v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Nov. 01, 2024
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
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 1800 Avenue of the Stars  
Entity Address, Address Line Two Suite 1400  
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 Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001176948  
Current Fiscal Year End Date --12-31  
Class A common stock, par value $0.01 per share    
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  
6.75% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share    
Entity Information [Line Items]    
Title of 12(b) Security 6.75% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share  
Trading Symbol ARES.PRB  
Security Exchange Name NYSE  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   198,390,128
Non-voting Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   3,489,911
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   1,000
Class C Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   111,175,156
v3.24.3
Condensed Consolidated Statements of Financial Condition - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Assets    
Intangible assets, net $ 402,176 $ 490,695
Goodwill 1,133,074 1,123,976
Total assets 24,522,650 24,730,500
Liabilities    
Operating lease liabilities 535,686  
Total liabilities 18,643,116 19,709,151
Commitments and contingencies
Stockholders’ Equity    
Additional paid-in-capital 2,856,893 2,391,036
Accumulated deficit (792,398) (495,083)
Accumulated other comprehensive income (loss), net of tax 8,450 (5,630)
Total stockholders’ equity 2,076,075 1,893,399
Total equity 5,310,269 4,474,313
Total liabilities, redeemable interest, non-controlling interests and equity 24,522,650 24,730,500
Class A Common Stock    
Stockholders’ Equity    
Common stock 1,983 1,871
Non-voting Common Stock    
Stockholders’ Equity    
Common stock 35 35
Class B Common Stock    
Stockholders’ Equity    
Common stock 0 0
Class C Common Stock    
Stockholders’ Equity    
Common stock 1,112 1,170
Consolidated Entity, Excluding VIE, Including Parent    
Assets    
Total assets 24,522,650 24,730,500
Liabilities    
Total liabilities 18,643,116 19,709,151
Ares Management L.P    
Assets    
Cash and cash equivalents 350,138 348,274
Investments (includes accrued carried interest of $3,486,892 and $3,413,007 as of September 30, 2024 and December 31, 2023, respectively) 4,692,520 4,624,932
Due from affiliates 870,779 896,746
Other assets 641,120 429,979
Right-of-use operating lease assets 426,483 249,326
Intangible assets, net 969,976 1,058,495
Goodwill 1,133,074 1,123,976
Liabilities    
Accounts payable, accrued expenses and other liabilities 328,883 233,884
Accrued compensation 401,035 287,259
Due to affiliates 416,041 240,254
Performance related compensation payable 2,518,898 2,514,610
Debt obligations 2,542,358 2,965,480
Operating lease liabilities 535,686 319,572
Redeemable interest 25,111 24,098
Non-controlling interests in Ares Operating Group entities 1,285,248 1,322,469
Stockholders’ Equity    
Additional paid-in-capital 2,856,893 2,391,036
Accumulated deficit (792,398) (495,083)
Accumulated other comprehensive income (loss), net of tax 8,450 (5,630)
Total stockholders’ equity 2,076,075 1,893,399
Ares Management L.P | Class A Common Stock    
Stockholders’ Equity    
Common stock 1,983 1,871
Ares Management L.P | Non-voting Common Stock    
Stockholders’ Equity    
Common stock 35 35
Ares Management L.P | Class B Common Stock    
Stockholders’ Equity    
Common stock 0 0
Ares Management L.P | Class C Common Stock    
Stockholders’ Equity    
Common stock 1,112 1,170
Consolidated Entity, Excluding VIE    
Assets    
Cash and cash equivalents 1,315,914 1,149,511
Other assets 91,819 100,823
Investments held in trust account 544,254 523,038
Investments, at fair value 13,310,098 14,078,549
Receivable for securities sold 176,475 146,851
Liabilities    
Accounts payable, accrued expenses and other liabilities 179,928 189,523
Due to affiliates 0 3,554
Payable for securities purchased 377,026 484,117
CLO loan obligations, at fair value 11,070,261 12,345,657
Fund borrowings 273,000 125,241
Redeemable interest 544,154 522,938
Non-controlling interests in Ares Operating Group entities $ 1,948,946 $ 1,258,445
v3.24.3
Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Common stock, shares outstanding (in shares) 313,000,741 307,585,576
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) 198,334,674 187,069,907
Common stock, shares outstanding (in shares) 198,334,674 187,069,907
Non-voting Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 3,489,911 3,489,911
Common stock, shares outstanding (in shares) 3,489,911 3,489,911
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) 499,999,000 499,999,000
Common stock, shares issued (in shares) 111,175,156 117,024,758
Common stock, shares outstanding (in shares) 111,175,156 117,024,758
Ares Management L.P    
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] Affiliated entity Affiliated entity
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable and Accrued Liabilities Accounts Payable and Accrued Liabilities
Accounts Payable, Related Party, Type [Extensible Enumeration] Affiliated entity Affiliated entity
Ares Management L.P | Carried interest    
Equity method investments: $ 3,486,892 $ 3,413,007
Consolidated Entity, Excluding VIE    
Accounts Payable, Related Party, Type [Extensible Enumeration] Affiliated entity Affiliated entity
v3.24.3
Condensed Consolidated Statements of Operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Total revenues $ 1,129,739 $ 671,255 $ 2,625,784 $ 2,577,903
Expenses        
Compensation and benefits 435,876 367,502 1,268,685 1,095,833
Performance related compensation 219,697 (25,448) 140,180 401,990
General, administrative and other expenses 197,019 211,842 537,379 501,340
Expenses of Consolidated Funds 2,295 7,064 11,680  
Total expenses 854,887 560,960 1,957,924 2,027,334
Other income (expense)        
Total other income, net 52,254 116,577 207,619 299,394
Income before taxes 327,106 226,872 875,479 849,963
Income tax expense 46,453 29,898 114,760 113,418
Net income 280,653 196,974 760,719 736,545
Less: Net income attributable to non-controlling interests in Consolidated Funds 64,241 80,289 236,446  
Net income (loss) 216,412 116,685 524,273 561,882
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities 1,319 758 1,005  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities 96,633 54,104 236,843  
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders 118,460 61,823 286,425 $ 300,376
Weighted-average shares of Class A and non-voting common stock:        
Diluted (in shares)       182,757,955
Class A Common Stock and Non-Voting Common Stock        
Other income (expense)        
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 118,460 $ 61,823 $ 286,425 $ 300,376
Net income per share of Class A and non-voting common stock:        
Basic (in dollars per share) $ 0.55 $ 0.30 $ 1.31 $ 1.54
Diluted (in dollars per share) $ 0.55 $ 0.30 $ 1.31 $ 1.54
Weighted-average shares of Class A and non-voting common stock:        
Basic (in shares) 200,724,068 186,218,638 196,526,832 182,757,955
Diluted (in shares) 200,724,068 186,218,638 196,526,832 182,757,955
Consolidated Funds         
Expenses        
Expenses of Consolidated Funds $ 2,295 $ 7,064 $ 11,680 $ 28,171
Other income (expense)        
Net realized and unrealized gains on investments 64,831 79,591 192,778 188,717
Interest expense (201,199) (201,363) (626,678) (540,954)
Interest and other income of Consolidated Funds 234,681 255,600 732,316 712,992
Less: Net income attributable to non-controlling interests in Consolidated Funds 64,241 80,289 236,446 174,663
Ares Operating Group        
Other income (expense)        
Net realized and unrealized gains on investments (5,074) (1,770) 13,781 5,226
Interest and dividend income 7,553 4,752 19,952 11,281
Interest expense (29,733) (25,975) (105,057) (76,800)
Other income (expense), net (18,805) 5,742 (19,473) (1,068)
Net income (loss) 216,412 116,685 524,273 561,882
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities 1,319 758 1,005 (332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities 96,633 54,104 236,843 261,838
Management fees        
Revenues        
Total revenues 753,597 637,517 2,162,970 1,853,304
Carried interest allocation        
Revenues        
Total revenues 277,651 (28,126) 194,006 541,828
Incentive fees        
Revenues        
Total revenues 48,638 16,454 105,039 33,327
Principal investment income        
Revenues        
Total revenues 8,036 9,339 44,547 38,985
Administrative, transaction and other fees        
Revenues        
Total revenues $ 41,817 $ 36,071 $ 119,222 $ 110,459
v3.24.3
Condensed Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net income $ 280,653 $ 196,974 $ 760,719 $ 736,545
Foreign currency translation adjustments, net of tax 37,167 (23,984) 23,608 (21,780)
Total comprehensive income 317,820 172,990 784,327 714,765
Consolidated Funds         
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds 70,798 68,976 237,476 157,055
Ares Operating Group        
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities 1,933 659 1,315 (738)
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities 107,698 49,110 245,031 260,351
Ares Management Corporation | Ares Management L.P        
Comprehensive income attributable to Ares Management Corporation $ 137,391 $ 54,245 $ 300,505 $ 298,097
v3.24.3
Condensed Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Additional Paid-in-Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Non-Controlling interest
Ares Operating Group
Non-Controlling interest
Consolidated Funds 
Class A Common Stock
Common Stock
Non-voting Common Stock
Common Stock
Class C Common Stock
Common Stock
Beginning balance at Dec. 31, 2022 $ 3,798,618 $ 1,970,754 $ (369,475) $ (14,986) $ 1,135,023 $ 1,074,356 $ 1,739 $ 35 $ 1,172
Increase (Decrease) in Stockholders' Equity                  
Changes in ownership interests and related tax benefits 46,128 (36,777)     87,541 (4,689) 19   34
Issuances of common stock 115,364 115,350         14    
Capital contributions 94,757       1,172 93,585      
Dividends/distributions (269,682)   (145,386)   (103,363) (20,933)      
Net income 209,140   94,039   88,408 26,693      
Currency translation adjustment, net of tax 6,787     2,641 1,756 2,390      
Equity compensation 69,078 41,541     27,537        
Stock option exercises 9,180 9,175         5    
Ending balance at Mar. 31, 2023 4,079,370 2,100,043 (420,822) (12,345) 1,238,074 1,171,402 1,777 35 1,206
Increase (Decrease) in Stockholders' Equity                  
Changes in ownership interests and related tax benefits (326,965) (151)     (4,086) (322,729) 10   (9)
Issuances of common stock 737 737              
Capital contributions 79,703       1,071 78,632      
Dividends/distributions (273,861)   (149,218)   (109,651) (14,992)      
Net income 331,521   144,514   119,326 67,681      
Currency translation adjustment, net of tax (4,276)     2,658 1,751 (8,685)      
Equity compensation 62,281 37,609     24,672        
Stock option exercises 43,960 43,935         25    
Ending balance at Jun. 30, 2023 3,992,470 2,182,173 (425,526) (9,687) 1,271,157 971,309 1,812 35 1,197
Increase (Decrease) in Stockholders' Equity                  
Changes in ownership interests and related tax benefits (6,531) 15,435     (14,757) (7,210) 17   (16)
Capital contributions 41,526       148 41,378      
Dividends/distributions (270,604)   (151,648)   (97,936) (21,020)      
Net income 196,216   61,823   54,104 80,289      
Currency translation adjustment, net of tax (23,885)     (7,578) (4,994) (11,313)      
Equity compensation 61,976 37,856     24,120        
Stock option exercises 27,286 27,271         15    
Ending balance at Sep. 30, 2023 4,018,454 2,262,735 (515,351) (17,265) 1,231,842 1,053,433 1,844 35 1,181
Increase (Decrease) in Stockholders' Equity                  
Changes in ownership interests and related tax benefits 6,845 (39,262)     25,258 20,847 13   (11)
Issuances of common stock 123,444 123,432         12    
Capital contributions 108,086       1,496 106,590      
Dividends/distributions (314,764)   (153,682)   (116,899) (44,183)      
Net income 422,989   173,950   149,406 99,633      
Currency translation adjustment, net of tax 41,270     11,635 7,510 22,125      
Equity compensation 62,456 38,600     23,856        
Stock option exercises 5,533 5,531         2    
Ending balance at Dec. 31, 2023 4,474,313 2,391,036 (495,083) (5,630) 1,322,469 1,258,445 1,871 35 1,170
Increase (Decrease) in Stockholders' Equity                  
Changes in ownership interests and related tax benefits (114,305) (62,709)     (103,599) 51,984 39   (20)
Issuances of common stock 7,724       7,723       1
Capital contributions 169,707       1,034 168,673      
Dividends/distributions (346,652)   (190,504)   (129,240) (26,908)      
Net income 203,742   73,027   63,999 66,716      
Currency translation adjustment, net of tax (11,390)     (4,850) (2,932) (3,608)      
Equity compensation 92,422 57,600     34,822        
Stock option exercises 1,511 1,510         1    
Ending balance at Mar. 31, 2024 4,477,072 2,387,437 (612,560) (10,480) 1,194,276 1,515,302 1,911 35 1,151
Increase (Decrease) in Stockholders' Equity                  
Changes in ownership interests and related tax benefits (7,678) (75,616)     103,129 (35,192) 19   (18)
Issuances of common stock 354,395 354,368         27    
Capital contributions 343,206       269 342,937      
Dividends/distributions (332,910)   (195,234)   (116,980) (20,696)      
Net income 276,638   94,938   76,211 105,489      
Currency translation adjustment, net of tax (1,865)     (1) 55 (1,919)      
Equity compensation 88,232 55,791     32,441        
Ending balance at Jun. 30, 2024 5,197,090 2,721,980 (712,856) (10,481) 1,289,401 1,905,921 1,957 35 1,133
Increase (Decrease) in Stockholders' Equity                  
Changes in ownership interests and related tax benefits (8,117) 27,103     (3,663) (31,559) 23   (21)
Issuances of common stock 52,841 52,838         3    
Capital contributions 32,953       269 32,684      
Dividends/distributions (365,998)   (198,002)   (139,098) (28,898)      
Net income 279,334   118,460   96,633 64,241      
Currency translation adjustment, net of tax 36,553     18,931 11,065 6,557      
Equity compensation 85,613 54,972     30,641        
Ending balance at Sep. 30, 2024 $ 5,310,269 $ 2,856,893 $ (792,398) $ 8,450 $ 1,285,248 $ 1,948,946 $ 1,983 $ 35 $ 1,112
v3.24.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income $ 760,719 $ 736,545
Net cash provided by operating activities 1,983,536 326,791
Cash flows from investing activities:    
Net cash used in investing activities (95,886) (44,177)
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Net cash used in financing activities (1,909,755) (341,603)
Effect of exchange rate changes 23,969 (19,171)
Net change in cash and cash equivalents 1,864 (78,160)
Cash and cash equivalents, beginning of period 348,274  
Cash and cash equivalents, end of period 350,138 311,827
Supplemental disclosure of non-cash financing activities:    
Issuance of common stock in connection with acquisition-related activities 7,724 116,101
Issuance of common stock in connection with settlement of management incentive program 0 245,647
Consolidated Funds     
Cash flows from operating activities:    
Adjustments to reconcile net income to net cash provided by operating activities 835,340 (948,908)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds (300,009) 91,314
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Contributions from redeemable and non-controlling interests in Consolidated Funds 544,294 735,944
Distributions to non-controlling interests in Consolidated Funds (76,502) (56,945)
Redemptions of redeemable interests in Consolidated Funds 0 (553,718)
Borrowings under loan obligations by Consolidated Funds 323,540 549,664
Repayments under loan obligations by Consolidated Funds (1,504,344) (257,370)
Ares Management L.P    
Cash flows from operating activities:    
Adjustments to reconcile net income to net cash provided by operating activities 429,097 312,180
Cash flows due to changes in operating assets and liabilities 258,389 135,660
Cash flows from investing activities:    
Purchase of furniture, equipment and leasehold improvements, net of disposals (82,203) (44,177)
Acquisitions (13,683) 0
Cash flows from financing activities:    
Net proceeds from issuance of Class A common stock 407,236 0
Proceeds from Credit Facility 970,000 735,000
Repayments of Credit Facility (1,395,000) (670,000)
Dividends and distributions  (969,360) (760,085)
Stock option exercises 1,511 80,426
Taxes paid related to net share settlement of equity awards (211,615) (145,421)
Other financing activities 485 902
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Cash and cash equivalents, beginning of period 348,274 389,987
Cash and cash equivalents, end of period $ 350,138 $ 311,827
v3.24.3
ORGANIZATION
 9 Months Ended
Sep. 30, 2024
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, Real Assets, Private Equity and Secondaries. Information about segments should be read together with “Note 13. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various 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.

The accompanying unaudited financial statements include the condensed consolidated results of the Company and its subsidiaries. The Company is a holding company that operates and controls all of the businesses and affairs of and conducts all of its material business activities through Ares Holdings, L.P. (“Ares Holdings”). Ares Holdings represents all the activities of the “Ares Operating Group” or “AOG” and may be referred to interchangeably. The Company, indirectly through its wholly owned subsidiary, Ares Holdco LLC, is the general partner of the Ares Operating Group entity.

The Company manages or controls certain entities that have been consolidated in the accompanying financial statements as described in “Note 2. Summary of Significant Accounting Policies.” These entities include Ares funds, co-investment vehicles, collateralized loan obligations or funds (collectively “CLOs”) and special purpose acquisition companies (“SPACs”) (collectively, the “Consolidated Funds”).

Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying unaudited condensed 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 its stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable within the Condensed Consolidated Statements of Cash Flows.
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“U.S.”) (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The unaudited condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”).

The unaudited condensed consolidated financial statements include the accounts and activities of the Ares Operating Group entities (“AOG entities”), their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation.

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

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 unaudited condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the Company’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for the Company’s fiscal year ending December 31, 2024 and for the Company’s interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of disaggregated income taxes paid in both U.S. and foreign jurisdictions, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s fiscal year ending December 31, 2025. Early adoption is permitted and the amendments in this update should be applied on a prospective basis, though retrospective adoption is permitted. The Company is currently evaluating the impact of this guidance.
v3.24.3
GOODWILL AND INTANGIBLE ASSETS
 9 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS
3. GOODWILL AND INTANGIBLE ASSETS
Intangible Assets, Net
The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets:
Weighted Average Amortization Period (in years) as of September 30, 2024As of September 30,As of December 31,
20242023
Management contracts3.9$563,675 $604,242 
Client relationships7.8200,920 200,920 
Other0.1500 500 
Finite-lived intangible assets765,095 805,662 
Foreign currency translation2,615 1,126 
Total finite-lived intangible assets767,710 806,788 
Less: accumulated amortization(365,534)(316,093)
Finite-lived intangible assets, net402,176 490,695 
Indefinite-lived management contracts567,800 567,800 
Intangible assets, net$969,976 $1,058,495 
During the three and nine months ended September 30, 2024, the Company recorded a non-cash impairment charge of $8.9 million to the fair value of management contracts of certain funds within the Credit Group, Real Assets Group and Secondaries Group. The primary indicator of impairment was the lower than expected future fee revenue generated from these funds.

During the three and nine months ended September 30, 2023, the Company recorded non-cash impairment charges of $65.7 million and $78.6 million, respectively, primarily related to the value of client relationships from the acquisition of Landmark Partners, LLC (the “Landmark Acquisition”). The primary indicator of impairment was the lower than expected fee paying assets under management in a private equity secondaries fund from existing investors as of the date of the Landmark Acquisition.

Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $28.9 million and $31.0 million for the three months ended September 30, 2024 and 2023, respectively, and $87.1 million and $95.0 million for the nine months ended September 30, 2024 and 2023, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2024, the Company removed $47.5 million of fully-amortized management contracts.
Goodwill

The following table summarizes the carrying value of the Company’s goodwill:
Credit GroupReal Assets GroupPrivate Equity Group
Secondaries Group
Total
Balance as of December 31, 2023$256,679 $277,205 $172,462 $417,630 $1,123,976 
Acquisitions— 6,710 685 — 7,395 
Reallocation55,658 — (55,658)— — 
Foreign currency translation1,694 — — 9 1,703 
Balance as of September 30, 2024$314,031 $283,915 $117,489 $417,639 $1,133,074 
In connection with the segment reorganization of the former special opportunities strategy as described in “Note 13. Segment Reporting,” the Company had an associated change in its reporting units and reallocated goodwill of $55.7 million from the Private Equity Group to the Credit Group using a relative fair value allocation approach in the first quarter of 2024.
There was no impairment of goodwill recorded during the three and nine months ended September 30, 2024 and 2023. The impact of foreign currency translation is reflected within other comprehensive income within the Condensed Consolidated Statements of Comprehensive Income.
v3.24.3
INVESTMENTS
 9 Months Ended
Sep. 30, 2024
Investments in and Advances to Affiliates [Abstract]  
INVESTMENTS
4. INVESTMENTS

The following table summarizes the Company’s investments:
As ofPercentage of total investments as of
September 30,December 31,September 30,December 31,
2024202320242023
Equity method investments:
Equity method - carried interest
$3,486,892 $3,413,007 74.4%73.8%
Equity method private investment partnership interests - principal555,390 535,292 11.811.6
Equity method private investment partnership interests and other (held at fair value)379,408 418,778 8.19.0
Equity method private investment partnership interests and other58,215 44,989 1.21.0
Total equity method investments4,479,905 4,412,066 95.595.4
Collateralized loan obligations20,601 20,799 0.40.4
Fixed income securities89,392 105,495 1.92.3
Collateralized loan obligations and fixed income securities, at fair value109,993 126,294 2.32.7
Common stock, at fair value102,622 86,572 2.21.9
Total investments$4,692,520 $4,624,932 

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 three and nine months ended September 30, 2024 and 2023, no individual equity method investment held by the Company met the significance criteria.
The following table presents the Company’s other income, net from its equity method investments, which were included within principal investment income, net realized and unrealized gains (losses) on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Total other income, net related to equity method investments
$8,093 $1,845 $51,633 $34,900 
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.

The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains (losses) on investments within the Condensed Consolidated Statements of Operations:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Equity method private investment partnership interests and other (held at fair value)$(5,542)$(7,462)$(3,494)$(1,426)

Investments of the Consolidated Funds

The following table summarizes investments held in the Consolidated Funds:
Fair Value as ofPercentage of total investments as of
September 30,December 31,September 30,December 31,
2024202320242023
Fixed income investments:
Loans and securitization vehicles$9,120,015 $10,616,458 65.8%72.7%
Money market funds and U.S. treasury securities544,254 523,038 3.93.6
Bonds486,781 578,949 3.54.0
Total fixed income investments10,151,050 11,718,445 73.280.3
Partnership interests1,934,868 1,642,489 14.011.2
Equity securities1,768,434 1,240,653 12.88.5
Total investments, at fair value$13,854,352 $14,601,587 
As of September 30, 2024 and December 31, 2023, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.
v3.24.3
FAIR VALUE
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
FAIR VALUE
5. FAIR VALUE
Fair Value of Financial Instruments Held by the Company and Consolidated Funds
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2024:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Common stock and other equity securities$— $102,622 $377,087 $— $479,709 
Collateralized loan obligations and fixed income securities
— — 109,993 — 109,993 
Partnership interests— — — 2,321 2,321 
Total investments, at fair value— 102,622 487,080 2,321 592,023 
Derivatives-foreign currency forward contracts— 752 — — 752 
Total assets, at fair value$— $103,374 $487,080 $2,321 $592,775 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(3,162)$— $— $(3,162)
Total liabilities, at fair value$— $(3,162)$— $— $(3,162)
Financial Instruments of the Consolidated FundsLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $8,362,059 $757,956 $— $9,120,015 
Money market funds and U.S. treasury securities544,254 — — — 544,254 
Bonds— 486,781 — — 486,781 
Total fixed income investments544,254 8,848,840 757,956 — 10,151,050 
Partnership interests— — — 1,934,868 1,934,868 
Equity securities33,709 3,162 1,731,563 — 1,768,434 
Total investments, at fair value577,963 8,852,002 2,489,519 1,934,868 13,854,352 
Derivatives-foreign currency forward contracts— 5,904 — — 5,904 
Total assets, at fair value$577,963 $8,857,906 $2,489,519 $1,934,868 $13,860,256 
Liabilities, at fair value
Loan obligations of CLOs$— $(11,070,261)$— $— $(11,070,261)
Derivatives:
Foreign currency forward contracts— (6,056)— — (6,056)
Asset swaps— — (1,903)— (1,903)
Total derivative liabilities, at fair value— (6,056)(1,903)— (7,959)
Total liabilities, at fair value$— $(11,076,317)$(1,903)$— $(11,078,220)

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, 2023:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Common stock and other equity securities$— $86,572 $412,491 $— $499,063 
Collateralized loan obligations and fixed income securities
— — 126,294 — 126,294 
Partnership interests— — — 6,287 6,287 
Total investments, at fair value— 86,572 538,785 6,287 631,644 
Derivatives-foreign currency forward contracts— 1,129 — — 1,129 
Total assets, at fair value$— $87,701 $538,785 $6,287 $632,773 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(2,645)$— $— $(2,645)
Total liabilities, at fair value$— $(2,645)$— $— $(2,645)
Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIIInvestments Measured at NAVTotal
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $9,879,915 $736,543 $— $10,616,458 
Bonds— 575,379 3,570 — 578,949 
Money market funds and U.S. treasury securities523,038 — — — 523,038 
Total fixed income investments523,038 10,455,294 740,113 — 11,718,445 
Partnership interests— — — 1,642,489 1,642,489 
Equity securities47,503 2,750 1,190,400 — 1,240,653 
Total investments, at fair value570,541 10,458,044 1,930,513 1,642,489 14,601,587 
Derivatives-foreign currency forward contracts— 9,126 — — 9,126 
Total assets, at fair value$570,541 $10,467,170 $1,930,513 $1,642,489 $14,610,713 
Liabilities, at fair value
Loan obligations of CLOs$— $(12,345,657)$— $— $(12,345,657)
Derivatives:
Foreign currency forward contracts — (9,491)— — (9,491)
Asset swaps— — (1,291)— (1,291)
Total derivative liabilities, at fair value— (9,491)(1,291)— (10,782)
Total liabilities, at fair value$— $(12,355,148)$(1,291)$— $(12,356,439)

The following tables set forth a summary of changes in the fair value of the Level III measurements:
Level III Assets of the CompanyEquity SecuritiesFixed IncomeTotal
Balance as of June 30, 2024
$379,443 $92,374 $471,817 
Purchases(1)
859 18,240 19,099 
Sales/settlements(2)
1,093 (2,430)(1,337)
Realized and unrealized appreciation (depreciation), net(4,308)1,809 (2,499)
Balance as of September 30, 2024
$377,087 $109,993 $487,080 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(5,041)$2,218 $(2,823)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of June 30, 2024$1,586,854 $803,497 $(1,615)$2,388,736 
Transfer in— 143,738 — 143,738 
Transfer out(508)(227,541)— (228,049)
Purchases(1)
136,313 250,554 — 386,867 
Sales/settlements(2)
(111)(213,489)— (213,600)
Realized and unrealized appreciation (depreciation), net9,015 1,197 (288)9,924 
Balance as of September 30, 2024$1,731,563 $757,956 $(1,903)$2,487,616 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$9,300 $(425)$(222)$8,653 
(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.
Level III Assets and Liabilities of the CompanyEquity SecuritiesFixed IncomeTotal
Balance as of June 30, 2023
$165,371 $73,777 $239,148 
Purchases(1)
7 1,499 1,506 
Sales/settlements(2)
(350)(1,047)(1,397)
Realized and unrealized appreciation (depreciation), net(10,116)986 (9,130)
Balance as of September 30, 2023
$154,912 $75,215 $230,127 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(10,116)$986 $(9,130)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of June 30, 2023$1,066,065 $648,131 $(2,693)$1,711,503 
Transfer in848 63,379 — 64,227 
Transfer out(36,064)(149,624)— (185,688)
Purchases(1)
65,220 150,370 26 215,616 
Sales/settlements(2)
(2,364)(165,177)— (167,541)
Realized and unrealized appreciation, net17,888 4,949 522 23,359 
Balance as of September 30, 2023$1,111,593 $552,028 $(2,145)$1,661,476 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$17,950 $(23,157)$426 $(4,781)
(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.

Level III Assets of the CompanyEquity SecuritiesFixed IncomeTotal
Balance as of December 31, 2023
$412,491 $126,294 $538,785 
Transfer in— 60,917 60,917 
Transfer out(37,587)— (37,587)
Purchases(1)
2,539 283,913 286,452 
Sales/settlements(2)
(1,478)(362,164)(363,642)
Realized and unrealized appreciation, net1,122 1,033 2,155 
Balance as of September 30, 2024
$377,087 $109,993 $487,080 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(1,260)$1,975 $715 

Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of December 31, 2023$1,190,400 $740,113 $(1,291)$1,929,222 
Transfer in— 199,112 — 199,112 
Transfer out(35)(305,887)— (305,922)
Purchases(1)
482,424 711,190 114 1,193,728 
Sales/settlements(2)
(111)(585,977)— (586,088)
Realized and unrealized appreciation (depreciation), net58,885 (595)(726)57,564 
Balance as of September 30, 2024$1,731,563 $757,956 $(1,903)$2,487,616 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$60,995 $(2,921)$(664)$57,410 
(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.
Level III Assets of the CompanyEquity  SecuritiesFixed IncomeTotal
Balance as of December 31, 2022
$121,785 $76,934 $198,719 
Purchases(1)
38,267 3,465 41,732 
Sales/settlements(2)
(1,186)(3,424)(4,610)
Realized and unrealized depreciation, net(3,954)(1,760)(5,714)
Balance as of September 30, 2023
$154,912 $75,215 $230,127 
Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date$(4,167)$(1,547)$(5,714)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomePartnership InterestsDerivatives, NetTotal
Balance as of December 31, 2022$730,880 $869,668 $368,655 $(3,556)$1,965,647 
Transfer out due to changes in consolidation(2,076)(4,563)(374,049)— (380,688)
Transfer in— 192,359 — — 192,359 
Transfer out(36,681)(553,638)— — (590,319)
Purchases(1)
295,030 484,574 49,000 — 828,604 
Sales/settlements(2)
(2,490)(451,426)(48,889)(122)(502,927)
Realized and unrealized appreciation, net126,930 15,054 5,283 1,533 148,800 
Balance as of September 30, 2023$1,111,593 $552,028 $— $(2,145)$1,661,476 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$127,001 $(15,704)$— $1,283 $112,580 
(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 September 30, 2024:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$123,859 Market approachMultiple of book value
1.4x - 1.5x
1.4x
112,565 Discounted cash flowDiscount rate
18.5% - 30.0%
25.0%
100,000 
Market approach
Yield8.0%8.0%
7,220 Market approachEarnings multiple
15.4x
15.4x
33,444 Other
N/A
N/A
N/A
Fixed income investments
88,542 
Market approach
Yield
10.0% - 12.0%
11.0%
20,601 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
849 OtherN/AN/AN/A
Total assets$487,080 

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$914,196 Discounted cash flowDiscount rate
10.0% - 18.7%
13.0%
793,106 Market approachMultiple of book value
1.0x - 1.7x
1.4x
22,636 Market approach
EBITDA multiple(1)
1.0x - 34.6x
14.4x
871 
Transaction price(2)
N/A
N/A
N/A
754 OtherN/AN/AN/A
Fixed income investments
502,042 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
253,514 Market approachYield
6.0% - 23.2%
10.3%
2,363 Market approach
EBITDA multiple(1)
5.0x - 34.6x
 10.8x
37 OtherN/AN/AN/A
Total assets$2,489,519 
Liabilities
Derivative instruments $(1,903)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(1,903)
(1)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
(2)Transaction price consists of securities 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.
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, 2023:
Level III Measurements of the CompanyFair Value Valuation Technique(s) Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$154,460 Discounted cash flowDiscount rate
20.0% - 30.0%
25.0%
118,846 Market approachMultiple of book value
1.3x - 1.6x
1.5x
100,000 
Transaction price(1)
N/AN/AN/A
6,447 Market approachEnterprise value / Earnings multiple
15.4x
15.4x
32,738 OtherN/AN/AN/A
Fixed income investments
83,000 
Transaction price(1)
N/AN/AN/A
20,799 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
22,495 OtherN/AN/AN/A
Total assets$538,785 

Level III Measurements of the Consolidated FundsFair Value Valuation Technique(s) Significant Unobservable Input(s) RangeWeighted Average
Assets
Equity securities
$648,581 Discounted cash flowDiscount rate
10.0% - 16.0%
13.0%
537,733 Market approachMultiple of book value
1.0x - 1.7x
1.3x
3,909 Market approach
EBITDA multiple(2)
4.5x - 32.4x
8.9x
177 OtherN/AN/AN/A
Fixed income investments
548,264 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
188,322 Market approachYield
8.3% - 24.1%
12.2%
2,974 Market approach
EBITDA multiple(2)
4.5x - 32.4x
9.0x
104 Discounted cash flowDiscount rate
12.3%
12.3%
449 OtherN/AN/AN/A
Total assets$1,930,513 
Liabilities
Derivative instruments $(1,291)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(1,291)
(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 Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“NAV”) per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control.

The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:
As of September 30, 2024As of December 31, 2023
Investments (held at fair value)$1,934,868 $1,642,489 
Unfunded commitments1,000,749 738,621 
v3.24.3
DEBT
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
DEBT
6. DEBT
The following table summarizes the Company’s and its subsidiaries’ debt obligations:
As of September 30, 2024As of December 31, 2023
Debt Origination DateMaturityOriginal Borrowing AmountCarrying ValueInterest RateCarrying ValueInterest Rate
Credit Facility(1)
Revolving3/31/2029N/A$470,000 5.90%$895,000 6.37%
2024 Senior Notes(2)
10/8/201410/8/2024$250,000 249,990 4.21249,427 4.21
2028 Senior Notes(3)
11/10/202311/10/2028500,000 495,401 6.42494,863 6.42
2030 Senior Notes(4)
6/15/20206/15/2030400,000 397,388 3.28397,050 3.28
2052 Senior Notes(5)
1/21/20222/1/2052500,000 484,500 3.77484,199 3.77
2051 Subordinated Notes(6)
6/30/20216/30/2051450,000 445,079 4.13444,941 4.13
Total debt obligations$2,542,358 $2,965,480 
(1)On March 28, 2024, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.325 billion to $1.400 billion, with an accordion feature of $600.0 million, and extend the maturity date from March 2027 to March 2029. Ares Holdings is the borrower under the Credit Facility. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance (“ESG”)-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 30, 2024, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. Due to the achievement of ESG-related targets, the Company’s base rate and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2025.
(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. On October 8, 2024 the Company repaid the 2024 Senior Notes at maturity.
(3)The 2028 Senior Notes were issued in November 2023 by the Company, at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the 2028 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2028 Senior Notes.
(4)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 Senior Notes.
(5)The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Senior Notes.
(6)The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the 2051 Subordinated Notes.

As of September 30, 2024, 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, 2028, 2030 and 2052 Senior Notes (the “Senior Notes”) and 2051 Subordinated Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included within other assets within the Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense within the Condensed Consolidated Statements of Operations.
The following table presents the activity of the Company’s debt issuance costs:
Credit FacilitySenior NotesSubordinated Notes
Unamortized debt issuance costs as of December 31, 2023
$4,213 $11,784 $5,059 
Debt issuance costs incurred1,832 292 — 
Amortization of debt issuance costs(901)(1,282)(138)
Unamortized debt issuance costs as of September 30, 2024$5,144 $10,794 $4,921 
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 September 30, 2024As of December 31, 2023
Fair Value of
Loan Obligations		Weighted 
Average
 Interest Rate		Weighted 
Average
 Remaining Maturity 
(in years)		Fair Value of
Loan Obligations		Weighted 
Average
 Interest Rate		Weighted
Average
Remaining Maturity 
(in years)
Senior secured notes$10,328,010 6.64%7.9$11,606,289 6.64%8.2
Subordinated notes(1)
742,251 N/A5.8739,368 N/A6.9
Total loan obligations of Consolidated CLOs$11,070,261 $12,345,657 
(1)The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to 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 net assets of the Consolidated Funds or 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 September 30, 2024 and December 31, 2023, the Consolidated Funds were in compliance with all covenants under such credit facilities.
The Consolidated Funds had the following revolving bank credit facilities outstanding:
As of September 30, 2024As of December 31, 2023
Maturity DateTotal Capacity
Outstanding Loan(1)
Effective Rate
Outstanding Loan(1)
Effective Rate
Credit Facilities:
7/1/2024$18,000 
(2)
N/AN/A$15,241 6.88%
9/25/2025150,000 $121,000 8.00%N/AN/A
9/24/2026150,000 — —— N/A
6/26/2027200,000 152,000 8.15110,000 8.29
9/12/202754,000 — —— N/A
Total borrowings of Consolidated Funds$273,000 $125,241 
(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.
(2)Represents a credit facility of a Consolidated Fund that was repaid on maturity date. The amount represents the total capacity as of December 31, 2023.
v3.24.3
COMMITMENTS AND CONTINGENCIES
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES
7. 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 within the Condensed Consolidated Statements of Financial Condition. As of September 30, 2024, 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 September 30, 2024 and December 31, 2023, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $1,178.4 million and $1,030.6 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. As of September 30, 2024 and December 31, 2023, the Company’s maximum exposure to losses from guarantees was $1.1 million and $122.3 million, respectively.

Contingent Liabilities

The Company acquired the investment management business and related operating entities collectively doing business as Crescent Point Capital (“Crescent Point”) (the “Crescent Point Acquisition”) during the fourth quarter of 2023. In connection with the Crescent Point Acquisition, the Company established a management incentive program (the “Crescent Point MIP”) with certain professionals. The Crescent Point MIP represents a contingent liability not to exceed $75.0 million and is based on the achievement of revenue targets from the fundraising of a future private equity fund during the measurement period.

The Company expects to settle the liability with a combination of 33% cash and 67% equity awards. Expense associated with the cash and equity components are recognized ratably over the measurement period, which represents the service period and will end on the final fundraising date for the fund. The Crescent Point MIP is remeasured each period with incremental changes in fair value included within compensation and benefits expense within the Condensed Consolidated Statements of Operations. Following the measurement period end date, the cash component will be paid and the equity component will be settled with shares of the Company’s Class A common stock and granted at fair value.

As of September 30, 2024 and December 31, 2023, the contingent liability was $75.0 million. As of September 30, 2024 and December 31, 2023, the Company has recorded $20.0 million and $5.0 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense of $5.0 million and $15.0 million for the three and nine months ended September 30, 2024, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations.

In connection with the acquisition of AMP Capital’s infrastructure debt platform (the “Infrastructure Debt Acquisition”) during the first quarter of 2022, the Company established a management incentive program (the “Infrastructure Debt MIP”) with certain professionals. The Infrastructure Debt MIP represents a contingent liability not to exceed $48.5 million and is based on the achievement of revenue targets from the fundraising of certain infrastructure debt funds during the measurement periods.

The Company expects to settle each portion of the liability with a combination of 15% cash and 85% equity awards. Expense associated with the cash components are recognized ratably over the respective measurement periods, which will end on the final fundraising date for each of the infrastructure debt funds included in the Infrastructure Debt MIP agreement. Expense associated with the equity component is recognized ratably over the service periods, which will continue for four years beyond each of the measurement period end dates. The Infrastructure Debt MIP is remeasured each period with incremental changes in value included within compensation and benefits expense within the Condensed Consolidated Statements of Operations. Following each of the measurement period end dates, the cash component will be paid and restricted units for the
portion of the Infrastructure Debt MIP award earned will be granted at fair value. The unpaid liability at the respective measurement period end dates will be reclassified from liability to additional paid-in-capital and any difference between the Infrastructure Debt MIP award earned at the respective measurement period end date and the previously recorded compensation expense will be recognized over the remaining four year service period as equity-based compensation expense.

The revenue target was achieved for one of the infrastructure debt funds during the fourth quarter of 2022 and the associated liability for this portion of the award was settled during the first quarter of 2023. As of September 30, 2024, the maximum contingent liability associated with the remaining Infrastructure Debt MIP was $15.0 million. As of September 30, 2024 and December 31, 2023, the contingent liability was $13.6 million. As of September 30, 2024 and December 31, 2023, the Company has recorded $5.8 million and $4.4 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense associated with the remaining Infrastructure Debt MIP of $0.4 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively, and $1.4 million and $1.8 million for the nine months ended September 30, 2024 and 2023, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations.

Carried Interest

Carried interest is affected by changes in the fair values of the underlying investments in the funds that are advised by the Company. 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 carried interest 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.

As of September 30, 2024 and December 31, 2023, if the Company assumed all existing investments were worthless, the amount of carried interest subject to potential repayment, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $70.0 million and $78.5 million, respectively, of which approximately $47.8 million and $54.5 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such carried interest. Management believes the possibility of all of the investments becoming worthless is remote. As of September 30, 2024 and December 31, 2023, 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 primarily consists of operating leases for office space and certain office equipment. The Company’s leases have remaining lease terms of one to 19 years. The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:

Maturity of operating lease liabilities
As of September 30, 2024
2024$11,646 
202557,292 
202655,053 
202745,612 
202858,612 
Thereafter592,526 
Total future payments820,741 
Less: interest285,055 
Total operating lease liabilities$535,686 

Three months ended September 30,Nine months ended September 30,
Classification within general, administrative and other expenses2024202320242023
Operating lease expense$16,920 $10,135 $47,505 $32,434 

Nine months ended September 30,
Supplemental information on the measurement of operating lease liabilities20242023
Operating cash flows for operating leases$41,740 $32,733 
Leased assets obtained in exchange for new operating lease liabilities210,551 166,941 

As of September 30,As of December 31,
Lease term and discount rate20242023
Weighted-average remaining lease terms (in years)13.28.4
Weighted-average discount rate5.6%4.3%
v3.24.3
RELATED PARTY TRANSACTIONS
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
8. RELATED PARTY TRANSACTIONS

Substantially all of the Company’s revenue is earned from its affiliates. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that accrued carried interest, which is predominantly due from affiliated funds, is presented separately within investments within the Condensed 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 is reimbursed for expenses incurred in providing administrative services to certain related parties, including publicly-traded and non-traded vehicles. In addition, certain private funds pay administrative fees based on invested capital. The Company is also party to agreements with certain funds which pay fees to the Company to provide various property-related services, such as acquisition, development and property management as well as fees for the sale and distribution of fund shares in non-traded vehicles.

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 fees, carried interest or incentive fees.
Carried interest and incentive fees 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 September 30,As of December 31,
 20242023
Due from affiliates: 
Management fees receivable from non-consolidated funds$596,288 $560,629 
Incentive fee receivable from non-consolidated funds46,388 159,098 
Payments made on behalf of and amounts due from non-consolidated funds and employees228,103 177,019 
Due from affiliates—Company$870,779 $896,746 
Due to affiliates: 
Management fee received in advance and rebates payable to non-consolidated funds$9,159 $9,585 
Tax receivable agreement liability353,899 191,299 
Carried interest and incentive fees payable45,361 33,374 
Payments made by non-consolidated funds on behalf of and payable by the Company7,622 5,996 
Due to affiliates—Company$416,041 $240,254 
Amounts due to portfolio companies and non-consolidated funds$— $3,554 
Due to affiliates—Consolidated Funds$— $3,554 

Due from and Due to 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. Conversely, Consolidated Funds and non-consolidated funds may pay certain expenses that are reimbursed by the Company. 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.
v3.24.3
INCOME TAXES
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES
9. INCOME TAXES
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. The following table presents the income tax expense for the period:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Income tax expense$46,453 $29,898 $114,760 $113,418 

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 vehicles that are consolidated in the Company’s unaudited condensed consolidated financial statements. For the three and nine months ended September 30, 2024 and 2023, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate.
The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of September 30, 2024 and December 31, 2023, the Company recorded a net deferred tax asset of $203.3 million and $21.5 million, respectively, within other assets within the Condensed Consolidated Statements of Financial Condition. As of September 30, 2024, a deferred tax liability of $6.8 million was recorded and presented as a liability for the Consolidated Funds within accounts payable, accrued expenses and other liabilities within the Condensed Consolidated Statements of Financial Condition.
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 generally no longer subject to corporate income tax audits by taxing authorities for any years prior to 2020. 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 unaudited condensed consolidated financial statements.
v3.24.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
10. EARNINGS PER SHARE
The Company has Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes.

Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock method.

For three and nine months ended September 30, 2024 and 2023, the two-class method was the more dilutive method.

The following table presents the computation of basic and diluted earnings per common share:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Basic earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$118,460 $61,823 $286,425 $300,376 
Dividends declared and paid on Class A and non-voting common stock(187,696)(144,623)(553,867)(425,263)
Distributions on unvested restricted units(7,829)(5,337)(22,692)(15,969)
Dividends in excess of earnings available to Class A and non-voting common stockholders$(77,065)$(88,137)$(290,134)$(140,856)
Basic weighted-average shares of Class A and non-voting common stock200,724,068 186,218,638 196,526,832 182,757,955 
Dividends in excess of earnings per share of Class A and non-voting common stock$(0.38)$(0.47)$(1.48)$(0.77)
Dividend declared and paid per Class A and non-voting common stock0.93 0.77 2.79 2.31 
Basic earnings per share of Class A and non-voting common stock$0.55 $0.30 $1.31 $1.54 
Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$118,460 $61,823 $286,425 $300,376 
Distributions on unvested restricted units(7,829)(5,337)(22,692)(15,969)
Net income available to Class A and non-voting common stockholders$110,631 $56,486 $263,733 $284,407 
Diluted weighted-average shares of Class A and non-voting common stock200,724,068 186,218,638 196,526,832 182,757,955 
Diluted earnings per share of Class A and non-voting common stock$0.55 $0.30 $1.31 $1.54 
v3.24.3
EQUITY COMPENSATION
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
EQUITY COMPENSATION
11. EQUITY COMPENSATION
Equity Incentive Plan
Equity-based compensation is granted under the Company’s 2023 Equity Incentive Plan (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, 2024, the total number of shares available for issuance under the Equity Incentive Plan reset to 69,122,318 shares and as of September 30, 2024, 62,694,495 shares remained available for issuance.
Generally, unvested restricted units 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 for restricted units is presented in the following table:
Three months ended September 30,Nine months ended September 30,
 2024202320242023
Restricted units$85,613 $61,976 $266,267 $193,509 
Restricted Units

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 at a rate of either: (i) one-third per year, beginning on the third anniversary of the grant date; (ii) one-quarter per year, beginning on the second anniversary of the grant date or the holder’s employment commencement date; or (iii) 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 nine months ended September 30, 2024, 4.0 million restricted units vested and 2.2 million shares of Class A common stock were delivered to the holders. For the nine months ended September 30, 2023, 3.6 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 awards that have not yet been issued as described in the subsequent sections, 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”). When units are forfeited, the cumulative amount of Dividend Equivalents previously paid is reclassified to compensation and benefits expense within the Condensed Consolidated Statements of Operations.

The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the nine months ended September 30, 2024:
Record DateDividends Per ShareDividend Equivalents Paid
March 15, 2024$0.93 $16,294 
June 14, 20240.93 16,008 
September 16, 20240.93 16,242 

During the first quarter of 2024, the Company approved the future grant of restricted units to certain senior executives in each of 2025 and 2026, subject to the holder’s continued employment and acceleration in certain instances. These restricted awards vest before July 1, 2029, at a rate of either: (i) one-quarter per year, beginning on the first anniversary of the grant date; or (ii) one-third per year, beginning on the first anniversary of the grant date. Given that these future restricted units have been communicated to the recipient, the Company accounts for these awards as if they have been granted and recognizes the compensation expense on a straight-line basis over the service period. The restricted units that have been approved and communicated but not yet granted are not eligible to receive a Dividend Equivalent until the grant date.
The following table presents unvested restricted units’ activity:
 Restricted UnitsWeighted Average
Grant Date Fair
Value Per Unit
Balance as of December 31, 202317,359,829 $59.20 
Granted5,087,137 124.08 
Vested(3,961,789)51.98 
Forfeited(386,314)85.07 
Balance as of September 30, 202418,098,863 $78.45 

The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $984.1 million as of September 30, 2024 and is expected to be recognized over the remaining weighted average period of 3.6 years.

Options
Upon exercise, each option entitles the holders to purchase from the Company one share of Class A common stock at the stated exercise price.
A summary of options activity during the nine months ended September 30, 2024 is presented below:
 OptionsWeighted Average Exercise PriceWeighted Average Remaining Life
(in years)		Aggregate Intrinsic Value
Balance as of December 31, 202379,524 $19.00 0.3$7,946 
Exercised(79,524)19.00 — — 
Balance as of September 30, 2024— $— 0.0$— 
Exercisable as of September 30, 2024— $— 0.0$— 
Net cash proceeds from exercises of options were $1.5 million for the nine months ended September 30, 2024. The Company realized tax benefits of approximately $1.4 million from the exercise of the remaining options during the first quarter of 2024.
v3.24.3
EQUITY AND REDEEMABLE INTEREST
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
EQUITY AND REDEEMABLE INTEREST
12. 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 non-voting common stock has the same economic rights as the Class A common stock. 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.
In January 2024, the Company's board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $150 million of shares of Class A common stock. Under the 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. The program is scheduled to expire in March 2025. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the nine months ended September 30, 2024 and 2023, the Company did not repurchase any shares as part of the stock repurchase program.
The Company entered into an underwriting agreement pursuant to which the Company agreed to issue and sell 2,650,000 shares of Class A common stock in June 2024 and an additional 397,500 shares of Class A common stock following the subsequent exercise of the underwriters’ 30-day option to purchase additional shares in July 2024 (the “Offering”). The Offering resulted in net proceeds of approximately $407.2 million (after deducting underwriting discounts and offering expenses).
The following table presents the changes in each class of common stock:

Class A Common StockNon-Voting Common StockClass B Common StockClass C Common StockTotal
Balance as of December 31, 2023187,069,907 3,489,911 1,000 117,024,758 307,585,576 
Issuances of common stock(1)
3,047,500 — — 63,179 3,110,679 
Exchanges of common stock5,912,781 — — (5,912,781)— 
Stock option exercises79,524 — — — 79,524 
Vesting of restricted stock awards, net of shares withheld for tax2,224,962 — — — 2,224,962 
Balance as of September 30, 2024198,334,674 3,489,911 1,000 111,175,156 313,000,741 
(1)    Issuances of Class C common stock corresponds with increases in Ares Owners Holdings L.P.’s ownership interest in the AOG entities.

The following table presents each partner’s Ares Operating Group Units (“AOG Units”) and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities:
Daily Average Ownership
As of September 30, 2024As of December 31, 2023Three months ended September 30,Nine months ended September 30,
AOG UnitsDirect Ownership InterestAOG UnitsDirect Ownership Interest2024202320242023
Ares Management Corporation201,824,585 64.48 %190,559,818 61.95 %64.14 %61.03 %63.23 %60.52 %
Ares Owners Holdings, L.P.111,175,156 35.52 117,024,758 38.05 35.86 38.97 36.77 39.48 
Total312,999,741 100.00 %307,584,576 100.00 %

Redeemable Interest

The following table summarizes the activities associated with the redeemable interest in AOG entities:
Total
Balance as of December 31, 2022
$93,129 
Changes in ownership interests and related tax benefits(66,506)
Net loss(1,824)
Currency translation adjustment, net of tax(148)
Equity compensation174 
Distributions(2,883)
Balance as of March 31, 2023
21,942 
Net income734 
Currency translation adjustment, net of tax(159)
Balance as of June 30, 2023
22,517 
Net income758 
Currency translation adjustment, net of tax(99)
Balance as of September 30, 2023
23,176 
Net income558 
Currency translation adjustment, net of tax364 
Balance as of December 31, 2023
24,098 
Net income73 
Currency translation adjustment, net of tax(257)
Distributions(302)
Balance as of March 31, 2024
23,612 
Net loss(387)
Currency translation adjustment, net of tax(47)
Balance as of June 30, 2024
23,178 
Net income1,319 
Currency translation adjustment, net of tax614 
Balance as of September 30, 2024
$25,111 
The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:
Total
Balance as of December 31, 2022$1,013,282 
Change in redemption value10,504 
Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”)
(538,985)
Balance as of March 31, 2023484,801 
Gross proceeds from the initial public offering of Ares Acquisition Corporation II (NYSE: AACT) (“AAC II”)
500,000 
Change in redemption value15,948 
Balance as of June 30, 20231,000,749 
Change in redemption value16,571 
Redemptions from Class A ordinary shares of AAC I
(14,733)
Balance as of September 30, 20231,002,587 
Change in redemption value12,507 
Redemptions from Class A ordinary shares of AAC I
(492,156)
Balance as of December 31, 2023522,938 
Change in redemption value6,849 
Balance as of March 31, 2024529,787 
Change in redemption value6,959 
Balance as of June 30, 2024536,746 
Change in redemption value7,408 
Balance as of September 30, 2024$544,154 

As of September 30, 2024 and December 31, 2023, 50,000,000 of AAC II Class A ordinary shares are presented at the redemption amount within mezzanine equity within the Condensed Consolidated Statements of Financial Condition.
v3.24.3
SEGMENT REPORTING
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING
13. SEGMENT REPORTING

The Company operates through its distinct operating segments. On January 1, 2024, the Company changed its segment composition. The special opportunities strategy, historically part of the Private Equity Group, is now referred to as opportunistic credit and is presented within the Credit Group. The Company has modified historical results to conform with its current presentation. The Company operating segments are summarized below:

Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, opportunistic credit, direct lending and Asia-Pacific (“APAC”) credit.

Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments.

Private Equity Group: The Private Equity Group broadly categorizes its investment strategies as corporate private equity and APAC private equity.

Secondaries Group: The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit.

Other: Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually do not meet reporting thresholds. These results include activities from: (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development; and (ii) the SPACs sponsored by the Company, among others.

The Operations Management Group (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, legal, compliance, human resources, strategy, relationship management and distribution. The OMG includes Ares Wealth Management Solutions, LLC (“AWMS”) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG
provides services to certain of the Company’s managed funds and vehicles, which reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to the Company’s operating segments but the Company does consider the financial results 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 Condensed 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 and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes net performance income, investment income from Ares Funds and adjusts for certain other items that the Company believes are not indicative of its core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and eligible to be received on a recurring basis and not dependent on realization events from the underlying investments.

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: (i) operating results of the Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusts for 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 activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed in advance in accordance with GAAP. For periods in which the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. 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.
The following tables present the financial results for the Company’s operating segments, as well as the OMG:
Three months ended September 30, 2024
Credit GroupReal Assets GroupPrivate Equity Group
Secondaries Group

Other
Total SegmentsOMGTotal
Management fees$557,450 $105,733 $34,621 $48,084 $11,374 $757,262 $— $757,262 
Fee related performance revenues41,761 — — 2,508 — 44,269 — 44,269 
Other fees10,520 7,263 372 58 114 18,327 5,253 23,580 
Compensation and benefits(179,987)(42,360)(13,877)(14,432)(7,245)(257,901)(102,112)(360,013)
General, administrative and other expenses(41,046)(14,118)(4,576)(8,464)(1,459)(69,663)(56,124)(125,787)
Fee related earnings388,698 56,518 16,540 27,754 2,784 492,294 (152,983)339,311 
Performance income—realized6,192 15,441 475 — — 22,108 — 22,108 
Performance related compensation—realized(3,451)(9,403)(380)— — (13,234)— (13,234)
Realized net performance income2,741 6,038 95 — — 8,874 — 8,874 
Investment income—realized916 2,003 197 — 732 3,848 — 3,848 
Interest and other investment income—realized7,083 1,971 333 96 6,477 15,960 496 16,456 
Interest expense(7,625)(4,511)(4,862)(2,191)(10,409)(29,598)(135)(29,733)
Realized net investment income (loss)374 (537)(4,332)(2,095)(3,200)(9,790)361 (9,429)
Realized income$391,813 $62,019 $12,303 $25,659 $(416)$491,378 $(152,622)$338,756 
Three months ended September 30, 2023
Credit GroupReal Assets GroupPrivate Equity GroupSecondaries Group
Other
Total SegmentsOMGTotal
Management fees$470,609 $92,754 $29,799 $42,949 $7,538 $643,649 $— $643,649 
Fee related performance revenues44 — — 2,168 — 2,212 — 2,212 
Other fees7,202 6,308 430 8 83 14,031 5,717 19,748 
Compensation and benefits
(131,172)(37,608)(13,145)(16,066)(3,233)(201,224)(90,347)(291,571)
General, administrative and other expenses(28,093)(10,318)(3,470)(4,541)(924)(47,346)(52,460)(99,806)
Fee related earnings318,590 51,136 13,614 24,518 3,464 411,322 (137,090)274,232 
Performance income—realized12,223 5,589 (15)— — 17,797 — 17,797 
Performance related compensation—realized(7,181)(3,338)15 — — (10,504)— (10,504)
Realized net performance income5,042 2,251 — — — 7,293 — 7,293 
Investment income (loss)—realized1,475 (875)(4,631)— — (4,031)— (4,031)
Interest and other investment income—realized5,601 3,148 214 552 3,305 12,820 114 12,934 
Interest expense(5,825)(3,985)(4,313)(2,020)(9,809)(25,952)(23)(25,975)
Realized net investment income (loss)1,251 (1,712)(8,730)(1,468)(6,504)(17,163)91 (17,072)
Realized income$324,883 $51,675 $4,884 $23,050 $(3,040)$401,452 $(136,999)$264,453 
Nine months ended September 30, 2024
Credit GroupReal Assets GroupPrivate Equity Group
Secondaries Group
Other
Total SegmentsOMGTotal
Management fees$1,603,080 $299,156 $103,126 $140,650 $30,726 $2,176,738 $— $2,176,738 
Fee related performance revenues48,920 — — 20,633 — 69,553 — 69,553 
Other fees30,912 18,783 1,258 116 396 51,465 15,066 66,531 
Compensation and benefits(457,494)(119,403)(42,737)(47,971)(17,937)(685,542)(294,639)(980,181)
General, administrative and other expenses(116,022)(43,857)(15,282)(26,428)(5,041)(206,630)(160,514)(367,144)
Fee related earnings1,109,396 154,679 46,365 87,000 8,144 1,405,584 (440,087)965,497 
Performance income—realized121,214 24,324 9,032 361 — 154,931 — 154,931 
Performance related compensation—realized(73,127)(15,134)(7,235)110 — (95,386)— (95,386)
Realized net performance income48,087 9,190 1,797 471 — 59,545 — 59,545 
Investment income (loss)—realized(1)1,671 505 — 2,382 4,557 — 4,557 
Interest and other investment income—realized23,609 1,280 794 454 38,803 64,940 1,588 66,528 
Interest expense(25,412)(17,189)(16,519)(7,467)(38,190)(104,777)(280)(105,057)
Realized net investment income (loss)(1,804)(14,238)(15,220)(7,013)2,995 (35,280)1,308 (33,972)
Realized income$1,155,679 $149,631 $32,942 $80,458 $11,139 $1,429,849 $(438,779)$991,070 
Nine months ended September 30, 2023
Credit GroupReal Assets GroupPrivate Equity Group
Secondaries Group
Other
Total SegmentsOMGTotal
Management fees$1,349,434 $285,463 $89,461 $124,597 $19,065 $1,868,020 $— $1,868,020 
Fee related performance revenues866 334 — 5,737 — 6,937 — 6,937 
Other fees25,810 24,616 1,245 13 268 51,952 18,205 70,157 
Compensation and benefits
(382,929)(116,232)(43,184)(46,101)(9,759)(598,205)(261,325)(859,530)
General, administrative and other expenses(82,345)(33,465)(11,556)(12,984)(2,120)(142,470)(148,099)(290,569)
Fee related earnings910,836 160,716 35,966 71,262 7,454 1,186,234 (391,219)795,015 
Performance income—realized106,162 14,412 63,534 5,460 — 189,568 — 189,568 
Performance related compensation—realized(68,792)(8,764)(51,238)(4,678)— (133,472)— (133,472)
Realized net performance income37,370 5,648 12,296 782 — 56,096 — 56,096 
Investment income (loss)—realized19,546 (4,196)(1,668)— 170 13,852 — 13,852 
Interest and other investment income—realized21,058 7,362 571 1,959 11,492 42,442 350 42,792 
Interest expense(23,072)(11,987)(14,237)(6,776)(20,668)(76,740)(60)(76,800)
Realized net investment income (loss)17,532 (8,821)(15,334)(4,817)(9,006)(20,446)290 (20,156)
Realized income$965,738 $157,543 $32,928 $67,227 $(1,552)$1,221,884 $(390,929)$830,955 
The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Segment revenues
Management fees$757,262 $643,649 $2,176,738 $1,868,020 
Fee related performance revenues44,269 2,212 69,553 6,937 
Other fees18,327 14,031 51,465 51,952 
Performance income—realized22,108 17,797 154,931 189,568 
Total segment revenues$841,966 $677,689 $2,452,687 $2,116,477 
Segment expenses
Compensation and benefits$257,901 $201,224 $685,542 $598,205 
General, administrative and other expenses69,663 47,346 206,630 142,470 
Performance related compensation—realized13,234 10,504 95,386 133,472 
Total segment expenses$340,798 $259,074 $987,558 $874,147 
Segment realized net investment income (loss)
Investment income (loss)—realized$3,848 $(4,031)$4,557 $13,852 
Interest and other investment income —realized15,960 12,820 64,940 42,442 
Interest expense(29,598)(25,952)(104,777)(76,740)
Total segment realized net investment loss$(9,790)$(17,163)$(35,280)$(20,446)
The following table reconciles the Company’s consolidated revenues to segment revenue:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Total consolidated revenue$1,129,739 $671,255 $2,625,784 $2,577,903 
Performance (income) loss—unrealized(263,553)31,400 (95,759)(384,533)
Management fees of Consolidated Funds eliminated in consolidation11,660 12,181 36,115 35,787 
Performance income of Consolidated Funds eliminated in consolidation1,032 1,874 18,484 9,365 
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation128 83 409 7,061 
Administrative fees(1)
(18,093)(16,154)(52,201)(46,692)
OMG revenue(5,252)(5,717)(15,066)(18,205)
Principal investment income, net of eliminations(8,036)(9,339)(44,547)(38,985)
Net revenue of non-controlling interests in consolidated subsidiaries(5,659)(7,894)(20,532)(25,224)
Total consolidation adjustments and reconciling items(287,773)6,434 (173,097)(461,426)
Total segment revenue$841,966 $677,689 $2,452,687 $2,116,477 
(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
The following table reconciles the Company’s consolidated expenses to segment expenses:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Total consolidated expenses$854,887 $560,960 $1,957,924 $2,027,334 
Performance related compensation-unrealized(180,174)38,650 (8,478)(261,996)
Expenses of Consolidated Funds added in consolidation(14,083)(19,329)(48,200)(64,365)
Expenses of Consolidated Funds eliminated in consolidation11,355 12,297 36,520 36,600 
Administrative fees(1)
(18,093)(16,154)(52,201)(46,321)
OMG expenses(158,236)(142,807)(455,153)(409,424)
Acquisition and merger-related expense(25,166)(2,414)(39,394)(10,126)
Equity compensation expense(85,613)(61,976)(266,267)(193,335)
Acquisition-related compensation expense(2)
(5,435)(589)(16,374)(1,831)
Placement fee adjustment4,485 (944)(825)6,032 
Depreciation and amortization expense(46,005)(105,524)(118,900)(194,174)
Expense of non-controlling interests in consolidated subsidiaries
2,876 (3,096)(1,094)(14,247)
Total consolidation adjustments and reconciling items(514,089)(301,886)(970,366)(1,153,187)
Total segment expenses$340,798 $259,074 $987,558 $874,147 
(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
(2)Represents contingent obligations (“earnouts”) resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.

The following table reconciles the Company’s consolidated other income to segment realized net investment income (loss):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Total consolidated other income$52,254 $116,577 $207,619 $299,394 
Investment (income) loss—unrealized(4,950)(31,246)13,836 (104,170)
Interest and other investment (income) loss—unrealized15,258 (5,720)15,093 (1,202)
Other income, net from Consolidated Funds added in consolidation(87,804)(125,857)(276,107)(335,708)
Other expense, net from Consolidated Funds eliminated in consolidation194 (383)(137)(15,326)
OMG other (income) expense(220)(591)(1,002)1,213 
Principal investment income14,101 29,980 12,038 130,679 
Other (income) expense, net
3,389 286 (7,910)589 
Other (income) loss of non-controlling interests in consolidated subsidiaries(2,012)(209)1,290 4,085 
Total consolidation adjustments and reconciling items(62,044)(133,740)(242,899)(319,840)
Total segment realized net investment loss$(9,790)$(17,163)$(35,280)$(20,446)
The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Income before taxes$327,106 $226,872 $875,479 $849,963 
Adjustments:
Depreciation and amortization expense46,005 105,524 118,900 194,174 
Equity compensation expense85,612 61,976 266,267 192,964 
Acquisition-related compensation expense(1)
5,435 589 16,374 1,831 
Acquisition and merger-related expense25,166 2,414 39,394 10,126 
Placement fee adjustment(4,485)944 825 (6,032)
OMG expense, net152,763 136,499 439,085 392,432 
Other (income) expense, net
3,389 286 (7,910)589 
Income before taxes of non-controlling interests in consolidated subsidiaries(10,544)(5,007)(18,148)(6,892)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations(65,998)(84,429)(242,065)(179,362)
Total performance (income) loss—unrealized(263,553)31,400 (95,759)(384,533)
Total performance related compensation—unrealized180,174 (38,650)8,478 261,996 
Total investment (income) loss—unrealized10,308 (36,966)28,929 (105,372)
Realized income491,378 401,452 1,429,849 1,221,884 
Total performance income—realized(22,108)(17,797)(154,931)(189,568)
Total performance related compensation—realized13,234 10,504 95,386 133,472 
Total investment loss—realized9,790 17,163 35,280 20,446 
Fee related earnings$492,294 $411,322 $1,405,584 $1,186,234 
(1)Represents earnouts resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.
v3.24.3
CONSOLIDATION
 9 Months Ended
Sep. 30, 2024
Condensed Financial Information Disclosure [Abstract]  
CONSOLIDATION
14. CONSOLIDATION
Deconsolidation of Funds

Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (i) such funds have been liquidated or dissolved; or (ii) the Company is no longer deemed to be the primary beneficiary of the variable interest entities (“VIEs”) as it no longer has a significant economic interest. During the nine months ended September 30, 2024, the Company did not deconsolidate any entity. During the nine months ended September 30, 2023, one private fund experienced a significant change in ownership that resulted in deconsolidation of the entity.

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 its direct investments in 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 within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows:
As of September 30,As of December 31,
20242023
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)
$384,552 $503,376 
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)
784,102 910,600 
Assets of consolidated VIEs
14,892,869 15,484,962 
Liabilities of consolidated VIEs
12,180,936 13,409,257 
(1)As of September 30, 2024 and December 31, 2023, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of the Company’s capital interest in CLOs and totaled $96.1 million and $83.1 million, respectively.

Three months ended September 30,Nine months ended September 30,
2024202320242023
Net income attributable to non-controlling interests related to consolidated VIEs$57,289 $66,526 $216,614 $165,118 
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 September 30, 2024
 Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Assets    
Cash and cash equivalents$350,138 $— $— $350,138 
Investments (includes $3,486,892 of accrued carried interest)
5,517,542 — (825,022)4,692,520 
Due from affiliates1,048,857 — (178,078)870,779 
Other assets641,120 — — 641,120 
Right-of-use operating lease assets426,483 — — 426,483 
Intangible assets, net969,976 — — 969,976 
Goodwill1,133,074 — — 1,133,074 
Assets of Consolidated Funds
Cash and cash equivalents— 1,315,914 — 1,315,914 
Investments held in trust account— 544,254 — 544,254 
Investments, at fair value— 13,310,098 — 13,310,098 
Receivable for securities sold— 176,475 — 176,475 
Other assets— 91,819 — 91,819 
Total assets$10,087,190 $15,438,560 $(1,003,100)$24,522,650 
Liabilities    
Accounts payable, accrued expenses and other liabilities$329,181 $— $(298)$328,883 
Accrued compensation401,035 — — 401,035 
Due to affiliates415,608 — 433 416,041 
Performance related compensation payable2,518,898 — — 2,518,898 
Debt obligations2,542,358 — — 2,542,358 
Operating lease liabilities535,686 — — 535,686 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 179,928 — 179,928 
Due to affiliates— 177,508 (177,508)— 
Payable for securities purchased— 377,026 — 377,026 
CLO loan obligations, at fair value— 11,196,594 (126,333)11,070,261 
Fund borrowings— 273,000 — 273,000 
Total liabilities6,742,766 12,204,056 (303,706)18,643,116 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 544,154 — 544,154 
Redeemable interest in Ares Operating Group entities25,111 — — 25,111 
Non-controlling interest in Consolidated Funds— 2,690,350 (741,404)1,948,946 
Non-controlling interest in Ares Operating Group entities1,270,326 — 14,922 1,285,248 
Stockholders’ Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (198,334,674 shares issued and outstanding)
1,983 — — 1,983 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)
35 — — 35 
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)
— — — — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (111,175,156 shares issued and outstanding)
1,112 — — 1,112 
Additional paid-in-capital2,829,805 — 27,088 2,856,893 
Accumulated deficit(792,398)— — (792,398)
Accumulated other comprehensive loss, net of tax8,450 — — 8,450 
       Total stockholders’ equity2,048,987 — 27,088 2,076,075 
       Total equity3,319,313 2,690,350 (699,394)5,310,269 
 Total liabilities, redeemable interest, non-controlling interests and equity$10,087,190 $15,438,560 $(1,003,100)$24,522,650 
 As of December 31, 2023
 Consolidated
Company Entities 		Consolidated
Funds 		EliminationsConsolidated 
Assets    
Cash and cash equivalents$348,274 $— $— $348,274 
Investments (includes $3,413,007 of accrued carried interest)
5,546,209 — (921,277)4,624,932 
Due from affiliates1,068,089 — (171,343)896,746 
Other assets429,979 — — 429,979 
Right-of-use operating lease assets249,326 — — 249,326 
Intangible assets, net1,058,495 — — 1,058,495 
Goodwill1,123,976 — — 1,123,976 
Assets of Consolidated Funds
Cash and cash equivalents— 1,149,511 — 1,149,511 
Investments held in trust account— 523,038 — 523,038 
Investments, at fair value— 14,078,549 — 14,078,549 
Receivable for securities sold— 146,851 —146,851 
Other assets— 112,466 (11,643)100,823 
Total assets$9,824,348 $16,010,415 $(1,104,263)$24,730,500 
Liabilities    
Accounts payable, accrued expenses and other liabilities$245,526 $— $(11,642)$233,884 
Accrued compensation287,259 — — 287,259 
Due to affiliates240,254 — — 240,254 
Performance related compensation payable2,514,610 — — 2,514,610 
Debt obligations2,965,480 — — 2,965,480 
Operating lease liabilities319,572 — — 319,572 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 189,523 — 189,523 
Due to affiliates— 174,897 (171,343)3,554 
Payable for securities purchased— 484,117 — 484,117 
CLO loan obligations, at fair value— 12,458,266 (112,609)12,345,657 
Fund borrowings— 125,241 — 125,241 
Total liabilities6,572,701 13,432,044 (295,594)19,709,151 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 522,938 — 522,938 
Redeemable interest in Ares Operating Group entities24,098 — — 24,098 
Non-controlling interest in Consolidated Funds— 2,055,433 (796,988)1,258,445 
Non-controlling interest in Ares Operating Group entities1,326,913 — (4,444)1,322,469 
Stockholders’ Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding)
1,871 — — 1,871 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)
35 — — 35 
Class B common stock, $0.01 par value, 1,000 shares authorized ($1,000 shares issued and outstanding)
— — — — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (117,024,758 shares issued and outstanding)
1,170 — — 1,170 
Additional paid-in-capital2,398,273 — (7,237)2,391,036 
Accumulated deficit(495,083)— — (495,083)
Accumulated other comprehensive loss, net of tax(5,630)— — (5,630)
       Total stockholders’ equity1,900,636 — (7,237)1,893,399 
       Total equity3,227,549 2,055,433 (808,669)4,474,313 
       Total liabilities, redeemable interest, non-controlling interests and equity$9,824,348 $16,010,415 $(1,104,263)$24,730,500 
Three months ended September 30, 2024
Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues
Management fees $765,257 $— $(11,660)$753,597 
Carried interest allocation278,683 — (1,032)277,651 
Incentive fees48,638 — — 48,638 
Principal investment income14,100 — (6,064)8,036 
Administrative, transaction and other fees41,945 — (128)41,817 
Total revenues1,148,623 — (18,884)1,129,739 
Expenses
Compensation and benefits435,876 — — 435,876 
Performance related compensation219,697 — — 219,697 
General, administrative and other expense196,586 — 433 197,019 
Expenses of the Consolidated Funds— 14,083 (11,788)2,295 
Total expenses852,159 14,083 (11,355)854,887 
Other income (expense)
Net realized and unrealized gains (losses) on investments3,034 — (8,108)(5,074)
Interest and dividend income9,809 — (2,256)7,553 
Interest expense(29,733)— — (29,733)
Other expense, net(18,466)— (339)(18,805)
Net realized and unrealized gains on investments of the Consolidated Funds— 55,015 9,816 64,831 
Interest and other income of the Consolidated Funds— 234,351 330 234,681 
Interest expense of the Consolidated Funds— (201,562)363 (201,199)
Total other income (expense), net(35,356)87,804 (194)52,254 
Income before taxes261,108 73,721 (7,723)327,106 
Income tax expense44,696 1,757 — 46,453 
Net income216,412 71,964 (7,723)280,653 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 71,964 (7,723)64,241 
Net income attributable to Ares Operating Group entities216,412 — — 216,412 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,319 — — 1,319 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities96,633 — — 96,633 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$118,460 $— $— $118,460 
Three months ended September 30, 2023
Consolidated
Company Entities		Consolidated
Funds		EliminationsConsolidated
Revenues
Management fees$649,698 $— $(12,181)$637,517 
Carried interest allocation(26,252)— (1,874)(28,126)
Incentive fees16,454 — — 16,454 
Principal investment income29,980 — (20,641)9,339 
Administrative, transaction and other fees36,154 — (83)36,071 
Total revenues706,034 — (34,779)671,255 
Expenses
Compensation and benefits367,502 — — 367,502 
Performance related compensation(25,448)— — (25,448)
General, administrative and other expense211,874 — (32)211,842 
Expenses of the Consolidated Funds— 19,329 (12,265)7,064 
Total expenses553,928 19,329 (12,297)560,960 
Other income (expense)
Net realized and unrealized gains (losses) on investments4,209 — (5,979)(1,770)
Interest and dividend income6,574 — (1,822)4,752 
Interest expense(25,975)— — (25,975)
Other income, net5,529 — 213 5,742 
Net realized and unrealized gains on investments of the Consolidated Funds— 71,666 7,925 79,591 
Interest and other income of the Consolidated Funds— 255,813 (213)255,600 
Interest expense of the Consolidated Funds— (201,622)259 (201,363)
Total other income (expense), net(9,663)125,857 383 116,577 
Income before taxes142,443 106,528 (22,099)226,872 
Income tax expense25,758 4,140 — 29,898 
Net income116,685 102,388 (22,099)196,974 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 102,388 (22,099)80,289 
Net income attributable to Ares Operating Group entities116,685 — — 116,685 
Less: Net income attributable to redeemable interest in Ares Operating Group entities758 — — 758 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities54,104 — — 54,104 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$61,823 $— $— $61,823 
 
Nine months ended September 30, 2024
 Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated
Revenues    
Management fees$2,199,085 $— $(36,115)$2,162,970 
Carried interest allocation212,493 — (18,487)194,006 
Incentive fees105,036 — 3 105,039 
Principal investment income12,038 — 32,509 44,547 
Administrative, transaction and other fees119,631 — (409)119,222 
Total revenues2,648,283 — (22,499)2,625,784 
Expenses    
Compensation and benefits1,268,685 — — 1,268,685 
Performance related compensation140,180 — — 140,180 
General, administrative and other expense537,379 — — 537,379 
Expenses of the Consolidated Funds— 48,200 (36,520)11,680 
Total expenses1,946,244 48,200 (36,520)1,957,924 
Other income (expense)    
Net realized and unrealized gains on investments28,390 — (14,609)13,781 
Interest and dividend income27,953 — (8,001)19,952 
Interest expense(105,057)— — (105,057)
Other expense, net(19,911)— 438 (19,473)
Net realized and unrealized gains on investments of the Consolidated Funds— 173,486 19,292 192,778 
Interest and other income of the Consolidated Funds— 732,316 — 732,316 
Interest expense of the Consolidated Funds— (629,695)3,017 (626,678)
Total other income (expense), net(68,625)276,107 137 207,619 
Income before taxes633,414 227,907 14,158 875,479 
Income tax expense109,141 5,619 — 114,760 
Net income524,273 222,288 14,158 760,719 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 222,288 14,158 236,446 
Net income attributable to Ares Operating Group entities524,273 — — 524,273 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,005 — — 1,005 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities236,843 — — 236,843 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$286,425 $— $— $286,425 
 Nine months ended September 30, 2023
 Consolidated
Company Entities 		Consolidated
Funds 		EliminationsConsolidated 
Revenues    
Management fees$1,889,091 $— $(35,787)$1,853,304 
Carried interest allocation551,055 — (9,227)541,828 
Incentive fees33,465 — (138)33,327 
Principal investment income130,679 — (91,694)38,985 
Administrative, transaction and other fees117,520 — (7,061)110,459 
Total revenues2,721,810 — (143,907)2,577,903 
Expenses
Compensation and benefits1,095,833 — — 1,095,833 
Performance related compensation401,990 — — 401,990 
General, administrative and other expense501,746 — (406)501,340 
Expenses of the Consolidated Funds— 64,365 (36,194)28,171 
Total expenses1,999,569 64,365 (36,600)2,027,334 
Other income (expense)
Net realized and unrealized gains on investments7,506 — (2,280)5,226 
Interest and dividend income19,237 — (7,956)11,281 
Interest expense(76,800)— — (76,800)
Other expense, net(1,583)— 515 (1,068)
Net realized and unrealized gains on investments of the Consolidated Funds— 165,885 22,832 188,717 
Interest and other income of the Consolidated Funds— 713,507 (515)712,992 
Interest expense of the Consolidated Funds— (543,684)2,730 (540,954)
Total other income (expense), net(51,640)335,708 15,326 299,394 
Income before taxes670,601 271,343 (91,981)849,963 
Income tax expense108,719 4,699 — 113,418 
Net income561,882 266,644 (91,981)736,545 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 266,644 (91,981)174,663 
Net income attributable to Ares Operating Group entities561,882 — — 561,882 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(332)— — (332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities261,838 — — 261,838 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$300,376 $— $— $300,376 
 
Nine months ended September 30, 2024
 Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$524,273 $222,288 $14,158 $760,719 
Adjustments to reconcile net income to net cash provided by operating activities543,839 — (114,742)429,097 
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds— 854,632 (19,292)835,340 
Cash flows due to changes in operating assets and liabilities221,389 — 37,000 258,389 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— (121,365)(178,644)(300,009)
Net cash provided by operating activities1,289,501 955,555 (261,520)1,983,536 
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(82,203)— — (82,203)
Acquisitions(13,683)— — (13,683)
Net cash used in investing activities(95,886)— — (95,886)
Cash flows from financing activities: 
Net proceeds from issuance of Class A common stock407,236 — — 407,236 
Proceeds from Credit Facility970,000 — — 970,000 
Repayments of Credit Facility(1,395,000)— — (1,395,000)
Dividends and distributions (969,360)— — (969,360)
Stock option exercises1,511 — — 1,511 
Taxes paid related to net share settlement of equity awards(211,615)— — (211,615)
Other financing activities485 — — 485 
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds— 473,091 71,203 544,294 
Distributions to non-controlling interests in Consolidated Funds— (100,416)23,914 (76,502)
Borrowings under loan obligations by Consolidated Funds— 323,540 — 323,540 
Repayments under loan obligations by Consolidated Funds— (1,504,344)— (1,504,344)
Net cash used in financing activities(1,196,743)(808,129)95,117 (1,909,755)
Effect of exchange rate changes4,992 18,977 — 23,969 
Net change in cash and cash equivalents1,864 166,403 (166,403)1,864 
Cash and cash equivalents, beginning of period348,274 1,149,511 (1,149,511)348,274 
Cash and cash equivalents, end of period$350,138 $1,315,914 $(1,315,914)$350,138 
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities$7,724 $— $— $7,724 
 Nine months ended September 30, 2023
Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$561,882 $266,644 $(91,981)$736,545 
Adjustments to reconcile net income to net cash provided by (used in) operating activities23,920 — 288,260 312,180 
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds— (926,076)(22,832)(948,908)
Cash flows due to changes in operating assets and liabilities139,111 — (3,451)135,660 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— 228,877 (137,563)91,314 
Net cash provided by (used in) operating activities724,913 (430,555)32,433 326,791 
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(44,177)— — (44,177)
Net cash used in investing activities(44,177)— — (44,177)
Cash flows from financing activities: 
Proceeds from Credit Facility735,000 — — 735,000 
Repayments of Credit Facility(670,000)— — (670,000)
Dividends and distributions (760,085)— — (760,085)
Stock option exercises80,426 — — 80,426 
Taxes paid related to net share settlement of equity awards(145,421)— — (145,421)
Other financing activities902 — — 902 
Allocable to non-controlling interests in Consolidated Funds: 
Contributions from non-controlling interests in Consolidated Funds— 944,485 (208,541)735,944 
Distributions to non-controlling interests in Consolidated Funds— (72,375)15,430 (56,945)
Redemptions of redeemable interests in Consolidated Funds— (553,718)— (553,718)
Borrowings under loan obligations by Consolidated Funds— 549,664 — 549,664 
Repayments under loan obligations by Consolidated Funds— (257,370)— (257,370)
Net cash provided by (used in) financing activities(759,178)610,686 (193,111)(341,603)
Effect of exchange rate changes282 (19,453)— (19,171)
Net change in cash and cash equivalents(78,160)160,678 (160,678)(78,160)
Cash and cash equivalents, beginning of period389,987 724,641 (724,641)389,987 
Cash and cash equivalents, end of period$311,827 $885,319 $(885,319)$311,827 
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities$116,101 $— $— $116,101 
Issuance of common stock in connection with settlement of management incentive program$245,647 $— $— $245,647 
v3.24.3
SUBSEQUENT EVENTS
 9 Months Ended
Sep. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
15. SUBSEQUENT EVENTS
The Company evaluated all events or transactions that occurred after September 30, 2024 through the date the unaudited condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure:
In October 2024, the Company entered into a definitive agreement to acquire the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”), and existing capital commitments to certain managed funds (such acquisition of GCP International and the capital commitments, the “GCP Acquisition”). The total initial consideration for the GCP Acquisition is approximately $3.7 billion, comprised of approximately $1.8 billion of cash consideration and approximately $1.9 billion of equity consideration, in each case subject to certain adjustments. The sellers are also eligible to additional variable consideration in the form of an earn-out provision not to exceed $1.5 billion.
In October 2024, the Company issued 30,000,000 shares of its Series B mandatory convertible preferred stock, par value $0.01 per share (the “Series B Mandatory Convertible Preferred Stock”) (including 3,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares), for total proceeds of $1,462.5 million (after deducting underwriting discounts but before offering expenses). The Series B Mandatory Convertible Preferred Stock will accumulate dividends at a rate per annum equal to 6.75% on the liquidation preference thereof, and will be payable when, as and if declared by the Company’s board of directors, out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, beginning on January 1, 2025 and ending on, and including, October 1, 2027. In connection with this issuance, the Company amended and restated the limited partnership agreement for Ares Holdings to provide for preferred units with economic terms designed to mirror to those of the Series B Mandatory Convertible Preferred Stock.
In October 2024, the Company issued $750.0 million in aggregate principal amount of 5.60% senior notes with a maturity date of October 2054 (the “2054 Senior Notes”). The 2054 Senior Notes bear interest at a rate of 5.60% per annum, paid semi-annually and accruing from October 11, 2024.
In October 2024, the Company’s board of directors declared a quarterly dividend of $0.93 per share of Class A and non-voting common stock payable on December 31, 2024 to common stockholders of record at the close of business on December 17, 2024.
In October 2024, the Company’s board of directors declared a quarterly dividend of $0.759375 per share of Series B Mandatory Convertible Preferred Stock payable on January 1, 2025 to preferred stockholders of record at the close of business on December 15, 2024.
v3.24.3
Insider Trading Arrangements
 3 Months Ended 9 Months Ended
Sep. 30, 2024
shares
Sep. 30, 2024
shares
Trading Arrangements, by Individual    
Material Terms of Trading Arrangement  
During the three months ended September 30, 2024, certain executive officers and directors of the Company or a vehicle controlled by them (each, a “Plan Participant”) entered into Rule 10b5-1 trading plan (a “Rule 10b5-1 Trading Plan”) to sell shares of the Company’s Class A common stock, in each case, subject to any applicable volume limitations.

The table below provides certain information regarding each Plan Participant’s Rule 10b5-1 Trading Plan.
Name and TitlePlan DateMaximum Shares That May Be Sold Under the PlanPlan Expiration Date
Bennett Rosenthal, Director, Co-Founder and Chairman of Private Equity Group
August 16, 2024250,000May 15, 2025
David Kaplan, Director and Co-Founder
August 16, 2024250,000May 15, 2025
R. Kipp deVeer, Director and Head of Credit Group
September 6, 2024
(1)
August 15, 2025
(1)Includes 300,000 shares of Class A common stock plus an undetermined number of shares of Class A common stock that may be sold resulting from the vesting and settlement of up to 175,000 restricted stock units less the amount of shares of Class A common stock that will be withheld to satisfy the payment of R. Kipp deVeer’s tax withholding obligations with respect to the settlement of such vested restricted stock units.
Non-Rule 10b5-1 Arrangement Adopted false  
Rule 10b5-1 Arrangement Terminated false  
Non-Rule 10b5-1 Arrangement Terminated false  
Bennett Rosenthal [Member]    
Trading Arrangements, by Individual    
Name Bennett Rosenthal  
Title Director, Co-Founder and Chairman of Private Equity Group  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 16, 2024  
Expiration Date May 15, 2025  
Arrangement Duration 272 days  
Aggregate Available 250,000 250,000
David Kaplan [Member]    
Trading Arrangements, by Individual    
Name David Kaplan  
Title Director and Co-Founder  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date August 16, 2024  
Expiration Date May 15, 2025  
Arrangement Duration 258 days  
Aggregate Available 250,000 250,000
R. Kipp deVeer [Member]    
Trading Arrangements, by Individual    
Name R. Kipp deVeer  
Title Director and Head of Credit Group  
Rule 10b5-1 Arrangement Adopted true  
Adoption Date September 6, 2024  
Expiration Date August 15, 2025  
Arrangement Duration 343 days  
Aggregate Available 300,000 300,000
v3.24.3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 9 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“U.S.”) (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The unaudited condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission (“SEC”).

The unaudited condensed consolidated financial statements include the accounts and activities of the Ares Operating Group entities (“AOG entities”), their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation.
Reclassifications The Company has reclassified certain prior period amounts to conform to the current year presentation.
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 unaudited condensed consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the Company’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for the Company’s fiscal year ending December 31, 2024 and for the Company’s interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of disaggregated income taxes paid in both U.S. and foreign jurisdictions, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s fiscal year ending December 31, 2025. Early adoption is permitted and the amendments in this update should be applied on a prospective basis, though retrospective adoption is permitted. The Company is currently evaluating the impact of this guidance.
Segment Reporting
The Company operates through its distinct operating segments. On January 1, 2024, the Company changed its segment composition. The special opportunities strategy, historically part of the Private Equity Group, is now referred to as opportunistic credit and is presented within the Credit Group. The Company has modified historical results to conform with its current presentation. The Company operating segments are summarized below:

Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, opportunistic credit, direct lending and Asia-Pacific (“APAC”) credit.

Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments.

Private Equity Group: The Private Equity Group broadly categorizes its investment strategies as corporate private equity and APAC private equity.

Secondaries Group: The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit.

Other: Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually do not meet reporting thresholds. These results include activities from: (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development; and (ii) the SPACs sponsored by the Company, among others.

The Operations Management Group (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, legal, compliance, human resources, strategy, relationship management and distribution. The OMG includes Ares Wealth Management Solutions, LLC (“AWMS”) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG
provides services to certain of the Company’s managed funds and vehicles, which reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to the Company’s operating segments but the Company does consider the financial results 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 Condensed 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 and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes net performance income, investment income from Ares Funds and adjusts for certain other items that the Company believes are not indicative of its core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and eligible to be received on a recurring basis and not dependent on realization events from the underlying investments.

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: (i) operating results of the Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusts for 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 activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed in advance in accordance with GAAP. For periods in which the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. 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.
v3.24.3
GOODWILL AND INTANGIBLE ASSETS (Tables)
 9 Months Ended
Sep. 30, 2024
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:
Weighted Average Amortization Period (in years) as of September 30, 2024As of September 30,As of December 31,
20242023
Management contracts3.9$563,675 $604,242 
Client relationships7.8200,920 200,920 
Other0.1500 500 
Finite-lived intangible assets765,095 805,662 
Foreign currency translation2,615 1,126 
Total finite-lived intangible assets767,710 806,788 
Less: accumulated amortization(365,534)(316,093)
Finite-lived intangible assets, net402,176 490,695 
Indefinite-lived management contracts567,800 567,800 
Intangible assets, net$969,976 $1,058,495 
Schedule of Goodwill Rollforward
The following table summarizes the carrying value of the Company’s goodwill:
Credit GroupReal Assets GroupPrivate Equity Group
Secondaries Group
Total
Balance as of December 31, 2023$256,679 $277,205 $172,462 $417,630 $1,123,976 
Acquisitions— 6,710 685 — 7,395 
Reallocation55,658 — (55,658)— — 
Foreign currency translation1,694 — — 9 1,703 
Balance as of September 30, 2024$314,031 $283,915 $117,489 $417,639 $1,133,074 
v3.24.3
INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2024
Investments in and Advances to Affiliates [Abstract]  
Schedule of Investments Held
The following table summarizes the Company’s investments:
As ofPercentage of total investments as of
September 30,December 31,September 30,December 31,
2024202320242023
Equity method investments:
Equity method - carried interest
$3,486,892 $3,413,007 74.4%73.8%
Equity method private investment partnership interests - principal555,390 535,292 11.811.6
Equity method private investment partnership interests and other (held at fair value)379,408 418,778 8.19.0
Equity method private investment partnership interests and other58,215 44,989 1.21.0
Total equity method investments4,479,905 4,412,066 95.595.4
Collateralized loan obligations20,601 20,799 0.40.4
Fixed income securities89,392 105,495 1.92.3
Collateralized loan obligations and fixed income securities, at fair value109,993 126,294 2.32.7
Common stock, at fair value102,622 86,572 2.21.9
Total investments$4,692,520 $4,624,932 
The following table summarizes investments held in the Consolidated Funds:
Fair Value as ofPercentage of total investments as of
September 30,December 31,September 30,December 31,
2024202320242023
Fixed income investments:
Loans and securitization vehicles$9,120,015 $10,616,458 65.8%72.7%
Money market funds and U.S. treasury securities544,254 523,038 3.93.6
Bonds486,781 578,949 3.54.0
Total fixed income investments10,151,050 11,718,445 73.280.3
Partnership interests1,934,868 1,642,489 14.011.2
Equity securities1,768,434 1,240,653 12.88.5
Total investments, at fair value$13,854,352 $14,601,587 
Schedule of Equity Method Investments
The following table presents the Company’s other income, net from its equity method investments, which were included within principal investment income, net realized and unrealized gains (losses) on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Total other income, net related to equity method investments
$8,093 $1,845 $51,633 $34,900 
The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains (losses) on investments within the Condensed Consolidated Statements of Operations:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Equity method private investment partnership interests and other (held at fair value)$(5,542)$(7,462)$(3,494)$(1,426)
v3.24.3
FAIR VALUE (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels
The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2024:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Common stock and other equity securities$— $102,622 $377,087 $— $479,709 
Collateralized loan obligations and fixed income securities
— — 109,993 — 109,993 
Partnership interests— — — 2,321 2,321 
Total investments, at fair value— 102,622 487,080 2,321 592,023 
Derivatives-foreign currency forward contracts— 752 — — 752 
Total assets, at fair value$— $103,374 $487,080 $2,321 $592,775 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(3,162)$— $— $(3,162)
Total liabilities, at fair value$— $(3,162)$— $— $(3,162)
Financial Instruments of the Consolidated FundsLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $8,362,059 $757,956 $— $9,120,015 
Money market funds and U.S. treasury securities544,254 — — — 544,254 
Bonds— 486,781 — — 486,781 
Total fixed income investments544,254 8,848,840 757,956 — 10,151,050 
Partnership interests— — — 1,934,868 1,934,868 
Equity securities33,709 3,162 1,731,563 — 1,768,434 
Total investments, at fair value577,963 8,852,002 2,489,519 1,934,868 13,854,352 
Derivatives-foreign currency forward contracts— 5,904 — — 5,904 
Total assets, at fair value$577,963 $8,857,906 $2,489,519 $1,934,868 $13,860,256 
Liabilities, at fair value
Loan obligations of CLOs$— $(11,070,261)$— $— $(11,070,261)
Derivatives:
Foreign currency forward contracts— (6,056)— — (6,056)
Asset swaps— — (1,903)— (1,903)
Total derivative liabilities, at fair value— (6,056)(1,903)— (7,959)
Total liabilities, at fair value$— $(11,076,317)$(1,903)$— $(11,078,220)

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, 2023:
Financial Instruments of the CompanyLevel I Level II Level III Investments Measured at NAVTotal 
Assets, at fair value
Investments:
Common stock and other equity securities$— $86,572 $412,491 $— $499,063 
Collateralized loan obligations and fixed income securities
— — 126,294 — 126,294 
Partnership interests— — — 6,287 6,287 
Total investments, at fair value— 86,572 538,785 6,287 631,644 
Derivatives-foreign currency forward contracts— 1,129 — — 1,129 
Total assets, at fair value$— $87,701 $538,785 $6,287 $632,773 
Liabilities, at fair value
Derivatives-foreign currency forward contracts$— $(2,645)$— $— $(2,645)
Total liabilities, at fair value$— $(2,645)$— $— $(2,645)
Financial Instruments of the Consolidated FundsLevel ILevel IILevel IIIInvestments Measured at NAVTotal
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles$— $9,879,915 $736,543 $— $10,616,458 
Bonds— 575,379 3,570 — 578,949 
Money market funds and U.S. treasury securities523,038 — — — 523,038 
Total fixed income investments523,038 10,455,294 740,113 — 11,718,445 
Partnership interests— — — 1,642,489 1,642,489 
Equity securities47,503 2,750 1,190,400 — 1,240,653 
Total investments, at fair value570,541 10,458,044 1,930,513 1,642,489 14,601,587 
Derivatives-foreign currency forward contracts— 9,126 — — 9,126 
Total assets, at fair value$570,541 $10,467,170 $1,930,513 $1,642,489 $14,610,713 
Liabilities, at fair value
Loan obligations of CLOs$— $(12,345,657)$— $— $(12,345,657)
Derivatives:
Foreign currency forward contracts — (9,491)— — (9,491)
Asset swaps— — (1,291)— (1,291)
Total derivative liabilities, at fair value— (9,491)(1,291)— (10,782)
Total liabilities, at fair value$— $(12,355,148)$(1,291)$— $(12,356,439)
Schedule of Changes in the Fair Value of the Level III Investments, Liabilities
The following tables set forth a summary of changes in the fair value of the Level III measurements:
Level III Assets of the CompanyEquity SecuritiesFixed IncomeTotal
Balance as of June 30, 2024
$379,443 $92,374 $471,817 
Purchases(1)
859 18,240 19,099 
Sales/settlements(2)
1,093 (2,430)(1,337)
Realized and unrealized appreciation (depreciation), net(4,308)1,809 (2,499)
Balance as of September 30, 2024
$377,087 $109,993 $487,080 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(5,041)$2,218 $(2,823)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of June 30, 2024$1,586,854 $803,497 $(1,615)$2,388,736 
Transfer in— 143,738 — 143,738 
Transfer out(508)(227,541)— (228,049)
Purchases(1)
136,313 250,554 — 386,867 
Sales/settlements(2)
(111)(213,489)— (213,600)
Realized and unrealized appreciation (depreciation), net9,015 1,197 (288)9,924 
Balance as of September 30, 2024$1,731,563 $757,956 $(1,903)$2,487,616 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$9,300 $(425)$(222)$8,653 
(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.
Level III Assets and Liabilities of the CompanyEquity SecuritiesFixed IncomeTotal
Balance as of June 30, 2023
$165,371 $73,777 $239,148 
Purchases(1)
7 1,499 1,506 
Sales/settlements(2)
(350)(1,047)(1,397)
Realized and unrealized appreciation (depreciation), net(10,116)986 (9,130)
Balance as of September 30, 2023
$154,912 $75,215 $230,127 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(10,116)$986 $(9,130)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of June 30, 2023$1,066,065 $648,131 $(2,693)$1,711,503 
Transfer in848 63,379 — 64,227 
Transfer out(36,064)(149,624)— (185,688)
Purchases(1)
65,220 150,370 26 215,616 
Sales/settlements(2)
(2,364)(165,177)— (167,541)
Realized and unrealized appreciation, net17,888 4,949 522 23,359 
Balance as of September 30, 2023$1,111,593 $552,028 $(2,145)$1,661,476 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$17,950 $(23,157)$426 $(4,781)
(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.

Level III Assets of the CompanyEquity SecuritiesFixed IncomeTotal
Balance as of December 31, 2023
$412,491 $126,294 $538,785 
Transfer in— 60,917 60,917 
Transfer out(37,587)— (37,587)
Purchases(1)
2,539 283,913 286,452 
Sales/settlements(2)
(1,478)(362,164)(363,642)
Realized and unrealized appreciation, net1,122 1,033 2,155 
Balance as of September 30, 2024
$377,087 $109,993 $487,080 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date$(1,260)$1,975 $715 

Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomeDerivatives, NetTotal
Balance as of December 31, 2023$1,190,400 $740,113 $(1,291)$1,929,222 
Transfer in— 199,112 — 199,112 
Transfer out(35)(305,887)— (305,922)
Purchases(1)
482,424 711,190 114 1,193,728 
Sales/settlements(2)
(111)(585,977)— (586,088)
Realized and unrealized appreciation (depreciation), net58,885 (595)(726)57,564 
Balance as of September 30, 2024$1,731,563 $757,956 $(1,903)$2,487,616 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$60,995 $(2,921)$(664)$57,410 
(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.
Level III Assets of the CompanyEquity  SecuritiesFixed IncomeTotal
Balance as of December 31, 2022
$121,785 $76,934 $198,719 
Purchases(1)
38,267 3,465 41,732 
Sales/settlements(2)
(1,186)(3,424)(4,610)
Realized and unrealized depreciation, net(3,954)(1,760)(5,714)
Balance as of September 30, 2023
$154,912 $75,215 $230,127 
Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date$(4,167)$(1,547)$(5,714)
Level III Net Assets of Consolidated FundsEquity SecuritiesFixed IncomePartnership InterestsDerivatives, NetTotal
Balance as of December 31, 2022$730,880 $869,668 $368,655 $(3,556)$1,965,647 
Transfer out due to changes in consolidation(2,076)(4,563)(374,049)— (380,688)
Transfer in— 192,359 — — 192,359 
Transfer out(36,681)(553,638)— — (590,319)
Purchases(1)
295,030 484,574 49,000 — 828,604 
Sales/settlements(2)
(2,490)(451,426)(48,889)(122)(502,927)
Realized and unrealized appreciation, net126,930 15,054 5,283 1,533 148,800 
Balance as of September 30, 2023$1,111,593 $552,028 $— $(2,145)$1,661,476 
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date$127,001 $(15,704)$— $1,283 $112,580 
(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.
Schedule 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 September 30, 2024:
Level III Measurements of the CompanyFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$123,859 Market approachMultiple of book value
1.4x - 1.5x
1.4x
112,565 Discounted cash flowDiscount rate
18.5% - 30.0%
25.0%
100,000 
Market approach
Yield8.0%8.0%
7,220 Market approachEarnings multiple
15.4x
15.4x
33,444 Other
N/A
N/A
N/A
Fixed income investments
88,542 
Market approach
Yield
10.0% - 12.0%
11.0%
20,601 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
849 OtherN/AN/AN/A
Total assets$487,080 

Level III Measurements of the Consolidated FundsFair ValueValuation Technique(s)Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$914,196 Discounted cash flowDiscount rate
10.0% - 18.7%
13.0%
793,106 Market approachMultiple of book value
1.0x - 1.7x
1.4x
22,636 Market approach
EBITDA multiple(1)
1.0x - 34.6x
14.4x
871 
Transaction price(2)
N/A
N/A
N/A
754 OtherN/AN/AN/A
Fixed income investments
502,042 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
253,514 Market approachYield
6.0% - 23.2%
10.3%
2,363 Market approach
EBITDA multiple(1)
5.0x - 34.6x
 10.8x
37 OtherN/AN/AN/A
Total assets$2,489,519 
Liabilities
Derivative instruments $(1,903)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(1,903)
(1)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.
(2)Transaction price consists of securities 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.
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, 2023:
Level III Measurements of the CompanyFair Value Valuation Technique(s) Significant Unobservable Input(s)RangeWeighted Average
Assets
Equity securities
$154,460 Discounted cash flowDiscount rate
20.0% - 30.0%
25.0%
118,846 Market approachMultiple of book value
1.3x - 1.6x
1.5x
100,000 
Transaction price(1)
N/AN/AN/A
6,447 Market approachEnterprise value / Earnings multiple
15.4x
15.4x
32,738 OtherN/AN/AN/A
Fixed income investments
83,000 
Transaction price(1)
N/AN/AN/A
20,799 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
22,495 OtherN/AN/AN/A
Total assets$538,785 

Level III Measurements of the Consolidated FundsFair Value Valuation Technique(s) Significant Unobservable Input(s) RangeWeighted Average
Assets
Equity securities
$648,581 Discounted cash flowDiscount rate
10.0% - 16.0%
13.0%
537,733 Market approachMultiple of book value
1.0x - 1.7x
1.3x
3,909 Market approach
EBITDA multiple(2)
4.5x - 32.4x
8.9x
177 OtherN/AN/AN/A
Fixed income investments
548,264 Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
188,322 Market approachYield
8.3% - 24.1%
12.2%
2,974 Market approach
EBITDA multiple(2)
4.5x - 32.4x
9.0x
104 Discounted cash flowDiscount rate
12.3%
12.3%
449 OtherN/AN/AN/A
Total assets$1,930,513 
Liabilities
Derivative instruments $(1,291)Broker quotes and/or 3rd party pricing servicesN/AN/AN/A
Total liabilities$(1,291)
(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.
Schedule of Investments and Unfunded Commitments Valued Using NAV per Share
The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:
As of September 30, 2024As of December 31, 2023
Investments (held at fair value)$1,934,868 $1,642,489 
Unfunded commitments1,000,749 738,621 
v3.24.3
DEBT (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Borrowings Outstanding
The following table summarizes the Company’s and its subsidiaries’ debt obligations:
As of September 30, 2024As of December 31, 2023
Debt Origination DateMaturityOriginal Borrowing AmountCarrying ValueInterest RateCarrying ValueInterest Rate
Credit Facility(1)
Revolving3/31/2029N/A$470,000 5.90%$895,000 6.37%
2024 Senior Notes(2)
10/8/201410/8/2024$250,000 249,990 4.21249,427 4.21
2028 Senior Notes(3)
11/10/202311/10/2028500,000 495,401 6.42494,863 6.42
2030 Senior Notes(4)
6/15/20206/15/2030400,000 397,388 3.28397,050 3.28
2052 Senior Notes(5)
1/21/20222/1/2052500,000 484,500 3.77484,199 3.77
2051 Subordinated Notes(6)
6/30/20216/30/2051450,000 445,079 4.13444,941 4.13
Total debt obligations$2,542,358 $2,965,480 
(1)On March 28, 2024, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.325 billion to $1.400 billion, with an accordion feature of $600.0 million, and extend the maturity date from March 2027 to March 2029. Ares Holdings is the borrower under the Credit Facility. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance (“ESG”)-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 30, 2024, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. Due to the achievement of ESG-related targets, the Company’s base rate and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2025.
(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. On October 8, 2024 the Company repaid the 2024 Senior Notes at maturity.
(3)The 2028 Senior Notes were issued in November 2023 by the Company, at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the 2028 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2028 Senior Notes.
(4)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 Senior Notes.
(5)The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Senior Notes.
(6)The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the 2051 Subordinated Notes.
The following table presents the activity of the Company’s debt issuance costs:
Credit FacilitySenior NotesSubordinated Notes
Unamortized debt issuance costs as of December 31, 2023
$4,213 $11,784 $5,059 
Debt issuance costs incurred1,832 292 — 
Amortization of debt issuance costs(901)(1,282)(138)
Unamortized debt issuance costs as of September 30, 2024$5,144 $10,794 $4,921 
The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs:
As of September 30, 2024As of December 31, 2023
Fair Value of
Loan Obligations		Weighted 
Average
 Interest Rate		Weighted 
Average
 Remaining Maturity 
(in years)		Fair Value of
Loan Obligations		Weighted 
Average
 Interest Rate		Weighted
Average
Remaining Maturity 
(in years)
Senior secured notes$10,328,010 6.64%7.9$11,606,289 6.64%8.2
Subordinated notes(1)
742,251 N/A5.8739,368 N/A6.9
Total loan obligations of Consolidated CLOs$11,070,261 $12,345,657 
(1)The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to the excess cash flows generated by each Consolidated CLO.
The Consolidated Funds had the following revolving bank credit facilities outstanding:
As of September 30, 2024As of December 31, 2023
Maturity DateTotal Capacity
Outstanding Loan(1)
Effective Rate
Outstanding Loan(1)
Effective Rate
Credit Facilities:
7/1/2024$18,000 
(2)
N/AN/A$15,241 6.88%
9/25/2025150,000 $121,000 8.00%N/AN/A
9/24/2026150,000 — —— N/A
6/26/2027200,000 152,000 8.15110,000 8.29
9/12/202754,000 — —— N/A
Total borrowings of Consolidated Funds$273,000 $125,241 
(1)The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.
(2)Represents a credit facility of a Consolidated Fund that was repaid on maturity date. The amount represents the total capacity as of December 31, 2023.
v3.24.3
COMMITMENTS AND CONTINGENCIES (Tables)
 9 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Operating Lease Maturities The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:

Maturity of operating lease liabilities
As of September 30, 2024
2024$11,646 
202557,292 
202655,053 
202745,612 
202858,612 
Thereafter592,526 
Total future payments820,741 
Less: interest285,055 
Total operating lease liabilities$535,686 
Schedule Of Lease Cost The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:
Three months ended September 30,Nine months ended September 30,
Classification within general, administrative and other expenses2024202320242023
Operating lease expense$16,920 $10,135 $47,505 $32,434 

Nine months ended September 30,
Supplemental information on the measurement of operating lease liabilities20242023
Operating cash flows for operating leases$41,740 $32,733 
Leased assets obtained in exchange for new operating lease liabilities210,551 166,941 

As of September 30,As of December 31,
Lease term and discount rate20242023
Weighted-average remaining lease terms (in years)13.28.4
Weighted-average discount rate5.6%4.3%
v3.24.3
RELATED PARTY TRANSACTIONS (Tables)
 9 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Amounts Due from and to Affiliates
The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following:
 As of September 30,As of December 31,
 20242023
Due from affiliates: 
Management fees receivable from non-consolidated funds$596,288 $560,629 
Incentive fee receivable from non-consolidated funds46,388 159,098 
Payments made on behalf of and amounts due from non-consolidated funds and employees228,103 177,019 
Due from affiliates—Company$870,779 $896,746 
Due to affiliates: 
Management fee received in advance and rebates payable to non-consolidated funds$9,159 $9,585 
Tax receivable agreement liability353,899 191,299 
Carried interest and incentive fees payable45,361 33,374 
Payments made by non-consolidated funds on behalf of and payable by the Company7,622 5,996 
Due to affiliates—Company$416,041 $240,254 
Amounts due to portfolio companies and non-consolidated funds$— $3,554 
Due to affiliates—Consolidated Funds$— $3,554 
v3.24.3
INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense The following table presents the income tax expense for the period:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Income tax expense$46,453 $29,898 $114,760 $113,418 
v3.24.3
EARNINGS PER SHARE (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of the Computation of Basic and Diluted Earnings per Common Share
The following table presents the computation of basic and diluted earnings per common share:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Basic earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$118,460 $61,823 $286,425 $300,376 
Dividends declared and paid on Class A and non-voting common stock(187,696)(144,623)(553,867)(425,263)
Distributions on unvested restricted units(7,829)(5,337)(22,692)(15,969)
Dividends in excess of earnings available to Class A and non-voting common stockholders$(77,065)$(88,137)$(290,134)$(140,856)
Basic weighted-average shares of Class A and non-voting common stock200,724,068 186,218,638 196,526,832 182,757,955 
Dividends in excess of earnings per share of Class A and non-voting common stock$(0.38)$(0.47)$(1.48)$(0.77)
Dividend declared and paid per Class A and non-voting common stock0.93 0.77 2.79 2.31 
Basic earnings per share of Class A and non-voting common stock$0.55 $0.30 $1.31 $1.54 
Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$118,460 $61,823 $286,425 $300,376 
Distributions on unvested restricted units(7,829)(5,337)(22,692)(15,969)
Net income available to Class A and non-voting common stockholders$110,631 $56,486 $263,733 $284,407 
Diluted weighted-average shares of Class A and non-voting common stock200,724,068 186,218,638 196,526,832 182,757,955 
Diluted earnings per share of Class A and non-voting common stock$0.55 $0.30 $1.31 $1.54 
v3.24.3
EQUITY COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Equity-based Compensation Expense, Net of Forfeitures
Equity-based compensation expense, net of forfeitures, recorded by the Company for restricted units is presented in the following table:
Three months ended September 30,Nine months ended September 30,
 2024202320242023
Restricted units$85,613 $61,976 $266,267 $193,509 
Schedule of Dividends Declared and Paid
The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the nine months ended September 30, 2024:
Record DateDividends Per ShareDividend Equivalents Paid
March 15, 2024$0.93 $16,294 
June 14, 20240.93 16,008 
September 16, 20240.93 16,242 
Schedule of Unvested Restricted Units Activity
The following table presents unvested restricted units’ activity:
 Restricted UnitsWeighted Average
Grant Date Fair
Value Per Unit
Balance as of December 31, 202317,359,829 $59.20 
Granted5,087,137 124.08 
Vested(3,961,789)51.98 
Forfeited(386,314)85.07 
Balance as of September 30, 202418,098,863 $78.45 
Schedule of Unvested Options Activity
A summary of options activity during the nine months ended September 30, 2024 is presented below:
 OptionsWeighted Average Exercise PriceWeighted Average Remaining Life
(in years)		Aggregate Intrinsic Value
Balance as of December 31, 202379,524 $19.00 0.3$7,946 
Exercised(79,524)19.00 — — 
Balance as of September 30, 2024— $— 0.0$— 
Exercisable as of September 30, 2024— $— 0.0$— 
v3.24.3
EQUITY AND REDEEMABLE INTEREST (Tables)
 9 Months Ended
Sep. 30, 2024
Stockholders' Equity Note [Abstract]  
Schedule of Stock by Class
The following table presents the changes in each class of common stock:

Class A Common StockNon-Voting Common StockClass B Common StockClass C Common StockTotal
Balance as of December 31, 2023187,069,907 3,489,911 1,000 117,024,758 307,585,576 
Issuances of common stock(1)
3,047,500 — — 63,179 3,110,679 
Exchanges of common stock5,912,781 — — (5,912,781)— 
Stock option exercises79,524 — — — 79,524 
Vesting of restricted stock awards, net of shares withheld for tax2,224,962 — — — 2,224,962 
Balance as of September 30, 2024198,334,674 3,489,911 1,000 111,175,156 313,000,741 
(1)    Issuances of Class C common stock corresponds with increases in Ares Owners Holdings L.P.’s ownership interest in the AOG entities.
Schedule of Ownership Interests
The following table presents each partner’s Ares Operating Group Units (“AOG Units”) and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities:
Daily Average Ownership
As of September 30, 2024As of December 31, 2023Three months ended September 30,Nine months ended September 30,
AOG UnitsDirect Ownership InterestAOG UnitsDirect Ownership Interest2024202320242023
Ares Management Corporation201,824,585 64.48 %190,559,818 61.95 %64.14 %61.03 %63.23 %60.52 %
Ares Owners Holdings, L.P.111,175,156 35.52 117,024,758 38.05 35.86 38.97 36.77 39.48 
Total312,999,741 100.00 %307,584,576 100.00 %
Schedule of Redeemable Interests
The following table summarizes the activities associated with the redeemable interest in AOG entities:
Total
Balance as of December 31, 2022
$93,129 
Changes in ownership interests and related tax benefits(66,506)
Net loss(1,824)
Currency translation adjustment, net of tax(148)
Equity compensation174 
Distributions(2,883)
Balance as of March 31, 2023
21,942 
Net income734 
Currency translation adjustment, net of tax(159)
Balance as of June 30, 2023
22,517 
Net income758 
Currency translation adjustment, net of tax(99)
Balance as of September 30, 2023
23,176 
Net income558 
Currency translation adjustment, net of tax364 
Balance as of December 31, 2023
24,098 
Net income73 
Currency translation adjustment, net of tax(257)
Distributions(302)
Balance as of March 31, 2024
23,612 
Net loss(387)
Currency translation adjustment, net of tax(47)
Balance as of June 30, 2024
23,178 
Net income1,319 
Currency translation adjustment, net of tax614 
Balance as of September 30, 2024
$25,111 
The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:
Total
Balance as of December 31, 2022$1,013,282 
Change in redemption value10,504 
Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”)
(538,985)
Balance as of March 31, 2023484,801 
Gross proceeds from the initial public offering of Ares Acquisition Corporation II (NYSE: AACT) (“AAC II”)
500,000 
Change in redemption value15,948 
Balance as of June 30, 20231,000,749 
Change in redemption value16,571 
Redemptions from Class A ordinary shares of AAC I
(14,733)
Balance as of September 30, 20231,002,587 
Change in redemption value12,507 
Redemptions from Class A ordinary shares of AAC I
(492,156)
Balance as of December 31, 2023522,938 
Change in redemption value6,849 
Balance as of March 31, 2024529,787 
Change in redemption value6,959 
Balance as of June 30, 2024536,746 
Change in redemption value7,408 
Balance as of September 30, 2024$544,154 
v3.24.3
SEGMENT REPORTING (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Schedule of Financial Results for Company's Operating Segments and OMG
The following tables present the financial results for the Company’s operating segments, as well as the OMG:
Three months ended September 30, 2024
Credit GroupReal Assets GroupPrivate Equity Group
Secondaries Group

Other
Total SegmentsOMGTotal
Management fees$557,450 $105,733 $34,621 $48,084 $11,374 $757,262 $— $757,262 
Fee related performance revenues41,761 — — 2,508 — 44,269 — 44,269 
Other fees10,520 7,263 372 58 114 18,327 5,253 23,580 
Compensation and benefits(179,987)(42,360)(13,877)(14,432)(7,245)(257,901)(102,112)(360,013)
General, administrative and other expenses(41,046)(14,118)(4,576)(8,464)(1,459)(69,663)(56,124)(125,787)
Fee related earnings388,698 56,518 16,540 27,754 2,784 492,294 (152,983)339,311 
Performance income—realized6,192 15,441 475 — — 22,108 — 22,108 
Performance related compensation—realized(3,451)(9,403)(380)— — (13,234)— (13,234)
Realized net performance income2,741 6,038 95 — — 8,874 — 8,874 
Investment income—realized916 2,003 197 — 732 3,848 — 3,848 
Interest and other investment income—realized7,083 1,971 333 96 6,477 15,960 496 16,456 
Interest expense(7,625)(4,511)(4,862)(2,191)(10,409)(29,598)(135)(29,733)
Realized net investment income (loss)374 (537)(4,332)(2,095)(3,200)(9,790)361 (9,429)
Realized income$391,813 $62,019 $12,303 $25,659 $(416)$491,378 $(152,622)$338,756 
Three months ended September 30, 2023
Credit GroupReal Assets GroupPrivate Equity GroupSecondaries Group
Other
Total SegmentsOMGTotal
Management fees$470,609 $92,754 $29,799 $42,949 $7,538 $643,649 $— $643,649 
Fee related performance revenues44 — — 2,168 — 2,212 — 2,212 
Other fees7,202 6,308 430 8 83 14,031 5,717 19,748 
Compensation and benefits
(131,172)(37,608)(13,145)(16,066)(3,233)(201,224)(90,347)(291,571)
General, administrative and other expenses(28,093)(10,318)(3,470)(4,541)(924)(47,346)(52,460)(99,806)
Fee related earnings318,590 51,136 13,614 24,518 3,464 411,322 (137,090)274,232 
Performance income—realized12,223 5,589 (15)— — 17,797 — 17,797 
Performance related compensation—realized(7,181)(3,338)15 — — (10,504)— (10,504)
Realized net performance income5,042 2,251 — — — 7,293 — 7,293 
Investment income (loss)—realized1,475 (875)(4,631)— — (4,031)— (4,031)
Interest and other investment income—realized5,601 3,148 214 552 3,305 12,820 114 12,934 
Interest expense(5,825)(3,985)(4,313)(2,020)(9,809)(25,952)(23)(25,975)
Realized net investment income (loss)1,251 (1,712)(8,730)(1,468)(6,504)(17,163)91 (17,072)
Realized income$324,883 $51,675 $4,884 $23,050 $(3,040)$401,452 $(136,999)$264,453 
Nine months ended September 30, 2024
Credit GroupReal Assets GroupPrivate Equity Group
Secondaries Group
Other
Total SegmentsOMGTotal
Management fees$1,603,080 $299,156 $103,126 $140,650 $30,726 $2,176,738 $— $2,176,738 
Fee related performance revenues48,920 — — 20,633 — 69,553 — 69,553 
Other fees30,912 18,783 1,258 116 396 51,465 15,066 66,531 
Compensation and benefits(457,494)(119,403)(42,737)(47,971)(17,937)(685,542)(294,639)(980,181)
General, administrative and other expenses(116,022)(43,857)(15,282)(26,428)(5,041)(206,630)(160,514)(367,144)
Fee related earnings1,109,396 154,679 46,365 87,000 8,144 1,405,584 (440,087)965,497 
Performance income—realized121,214 24,324 9,032 361 — 154,931 — 154,931 
Performance related compensation—realized(73,127)(15,134)(7,235)110 — (95,386)— (95,386)
Realized net performance income48,087 9,190 1,797 471 — 59,545 — 59,545 
Investment income (loss)—realized(1)1,671 505 — 2,382 4,557 — 4,557 
Interest and other investment income—realized23,609 1,280 794 454 38,803 64,940 1,588 66,528 
Interest expense(25,412)(17,189)(16,519)(7,467)(38,190)(104,777)(280)(105,057)
Realized net investment income (loss)(1,804)(14,238)(15,220)(7,013)2,995 (35,280)1,308 (33,972)
Realized income$1,155,679 $149,631 $32,942 $80,458 $11,139 $1,429,849 $(438,779)$991,070 
Nine months ended September 30, 2023
Credit GroupReal Assets GroupPrivate Equity Group
Secondaries Group
Other
Total SegmentsOMGTotal
Management fees$1,349,434 $285,463 $89,461 $124,597 $19,065 $1,868,020 $— $1,868,020 
Fee related performance revenues866 334 — 5,737 — 6,937 — 6,937 
Other fees25,810 24,616 1,245 13 268 51,952 18,205 70,157 
Compensation and benefits
(382,929)(116,232)(43,184)(46,101)(9,759)(598,205)(261,325)(859,530)
General, administrative and other expenses(82,345)(33,465)(11,556)(12,984)(2,120)(142,470)(148,099)(290,569)
Fee related earnings910,836 160,716 35,966 71,262 7,454 1,186,234 (391,219)795,015 
Performance income—realized106,162 14,412 63,534 5,460 — 189,568 — 189,568 
Performance related compensation—realized(68,792)(8,764)(51,238)(4,678)— (133,472)— (133,472)
Realized net performance income37,370 5,648 12,296 782 — 56,096 — 56,096 
Investment income (loss)—realized19,546 (4,196)(1,668)— 170 13,852 — 13,852 
Interest and other investment income—realized21,058 7,362 571 1,959 11,492 42,442 350 42,792 
Interest expense(23,072)(11,987)(14,237)(6,776)(20,668)(76,740)(60)(76,800)
Realized net investment income (loss)17,532 (8,821)(15,334)(4,817)(9,006)(20,446)290 (20,156)
Realized income$965,738 $157,543 $32,928 $67,227 $(1,552)$1,221,884 $(390,929)$830,955 
Schedule of Segment Revenue, Expenses and Realized Net Investment Income (Expense)
The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Segment revenues
Management fees$757,262 $643,649 $2,176,738 $1,868,020 
Fee related performance revenues44,269 2,212 69,553 6,937 
Other fees18,327 14,031 51,465 51,952 
Performance income—realized22,108 17,797 154,931 189,568 
Total segment revenues$841,966 $677,689 $2,452,687 $2,116,477 
Segment expenses
Compensation and benefits$257,901 $201,224 $685,542 $598,205 
General, administrative and other expenses69,663 47,346 206,630 142,470 
Performance related compensation—realized13,234 10,504 95,386 133,472 
Total segment expenses$340,798 $259,074 $987,558 $874,147 
Segment realized net investment income (loss)
Investment income (loss)—realized$3,848 $(4,031)$4,557 $13,852 
Interest and other investment income —realized15,960 12,820 64,940 42,442 
Interest expense(29,598)(25,952)(104,777)(76,740)
Total segment realized net investment loss$(9,790)$(17,163)$(35,280)$(20,446)
Schedule of Segment Revenues Components
The following table reconciles the Company’s consolidated revenues to segment revenue:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Total consolidated revenue$1,129,739 $671,255 $2,625,784 $2,577,903 
Performance (income) loss—unrealized(263,553)31,400 (95,759)(384,533)
Management fees of Consolidated Funds eliminated in consolidation11,660 12,181 36,115 35,787 
Performance income of Consolidated Funds eliminated in consolidation1,032 1,874 18,484 9,365 
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation128 83 409 7,061 
Administrative fees(1)
(18,093)(16,154)(52,201)(46,692)
OMG revenue(5,252)(5,717)(15,066)(18,205)
Principal investment income, net of eliminations(8,036)(9,339)(44,547)(38,985)
Net revenue of non-controlling interests in consolidated subsidiaries(5,659)(7,894)(20,532)(25,224)
Total consolidation adjustments and reconciling items(287,773)6,434 (173,097)(461,426)
Total segment revenue$841,966 $677,689 $2,452,687 $2,116,477 
(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
Schedule of Segment Expenses Components
The following table reconciles the Company’s consolidated expenses to segment expenses:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Total consolidated expenses$854,887 $560,960 $1,957,924 $2,027,334 
Performance related compensation-unrealized(180,174)38,650 (8,478)(261,996)
Expenses of Consolidated Funds added in consolidation(14,083)(19,329)(48,200)(64,365)
Expenses of Consolidated Funds eliminated in consolidation11,355 12,297 36,520 36,600 
Administrative fees(1)
(18,093)(16,154)(52,201)(46,321)
OMG expenses(158,236)(142,807)(455,153)(409,424)
Acquisition and merger-related expense(25,166)(2,414)(39,394)(10,126)
Equity compensation expense(85,613)(61,976)(266,267)(193,335)
Acquisition-related compensation expense(2)
(5,435)(589)(16,374)(1,831)
Placement fee adjustment4,485 (944)(825)6,032 
Depreciation and amortization expense(46,005)(105,524)(118,900)(194,174)
Expense of non-controlling interests in consolidated subsidiaries
2,876 (3,096)(1,094)(14,247)
Total consolidation adjustments and reconciling items(514,089)(301,886)(970,366)(1,153,187)
Total segment expenses$340,798 $259,074 $987,558 $874,147 
(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
(2)Represents contingent obligations (“earnouts”) resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.
Schedule of Segment Other Income Components
The following table reconciles the Company’s consolidated other income to segment realized net investment income (loss):
Three months ended September 30,Nine months ended September 30,
2024202320242023
Total consolidated other income$52,254 $116,577 $207,619 $299,394 
Investment (income) loss—unrealized(4,950)(31,246)13,836 (104,170)
Interest and other investment (income) loss—unrealized15,258 (5,720)15,093 (1,202)
Other income, net from Consolidated Funds added in consolidation(87,804)(125,857)(276,107)(335,708)
Other expense, net from Consolidated Funds eliminated in consolidation194 (383)(137)(15,326)
OMG other (income) expense(220)(591)(1,002)1,213 
Principal investment income14,101 29,980 12,038 130,679 
Other (income) expense, net
3,389 286 (7,910)589 
Other (income) loss of non-controlling interests in consolidated subsidiaries(2,012)(209)1,290 4,085 
Total consolidation adjustments and reconciling items(62,044)(133,740)(242,899)(319,840)
Total segment realized net investment loss$(9,790)$(17,163)$(35,280)$(20,446)
Schedule of 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 Condensed Consolidated Statements of Operations to segment results of RI and FRE:
Three months ended September 30,Nine months ended September 30,
2024202320242023
Income before taxes$327,106 $226,872 $875,479 $849,963 
Adjustments:
Depreciation and amortization expense46,005 105,524 118,900 194,174 
Equity compensation expense85,612 61,976 266,267 192,964 
Acquisition-related compensation expense(1)
5,435 589 16,374 1,831 
Acquisition and merger-related expense25,166 2,414 39,394 10,126 
Placement fee adjustment(4,485)944 825 (6,032)
OMG expense, net152,763 136,499 439,085 392,432 
Other (income) expense, net
3,389 286 (7,910)589 
Income before taxes of non-controlling interests in consolidated subsidiaries(10,544)(5,007)(18,148)(6,892)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations(65,998)(84,429)(242,065)(179,362)
Total performance (income) loss—unrealized(263,553)31,400 (95,759)(384,533)
Total performance related compensation—unrealized180,174 (38,650)8,478 261,996 
Total investment (income) loss—unrealized10,308 (36,966)28,929 (105,372)
Realized income491,378 401,452 1,429,849 1,221,884 
Total performance income—realized(22,108)(17,797)(154,931)(189,568)
Total performance related compensation—realized13,234 10,504 95,386 133,472 
Total investment loss—realized9,790 17,163 35,280 20,446 
Fee related earnings$492,294 $411,322 $1,405,584 $1,186,234 
(1)Represents earnouts resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.
v3.24.3
CONSOLIDATION (Tables)
 9 Months Ended
Sep. 30, 2024
Condensed Financial Information Disclosure [Abstract]  
Schedule of Interest in VIEs
The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows:
As of September 30,As of December 31,
20242023
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)
$384,552 $503,376 
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)
784,102 910,600 
Assets of consolidated VIEs
14,892,869 15,484,962 
Liabilities of consolidated VIEs
12,180,936 13,409,257 
(1)As of September 30, 2024 and December 31, 2023, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of the Company’s capital interest in CLOs and totaled $96.1 million and $83.1 million, respectively.

Three months ended September 30,Nine months ended September 30,
2024202320242023
Net income attributable to non-controlling interests related to consolidated VIEs$57,289 $66,526 $216,614 $165,118 
Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition
The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows:
 As of September 30, 2024
 Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Assets    
Cash and cash equivalents$350,138 $— $— $350,138 
Investments (includes $3,486,892 of accrued carried interest)
5,517,542 — (825,022)4,692,520 
Due from affiliates1,048,857 — (178,078)870,779 
Other assets641,120 — — 641,120 
Right-of-use operating lease assets426,483 — — 426,483 
Intangible assets, net969,976 — — 969,976 
Goodwill1,133,074 — — 1,133,074 
Assets of Consolidated Funds
Cash and cash equivalents— 1,315,914 — 1,315,914 
Investments held in trust account— 544,254 — 544,254 
Investments, at fair value— 13,310,098 — 13,310,098 
Receivable for securities sold— 176,475 — 176,475 
Other assets— 91,819 — 91,819 
Total assets$10,087,190 $15,438,560 $(1,003,100)$24,522,650 
Liabilities    
Accounts payable, accrued expenses and other liabilities$329,181 $— $(298)$328,883 
Accrued compensation401,035 — — 401,035 
Due to affiliates415,608 — 433 416,041 
Performance related compensation payable2,518,898 — — 2,518,898 
Debt obligations2,542,358 — — 2,542,358 
Operating lease liabilities535,686 — — 535,686 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 179,928 — 179,928 
Due to affiliates— 177,508 (177,508)— 
Payable for securities purchased— 377,026 — 377,026 
CLO loan obligations, at fair value— 11,196,594 (126,333)11,070,261 
Fund borrowings— 273,000 — 273,000 
Total liabilities6,742,766 12,204,056 (303,706)18,643,116 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 544,154 — 544,154 
Redeemable interest in Ares Operating Group entities25,111 — — 25,111 
Non-controlling interest in Consolidated Funds— 2,690,350 (741,404)1,948,946 
Non-controlling interest in Ares Operating Group entities1,270,326 — 14,922 1,285,248 
Stockholders’ Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (198,334,674 shares issued and outstanding)
1,983 — — 1,983 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)
35 — — 35 
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)
— — — — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (111,175,156 shares issued and outstanding)
1,112 — — 1,112 
Additional paid-in-capital2,829,805 — 27,088 2,856,893 
Accumulated deficit(792,398)— — (792,398)
Accumulated other comprehensive loss, net of tax8,450 — — 8,450 
       Total stockholders’ equity2,048,987 — 27,088 2,076,075 
       Total equity3,319,313 2,690,350 (699,394)5,310,269 
 Total liabilities, redeemable interest, non-controlling interests and equity$10,087,190 $15,438,560 $(1,003,100)$24,522,650 
 As of December 31, 2023
 Consolidated
Company Entities 		Consolidated
Funds 		EliminationsConsolidated 
Assets    
Cash and cash equivalents$348,274 $— $— $348,274 
Investments (includes $3,413,007 of accrued carried interest)
5,546,209 — (921,277)4,624,932 
Due from affiliates1,068,089 — (171,343)896,746 
Other assets429,979 — — 429,979 
Right-of-use operating lease assets249,326 — — 249,326 
Intangible assets, net1,058,495 — — 1,058,495 
Goodwill1,123,976 — — 1,123,976 
Assets of Consolidated Funds
Cash and cash equivalents— 1,149,511 — 1,149,511 
Investments held in trust account— 523,038 — 523,038 
Investments, at fair value— 14,078,549 — 14,078,549 
Receivable for securities sold— 146,851 —146,851 
Other assets— 112,466 (11,643)100,823 
Total assets$9,824,348 $16,010,415 $(1,104,263)$24,730,500 
Liabilities    
Accounts payable, accrued expenses and other liabilities$245,526 $— $(11,642)$233,884 
Accrued compensation287,259 — — 287,259 
Due to affiliates240,254 — — 240,254 
Performance related compensation payable2,514,610 — — 2,514,610 
Debt obligations2,965,480 — — 2,965,480 
Operating lease liabilities319,572 — — 319,572 
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities— 189,523 — 189,523 
Due to affiliates— 174,897 (171,343)3,554 
Payable for securities purchased— 484,117 — 484,117 
CLO loan obligations, at fair value— 12,458,266 (112,609)12,345,657 
Fund borrowings— 125,241 — 125,241 
Total liabilities6,572,701 13,432,044 (295,594)19,709,151 
Commitments and contingencies
Redeemable interest in Consolidated Funds— 522,938 — 522,938 
Redeemable interest in Ares Operating Group entities24,098 — — 24,098 
Non-controlling interest in Consolidated Funds— 2,055,433 (796,988)1,258,445 
Non-controlling interest in Ares Operating Group entities1,326,913 — (4,444)1,322,469 
Stockholders’ Equity
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding)
1,871 — — 1,871 
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)
35 — — 35 
Class B common stock, $0.01 par value, 1,000 shares authorized ($1,000 shares issued and outstanding)
— — — — 
Class C common stock, $0.01 par value, 499,999,000 shares authorized (117,024,758 shares issued and outstanding)
1,170 — — 1,170 
Additional paid-in-capital2,398,273 — (7,237)2,391,036 
Accumulated deficit(495,083)— — (495,083)
Accumulated other comprehensive loss, net of tax(5,630)— — (5,630)
       Total stockholders’ equity1,900,636 — (7,237)1,893,399 
       Total equity3,227,549 2,055,433 (808,669)4,474,313 
       Total liabilities, redeemable interest, non-controlling interests and equity$9,824,348 $16,010,415 $(1,104,263)$24,730,500 
Schedule of Results from Operations
Three months ended September 30, 2024
Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated 
Revenues
Management fees $765,257 $— $(11,660)$753,597 
Carried interest allocation278,683 — (1,032)277,651 
Incentive fees48,638 — — 48,638 
Principal investment income14,100 — (6,064)8,036 
Administrative, transaction and other fees41,945 — (128)41,817 
Total revenues1,148,623 — (18,884)1,129,739 
Expenses
Compensation and benefits435,876 — — 435,876 
Performance related compensation219,697 — — 219,697 
General, administrative and other expense196,586 — 433 197,019 
Expenses of the Consolidated Funds— 14,083 (11,788)2,295 
Total expenses852,159 14,083 (11,355)854,887 
Other income (expense)
Net realized and unrealized gains (losses) on investments3,034 — (8,108)(5,074)
Interest and dividend income9,809 — (2,256)7,553 
Interest expense(29,733)— — (29,733)
Other expense, net(18,466)— (339)(18,805)
Net realized and unrealized gains on investments of the Consolidated Funds— 55,015 9,816 64,831 
Interest and other income of the Consolidated Funds— 234,351 330 234,681 
Interest expense of the Consolidated Funds— (201,562)363 (201,199)
Total other income (expense), net(35,356)87,804 (194)52,254 
Income before taxes261,108 73,721 (7,723)327,106 
Income tax expense44,696 1,757 — 46,453 
Net income216,412 71,964 (7,723)280,653 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 71,964 (7,723)64,241 
Net income attributable to Ares Operating Group entities216,412 — — 216,412 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,319 — — 1,319 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities96,633 — — 96,633 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$118,460 $— $— $118,460 
Three months ended September 30, 2023
Consolidated
Company Entities		Consolidated
Funds		EliminationsConsolidated
Revenues
Management fees$649,698 $— $(12,181)$637,517 
Carried interest allocation(26,252)— (1,874)(28,126)
Incentive fees16,454 — — 16,454 
Principal investment income29,980 — (20,641)9,339 
Administrative, transaction and other fees36,154 — (83)36,071 
Total revenues706,034 — (34,779)671,255 
Expenses
Compensation and benefits367,502 — — 367,502 
Performance related compensation(25,448)— — (25,448)
General, administrative and other expense211,874 — (32)211,842 
Expenses of the Consolidated Funds— 19,329 (12,265)7,064 
Total expenses553,928 19,329 (12,297)560,960 
Other income (expense)
Net realized and unrealized gains (losses) on investments4,209 — (5,979)(1,770)
Interest and dividend income6,574 — (1,822)4,752 
Interest expense(25,975)— — (25,975)
Other income, net5,529 — 213 5,742 
Net realized and unrealized gains on investments of the Consolidated Funds— 71,666 7,925 79,591 
Interest and other income of the Consolidated Funds— 255,813 (213)255,600 
Interest expense of the Consolidated Funds— (201,622)259 (201,363)
Total other income (expense), net(9,663)125,857 383 116,577 
Income before taxes142,443 106,528 (22,099)226,872 
Income tax expense25,758 4,140 — 29,898 
Net income116,685 102,388 (22,099)196,974 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 102,388 (22,099)80,289 
Net income attributable to Ares Operating Group entities116,685 — — 116,685 
Less: Net income attributable to redeemable interest in Ares Operating Group entities758 — — 758 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities54,104 — — 54,104 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$61,823 $— $— $61,823 
 
Nine months ended September 30, 2024
 Consolidated
Company Entities 		Consolidated
Funds 		Eliminations Consolidated
Revenues    
Management fees$2,199,085 $— $(36,115)$2,162,970 
Carried interest allocation212,493 — (18,487)194,006 
Incentive fees105,036 — 3 105,039 
Principal investment income12,038 — 32,509 44,547 
Administrative, transaction and other fees119,631 — (409)119,222 
Total revenues2,648,283 — (22,499)2,625,784 
Expenses    
Compensation and benefits1,268,685 — — 1,268,685 
Performance related compensation140,180 — — 140,180 
General, administrative and other expense537,379 — — 537,379 
Expenses of the Consolidated Funds— 48,200 (36,520)11,680 
Total expenses1,946,244 48,200 (36,520)1,957,924 
Other income (expense)    
Net realized and unrealized gains on investments28,390 — (14,609)13,781 
Interest and dividend income27,953 — (8,001)19,952 
Interest expense(105,057)— — (105,057)
Other expense, net(19,911)— 438 (19,473)
Net realized and unrealized gains on investments of the Consolidated Funds— 173,486 19,292 192,778 
Interest and other income of the Consolidated Funds— 732,316 — 732,316 
Interest expense of the Consolidated Funds— (629,695)3,017 (626,678)
Total other income (expense), net(68,625)276,107 137 207,619 
Income before taxes633,414 227,907 14,158 875,479 
Income tax expense109,141 5,619 — 114,760 
Net income524,273 222,288 14,158 760,719 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 222,288 14,158 236,446 
Net income attributable to Ares Operating Group entities524,273 — — 524,273 
Less: Net income attributable to redeemable interest in Ares Operating Group entities1,005 — — 1,005 
Less: Net income attributable to non-controlling interests in Ares Operating Group entities236,843 — — 236,843 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$286,425 $— $— $286,425 
 Nine months ended September 30, 2023
 Consolidated
Company Entities 		Consolidated
Funds 		EliminationsConsolidated 
Revenues    
Management fees$1,889,091 $— $(35,787)$1,853,304 
Carried interest allocation551,055 — (9,227)541,828 
Incentive fees33,465 — (138)33,327 
Principal investment income130,679 — (91,694)38,985 
Administrative, transaction and other fees117,520 — (7,061)110,459 
Total revenues2,721,810 — (143,907)2,577,903 
Expenses
Compensation and benefits1,095,833 — — 1,095,833 
Performance related compensation401,990 — — 401,990 
General, administrative and other expense501,746 — (406)501,340 
Expenses of the Consolidated Funds— 64,365 (36,194)28,171 
Total expenses1,999,569 64,365 (36,600)2,027,334 
Other income (expense)
Net realized and unrealized gains on investments7,506 — (2,280)5,226 
Interest and dividend income19,237 — (7,956)11,281 
Interest expense(76,800)— — (76,800)
Other expense, net(1,583)— 515 (1,068)
Net realized and unrealized gains on investments of the Consolidated Funds— 165,885 22,832 188,717 
Interest and other income of the Consolidated Funds— 713,507 (515)712,992 
Interest expense of the Consolidated Funds— (543,684)2,730 (540,954)
Total other income (expense), net(51,640)335,708 15,326 299,394 
Income before taxes670,601 271,343 (91,981)849,963 
Income tax expense108,719 4,699 — 113,418 
Net income561,882 266,644 (91,981)736,545 
Less: Net income attributable to non-controlling interests in Consolidated Funds— 266,644 (91,981)174,663 
Net income attributable to Ares Operating Group entities561,882 — — 561,882 
Less: Net loss attributable to redeemable interest in Ares Operating Group entities(332)— — (332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities261,838 — — 261,838 
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders$300,376 $— $— $300,376 
Schedule of Cash Flows
 
Nine months ended September 30, 2024
 Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$524,273 $222,288 $14,158 $760,719 
Adjustments to reconcile net income to net cash provided by operating activities543,839 — (114,742)429,097 
Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds— 854,632 (19,292)835,340 
Cash flows due to changes in operating assets and liabilities221,389 — 37,000 258,389 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— (121,365)(178,644)(300,009)
Net cash provided by operating activities1,289,501 955,555 (261,520)1,983,536 
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(82,203)— — (82,203)
Acquisitions(13,683)— — (13,683)
Net cash used in investing activities(95,886)— — (95,886)
Cash flows from financing activities: 
Net proceeds from issuance of Class A common stock407,236 — — 407,236 
Proceeds from Credit Facility970,000 — — 970,000 
Repayments of Credit Facility(1,395,000)— — (1,395,000)
Dividends and distributions (969,360)— — (969,360)
Stock option exercises1,511 — — 1,511 
Taxes paid related to net share settlement of equity awards(211,615)— — (211,615)
Other financing activities485 — — 485 
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds— 473,091 71,203 544,294 
Distributions to non-controlling interests in Consolidated Funds— (100,416)23,914 (76,502)
Borrowings under loan obligations by Consolidated Funds— 323,540 — 323,540 
Repayments under loan obligations by Consolidated Funds— (1,504,344)— (1,504,344)
Net cash used in financing activities(1,196,743)(808,129)95,117 (1,909,755)
Effect of exchange rate changes4,992 18,977 — 23,969 
Net change in cash and cash equivalents1,864 166,403 (166,403)1,864 
Cash and cash equivalents, beginning of period348,274 1,149,511 (1,149,511)348,274 
Cash and cash equivalents, end of period$350,138 $1,315,914 $(1,315,914)$350,138 
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities$7,724 $— $— $7,724 
 Nine months ended September 30, 2023
Consolidated
Company Entities 		Consolidated
Funds		EliminationsConsolidated
Cash flows from operating activities:  
Net income$561,882 $266,644 $(91,981)$736,545 
Adjustments to reconcile net income to net cash provided by (used in) operating activities23,920 — 288,260 312,180 
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds— (926,076)(22,832)(948,908)
Cash flows due to changes in operating assets and liabilities139,111 — (3,451)135,660 
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds— 228,877 (137,563)91,314 
Net cash provided by (used in) operating activities724,913 (430,555)32,433 326,791 
Cash flows from investing activities: 
Purchase of furniture, equipment and leasehold improvements, net of disposals(44,177)— — (44,177)
Net cash used in investing activities(44,177)— — (44,177)
Cash flows from financing activities: 
Proceeds from Credit Facility735,000 — — 735,000 
Repayments of Credit Facility(670,000)— — (670,000)
Dividends and distributions (760,085)— — (760,085)
Stock option exercises80,426 — — 80,426 
Taxes paid related to net share settlement of equity awards(145,421)— — (145,421)
Other financing activities902 — — 902 
Allocable to non-controlling interests in Consolidated Funds: 
Contributions from non-controlling interests in Consolidated Funds— 944,485 (208,541)735,944 
Distributions to non-controlling interests in Consolidated Funds— (72,375)15,430 (56,945)
Redemptions of redeemable interests in Consolidated Funds— (553,718)— (553,718)
Borrowings under loan obligations by Consolidated Funds— 549,664 — 549,664 
Repayments under loan obligations by Consolidated Funds— (257,370)— (257,370)
Net cash provided by (used in) financing activities(759,178)610,686 (193,111)(341,603)
Effect of exchange rate changes282 (19,453)— (19,171)
Net change in cash and cash equivalents(78,160)160,678 (160,678)(78,160)
Cash and cash equivalents, beginning of period389,987 724,641 (724,641)389,987 
Cash and cash equivalents, end of period$311,827 $885,319 $(885,319)$311,827 
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities$116,101 $— $— $116,101 
Issuance of common stock in connection with settlement of management incentive program$245,647 $— $— $245,647 
v3.24.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Carrying Value of Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Finite-lived intangible assets, net    
Finite-lived intangible assets $ 765,095 $ 805,662
Foreign currency translation 2,615 1,126
Total finite-lived intangible assets 767,710 806,788
Less: accumulated amortization (365,534) (316,093)
Finite-lived intangible assets, net 402,176 490,695
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Intangible assets, net 969,976 1,058,495
Management contracts    
Indefinite-lived Intangible Assets [Line Items]    
Indefinite-lived management contracts $ 567,800 567,800
Management contracts    
Finite-lived intangible assets, net    
Weighted average amortization period 3 years 10 months 24 days  
Finite-lived intangible assets $ 563,675 604,242
Client relationships    
Finite-lived intangible assets, net    
Weighted average amortization period 7 years 9 months 18 days  
Finite-lived intangible assets $ 200,920 200,920
Other    
Finite-lived intangible assets, net    
Weighted average amortization period 1 month 6 days  
Finite-lived intangible assets $ 500 $ 500
v3.24.3
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]          
Amortization expense $ 28,900,000   $ 31,000,000 $ 87,100,000 $ 95,000,000.0
Reallocation       0  
Goodwill impairment 0   0 0 0
Secondaries Group          
Acquired Finite-Lived Intangible Assets [Line Items]          
Reallocation       0  
From Private Equity Group To Credit Group          
Acquired Finite-Lived Intangible Assets [Line Items]          
Reallocation   $ 55,700,000      
Management contracts          
Acquired Finite-Lived Intangible Assets [Line Items]          
Fully amortized intangibles, amount removed during the period       47,500,000  
Management contracts | Credit Group, Real Assets Group and Secondaries Group          
Acquired Finite-Lived Intangible Assets [Line Items]          
Non-cash impairment charges $ 8,900,000     $ 8,900,000  
Client relationships | Secondaries Group          
Acquired Finite-Lived Intangible Assets [Line Items]          
Non-cash impairment charges     $ 65,700,000   $ 78,600,000
v3.24.3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Goodwill [Roll Forward]  
Goodwill, beginning balance $ 1,123,976
Acquisitions 7,395
Reallocation 0
Foreign currency translation 1,703
Goodwill, ending balance 1,133,074
Credit Group  
Goodwill [Roll Forward]  
Goodwill, beginning balance 256,679
Acquisitions 0
Reallocation 55,658
Foreign currency translation 1,694
Goodwill, ending balance 314,031
Real Assets Group  
Goodwill [Roll Forward]  
Goodwill, beginning balance 277,205
Acquisitions 6,710
Reallocation 0
Foreign currency translation 0
Goodwill, ending balance 283,915
Private Equity Group  
Goodwill [Roll Forward]  
Goodwill, beginning balance 172,462
Acquisitions 685
Reallocation (55,658)
Foreign currency translation 0
Goodwill, ending balance 117,489
Secondaries Group  
Goodwill [Roll Forward]  
Goodwill, beginning balance 417,630
Acquisitions 0
Reallocation 0
Foreign currency translation 9
Goodwill, ending balance $ 417,639
v3.24.3
INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Investments    
Equity method private investment partnership interests and other $ 2,321 $ 6,287
Fixed income securities 592,023 631,644
Common stock, at fair value 479,709 499,063
Total investments 4,692,520 4,624,932
Partnership Interests    
Investments    
Equity method investments: $ 4,479,905 $ 4,412,066
Percentage of total investments as of 95.50% 95.40%
Collateralized loan obligations and fixed income securities    
Investments    
Collateralized loan obligations $ 109,993 $ 126,294
Percentage of total investments as of 2.30% 2.70%
Collateralized loan obligations    
Investments    
Collateralized loan obligations $ 20,601 $ 20,799
Percentage of total investments as of 0.40% 0.40%
Fixed income securities    
Investments    
Fixed income securities $ 89,392 $ 105,495
Percentage of total investments as of 1.90% 2.30%
Common stock, at fair value    
Investments    
Common stock, at fair value $ 102,622 $ 86,572
Percentage of total investments as of 2.20% 1.90%
Equity method - carried interest    
Investments    
Equity method investments: $ 3,486,892 $ 3,413,007
Percentage of total investments as of 74.40% 73.80%
Partnership Interests    
Investments    
Equity method investments: $ 555,390 $ 535,292
Percentage of total investments as of 11.80% 11.60%
Equity method private investment partnership interests and other (held at fair value)    
Investments    
Equity method investments: $ 379,408 $ 418,778
Percentage of total investments as of 8.10% 9.00%
Equity method private investment partnership interests and other    
Investments    
Equity method private investment partnership interests and other $ 58,215 $ 44,989
Percentage of total investments as of 1.20% 1.00%
v3.24.3
INVESTMENTS - Schedule of Equity Method Investments Net Other Income (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments, All Other Investments [Abstract]        
Total other income, net related to equity method investments $ 8,093 $ 1,845 $ 51,633 $ 34,900
v3.24.3
INVESTMENTS - Schedule of Equity Method Investment Held at Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]        
Equity method private investment partnership interests and other (held at fair value) $ (5,542) $ (7,462) $ (3,494) $ (1,426)
v3.24.3
INVESTMENTS - Schedule of Investments of the Consolidated Funds (Details) - Consolidated Funds  - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Investments    
Total investments, at fair value $ 13,854,352 $ 14,601,587
Fixed income investments:    
Investments    
Total investments, at fair value $ 10,151,050 $ 11,718,445
Percentage of total investments 73.20% 80.30%
Fixed income investments: | Loans and securitization vehicles    
Investments    
Total investments, at fair value $ 9,120,015 $ 10,616,458
Percentage of total investments 65.80% 72.70%
Fixed income investments: | Money market funds and U.S. treasury securities    
Investments    
Total investments, at fair value $ 544,254 $ 523,038
Percentage of total investments 3.90% 3.60%
Fixed income investments: | Bonds    
Investments    
Total investments, at fair value $ 486,781 $ 578,949
Percentage of total investments 3.50% 4.00%
Partnership interests    
Investments    
Total investments, at fair value $ 1,934,868 $ 1,642,489
Percentage of total investments 14.00% 11.20%
Equity securities    
Investments    
Total investments, at fair value $ 1,768,434 $ 1,240,653
Percentage of total investments 12.80% 8.50%
v3.24.3
INVESTMENTS - Narrative (Details)
Sep. 30, 2024
Dec. 31, 2023
Consolidated Funds     
Summary of Investment Holdings [Line Items]    
Percent of total assets threshold 5.00% 5.00%
v3.24.3
FAIR VALUE - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Consolidated Funds     
Assets, at fair value    
Common stock and other equity securities $ 1,768,434 $ 1,240,653
Collateralized loan obligations and fixed income securities 10,151,050 11,718,445
Partnership interests 1,934,868 1,642,489
Total investments, at fair value 13,854,352 14,601,587
Total assets, at fair value 13,860,256 14,610,713
Liabilities, at fair value    
Loan obligations of CLOs (11,070,261) (12,345,657)
Derivative liabilities (7,959) (10,782)
Total liabilities, at fair value $ (11,078,220) $ (12,356,439)
Derivative liability, statement of financial position Liabilities Liabilities
Consolidated Funds  | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts $ 5,904 $ 9,126
Liabilities, at fair value    
Derivative liabilities (6,056) (9,491)
Consolidated Funds  | Asset swaps    
Liabilities, at fair value    
Derivative liabilities (1,903) (1,291)
Consolidated Funds  | Loans and securitization vehicles    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 9,120,015 10,616,458
Consolidated Funds  | Money market funds and U.S. treasury securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 544,254 523,038
Consolidated Funds  | Bonds    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 486,781 578,949
Level I  | Consolidated Funds     
Assets, at fair value    
Common stock and other equity securities 33,709 47,503
Collateralized loan obligations and fixed income securities 544,254 523,038
Partnership interests 0 0
Total investments, at fair value 577,963 570,541
Total assets, at fair value 577,963 570,541
Liabilities, at fair value    
Loan obligations of CLOs 0 0
Derivative liabilities 0 0
Total liabilities, at fair value 0 0
Level I  | Consolidated Funds  | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 0 0
Liabilities, at fair value    
Derivative liabilities 0 0
Level I  | Consolidated Funds  | Asset swaps    
Liabilities, at fair value    
Derivative liabilities 0 0
Level I  | Consolidated Funds  | Loans and securitization vehicles    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Level I  | Consolidated Funds  | Money market funds and U.S. treasury securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 544,254 523,038
Level I  | Consolidated Funds  | Bonds    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Level II  | Consolidated Funds     
Assets, at fair value    
Common stock and other equity securities 3,162 2,750
Collateralized loan obligations and fixed income securities 8,848,840 10,455,294
Partnership interests 0 0
Total investments, at fair value 8,852,002 10,458,044
Total assets, at fair value 8,857,906 10,467,170
Liabilities, at fair value    
Loan obligations of CLOs (11,070,261) (12,345,657)
Derivative liabilities (6,056) (9,491)
Total liabilities, at fair value (11,076,317) (12,355,148)
Level II  | Consolidated Funds  | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 5,904 9,126
Liabilities, at fair value    
Derivative liabilities (6,056) (9,491)
Level II  | Consolidated Funds  | Asset swaps    
Liabilities, at fair value    
Derivative liabilities 0 0
Level II  | Consolidated Funds  | Loans and securitization vehicles    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 8,362,059 9,879,915
Level II  | Consolidated Funds  | Money market funds and U.S. treasury securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Level II  | Consolidated Funds  | Bonds    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 486,781 575,379
Level III  | Consolidated Funds     
Assets, at fair value    
Common stock and other equity securities 1,731,563 1,190,400
Collateralized loan obligations and fixed income securities 757,956 740,113
Partnership interests 0 0
Total investments, at fair value 2,489,519 1,930,513
Total assets, at fair value 2,489,519 1,930,513
Liabilities, at fair value    
Loan obligations of CLOs 0 0
Derivative liabilities (1,903) (1,291)
Total liabilities, at fair value (1,903) (1,291)
Level III  | Consolidated Funds  | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 0 0
Liabilities, at fair value    
Derivative liabilities 0 0
Level III  | Consolidated Funds  | Asset swaps    
Liabilities, at fair value    
Derivative liabilities (1,903) (1,291)
Level III  | Consolidated Funds  | Loans and securitization vehicles    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 757,956 736,543
Level III  | Consolidated Funds  | Money market funds and U.S. treasury securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Level III  | Consolidated Funds  | Bonds    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 3,570
Investments Measured at NAV | Consolidated Funds     
Assets, at fair value    
Common stock and other equity securities 0 0
Collateralized loan obligations and fixed income securities 0 0
Partnership interests 1,934,868 1,642,489
Total investments, at fair value 1,934,868 1,642,489
Total assets, at fair value 1,934,868 1,642,489
Liabilities, at fair value    
Loan obligations of CLOs 0 0
Derivative liabilities 0 0
Total liabilities, at fair value 0 0
Investments Measured at NAV | Consolidated Funds  | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 0 0
Liabilities, at fair value    
Derivative liabilities 0 0
Investments Measured at NAV | Consolidated Funds  | Asset swaps    
Liabilities, at fair value    
Derivative liabilities 0 0
Investments Measured at NAV | Consolidated Funds  | Loans and securitization vehicles    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Investments Measured at NAV | Consolidated Funds  | Money market funds and U.S. treasury securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Investments Measured at NAV | Consolidated Funds  | Bonds    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Ares Management L.P    
Assets, at fair value    
Common stock and other equity securities 479,709 499,063
Partnership interests 2,321 6,287
Total investments, at fair value 592,023 631,644
Total assets, at fair value 592,775 632,773
Liabilities, at fair value    
Total liabilities, at fair value (3,162) (2,645)
Ares Management L.P | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 752 1,129
Liabilities, at fair value    
Derivative liabilities (3,162) (2,645)
Ares Management L.P | Collateralized loan obligations and fixed income securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 109,993 126,294
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 assets, at fair value 0 0
Liabilities, at fair value    
Total liabilities, at fair value 0 0
Ares Management L.P | Level I  | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 0 0
Liabilities, at fair value    
Derivative liabilities 0 0
Ares Management L.P | Level I  | Collateralized loan obligations and fixed income securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Ares Management L.P | Level II     
Assets, at fair value    
Common stock and other equity securities 102,622 86,572
Partnership interests 0 0
Total investments, at fair value 102,622 86,572
Total assets, at fair value 103,374 87,701
Liabilities, at fair value    
Total liabilities, at fair value (3,162) (2,645)
Ares Management L.P | Level II  | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 752 1,129
Liabilities, at fair value    
Derivative liabilities (3,162) (2,645)
Ares Management L.P | Level II  | Collateralized loan obligations and fixed income securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 0 0
Ares Management L.P | Level III     
Assets, at fair value    
Common stock and other equity securities 377,087 412,491
Partnership interests 0 0
Total investments, at fair value 487,080 538,785
Total assets, at fair value 487,080 538,785
Liabilities, at fair value    
Total liabilities, at fair value 0 0
Ares Management L.P | Level III  | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 0 0
Liabilities, at fair value    
Derivative liabilities 0 0
Ares Management L.P | Level III  | Collateralized loan obligations and fixed income securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities 109,993 126,294
Ares Management L.P | Investments Measured at NAV    
Assets, at fair value    
Common stock and other equity securities 0 0
Partnership interests 2,321 6,287
Total investments, at fair value 2,321 6,287
Total assets, at fair value 2,321 6,287
Liabilities, at fair value    
Total liabilities, at fair value 0 0
Ares Management L.P | Investments Measured at NAV | Derivatives-foreign currency forward contracts    
Assets, at fair value    
Derivatives-foreign currency forward contracts 0 0
Liabilities, at fair value    
Derivative liabilities 0 0
Ares Management L.P | Investments Measured at NAV | Collateralized loan obligations and fixed income securities    
Assets, at fair value    
Collateralized loan obligations and fixed income securities $ 0 $ 0
v3.24.3
FAIR VALUE - Schedule of Changes in Fair Value of Level III Measurements (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Consolidated Funds         
Level III Net Assets of Consolidated Funds        
Balance, beginning of period $ 2,388,736 $ 1,711,503 $ 1,929,222 $ 1,965,647
Transfer in (out) due to changes in consolidated       380,688
Transfer in 143,738 64,227 199,112 192,359
Transfer out (228,049) (185,688) (305,922) (590,319)
Purchases 386,867 215,616 1,193,728 828,604
Sales/settlements (213,600) (167,541) (586,088) (502,927)
Realized and unrealized appreciation (depreciation), net 9,924 23,359 57,564 148,800
Balance, end of period 2,487,616 1,661,476 2,487,616 1,661,476
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 8,653 $ (4,781) $ 57,410 $ 112,580
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Net realized and unrealized gains (losses) from investments Net realized and unrealized gains (losses) from investments Net realized and unrealized gains (losses) from investments Net realized and unrealized gains (losses) from investments
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] Net realized and unrealized gains (losses) from investments Net realized and unrealized gains (losses) from investments Net realized and unrealized gains (losses) from investments Net realized and unrealized gains (losses) from investments
Consolidated Funds  | Equity securities        
Level III Net Assets of Consolidated Funds        
Balance, beginning of period $ 1,586,854 $ 1,066,065 $ 1,190,400 $ 730,880
Transfer in (out) due to changes in consolidated       2,076
Transfer in 0 848 0 0
Transfer out (508) (36,064) (35) (36,681)
Purchases 136,313 65,220 482,424 295,030
Sales/settlements (111) (2,364) (111) (2,490)
Realized and unrealized appreciation (depreciation), net 9,015 17,888 58,885 126,930
Balance, end of period 1,731,563 1,111,593 1,731,563 1,111,593
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date 9,300 17,950 60,995 127,001
Consolidated Funds  | Fixed Income        
Level III Net Assets of Consolidated Funds        
Balance, beginning of period 803,497 648,131 740,113 869,668
Transfer in (out) due to changes in consolidated       4,563
Transfer in 143,738 63,379 199,112 192,359
Transfer out (227,541) (149,624) (305,887) (553,638)
Purchases 250,554 150,370 711,190 484,574
Sales/settlements (213,489) (165,177) (585,977) (451,426)
Realized and unrealized appreciation (depreciation), net 1,197 4,949 (595) 15,054
Balance, end of period 757,956 552,028 757,956 552,028
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date (425) (23,157) (2,921) (15,704)
Consolidated Funds  | Derivatives, Net        
Level III Net Assets of Consolidated Funds        
Balance, beginning of period (1,615) (2,693) (1,291) (3,556)
Transfer in (out) due to changes in consolidated       0
Transfer in 0 0 0 0
Transfer out 0 0 0 0
Purchases 0 26 114 0
Sales/settlements 0 0 0 (122)
Realized and unrealized appreciation (depreciation), net (288) 522 (726) 1,533
Balance, end of period (1,903) (2,145) (1,903) (2,145)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date (222) 426 (664) 1,283
Consolidated Funds  | Partnership Interests        
Level III Net Assets of Consolidated Funds        
Balance, beginning of period       368,655
Transfer in (out) due to changes in consolidated       374,049
Transfer in       0
Transfer out       0
Purchases       49,000
Sales/settlements       (48,889)
Realized and unrealized appreciation (depreciation), net       5,283
Balance, end of period   0   0
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date       0
Ares Management L.P        
Level III Net Assets of Consolidated Funds        
Balance, beginning of period 471,817 239,148 538,785 198,719
Transfer in     60,917  
Transfer out     (37,587)  
Purchases 19,099 1,506 286,452 41,732
Sales/settlements (1,337) (1,397) (363,642) (4,610)
Realized and unrealized appreciation (depreciation), net (2,499) (9,130) 2,155 (5,714)
Balance, end of period 487,080 230,127 487,080 230,127
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date (2,823) (9,130) 715 (5,714)
Ares Management L.P | Equity securities        
Level III Net Assets of Consolidated Funds        
Balance, beginning of period 379,443 165,371 412,491 121,785
Transfer in     0  
Transfer out     (37,587)  
Purchases 859 7 2,539 38,267
Sales/settlements 1,093 (350) (1,478) (1,186)
Realized and unrealized appreciation (depreciation), net (4,308) (10,116) 1,122 (3,954)
Balance, end of period 377,087 154,912 377,087 154,912
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date (5,041) (10,116) (1,260) (4,167)
Ares Management L.P | Fixed Income        
Level III Net Assets of Consolidated Funds        
Balance, beginning of period 92,374 73,777 126,294 76,934
Transfer in     60,917  
Transfer out     0  
Purchases 18,240 1,499 283,913 3,465
Sales/settlements (2,430) (1,047) (362,164) (3,424)
Realized and unrealized appreciation (depreciation), net 1,809 986 1,033 (1,760)
Balance, end of period 109,993 75,215 109,993 75,215
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 2,218 $ 986 $ 1,975 $ (1,547)
v3.24.3
FAIR VALUE - Schedule of Quantitative Inputs and Assumptions used for Level III Inputs (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Dec. 31, 2023
USD ($)
Level III  | Discounted cash flow    
Assets    
Equity securities   $ 154,460
Level III  | Discounted cash flow | Discount rate | Minimum    
Significant Unobservable Input(s)    
Equity securities   20
Level III  | Discounted cash flow | Discount rate | Maximum    
Significant Unobservable Input(s)    
Equity securities   0.300
Level III  | Discounted cash flow | Discount rate | Weighted Average    
Significant Unobservable Input(s)    
Equity securities   25
Consolidated Funds     
Assets    
Equity securities $ 1,768,434 $ 1,240,653
Fixed income investments 10,151,050 11,718,445
Total assets, at fair value 13,860,256 14,610,713
Liabilities    
Derivative instruments (7,959) (10,782)
Total liabilities, at fair value (11,078,220) (12,356,439)
Consolidated Funds  | Level III     
Assets    
Equity securities 1,731,563 1,190,400
Fixed income investments 757,956 740,113
Total assets, at fair value 2,489,519 1,930,513
Liabilities    
Derivative instruments (1,903) (1,291)
Total liabilities, at fair value (1,903) (1,291)
Consolidated Funds  | Level III  | Market approach | Equity Securities One    
Assets    
Equity securities 793,106 537,733
Consolidated Funds  | Level III  | Market approach | Equity Securities Two    
Assets    
Equity securities 22,636 3,909
Consolidated Funds  | Level III  | Market approach | Fixed Income Investments One    
Assets    
Fixed income investments 253,514 188,322
Consolidated Funds  | Level III  | Market approach | Fixed Income Investments Two    
Assets    
Fixed income investments $ 2,363 $ 2,974
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Minimum | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.0 1.0
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.7 1.7
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.4 1.3
Consolidated Funds  | Level III  | Market approach | Yield | Minimum | Fixed Income Investments One    
Significant Unobservable Input(s)    
Fixed income investments 0.060 0.083
Consolidated Funds  | Level III  | Market approach | Yield | Maximum | Fixed Income Investments One    
Significant Unobservable Input(s)    
Fixed income investments 0.232 0.241
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average | Fixed Income Investments One    
Significant Unobservable Input(s)    
Fixed income investments 0.103 0.122
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities 1.0 4.5
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum | Fixed Income Investments Two    
Significant Unobservable Input(s)    
Fixed income investments 5.0 4.5
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities 34.6 32.4
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum | Fixed Income Investments Two    
Significant Unobservable Input(s)    
Fixed income investments 34.6 32.4
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities 14.4 8.9
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average | Fixed Income Investments Two    
Significant Unobservable Input(s)    
Fixed income investments 10.8 9.0
Consolidated Funds  | Level III  | Discounted cash flow    
Assets    
Equity securities $ 914,196 $ 648,581
Fixed income investments   $ 104
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate    
Significant Unobservable Input(s)    
Fixed income investments   0.123
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Minimum    
Significant Unobservable Input(s)    
Equity securities 0.100 0.100
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Maximum    
Significant Unobservable Input(s)    
Equity securities 0.187 0.160
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Weighted Average    
Significant Unobservable Input(s)    
Equity securities 0.130 13
Fixed income investments   0.123
Consolidated Funds  | Level III  | Transaction Price    
Assets    
Equity securities $ 871  
Consolidated Funds  | Level III  | Broker quotes and/or 3rd party pricing services    
Assets    
Fixed income investments 502,042 $ 548,264
Liabilities    
Derivative instruments (1,903) (1,291)
Consolidated Funds  | Level III  | Other    
Assets    
Equity securities 754 177
Fixed income investments 37 449
Ares Management L.P    
Assets    
Equity securities 479,709 499,063
Total assets, at fair value 592,775 632,773
Liabilities    
Total liabilities, at fair value (3,162) (2,645)
Ares Management L.P | Level III     
Assets    
Equity securities 377,087 412,491
Total assets, at fair value 487,080 538,785
Liabilities    
Total liabilities, at fair value 0 0
Ares Management L.P | Level III  | Market approach    
Assets    
Equity securities 100,000  
Fixed income investments 88,542  
Ares Management L.P | Level III  | Market approach | Equity Securities One    
Assets    
Equity securities 123,859 118,846
Ares Management L.P | Level III  | Market approach | Equity Securities Two    
Assets    
Equity securities $ 7,220 $ 6,447
Ares Management L.P | Level III  | Market approach | Multiple of book value | Minimum | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.4 1.3
Ares Management L.P | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.5 1.6
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One    
Significant Unobservable Input(s)    
Equity securities 1.4 1.5
Ares Management L.P | Level III  | Market approach | Yield    
Significant Unobservable Input(s)    
Equity securities 0.080  
Ares Management L.P | Level III  | Market approach | Yield | Minimum    
Significant Unobservable Input(s)    
Fixed income investments 0.100  
Ares Management L.P | Level III  | Market approach | Yield | Maximum    
Significant Unobservable Input(s)    
Fixed income investments 0.120  
Ares Management L.P | Level III  | Market approach | Yield | Weighted Average    
Significant Unobservable Input(s)    
Equity securities 0.080  
Fixed income investments 0.110  
Ares Management L.P | Level III  | Market approach | Earnings multiple | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities 15.4  
Ares Management L.P | Level III  | Market approach | Earnings multiple | Weighted Average | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities 15.4  
Ares Management L.P | Level III  | Market approach | Enterprise value / Earnings multiple | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities   15.4
Ares Management L.P | Level III  | Market approach | Enterprise value / Earnings multiple | Weighted Average | Equity Securities Two    
Significant Unobservable Input(s)    
Equity securities   15.4
Ares Management L.P | Level III  | Discounted cash flow    
Assets    
Equity securities $ 112,565  
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Minimum    
Significant Unobservable Input(s)    
Equity securities 0.185  
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Maximum    
Significant Unobservable Input(s)    
Equity securities 0.300  
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Weighted Average    
Significant Unobservable Input(s)    
Equity securities 0.250  
Ares Management L.P | Level III  | Transaction Price    
Assets    
Equity securities   $ 100,000
Fixed income investments   83,000
Ares Management L.P | Level III  | Broker quotes and/or 3rd party pricing services    
Assets    
Fixed income investments $ 20,601 20,799
Ares Management L.P | Level III  | Other    
Assets    
Equity securities 33,444 32,738
Fixed income investments $ 849 $ 22,495
v3.24.3
FAIR VALUE - Schedule of Investments Using NAV per Share (Details) - Consolidated Funds  - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
FAIR VALUE    
Investments (held at fair value) $ 1,934,868 $ 1,642,489
Investments Measured at NAV    
FAIR VALUE    
Investments (held at fair value) 1,934,868 1,642,489
Investments Measured at NAV | Non-core investments    
FAIR VALUE    
Investments (held at fair value) 1,934,868 1,642,489
Unfunded commitments $ 1,000,749 $ 738,621
v3.24.3
DEBT - Schedule of Debt Obligations (Details) - Ares Management L.P - USD ($)
$ in Thousands
 1 Months Ended 9 Months Ended 24 Months Ended
Nov. 30, 2023
Jan. 31, 2022
Jun. 30, 2021
Jun. 30, 2020
Oct. 31, 2014
Sep. 30, 2024
Jun. 30, 2025
Mar. 28, 2024
Mar. 27, 2024
Dec. 31, 2023
DEBT                    
Carrying Value           $ 2,542,358       $ 2,965,480
Credit Facility                    
DEBT                    
Carrying Value           $ 470,000       $ 895,000
Interest Rate           5.90%       6.37%
Unused commitment fees           0.10%        
Credit Facility | Forecast                    
DEBT                    
Interest rate spread             0.05%      
Unused commitment fees             0.01%      
Credit Facility | Minimum                    
DEBT                    
Interest rate           0.00%        
Credit Facility | SOFR                    
DEBT                    
Interest rate spread           1.00%        
Credit Facility | Revolving Credit Facility                    
DEBT                    
Maximum borrowing capacity               $ 1,400,000    
Credit Facility | Revolving Credit Facility | Line of Credit                    
DEBT                    
Maximum borrowing capacity               $ 600,000 $ 1,325,000  
Senior Notes 2024                    
DEBT                    
Original Borrowing Amount           $ 250,000        
Carrying Value           $ 249,990       $ 249,427
Interest Rate           4.21%       4.21%
Debt issuance rate         98.27%          
Senior Notes 2028                    
DEBT                    
Original Borrowing Amount           $ 500,000        
Carrying Value           $ 495,401       $ 494,863
Interest Rate           6.42%       6.42%
Debt issuance rate 99.80%                  
Senior Notes 2030                    
DEBT                    
Original Borrowing Amount           $ 400,000        
Carrying Value           $ 397,388       $ 397,050
Interest Rate           3.28%       3.28%
Debt issuance rate       99.77%            
Senior Notes 2052                    
DEBT                    
Original Borrowing Amount           $ 500,000        
Carrying Value           $ 484,500       $ 484,199
Interest Rate           3.77%       3.77%
Debt issuance rate   97.78%                
Subordinated Notes 2051                    
DEBT                    
Original Borrowing Amount           $ 450,000        
Carrying Value           $ 445,079       $ 444,941
Interest Rate           4.13%       4.13%
Interest rate     4.125%              
Debt term     5 years              
Subordinated Notes 2051 | US Treasury                    
DEBT                    
Interest rate     3.237%              
v3.24.3
DEBT - Schedule of Debt Issuance Costs (Details) - Ares Management L.P
$ in Thousands
 9 Months Ended
Sep. 30, 2024
USD ($)
Credit Facility  
Debt Issuance Costs  
Unamortized debt issuance costs, beginning balance $ 4,213
Debt issuance costs incurred 1,832
Amortization of debt issuance costs (901)
Unamortized debt issuance costs, ending balance 5,144
Senior Notes  
Debt Issuance Costs  
Unamortized debt issuance costs, beginning balance 11,784
Debt issuance costs incurred 292
Amortization of debt issuance costs (1,282)
Unamortized debt issuance costs, ending balance 10,794
Subordinated Notes  
Debt Issuance Costs  
Unamortized debt issuance costs, beginning balance 5,059
Debt issuance costs incurred 0
Amortization of debt issuance costs (138)
Unamortized debt issuance costs, ending balance $ 4,921
v3.24.3
DEBT - Schedule of Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds  - Loan obligations of Consolidated CLOs - USD ($)
$ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
DEBT    
Fair Value of Loan Obligations $ 11,070,261 $ 12,345,657
Senior secured notes    
DEBT    
Fair Value of Loan Obligations $ 10,328,010 $ 11,606,289
Weighted  Average Interest Rate 6.64% 6.64%
Weighted  Average Remaining Maturity  (in years) 7 years 10 months 24 days 8 years 2 months 12 days
Subordinated notes    
DEBT    
Fair Value of Loan Obligations $ 742,251 $ 739,368
Weighted  Average Remaining Maturity  (in years) 5 years 9 months 18 days 6 years 10 months 24 days
v3.24.3
DEBT - Schedule of Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds  - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
DEBT    
Total borrowings of Consolidated Funds $ 273,000 $ 125,241
Credit Facility Maturing 7/1/2024    
DEBT    
Total Capacity 18,000  
Outstanding loan   $ 15,241
Effective Rate   6.88%
Credit Facility Maturing 9/25/2025    
DEBT    
Total Capacity 150,000  
Outstanding loan $ 121,000  
Effective Rate 8.00%  
Credit Facility Maturing 9/24/2026    
DEBT    
Total Capacity $ 150,000  
Outstanding loan $ 0 $ 0
Effective Rate 0.00%  
Credit Facility Maturing 6/26/2027    
DEBT    
Total Capacity $ 200,000  
Outstanding loan $ 152,000 $ 110,000
Effective Rate 8.15% 8.29%
Credit Facility Maturing 9/12/2027    
DEBT    
Total Capacity $ 54,000  
Outstanding loan $ 0 $ 0
Effective Rate 0.00%  
v3.24.3
COMMITMENTS AND CONTINGENCIES - Narrative (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2022
infrastructureDebtFund
Sep. 30, 2024
USD ($)
Sep. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
COMMITMENTS AND CONTINGENCIES              
Unfunded capital commitments $ 1,178,400,000     $ 1,178,400,000   $ 1,030,600,000  
Maximum exposure from guarantees 1,100,000     1,100,000   122,300,000  
Carried interest, contingent repayment obligations $ 0     $ 0   0  
Minimum              
COMMITMENTS AND CONTINGENCIES              
Lease terms 1 year     1 year      
Maximum              
COMMITMENTS AND CONTINGENCIES              
Lease terms 19 years     19 years      
Performance income              
COMMITMENTS AND CONTINGENCIES              
Performance income subject to potential clawback provision $ 70,000,000.0     $ 70,000,000.0   78,500,000  
Performance income subject to potential claw back provision that are reimbursable by professionals 47,800,000     47,800,000   54,500,000  
Crescent Point Capital              
COMMITMENTS AND CONTINGENCIES              
Commitment, maximum amount 75,000,000     $ 75,000,000      
Business combination, percentage       33.00%      
Business combination equity awards percentage       67.00%      
Contingent liability 75,000,000     $ 75,000,000   75,000,000  
Management incentive program, amount accrued 20,000,000     20,000,000   5,000,000  
Compensation expense 5,000,000     15,000,000      
Infrastructure Debt Acquisition              
COMMITMENTS AND CONTINGENCIES              
Commitment, maximum amount 15,000,000     $ 15,000,000     $ 48,500,000
Business combination, percentage       15.00%      
Business combination equity awards percentage       85.00%      
Contingent liability 13,600,000     $ 13,600,000   13,600,000  
Management incentive program, amount accrued 5,800,000     5,800,000   $ 4,400,000  
Compensation expense $ 400,000 $ 600,000   $ 1,400,000 $ 1,800,000    
Recognition period       4 years      
Infrastructure Debt Acquisition | Revenue Target              
COMMITMENTS AND CONTINGENCIES              
Number of infrastructure debt funds revenue targets achieved | infrastructureDebtFund     1        
v3.24.3
COMMITMENTS AND CONTINGENCIES - Schedule of Maturity of Lease Liabilities (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
As of September 30, 2024  
2024 $ 11,646
2025 57,292
2026 55,053
2027 45,612
2028 58,612
Thereafter 592,526
Total future payments 820,741
Less: interest 285,055
Total operating lease liabilities $ 535,686
v3.24.3
COMMITMENTS AND CONTINGENCIES - Schedule of Classification of Operating Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]        
Operating lease expense $ 16,920 $ 10,135 $ 47,505 $ 32,434
v3.24.3
COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental information on the measurement of operating lease liabilities (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Supplemental information on the measurement of operating lease liabilities    
Operating cash flows for operating leases $ 41,740 $ 32,733
Leased assets obtained in exchange for new operating lease liabilities $ 210,551 $ 166,941
v3.24.3
COMMITMENTS AND CONTINGENCIES - Schedule of Lease Term and Discount Rate (Details)
Sep. 30, 2024
Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]    
Weighted-average remaining lease terms (in years) 13 years 2 months 12 days 8 years 4 months 24 days
Weighted-average discount rate 5.60% 4.30%
v3.24.3
RELATED PARTY TRANSACTIONS (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Dec. 31, 2023
Consolidated Funds  | Affiliated entity    
Due to affiliates:    
Due to affiliates $ 0 $ 3,554
Consolidated Funds  | Affiliated entity | Amounts due to portfolio companies and non-consolidated funds    
Due to affiliates:    
Due to affiliates 0 3,554
Ares Management L.P    
Due from affiliates:    
Due from affiliates 870,779 896,746
Due to affiliates:    
Due to affiliates 416,041 240,254
Ares Management L.P | Affiliated entity    
Due from affiliates:    
Due from affiliates 870,779 896,746
Due to affiliates:    
Due to affiliates 416,041 240,254
Ares Management L.P | Affiliated entity | Management fees receivable from non-consolidated funds    
Due from affiliates:    
Due from affiliates 596,288 560,629
Ares Management L.P | Affiliated entity | Incentive fee receivable from non-consolidated funds    
Due from affiliates:    
Due from affiliates 46,388 159,098
Ares Management L.P | Affiliated entity | Payments made on behalf of and amounts due from non-consolidated funds and employees    
Due from affiliates:    
Due from affiliates 228,103 177,019
Ares Management L.P | Affiliated entity | Management fee received in advance and rebates payable to non-consolidated funds    
Due to affiliates:    
Due to affiliates 9,159 9,585
Ares Management L.P | Affiliated entity | Tax receivable agreement liability    
Due to affiliates:    
Due to affiliates 353,899 191,299
Ares Management L.P | Affiliated entity | Carried interest and incentive fees payable    
Due to affiliates:    
Due to affiliates 45,361 33,374
Ares Management L.P | Affiliated entity | Payments made by non-consolidated funds on behalf of and payable by the Company    
Due to affiliates:    
Due to affiliates $ 7,622 $ 5,996
v3.24.3
INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]        
Income tax expense $ 46,453 $ 29,898 $ 114,760 $ 113,418
v3.24.3
INCOME TAXES - Narrative (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Income Tax Contingency [Line Items]    
Deferred tax asset $ 203.3 $ 21.5
Consolidated Entity, Excluding VIE    
Income Tax Contingency [Line Items]    
Deferred tax liability, net $ 6.8  
v3.24.3
EARNINGS PER SHARE - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Basic earnings per share of Class A and non-voting common stock:            
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 118,460     $ 61,823 $ 286,425 $ 300,376
Distributions on unvested restricted units $ (7,829)     (5,337) (22,692) (15,969)
Dividend declared and paid per Class A and non-voting common stock (in dollars per share) $ 0.93 $ 0.93 $ 0.93      
Diluted earnings per share of Class A and non-voting common stock:            
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 118,460     61,823 286,425 300,376
Distributions on unvested restricted units (7,829)     (5,337) (22,692) (15,969)
Net income available to Class A and non-voting common stockholders 110,631     56,486 263,733 $ 284,407
Diluted weighted-average shares of Class A and non-voting common stock (in shares)           182,757,955
Class A Common Stock and Non-Voting Common Stock            
Basic earnings per share of Class A and non-voting common stock:            
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders 118,460     61,823 286,425 $ 300,376
Dividends declared and paid on Class A and non-voting common stock (187,696)     (144,623) (553,867) (425,263)
Dividends in excess of earnings available to Class A and non-voting common stockholders $ (77,065)     $ (88,137) $ (290,134) $ (140,856)
Basic weighted-average shares of Class A and non-voting common stock (in shares) 200,724,068     186,218,638 196,526,832 182,757,955
Dividends in excess of earnings per share of Class A and non-voting common stock (in dollars per share) $ (0.38)     $ (0.47) $ (1.48) $ (0.77)
Dividend declared and paid per Class A and non-voting common stock (in dollars per share) 0.93     0.77 2.79 2.31
Basic earnings per share of Class A and non-voting common stock (in dollars per share) $ 0.55     $ 0.30 $ 1.31 $ 1.54
Diluted earnings per share of Class A and non-voting common stock:            
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 118,460     $ 61,823 $ 286,425 $ 300,376
Diluted weighted-average shares of Class A and non-voting common stock (in shares) 200,724,068     186,218,638 196,526,832 182,757,955
Diluted earnings per share of Class A and non-voting common stock (in dollars per share) $ 0.55     $ 0.30 $ 1.31 $ 1.54
v3.24.3
EQUITY COMPENSATION - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jan. 01, 2024
Equity compensation      
Net cash proceeds from exercises of stock options $ 1.5    
Tax benefits of exercises $ 1.4    
Class A Common Stock      
Equity compensation      
Shares delivered in period (in shares) 2,200,000 2,100,000  
Restricted units      
Equity compensation      
Shares delivered in period (in shares) 4,000,000.0 3,600,000  
Unrecognized compensation expenses $ 984.1    
Weighted average period of compensation expense expected to be recognized 3 years 7 months 6 days    
Restricted units | Tranche I      
Equity compensation      
Annual award vesting percentage 33.33%    
Restricted units | Tranche II      
Equity compensation      
Annual award vesting percentage 33.33%    
Restricted units | Tranche III      
Equity compensation      
Annual award vesting percentage 33.33%    
Options      
Equity compensation      
Shares purchased (in shares) 1    
Ares Management L.P      
Equity compensation      
Total number of shares available for grant under the equity incentive plan (in shares) 62,694,495   69,122,318
v3.24.3
EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Restricted units        
Equity compensation        
Equity compensation expense $ 85,613 $ 61,976 $ 266,267 $ 193,509
v3.24.3
EQUITY COMPENSATION - Schedule of Dividends Declared and Paid (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]      
Dividends per share (in dollars per shares) $ 0.93 $ 0.93 $ 0.93
Dividend declared (in dollars per share) $ 0.93 $ 0.93 $ 0.93
Dividend Equivalents Paid $ 16,242 $ 16,008 $ 16,294
v3.24.3
EQUITY COMPENSATION - Schedule of Unvested Restricted Units Activity (Details) - Restricted units
 9 Months Ended
Sep. 30, 2024
$ / shares
shares
Restricted Units  
Balance at the beginning of the period (in shares) | shares 17,359,829
Granted (in shares) | shares 5,087,137
Vested (in shares) | shares (3,961,789)
Forfeited (in shares) | shares (386,314)
Balance at the end of the period (in shares) | shares 18,098,863
Weighted Average Grant Date Fair Value Per Unit  
Balance at the beginning of the period (in dollars per share) | $ / shares $ 59.20
Granted (in dollars per share) | $ / shares 124.08
Vested (in dollars per share) | $ / shares 51.98
Forfeited (in dollars per share) | $ / shares 85.07
Balance at the end of the period (in dollars per share) | $ / shares $ 78.45
v3.24.3
EQUITY COMPENSATION - Schedule of Unvested Options Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Options    
Balance at the beginning of the period (in shares) 79,524  
Exercised (in shares) (79,524)  
Balance at the end of the period (in shares) 0 79,524
Options, Exercisable at the end of the period (in shares) 0  
Weighted Average Exercise Price    
Balance at the beginning of the period (in dollars per shares) $ 19.00  
Exercised (in dollars per shares) 19.00  
Balance at the end of the period (in dollars per shares) 0 $ 19.00
Weighted average exercise price, Exercisable at the end of the period (in dollars per shares) $ 0  
Weighted Average Remaining Life (in years)    
Weighted average remaining life 0 years 3 months 18 days
Exercisable at the end of the period 0 years  
Aggregate Intrinsic Value    
Outstanding intrinsic value $ 0 $ 7,946
Exercisable $ 0  
v3.24.3
EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 9 Months Ended
Jul. 11, 2024
Jun. 12, 2024
Jul. 11, 2024
Sep. 30, 2024
Sep. 30, 2023
Jan. 31, 2024
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity              
Beginning balance (in shares)       307,585,576      
Exchanges of common stocks (in shares)       0      
Stock option exercises (in shares)       79,524      
Vesting of restricted stock awards, net of shares withheld for tax (in shares)       2,224,962      
Ending balance (in shares)       313,000,741      
Ares Operating Group              
Increase (Decrease) in Stockholders' Equity              
Issuance of common stock (in shares)       3,110,679      
Class A Common Stock              
Class of Stock [Line Items]              
Common stock, par value (in dollars per share)       $ 0.01     $ 0.01
Authorized amount           $ 150.0  
Repurchase of stock (in shares)       0 0    
Increase (Decrease) in Stockholders' Equity              
Beginning balance (in shares)       187,069,907      
Exchanges of common stocks (in shares)       5,912,781      
Stock option exercises (in shares)       79,524      
Vesting of restricted stock awards, net of shares withheld for tax (in shares)       2,224,962      
Ending balance (in shares)       198,334,674      
Class A Common Stock | Ares Operating Group              
Increase (Decrease) in Stockholders' Equity              
Issuance of common stock (in shares)       3,047,500      
Class A Common Stock | Underwritten              
Class of Stock [Line Items]              
Number of shares sold (in shares) 397,500 2,650,000          
Option to purchase additional shares, number of days 30 days            
Proceeds from issuance of stock     $ 407.2        
Non-voting Common Stock              
Class of Stock [Line Items]              
Common stock, par value (in dollars per share)       $ 0.01     0.01
Increase (Decrease) in Stockholders' Equity              
Beginning balance (in shares)       3,489,911      
Exchanges of common stocks (in shares)       0      
Stock option exercises (in shares)       0      
Vesting of restricted stock awards, net of shares withheld for tax (in shares)       0      
Ending balance (in shares)       3,489,911      
Non-voting Common Stock | Ares Operating Group              
Increase (Decrease) in Stockholders' Equity              
Issuance of common stock (in shares)       0      
Class B Common Stock              
Class of Stock [Line Items]              
Common stock, par value (in dollars per share)       $ 0.01     0.01
Increase (Decrease) in Stockholders' Equity              
Beginning balance (in shares)       1,000      
Exchanges of common stocks (in shares)       0      
Stock option exercises (in shares)       0      
Vesting of restricted stock awards, net of shares withheld for tax (in shares)       0      
Ending balance (in shares)       1,000      
Class B Common Stock | Ares Operating Group              
Increase (Decrease) in Stockholders' Equity              
Issuance of common stock (in shares)       0      
Class C Common Stock              
Class of Stock [Line Items]              
Common stock, par value (in dollars per share)       $ 0.01     $ 0.01
Increase (Decrease) in Stockholders' Equity              
Beginning balance (in shares)       117,024,758      
Exchanges of common stocks (in shares)       (5,912,781)      
Stock option exercises (in shares)       0      
Vesting of restricted stock awards, net of shares withheld for tax (in shares)       0      
Ending balance (in shares)       111,175,156      
Class C Common Stock | Ares Operating Group              
Increase (Decrease) in Stockholders' Equity              
Issuance of common stock (in shares)       63,179      
v3.24.3
EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Class of Stock [Line Items]          
AOG units (in shares) 312,999,741   312,999,741   307,584,576
Ares Operating Group          
Class of Stock [Line Items]          
Direct Ownership Interest 100.00%   100.00%   100.00%
Ares Owners Holdings, L.P.          
Class of Stock [Line Items]          
AOG units (in shares) 111,175,156   111,175,156   117,024,758
Ares Owners Holdings, L.P. | Ares Operating Group          
Class of Stock [Line Items]          
Direct Ownership Interest 35.52%   35.52%   38.05%
Daily Average Ownership 35.86% 38.97% 36.77% 39.48%  
Ares Operating Group          
Class of Stock [Line Items]          
AOG units (in shares) 201,824,585   201,824,585   190,559,818
Ares Operating Group | Ares Operating Group          
Class of Stock [Line Items]          
Direct Ownership Interest 64.48%   64.48%   61.95%
Daily Average Ownership 64.14% 61.03% 63.23% 60.52%  
v3.24.3
EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Ares Operating Group              
Increase (Decrease) in Temporary Equity [Roll Forward]              
Beginning balance $ 23,178 $ 23,612 $ 24,098 $ 23,176 $ 22,517 $ 21,942 $ 93,129
Changes in ownership interests and related tax benefits             (66,506)
Net income (loss) 1,319 (387) 73 558 758 734 (1,824)
Currency translation adjustment, net of tax 614 (47) (257) 364 (99) (159) (148)
Equity compensation             174
Distributions     (302)       (2,883)
Ending balance 25,111 23,178 23,612 24,098 23,176 22,517 21,942
Consolidated Funds               
Increase (Decrease) in Temporary Equity [Roll Forward]              
Beginning balance 536,746 529,787 522,938 1,002,587 1,000,749 484,801 1,013,282
Change in redemption value 7,408 6,959 6,849 12,507 16,571 15,948 10,504
Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”)       (492,156) (14,733)   (538,985)
Gross proceeds from the initial public offering of AAC II           500,000  
Ending balance $ 544,154 $ 536,746 $ 529,787 $ 522,938 $ 1,002,587 $ 1,000,749 $ 484,801
Ares Acquisition Corporation II | Class A Common Stock              
Increase (Decrease) in Temporary Equity [Roll Forward]              
Temporary equity, shares outstanding (in shares) 50,000,000     50,000,000      
v3.24.3
SEGMENT REPORTING - Schedule of Financial Results for Company's Operating Segments and OMG (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment reporting        
Total revenues $ 1,129,739 $ 671,255 $ 2,625,784 $ 2,577,903
Compensation and benefits (435,876) (367,502) (1,268,685) (1,095,833)
General, administrative and other expenses 197,019 211,842 537,379 501,340
Total        
Segment reporting        
Compensation and benefits (360,013) (291,571) (980,181) (859,530)
General, administrative and other expenses 125,787 99,806 367,144 290,569
Fee related earnings 339,311 274,232 965,497 795,015
Performance income—realized 22,108 17,797 154,931 189,568
Performance related compensation—realized (13,234) (10,504) (95,386) (133,472)
Realized net performance income 8,874 7,293 59,545 56,096
Investment income (loss)—realized 3,848 (4,031) 4,557 13,852
Interest and other investment income—realized 16,456 12,934 66,528 42,792
Interest expense (29,733) (25,975) (105,057) (76,800)
Realized net investment income (loss) (9,429) (17,072) (33,972) (20,156)
Realized income 338,756 264,453 991,070 830,955
Operating segment        
Segment reporting        
Fee related earnings (492,294) (411,322) (1,405,584) (1,186,234)
Performance income—realized 22,108 17,797 154,931 189,568
Performance related compensation—realized (13,234) (10,504) (95,386) (133,472)
Realized income (491,378) (401,452) (1,429,849) (1,221,884)
OMG        
Segment reporting        
Compensation and benefits (102,112) (90,347) (294,639) (261,325)
General, administrative and other expenses 56,124 52,460 160,514 148,099
Fee related earnings (152,983) (137,090) (440,087) (391,219)
Performance income—realized 0 0 0 0
Performance related compensation—realized 0 0 0 0
Realized net performance income 0 0 0 0
Investment income (loss)—realized 0 0 0 0
Interest and other investment income—realized 496 114 1,588 350
Interest expense (135) (23) (280) (60)
Realized net investment income (loss) 361 91 1,308 290
Realized income (152,622) (136,999) (438,779) (390,929)
Ares Management L.P        
Segment reporting        
Total revenues 1,129,739 671,255 2,625,784 2,577,903
Ares Management L.P | Operating segment        
Segment reporting        
Compensation and benefits (257,901) (201,224) (685,542) (598,205)
General, administrative and other expenses 69,663 47,346 206,630 142,470
Fee related earnings 492,294 411,322 1,405,584 1,186,234
Performance income—realized 22,108 17,797 154,931 189,568
Performance related compensation—realized (13,234) (10,504) (95,386) (133,472)
Realized net performance income 8,874 7,293 59,545 56,096
Investment income (loss)—realized 3,848 (4,031) 4,557 13,852
Interest and other investment income—realized 15,960 12,820 64,940 42,442
Interest expense (29,598) (25,952) (104,777) (76,740)
Realized net investment income (loss) (9,790) (17,163) (35,280) (20,446)
Realized income 491,378 401,452 1,429,849 1,221,884
Ares Management L.P | Operating segment | Credit Group        
Segment reporting        
Compensation and benefits (179,987) (131,172) (457,494) (382,929)
General, administrative and other expenses 41,046 28,093 116,022 82,345
Fee related earnings 388,698 318,590 1,109,396 910,836
Performance income—realized 6,192 12,223 121,214 106,162
Performance related compensation—realized (3,451) (7,181) (73,127) (68,792)
Realized net performance income 2,741 5,042 48,087 37,370
Investment income (loss)—realized 916 1,475 (1) 19,546
Interest and other investment income—realized 7,083 5,601 23,609 21,058
Interest expense (7,625) (5,825) (25,412) (23,072)
Realized net investment income (loss) 374 1,251 (1,804) 17,532
Realized income 391,813 324,883 1,155,679 965,738
Ares Management L.P | Operating segment | Real Assets Group        
Segment reporting        
Compensation and benefits (42,360) (37,608) (119,403) (116,232)
General, administrative and other expenses 14,118 10,318 43,857 33,465
Fee related earnings 56,518 51,136 154,679 160,716
Performance income—realized 15,441 5,589 24,324 14,412
Performance related compensation—realized (9,403) (3,338) (15,134) (8,764)
Realized net performance income 6,038 2,251 9,190 5,648
Investment income (loss)—realized 2,003 (875) 1,671 (4,196)
Interest and other investment income—realized 1,971 3,148 1,280 7,362
Interest expense (4,511) (3,985) (17,189) (11,987)
Realized net investment income (loss) (537) (1,712) (14,238) (8,821)
Realized income 62,019 51,675 149,631 157,543
Ares Management L.P | Operating segment | Private Equity Group        
Segment reporting        
Compensation and benefits (13,877) (13,145) (42,737) (43,184)
General, administrative and other expenses 4,576 3,470 15,282 11,556
Fee related earnings 16,540 13,614 46,365 35,966
Performance income—realized 475 (15) 9,032 63,534
Performance related compensation—realized (380) 15 (7,235) (51,238)
Realized net performance income 95 0 1,797 12,296
Investment income (loss)—realized 197 (4,631) 505 (1,668)
Interest and other investment income—realized 333 214 794 571
Interest expense (4,862) (4,313) (16,519) (14,237)
Realized net investment income (loss) (4,332) (8,730) (15,220) (15,334)
Realized income 12,303 4,884 32,942 32,928
Ares Management L.P | Operating segment | Secondaries Group        
Segment reporting        
Compensation and benefits (14,432) (16,066) (47,971) (46,101)
General, administrative and other expenses 8,464 4,541 26,428 12,984
Fee related earnings 27,754 24,518 87,000 71,262
Performance income—realized 0 0 361 5,460
Performance related compensation—realized 0 0 110 (4,678)
Realized net performance income 0 0 471 782
Investment income (loss)—realized 0 0 0 0
Interest and other investment income—realized 96 552 454 1,959
Interest expense (2,191) (2,020) (7,467) (6,776)
Realized net investment income (loss) (2,095) (1,468) (7,013) (4,817)
Realized income 25,659 23,050 80,458 67,227
Ares Management L.P | Operating segment | Other        
Segment reporting        
Compensation and benefits (7,245) (3,233) (17,937) (9,759)
General, administrative and other expenses 1,459 924 5,041 2,120
Fee related earnings 2,784 3,464 8,144 7,454
Performance income—realized 0 0 0 0
Performance related compensation—realized 0 0 0 0
Realized net performance income 0 0 0 0
Investment income (loss)—realized 732 0 2,382 170
Interest and other investment income—realized 6,477 3,305 38,803 11,492
Interest expense (10,409) (9,809) (38,190) (20,668)
Realized net investment income (loss) (3,200) (6,504) 2,995 (9,006)
Realized income (416) (3,040) 11,139 (1,552)
Management fees        
Segment reporting        
Total revenues 753,597 637,517 2,162,970 1,853,304
Management fees | Total        
Segment reporting        
Total revenues 757,262 643,649 2,176,738 1,868,020
Management fees | OMG        
Segment reporting        
Total revenues 0 0 0 0
Management fees | Ares Management L.P | Operating segment        
Segment reporting        
Total revenues 757,262 643,649 2,176,738 1,868,020
Management fees | Ares Management L.P | Operating segment | Credit Group        
Segment reporting        
Total revenues 557,450 470,609 1,603,080 1,349,434
Management fees | Ares Management L.P | Operating segment | Real Assets Group        
Segment reporting        
Total revenues 105,733 92,754 299,156 285,463
Management fees | Ares Management L.P | Operating segment | Private Equity Group        
Segment reporting        
Total revenues 34,621 29,799 103,126 89,461
Management fees | Ares Management L.P | Operating segment | Secondaries Group        
Segment reporting        
Total revenues 48,084 42,949 140,650 124,597
Management fees | Ares Management L.P | Operating segment | Other        
Segment reporting        
Total revenues 11,374 7,538 30,726 19,065
Fee related performance revenues        
Segment reporting        
Total revenues 44,269 2,212    
Fee related performance revenues | Total        
Segment reporting        
Total revenues     69,553 6,937
Fee related performance revenues | OMG        
Segment reporting        
Total revenues 0 0 0 0
Fee related performance revenues | Ares Management L.P | Operating segment        
Segment reporting        
Total revenues 44,269 2,212 69,553 6,937
Fee related performance revenues | Ares Management L.P | Operating segment | Credit Group        
Segment reporting        
Total revenues 41,761 44 48,920 866
Fee related performance revenues | Ares Management L.P | Operating segment | Real Assets Group        
Segment reporting        
Total revenues 0 0 0 334
Fee related performance revenues | Ares Management L.P | Operating segment | Private Equity Group        
Segment reporting        
Total revenues 0 0 0 0
Fee related performance revenues | Ares Management L.P | Operating segment | Secondaries Group        
Segment reporting        
Total revenues 2,508 2,168 20,633 5,737
Fee related performance revenues | Ares Management L.P | Operating segment | Other        
Segment reporting        
Total revenues 0 0 0 0
Other fees | Total        
Segment reporting        
Total revenues 23,580 19,748 66,531 70,157
Other fees | OMG        
Segment reporting        
Total revenues 5,253 5,717 15,066 18,205
Other fees | Ares Management L.P | Operating segment        
Segment reporting        
Total revenues 18,327 14,031 51,465 51,952
Other fees | Ares Management L.P | Operating segment | Credit Group        
Segment reporting        
Total revenues 10,520 7,202 30,912 25,810
Other fees | Ares Management L.P | Operating segment | Real Assets Group        
Segment reporting        
Total revenues 7,263 6,308 18,783 24,616
Other fees | Ares Management L.P | Operating segment | Private Equity Group        
Segment reporting        
Total revenues 372 430 1,258 1,245
Other fees | Ares Management L.P | Operating segment | Secondaries Group        
Segment reporting        
Total revenues 58 8 116 13
Other fees | Ares Management L.P | Operating segment | Other        
Segment reporting        
Total revenues $ 114 $ 83 $ 396 $ 268
v3.24.3
SEGMENT REPORTING - Schedule of Segment Revenue Expenses and Realized Net Investment Income (Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment revenues        
Total revenues $ 1,129,739 $ 671,255 $ 2,625,784 $ 2,577,903
Total segment revenues 841,966 677,689 2,452,687 2,116,477
Segment expenses        
Compensation and benefits 435,876 367,502 1,268,685 1,095,833
General, administrative and other expenses 197,019 211,842 537,379 501,340
Total expenses 854,887 560,960 1,957,924 2,027,334
Segment realized net investment loss        
Total other income, net 52,254 116,577 207,619 299,394
Management fees        
Segment revenues        
Total revenues 753,597 637,517 2,162,970 1,853,304
Fee related performance revenues        
Segment revenues        
Total revenues 44,269 2,212    
Operating segment        
Segment revenues        
Performance income—realized 22,108 17,797 154,931 189,568
Segment expenses        
Performance related compensation—realized 13,234 10,504 95,386 133,472
Ares Management L.P        
Segment revenues        
Total revenues 1,129,739 671,255 2,625,784 2,577,903
Ares Management L.P | Operating segment        
Segment revenues        
Performance income—realized 22,108 17,797 154,931 189,568
Total segment revenues 841,966 677,689 2,452,687 2,116,477
Segment expenses        
Compensation and benefits 257,901 201,224 685,542 598,205
General, administrative and other expenses 69,663 47,346 206,630 142,470
Performance related compensation—realized 13,234 10,504 95,386 133,472
Total expenses 340,798 259,074 987,558 874,147
Segment realized net investment loss        
Investment income (loss)—realized 3,848 (4,031) 4,557 13,852
Interest and other investment income —realized 15,960 12,820 64,940 42,442
Interest expense (29,598) (25,952) (104,777) (76,740)
Total other income, net (9,790) (17,163) (35,280) (20,446)
Ares Management L.P | Operating segment | Management fees        
Segment revenues        
Total revenues 757,262 643,649 2,176,738 1,868,020
Ares Management L.P | Operating segment | Fee related performance revenues        
Segment revenues        
Total revenues 44,269 2,212 69,553 6,937
Ares Management L.P | Operating segment | Other fees        
Segment revenues        
Total revenues $ 18,327 $ 14,031 $ 51,465 $ 51,952
v3.24.3
SEGMENT REPORTING - Schedule of Segment Revenue Reconciliation (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenue adjustment        
Total revenues $ 1,129,739 $ 671,255 $ 2,625,784 $ 2,577,903
Total segment revenue 841,966 677,689 2,452,687 2,116,477
Ares Management L.P        
Revenue adjustment        
Total revenues 1,129,739 671,255 2,625,784 2,577,903
Operating segment | Ares Management L.P        
Revenue adjustment        
Performance (income) loss—unrealized (263,553) 31,400 (95,759) (384,533)
Total segment revenue 841,966 677,689 2,452,687 2,116,477
Reconciling items        
Revenue adjustment        
Total segment revenue (287,773) 6,434 (173,097) (461,426)
Principal investment income, net of eliminations (14,101) (29,980) (12,038) (130,679)
Reconciling items | Non-Controlling interest | Subsidiaries        
Revenue adjustment        
Total segment revenue (5,659) (7,894) (20,532) (25,224)
OMG        
Revenue adjustment        
OMG revenue (5,252) (5,717) (15,066) (18,205)
Consolidated Funds         
Revenue adjustment        
OMG revenue 64,831 79,591 192,778 188,717
Management fees        
Revenue adjustment        
Total revenues 753,597 637,517 2,162,970 1,853,304
Management fees | Operating segment | Ares Management L.P        
Revenue adjustment        
Total revenues 757,262 643,649 2,176,738 1,868,020
Management fees | OMG        
Revenue adjustment        
Total revenues 0 0 0 0
Management fees | Consolidated Funds  | Eliminations        
Revenue adjustment        
Total segment revenue 11,660 12,181 36,115 35,787
Carried interest        
Revenue adjustment        
Total revenues 277,651 (28,126) 194,006 541,828
Carried interest | Consolidated Funds  | Eliminations        
Revenue adjustment        
Total revenues 1,032 1,874 18,484 9,365
Administrative, transaction and other fees        
Revenue adjustment        
Total revenues 41,817 36,071 119,222 110,459
Administrative, transaction and other fees | Reconciling items        
Revenue adjustment        
Total revenues (18,093) (16,154) (52,201) (46,692)
Administrative, transaction and other fees | Consolidated Funds  | Reconciling items        
Revenue adjustment        
Total revenues 128 83 409 7,061
Principal investment income        
Revenue adjustment        
Total revenues 8,036 9,339 44,547 38,985
Principal investment income | Reconciling items        
Revenue adjustment        
Principal investment income, net of eliminations $ (8,036) $ (9,339) $ (44,547) $ (38,985)
v3.24.3
SEGMENT REPORTING - Schedule of Segment Expenses Components (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total segment expenses $ 854,887 $ 560,960 $ 1,957,924 $ 2,027,334
Depreciation and amortization expense 28,900 31,000 87,100 95,000
Operating segment        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Acquisition and merger-related expense (25,166) (2,414) (39,394) (10,126)
Equity-based compensation expense (85,612) (61,976) (266,267) (192,964)
Acquisition-related compensation expense (5,435) (589) (16,374) (1,831)
Placement fee adjustment (4,485) 944 825 (6,032)
Depreciation and amortization expense 46,005 105,524 118,900 194,174
Operating segment | Ares Management L.P        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total segment expenses 340,798 259,074 987,558 874,147
Performance related compensation-unrealized (180,174) 38,650 (8,478) (261,996)
Operating segment | Consolidated Funds         
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total segment expenses 854,887 560,960 1,957,924 2,027,334
Reconciling items        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total segment expenses 514,089 301,886 970,366 1,153,187
Administrative fees (18,093) (16,154) (52,201) (46,321)
Acquisition and merger-related expense (25,166) (2,414) (39,394) (10,126)
Equity-based compensation expense (85,613) (61,976) (266,267) (193,335)
Acquisition-related compensation expense (5,435) (589) (16,374) (1,831)
Placement fee adjustment 4,485 (944) (825) 6,032
Depreciation and amortization expense (46,005) (105,524) (118,900) (194,174)
Reconciling items | Subsidiaries | Non-Controlling interest        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total segment expenses (2,876) 3,096 1,094 14,247
Reconciling items | Consolidated Funds         
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Expenses of Consolidated Funds added in consolidation (14,083) (19,329) (48,200) (64,365)
Expenses of Consolidated Funds eliminated in consolidation 11,355 12,297 36,520 36,600
OMG        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total segment expenses $ 158,236 $ 142,807 $ 455,153 $ 409,424
v3.24.3
SEGMENT REPORTING - Schedule of Segment Other Income Components (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total consolidated other income $ 52,254 $ 116,577 $ 207,619 $ 299,394
Total segment realized net investment loss (9,790) (17,163) (35,280) (20,446)
Operating segment        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Investment (income) loss—unrealized 10,308 (36,966) 28,929 (105,372)
Other (income) expense, net (3,389) (286) 7,910 (589)
Operating segment | Ares Management L.P        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total consolidated other income (9,790) (17,163) (35,280) (20,446)
Investment (income) loss—unrealized (4,950) (31,246) 13,836 (104,170)
Interest and other investment (income) loss—unrealized 15,258 (5,720) 15,093 (1,202)
Operating segment | Consolidated Funds         
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total consolidated other income 52,254 116,577 207,619 299,394
Reconciling items        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total consolidated other income (62,044) (133,740) (242,899) (319,840)
Principal investment income 14,101 29,980 12,038 130,679
Other (income) expense, net 3,389 286 (7,910) 589
Reconciling items | Subsidiaries | Non-Controlling interest        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total consolidated other income (2,012) (209) 1,290 4,085
Reconciling items | Consolidated Funds         
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Other income, net from Consolidated Funds added in consolidation (87,804) (125,857) (276,107) (335,708)
Eliminations | Consolidated Funds         
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Other expense, net from Consolidated Funds eliminated in consolidation 194 (383) (137) (15,326)
OMG        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Total consolidated other income $ 220 $ 591 $ 1,002 $ (1,213)
v3.24.3
SEGMENT REPORTING - Schedule of Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Adjustments:        
Depreciation and amortization expense $ 28,900 $ 31,000 $ 87,100 $ 95,000
Consolidated Funds         
Adjustments:        
Total investment loss—realized (234,681) (255,600) (732,316) (712,992)
Operating segment        
Segment Reporting, Other Significant Reconciling Item [Line Items]        
Income before taxes 327,106 226,872 875,479 849,963
Adjustments:        
Depreciation and amortization expense 46,005 105,524 118,900 194,174
Equity compensation expense 85,612 61,976 266,267 192,964
Acquisition-related compensation expense 5,435 589 16,374 1,831
Acquisition and merger-related expense 25,166 2,414 39,394 10,126
Placement fee adjustment (4,485) 944 825 (6,032)
Other (income) expense, net 3,389 286 (7,910) 589
Total performance (income) loss—unrealized (263,553) 31,400 (95,759) (384,533)
Total performance related compensation—unrealized 180,174 (38,650) 8,478 261,996
Investment (income) loss—unrealized 10,308 (36,966) 28,929 (105,372)
Realized income 491,378 401,452 1,429,849 1,221,884
Total performance income—realized (22,108) (17,797) (154,931) (189,568)
Total performance related compensation—realized 13,234 10,504 95,386 133,472
Total investment loss—realized 9,790 17,163 35,280 20,446
Fee related earnings 492,294 411,322 1,405,584 1,186,234
Operating segment | Consolidated Funds         
Adjustments:        
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (65,998) (84,429) (242,065) (179,362)
Operating segment | Subsidiaries        
Adjustments:        
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (10,544) (5,007) (18,148) (6,892)
OMG        
Adjustments:        
OMG expense, net 152,763 136,499 439,085 392,432
Realized income 152,622 136,999 438,779 390,929
Total performance income—realized 0 0 0 0
Total performance related compensation—realized 0 0 0 0
Fee related earnings $ 152,983 $ 137,090 $ 440,087 $ 391,219
v3.24.3
CONSOLIDATION - Schedule of Interest in VIEs (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Variable Interest Entity [Line Items]          
Assets of consolidated VIEs $ 24,522,650   $ 24,522,650   $ 24,730,500
Liabilities of consolidated VIEs 18,643,116   18,643,116   19,709,151
Collateralized loan obligations          
Variable Interest Entity [Line Items]          
Maximum exposure to loss attributable to the company's investment in VIEs 96,100   96,100   83,100
Non-Consolidated Variable Interest Entities          
Variable Interest Entity [Line Items]          
Maximum exposure to loss attributable to the company's investment in VIEs 384,552   384,552   503,376
Consolidated VIEs          
Variable Interest Entity [Line Items]          
Maximum exposure to loss attributable to the company's investment in VIEs 784,102   784,102   910,600
Consolidated VIEs | Consolidated Funds           
Variable Interest Entity [Line Items]          
Assets of consolidated VIEs 14,892,869   14,892,869   15,484,962
Liabilities of consolidated VIEs 12,180,936   12,180,936   $ 13,409,257
Net income attributable to non-controlling interests related to consolidated VIEs $ 57,289 $ 66,526 $ 216,614 $ 165,118  
v3.24.3
CONSOLIDATION - Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition (Details) - USD ($)
$ / shares in Units, $ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Assets                
Intangible assets, net $ 402,176     $ 490,695        
Goodwill 1,133,074     1,123,976        
Total assets 24,522,650     24,730,500        
Liabilities                
Operating lease liabilities 535,686              
Total liabilities 18,643,116     19,709,151        
Commitments and contingencies            
Stockholders’ Equity                
Additional paid-in-capital 2,856,893     2,391,036        
Accumulated deficit (792,398)     (495,083)        
Accumulated other comprehensive income (loss), net of tax 8,450     (5,630)        
Total stockholders’ equity 2,076,075     1,893,399        
Total equity 5,310,269 $ 5,197,090 $ 4,477,072 4,474,313 $ 4,018,454 $ 3,992,470 $ 4,079,370 $ 3,798,618
Total liabilities, redeemable interest, non-controlling interests and equity $ 24,522,650     $ 24,730,500        
Common stock, shares outstanding (in shares) 313,000,741     307,585,576        
Class A Common Stock                
Stockholders’ Equity                
Common stock $ 1,983     $ 1,871        
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) 198,334,674     187,069,907        
Common stock, shares outstanding (in shares) 198,334,674     187,069,907        
Non-voting Common Stock                
Stockholders’ Equity                
Common stock $ 35     $ 35        
Common stock, par value (in dollars per share) $ 0.01     $ 0.01        
Common stock, shares authorized (in shares) 500,000,000     500,000,000        
Common stock, shares issued (in shares) 3,489,911     3,489,911        
Common stock, shares outstanding (in shares) 3,489,911     3,489,911        
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 $ 1,112     $ 1,170        
Common stock, par value (in dollars per share) $ 0.01     $ 0.01        
Common stock, shares authorized (in shares) 499,999,000     499,999,000        
Common stock, shares issued (in shares) 111,175,156     117,024,758        
Common stock, shares outstanding (in shares) 111,175,156     117,024,758        
Eliminations                 
Assets                
Total assets $ (1,003,100)     $ (1,104,263)        
Liabilities                
Total liabilities (303,706)     (295,594)        
Commitments and contingencies            
Stockholders’ Equity                
Total equity (699,394)     (808,669)        
Total liabilities, redeemable interest, non-controlling interests and equity (1,003,100)     (1,104,263)        
Ares Management L.P                
Assets                
Cash and cash equivalents 350,138     348,274        
Investments (includes $3,486,892 of accrued carried interest) 4,692,520     4,624,932        
Due from affiliates 870,779     896,746        
Other assets 641,120     429,979        
Right-of-use operating lease assets 426,483     249,326        
Intangible assets, net 969,976     1,058,495        
Goodwill $ 1,133,074     $ 1,123,976        
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration] Affiliated entity     Affiliated entity        
Liabilities                
Accounts payable, accrued expenses and other liabilities $ 328,883     $ 233,884        
Accrued compensation 401,035     287,259        
Due to affiliates 416,041     240,254        
Performance related compensation payable 2,518,898     2,514,610        
Debt obligations 2,542,358     2,965,480        
Operating lease liabilities $ 535,686     $ 319,572        
Accounts Payable, Related Party, Type [Extensible Enumeration] Affiliated entity     Affiliated entity        
Redeemable interest $ 25,111     $ 24,098        
Non-controlling interests in Ares Operating Group entities 1,285,248     1,322,469        
Stockholders’ Equity                
Additional paid-in-capital 2,856,893     2,391,036        
Accumulated deficit (792,398)     (495,083)        
Accumulated other comprehensive income (loss), net of tax 8,450     (5,630)        
Total stockholders’ equity 2,076,075     1,893,399        
Ares Management L.P | Class A Common Stock                
Stockholders’ Equity                
Common stock 1,983     1,871        
Ares Management L.P | Non-voting Common Stock                
Stockholders’ Equity                
Common stock 35     35        
Ares Management L.P | Class B Common Stock                
Stockholders’ Equity                
Common stock 0     0        
Ares Management L.P | Class C Common Stock                
Stockholders’ Equity                
Common stock 1,112     1,170        
Ares Management L.P | Carried interest                
Stockholders’ Equity                
Equity method investments: 3,486,892     3,413,007        
Ares Management L.P | Reportable legal entity                
Assets                
Cash and cash equivalents 350,138     348,274        
Investments (includes $3,486,892 of accrued carried interest) 5,517,542     5,546,209        
Due from affiliates 1,048,857     1,068,089        
Other assets 641,120     429,979        
Right-of-use operating lease assets 426,483     249,326        
Intangible assets, net 969,976     1,058,495        
Goodwill 1,133,074     1,123,976        
Total assets 10,087,190     9,824,348        
Liabilities                
Accounts payable, accrued expenses and other liabilities 329,181     245,526        
Accrued compensation 401,035     287,259        
Due to affiliates 415,608     240,254        
Performance related compensation payable 2,518,898     2,514,610        
Debt obligations 2,542,358     2,965,480        
Operating lease liabilities 535,686     319,572        
Total liabilities 6,742,766     6,572,701        
Commitments and contingencies            
Redeemable interest 25,111     24,098        
Non-controlling interests in Ares Operating Group entities 1,270,326     1,326,913        
Stockholders’ Equity                
Additional paid-in-capital 2,829,805     2,398,273        
Accumulated deficit (792,398)     (495,083)        
Accumulated other comprehensive income (loss), net of tax 8,450     (5,630)        
Total stockholders’ equity 2,048,987     1,900,636        
Total equity 3,319,313     3,227,549        
Total liabilities, redeemable interest, non-controlling interests and equity 10,087,190     9,824,348        
Ares Management L.P | Reportable legal entity | Class A Common Stock                
Stockholders’ Equity                
Common stock 1,983     1,871        
Ares Management L.P | Reportable legal entity | Non-voting Common Stock                
Stockholders’ Equity                
Common stock 35     35        
Ares Management L.P | Reportable legal entity | Class B Common Stock                
Stockholders’ Equity                
Common stock 0              
Ares Management L.P | Reportable legal entity | Class C Common Stock                
Stockholders’ Equity                
Common stock 1,112     1,170        
Ares Management L.P | Eliminations                 
Assets                
Investments (includes $3,486,892 of accrued carried interest) (825,022)     (921,277)        
Due from affiliates (178,078)     (171,343)        
Liabilities                
Accounts payable, accrued expenses and other liabilities (298)     (11,642)        
Due to affiliates 433              
Non-controlling interests in Ares Operating Group entities 14,922     (4,444)        
Stockholders’ Equity                
Additional paid-in-capital 27,088     (7,237)        
Total stockholders’ equity 27,088     (7,237)        
Consolidated Entity, Excluding VIE                
Assets                
Cash and cash equivalents 1,315,914     1,149,511        
Other assets 91,819     100,823        
Investments held in trust account 544,254     523,038        
Investments, at fair value 13,310,098     14,078,549        
Receivable for securities sold 176,475     146,851        
Liabilities                
Accounts payable, accrued expenses and other liabilities 179,928     189,523        
Due to affiliates 0     3,554        
Payable for securities purchased 377,026     484,117        
CLO loan obligations, at fair value 11,070,261     12,345,657        
Fund borrowings $ 273,000     $ 125,241        
Accounts Payable, Related Party, Type [Extensible Enumeration] Affiliated entity     Affiliated entity        
Redeemable interest $ 544,154     $ 522,938        
Non-controlling interests in Ares Operating Group entities 1,948,946     1,258,445        
Consolidated Entity, Excluding VIE | Reportable legal entity                
Assets                
Cash and cash equivalents 1,315,914     1,149,511        
Other assets 91,819     112,466        
Investments held in trust account 544,254     523,038        
Investments, at fair value 13,310,098     14,078,549        
Receivable for securities sold 176,475     146,851        
Total assets 15,438,560     16,010,415        
Liabilities                
Accounts payable, accrued expenses and other liabilities 179,928     189,523        
Due to affiliates 177,508     174,897        
Payable for securities purchased 377,026     484,117        
CLO loan obligations, at fair value 11,196,594     12,458,266        
Fund borrowings 273,000     125,241        
Total liabilities 12,204,056     13,432,044        
Commitments and contingencies            
Redeemable interest 544,154     522,938        
Non-controlling interests in Ares Operating Group entities 2,690,350     2,055,433        
Stockholders’ Equity                
Total equity 2,690,350     2,055,433        
Total liabilities, redeemable interest, non-controlling interests and equity 15,438,560     16,010,415        
Consolidated Entity, Excluding VIE | Eliminations                 
Assets                
Other assets 0     (11,643)        
Investments, at fair value 0              
Liabilities                
Due to affiliates (177,508)     (171,343)        
CLO loan obligations, at fair value (126,333)     (112,609)        
Non-controlling interests in Ares Operating Group entities $ (741,404)     $ (796,988)        
v3.24.3
CONSOLIDATION - Schedule of Results from Operations (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Total revenues $ 1,129,739 $ 671,255 $ 2,625,784 $ 2,577,903
Expenses        
Compensation and benefits 435,876 367,502 1,268,685 1,095,833
Performance related compensation 219,697 (25,448) 140,180 401,990
General, administrative and other expenses (197,019) (211,842) (537,379) (501,340)
Expenses of Consolidated Funds 2,295 7,064 11,680  
Total expenses 854,887 560,960 1,957,924 2,027,334
Other income (expense)        
Total other income, net 52,254 116,577 207,619 299,394
Income before taxes 327,106 226,872 875,479 849,963
Income tax expense 46,453 29,898 114,760 113,418
Net income 280,653 196,974 760,719 736,545
Less: Net income attributable to non-controlling interests in Consolidated Funds 64,241 80,289 236,446  
Net income (loss) 216,412 116,685 524,273 561,882
Less: Net income (loss) attributable to redeemable interest 1,319 758 1,005  
Less: Net income attributable to non-controlling interests in Ares Operating Group entities 96,633 54,104 236,843  
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders 118,460 61,823 286,425 300,376
Eliminations         
Revenues        
Total revenues (18,884) (34,779) (22,499) (143,907)
Expenses        
General, administrative and other expenses 433 32   406
Expenses of Consolidated Funds (11,788) (12,265) (36,520)  
Total expenses (11,355) (12,297) (36,520) (36,600)
Other income (expense)        
Total other income, net (194) 383 137 15,326
Income before taxes (7,723) (22,099) 14,158 (91,981)
Net income (7,723) (22,099) 14,158 (91,981)
Less: Net income attributable to non-controlling interests in Consolidated Funds (7,723) (22,099) 14,158  
Net income (loss) 0 0    
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders 0 0 0  
Ares Operating Group        
Other income (expense)        
Net realized and unrealized gains (losses) from investments (5,074) (1,770) 13,781 5,226
Interest and dividend income 7,553 4,752 19,952 11,281
Interest expense (29,733) (25,975) (105,057) (76,800)
Other income (expense), net (18,805) 5,742 (19,473) (1,068)
Net income (loss) 216,412 116,685 524,273 561,882
Less: Net income (loss) attributable to redeemable interest 1,319 758 1,005 (332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities 96,633 54,104 236,843 261,838
Ares Operating Group | Eliminations         
Other income (expense)        
Net realized and unrealized gains (losses) from investments (8,108) (5,979) (14,609) (2,280)
Interest and dividend income (2,256) (1,822) (8,001) (7,956)
Other income (expense), net (339) 213 438 515
Consolidated Funds         
Expenses        
Expenses of Consolidated Funds 2,295 7,064 11,680 28,171
Other income (expense)        
Net realized and unrealized gains (losses) from investments 64,831 79,591 192,778 188,717
Interest expense (201,199) (201,363) (626,678) (540,954)
Interest and other income of Consolidated Funds 234,681 255,600 732,316 712,992
Less: Net income attributable to non-controlling interests in Consolidated Funds 64,241 80,289 236,446 174,663
Consolidated Funds  | Eliminations         
Expenses        
Expenses of Consolidated Funds       (36,194)
Other income (expense)        
Net realized and unrealized gains (losses) from investments 9,816 7,925 19,292 22,832
Interest expense 363 259 3,017 2,730
Interest and other income of Consolidated Funds 330 (213)   (515)
Less: Net income attributable to non-controlling interests in Consolidated Funds       (91,981)
Consolidated Company Entities         
Revenues        
Total revenues 1,129,739 671,255 2,625,784 2,577,903
Consolidated Company Entities  | Reportable legal entity        
Revenues        
Total revenues 1,148,623 706,034 2,648,283 2,721,810
Expenses        
Compensation and benefits 435,876 367,502 1,268,685 1,095,833
Performance related compensation 219,697 (25,448) 140,180 401,990
General, administrative and other expenses (196,586) (211,874) (537,379) (501,746)
Total expenses 852,159 553,928 1,946,244 1,999,569
Other income (expense)        
Total other income, net (35,356) (9,663) (68,625) (51,640)
Income before taxes 261,108 142,443 633,414 670,601
Income tax expense 44,696 25,758 109,141 108,719
Net income 216,412 116,685 524,273 561,882
Net income (loss) 216,412 116,685 524,273 561,882
Less: Net income (loss) attributable to redeemable interest 1,319 758 1,005 (332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities 96,633 54,104 236,843 261,838
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders 118,460 61,823 286,425 300,376
Consolidated Company Entities  | Ares Operating Group | Reportable legal entity        
Other income (expense)        
Net realized and unrealized gains (losses) from investments 3,034 4,209 28,390 7,506
Interest and dividend income 9,809 6,574 27,953 19,237
Interest expense (29,733) (25,975) (105,057) (76,800)
Other income (expense), net (18,466) 5,529 (19,911) (1,583)
Consolidated Entity, Excluding VIE | Reportable legal entity        
Revenues        
Total revenues 0 0 0 0
Expenses        
Expenses of Consolidated Funds 14,083 19,329 48,200  
Total expenses 14,083 19,329 48,200 64,365
Other income (expense)        
Total other income, net 87,804 125,857 276,107 335,708
Income before taxes 73,721 106,528 227,907 271,343
Income tax expense 1,757 4,140 5,619 4,699
Net income 71,964 102,388 222,288 266,644
Less: Net income attributable to non-controlling interests in Consolidated Funds 71,964 102,388 222,288  
Consolidated Entity, Excluding VIE | Consolidated Funds  | Reportable legal entity        
Expenses        
Expenses of Consolidated Funds       64,365
Other income (expense)        
Net realized and unrealized gains (losses) from investments 55,015 71,666 173,486 165,885
Interest expense (201,562) (201,622) (629,695) (543,684)
Interest and other income of Consolidated Funds 234,351 255,813 732,316 713,507
Less: Net income attributable to non-controlling interests in Consolidated Funds       266,644
Management fees        
Revenues        
Total revenues 753,597 637,517 2,162,970 1,853,304
Management fees | Eliminations         
Revenues        
Total revenues (11,660) (12,181) (36,115) (35,787)
Management fees | Consolidated Company Entities  | Reportable legal entity        
Revenues        
Total revenues 765,257 649,698 2,199,085 1,889,091
Carried interest allocation        
Revenues        
Total revenues 277,651 (28,126) 194,006 541,828
Carried interest allocation | Eliminations         
Revenues        
Total revenues (1,032) (1,874) (18,487) (9,227)
Carried interest allocation | Consolidated Company Entities  | Reportable legal entity        
Revenues        
Total revenues 278,683 (26,252) 212,493 551,055
Incentive fees        
Revenues        
Total revenues 48,638 16,454 105,039 33,327
Incentive fees | Eliminations         
Revenues        
Total revenues     3 (138)
Incentive fees | Consolidated Company Entities  | Reportable legal entity        
Revenues        
Total revenues 48,638 16,454 105,036 33,465
Principal investment income (loss)        
Revenues        
Total revenues 8,036 9,339 44,547 38,985
Principal investment income (loss) | Eliminations         
Revenues        
Total revenues (6,064) (20,641) 32,509 (91,694)
Principal investment income (loss) | Consolidated Company Entities  | Reportable legal entity        
Revenues        
Total revenues 14,100 29,980 12,038 130,679
Administrative, transaction and other fees        
Revenues        
Total revenues 41,817 36,071 119,222 110,459
Administrative, transaction and other fees | Eliminations         
Revenues        
Total revenues (128) (83) (409) (7,061)
Administrative, transaction and other fees | Consolidated Company Entities  | Reportable legal entity        
Revenues        
Total revenues $ 41,945 $ 36,154 $ 119,631 $ 117,520
v3.24.3
CONSOLIDATION - Schedule of Cash Flows (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:        
Net income $ 280,653 $ 196,974 $ 760,719 $ 736,545
Net cash provided by operating activities     1,983,536 326,791
Cash flows from investing activities:        
Net cash used in investing activities     (95,886) (44,177)
Allocable to non-controlling interests in Consolidated Funds:        
Net cash used in financing activities     (1,909,755) (341,603)
Effect of exchange rate changes     23,969 (19,171)
Net change in cash and cash equivalents     1,864 (78,160)
Cash and cash equivalents, beginning of period     348,274  
Cash and cash equivalents, end of period 350,138 311,827 350,138 311,827
Supplemental disclosure of non-cash financing activities:        
Issuance of common stock in connection with acquisition-related activities     7,724 116,101
Issuance of common stock in connection with settlement of management incentive program     0 245,647
Eliminations         
Cash flows from operating activities:        
Net income (7,723) (22,099) 14,158 (91,981)
Net cash provided by operating activities     (261,520) 32,433
Allocable to non-controlling interests in Consolidated Funds:        
Net cash used in financing activities     95,117 (193,111)
Effect of exchange rate changes     0  
Net change in cash and cash equivalents     (166,403) (160,678)
Cash and cash equivalents, beginning of period     (1,149,511) (724,641)
Cash and cash equivalents, end of period (1,315,914) (885,319) (1,315,914) (885,319)
Consolidated Funds         
Cash flows from operating activities:        
Adjustments to reconcile net income to net cash provided by operating activities     835,340 (948,908)
Change in cash and cash equivalents held at Consolidated Funds     (300,009) 91,314
Allocable to non-controlling interests in Consolidated Funds:        
Contributions from redeemable and non-controlling interests in Consolidated Funds     544,294 735,944
Distributions to non-controlling interests in Consolidated Funds     (76,502) (56,945)
Redemptions of redeemable interests in Consolidated Funds     0 (553,718)
Borrowings under loan obligations by Consolidated Funds     323,540 549,664
Repayments under loan obligations by Consolidated Funds     (1,504,344) (257,370)
Consolidated Funds  | Reportable legal entity        
Cash flows from operating activities:        
Adjustments to reconcile net income to net cash provided by operating activities     854,632 (926,076)
Change in cash and cash equivalents held at Consolidated Funds     (121,365) 228,877
Net cash provided by operating activities     955,555 (430,555)
Allocable to non-controlling interests in Consolidated Funds:        
Contributions from redeemable and non-controlling interests in Consolidated Funds     473,091 944,485
Distributions to non-controlling interests in Consolidated Funds     (100,416) (72,375)
Redemptions of redeemable interests in Consolidated Funds       (553,718)
Borrowings under loan obligations by Consolidated Funds     323,540 549,664
Repayments under loan obligations by Consolidated Funds     (1,504,344) (257,370)
Net cash used in financing activities     (808,129) 610,686
Effect of exchange rate changes     18,977 (19,453)
Net change in cash and cash equivalents     166,403 160,678
Cash and cash equivalents, beginning of period     1,149,511 724,641
Cash and cash equivalents, end of period 1,315,914 885,319 1,315,914 885,319
Consolidated Funds  | Eliminations         
Cash flows from operating activities:        
Adjustments to reconcile net income to net cash provided by operating activities     (19,292) (22,832)
Change in cash and cash equivalents held at Consolidated Funds     (178,644) (137,563)
Allocable to non-controlling interests in Consolidated Funds:        
Contributions from redeemable and non-controlling interests in Consolidated Funds     (71,203) (208,541)
Distributions to non-controlling interests in Consolidated Funds     23,914 15,430
Ares Management L.P        
Cash flows from operating activities:        
Adjustments to reconcile net income to net cash provided by operating activities     429,097 312,180
Cash flows due to changes in operating assets and liabilities     258,389 135,660
Cash flows from investing activities:        
Purchase of furniture, equipment and leasehold improvements, net of disposals     (82,203) (44,177)
Acquisitions     (13,683) 0
Cash flows from financing activities:        
Net proceeds from issuance of Class A common stock     407,236 0
Proceeds from Credit Facility     970,000 735,000
Repayments of Credit Facility     (1,395,000) (670,000)
Dividends and distributions      (969,360) (760,085)
Stock option exercises     1,511 80,426
Taxes paid related to net share settlement of equity awards     (211,615) (145,421)
Other financing activities     485 902
Allocable to non-controlling interests in Consolidated Funds:        
Cash and cash equivalents, beginning of period     348,274 389,987
Cash and cash equivalents, end of period 350,138 311,827 350,138 311,827
Ares Management L.P | Reportable legal entity        
Cash flows from operating activities:        
Net income 216,412 116,685 524,273 561,882
Adjustments to reconcile net income to net cash provided by operating activities     543,839 23,920
Cash flows due to changes in operating assets and liabilities     221,389 139,111
Net cash provided by operating activities     1,289,501 724,913
Cash flows from investing activities:        
Purchase of furniture, equipment and leasehold improvements, net of disposals     (82,203) (44,177)
Acquisitions     (13,683)  
Net cash used in investing activities     (95,886) (44,177)
Cash flows from financing activities:        
Net proceeds from issuance of Class A common stock     407,236  
Proceeds from Credit Facility     970,000 735,000
Repayments of Credit Facility     (1,395,000) (670,000)
Dividends and distributions      (969,360) (760,085)
Stock option exercises     1,511 80,426
Taxes paid related to net share settlement of equity awards     (211,615) (145,421)
Other financing activities     485 902
Allocable to non-controlling interests in Consolidated Funds:        
Net cash used in financing activities     (1,196,743) (759,178)
Effect of exchange rate changes     4,992 282
Net change in cash and cash equivalents     1,864 (78,160)
Cash and cash equivalents, beginning of period     348,274 389,987
Cash and cash equivalents, end of period $ 350,138 $ 311,827 350,138 311,827
Supplemental disclosure of non-cash financing activities:        
Issuance of common stock in connection with acquisition-related activities     7,724 116,101
Ares Management L.P | Eliminations         
Cash flows from operating activities:        
Adjustments to reconcile net income to net cash provided by operating activities     (114,742) 288,260
Cash flows due to changes in operating assets and liabilities     $ 37,000 (3,451)
Ares Management L.P | Ares Operating Group | Reportable legal entity        
Supplemental disclosure of non-cash financing activities:        
Issuance of common stock in connection with settlement of management incentive program       $ 245,647
v3.24.3
SUBSEQUENT EVENTS (Details) - USD ($)
 1 Months Ended 3 Months Ended
Oct. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Subsequent events        
Dividend declared (in dollars per share)   $ 0.93 $ 0.93 $ 0.93
Dividends payable per share (in dollars per shares)   $ 0.93 $ 0.93 $ 0.93
Series B Convertible Preferred Stock | Forecast | Underwriters' Option        
Subsequent events        
Number of shares sold (in shares) 3,000,000      
Subsequent event | Senior Notes 2054 | Senior secured notes        
Subsequent events        
Debt instrument face amount $ 750,000,000      
Interest rate 5.60%      
Subsequent event | Series B Convertible Preferred Stock        
Subsequent events        
Issuance of common stock (in shares) 30,000,000      
Preferred stock, par value (in dollars per share) $ 0.01      
Proceeds from issuance of preferred stock $ 1,462,500,000      
Dividend rate, percentage 6.75%      
Dividends payable per share (in dollars per shares) $ 0.759375      
Preferred stock dividends per share declared (in dollars per share) 0.759375      
Subsequent event | Non-voting Common Stock        
Subsequent events        
Dividend declared (in dollars per share) 0.93      
Dividends payable per share (in dollars per shares) 0.93      
Subsequent event | Class A Common Stock        
Subsequent events        
Dividend declared (in dollars per share) 0.93      
Dividends payable per share (in dollars per shares) $ 0.93      
Subsequent event | GCP International        
Subsequent events        
Business combination, consideration transferred $ 3,700,000,000      
Payments to acquire businesses, gross 1,800,000,000      
Equity consideration transferred 1,900,000,000      
Subsequent event | GCP International | Maximum        
Subsequent events        
Earn-out provision $ 1,500,000,000