMENTS
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	5,171	(4,751)	(183)
Ares Management L.P \| Investment Income
DERIVATIVE FINANCIAL INSTRUMENTS
Realized Investment Gains (Losses)	277	2,284	(1,197)
Ares Management L.P \| Net Change In Unrealized Appreciation Depreciation On Investments
DERIVATIVE FINANCIAL INSTRUMENTS
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	(4,060)	3,713	2,338
Ares Management L.P \| Derivatives-foreign exchange contracts \| Foreign currency forward contracts \| Investment Income
DERIVATIVE FINANCIAL INSTRUMENTS
Realized Investment Gains (Losses)	277	2,284	(1,197)
Ares Management L.P \| Derivatives-foreign exchange contracts \| Foreign currency forward contracts \| Net Change In Unrealized Appreciation Depreciation On Investments
DERIVATIVE FINANCIAL INSTRUMENTS
Unrealized Gain (Loss) on Derivatives and Commodity Contracts	$ (4,060)	$ 3,713	$ 2,338

DEBT (Debt Obligations) (Details) - Ares Management L.P - USD ($)	1 Months Ended		12 Months Ended
	Jun. 30, 2020	Oct. 31, 2014	Dec. 31, 2020	Dec. 31, 2019
DEBT
Carrying Value			$ 642,998,000	$ 316,609,000
Credit Facility
DEBT
Carrying Value			$ 0	$ 70,000,000
Interest Rate			0.00%	3.06%
Maximum borrowing capacity			$ 1,065,000,000.000
Unused commitment fees			0.10%
Interest rate			0.00%
Credit Facility \| Base rate
DEBT
Interest rate spread			0.125%
Credit Facility \| LIBOR
DEBT
Interest rate spread			1.125%
Senior Notes 2024
DEBT
Original Borrowing Amount			$ 250,000,000
Carrying Value			$ 247,285,000	$ 246,609,000
Interest Rate			4.21%	4.21%
Debt issuance rate		98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount			$ 400,000,000
Carrying Value			$ 395,713,000	$ 0
Interest Rate			3.28%	0.00%
Debt issuance rate	99.77%

DEBT (Debt Issuance Costs) (Details) - Ares Management L.P - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs	$ 5,255	$ 4,972
Debt issuance costs incurred	1,217	1,594
Amortization of debt issuance costs	(1,240)	(1,311)
Unamortized debt issuance costs	5,232	5,255
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs	1,102	1,334
Debt issuance costs incurred	3,624	0
Amortization of debt issuance costs	(443)	(232)
Unamortized debt issuance costs	$ 4,283	$ 1,102

DEBT (Loan Obligations of the Consolidated CLOs) (Details) - Consolidated Funds - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
DEBT
Fair Value of Loan Obligations	$ 9,958,076	$ 7,973,748
Collateralized loan obligations
DEBT
Loan Obligations	10,278,833	8,188,214
Fair Value of Loan Obligations	9,958,076	7,973,748
Senior secured notes \| Collateralized loan obligations
DEBT
Loan Obligations	9,796,442	7,738,337
Fair Value of Loan Obligations	$ 9,665,804	$ 7,700,038
Weighted Average Remaining Maturity In Years	10 years 1 month 6 days	11 years
Debt instrument face amount	$ 9,800,000
Weighted average interest rate (as a percent)	1.89%
Subordinated notes / preferred shares \| Collateralized loan obligations
DEBT
Loan Obligations	$ 482,391	$ 449,877
Fair Value of Loan Obligations	$ 292,272	$ 273,710
Weighted Average Remaining Maturity In Years	10 years 2 months 12 days	11 years
Debt instrument face amount	$ 482,400

DEBT (Credit Facilities of the Consolidated Funds) (Details) - Consolidated Funds - USD ($)	Dec. 31, 2020	Dec. 31, 2019
DEBT
Total borrowings of Consolidated Funds	$ 121,909,000	$ 107,244,000
Credit Facility Maturing 3/5/2021
DEBT
Maximum borrowing capacity	71,500,000
Outstanding Loan	$ 71,500,000	$ 71,500,000
Effective Rate	1.59%	3.14%
Credit Facility Maturing 1/1/2023
DEBT
Maximum borrowing capacity	$ 18,000,000
Outstanding Loan	$ 17,909,000	$ 17,550,000
Effective Rate	1.75%	3.44%
Credit Facility Maturing 7/15/2028
DEBT
Maximum borrowing capacity	$ 75,000,000
Outstanding Loan	$ 32,500,000	$ 17,000,000
Effective Rate	2.75%	4.75%
Revolving Term Loan
DEBT
Maximum borrowing capacity	$ 0
Outstanding Loan	$ 0	$ 1,194,000
Effective Rate	0.00%	7.70%

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other Assets [Line Items]
Goodwill	$ 371,047	$ 143,855	$ 143,786
Consolidated Funds
Other Assets [Line Items]
Dividends and interest receivable	30,413	26,030
Income tax and other receivables	5,089	4,051
Other assets	35,502	30,081
Ares Management L.P
Other Assets [Line Items]
Accounts and interest receivable	45,494	47,368
Fixed assets, net	60,874	62,883
Deferred tax assets, net	70,026	46,364
Goodwill	371,047	143,855
Intangible assets, net	222,088	7,975
Other assets	42,890	33,817
Other assets	$ 812,419	$ 342,262

OTHER ASSETS (Depreciable assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Depreciation	$ 19,000	$ 17,100	$ 16,100
Fully depreciated	7,200
Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, gross	133,029	123,032
Less: accumulated depreciation	(72,155)	(60,149)
Fixed assets, net	60,874	62,883
Furniture \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, gross	10,402	9,484
Office and computer equipment \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, gross	17,666	19,963
Internal-use software \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, gross	47,456	36,966
Leasehold improvements \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 57,505	$ 56,619

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 784,200,000	$ 387,400,000
Performance Income
Carried interest, contingent repayment obligations	0	0
Performance Income
Performance Income
Performance income subject to potential clawback provision	326,400,000	233,400,000
Performance income subject to potential claw back provision that are reimbursable by professionals	$ 252,400,000	$ 175,100,000

COMMITMENTS AND CONTINGENCIES (Leases: Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 180,236
Finance lease obligations	1,273
Accumulated amortization	$ (1,000)	$ (600)
Finance lease assets, extensible list	us-gaap:OtherAssets
Finance lease, liability, extensible list	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Ares Management L.P
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 154,742	143,406
Finance lease assets	1,386	1,787
Total lease assets	156,128	145,193
Operating lease liabilities	180,236	168,817
Finance lease obligations	1,273	1,651
Total lease liabilities	$ 181,509	$ 170,468
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years

COMMITMENTS AND CONTINGENCIES (Leases: Maturity of Lease Liabilities) (Details) $ in Thousands	Dec. 31, 2020 USD ($)
Operating Leases
2021	$ 34,304
2022	36,079
2023	32,248
2024	29,477
2025	28,969
After 2025	38,713
Total future payments	199,790
Less: interest	19,554
Operating lease liabilities	180,236
Finance Leases
2021	519
2022	486
2023	158
2024	156
2025	7
After 2025	0
Total future payments	1,326
Less: interest	53
Total lease liabilities	$ 1,273

COMMITMENTS AND CONTINGENCIES (Leases: Lease Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 31,713	$ 28,814	$ 30,497
Amortization of finance lease assets	469	304	260
Interest on finance lease liabilities	43	39	39
Total lease expense	$ 32,225	$ 29,157	$ 30,796

COMMITMENTS AND CONTINGENCIES (Leases: Other Information) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows for operating leases	$ 32,121	$ 31,509
Operating cash flows for finance leases	53	58
Financing cash flows for finance leases	460	311
Leased assets obtained in exchange for new finance lease liabilities	0	778
Leased assets obtained in exchange for new operating lease liabilities	$ 36,935	$ 49,833

COMMITMENTS AND CONTINGENCIES (Leases: Lease Term and Discount Rate) (Details)	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms, operating lease	6 years	6 years 6 months
Weighted-average remaining lease terms, finance lease	2 years 7 months 6 days	3 years 3 months 18 days
Weighted-average discount rate, operating lease	3.59%	4.00%
Weighted-average discount rate, finance lease	3.26%	3.39%

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 17,172	$ 6,192
Due to affiliates:
Due to affiliates	0	0
Consolidated Funds \| Affiliated entity
Due from affiliates:
Due from affiliates	17,172	6,192
Ares Management L.P
Due from affiliates:
Due from affiliates	405,887	267,130
Due to affiliates:
Due to affiliates	100,186	71,445
Ares Management L.P \| Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds	308,581	183,579
Incentive Fee Receivable, Related Parties	21,495	19,006
Payments made on behalf of and amounts due from non-consolidated funds and employees	75,811	64,545
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	4,808	5,432
Tax receivable agreement liability	62,505	26,542
Undistributed carried interest and incentive fees	27,322	28,086
Payments made by non-consolidated funds on behalf of and payable by the Company	$ 5,551	$ 11,385

RELATED PARTY TRANSACTIONS (Narrative) (Details) - ARCC - USD ($)	3 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2019	Dec. 31, 2018	Jun. 21, 2019
Ares Management L.P
RELATED PARTY TRANSACTIONS
Asset coverage percentage		200.00%		150.00%
Annual base management fee percentage		1.50%		1.00%
Debt to equity ratio				1.0
American Capital Ltd.
RELATED PARTY TRANSACTIONS
Maximum fees waived	$ 10,000,000.0	$ 30,000,000.0	$ 40,000,000.0

INCOME TAXES (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current:
Total current income tax expense (benefit)	$ 39,818	$ 44,525	$ 27,903
Deferred:
Total deferred income tax expense (benefit)	15,175	7,851	4,299
Total:
Income tax expense (benefit)	54,993	52,376	32,202
Consolidated Funds
Current:
Foreign income tax expense	118	(530)	131
Total current income tax expense (benefit)	118	(530)	131
Ares Management L.P
Current:
U.S. federal income tax expense	23,845	32,012	16,859
State and local income tax expense	6,714	6,940	4,306
Foreign income tax expense	9,141	6,103	6,607
Total current income tax expense (benefit)	39,700	45,055	27,772
Deferred:
U.S. federal income tax expense	12,451	8,820	10,572
State and local income tax expense (benefit)	1,952	1,001	(4,789)
Foreign income tax expense (benefit)	772	(1,970)	(1,484)
Total deferred income tax expense (benefit)	15,175	7,851	4,299
Total:
U.S. federal income tax expense	36,296	40,832	27,431
State and local income tax expense (benefit)	8,666	7,941	(483)
Foreign income tax expense	9,913	4,133	5,123
Income tax expense (benefit)	$ 54,875	$ 52,906	$ 32,071

INCOME TAXES (Effective Income Tax Rate) (Details)	12 Months Ended
INCOME TAXES (Effective Income Tax Rate) (Details)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	21.00%	21.00%	21.00%
Income passed through to non-controlling interests	(8.20%)	(10.40%)	(9.90%)
State and local taxes, net of federal benefit	1.80%	1.90%	2.10%
Foreign taxes	0.30%	0.30%	0.30%
Permanent items	(0.50%)	(0.40%)	(0.80%)
Tax Cuts and Jobs Act	0.00%	0.00%	(0.40%)
Corporate conversion expense	0.00%	0.00%	5.40%
Other, net	(0.20%)	(0.10%)	(0.30%)
Valuation allowance	0.30%	0.00%	0.10%
Total effective rate	14.50%	12.30%	17.50%

INCOME TAXES (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Consolidated Funds
Deferred tax assets
Net operating losses	$ 0	$ 5,391
Other, net	0	2,173
Total gross deferred tax assets	0	7,564
Valuation allowance	0	(7,564)
Total deferred tax assets, net	0	0
Ares Management L.P
Deferred tax assets
Amortizable tax basis for AOG unit exchanges	67,571	25,994
Investment in partnerships	0	12,841
Net operating losses	1,292	367
Other, net	6,563	7,216
Total gross deferred tax assets	75,426	46,418
Valuation allowance	(1,010)	(54)
Total deferred tax assets, net	74,416	46,364
Deferred tax liabilities
Investment in partnerships	(4,390)	0
Total deferred tax liabilities	(4,390)	0
Net deferred tax assets	$ 70,026	$ 46,364

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Valuation allowance, decrease	$ (6.6)	$ 0.1

EARNINGS PER SHARE (Antidilutive) (Details) - shares	12 Months Ended
EARNINGS PER SHARE (Antidilutive) (Details) - shares	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
AOG
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	115,126,565	116,802,160	0
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	16,599	82	0

EARNINGS PER SHARE (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Dec. 17, 2020	Sep. 16, 2020	Jun. 16, 2020	Mar. 17, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Basic
Net income attributable to Ares Management Corporation Class A common stockholders					$ 130,442	$ 127,184	$ 35,320
Distributions on unvested restricted units					(10,454)	(7,670)	(6,948)
Net income available to Class A common stockholders					119,988	119,514	28,372
Distributions on unvested restricted units					0	0	(6,948)
Net income attributable to Ares Management Corporation Class A common stockholders					$ 130,442	$ 127,184	$ 28,372
Diluted
Dividend declared and paid per Class A common stock (in dollar per share)	$ 0.40	$ 0.40	$ 0.40	$ 0.40
Class A common stock
Basic
Basic weighted-average shares of Class A common stock (in shares)					135,065,436	107,914,953	96,023,147
Basic earnings per share of Class A common stock (in dollars per share)					$ 0.89	$ 1.11	$ 0.30
Diluted
Diluted weighted-average shares of Class A common stock (in shares)					149,508,498	119,877,429	96,023,147
Diluted earnings per share of Class A common stock (in dollars per share)					$ 0.87	$ 1.06	$ 0.30
Dividend declared and paid per Class A common stock (in dollar per share)					$ 1.60	$ 1.28	$ 1.33
Restricted units
Diluted
Effect of dilutive shares (in shares)					9,207,639	7,838,200	0
Options
Diluted
Effect of dilutive shares (in shares)					5,235,423	4,124,276	0

EQUITY COMPENSATION (Equity Incentive Plan) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 01, 2020
Equity compensation
Equity compensation expenses	$ 122,986	$ 97,691	$ 89,724
Restricted units
Equity compensation
Equity compensation expenses	115,680	88,979	74,441
Restricted units with a market condition
Equity compensation
Equity compensation expenses	7,263	3,613	1,524
Options
Equity compensation
Equity compensation expenses	43	4,362	12,449
Phantom shares
Equity compensation
Equity compensation expenses	$ 0	$ 737	$ 1,310
Ares Management L.P
Equity compensation
Total number of shares available for grant under the Equity Incentive Plan (in shares)	33,861,117			37,528,029

EQUITY COMPENSATION (Restricted Units) (Details) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	12 Months Ended
	Dec. 17, 2020	Sep. 16, 2020	Jun. 16, 2020	Mar. 17, 2020	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity compensation
Dividend declared and paid per share of Class A common stock (in dollar per share)	$ 0.40	$ 0.40	$ 0.40	$ 0.40
Distribution equivalents made to holders						$ 26,000
Class A common stock
Equity compensation
Shares delivered in period						3,100,000	2,100,000
Dividend declared and paid per share of Class A common stock (in dollar per share)						$ 1.60	$ 1.28	$ 1.33
Restricted units
Equity compensation
Shares delivered in period						5,500,000	3,700,000
Units
Balance at the beginning of the period (in units or shares)						16,810,473
Granted (in units)					2,000,000	3,984,695
Vested (in units)						(4,201,333)
Forfeited (in units)						(294,171)
Balance at the end of the period (in units or shares)						16,299,664	16,810,473
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)						$ 20.07
Granted (in dollars per share)						36.91
Vested (in dollars per share)						19.62
Forfeited (in dollars per share)						24.85
Balance at the end of the period (in dollars per share)						$ 24.30	$ 20.07
Unrecognized compensation expenses						$ 228,600
Weighted average period of compensation expense expected to be recognized						2 years 9 months 18 days
Contingent vesting units awards member
Units
Granted (in units)					1,333,334
Restricted units with a market condition
Equity compensation
Annual award vesting percentage								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)						(1,333,334)
Forfeited (in units)						0
Balance at the end of the period (in units or shares)						0	1,333,334
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)						$ 9.30
Granted (in dollars per share)						0
Vested (in dollars per share)						9.30
Forfeited (in dollars per share)						0
Balance at the end of the period (in dollars per share)						$ 0	$ 9.30
Unrecognized compensation expenses						$ 6,100
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
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
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
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
First Anniversary \| Restricted units
Equity compensation
Annual award vesting percentage						33.33%

EQUITY COMPENSATION (Restricted Units Awards with a Market Condition) (Details) - Restricted units with a market condition - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2020	Dec. 31, 2018	Dec. 31, 2019
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)		(1,333,334)
Forfeited (in units)		0
Balance at the end of the period (in units or shares)		0
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (USD per share)		$ 0		$ 9.30
Granted (in dollars per share)		0
Vested (in dollars per share)		9.30
Forfeited (in dollars per share)		$ 0
Unrecognized compensation expenses		$ 6,100
Tranche I
Equity compensation
Weighted average price of shares purchased (USD per share)	$ 35.00
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
Tranche II
Equity compensation
Weighted average price of shares purchased (USD per share)	$ 45.00
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

EQUITY COMPENSATION (Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Equity compensation
Net cash proceeds from exercises of stock options	$ 92,900
Options
Exercised (in units)	(4,948,742)
Options
Equity compensation
Shares purchased (in shares)	1
Term	ten years
Tax benefits of exercises	$ 13,100
Options
Balance at the beginning of the period (in units)	13,426,870
Granted (in units)	0
Exercised (in units)	(5,114,667)
Expired (in units)	0
Forfeited (in units)	0
Balance at the end of the period (in units)	8,312,203	13,426,870
Exercisable at the end of the period (in units)	8,312,203
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per unit)	$ 18.99
Granted (in dollars per unit)	0
Exercised (in dollars per unit)	18.99
Expired (in dollars per unit)	0
Forfeited (in dollars per unit)	0
Balance at the end of the period (in dollars per unit)	18.99	$ 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 3 months 18 days
Expected to vest at the end of the period	3 years 4 months 24 days
Exercisable at the end of the period	3 years 4 months 24 days
Aggregate Intrinsic Value
Beginning balance	$ 233,251	$ 224,260
Ending balance	233,251	$ 224,260
Exercisable	$ 233,251

EQUITY AND REDEEMABLE INTEREST (Common Stock) (Details) - USD ($)			12 Months Ended
	Jul. 01, 2020	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019	Feb. 29, 2020	Feb. 28, 2019
Class of Stock [Line Items]
Stock repurchased				$ 10,449,000
Proceeds from sale of shares		$ 383,800,000
Fees related to stock issuance		$ 700,000
Increase (Decrease) in Stockholders' Equity
Balance (in shares)			115,243,029
Issuance of stock (in shares)			135,054,384
Stock option exercises (in shares)			4,948,742
Vesting of restricted stock awards, net of shares withheld for tax (shares)			3,074,603
Balance (in shares)			259,631,180	115,243,029
AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)			1,376,422
Redemptions of AOG Units (in shares)			(66,000)
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Authorized amount					$ 150,000,000	$ 150,000,000
Stock repurchased (shares)				400,000
Stock repurchased				$ 10,400,000
Common stock, shares authorized (in shares)			1,500,000,000	1,500,000,000
Increase (Decrease) in Stockholders' Equity
Balance (in shares)			115,242,028
Issuance of stock (in shares)			19,854,764
Stock option exercises (in shares)			4,948,742
Vesting of restricted stock awards, net of shares withheld for tax (shares)			3,074,603
Balance (in shares)			147,182,562	115,242,028
Class A common stock \| SSG Capital Holdings
Increase (Decrease) in Stockholders' Equity
Issuance of stock (in shares)	7,724,224
Class A common stock \| AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)			4,062,425
Redemptions of AOG Units (in shares)			0
Class A common stock \| Underwritten
Class of Stock [Line Items]
Number of shares sold (in shares)		12,130,540
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01
Common stock, shares authorized (in shares)			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
Vesting of restricted stock awards, net of shares withheld for tax (shares)			0
Balance (in shares)			1,000	1,000
Class B common stock \| AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)			0
Redemptions 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
Number of shares sold (in shares)			115,199,620
Common stock, shares authorized (in shares)			499,999,000
Increase (Decrease) in Stockholders' Equity
Balance (in shares)			1
Issuance of stock (in shares)			115,199,620
Stock option exercises (in shares)			0
Vesting of restricted stock awards, net of shares withheld for tax (shares)			0
Balance (in shares)			112,447,618	1
Class C common stock \| AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)			(2,686,003)
Redemptions of AOG Units (in shares)			(66,000)
Common Stock
Class of Stock [Line Items]
Common stock, shares authorized (in shares)			500,000,000	500,000,000

EQUITY AND REDEEMABLE INTEREST (Common Stock Offering) (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Class of Stock [Line Items]
AOG Units (in units)	259,630,180	231,883,861
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)	112,447,618	116,641,833
Daily Average Ownership	46.02%	51.98%	53.99%
Ares Owners Holdings, L.P. \| AOG
Class of Stock [Line Items]
Direct Ownership Interest	43.31%	50.30%
Alleghany
Class of Stock [Line Items]
AOG Units (in units)	0	0
Daily Average Ownership	0.00%	0.00%	1.82%
Alleghany \| AOG
Class of Stock [Line Items]
Direct Ownership Interest	0.00%	0.00%
AOG
Class of Stock [Line Items]
AOG Units (in units)	147,182,562	115,242,028
Daily Average Ownership	53.98%	48.02%	44.19%
AOG \| AOG
Class of Stock [Line Items]
Direct Ownership Interest	56.69%	49.70%

EQUITY AND REDEEMABLE INTEREST (Preferred Stock) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Dividend rate, percentage	7.00%
Redemption price (in dollars per share)	$ 25.00
Preferred Equity
Class of Stock [Line Items]
Partners' capital (in shares)	12,400,000	12,400,000

EQUITY AND REDEEMABLE INTEREST (Redeemable Interests) (Details) - AOG $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Temporary Equity [Line Items]
Opening balance at July 1, 2020	$ 0
Net loss	(976)
Currency translation adjustment, net of tax	1,538
Balance at December 31, 2020	$ 99,804

- Definition

Carrying amount, attributable to parent and noncontrolling interests, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

SEGMENT REPORTING (Operating Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment reporting
Total revenues	$ 1,764,046	$ 1,765,438	$ 958,461
Operating segment
Segment reporting
Fee related earnings	661,207	554,113	455,139
Performance income—realized	547,216	402,518	357,207
Performance related compensation—realized	(415,668)	(290,382)	(251,597)
Realized net investment income (loss)	33,730	69,715	29,726
Realized Income (Loss)	(826,485)	(735,964)	(590,475)
OMG
Segment reporting
Compensation and benefits	(155,979)	(139,162)	(124,812)
General, administrative and other expenses	(80,778)	(91,292)	(75,015)
Fee related earnings	(236,757)	(230,454)	(199,827)
Performance income—realized	0	0	0
Performance related compensation—realized	0	0	0
Realized net performance income	0	0	0
Investment income (loss)—realized	(5,698)	0	4,790
Interest and other investment income (expense) —realized	(739)	(160)	2,184
Interest expense	(1,335)	(1,864)	(2,226)
Realized net investment income (loss)	(7,772)	(2,024)	4,748
Realized Income (Loss)	(244,529)	(232,478)	(195,079)
Total
Segment reporting
Compensation and benefits	(609,966)	(528,207)	(456,255)
General, administrative and other expenses	(172,097)	(178,742)	(149,465)
Fee related earnings	424,450	323,659	255,312
Performance income—realized	547,216	402,518	357,207
Performance related compensation—realized	(415,668)	(290,382)	(251,597)
Realized net performance income	131,548	112,136	105,610
Investment income (loss)—realized	24,252	58,173	36,507
Interest and other investment income (expense) —realized	26,614	29,189	19,415
Interest expense	(24,908)	(19,671)	(21,448)
Realized net investment income (loss)	25,958	67,691	34,474
Realized Income (Loss)	581,956	503,486	395,396
Ares Management L.P
Segment reporting
Total revenues	1,764,046	1,765,438	958,461
Compensation and benefits	(767,252)	(653,352)	(570,380)
General, administrative and other expenses	(258,999)	(270,219)	(215,964)
Ares Management L.P \| Affiliated entity \| ARCC
Segment reporting
Management fees, part I fees	184,141	164,396	128,805
Ares Management L.P \| Operating segment
Segment reporting
Compensation and benefits	(453,987)	(389,045)	(331,443)
General, administrative and other expenses	(91,319)	(87,450)	(74,450)
Fee related earnings	661,207	554,113	455,139
Performance income—realized	547,216	402,518	357,207
Performance related compensation—realized	(415,668)	(290,382)	(251,597)
Realized net performance income	131,548	112,136	105,610
Investment income (loss)—realized	29,950	58,173	31,717
Interest and other investment income (expense) —realized	27,353	29,349	17,231
Interest expense	(23,573)	(17,807)	(19,222)
Realized net investment income (loss)	33,730	69,715	29,726
Realized Income (Loss)	826,485	735,964	590,475
Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Compensation and benefits	(304,412)	(261,662)	(218,148)
General, administrative and other expenses	(53,997)	(55,103)	(44,845)
Fee related earnings	501,373	414,212	325,153
Performance income—realized	92,308	104,442	121,270
Performance related compensation—realized	(60,281)	(61,641)	(75,541)
Realized net performance income	32,027	42,801	45,729
Investment income (loss)—realized	(2,309)	2,457	2,492
Interest and other investment income (expense) —realized	16,314	18,670	10,350
Interest expense	(8,722)	(6,497)	(11,386)
Realized net investment income (loss)	5,283	14,630	1,456
Realized Income (Loss)	538,683	471,643	372,338
Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Compensation and benefits	(90,129)	(78,259)	(74,672)
General, administrative and other expenses	(22,145)	(19,098)	(18,482)
Fee related earnings	109,064	114,419	106,036
Performance income—realized	392,635	264,439	139,820
Performance related compensation—realized	(315,905)	(211,550)	(111,764)
Realized net performance income	76,730	52,889	28,056
Investment income (loss)—realized	29,100	47,696	17,816
Interest and other investment income (expense) —realized	5,987	5,046	4,624
Interest expense	(8,186)	(7,486)	(6,000)
Realized net investment income (loss)	26,901	45,256	16,440
Realized Income (Loss)	212,695	212,564	150,532
Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Compensation and benefits	(53,004)	(49,124)	(38,623)
General, administrative and other expenses	(12,251)	(13,249)	(11,123)
Fee related earnings	33,399	25,482	23,950
Performance income—realized	62,273	33,637	96,117
Performance related compensation—realized	(39,482)	(17,191)	(64,292)
Realized net performance income	22,791	16,446	31,825
Investment income (loss)—realized	3,146	8,020	11,409
Interest and other investment income (expense) —realized	4,056	5,633	2,257
Interest expense	(5,200)	(3,824)	(1,836)
Realized net investment income (loss)	2,002	9,829	11,830
Realized Income (Loss)	58,192	51,757	67,605
Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Compensation and benefits	(6,442)	0	0
General, administrative and other expenses	(2,926)	0	0
Fee related earnings	17,371	0	0
Performance income—realized	0	0	0
Performance related compensation—realized	0	0	0
Realized net performance income	0	0	0
Investment income (loss)—realized	13	0	0
Interest and other investment income (expense) —realized	996	0	0
Interest expense	(1,465)	0	0
Realized net investment income (loss)	(456)	0	0
Realized Income (Loss)	16,915	0	0
Management fees \| OMG
Segment reporting
Total revenues	0	0	0
Management fees \| Total
Segment reporting
Total revenues	1,186,565	1,012,530	836,744
Management fees \| Ares Management L.P
Segment reporting
Total revenues	1,150,608	979,417	802,502
Management fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	1,186,565	1,012,530	836,744
Management fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	841,138	713,853	564,899
Management fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	221,160	211,614	198,182
Management fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	97,680	87,063	73,663
Management fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	26,587	0	0
Other fees \| OMG
Segment reporting
Total revenues	0	0	0
Other fees \| Total
Segment reporting
Total revenues	19,948	18,078	24,288
Other fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	19,948	18,078	24,288
Other fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	18,644	17,124	23,247
Other fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	178	162	1,008
Other fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	974	792	33
Other fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	$ 152	$ 0	$ 0

SEGMENT REPORTING (Revenue, Expenses and Other Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment revenues
Total revenues	$ 1,764,046	$ 1,765,438	$ 958,461
Total segment revenues	1,753,729	1,433,126	1,218,239
Segment expenses
Total expenses	1,450,486	1,462,797	870,362
Segment other income
Total other income	65,918	122,539	96,242
Operating segment
Segment revenues
Performance income—realized	547,216	402,518	357,207
Segment expenses
Total performance related compensation - realized	415,668	290,382	251,597
Ares Management L.P
Segment revenues
Total revenues	1,764,046	1,765,438	958,461
Segment expenses
Compensation and benefits	767,252	653,352	570,380
General, administrative and other expenses	258,999	270,219	215,964
Ares Management L.P \| ARCC \| Affiliated entity
Segment other income
Management fees, part I fees	184,141	164,396	128,805
Ares Management L.P \| Management fees
Segment revenues
Total revenues	1,150,608	979,417	802,502
Ares Management L.P \| Operating segment
Segment revenues
Performance income—realized	547,216	402,518	357,207
Total segment revenues	1,753,729	1,433,126	1,218,239
Segment expenses
Compensation and benefits	453,987	389,045	331,443
General, administrative and other expenses	91,319	87,450	74,450
Total performance related compensation - realized	415,668	290,382	251,597
Total expenses	960,974	766,877	657,490
Segment other income
Investment income—realized	29,950	58,173	31,717
Interest and other investment income—realized	27,353	29,349	17,231
Interest expense	(23,573)	(17,807)	(19,222)
Total other income	33,730	69,715	29,726
Ares Management L.P \| Operating segment \| Management fees
Segment revenues
Total revenues	1,186,565	1,012,530	836,744
Ares Management L.P \| Operating segment \| Other fees
Segment revenues
Total revenues	$ 19,948	$ 18,078	$ 24,288

SEGMENT REPORTING (Revenue Reconciliation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenue adjustment
Total revenues	$ 1,764,046	$ 1,765,438	$ 958,461
Principal investment income	(33,730)	(69,715)	(29,726)
Total segment revenue	1,753,729	1,433,126	1,218,239
Ares Management L.P
Revenue adjustment
Total revenues	1,764,046	1,765,438	958,461
Operating segment \| Ares Management L.P
Revenue adjustment
Performance (income) loss-unrealized	7,554	(303,142)	247,212
Total segment revenue	1,753,729	1,433,126	1,218,239
Reconciling items
Revenue adjustment
Principal investment income	(4,044)	(44,320)	(1,047)
Total segment revenue	(10,317)	(332,312)	259,778
Reconciling items \| Non-Controlling interest \| Subsidiaries
Revenue adjustment
Total segment revenue	(10,314)	(3,138)	44
Reconciling items \| Performance income reclass
Revenue adjustment
Performance fee reclass	(3,726)	740	205
Management fees \| Ares Management L.P
Revenue adjustment
Total revenues	1,150,608	979,417	802,502
Management fees \| Operating segment \| Ares Management L.P
Revenue adjustment
Total revenues	1,186,565	1,012,530	836,744
Management fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total segment revenue	45,268	34,920	34,242
Incentive fees \| Ares Management L.P
Revenue adjustment
Total revenues	37,902	69,197	63,380
Incentive fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	141	13,851	4,000
Administrative, transaction and other fees
Revenue adjustment
Total revenues	0
Administrative, transaction and other fees \| Ares Management L.P
Revenue adjustment
Total revenues	41,376	38,397	51,624
Administrative, transaction and other fees \| Reconciling items
Revenue adjustment
Total revenues	(36,512)	(31,629)	(27,380)
Administrative, transaction and other fees \| Consolidated Funds \| Reconciling items
Revenue adjustment
Total revenues	15,824	12,641	0
Principal investment income \| Ares Management L.P
Revenue adjustment
Total revenues	28,552	56,555	(1,455)
Principal investment income \| Reconciling items
Revenue adjustment
Principal investment income	$ (28,552)	$ (56,555)	$ 1,455

SEGMENT REPORTING (Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	$ 1,450,486	$ 1,462,797	$ 870,362
Equity compensation expense	122,986	97,691	89,724
Depreciation and amortization expense			9,000
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Due to affiliates	100,186	71,445
Ares Management L.P \| Rent and Other Occupancy Expenses \| ARCC
Segment Reporting, Other Significant Reconciling Item [Line Items]
Due to affiliates			11,800
Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Due to affiliates	0	0
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Transaction support expense	11,194	16,266	2,936
Equity compensation expense	122,986	97,691	89,724
Deferred placement fees	19,329	24,306	20,343
Depreciation and amortization expense	40,662	40,602	25,087
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	960,974	766,877	657,490
Performance related compensation-unrealized	11,552	(206,799)	221,343
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	1,450,486	1,462,797	870,362
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	(489,512)	(695,920)	(212,872)
Administrative fees	(36,512)	(31,629)	(27,380)
Transaction support expense	(11,124)	(16,266)	(2,936)
Equity compensation expense	(122,986)	(97,691)	(89,724)
Deferred placement fees	(19,329)	(24,306)	(20,343)
Depreciation and amortization expense	(40,662)	(40,602)	(25,087)
Other expenses	0	0	(11,836)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	(13,575)	(6,128)	(3,318)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(65,527)	(90,816)	(92,006)
Expenses of Consolidated Funds eliminated in consolidation	45,408	48,771	38,242
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	$ 236,757	$ 230,454	$ 199,827

SEGMENT REPORTING (Other Income (Expense)) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ 65,918	$ 122,539	$ 96,242
Principal investment income	33,730	69,715	29,726
Non-cash unrealized guarantee expense	10,200
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income (expense), net	11,291	(7,840)	(851)
Other (income) expense, net	0	0	(10)
Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense, net	34,297	8,383	4,519
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment loss—unrealized	(35,183)	(35,681)	(49,474)
Other (income) expense, net	(10,207)	460	(13,489)
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	33,730	69,715	29,726
Investment loss—unrealized	47,317	26,620	49,241
Interest and other investment (income) loss—unrealized	(12,134)	9,061	233
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	65,918	122,539	96,242
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	(32,188)	(52,824)	(66,516)
Principal investment income	4,044	44,320	1,047
Other (income) expense, net	10,277	(460)	1,653
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	556	(39)	(19)
Reconciling items \| Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance fee reclass	3,726	(740)	(205)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds added in consolidation, net	(70,994)	(117,405)	(114,286)
Eliminations \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income (expense), net	(14,053)	(12,991)	(865)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ (927)	$ (1,190)	$ (3,315)

SEGMENT REPORTING (Reconciliation of Income Before Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Economic net income
Income before taxes	$ 379,478	$ 425,180	$ 184,341
Adjustments:
Depreciation and amortization expense			9,000
Equity compensation expense	122,986	97,691	89,724
Non-cash unrealized guarantee expense	10,200
Consolidated Funds
Adjustments:
Other (income) expense, net	(34,297)	(8,383)	(4,519)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	28,085	39,704	20,512
Total investment income - realized	(463,652)	(395,599)	(337,875)
Operating segment
Economic net income
Income before taxes	379,478	425,180	184,341
Adjustments:
Depreciation and amortization expense	40,662	40,602	25,087
Equity compensation expense	122,986	97,691	89,724
Transaction support expense	11,194	16,266	2,936
Deferred placement fees	19,329	24,306	20,343
Other (income) expense, net	10,207	(460)	13,489
Total performance (income) loss-unrealized	7,554	(303,142)	247,212
Total performance related compensation - unrealized	(11,552)	206,799	(221,343)
Total investment loss-unrealized	35,183	35,681	49,474
Realized income	826,485	735,964	590,475
Total performance income - realized	(547,216)	(402,518)	(357,207)
Total performance related compensation - realized	415,668	290,382	251,597
Total investment income - realized	(33,730)	(69,715)	(29,726)
Fee related earnings	661,207	554,113	455,139
Operating segment \| Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(28,203)	(39,174)	(20,643)
OMG
Adjustments:
OMG expense, net	235,830	229,264	196,512
Realized income	244,529	232,478	195,079
Total performance income - realized	0	0	0
Total performance related compensation - realized	0	0	0
Total investment income - realized	7,772	2,024	(4,748)
Fee related earnings	(236,757)	(230,454)	(199,827)
Subsidiaries \| Operating segment
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	$ 3,817	$ 2,951	$ 3,343

CONSOLIDATION (Variable Interest Entities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($) cLO entity	Dec. 31, 2019 USD ($) entity	Dec. 31, 2018 USD ($) entity
Variable Interest Entity [Line Items]
Number of entities liquidated or dissolved \| entity	1	2	1
Number of entities that experienced a significant change In ownership or control	1	2
Assets of consolidated VIEs	$ 15,168,992	$ 12,014,196
Liabilities of consolidated VIEs	12,596,852	10,155,598
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	107,700	104,700
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests	28,085	39,704	$ 20,512
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	224,203	260,520
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	391,963	181,856
Consolidated VIEs \| Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	11,580,003	9,454,572
Liabilities of consolidated VIEs	$ 10,716,438	$ 8,679,869

CONSOLIDATION (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Assets
Total assets	$ 15,168,992		$ 12,014,196
Liabilities
Operating lease liabilities	180,236
Total liabilities	12,596,852		10,155,598
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, 2020 and 2019, respectively)	298,761		298,761
Additional paid-in-capital	1,043,669		525,244
Retained earnings	(151,824)		(50,820)
Accumulated other comprehensive loss, net of tax	483		(6,047)
Total stockholders' equity	1,193,685		768,290
Total equity	2,471,774		1,858,598	$ 1,394,341	$ 1,437,681
Total liabilities, redeemable interest, non-controlling interests and equity	$ 15,168,992		$ 12,014,196
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)	259,631,180		115,243,029
Class A common stock
Stockholders' Equity
Common stock	$ 1,472		$ 1,152
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000		1,500,000,000
Common stock, shares issued (in shares)	147,182,562		115,242,028
Common stock, shares outstanding (in shares)	147,182,562		115,242,028
Class B common stock
Stockholders' Equity
Common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	1,000		1,000
Common stock, shares issued (in shares)	1,000		1,000
Common stock, shares outstanding (in shares)	1,000		1,000
Class C common stock
Stockholders' Equity
Common stock	$ 1,124		$ 0
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	499,999,000
Common stock, shares issued (in shares)	112,447,618		1
Common stock, shares outstanding (in shares)	112,447,618		1
Eliminations
Assets
Total assets	$ (408,733)		$ (193,557)
Liabilities
Total liabilities	(84,888)		(36,874)
Commitments and contingencies
Stockholders' Equity
Total equity	(323,845)		(156,683)
Total liabilities, redeemable interest, non-controlling interests and equity	(408,733)		(193,557)
Consolidated Funds
Assets
Cash and cash equivalents	522,377		606,321
Investments, at fair value	10,877,097		8,727,947
Due from affiliates	17,172		6,192
Other assets	35,502		30,081
Receivable for securities sold	121,225		88,809
Liabilities
Accounts payable, accrued expenses and other liabilities	46,824		61,857
Due to affiliates	0		0
Payable for securities purchased	514,946		500,146
CLO loan obligations, at fair value	9,958,076		7,973,748
Fund borrowings	121,909		107,244
Non-controlling interests in Consolidated Funds	539,720		618,020
Consolidated Funds \| Reportable legal entity
Assets
Cash and cash equivalents	522,377		606,321
Investments, at fair value	10,873,522		8,723,169
Due from affiliates	27,377		6,192
Other assets	35,502		30,081
Receivable for securities sold	121,225		88,809
Total assets	11,580,003		9,454,572
Liabilities
Accounts payable, accrued expenses and other liabilities	46,824		61,857
Due to affiliates	16,770		11,700
Payable for securities purchased	514,946		500,146
CLO loan obligations, at fair value	10,015,989		7,998,922
Fund borrowings	121,909		107,244
Total liabilities	10,716,438		8,679,869
Commitments and contingencies
Non-controlling interests in Consolidated Funds	863,565		774,703
Stockholders' Equity
Total equity	863,565		774,703
Total liabilities, redeemable interest, non-controlling interests and equity	11,580,003		9,454,572
Consolidated Funds \| Eliminations
Assets
Cash and cash equivalents	0		0
Investments, at fair value	3,575		4,778
Due from affiliates	(10,205)		0
Other assets	0		0
Receivable for securities sold	0		0
Liabilities
Accounts payable, accrued expenses and other liabilities	0		0
Due to affiliates	(16,770)		(11,700)
Payable for securities purchased	0		0
CLO loan obligations, at fair value	(57,913)		(25,174)
Fund borrowings	0		0
Non-controlling interests in Consolidated Funds	(323,845)		(156,683)
AOG
Liabilities
Redeemable interest in Ares Operating Group entities	100,366	$ 99,804	0
Non-controlling interests in Ares Operating Group entities	738,369		472,288
AOG \| Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	738,369		472,288
AOG \| Eliminations
Liabilities
Non-controlling interests in Ares Operating Group entities	0		0
Ares Management L.P
Assets
Cash and cash equivalents	539,812		138,384
Investments, at fair value	1,682,759		1,663,664
Due from affiliates	405,887		267,130
Other assets	812,419		342,262
Right-of-use operating lease assets	154,742		143,406
Liabilities
Accounts payable, accrued expenses and other liabilities	115,289		88,173
Accrued compensation	103,010		37,795
Due to affiliates	100,186		71,445
Performance related compensation payable	813,378		829,764
Debt obligations	642,998		316,609
Operating lease liabilities	180,236		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, 2020 and 2019, respectively)	298,761		298,761
Additional paid-in-capital	1,043,669		525,244
Retained earnings	(151,824)		(50,820)
Accumulated other comprehensive loss, net of tax	483		(6,047)
Total stockholders' equity	1,193,685		768,290
Equity method investments	1,682,759		1,663,664
Ares Management L.P \| Class A common stock
Stockholders' Equity
Common stock	1,472		1,152
Ares Management L.P \| Class B common stock
Stockholders' Equity
Common stock	0		0
Ares Management L.P \| Class C common stock
Stockholders' Equity
Common stock	1,124		0
Ares Management L.P \| Reportable legal entity
Assets
Cash and cash equivalents	539,812		138,384
Investments, at fair value	2,064,517		1,845,520
Due from affiliates	426,021		281,228
Other assets	812,630		344,643
Right-of-use operating lease assets	154,742		143,406
Total assets	3,997,722		2,753,181
Liabilities
Accounts payable, accrued expenses and other liabilities	125,494		88,173
Accrued compensation	103,010		37,795
Due to affiliates	100,186		71,445
Performance related compensation payable	813,378		829,764
Debt obligations	642,998		316,609
Operating lease liabilities	180,236		168,817
Total liabilities	1,965,302		1,512,603
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, 2020 and 2019, respectively)	298,761		298,761
Additional paid-in-capital	1,043,669		525,244
Retained earnings	(151,824)		(50,820)
Accumulated other comprehensive loss, net of tax	483		(6,047)
Total stockholders' equity	1,193,685		768,290
Total equity	1,932,054		1,240,578
Total liabilities, redeemable interest, non-controlling interests and equity	3,997,722		2,753,181
Ares Management L.P \| Reportable legal entity \| Class A common stock
Stockholders' Equity
Common stock	1,472		1,152
Ares Management L.P \| Reportable legal entity \| Class C common stock
Stockholders' Equity
Common stock	1,124		0
Ares Management L.P \| Eliminations
Assets
Cash and cash equivalents	0		0
Investments, at fair value	(381,758)		(181,856)
Due from affiliates	(20,134)		(14,098)
Other assets	(211)		(2,381)
Liabilities
Accounts payable, accrued expenses and other liabilities	(10,205)		0
Accrued compensation	0		0
Due to affiliates	0		0
Performance related compensation payable	0		0
Debt obligations	0		0
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, 2020 and 2019, respectively)	0		0
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
Ares Management L.P \| AOG \| Reportable legal entity
Liabilities
Redeemable interest in Ares Operating Group entities	$ 100,366

CONSOLIDATION (Income Statement) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Revenues
Total revenues	$ 1,764,046	$ 1,765,438	$ 958,461
Expenses
Total expenses	1,450,486	1,462,797	870,362
Other income (expense)
Total other income	65,918	122,539	96,242
Income before taxes	379,478	425,180	184,341
Income tax expense (benefit)	54,993	52,376	32,202
Net income	324,485	372,804	152,139
Net income attributable to Ares Management Corporation	152,142	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	130,442	127,184	35,320
Eliminations
Revenues
Total revenues	(36,725)	(49,177)	(40,744)
Expenses
Compensation and benefits	0	0	0
Performance related compensation	0	0	0
General, administrative and other expenses	0	0	0
Total expenses	(45,408)	(48,771)	(38,242)
Other income (expense)
Net realized and unrealized gains (losses) on investments	(288)	(851)	983
Interest and dividend income	(3,570)	(2,093)	(93)
Other income (expense), net	8,433	350	864
Total other income	14,053	12,991	865
Income before taxes	22,736	12,585	(1,637)
Income tax expense (benefit)	0	0	0
Net income	22,736	12,585	(1,637)
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	20,119	42,045	53,764
Other income (expense)
Net realized and unrealized gains (losses) on investments	(96,864)	15,136	(1,583)
Interest expense	(286,316)	(277,745)	(222,895)
Interest and other income of Consolidated Funds	463,652	395,599	337,875
Net income attributable to non-controlling interests	28,085	39,704	20,512
Consolidated Funds \| Reportable legal entity
Expenses
Expenses of Consolidated Funds	65,527	90,816	92,006
Total expenses	65,527	90,816	92,006
Other income (expense)
Net realized and unrealized gains (losses) on investments	(109,387)	3,312	664
Interest expense	(293,476)	(281,506)	(224,253)
Interest and other income of Consolidated Funds	473,857	395,599	337,875
Total other income	70,994	117,405	114,286
Income before taxes	5,467	26,589	22,280
Income tax expense (benefit)	118	(530)	131
Net income	5,349	27,119	22,149
Net income attributable to non-controlling interests	5,349	27,119	22,149
Consolidated Funds \| Eliminations
Expenses
Expenses of Consolidated Funds	(45,408)	(48,771)	(38,242)
Other income (expense)
Net realized and unrealized gains (losses) on investments	12,523	11,824	(2,247)
Interest expense	7,160	3,761	1,358
Interest and other income of Consolidated Funds	(10,205)	0	0
Net income attributable to non-controlling interests	22,736	12,585	(1,637)
AOG
Other income (expense)
Net income	296,400	333,100	131,627
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(976)	0	0
Net income attributable to non-controlling interests	145,234	184,216	74,607
AOG \| Reportable legal entity
Other income (expense)
Net income attributable to non-controlling interests	145,234	184,216	74,607
AOG \| Eliminations
Other income (expense)
Net income attributable to non-controlling interests	0	0	0
Ares Management L.P
Revenues
Total revenues	1,764,046	1,765,438	958,461
Expenses
Compensation and benefits	767,252	653,352	570,380
Performance related compensation	404,116	497,181	30,254
General, administrative and other expenses	258,999	270,219	215,964
Other income (expense)
Net realized and unrealized gains (losses) on investments	(9,008)	9,554	(1,884)
Interest and dividend income	8,071	7,506	7,028
Interest expense	(24,908)	(19,671)	(21,448)
Other income (expense), net	11,291	(7,840)	(851)
Income tax expense (benefit)	54,875	52,906	32,071
Ares Management L.P \| Affiliated entity \| ARCC
Other income (expense)
Management fees, part I fees	184,141	164,396	128,805
Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	1,800,771	1,814,615	999,205
Expenses
Compensation and benefits	767,252	653,352	570,380
Performance related compensation	404,116	497,181	30,254
General, administrative and other expenses	258,999	270,219	215,964
Expenses of Consolidated Funds			0
Total expenses	1,430,367	1,420,752	816,598
Other income (expense)
Net realized and unrealized gains (losses) on investments	(8,720)	10,405	(2,867)
Interest and dividend income	11,641	9,599	7,121
Interest expense	(24,908)	(19,671)	(21,448)
Other income (expense), net	2,858	(8,190)	(1,715)
Total other income	(19,129)	(7,857)	(18,909)
Income before taxes	351,275	386,006	163,698
Income tax expense (benefit)	54,875	52,906	32,071
Net income	296,400	333,100	131,627
Net income attributable to Ares Management Corporation	152,142	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	130,442	127,184	35,320
Ares Management L.P \| AOG \| Reportable legal entity
Other income (expense)
Net income	296,400	333,100	131,627
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(976)
Management fees \| Eliminations
Revenues
Total revenues	(45,268)	(34,920)	(34,242)
Management fees \| Ares Management L.P
Revenues
Total revenues	1,150,608	979,417	802,502
Management fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	1,195,876	1,014,337	836,744
Carried interest allocation
Revenues
Total revenues	505,608
Carried interest allocation \| Eliminations
Revenues
Total revenues	0	0	0
Carried interest allocation \| Ares Management L.P
Revenues
Total revenues	505,608	621,872	42,410
Carried interest allocation \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	505,608	621,872	42,410
Incentive fees \| Eliminations
Revenues
Total revenues	(141)	(13,851)	(4,000)
Incentive fees \| Ares Management L.P
Revenues
Total revenues	37,902	69,197	63,380
Incentive fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	38,043	83,048	67,380
Principal investment income \| Eliminations
Revenues
Total revenues	24,508	12,235	(2,502)
Principal investment income \| Ares Management L.P
Revenues
Total revenues	28,552	56,555	(1,455)
Principal investment income \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	4,044	44,320	1,047
Administrative, transaction and other fees
Revenues
Total revenues	0
Administrative, transaction and other fees \| Eliminations
Revenues
Total revenues	(15,824)	(12,641)	0
Administrative, transaction and other fees \| Ares Management L.P
Revenues
Total revenues	41,376	38,397	51,624
Administrative, transaction and other fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	$ 57,200	$ 51,038	$ 51,624

CONSOLIDATION (Cash Flow Statement) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash flows from operating activities:
Net income	$ 324,485	$ 372,804	$ 152,139
Adjustments to reconcile net income to net cash used in operating activities:
Net cash used in operating activities	(425,659)	(2,083,021)	(1,417,058)
Cash flows from investing activities:
Net cash used in investing activities	(136,764)	(16,796)	(18,419)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	943,895	2,122,330	1,405,295
Effect of exchange rate changes	19,956	5,624	21,500
Net change in cash and cash equivalents	401,428	28,137	(8,682)
Cash and cash equivalents, beginning of period	138,384	110,247	118,929
Cash and cash equivalents, end of period	539,812	138,384	110,247
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions	305,338	0	0
Cash paid during the period for interest	257,132	233,090	184,951
Cash paid during the period for income taxes	38,174	35,625	27,482
Eliminations
Cash flows from operating activities:
Net income	22,736	12,585	(1,637)
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	0	0	0
Depreciation and amortization	0	0	0
Net realized and unrealized gains (losses) on investments	(28,690)	(15,881)	(3,003)
Other (income) expense, net			0
Investments purchased	261,899	122,468	35,054
Proceeds from sale of investments	(33,307)	(111,187)	(34,191)
Net performance income receivable	0	0	(5,333)
Due to/from affiliates	6,037	5,551	2,594
Other assets	(2,170)	2,381	0
Accrued compensation and benefits	0	0	0
Accounts payable, accrued expenses and other liabilities	(10,205)	0	0
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	(190,991)	(94,305)	1,530
Effect of exchange rate changes	0	0	0
Net change in cash and cash equivalents	83,945	(221,677)	171,855
Cash and cash equivalents, beginning of period	(606,321)	(384,644)	(556,500)
Cash and cash equivalents, end of period	(522,376)	(606,321)	(384,644)
Consolidated Funds
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized gains (losses) on investments	96,864	(15,136)	1,583
Other (income) expense, net	(34,297)	(8,383)	(4,519)
Investments purchased	(6,615,732)	(5,216,931)	(4,919,118)
Proceeds from sale of investments	5,502,325	3,077,755	2,756,924
Change in cash and cash equivalents held at Consolidated Funds	83,944	(221,677)	171,856
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	60,895	(81,059)	11,915
Change in other assets and receivables held at Consolidated Funds	(33,298)	(54,834)	11,962
Change in other liabilities and payables held at Consolidated Funds	10,787	88,467	137,545
Allocable to non-controlling interests in Consolidated Funds:
Contributions	132,430	172,851	71,009
Distributions to non-controlling interests in Consolidated Funds	(251,507)	(96,282)	(159,710)
Borrowings under loan obligations by Consolidated Funds	1,013,291	3,341,837	2,901,633
Repayments under loan obligations by Consolidated Funds	(190,055)	(1,035,710)	(1,027,649)
Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Net income	5,349	27,119	22,149
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized gains (losses) on investments	109,387	(3,312)	(665)
Other (income) expense, net	(34,297)	(8,383)	(4,519)
Investments purchased	(6,580,784)	(5,310,296)	(4,919,118)
Proceeds from sale of investments	5,502,325	3,077,755	2,756,924
Change in cash and cash equivalents held at Consolidated Funds	0	0	0
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	60,895	(81,059)	11,915
Change in other assets and receivables held at Consolidated Funds	(55,461)	(51,681)	9,224
Change in other liabilities and payables held at Consolidated Funds	10,787	88,467	137,545
Net cash used in operating activities	(981,799)	(2,261,390)	(1,986,545)
Allocable to non-controlling interests in Consolidated Funds:
Contributions	359,381	290,677	85,681
Distributions to non-controlling interests in Consolidated Funds	(287,467)	(117,599)	(195,438)
Borrowings under loan obligations by Consolidated Funds	1,013,291	3,349,654	2,921,159
Repayments under loan obligations by Consolidated Funds	(190,055)	(1,045,731)	(1,027,649)
Net cash provided by financing activities	895,150	2,477,001	1,783,753
Effect of exchange rate changes	2,704	6,066	30,936
Net change in cash and cash equivalents	(83,945)	221,677	(171,855)
Cash and cash equivalents, beginning of period	606,321	384,644	556,500
Cash and cash equivalents, end of period	522,376	606,321	384,644
Supplemental disclosure of non-cash financing activities:
Cash paid during the period for interest	235,005	215,168	165,070
Cash paid during the period for income taxes	169	604	742
Consolidated Funds \| Eliminations
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized gains (losses) on investments	(12,523)	(11,824)	2,248
Other (income) expense, net	0	0	0
Investments purchased	(34,948)	93,365	0
Proceeds from sale of investments	0	0	0
Change in cash and cash equivalents held at Consolidated Funds	83,944	(221,677)	171,856
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	0	0	0
Change in other assets and receivables held at Consolidated Funds	22,163	(3,153)	2,738
Change in other liabilities and payables held at Consolidated Funds	0	0	0
Net cash used in operating activities	274,936	(127,372)	170,326
Allocable to non-controlling interests in Consolidated Funds:
Contributions	(226,951)	(117,826)	(14,672)
Distributions to non-controlling interests in Consolidated Funds	35,960	21,317	35,728
Borrowings under loan obligations by Consolidated Funds		(7,817)	(19,526)
Repayments under loan obligations by Consolidated Funds		10,021	0
Ares Management L.P
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	122,986	97,691	89,724
Depreciation and amortization	41,248	39,459	28,517
Net realized and unrealized gains (losses) on investments	(8,039)	(53,092)	12,935
Other (income) expense, net	0	0	10
Investments purchased	(90,851)	(278,798)	(248,460)
Proceeds from sale of investments	174,679	284,810	381,703
Net performance income receivable	(24,351)	(103,962)	29,578
Due to/from affiliates	(76,185)	(75,138)	33,023
Other assets	(36,693)	26,684	(66,795)
Accrued compensation and benefits	54,539	7,650	114
Accounts payable, accrued expenses and other liabilities	21,035	30,669	2,306
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,942)	(16,796)	(18,419)
Acquisitions, net of cash acquired	(120,822)	0	0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154	206,705	105,333
Proceeds from credit facility	790,000	335,000	680,000
Proceeds from senior notes	399,084	0	0
Repayments of term notes	0	0	(206,089)
Proceeds from term notes	0	0	44,050
Repayments of credit facility	(860,000)	(500,000)	(655,000)
Dividends and distributions	(446,780)	(323,667)	(312,646)
Series A Preferred Stock dividends	(21,700)	(21,700)	(21,700)
Repurchases of Class A common stock	0	(10,449)	0
Stock option exercises	92,877	90,511	950
Taxes paid related to net share settlement of equity awards	(95,368)	(33,554)	(18,014)
Other financing activities	(1,531)	(3,212)	3,128
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	138,384
Cash and cash equivalents, end of period	539,812	138,384
Ares Management L.P \| Reportable legal entity
Cash flows from operating activities:
Net income	296,400	333,100	131,627
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	122,986	97,691	89,724
Depreciation and amortization	41,248	39,459	28,517
Net realized and unrealized gains (losses) on investments	20,651	(37,211)	15,938
Other (income) expense, net			10
Investments purchased	(352,750)	(401,266)	(283,514)
Proceeds from sale of investments	207,986	395,997	415,894
Net performance income receivable	(24,351)	(103,962)	34,911
Due to/from affiliates	(82,222)	(80,689)	30,429
Other assets	(34,523)	24,303	(66,795)
Accrued compensation and benefits	54,539	7,650	114
Accounts payable, accrued expenses and other liabilities	31,240	30,669	2,306
Net cash used in operating activities	281,204	305,741	399,161
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,942)	(16,796)	(18,419)
Acquisitions, net of cash acquired	(120,822)
Net cash used in investing activities	(136,764)	(16,796)	(18,419)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154	206,705	105,333
Proceeds from credit facility	790,000	335,000	680,000
Proceeds from senior notes	399,084
Repayments of term notes			(206,089)
Proceeds from term notes			44,050
Repayments of credit facility	(860,000)	(500,000)	(655,000)
Dividends and distributions	(446,780)	(323,667)	(312,646)
Series A Preferred Stock dividends	(21,700)	(21,700)	(21,700)
Repurchases of Class A common stock		(10,449)
Stock option exercises	92,877	90,511	950
Taxes paid related to net share settlement of equity awards	(95,368)	(33,554)	(18,014)
Other financing activities	(1,531)	(3,212)	3,128
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	239,736	(260,366)	(379,988)
Effect of exchange rate changes	17,252	(442)	(9,436)
Net change in cash and cash equivalents	401,428	28,137	(8,682)
Cash and cash equivalents, beginning of period	138,384	110,247	118,929
Cash and cash equivalents, end of period	539,812	138,384	110,247
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions	305,338
Cash paid during the period for interest	22,127	17,922	19,881
Cash paid during the period for income taxes	$ 38,005	$ 35,021	$ 26,740

SUBSEQUENT EVENTS (Details) - Subsequent event	1 Months Ended
SUBSEQUENT EVENTS (Details) - Subsequent event	Feb. 28, 2021 $ / shares
Subsequent events
Quarterly distribution declared (in dollars per unit)	$ 0.47
Preferred equity quarterly distribution (in dollars per unit)	$ 0.4375