Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2021	Feb. 21, 2022	Jun. 30, 2021
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-36429
Entity Registrant Name	ARES MANAGEMENT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0962035
Entity Address, Address Line One	2000 Avenue of the Stars
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	201-4100
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	ARES
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 9,289,667,561
Documents Incorporated by Reference	Part III of this Form 10-K incorporates by reference information from the registrant’s definitive proxy statement related to the 2022 annual meeting of stockholders.
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001176948
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		171,159,034
Non- voting Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		3,489,911
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		1,000
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (in shares)		118,605,197

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2021
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Intangible assets, net	$ 768,318	$ 222,088
Total assets	21,605,164	15,168,992
Liabilities
Operating lease liabilities	205,075
Total liabilities	16,694,730	12,596,852
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at December 31, 2021 and 2020, respectively)	0	298,761
Additional paid-in-capital	1,913,559	1,043,669
Retained earnings	(89,382)	(151,824)
Accumulated other comprehensive income (loss), net of tax	(1,855)	483
Total stockholders' equity	1,825,227	1,193,685
Total equity	3,814,426	2,471,774	$ 1,858,598	$ 1,394,341
Total liabilities, redeemable interest, non-controlling interests and equity	21,605,164	15,168,992
Class A Common Stock
Stockholders' Equity
Common stock	1,684	1,472
Non- voting Common Stock
Stockholders' Equity
Common stock	35	0
Class B Common Stock
Stockholders' Equity
Common stock	0	0
Class C Common Stock
Stockholders' Equity
Common stock	1,186	1,124
Consolidated Funds
Assets
Cash and cash equivalents	1,049,191	522,377
U.S. Treasury securities, at fair value	1,000,285	0
Investments, at fair value	11,816,393	10,877,097
Due from affiliates	7,234	17,172
Receivable for securities sold	281,132	121,225
Other assets	39,430	35,502
Liabilities
Accounts payable, accrued expenses and other liabilities	103,258	46,824
Due to affiliates	0	0
Payable for securities purchased	1,118,456	514,946
CLO loan obligations, at fair value	10,657,661	9,958,076
Fund borrowings	127,771	121,909
Redeemable interest	1,000,000	0
Non-controlling interests in Consolidated Funds	591,452	539,720
Ares Operating Group
Liabilities
Redeemable interest	96,008	100,366	$ 99,804
Non-controlling interests in Ares Operating Group entities	1,397,747	738,369
Ares Management L.P
Assets
Cash and cash equivalents	343,655	539,812
Investments (includes accrued carried interest of $2,998,421 and $1,145,853 at December 31, 2021 and 2020, respectively)	3,684,264	1,682,759
Due from affiliates	670,383	405,887
Other assets	1,122,727	590,332
Intangible assets, net	1,422,818	222,087
Right-of-use operating lease assets	167,652	154,742
Liabilities
Accounts payable, accrued expenses and other liabilities	279,673	115,289
Accrued compensation	310,222	121,927
Due to affiliates	198,553	100,186
Performance related compensation payable	2,190,352	794,461
Debt obligations	1,503,709	642,998
Operating lease liabilities	205,075	180,236
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at December 31, 2021 and 2020, respectively)		298,761
Additional paid-in-capital	1,913,559	1,043,669
Retained earnings	(89,382)	(151,824)
Accumulated other comprehensive income (loss), net of tax	(1,855)	483
Total stockholders' equity	1,825,227	1,193,685
Ares Management L.P \| Class A Common Stock
Stockholders' Equity
Common stock	1,684	1,472
Ares Management L.P \| Non- voting Common Stock
Stockholders' Equity
Common stock	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	$ 1,186	$ 1,124

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Preferred stock, shares issued (in shares)	0	12,400,000
Preferred stock, shares outstanding (in shares)	0	12,400,000
Common stock, shares outstanding (in shares)	290,451,548	259,631,180
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)	168,351,305	147,182,562
Common stock, shares outstanding (in shares)	168,351,305	147,182,562
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	0
Common stock, shares outstanding (in shares)	3,489,911	0
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)	118,609,332	112,447,618
Common stock, shares outstanding (in shares)	118,609,332	112,447,618
Ares Management L.P \| Carried interest
Equity method investments:	$ 2,998,421	$ 1,145,853

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 4,212,091	$ 1,764,046	$ 1,765,438
Expenses
Compensation and benefits	1,162,633
Performance related compensation	1,740,786
General, administrative and other expenses	444,178
Total expenses	3,410,083	1,450,486	1,462,797
Other income (expense)
Net realized and unrealized gains (losses) on investments	19,102
Interest and dividend income	9,865
Interest expense	(36,760)
Other income (expense), net	14,402
Total other income (expense)	263,682	65,918	122,539
Income before taxes	1,065,690	379,478	425,180
Income tax expense	147,385	54,993	52,376
Net income	918,305	324,485	372,804
Net income attributable to Ares Management Corporation	408,837	152,142	148,884
Less: Series A Preferred Stock dividends paid	10,850	21,700	21,700
Less: Series A Preferred Stock redemption premium	11,239	0	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 386,748	$ 130,442	$ 127,184
Class A Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 2.24	$ 0.89	$ 1.11
Diluted (in dollars per share)	$ 2.15	$ 0.87	$ 1.06
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	163,703,626	135,065,436	107,914,953
Diluted (in shares)	180,112,271	149,508,498	119,877,429
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 62,486	$ 20,119	$ 42,045
Other income (expense)
Net realized and unrealized gains (losses) on investments	77,303	(96,864)	15,136
Interest expense	(258,048)	(286,316)	(277,745)
Interest and other income of Consolidated Funds	437,818	463,652	395,599
Less: Net income attributable to non-controlling interests	120,369	28,085	39,704
Ares Operating Group
Other income (expense)
Net income	797,936	296,400	333,100
Less: Net income attributable to non-controlling interests	390,440	145,234	184,216
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(1,341)	(976)	0
Ares Management L.P
Revenues
Total revenues	4,212,091	1,764,046	1,765,438
Expenses
Compensation and benefits	1,162,633	767,252	653,352
Performance related compensation	1,740,786	404,116	497,181
General, administrative and other expenses	444,178	258,999	270,219
Other income (expense)
Net realized and unrealized gains (losses) on investments	19,102	(9,008)	9,554
Interest and dividend income	9,865	8,071	7,506
Interest expense	(36,760)	(24,908)	(19,671)
Other income (expense), net	14,402	11,291	(7,840)
Income tax expense	147,297	54,875	52,906
Management fees
Revenues
Total revenues	1,611,047
Management fees \| Ares Management L.P
Revenues
Total revenues	1,611,047	1,150,608	979,417
Carried interest allocation
Revenues
Total revenues	2,073,551
Carried interest allocation \| Ares Management L.P
Revenues
Total revenues	2,073,551	505,608	621,872
Incentive fees
Revenues
Total revenues	332,876
Incentive fees \| Ares Management L.P
Revenues
Total revenues	332,876	37,902	69,197
Principal investment income
Revenues
Total revenues	99,433
Principal investment income \| Ares Management L.P
Revenues
Total revenues	99,433	28,552	56,555
Administrative, transaction and other fees
Revenues
Total revenues	95,184
Administrative, transaction and other fees \| Ares Management L.P
Revenues
Total revenues	$ 95,184	$ 41,376	$ 38,397

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income	$ 918,305	$ 324,485	$ 372,804
Other comprehensive income:
Foreign currency translation adjustments, net of tax	(21,464)	28,728	3,322
Total comprehensive income	896,841	353,213	376,126
Ares Management L.P
Other comprehensive income:
Comprehensive income attributable to Ares Management Corporation	406,499	158,672	151,361
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income attributable to non-controlling interests	103,498	43,184	37,869
Ares Operating Group
Net income	797,936	296,400	333,100
Other comprehensive income:
Less: Comprehensive income attributable to non-controlling interests	388,812	150,795	186,896
Less: Comprehensive income (loss) attributable to redeemable interest	$ (1,968)	$ 562	$ 0

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-Controlling interest Ares Operating Group	Non-Controlling interest Consolidated Funds	Series A Preferred Stock Preferred Stock	Class A Common Stock Common Stock	Non- voting Common Stock Common Stock	Class C Common Stock Common Stock
Beginning balance at Dec. 31, 2018	$ 1,394,341	$ 326,007	$ (29,336)	$ (8,524)	$ 302,780	$ 503,637	$ 298,761	$ 1,016	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Relinquished with deconsolidation of funds	(55)					(55)
Changes in ownership interests and related tax benefits	(28,613)	(133,976)			105,341			22
Repurchases of Class A common stock	(10,449)	(10,445)						(4)
Capital contributions	381,432	206,635			1,876	172,851		70
Dividends/Distributions	(441,649)		(148,668)		(174,999)	(96,282)	(21,700)
Net income	372,804		127,184		184,216	39,704	21,700
Currency translation adjustment, net of tax	3,322			2,477	2,680	(1,835)
Equity compensation	96,954	46,560			50,394
Stock option exercises	90,511	90,463						48
Ending balance at Dec. 31, 2019	1,858,598	525,244	(50,820)	(6,047)	472,288	618,020	298,761	1,152	0	0
Increase (Decrease) in Stockholders' Equity
Consolidation and deconsolidation of funds, net	(2,407)					(2,407)
Changes in ownership interests and related tax benefits	(99,145)	(328,419)			229,229			73		(28)
Issuances of common stock	688,492	687,142						198		1,152
Capital contributions	177,710	481			44,799	132,430		0
Dividends/Distributions	(719,987)		(231,446)		(215,334)	(251,507)	(21,700)
Net income	325,461		130,442		145,234	28,085	21,700
Currency translation adjustment, net of tax	27,190			6,530	5,561	15,099
Equity compensation	122,986	66,394			56,592
Stock option exercises	92,876	92,827						49
Ending balance at Dec. 31, 2020	2,471,774	1,043,669	(151,824)	483	738,369	539,720	298,761	1,472	0	1,124
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(217,492)	(133,289)			(97,735)	13,487		70		(25)
Issuances of common stock	827,430	827,273						122	35
Capital contributions	572,751				539,020	33,644				87
Redemption of preferred stock	(310,000)						(310,000)
Dividends/Distributions	(703,253)		(324,306)		(269,200)	(98,897)	(10,850)
Net income	919,646		386,748		390,440	120,369	22,089
Currency translation adjustment, net of tax	(20,837)			(2,338)	(1,628)	(16,871)
Equity compensation	237,191	138,710			98,481
Stock option exercises	37,216	37,196						20
Ending balance at Dec. 31, 2021	$ 3,814,426	$ 1,913,559	$ (89,382)	$ (1,855)	$ 1,397,747	$ 591,452	$ 0	$ 1,684	$ 35	$ 1,186

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 918,305	$ 324,485	$ 372,804
Cash flows due to changes in operating assets and liabilities:
Net cash used in operating activities	(2,596,045)	(425,659)	(2,083,021)
Cash flows from investing activities:
Net cash used in investing activities	(1,084,633)	(136,764)	(16,796)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	3,503,625	943,895	2,122,330
Effect of exchange rate changes	(19,104)	19,956	5,624
Net change in cash and cash equivalents	(196,157)	401,428	28,137
Cash and cash equivalents, beginning of period	539,812	138,384	110,247
Cash and cash equivalents, end of period	343,655	539,812	138,384
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	510,848	305,338	0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	205,085	257,132	233,090
Cash paid during the period for income taxes	22,788	38,174	35,625
Consolidated Funds
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized (gains) losses on investments	(77,303)	96,864	(15,136)
Other non-cash amounts	(35,879)	(34,297)	(8,383)
Investments purchased	(13,067,564)	(6,615,732)	(5,216,931)
Proceeds from sale of investments	9,970,609	5,502,325	3,077,755
Cash flows due to changes in operating assets and liabilities:
Change in cash and cash equivalents held at Consolidated Funds	(526,815)	83,945	(221,677)
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	(39,539)	60,895	(81,059)
Change in other assets and receivables held at Consolidated Funds	(180,953)	(33,298)	(54,834)
Change in other liabilities and payables held at Consolidated Funds	723,616	10,787	88,467
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	1,033,644	132,430	172,851
Distributions to non-controlling interests in Consolidated Funds	(98,897)	(251,507)	(96,282)
Borrowings under loan obligations by Consolidated Funds	2,048,932	1,013,291	3,341,837
Repayments under loan obligations by Consolidated Funds	(80,752)	(190,055)	(1,035,710)
Ares Management L.P
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	237,191	122,986	97,691
Depreciation and amortization	113,293	41,248	39,459
Net realized and unrealized (gains) losses on investments	(88,978)	(8,039)	(53,092)
Other non-cash amounts	(31,070)	0	0
Investments purchased	(340,199)	(90,851)	(278,798)
Proceeds from sale of investments	273,382	174,679	284,810
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(745,021)	(17,687)	(94,755)
Due to/from affiliates	(180,928)	(76,185)	(75,138)
Other assets	213,825	(36,694)	26,684
Accrued compensation and benefits	142,815	47,875	(1,557)
Accounts payable, accrued expenses and other liabilities	125,168	21,035	30,669
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(27,226)	(15,942)	(16,796)
Acquisitions, net of cash acquired	(1,057,407)	(120,822)	0
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	827,430	383,154	206,705
Proceeds from Credit Facility	883,000	790,000	335,000
Proceeds from issuance of senior and subordinated notes	450,000	399,084	0
Repayments of Credit Facility	(468,000)	(860,000)	(500,000)
Dividends and distributions	(593,506)	(446,780)	(323,667)
Series A Preferred Stock dividends	(10,850)	(21,700)	(21,700)
Redemption of Series A Preferred Stock	(310,000)	0	0
Repurchases of Class A common stock	0	0	(10,449)
Stock option exercises	37,216	92,877	90,511
Taxes paid related to net share settlement of equity awards	(226,101)	(95,368)	(33,554)
Other financing activities	11,509	(1,531)	$ (3,212)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	539,812
Cash and cash equivalents, end of period	$ 343,655	$ 539,812

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate, Secondary Solutions and Strategic Initiatives. Information about segments should be read together with “Note 16. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying audited financial statements include the consolidated results of the Company and its subsidiaries. The Company is a holding company, and the Company's assets include equity interests in Ares Holdings Inc., Ares Offshore Holdings, Ltd., and Ares AI Holdings L.P. In this annual report, the following of the Company’s subsidiaries are collectively referred to as the “Ares Operating Group” or “AOG”: Ares Offshore Holdings L.P. (“Ares Offshore”), Ares Holdings L.P. (“Ares Holdings”), and Ares Investments L.P. (“Ares Investments”). The Company, indirectly through its wholly owned subsidiaries, is the general partner of each of the Ares Operating Group entities. The Company operates and controls all of the businesses and affairs of and conducts all of its material business activities through the Ares Operating Group. On April 1, 2021, the Company completed an internal reorganization (the “Reorganization”) that simplified the organizational structure and merged Ares Offshore and Ares Investments with Ares Holdings. As a result of the Reorganization, Ares Holdings became the sole entity in the Ares Operating Group. The Company and its wholly owned subsidiaries 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 entities, collateralized loan obligations or funds (collectively “CLOs”) and a special purpose acquisition company (“SPAC”) (collectively, the “Consolidated Funds”). In February 2021, the Company’s first sponsored SPAC, Ares Acquisition Corporation (NYSE: AAC) (“AAC”), consummated its initial public offering that raised capital of $1.0 billion. Prior to the completion of a business combination, the sponsor, a wholly owned subsidiary of the Company, owns the majority of the Class B ordinary shares outstanding of AAC, and consolidates AAC under the voting interest model. Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to Stockholders' Equity, except where a reallocation of ownership occurs based on specific terms of a profit sharing agreement, such as a redemption or liquidation preference. 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 in the Consolidated Statements of Cash Flows. Redeemable Interest and Non-Controlling Interests in Ares Operating Group Entities The non-controlling interests in AOG entities represent a component of equity and net income attributable to the owners of the Ares Operating Group Units (“AOG Units”) that are not held directly or indirectly by the Company. These owners consist predominantly of Ares Owners Holdings L.P. but also include other strategic distribution partnerships with whom the Company has established joint ventures and other non-controlling strategic investors. Non-controlling interests in AOG entities are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the AOG entities either based on their historical ownership percentage for the proportional number of days in the reporting period or based on the activity associated with certain membership interests. On July 1, 2020, the Company completed its acquisition of a majority interest in SSG Capital Holdings Limited and its operating subsidiaries (“SSG”) (“SSG Acquisition”). In connection with the SSG Acquisition, the former owners of SSG retained an ownership interest in the operations acquired by the Company. In certain circumstances, the Company may acquire full ownership of SSG pursuant to a contractual arrangement that may be initiated by the Company or by the former owners of SSG. Since the acquisition of the remaining interest in SSG is not within the Company's sole discretion, the ownership interest held by the former owners of SSG is classified as a redeemable interest and represents mezzanine equity.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis in the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP. All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values in the Company’s Consolidated Statements of Financial Condition. Net income attributable to holders of subordinated notes of the CLOs is presented within net income attributable to non-controlling interests in consolidated funds in the Consolidated Statements of Operations. The Company has reclassified certain prior period amounts to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other income (expense) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements. Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that the Company concludes are variable interest entities (“VIEs”) in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, carried interest, incentive fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in many of these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE”). Variable Interest Model The Company considers an entity to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary. The Company determines it is the primary beneficiary when it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders the conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties' equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary. Consolidated CLOs As of December 31, 2021 and 2020, the Company consolidated 23 and 21 CLOs, respectively. The Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities within the GAAP fair value hierarchy. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company). The loan obligations issued by the CLOs are collateralized by diversified asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent incentive fee income. In cases where the Company earns fees from a CLO that it consolidates, those fees have been eliminated as intercompany transactions. The Company's holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes, which are repaid based on available cash flows subject to priority of payments under each consolidated CLO's governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO. Fair Value Measurements GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: •Level I—Quoted prices in active markets for identical instruments. •Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. •Level III—Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period (see “Note 6. Fair Value” for further detail). Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds. At December 31, 2021 and 2020, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. U.S. Treasury Securities, at Fair Value U.S. Treasury securities, at fair value represents U.S. Treasury bills that were purchased with funds raised through the initial public offering of AAC, a consolidated SPAC that is presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust agreement. The U.S. Treasury bills typically have original maturities of three months or less when purchased and are recorded at fair value. Interest income received on such securities is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds in the Consolidated Statements of Operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net realized and unrealized gains (losses) on investments of Consolidated Funds in the Consolidated Statements of Operations. Investments The Company has retained the specialized investment company accounting guidance under GAAP with respect to its Consolidated Funds, which hold a substantial majority of its investments. Thus, the consolidated investments are reflected in the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). Certain investments are denominated in foreign currency and are translated into U.S. dollars at each reporting date. Equity Method Investments The Company accounts for its investments in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments in the Consolidated Statements of Financial Condition. The carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. In addition, certain of the Company's equity method investments are reported at fair value. Management's determination of fair value includes various valuation techniques. These techniques may include market approach, recent transaction price, net asset value approach, discounted cash flows, acreage valuation and may use one or more significant unobservable inputs such as EBITDA or revenue multiples, discount rates, weighted average cost of capital, exit multiples, terminal growth rates and other unobservable inputs. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is presented within principal investment income (loss) and net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued but unpaid carried interest as of the reporting date is presented within investments in the Consolidated Statements of Financial Condition. Derivative Instruments The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company's counterparty credit risk is equal to the amount reported as a derivative asset in the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Consolidated Statements of Financial Condition with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds present derivative and other financial instruments on a net basis. This election is determined at management's discretion on a fund by fund basis. The Company has retained the Consolidated Fund's election upon consolidation. Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss) within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Upon settlement of the instrument, the Company records the realized gain (loss) within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition, including the fair value of certain elements of contingent consideration, is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase consideration is recognized as a bargain purchase gain. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. The acquisition method of accounting allows for a measurement period for up to one year after the acquisition date to make adjustments to the purchase price allocation as the Company obtains more information regarding asset valuations and liabilities assumed. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. Goodwill and Intangible Assets Intangible Assets The Company's finite-lived intangible assets consists primarily of contractual rights to earn future management fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 2.0 to 13.5 years. The purchase price of an acquired management contract is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses in the Consolidated Statements of Operations. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated undiscounted cash flows attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using a discounted future cash flow methodology. The Company tests indefinite-lived intangible assets annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of impairment as the excess of the carrying amount of the indefinite-lived intangible asset over its fair value. The Company also tests indefinite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable or that the useful lives of these assets are no longer appropriate. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s strategic plans with regard to the indefinite-lived intangible assets. Goodwill Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates. The Company's goodwill is presented within other assets on the Company’s Consolidated Statements of Financial Condition. Fixed Assets Fixed assets, consisting of furniture, fixtures, computer hardware, equipment, internal-use software and leasehold improvements are recorded at cost, less accumulated depreciation and amortization. Fixed assets are presented within other assets on the Company’s Consolidated Statements of Financial Condition. Direct costs associated with developing, purchasing or otherwise acquiring software for internal use (“Internal-Use Software”) are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Fixed assets are depreciated or amortized on a straight-line basis over an asset's estimated useful life, with the corresponding depreciation and amortization expense presented within general, administrative and other expenses on the Company’s Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the lease term or the life of the asset while other fixed assets and internal-use software are generally depreciated between three and seven years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Leases The Company has entered into operating and finance leases for corporate offices and certain equipment and makes the determination if an arrangement constitutes a lease at inception. Operating leases are presented within right-of-use operating lease assets and operating lease liabilities in the Company's Consolidated Statements of Financial Condition. Finance leases are capitalized as a component of fixed assets and presented within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the Consolidated Statements of Financial Condition. Right-of-use operating lease assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and corresponding lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses the its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The right-of-use operating lease asset also includes any lease prepayments and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Lease expense is primarily recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. However, for certain equipment leases where the non-lease components are not material, the Company accounts for the lease and non-lease components as a single lease component. Redeemable Interest Redeemable interest in AOG entities represents the ownership interest that the former owners of SSG retained in connection with the SSG Acquisition. Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity in the Consolidated Statements of Financial Condition. Income (loss) is allocated based on the ownership percentage attributable to the redeemable interest. The Company determined that the redemption of the redeemable interest is probable as of the date of acquisition. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount, as defined in accordance with the terms of a contractual arrangement between the Company and the former owners of SSG, to the extent that the redemption amount exceeds the initial measurement on the date of acquisition. The Company recognizes changes in the redemption amount with corresponding adjustments against retained earnings, or additional paid-in-capital in the absence of retained earnings, within stockholders' equity in the Consolidated Statements of Financial Condition. Redeemable interest in Consolidated Funds represent the Class A ordinary shares issued by AAC that are redeemable for cash by the public shareholders in the event that AAC does not complete a business combination or tender offer associated with stockholder approval provisions. The Class A ordinary shareholders have redemption rights that are considered to be outside of AAC’s control. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount. At December 31, 2021, all 100,000,000 Class A ordinary shares of AAC were classified outside of perpetual capital. Revenue Recognition The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value (“NAV”), NAV plus unfunded commitments, net investment income, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability. Management fees also include a quarterly fee on the net investment income (“Part I Fees”) of Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”), a publicly-traded business development company registered under the Investment Company Act and managed by a subsidiary of the Company, and CION Ares Diversified Credit Fund (“CADC”). ARCC Part I Fees are equal to 20.0% of its net investment income (before ARCC Part I Fees and incentive fees payable based on capital gains), subject to a fixed hurdle rate of 1.75% per quarter, or 7.0% per annum. No fees are recognized until ARCC's net investment income exceeds a 1.75% hurdle rate, with a catch-up provision to ensure that the Company receives 20% of the net investment income from the first dollar earned. CADC Part I Fees are equal to 15.0% of its net investment income (before CADC Part I Fees), subject to a fixed “hurdle rate” of 1.5% per quarter, or 6.0% per annum. No fees are recognized until CADC's net investment income exceeds the hurdle rate, with a catch-up provision to ensure that the Company receives 15% of the net investment income from the first dollar earned. Carried Interest Allocation In certain fund structures, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund's net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within investments in the Consolidated Statements of Financial Condition. Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally does not become realized until the end of a fund’s life. The Company accounts for carried interest, which represents a performance-based capital allocation from an investment fund to the Company, as earnings from financial assets within the scope of ASC 323, Investments-Equity Method and Joint Ventures. The Company recognizes carried interest allocation as a separate revenue line item in the Consolidated Statements of Operations with uncollected carried interest as of the reporting date reported within investments in the Consolidated Statements of Financial Condition. Substantially all carried interest allocation is earned from affiliated funds of the Company. Incentive Fees Incentive fees earned on the performance of certain fund structures, typically in credit funds and certain real estate funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal. Substantially all incentive fees are earned from affiliated funds of the Company. Principal Investment Income Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages. Administrative, Transaction and Other Fees The Company provides administrative services to certain of its affiliated funds that are reported within administrative, transaction and other fees. The administrative fees generally represent expense reimbursements for a portion of overhead and other expenses incurred by certain professionals directly attributable to performing services for a fund but may also be based on a fund’s NAV. The Company also receives transaction fees from certain affiliated funds for activities related to fund transactions, such as loan originations. The Company is also party to agreements with certain funds to provide various services, such as acquisition, development, property management and the distribution of shares in our non-traded REITs, among others. These fees are recognized as other revenue in the period in which the related services are rendered. Equity-Based Compensation The Company recognizes expense related to equity-based compensation for which it receives employee services in exchange for (a) equity instruments of the Company, (b) derivatives based on the Company’s Class A common stock or (c) liabilities that are based on the fair value of the Company’s equity instruments. Equity-based compensation expense represents expenses associated with restricted units, options and phantom shares granted under 2014 Equity Incentive Plan, as amended and restated on April 1, 2021 (the “Equity Incentive Plan”). Equity-based compensation expense for restricted units and options is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in additional paid-in-capital. Grant date fair value of the restricted units is determined by the most recent closing price of shares of the Company's Class A common stock. The Company has granted certain performance-based restricted unit awards with market conditions. These awards generally have vesting conditions based upon the volume-weighted, average closing price of Class A common stock meeting or exceeding a stated price over a period of time, referred to as the market condition. Vesting is also generally subject to continued employment at the time such market condition is achieved. The grant date fair values of these awards are based on a probability distributed Monte-Carlo simulation. Due to the existence of the market condition, the vesting period for the awards is not explicit, and as such, compensation expense is recognized on a straight-line basis over the median vesting period derived from the positive iterations of the Monte Carlo simulations where the market condition is achieved. The Company recognizes share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of equity-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized in accordance with GAAP and the actual tax deduction reported on the Company’s income tax returns are presented within income tax expense in the Consolidated Statements of Operations before taking into consideration the tax effects of the investment in AOG. Equity-based compensation expense is presented within compensation and benefits in the Consolidated Statements of Operations. Performance Related Compensation The Company has agreed to pay a portion of the carried interest and incentive fees earned from certain funds, including income from Consolidated Funds that is eliminated in consolidation, to certain professionals. Depending on the nature of each fund, carried interest and incentive fees may be structured as a fixed percentage subject to vesting based on continued employment or service (generally over a period of four to six years) or as an annual award that is fully vested for the particular year. Other limitations may apply to carried interest and incentive fees as set forth in the applicable governing documents of the fund or award documentation. Performance related compensation is recognized in the same period that the related carried interest and incentive fees are recognized. Performance related compensation can be reversed during periods when there is a reversal of carried interest that was previously recognized. Performance related compensation payable represents the amounts payable to professionals who are entitled to a proportionate share of carried interest in one or more funds. The liability is calculated based upon the changes to realized and unrealized carried interest but not payable until the carried interest itself is realized. Net Realized and Unrealized Gains/(Losses) on Investments Realized gain (loss) occurs when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Also, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is presented within net realized and unrealized gains (losses) on investments. Interest and Dividend Income Interest, dividends and other investment income are included in interest and dividend income. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established. Foreign Currency The U.S. dollar is the Company's functional currency; however, certain transactions of the Company may not be denominated in U.S. dollars. Foreign exchange revaluation arising from these transactions is recognized within other income (expense) in the Consolidated Statements of Operations. For the years ended December 31, 2021 and 2019, the Company recognized $4.8 million and $8.5 million, respectively, in transaction losses related to foreign currencies revaluation. For the year ended December 31, 2020, the Company recognized $13.1 million in transaction gains related to foreign currencies revaluation. In addition, the combined and consolidated results include certain foreign subsidiaries and Consolidated Funds that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income. Income Taxes Since the Company’s election to be taxed as a corporation on March 1, 2018, all earnings allocated to the Company are subject to U.S. corporate income taxes. A provision for corporate level income taxes imposed on unrealized gains and income items as well as taxes imposed on certain subsidiaries’ earnings is included in the consolidated tax provision. Also included in the consolidated tax provision are entity level income taxes incurred by certain affiliated funds and co-investment entities that are consolidated in these financial statements. The portion of consolidated earnings not allocated to the Company flows through to owners of the Ares Operating Group entities without being taxed at the corporate level. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income, in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reported on a net basis and the net deferred tax asset is presented within other assets in the Consolidated Statements of Financial Condition. The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. Both accrued interest and penalties, where appropriate, related to UTBs are shown in general, administrative and other expenses in the Consolidated Statements of Operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new legislation is passed or new information becomes available. Income Allocation Income (loss) before taxes is allocated based on each partner’s average daily ownership of the Ares Operating Group entities for each year presented. Earnings Per Share Basic earnings per share of Class A and non-voting common stock is computed by dividing income available to Class A and non-voting common stockholders by the weighted-average number shares of Class A and non-voting common stock outstanding during the period. Income available to Ares Management Corporation represents net income attributable to Class A and non-voting common stockholders. Diluted earnings per share of Class A and non-voting common stock is computed by dividing income available to Class A and non-voting common stockholders by the weighted-average number of shares of Class A and non-voting common stock outstanding during the period, increased to include the number of additional shares of Class A and non-voting common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire shares of Class A and non-voting common stock, unvested restricted units and AOG Units exchangeable for shares of Class A and non-voting common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of Class A and non-voting common stock using the more dilutive result of the treasury stock method or the two-class method. Unvested share-based payment awards that contain non-forfeitable rights to dividend or dividend equivalents (whether paid or unpaid) are participating securities and are considered in the computation of earnings per share of Class A and non-voting common stock pursuant to the two-class method. Unvested restricted units that pay dividend equivalents are deemed participating securities and are included in basic and diluted earnings per share of Class A and non-voting common stock calculation under the two-class method. 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. The treasury stock method is used to determine potentially dilutive securities resulting from options and unvested restricted units granted under the Equity Incentive Plan. The two-class method is an earnings allocation method under which earnings per share is calculated for shares of Class A and non-voting common stock and participating securities considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Because the holders of unvested restricted units have the right to participate in dividends when declared, the unvested restricted units are considered participating securities to the extent they are expected to vest. Comprehensive Income Comprehensive income consists of net income and other appreciation (depreciation) affecting stockholders' equity that, under GAAP, has been excluded from net income. The Company's other comprehensive income includes foreign currency translation adjustments. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020 but no later than December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

BUSINESS COMBINATIONS

3. BUSINESS COMBINATIONS

Acquisition of Landmark Partners, LLC (collectively with its subsidiaries, “Landmark”)

On June 2, 2021, a subsidiary of the Company completed the acquisition of 100% of the equity interests of Landmark, a subsidiary of BrightSphere Investment Group Inc. (NYSE: BSIG) and Landmark Investment Holdings L.P., in accordance with the purchase agreement entered into on March 30, 2021 (the “Landmark Acquisition”). As a result of the Landmark Acquisition, the Company expanded into the secondaries market with Landmark’s focus of managing private equity, real estate and infrastructure secondaries funds. Following the completion of the Landmark Acquisition, the results of Landmark are included in a newly created Secondary Solutions Group segment.

The acquisition date fair value of the consideration transferred totaled $1.1 billion, which consisted of the following:


Cash	$	803,309
Equity(1)	299,420
Total	$	1,102,729

(1)5,415,278 AOG Units were issued in connection with the Landmark Acquisition and increased Ares Owners Holdings L.P.’s ownership interest in the AOG entities.

The following is a summary of the fair values of assets acquired and liabilities assumed for the Landmark Acquisition as of June 2, 2021, based upon third party valuations of certain intangible assets. The fair value of assets acquired and liabilities assumed are estimated to be:


Cash	$	25,645
Other tangible assets	23,413
Intangible assets:
Management contracts	425,880
Client relationships	197,160
Trade name	86,200
Total intangible assets	709,240
Total identifiable assets acquired	758,298
Accounts payable, accrued expenses and other liabilities	73,322

Net identifiable assets acquired	684,976
Goodwill	417,753
Net assets acquired	$	1,102,729

The Company incurred $5.1 million of acquisition related costs that were expensed and reported within general, administrative and other expenses within the Consolidated Statements of Operations.

The carrying value of goodwill associated with Landmark was $417.8 million as of the acquisition date and is entirely allocated to the Secondary Solutions Group segment. The goodwill is attributable primarily to expected synergies and the assembled workforce of Landmark.

In connection with the Landmark Acquisition, the Company allocated $425.9 million, $197.2 million and $86.2 million of the purchase price to the fair value of the management contracts, client relationships and trade name, respectively. The acquired management contracts and client relationships had a weighted average amortization period as of the acquisition date of 7.4 years and 11.8 years, respectively. The trade name was determined to have an indefinite useful life at the time of the Landmark Acquisition and is not subject to amortization as the Company intends Landmark to continue to operate under its brand name into perpetuity.

Landmark’s revenues and net income of $98.0 million and $51.2 million, respectively, are included in the Company’s Consolidated Statements of Operations before giving effect to corporate level taxes for the period from June 2, 2021 through December 31, 2021.

Supplemental information of the Company’s consolidated results on an unaudited pro forma basis, as if the Landmark Acquisition had been consummated as of January 1, 2020, is as follows:


	Year ended December 31,
		2021		2020
Total revenues		$	4,276,706	$	1,910,792
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders		$	380,169	$	112,918

The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable. These results are not necessarily indicative of the Company’s consolidated financial condition or statements of operations in future periods or the results that actually would have been realized had the Company and Landmark been a combined entity during the periods presented. These pro forma amounts have been calculated after applying the following adjustments that were directly attributable to the Landmark Acquisition:

•adjustments to include the impact of the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2020, together with the consequential tax effects;

•adjustments to include the AOG Units issued as consideration for the Landmark Acquisition, as if they were issued on January 1, 2020, and the resulting change in ownership attributable to Ares Management Corporation;

•adjustments to reflect the pro-rata economic ownership attributable to Ares Management Corporation;

•adjustments to reflect the tax effects of the Landmark Acquisition and the related adjustments as if Landmark had been included in the Company’s results as of January 1, 2020; and

•adjustments to include Landmark Acquisition related transaction costs in earnings for the year ended December 31, 2020.

Purchase of Landmark GP Interests

The Company acquired an ownership interest in Landmark Partners XVI - GP, L.P. and Landmark Real Estate Fund VIII – GP, L.P. (collectively referred to as the “Landmark GP Entities”). The ownership interest entitles the Company to 60% of the capital interests and a portion of the carried interest in Landmark Equity Partners XVI L.P., Landmark Real Estate Partners VIII L.P. and certain related co-investment vehicles. The Company’s control over Landmark GP Entities also results in the Company consolidating investments and financial results that are attributable to ownership interests that were retained by former Landmark owners. The economic rights retained by the former Landmark owners attributable to these interests are reflected as non-controlling interests in the AOG entities.

Acquisition of Black Creek Group

On July 1, 2021, a subsidiary of the Company completed the acquisition of 100% of the equity interests of Black Creek Group’s U.S. real estate investment advisory and distribution business (“Black Creek”) in accordance with the purchase agreement entered into on May 20, 2021 (the “Black Creek Acquisition”). Black Creek is a leading real estate investment management firm that operates in core and core-plus real estate strategies across two non-traded Real Estate Investment Trusts (“REITs”) and various institutional fund vehicles. Following the completion of the Black Creek Acquisition, the results of Black Creek are included within the Real Estate Group segment.

In connection with the Black Creek Acquisition, the Company recorded a bargain purchase gain of $42.3 million that has been presented within other income (expense), net in the Consolidated Statements of Operations. The bargain purchase gain resulted from the fair value of the identifiable tangible and intangible assets acquired exceeding the purchase consideration. The purchase agreement with Black Creek contains provisions obligating the Company to make a payment upon the achievement of certain revenue targets to certain senior professionals and advisors that is excluded from purchase consideration as it is subject to continued and future service. See “Note 10. Commitments and Contingencies” for a further description of this contingency.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

4. 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 as of December 31, 2021 In Years	As of December 31,

		2021		2020
Management contracts	6.3	$	641,737	$	210,857
Client relationships	10.9	229,501		25,141
Trade name	8.4	11,079		11,079
Finite-lived intangible assets		882,317		247,077
Foreign currency translation		1,792		3,093
Total finite-lived intangible assets		884,109		250,170
Less: accumulated amortization		(115,791)		(28,082)
Finite-lived intangible assets, net		768,318		222,088
Management contracts		567,800		—
Trade name		86,200		—
Other		500		—
Indefinite-lived intangible assets		654,500		—
Intangible assets, net		$	1,422,818	$	222,088

In connection with the Black Creek Acquisition, the Company allocated $576.2 million and $7.2 million of the purchase consideration to the fair value of management contracts and client relationships, respectively. Certain management contracts were determined to have indefinite useful lives at the time of the Black Creek Acquisition and are not subject to amortization. The remaining management contracts and client relationships had a weighted average amortization period as of the acquisition date of 6.1 years and 12.0 years, respectively.

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

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

Amortization expense associated with intangible assets was $91.3 million, $24.5 million and $3.4 million for the years ended December 31, 2021, 2020 and 2019, respectively, and is presented within general, administrative and other expenses within the Consolidated Statements of Operations. During the year ended December 31, 2021, the Company accelerated the amortization of a collateral management contract due to the redemption of that CLO and removed $3.4 million of intangible assets that were fully amortized.

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

At December 31, 2021, future annual amortization of finite-lived intangible assets for the years 2022 through 2026 and thereafter is estimated to be:


Year	Amortization
2022	$	122,051
2023	118,574
2024	111,905
2025	103,714
2026	76,918
Thereafter	235,156
Total	$	768,318

Goodwill

The following table summarizes the carrying value of goodwill that is presented within other assets in the Consolidated Statements of Financial Condition:


	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total
Balance as of December 31, 2019	$	32,196	$	58,600	$	53,059	$	—	$	—	$	143,855
Acquisitions	—		—		—		—		224,601		224,601
Foreign currency translation	—		—		61		—		2,530		2,591
Balance as of December 31, 2020	$	32,196	$	58,600	$	53,120	$	—	$	227,131	$	371,047
Acquisitions	—		—		—		417,753		—		417,753
Foreign currency translation	—		—		219		(15)		(1,032)		(828)
Balance as of December 31, 2021	$	32,196	$	58,600	$	53,339	$	417,738	$	226,099	$	787,972

In connection with the SSG Acquisition during the third quarter of 2020, the Company allocated $224.6 million of the purchase price to goodwill.

There was no impairment of goodwill recorded during the years ended December 31, 2021 and 2020. The impact of foreign currency translation is reflected within other comprehensive income.

INVESTMENTS

12 Months Ended

Dec. 31, 2021

Investments in and Advances to Affiliates [Abstract]

INVESTMENTS

5. INVESTMENTS

The Company’s investments are comprised of the following:


					Percentage of total investments

	As of December 31,				As of December 31,
	2021		2020		2021		2020
Equity method investments:
Equity method private investment partnership interests - principal	$	473,887	$	366,471	12.9	%	21.8	%
Equity method - carried interest	2,998,421		1,145,853		81.4		68.1
Equity method private investment partnership interests and other (held at fair value)	117,539		92,196		3.2		5.5
Equity method private investment partnership interests and other	40,580		23,883		1.1		1.4
Total equity method investments	3,630,427		1,628,403		98.6		96.8

Collateralized loan obligations	30,815		31,766		0.8		1.9
Other fixed income	21,582		21,583		0.5		1.3
Collateralized loan obligations and other fixed income, at fair value	52,397		53,349		1.3		3.2

Common stock, at fair value	1,440		1,007		0.1		0.1
Total investments	$	3,684,264	$	1,682,759

Equity Method Investments

The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the years ended December 31, 2021, 2020 and 2019, no individual equity method investment held by the Company met the significance criteria.

The following tables present summarized financial information for the Company's equity method investments, which are primarily funds managed by the Company:


	As of and for the Year Ended December 31, 2021
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total
Statement of Financial Condition
Investments	$	16,919,068	$	9,143,164	$	9,555,266	$	7,096,073	$	484,969	$	43,198,540
Total assets	18,316,775		9,548,551		10,146,133		7,220,604		490,246		45,722,309
Total liabilities	5,268,103		1,539,522		3,155,826		2,960,748		392,347		13,316,546
Total equity	13,048,672		8,009,029		6,990,307		4,259,856		97,899		32,405,763

Statement of Operations
Revenues	$	1,318,517	$	229,539	$	326,507	$	911	$	23,910	$	1,899,384
Expenses	(316,134)		(177,380)		(170,008)		(89,281)		(11,927)		(764,730)
Net realized and unrealized gains (losses) from investments	457,943		2,161,730		1,179,698		1,399,009		(24,758)		5,173,622
Income tax expense	(4,511)		(19,125)		(1,167)		—		—		(24,803)
Net income (loss)	$	1,455,815	$	2,194,764	$	1,335,030	$	1,310,639	$	(12,775)	$	6,283,473


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

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


	For the Year Ended December 31, 2019
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total
Statement of Operations
Revenues	$	871,168	$	325,529	$	205,274	$	—	$	—	$	1,401,971
Expenses	(211,984)		(112,610)		(120,467)		—		—		(445,061)
Net realized and unrealized gains from investments	5,040		1,674,002		382,383		—		—		2,061,425
Income tax expense	(1,537)		(27,887)		(926)		—		—		(30,350)
Net income	$	662,687	$	1,859,034	$	466,264	$	—	$	—	$	2,987,985

The Company recognized net gains related to its equity method investments of $114.9 million, $22.5 million and $57.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. The net gains were included within principal investment income, net realized and unrealized gains (losses) on investments, and interest and dividend income within the Consolidated Statements of Operations.

With respect to the Company's equity method investments, the material assets are expected to generate either long-term capital appreciation and/or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets.

Investments of the Consolidated Funds

Investments held in the Consolidated Funds are summarized below:


	Fair Value at				Percentage of total investments as of
	December 31,				December 31,
	2021		2020		2021		2020
Fixed income investments:
Bonds	$	857,125	$	397,494	6.7	%	3.6%
Loans	9,910,689		10,012,948		77.3		92.1
U.S. Treasury securities	1,000,285		—		7.8		—

Total fixed income investments	11,768,099		10,410,442		91.8		95.7
Equity securities	340,272		227,031		2.7		2.1
Partnership interests	708,307		239,624		5.5		2.2
Total investments, at fair value	$	12,816,678	$	10,877,097

As of December 31, 2021 and 2020, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.

FAIR VALUE

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE

6. FAIR VALUE

Financial Instrument Valuations

The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment.

CLOs and CLO loan obligations: The fair value of CLOs held by the Company are estimated based on either a third-party pricing service or broker quote and are classified as Level III. The Company measures its CLO loan obligations of the Consolidated Funds by first determining whether the fair values of the financial assets or financial liabilities of its consolidated CLOs are more observable.

Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a probability weighted expected return method, including the Monte Carlo simulation model. These models consider a range of assumptions including historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management's own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. The fair value of the Company's contingent consideration liabilities are classified as Level III. Liabilities recorded in connection with the Company’s contingent consideration are included within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income (expense), net in the Consolidated Statements of Operations.

Corporate debt, bonds, bank loans and derivative instruments: The fair value of corporate debt, bonds, bank loans and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified as Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If management is only able to obtain a single broker quote, or utilizes a pricing model, such securities will generally be classified as Level III.

Equity and equity-related securities: Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. Securities that have market prices are not readily available utilize valuation models of third-party pricing service or internal models to determine the fair value and are classified as Level III.

Partnership interests: The Company generally values its investments using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient.

In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses. As of December 31, 2021 and 2020, NAV per share represents the fair value of the Company’s investments in partnership interests. Discounted cash flow model has been used to determine the fair value of an investment in a partnership interest held by the Consolidated Funds where NAV per share was not deemed to be representative of fair value.

The substantial majority of the Company's private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interests other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. The Company also has open-ended and evergreen funds where investors have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods generally ranging from one month to three years. In addition, the Company has minority investments in vehicles that may only have a single other investor that may allow such investors to terminate the fund pursuant to the terms of the applicable constituent documents of such vehicle.

Fair Value of Financial Instruments Held by the Company and Consolidated Funds

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2021:


Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income	$	—	$	—	$	52,397	$	—	$	52,397
Common stock and other equity securities	—		1,440		108,949		—		110,389
Partnership interests	—		—		2,575		6,016		8,591
Total investments, at fair value	—		1,440		163,921		6,016		171,377
Derivatives-foreign currency forward contracts and interest rate swaps	—		5,682		—		—		5,682
Total assets, at fair value	$	—	$	7,122	$	163,921	$	6,016	$	177,059
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(328)	$	—	$	—	$	(328)
Contingent consideration	—		—		(57,435)		—		(57,435)
Total liabilities, at fair value	$	—	$	(328)	$	(57,435)	$	—	$	(57,763)


Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	525,393	$	331,732	$	—	$	857,125
Loans	—		9,499,469		411,220		—		9,910,689
U.S. Treasury securities	1,000,285		—		—		—		1,000,285

Total fixed income investments	1,000,285		10,024,862		742,952		—		11,768,099
Equity securities	956		133		339,183		—		340,272
Partnership interests	—		—		238,673		469,634		708,307





Total assets, at fair value	$	1,001,241	$	10,024,995	$	1,320,808	$	469,634	$	12,816,678
Liabilities, at fair value
Derivatives:
Warrants	$	(17,822)	$	—	$	—	$	—	$	(17,822)
Asset swaps	—		—		(3,105)		—		(3,105)
Total derivative liabilities, at fair value	(17,822)		—		(3,105)		—		(20,927)
Loan obligations of CLOs	—		(10,657,661)		—		—		(10,657,661)
Total liabilities, at fair value	$	(17,822)	$	(10,657,661)	$	(3,105)	$	—	$	(10,678,588)

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


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


Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	397,485	$	9	$	—	$	397,494
Loans	—		9,470,651		542,297		—		10,012,948

Total fixed income investments	—		9,868,136		542,306		—		10,410,442
Equity securities	5,749		239		221,043		—		227,031
Partnership interests	—		—		231,857		7,767		239,624
Total investments, at fair value	5,749		9,868,375		995,206		7,767		10,877,097
Derivatives:

Asset swaps	—		—		1,104		—		1,104

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

Asset swaps	$	—	$	—	$	(44)	$	—	$	(44)

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

The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2021:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	88,412	$	53,349	$	2,575	$	—	$	144,336
Transfer in due to changes in consolidation	—		7,623		—		—		7,623
Established in connection with acquisition	—		—		—		(34,200)		(34,200)
Purchases(1)	19,278		1,689		—		—		20,967
Sales/settlements(2)	—		(13,290)		—		—		(13,290)
Change in fair value	—		—		—		(23,235)		(23,235)
Realized and unrealized appreciation, net	1,259		3,026		—		—		4,285
Balance, end of period	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$	1,259	$	1,575	$	—	$	(23,235)	$	(20,401)


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	221,043	$	542,306	$	231,857	$	1,060	$	996,266
Transfer out due to changes in consolidation	(157)		(49,326)		—		—		(49,483)
Transfer in	2,195		59,845		—		—		62,040
Transfer out	(33)		(214,906)		—		—		(214,939)
Purchases(1)	118,963		904,497		15,000		—		1,038,460
Sales/settlements(2)	(1,180)		(512,505)		(45,500)		301		(558,884)
Amortized discounts/premiums	—		1,683		—		—		1,683
Realized and unrealized appreciation (depreciation), net	(1,648)		11,358		37,316		(4,466)		42,560
Balance, end of period	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(848)	$	3,886	$	37,316	$	(3,627)	$	36,727

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

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2020:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	69,183	$	35,192	$	119,079
Transfer in due to changes in consolidation	72,967		6,294		—		79,261
Purchases(1)	—		12,970		—		12,970
Sales/settlements(2)	—		(37,058)		(32,430)		(69,488)
Realized and unrealized appreciation (depreciation), net	741		1,960		(187)		2,514
Balance, end of period	$	88,412	$	53,349	$	2,575	$	144,336
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	741	$	4,227	$	5,511	$	10,479


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	85,988	$	339,136	$	296,012	$	(4,106)	$	717,030
Transfer in (out) due to changes in consolidation	(635)		403,751		—		—		403,116
Transfer in	32		127,633		—		—		127,665
Transfer out	—		(286,294)		—		—		(286,294)
Purchases(1)	186,881		340,475		66,000		—		593,356
Sales/settlements(2)	(10,997)		(370,966)		(141,025)		(911)		(523,899)
Amortized discounts/premiums	—		1,049		—		389		1,438
Realized and unrealized appreciation (depreciation), net	(40,226)		(12,478)		10,870		5,688		(36,146)
Balance, end of period	$	221,043	$	542,306	$	231,857	$	1,060	$	996,266
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(44,877)	$	(5,736)	$	10,870	$	3,595	$	(36,148)

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

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service.

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2021:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

14,610

Transaction price(1)

N/A

50,690

Discounted Cash Flow

Discount Rates

14.0% - 20.0%

14.3%

43,649

Market Approach

Multiple of Book Value

1.4x

Partnership interests

2,575

Other

N/A

Collateralized loan obligations

30,815

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

21,582

Other

N/A

Total assets

$

163,921

Liabilities

Contingent consideration

$

(9,562)

Monte Carlo simulation

Discount Rates

8.5%

Volatility

18%

(47,873)

Other

N/A

Total liabilities

$

(57,435)

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

1,261

Market approach

EBITDA multiple(2)

1.0x - 64.4x

17.5x

140,185

Market approach

Multiple of Book Value

1.0x - 1.2x

1.1x

123,685

Discounted cash flow

Discount rate

20.0%

11

Broker quotes and/or 3rd party pricing services

N/A

74,041

Transaction price(1)

N/A

Partnership interest

238,673

Discounted cash flow

Discount rate

23.4%

Fixed income securities

614,754

Broker quotes and/or 3rd party pricing services

N/A

128,198

Income approach

Yield

3.5%-16.2%

6.7%

Total assets

$

1,320,808

Liabilities

Derivative instruments

$

(3,105)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(3,105)

(1)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.

(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

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

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Assets

Equity securities

$

14,704

Transaction price(1)

N/A

32,905

Discounted Cash Flow

Discount Rates

14.0% - 20.0%

40,803

Market Approach

Multiple of Book Value

1.6x

Partnership interests

2,575

Other

N/A

Collateralized loan obligations

31,766

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

21,583

Other

N/A

Total

$

144,336

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

438

Market approach

EBITDA multiple(2)

2.9x - 19.5x

13.4x

32,528

Other

Net income multiple

30.0x

Illiquidity discount

25.0%

33

Broker quotes and/or 3rd party pricing services

N/A

188,044

Transaction price(1)

N/A

Partnership interests

231,857

Discounted cash flow

Discount rate

23.8%

Fixed income securities

384,419

Broker quotes and/or 3rd party pricing services

N/A

6,605

Market approach

EBITDA multiple(2)

6.5x - 7.8x

6.9x

122,962

Income approach

Yield

2.7% - 48.1%

7.9%

28,320

Other

N/A

Derivative instruments

1,104

Broker quotes and/or 3rd party pricing services

N/A

Total assets

$

996,310

Liabilities

Derivative instruments

$

(44)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(44)

(1)Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

The Company has an insurance-related investment in a private fund managed by a third party that is valued using NAV per share. The terms and conditions of this fund do not allow for redemptions without certain events or approvals that are outside the Company's control. This investment had a fair value of $6.0 million and $1.2 million as of December 31, 2021 and 2020. The Company has no unfunded commitments for this investment.

The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using 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. As of December 31, 2021, these investments had a fair value of $469.6 million and unfunded commitments of $1,200.0 million.

- Definition

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

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

DERIVATIVE FINANCIAL INSTRUMENTS

7. DERIVATIVE FINANCIAL INSTRUMENTS

In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against interest rate and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. These derivative instruments include foreign currency forward contracts, interest rate swaps, asset swaps and warrants.

The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds:


	As of December 31, 2021								As of December 31, 2020
	Assets				Liabilities				Assets				Liabilities
The Company	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Foreign currency forward contracts and interest rate swaps	$	409,018	$	5,682	$	11,011	$	328	$	30,040	$	1,440	$	39,362	$	1,565

Total derivatives, at fair value(2)	$	409,018	$	5,682	$	11,011	$	328	$	30,040	$	1,440	$	39,362	$	1,565


	As of December 31, 2021								As of December 31, 2020
	Assets				Liabilities				Assets				Liabilities
Consolidated Funds	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Warrants	$	—	$	—	$	230,000	$	17,822	$	—	$	—	$	—	$	—
Asset swaps	56,000		—		49,516		3,105		7,600		1,104		540		44
Total derivatives, at fair value(3)	$	56,000	$	—	$	279,516	$	20,927	$	7,600	$	1,104	$	540	$	44

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

(2)As of December 31, 2021 and 2020, the Company had the right to, but elected not to, offset $0.3 million and $1.6 million of its derivative liabilities.

(3)As of December 31, 2021 and 2020, the Consolidated Funds offset $0.1 million and $0.4 million of their derivative assets and liabilities, respectively.

The following tables present a summary of net realized gains (losses) and unrealized appreciation (depreciation) on the Company's and Consolidated Funds' derivative instruments that are included within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations:


	For the Year Ended December 31,
The Company	2021		2020		2019

Net realized gains on foreign currency forward contracts and interest rate swaps	$	451	$	277	$	2,284




Net change in unrealized appreciation (depreciation) on foreign currency forward contracts and interest rate swaps	5,441		(4,060)		3,713


	For the Year Ended December 31,
Consolidated Funds	2021		2020		2019
Net realized gains (losses) on derivatives of Consolidated Funds
Foreign currency forward contracts	$	—	$	5	$	8
Asset swaps	(978)		(687)		(1,197)
Net realized gains (losses) on derivatives of Consolidated Funds	$	(978)	$	(682)	$	(1,189)
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds
Foreign currency forward contracts	$	—	$	3	$	(20)
Warrants	21,557		—		—
Asset swaps	(4,164)		5,171		(4,751)
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds	$	17,393	$	5,174	$	(4,771)

DEBT

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

DEBT

8. DEBT

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



					As of December 31,
					2021			2020
	Debt Origination Date	Maturity	Original Borrowing Amount		Carrying Value		Interest Rate	Carrying Value		Interest Rate
Credit Facility(1)	Revolver	3/31/2026	N/A		$	415,000	1.25%	$	—	—%
2024 Senior Notes(2)	10/8/2014	10/8/2024	$	250,000	247,979		4.21	247,285		4.21
2030 Senior Notes(3)	6/15/2020	6/15/2030	400,000		396,156		3.28	395,713		3.28
2051 Subordinated Notes(4)	6/30/2021	6/30/2051	450,000		444,574		4.13	—		—
Total debt obligations					$	1,503,709		$	642,998

(1)The AOG entities are borrowers under the Credit Facility, which provides a $1.090 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. On March 31, 2021, the Company amended the Credit Facility to, among other things, extend the maturity date from March 2025 to March 2026. As of December 31, 2021, base rate loans bear interest calculated based on the base rate plus 0.125% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.125%. The unused commitment fee is 0.10% per annum. There is a base rate and LIBOR floor of zero.

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

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

(4)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 December 31, 2021, the Company and its subsidiaries were in compliance with all covenants under the debt obligations.

The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the 2024 and 2030 Senior Notes (the “Senior Notes”) 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 in other assets in the Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense in the Consolidated Statements of Operations.

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


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

Unamortized debt issuance costs as of December 31, 2020	$	5,232	$	4,283	$	—
Debt issuance costs incurred	1,282		—		5,518
Amortization of debt issuance costs	(1,240)		(594)		(92)

Unamortized debt issuance costs as of December 31, 2021	$	5,274	$	3,689	$	5,426

Loan Obligations of the Consolidated CLOs

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

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



	As of December 31,
	2021					2020
	Loan Obligations		Fair Value of Loan Obligations		Weighted Average Remaining Maturity In Years	Loan Obligations		Fair Value of Loan Obligations		Weighted Average Remaining Maturity In Years
Senior secured notes(1)	$	10,031,419	$	10,016,638	9.4	$	9,796,442	$	9,665,804	10.1
Subordinated notes(2)	792,575		641,023		8.1	482,391		292,272		10.2
Total loan obligations of Consolidated CLOs	$	10,823,994	$	10,657,661		$	10,278,833	$	9,958,076

(1)As of December 31, 2021 and 2020, original borrowings under the senior secured notes totaled $10.0 billion with various maturity dates ranging from September 2026 to July 2034 and $9.8 billion with various maturity dates ranging from July 2028 to October 2033, respectively. The weighted average interest rate as of December 31, 2021 and 2020, were 1.93% and 1.89%, respectively.

(2)As of December 31, 2021 and 2020, original borrowings under the subordinated notes totaled $792.6 million, with various maturity dates ranging from September 2026 to July 2034 and $482.4 million with various maturity dates ranging from July 2028 to October 2033, respectively. The notes do not have contractual interest rates; instead, holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO.

Loan obligations of the Consolidated CLOs are collateralized by the assets held by the Consolidated CLOs, consisting of cash and cash equivalents, corporate loans, corporate bonds and other securities. The assets of one Consolidated CLO may not be used to satisfy the liabilities of another Consolidated CLO. Loan obligations of the Consolidated CLOs include floating rate notes, deferrable floating rate notes, revolving lines of credit and subordinated notes. Amounts borrowed under the notes are repaid based on available cash flows subject to priority of payments under each Consolidated CLO’s governing documents. Based on the terms of these facilities, the creditors of the facilities have no recourse to the Company.

Credit Facilities of the Consolidated Funds

Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities have no recourse to the Company and only have recourse to a subsidiary of the Company to the extent the debt is guaranteed by such subsidiary. As of December 31, 2021 and 2020, the Consolidated Funds were in compliance with all covenants under such credit facilities.

The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding:



				As of December 31,
				2021			2020
Consolidated Funds' Debt Facilities	Maturity Date	Total Capacity		Outstanding Loan(1)		Effective Rate	Outstanding Loan(1)		Effective Rate
Credit Facilities:
	10/13/2022	$	112,817	$	71,500	1.59%	$	71,500	1.59%
	7/1/2023	18,000		16,271		1.73	17,909		1.75
	1/15/2022(2)	—		—		—	32,500		2.75
	7/23/2024	75,000		40,000		3.09	N/A		N/A
	9/24/2026	150,000		—		N/A	N/A		N/A
Total borrowings of Consolidated Funds				$	127,771		$	121,909

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

(2)On July 23, 2021, the credit facility was terminated at the Consolidated Fund’s discretion.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

OTHER ASSETS

12 Months Ended

Dec. 31, 2021

Other Assets [Abstract]

OTHER ASSETS

The components of other assets were as follows:


	As of December 31,
	2021		2020
Other assets of the Company:
Accounts and interest receivable	$	159,757	$	45,494
Fixed assets, net	71,260		60,874
Deferred tax assets, net	39,398		70,026
Goodwill	787,972		371,047
Other assets	64,340		42,891
Total other assets of the Company	$	1,122,727	$	590,332
Other assets of Consolidated Funds:
Dividends and interest receivable	$	36,350	$	30,413
Income tax and other receivables	3,080		5,089
Total other assets of Consolidated Funds	$	39,430	$	35,502

Fixed Assets, Net

The components of fixed assets were as follows:


	As of December 31,
	2021		2020

Office and computer equipment	$	31,963	$	28,068
Internal-use software	53,048		47,456
Leasehold improvements	74,677		57,505
Fixed assets, at cost	159,688		133,029
Less: accumulated depreciation	(88,428)		(72,155)
Fixed assets, net	$	71,260	$	60,874

For the years ended December 31, 2021, 2020 and 2019, depreciation expense was $22.1 million, $19.0 million and $17.1 million, respectively, and is included in general, administrative and other expense in the Consolidated Statements of Operations. During 2021, the Company disposed of $5.7 million of fixed assets that were fully depreciated.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

10. COMMITMENTS AND CONTINGENCIES

Indemnification Arrangements

Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the Consolidated Statements of Financial Condition. As of December 31, 2021, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Commitments

As of December 31, 2021 and 2020, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $677.3 million and $784.2 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 December 31, 2021, the Company’s maximum exposure from guarantees was $209.7 million. The total amount guaranteed was not material as of December 31, 2020.

Contingent Liabilities

In connection with the Landmark Acquisition, the Company established a management incentive program (the “Landmark MIP”) with certain professionals of Landmark. The Landmark MIP represents a contingent liability not to exceed $300.0 million and is based on the achievement of revenue targets from the fundraising of certain Landmark funds during a measurement period.

The Company expects to settle this liability with a combination of 15% cash and 85% equity awards. Expense associated with the cash component is recognized ratably over the measurement period, which will end on the earlier of the final fundraising date or December 31, 2022. Expense associated with the equity component is recognized ratably over the service period, which will continue for four years beyond the measurement period end date. The Landmark MIP is remeasured each period with incremental changes in fair value included within compensation and benefits expense within the Consolidated Statements of Operations. At the measurement period end date, the cash component will be paid and restricted units for the balance of the Landmark MIP will be granted at fair value. The unpaid liability at the measurement period end date will be reclassified from liability to additional paid-in-capital and any difference between the fair value of the Landmark MIP at the 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. As of December 31, 2021, the fair value of the contingent liability was estimated to be $145.7 million. Compensation expense of $21.0 million for the period from June 2, 2021 through December 31, 2021 was recorded in the Consolidated Statements of Operations.

The purchase agreement with Black Creek contains provisions obligating the Company to make payments in an aggregate amount not to exceed $275.0 million to certain senior professionals and advisors upon the achievement of certain revenue targets through a measurement period no later than December 31, 2024. Because these future payments require continued service through the measurement period, this consideration is accounted for as compensation expense instead of as purchase consideration. The fair value of this contingent liability is remeasured at each reporting date with compensation expense recorded ratably over the service period, which is the Black Creek Acquisition date through the measurement period end date. As of December 31, 2021, the fair value of the contingent liability was $229.5 million. For the period from July 1, 2021 through December 31, 2021, the fair value of the contingent liability has increased by $45.9 million which has been recorded as an increase to compensation and benefits expense within the Consolidated Statements of Operations with an equal offset presented within accrued compensation in the Consolidated Statements of Financial Condition.

The purchase agreement with Black Creek also contains a provision obligating the Company to make a payment to the sellers equal to 50% of the incentive fees realized for certain Black Creek funds for the year ended December 31, 2021. The fair value of this contingent obligation as of the acquisition date was $28.6 million. The contingent obligation is subject to

remeasurement until settlement and changes in fair value from the acquisition date are recorded within other income (expense), net within the Consolidated Statements of Operations. As of December 31, 2021, the fair value of the contingent obligation was $47.9 million and recorded within due to affiliates within the Consolidated Statements of Financial Condition.

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.

At December 31, 2021 and 2020, 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 $194.6 million and $326.4 million, respectively, of which approximately $153.3 million and $252.4 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 December 31, 2021 and 2020, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability.

Litigation

From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows.

Leases

The Company leases office space and certain office equipment. The Company's leases have remaining lease terms of one to 12 years. The tables below present certain supplemental quantitative disclosures regarding the Company's leases:



		As of December 31,
	Classification	2021		2020
Operating lease assets	Right-of-use operating lease assets	$	167,652	$	154,742
Finance lease assets	Other assets(1)	1,011		1,386
Total lease assets		$	168,663	$	156,128

Operating lease liabilities	Operating lease liabilities	$	205,075	$	180,236
Finance lease obligations	Accounts payable, accrued expenses and other liabilities	936		1,273
Total lease liabilities		$	206,011	$	181,509

(1) Finance lease assets are recorded net of accumulated amortization of $1.6 million and $1.0 million as of December 31, 2021 and 2020, respectively.


Maturity of lease liabilities	Operating Leases		Finance Leases
2022	$	42,865	$	624
2023	39,015		163
2024	36,994		162
2025	36,177		11
2026	26,995		—
After 2026	39,246		1
Total future payments	221,292		961
Less: interest	16,217		25
Total lease liabilities	$	205,075	$	936


		Year ended December 31,
	Classification		2021		2020		2019
Operating lease expense	General, administrative and other expenses		$	38,135	$	31,713	$	28,814
Finance lease expense:
Amortization of finance lease assets	General, administrative and other expenses		561		469		304
Interest on finance lease liabilities	Interest expense		27		43		39
Total lease expense			$	38,723	$	32,225	$	29,157



	Year ended December 31,
Other information	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	37,500	$	32,121	$	31,509
Operating cash flows for finance leases	39		53		58
Financing cash flows for finance leases	535		460		311
Leased assets obtained in exchange for new finance lease liabilities	189		—		778
Leased assets obtained in exchange for new operating lease liabilities	57,624		36,935		49,833



	As of December 31,
Lease term and discount rate	2021		2020
Weighted-average remaining lease terms (in years):
Operating leases	6.0		6.0
Finance leases	1.8		2.6
Weighted-average discount rate:
Operating leases	1.81	%	3.59	%
Finance leases	2.94	%	3.26	%

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2021

RELATED PARTY TRANSACTIONS

11. 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 Consolidated Statements of Financial Condition, except that accrued carried interest allocations, which is predominantly due from affiliated funds, is presented separately within investments in the Consolidated Statements of Financial Condition.

The Company has investment management agreements with the Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds.

The Company also has entered into agreements to be reimbursed for its expenses incurred in providing administrative services to certain related parties, including ARCC, ACRE, ARDC, Ivy Hill Asset Management, L.P., ACF FinCo I L.P. and CION Ares Diversified Credit Fund. As a result of the Black Creek Acquisition, the Company is party to agreements with each Black Creek fund to provide various services, such as administration, acquisition, development, property management, fees

from the distribution of shares in our non-traded REITs, among others. The Company is also party to agreements with certain private funds that pay administrative fees based on invested capital.

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 December 31,
	2021		2020
Due from affiliates:
Management fees receivable from non-consolidated funds	$	372,249	$	308,581
Incentive fee receivable from non-consolidated funds	211,243		21,495
Payments made on behalf of and amounts due from non-consolidated funds and employees	86,891		75,811
Due from affiliates—Company	$	670,383	$	405,887
Amounts due from non-consolidated funds	$	7,234	$	17,172
Due from affiliates—Consolidated Funds	$	7,234	$	17,172
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	$	10,160	$	4,808
Tax receivable agreement liability	100,542		62,505
Undistributed carried interest and incentive fees	66,494		27,322
Payments made by non-consolidated funds on behalf of and payable by the Company	21,357		5,551
Due to affiliates—Company	$	198,553	$	100,186

Due from Ares Funds and Portfolio Companies

In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies.

INCOME TAXES

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

INCOME TAXES

12. INCOME TAXES

The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment entities that are consolidated in the Company's consolidated financial statements.

The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years prior to 2016. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s consolidated financial statements.

The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following:


	For the Year Ended December 31,
Provision for Income Taxes	2021		2020		2019
The Company
Current:
U.S. federal income tax expense	$	40,861	$	23,845	$	32,012
State and local income tax expense	12,121		6,714		6,940
Foreign income tax expense	11,684		9,141		6,103
	64,666		39,700		45,055
Deferred:
U.S. federal income tax expense	68,201		12,451		8,820
State and local income tax expense	13,040		1,952		1,001
Foreign income tax expense (benefit)	1,390		772		(1,970)
	82,631		15,175		7,851
Total:
U.S. federal income tax expense	109,062		36,296		40,832
State and local income tax expense	25,161		8,666		7,941
Foreign income tax expense	13,074		9,913		4,133
Income tax expense	147,297		54,875		52,906

Consolidated Funds
Current:


Foreign income tax expense (benefit)	88		118		(530)
Income tax expense (benefit)	88		118		(530)











Total Provision for Income Taxes
Total current income tax expense	64,754		39,818		44,525
Total deferred income tax expense	82,631		15,175		7,851
Income tax expense	$	147,385	$	54,993	$	52,376

The effective income tax rate differed from the federal statutory rate for the following reasons:


	For the Year Ended December 31,
	2021		2020		2019
Income tax expense at federal statutory rate	21.0	%	21.0	%	21.0	%
Income passed through to non-controlling interests	(9.2)		(8.2)		(10.4)
State and local taxes, net of federal benefit	1.9		1.8		1.9
Foreign taxes	(0.1)		0.3		0.3
Permanent items	(0.3)		(0.5)		(0.4)

Disallowed executive compensation	0.7		—		—
Other, net	(0.2)		(0.2)		(0.1)
Valuation allowance	—		0.3		—
Total effective rate	13.8	%	14.5	%	12.3	%

Deferred Taxes

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2021 and 2020. Deferred tax assets, net are included within other assets on the Consolidated Statements of Financial Condition.


	As of December 31,
Deferred Tax Assets and Liabilities of the Company	2021		2020
Deferred tax assets
Amortizable tax basis for AOG unit exchanges	$	108,644	$	67,571

Net operating losses	1,292		1,292
Other, net	6,101		6,563
Total gross deferred tax assets	116,037		75,426
Valuation allowance	(1,010)		(1,010)
Total deferred tax assets, net	115,027		74,416
Deferred tax liabilities
Investment in partnerships	(75,629)		(4,390)

Total deferred tax liabilities	(75,629)		(4,390)
Net deferred tax assets	$	39,398	$	70,026

In assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts.

The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements.

As of December 31, 2021 and 2020, the valuation allowance for deferred tax assets is $1.0 million. The deferred tax assets related to operating losses in foreign jurisdictions do not meet the more likely than not threshold and have a valuation allowance recorded for the net balance.

As of, and for the three years ended December 31, 2021, 2020 and 2019, the Company had no significant uncertain tax positions.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 14
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 270
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER SHARE

13. EARNINGS PER SHARE

For the year ended December 31, 2021, the Company had 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. Additional information on the issuance of the non-voting common stock is discussed in “Note 15. Equity and Redeemable Interest”.

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 the years ended December 31, 2021, 2020 and 2019, the treasury stock method was the more dilutive method. No participating securities had rights to undistributed earnings during any period presented.

The computation of diluted earnings per share excludes the following restricted units and AOG units as their effect would have been anti-dilutive:


	Year ended December 31,
		2021	2020	2019

Restricted units		132	16,599	82
AOG Units		116,226,798	115,126,565	116,802,160

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


	Year ended December 31,
		2021		2020		2019
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		$	386,748	$	130,442	$	127,184
Distributions on unvested restricted units		(10,986)		(10,454)		(7,670)
Undistributed earnings allocable to participating unvested restricted units		(7,138)		—		—
Net income available to Class A and non-voting common stockholders		$	368,624	$	119,988	$	119,514
Basic weighted-average shares of Class A and non-voting common stock		163,703,626		135,065,436		107,914,953
Basic earnings per share of Class A and non-voting common stock		$	2.24	$	0.89	$	1.11

Diluted earnings per share of Class A and non-voting common stock:
Net income available to Class A and non-voting common stockholders		$	386,748	$	130,442	$	127,184

Net income attributable to Ares Management Corporation Class A and non-voting common stockholders		$	386,748	$	130,442	$	127,184
Effect of dilutive shares:
Restricted units		11,209,144		9,207,639		7,838,200
Options		5,199,501		5,235,423		4,124,276

Diluted weighted-average shares of Class A and non-voting common stock		180,112,271		149,508,498		119,877,429
Diluted earnings per share of Class A and non-voting common stock		$	2.15	$	0.87	$	1.06

Dividend declared and paid per Class A and non-voting common stock		$	1.88	$	1.60	$	1.28

EQUITY COMPENSATION

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

EQUITY COMPENSATION

14. EQUITY COMPENSATION

Equity Incentive Plan

Equity-based compensation is granted under the Equity Incentive Plan. The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2021, the total number of shares available for issuance under the Equity Incentive Plan reset to 44,510,451 shares and as of December 31, 2021, 38,851,930 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 is presented in the following table:


	Year ended December 31,
		2021		2020		2019
Restricted units		$	170,980	$	115,680	$	88,979
Restricted units with a market condition		66,211		7,263		3,613
Options		—		43		4,362
Phantom Shares		—		—		737
Equity-based compensation expense		$	237,191	$	122,986	$	97,691

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 either (i) at a rate of one-third per year, beginning on the third anniversary of the grant date, (ii) in their entirety on the fifth anniversary of the grant date, (iii) at a rate of one quarter per year, beginning on the second anniversary of the grant date or the holder's employment commencement date, or (iv) at a rate of one third per year, beginning on the first anniversary of the grant date in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment or retirement eligibility provisions). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award.

Restricted units are delivered net of the holder's payroll related taxes upon vesting. For the year ended December 31, 2021, 8.3 million restricted units vested and 4.5 million shares of Class A common stock were delivered to the holders. For the year ended December 31, 2020, 5.5 million restricted units vested and 3.1 million shares of Class A common stock were delivered to the holders.

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”). During the year ended December 31, 2021, the Company declared dividends totaling $1.88 per share to Class A common stockholders, which was comprised of $0.47 per share to Class A common stockholders at the close of business on March 17, 2021, June 16, 2021, September 16, 2021 and December 17, 2021. For the year ended December 31, 2021, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $28.1 million, which are presented as dividends within the Consolidated Statements of Changes in Equity. When units are forfeited, the cumulative amount of Dividend Equivalents previously paid is reclassified to compensation and benefits expense in the Consolidated Statements of Operations.

During the first quarter of 2021, in addition to grants awarded in 2021, the Company approved the future grant of restricted units to certain senior executives in each of 2022, 2023 and 2024, subject to the holder’s continued employment and acceleration in certain instances. The vesting period of these awards are at a rate of 25% per year, beginning on the second 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 Units	Weighted Average Grant Date Fair Value Per Unit
Balance - January 1, 2021	16,299,664	$	24.30
Granted	9,683,848	46.19
Vested	(6,397,649)	20.78
Forfeited	(1,262,827)	30.51
Balance - December 31, 2021	18,323,036	$	36.43

The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $462.0 million as of December 31, 2021 and is expected to be recognized over the remaining weighted average period of 3.24 years.

Performance-Based Restricted Unit Awards with a Market Condition

During the first quarter of 2021, the Company granted certain restricted units with a vesting condition contingent upon the volume-weighted, average closing price of the Company’s Class A common stock meeting or exceeding a stated price for 30 consecutive calendar days on or prior to January 22, 2029, referred to as the market condition. 537,500 restricted units with a market condition of $55.00 per share (“Tranche I”), 537,500 restricted units with a market condition of $60.00 per share (“Tranche II”), 537,500 restricted units with a market condition of $65.00 per share (“Tranche III”) and 537,500 restricted units with a market condition of $75.00 per share (“Tranche IV”) were granted. Vesting is also generally subject to continued employment at the time such market condition is achieved, subject to certain exceptions upon certain qualifying terminations of employment. Under the terms of the awards, if the target price of the applicable market condition is not achieved by the close of business on January 22, 2029, the unvested market condition awards will be automatically canceled and forfeited for no consideration. Restricted units subject to a market condition are not eligible to receive a Dividend Equivalent.

The grant date fair values for Tranche I, Tranche II, Tranche III and Tranche IV awards were $37.28, $34.47, $31.92 and $27.75 per unit, respectively, based on a probability distributed Monte-Carlo simulation. Due to the existence of the market condition, the vesting period for the awards is not explicit, and as such, compensation expense is recognized on a straight-line basis over the median vesting period derived from the positive iterations of the Monte Carlo simulation where the market condition was achieved. The median vesting period is 0.7 years, 1.2 years, 1.6 years and 2.3 years for Tranche I, Tranche II, Tranche III and Tranche IV, respectively.

Below is a summary of the significant assumptions used to estimate the grant date fair value of market condition awards:


Closing price of the Company's common shares as of valuation date						$45.76
Risk-free interest rate						0.88%
Volatility						35.0%
Dividend yield						3.5%
Cost of equity						10.0%

The following table presents the market condition awards' activity:


	Market Condition Awards Units	Weighted Average Grant Date Fair Value Per Unit
Balance - January 1, 2021	—	$	—
Granted	2,150,000	32.86
Vested	(2,037,500)	33.14
Forfeited	(112,500)	27.75
Balance - December 31, 2021	—	$	—

During the year ended December 31, 2021, the market-priced vesting condition was met for all four tranches of the market condition awards and resulted in the acceleration of $43.4 million of compensation expense.

Options

Each option entitles the holders to purchase from the Company, upon exercise thereof, one share of Class A common stock at the stated exercise price. The term of the options is generally ten years, beginning on the grant date.

A summary of options activity during the year ended December 31, 2021 is presented below:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value
Balance - January 1, 2021	8,312,203	$	18.99	3.4	$	233,251
Granted	—	—		—	—
Exercised	(2,005,921)	18.95		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Balance - December 31, 2021	6,306,282	$	19.00	2.3	$	392,692
Exercisable at December 31, 2021	6,306,282	$	19.00	2.3	$	392,692

Net cash proceeds from exercises of stock options were $37.2 million for the year ended December 31, 2021. The Company realized tax benefits of approximately $14.3 million from those exercises.

Aggregate intrinsic value represents the value of the Company’s closing share price of Class A common stock on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options exercisable or expected to vest.

EQUITY AND REDEEMABLE INTEREST

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

EQUITY AND REDEEMABLE INTEREST

15. 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. Sumitomo Mitsui Banking Corporation (“SMBC”) is the sole holder of the non-voting 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. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock.

Except as otherwise expressly provided in the Company’s Certificate of Incorporation (the “Certificate of Incorporation”), the Company’s common stockholders are entitled to vote on all matters on which stockholders of a corporation are generally entitled to vote under the Delaware General Corporation Law (the “DGCL”), including the election of the Company’s board of directors. Holders of shares of the Company’s Class A common stock are entitled to one vote per share of the Company’s Class A common stock. On any date on which the Ares Ownership Condition (as defined in the Certificate of Incorporation) is satisfied, holders of shares of the Company’s Class B common stock are, in the aggregate, entitled to a number of votes equal to (x) four times the aggregate number of votes attributable to the Company’s Class A common stock minus (y) the aggregate number of votes attributable to the Company’s Class C common stock. On any date on which the Ares Ownership Condition is not satisfied, holders of shares of the Company’s Class B common stock are not entitled to vote on any matter submitted to a vote of the Company’s stockholders. The holder of shares of the Company’s Class C common stock is generally entitled to a number of votes equal to the number of Ares Operating Group Units (as defined in the Certificate of Incorporation) held of record by each Ares Operating Group Limited Partner (as defined in the Certificate of Incorporation) other than the Company and its subsidiaries.

The Company has a 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 renewal of the program is

subject to authorization by the Company's board of directors on an annual basis. As of December 31, 2021, the program was scheduled to expire in February 2022, and the renewal was subsequently authorized by the Company’s board of directors and will expire in March 2023. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the years ended December 31, 2021 and 2020, the Company did not repurchase any shares as part of the stock repurchase program.

On April 5, 2021, the Company entered into a Share Purchase Agreement (the “Purchase Agreement”) with SMBC. Pursuant to the Purchase Agreement, the Company agreed to issue and sell to SMBC approximately $250.0 million of the Company’s common stock (consisting of 3,489,911 shares of non-voting common stock and 1,234,200 shares of Class A common stock) at a price per share equal to the public offering price of Class A common stock being offered pursuant to the Offering (as defined below), less underwriting discounts and commissions (the “Private Placement”). The Private Placement closed on April 8, 2021 and resulted in gross proceeds to the Company of approximately $250.0 million before deducting offering expenses.

On April 6, 2021, the Company entered into an underwriting agreement pursuant to which the Company agreed to issue and sell 10,925,000 shares of the Class A common stock (including 1,425,000 shares of Class A common stock sold pursuant to the exercise of the underwriters' option to purchase additional shares of Class A common stock) (collectively, the “Offering”). The Offering closed on April 8, 2021 and resulted in gross proceeds to the Company of approximately $578.2 million before deducting offering expenses.

Offering expenses for the Private Placement and Offering amounted to approximately $0.7 million. The expenses have been recorded as a reduction in the proceeds received and are presented on a net basis together with issuances of common stock in additional paid-in-capital within the Consolidated Statements of Changes in Equity.

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


	Class A Common Stock	Non-Voting Common Stock	Class B Common Stock	Class C Common Stock	Total
Balance - January 1, 2021	147,182,562	—	1,000	112,447,618	259,631,180
Issuance of stock(1)	12,159,200	3,489,911	—	8,744,296	24,393,407
Exchanges of AOG Units	2,524,292	—	—	(2,524,292)	—
Redemptions of AOG Units	—	—	—	(58,290)	(58,290)
Stock option exercises, net of shares withheld for tax	1,976,520	—	—	—	1,976,520

Vesting of restricted stock awards, net of shares withheld for tax	4,508,731	—	—	—	4,508,731
Balance - December 31, 2021	168,351,305	3,489,911	1,000	118,609,332	290,451,548

(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 AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities:


								Daily Average Ownership
	As of December 31, 2021			As of December 31, 2020			Year ended December 31,
	AOG Units	Direct Ownership Interest		AOG Units	Direct Ownership Interest			2021		2020		2019
Ares Management Corporation	171,841,216	59.16	%	147,182,562	56.69	%		58.48	%	53.98	%	48.02	%
Ares Owners Holdings, L.P.	118,609,332	40.84		112,447,618	43.31			41.52		46.02		51.98
Total	290,450,548	100.00	%	259,630,180	100.00	%

The Company’s ownership percentage of the AOG Units will continue to change upon: (i) the vesting of restricted units and exercise of options that were granted under the Equity Incentive Plan; (ii) the exchange of AOG Units for shares of Class A common stock; (iii) the cancellation of AOG Units in connection with certain individuals’ forfeiture of AOG Units upon termination of employment and (iv) the issuance of new AOG Units, including in connection with acquisitions, among other reasons. Holders of the AOG Units, subject to any applicable transfer restrictions, may up to four times each year (subject to the terms of the exchange agreement) exchange their AOG Units for shares of Class A common stock on a one-for-one basis. Equity is reallocated among partners upon a change in ownership to ensure each partners’ capital account properly reflects their respective claim on the residual value of the Company. This change is reflected as either a reallocation of interest or as dilution in the Consolidated Statements of Changes in Equity.

Preferred Stock

As of December 31, 2020, the Company had 12,400,000 shares of the Series A Preferred Stock outstanding. As declared by the Company’s board of directors, dividends on the Series A Preferred Stock were payable quarterly at a rate per annum equal to 7.00%.

On June 30, 2021 (the “Redemption Date”), the Company redeemed all shares of the Series A Preferred Stock outstanding at a redemption price per share of $25.00. The redemption price did not include any accrued dividends as the Redemption Date occurred on the dividend payment date. On the Redemption Date, the Company paid $310.0 million for the redemption of the Series A Preferred Stock and $5.4 million for the previously announced dividend of $0.4375 per share. The excess of the redemption price over the carrying value of the Series A Preferred Stock of approximately $11.2 million relates to the original issuance costs and is presented as a reduction to net income available to common stockholders and to non-controlling interests in AOG entities within the Consolidated Statements of Operations.

Redeemable Interest

The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities:



	Total
Opening balance at July 1, 2020	$	99,804
Net loss	(976)
Currency translation adjustment, net of tax	1,538
Balance - December 31, 2020	$	100,366


















Net loss	(1,341)
Currency translation adjustment, net of tax	(627)

Distribution	(2,390)
Balance- December 31, 2021	$	96,008

The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:


	Total
Balance - January 1, 2021	$	—






Change in redemption value	1,000,000
Balance - December 31, 2021	$	1,000,000

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (g)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI http://asc.fasb.org/topic&trid=2208762

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (h)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496171-112644

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 18
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 16
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496180-112644

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (i)
-URI http://asc.fasb.org/extlink&oid=123467817&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

SEGMENT REPORTING

16. SEGMENT REPORTING

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

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

Private Equity Group: The Private Equity Group manages investment strategies broadly categorized its investment activities into three strategies: Corporate Private Equity, Special Opportunities and Infrastructure and Power.

Real Estate Group: The Real Estate Group manages comprehensive real estate equity and debt strategies, focusing on activities categorized as core, value-add, and opportunistic.

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

Strategic Initiatives: Strategic Initiatives represents an all-other category that includes operating segments and strategic investments that seek to expand the Company's reach and its scale in new and existing global markets.

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 equal to the costs of services provided. The OMG’s revenues and expenses are not allocated to the Company’s reportable segments but the Company does consider the cost structure of the OMG when evaluating its financial performance.

Segment Profit Measures: These measures supplement and should be considered in addition to, and not in lieu of, the Consolidated Statements of Operations prepared in accordance with GAAP.

Fee related earnings (“FRE”) is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees 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 the Consolidated Funds and non-consolidated funds and certain other items that the Company believes are not indicative of its core operating performance. Beginning in the fourth quarter of 2021, fee related performance revenues, together with fee related performance compensation, has been presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and received on a recurring basis and not dependent on realization events from the underlying investments. Fee related performance revenues and fee related performance compensation were previously presented within realized net performance income. Historical periods have been modified to conform to the current period presentation.

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 (v) 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. RI also includes deferred placement fees, which represent the portion of placement fees that are deferred and amortized over the expected life of each fund's life for segment purposes but have been expensed under US GAAP. Management believes RI is a more appropriate metric to evaluate the Company's current business operations.

Management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds. Total assets by segments is not disclosed because such information is not used by the Company’s chief operating decision maker in evaluating the segments.

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

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





































	Year ended December 31, 2021
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	1,070,608	$	231,282	$	168,838	$	97,945	$	66,604	$	1,635,277	$	—	$	1,635,277
Fee related performance revenues	86,480		—		51,399		—		—		137,879		—		137,879
Other fees	27,103		1,126		12,982		—		82		41,293		8,478		49,771
Compensation and benefits	(410,394)		(92,485)		(113,350)		(25,215)		(26,673)		(668,117)		(226,725)		(894,842)
General, administrative and other expenses	(54,686)		(25,044)		(20,762)		(6,862)		(7,778)		(115,132)		(100,645)		(215,777)
Fee related earnings	719,111		114,879		99,107		65,868		32,235		1,031,200		(318,892)		712,308
Performance income—realized	207,446		171,637		95,270		70		4		474,427		—		474,427
Performance related compensation—realized	(131,900)		(137,576)		(59,056)		(49)		(2)		(328,583)		—		(328,583)
Realized net performance income	75,546		34,061		36,214		21		2		145,844		—		145,844
Investment income—realized	1,989		9,259		4,687		19		13		15,967		—		15,967
Interest and other investment income—realized	20,377		12,819		5,947		2,261		3,948		45,352		226		45,578
Interest expense	(8,038)		(8,811)		(5,508)		(836)		(13,031)		(36,224)		(536)		(36,760)
Realized net investment income (loss)	14,328		13,267		5,126		1,444		(9,070)		25,095		(310)		24,785
Realized income	$	808,985	$	162,207	$	140,447	$	67,333	$	23,167	$	1,202,139	$	(319,202)	$	882,937

	Year ended December 31, 2020
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	841,138	$	221,160	$	97,680	$	—	$	26,587	$	1,186,565	$	—	$	1,186,565
Fee related performance revenues	22,160		—		827		—		—		22,987		—		22,987
Other fees	18,644		178		974		—		152		19,948		—		19,948
Compensation and benefits	(320,111)		(90,129)		(53,511)		—		(6,442)		(470,193)		(155,979)		(626,172)
General, administrative and other expenses	(53,997)		(22,145)		(12,251)		—		(2,926)		(91,319)		(80,778)		(172,097)
Fee related earnings	507,834		109,064		33,719		—		17,371		667,988		(236,757)		431,231
Performance income—realized	70,148		392,635		61,446		—		—		524,229		—		524,229
Performance related compensation—realized	(44,582)		(315,905)		(38,975)		—		—		(399,462)		—		(399,462)
Realized net performance income	25,566		76,730		22,471		—		—		124,767		—		124,767
Investment income (loss)—realized	(2,309)		29,100		3,146		—		13		29,950		(5,698)		24,252
Interest and other investment income (expense)—realized	16,314		5,987		4,056		—		996		27,353		(739)		26,614
Interest expense	(8,722)		(8,186)		(5,200)		—		(1,465)		(23,573)		(1,335)		(24,908)
Realized net investment income (loss)	5,283		26,901		2,002		—		(456)		33,730		(7,772)		25,958
Realized income	$	538,683	$	212,695	$	58,192	$	—	$	16,915	$	826,485	$	(244,529)	$	581,956


	Year Ended December 31, 2019
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	713,853	$	211,614	$	87,063	$	—	$	—	$	1,012,530	$	—	$	1,012,530
Fee related performance revenues	52,715		—		1,592		—		—		54,307		—		54,307
Other fees	17,124		162		792		—		—		18,078		—		18,078
Compensation and benefits	(292,733)		(78,259)		(50,080)		—		—		(421,072)		(139,162)		(560,234)
General, administrative and other expenses	(55,103)		(19,098)		(13,249)		—		—		(87,450)		(91,292)		(178,742)
Fee related earnings	435,856		114,419		26,118		—		—		576,393		(230,454)		345,939
Performance income—realized	51,727		264,439		32,045		—		—		348,211		—		348,211
Performance related compensation—realized	(30,570)		(211,550)		(16,235)		—		—		(258,355)		—		(258,355)
Realized net performance income	21,157		52,889		15,810		—		—		89,856		—		89,856
Investment income—realized	2,457		47,696		8,020		—		—		58,173		—		58,173
Interest and other investment income (expense) —realized	18,670		5,046		5,633		—		—		29,349		(160)		29,189
Interest expense	(6,497)		(7,486)		(3,824)		—		—		(17,807)		(1,864)		(19,671)
Realized net investment income (loss)	14,630		45,256		9,829		—		—		69,715		(2,024)		67,691
Realized income	$	471,643	$	212,564	$	51,757	$	—	$	—	$	735,964	$	(232,478)	$	503,486

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


	Year ended December 31,
		2021		2020		2019
Segment revenues
Management fees		$	1,635,277	$	1,186,565	$	1,012,530
Fee related performance revenues		137,879		22,987		54,307
Other fees		41,293		19,948		18,078
Performance income—realized		474,427		524,229		348,211
Total segment revenues		$	2,288,876	$	1,753,729	$	1,433,126
Segment expenses
Compensation and benefits		$	668,117	$	470,193	$	421,072
General, administrative and other expenses		115,132		91,319		87,450
Performance related compensation—realized		328,583		399,462		258,355
Total segment expenses		$	1,111,832	$	960,974	$	766,877
Segment realized net investment income
Investment income—realized		$	15,967	$	29,950	$	58,173
Interest and other investment income —realized		45,352		27,353		29,349
Interest expense		(36,224)		(23,573)		(17,807)
Total segment realized net investment income		$	25,095	$	33,730	$	69,715

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


	Year ended December 31,
		2021		2020		2019
Total consolidated revenue		$	4,212,091	$	1,764,046	$	1,765,438
Performance (income) loss—unrealized		(1,744,056)		7,554		(303,142)
Management fees of Consolidated Funds eliminated in consolidation		44,896		45,268		34,920

Incentive fees of Consolidated Funds eliminated in consolidation		5,458		141		13,851
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		4,483		15,824		12,641
Administrative fees(1)		(49,223)		(36,512)		(31,629)
OMG revenue		(8,478)		—		—
Performance income (loss) reclass(2)		1,434		(3,726)		740
Acquisition-related incentive fees(3)		(47,873)		—		—
Principal investment income, net of eliminations		(99,433)		(28,552)		(56,555)
Net income of non-controlling interests in consolidated subsidiaries		(30,423)		(10,314)		(3,138)
Total consolidation adjustments and reconciling items		(1,923,215)		(10,317)		(332,312)
Total segment revenue		$	2,288,876	$	1,753,729	$	1,433,126

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

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

(3)Represents a component of the purchase price from incentive fees associated with one-time contingent consideration recorded in connection with the Black Creek Acquisition. 100% of the fees recognized in 2021 is presented within incentive fees in the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis.

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


	Year ended December 31,
		2021		2020		2019
Total consolidated expenses		$	3,410,083	$	1,450,486	$	1,462,797
Performance related compensation-unrealized		(1,316,205)		11,552		(206,799)
Expenses of Consolidated Funds added in consolidation		(113,024)		(65,527)		(90,816)
Expenses of Consolidated Funds eliminated in consolidation		50,538		45,408		48,771
Administrative fees(1)		(49,223)		(36,512)		(31,629)
OMG expenses		(327,370)		(236,757)		(230,454)
Acquisition and merger-related expense		(21,162)		(11,124)		(16,266)
Equity compensation expense		(237,191)		(122,986)		(97,691)
Acquisition-related compensation expense(2)		(66,893)		—		—
Deferred placement fees		(78,883)		(19,329)		(24,306)
Depreciation and amortization expense		(106,705)		(40,662)		(40,602)

Expense of non-controlling interests in consolidated subsidiaries		(32,133)		(13,575)		(6,128)
Total consolidation adjustments and reconciling items		(2,298,251)		(489,512)		(695,920)
Total segment expenses		$	1,111,832	$	960,974	$	766,877

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

(2)Represents components of the purchase agreements associated with contingent obligations resulting from the Landmark Acquisition and the Black Creek Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Consolidated Statements of Operations.

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


	Year ended December 31,
		2021		2020		2019
Total consolidated other income		$	263,682	$	65,918	$	122,539
Investment (income) loss—unrealized		(58,694)		47,317		26,620
Interest and other investment (income) loss—unrealized		6,249		(12,134)		9,061
Other income from Consolidated Funds added in consolidation, net		(256,375)		(70,994)		(117,405)
Other expense from Consolidated Funds eliminated in consolidation, net		(2,868)		(14,053)		(12,991)
OMG other income		(1,368)		(927)		(1,190)
Performance (income) loss reclass(1)		(1,434)		3,726		(740)
Principal investment income		120,896		4,044		44,320
Other (income) expense, net		(19,886)		10,277		(460)
Other (income) loss of non-controlling interests in consolidated subsidiaries		(25,107)		556		(39)
Total consolidation adjustments and reconciling items		(238,587)		(32,188)		(52,824)
Total segment realized net investment income		$	25,095	$	33,730	$	69,715

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

The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE:


	Year ended December 31,
		2021		2020		2019
Income before taxes		$	1,065,690	$	379,478	$	425,180
Adjustments:
Depreciation and amortization expense		106,705		40,662		40,602
Equity compensation expense		237,191		122,986		97,691
Acquisition-related compensation expense(1)		66,893		—		—
Acquisition-related incentive fees(2)		(47,873)		—		—
Acquisition and merger-related expense		21,162		11,194		16,266
Deferred placement fees		78,883		19,329		24,306
OMG expense, net		317,524		235,830		229,264
Other (income) expense, net		(19,886)		10,207		(460)
Net (income) expense of non-controlling interests in consolidated subsidiaries		(23,397)		3,817		2,951
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(120,457)		(28,203)		(39,174)
Total performance (income) loss—unrealized		(1,744,056)		7,554		(303,142)
Total performance related compensation—unrealized		1,316,205		(11,552)		206,799
Total investment (income) loss—unrealized		(52,445)		35,183		35,681
Realized income		1,202,139		826,485		735,964
Total performance income—realized		(474,427)		(524,229)		(348,211)
Total performance related compensation—realized		328,583		399,462		258,355
Total investment income—realized		(25,095)		(33,730)		(69,715)
Fee related earnings		$	1,031,200	$	667,988	$	576,393

(1)Represents components of the purchase agreements associated with contingent obligations resulting from the Landmark Acquisition and the Black Creek Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Consolidated Statements of Operations.

(2)Represents a component of the purchase price from incentive fees associated with one-time contingent consideration recorded in connection with the Black Creek Acquisition. 100% of the fees recognized in 2021 is presented within incentive fees in the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8721-108599

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

+ Details

CONSOLIDATION

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATION

17. CONSOLIDATION

Deconsolidated Funds

Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the year ended December 31, 2021, no entities were liquidated/dissolved and one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity during the period. During the year ended December 31, 2020, one entity was liquidated/dissolved and one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity during the period. During the year ended December 31, 2019 two entities were liquidated/dissolved and two entities experienced a significant change in ownership or control that resulted in deconsolidation during each of the periods. For deconsolidated funds, the Company will continue to serve as the general partner and/or investment manager until such funds are fully liquidated.

Investments in Consolidated Variable Interest Entities

The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss.

Investments in Non-Consolidated Variable Interest Entities

The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value.

The Company's interests in consolidated and non-consolidated VIEs, as presented in the Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows:



	As of December 31,
	2021		2020
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)	$	353,768	$	224,203
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)	583,192		391,963
Assets of consolidated VIEs	13,197,321		11,580,003
Liabilities of consolidated VIEs	12,018,655		10,716,438

(1)As of December 31, 2021 and 2020, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $103.8 million and $107.7 million, respectively.


	Year ended December 31,
		2021		2020		2019
Net income attributable to non-controlling interests related to consolidated VIEs		$	115,217	$	28,085	$	39,704

Consolidating Schedules

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


	As of December 31, 2021
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	343,655	$	—	$	—	$	343,655
Investments (includes $2,998,421 of accrued carried interest)	4,271,836		—		(587,572)		3,684,264
Due from affiliates	696,963		—		(26,580)		670,383
Other assets	1,126,657		—		(3,930)		1,122,727
Intangible assets, net	1,422,818		—		—		1,422,818
Right-of-use operating lease assets	167,652		—		—		167,652
Assets of Consolidated Funds
Cash and cash equivalents	—		1,049,191		—		1,049,191
U.S. Treasury securities, at fair value	—		1,000,285		—		1,000,285
Investments, at fair value	—		11,812,093		4,300		11,816,393
Due from affiliates	—		16,761		(9,527)		7,234
Receivable for securities sold	—		281,132		—		281,132
Other assets	—		39,430		—		39,430
Total assets	$	8,029,581	$	14,198,892	$	(623,309)	$	21,605,164
Liabilities
Accounts payable, accrued expenses and other liabilities	$	289,200	$	—	$	(9,527)	$	279,673
Accrued compensation	310,222		—		—		310,222
Due to affiliates	198,553		—		—		198,553
Performance related compensation payable	2,190,352		—		—		2,190,352
Debt obligations	1,503,709		—		—		1,503,709

Operating lease liabilities	205,075		—		—		205,075
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		117,139		(13,881)		103,258
Due to affiliates	—		26,210		(26,210)		—
Payable for securities purchased	—		1,118,456		—		1,118,456
CLO loan obligations, at fair value	—		10,698,681		(41,020)		10,657,661
Fund borrowings	—		127,771		—		127,771
Total liabilities	4,697,111		12,088,257		(90,638)		16,694,730
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		1,000,000		—		1,000,000
Redeemable interest in Ares Operating Group entities	96,008		—		—		96,008
Non-controlling interest in Consolidated Funds	—		1,110,635		(519,183)		591,452
Non-controlling interest in Ares Operating Group entities	1,403,255		—		(5,508)		1,397,747
Stockholders' Equity

Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (168,351,305 shares issued and outstanding)	1,684		—		—		1,684
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 (118,609,332 shares issued and outstanding)	1,186		—		—		1,186
Additional paid-in-capital	1,921,539		—		(7,980)		1,913,559
Retained earnings	(89,382)		—		—		(89,382)
Accumulated other comprehensive loss, net of tax	(1,855)		—		—		(1,855)
Total stockholders' equity	1,833,207		—		(7,980)		1,825,227
Total equity	3,236,462		1,110,635		(532,671)		3,814,426
Total liabilities, redeemable interest, non-controlling interests and equity	$	8,029,581	$	14,198,892	$	(623,309)	$	21,605,164


	As of December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	539,812	$	—	$	—	$	539,812
Investments (includes $1,145,853 of accrued carried interest)	2,064,517		—		(381,758)		1,682,759
Due from affiliates	426,021		—		(20,134)		405,887
Other assets	590,543		—		(211)		590,332
Intangible assets, net	222,087		—		—		222,087
Right-of-use operating lease assets	154,742		—		—		154,742
Assets of Consolidated Funds
Cash and cash equivalents	—		522,377		—		522,377
Investments, at fair value	—		10,873,522		3,575		10,877,097
Due from affiliates	—		27,377		(10,205)		17,172
Receivable for securities sold	—		121,225		—		121,225
Other assets	—		35,502		—		35,502
Total assets	$	3,997,722	$	11,580,003	$	(408,733)	$	15,168,992
Liabilities
Accounts payable, accrued expenses and other liabilities	$	125,494	$	—	$	(10,205)	$	115,289
Accrued compensation	121,927		—		—		121,927
Due to affiliates	100,186		—		—		100,186
Performance related compensation payable	794,461		—		—		794,461
Debt obligations	642,998		—		—		642,998
Operating lease liabilities	180,236		—		—		180,236
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		46,824		—		46,824
Due to affiliates	—		16,770		(16,770)		—
Payable for securities purchased	—		514,946		—		514,946
CLO loan obligations, at fair value	—		10,015,989		(57,913)		9,958,076
Fund borrowings	—		121,909		—		121,909
Total liabilities	1,965,302		10,716,438		(84,888)		12,596,852
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	100,366		—		—		100,366
Non-controlling interest in Consolidated Funds	—		863,565		(323,845)		539,720
Non-controlling interest in Ares Operating Group entities	738,369		—		—		738,369
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding)	298,761		—		—		298,761
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (147,182,562 shares issued and outstanding)	1,472		—		—		1,472
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)	—		—		—		—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (112,447,618 shares issued and outstanding)	1,124		—		—		1,124
Additional paid-in-capital	1,043,669		—		—		1,043,669
Retained earnings	(151,824)		—		—		(151,824)
Accumulated other comprehensive income, net of tax	483		—		—		483
Total stockholders' equity	1,193,685		—		—		1,193,685
Total equity	1,932,054		863,565		(323,845)		2,471,774
Total liabilities, redeemable interest, non-controlling interests and equity	$	3,997,722	$	11,580,003	$	(408,733)	$	15,168,992


	Year ended December 31, 2021
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,655,943	$	—	$	(44,896)	$	1,611,047
Carried interest allocation	2,073,551		—		—		2,073,551
Incentive fees	338,334		—		(5,458)		332,876
Principal investment income	120,896		—		(21,463)		99,433
Administrative, transaction and other fees	99,667		—		(4,483)		95,184
Total revenues	4,288,391		—		(76,300)		4,212,091
Expenses
Compensation and benefits	1,162,633		—		—		1,162,633
Performance related compensation	1,740,786		—		—		1,740,786
General, administrative and other expense	444,178		—		—		444,178
Expenses of the Consolidated Funds	—		113,024		(50,538)		62,486
Total expenses	3,347,597		113,024		(50,538)		3,410,083
Other income (expense)
Net realized and unrealized gains on investments	11,920		—		7,182		19,102
Interest and dividend income	14,199		—		(4,334)		9,865
Interest expense	(36,760)		—		—		(36,760)
Other income, net	15,080		—		(678)		14,402
Net realized and unrealized gains on investments of the Consolidated Funds	—		91,390		(14,087)		77,303
Interest and other income of the Consolidated Funds	—		437,140		678		437,818
Interest expense of the Consolidated Funds	—		(272,155)		14,107		(258,048)
Total other income	4,439		256,375		2,868		263,682
Income before taxes	945,233		143,351		(22,894)		1,065,690
Income tax expense	147,297		88		—		147,385
Net income	797,936		143,263		(22,894)		918,305

Less: Net income attributable to non-controlling interests in Consolidated Funds	—		143,263		(22,894)		120,369
Net income attributable to Ares Operating Group entities	797,936		—		—		797,936
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(1,341)		—		—		(1,341)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	390,440		—		—		390,440
Net income attributable to Ares Management Corporation	408,837		—		—		408,837
Less: Series A Preferred Stock dividends paid	10,850		—		—		10,850
Less: Series A Preferred Stock redemption premium	11,239		—		—		11,239
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	386,748	$	—	$	—	$	386,748


	Year ended December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,195,876	$	—	$	(45,268)	$	1,150,608
Carried interest allocation	505,608		—		—		505,608
Incentive fees	38,043		—		(141)		37,902
Principal investment income	4,044		—		24,508		28,552
Administrative, transaction and other fees	57,200		—		(15,824)		41,376
Total revenues	1,800,771		—		(36,725)		1,764,046
Expenses
Compensation and benefits	767,252		—		—		767,252
Performance related compensation	404,116		—		—		404,116
General, administrative and other expense	258,999		—		—		258,999
Expenses of the Consolidated Funds	—		65,527		(45,408)		20,119
Total expenses	1,430,367		65,527		(45,408)		1,450,486
Other income (expense)
Net realized and unrealized losses on investments	(8,720)		—		(288)		(9,008)
Interest and dividend income	11,641		—		(3,570)		8,071
Interest expense	(24,908)		—		—		(24,908)
Other income, net	2,858		—		8,433		11,291
Net realized and unrealized losses on investments of the Consolidated Funds	—		(109,387)		12,523		(96,864)
Interest and other income of the Consolidated Funds	—		473,857		(10,205)		463,652
Interest expense of the Consolidated Funds	—		(293,476)		7,160		(286,316)
Total other income (expense)	(19,129)		70,994		14,053		65,918
Income before taxes	351,275		5,467		22,736		379,478
Income tax expense	54,875		118		—		54,993
Net income	296,400		5,349		22,736		324,485

Less: Net income attributable to non-controlling interests in Consolidated Funds	—		5,349		22,736		28,085
Net income attributable to Ares Operating Group entities	296,400		—		—		296,400
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(976)		—		—		(976)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	145,234		—		—		145,234
Net income attributable to Ares Management Corporation	152,142		—		—		152,142
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	130,442	$	—	$	—	$	130,442


	Year ended December 31, 2019
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,014,337	$	—	$	(34,920)	$	979,417
Carried interest allocation	621,872		—		—		621,872
Incentive fees	83,048		—		(13,851)		69,197
Principal investment income	44,320		—		12,235		56,555
Administrative, transaction and other fees	51,038		—		(12,641)		38,397
Total revenues	1,814,615		—		(49,177)		1,765,438
Expenses
Compensation and benefits	653,352		—		—		653,352
Performance related compensation	497,181		—		—		497,181
General, administrative and other expense	270,219		—		—		270,219
Expenses of the Consolidated Funds	—		90,816		(48,771)		42,045
Total expenses	1,420,752		90,816		(48,771)		1,462,797
Other income (expense)
Net realized and unrealized gains on investments	10,405		—		(851)		9,554
Interest and dividend income	9,599		—		(2,093)		7,506
Interest expense	(19,671)		—		—		(19,671)
Other expense, net	(8,190)		—		350		(7,840)
Net realized and unrealized gains on investments of the Consolidated Funds	—		3,312		11,824		15,136
Interest and other income of the Consolidated Funds	—		395,599		—		395,599
Interest expense of the Consolidated Funds	—		(281,506)		3,761		(277,745)
Total other income (expense)	(7,857)		117,405		12,991		122,539
Income before taxes	386,006		26,589		12,585		425,180
Income tax expense (benefit)	52,906		(530)		—		52,376
Net income	333,100		27,119		12,585		372,804
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		27,119		12,585		39,704
Net income attributable to Ares Operating Group entities	333,100		—		—		333,100
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	184,216		—		—		184,216
Net income attributable to Ares Management Corporation	148,884		—		—		148,884
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	127,184	$	—	$	—	$	127,184


	Year ended December 31, 2021
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	797,936	$	143,263	$	(22,894)	$	918,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Equity compensation expense	237,191		—		—		237,191
Depreciation and amortization	113,293		—		—		113,293
Net realized and unrealized gains on investments	(96,331)		—		7,353		(88,978)

Other non-cash amounts	(31,070)		—		—		(31,070)
Investments purchased	(561,762)		—		221,563		(340,199)
Proceeds from sale of investments	296,483		—		(23,101)		273,382
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized gains on investments	—		(91,390)		14,087		(77,303)
Other non-cash amounts	—		(35,879)		—		(35,879)
Investments purchased	—		(13,075,187)		7,623		(13,067,564)
Proceeds from sale of investments	—		9,970,609		—		9,970,609
Cash flows due to changes in operating assets and liabilities
Net carried interest and incentive fees receivable	(745,021)		—		—		(745,021)
Due to/from affiliates	(187,374)		—		6,446		(180,928)
Other assets	210,106		—		3,719		213,825
Accrued compensation and benefits	142,815		—		—		142,815
Accounts payable, accrued expenses and other liabilities	124,489		—		679		125,168
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(526,815)		(526,815)
Net cash relinquished with consolidation/deconsolidation of Consolidated Funds	—		(39,539)		—		(39,539)
Change in other assets and receivables held at Consolidated Funds	—		(174,409)		(6,544)		(180,953)
Change in other liabilities and payables held at Consolidated Funds	—		746,616		(23,000)		723,616
Net cash provided by (used in) operating activities	300,755		(2,555,916)		(340,884)		(2,596,045)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(27,226)		—		—		(27,226)
Acquisitions, net of cash acquired	(1,057,407)		—		—		(1,057,407)
Net cash used in investing activities	(1,084,633)		—		—		(1,084,633)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	827,430		—		—		827,430
Proceeds from Credit Facility	883,000		—		—		883,000
Proceeds from subordinated notes	450,000		—		—		450,000
Repayments of Credit Facility	(468,000)		—		—		(468,000)

Dividends and distributions	(593,506)		—		—		(593,506)
Series A Preferred Stock dividends	(10,850)		—		—		(10,850)
Redemption of Series A Preferred Stock	(310,000)		—		—		(310,000)

Stock option exercises	37,216		—		—		37,216
Taxes paid related to net share settlement of equity awards	(226,101)		—		—		(226,101)
Other financing activities	11,509		—		—		11,509
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		1,239,831		(206,187)		1,033,644
Distributions to non-controlling interests in Consolidated Funds	—		(119,153)		20,256		(98,897)
Borrowings under loan obligations by Consolidated Funds	—		2,048,932		—		2,048,932
Repayments under loan obligations by Consolidated Funds	—		(80,752)		—		(80,752)
Net cash provided by financing activities	600,698		3,088,858		(185,931)		3,503,625
Effect of exchange rate changes	(12,977)		(6,127)		—		(19,104)
Net change in cash and cash equivalents	(196,157)		526,815		(526,815)		(196,157)
Cash and cash equivalents, beginning of period	539,812		522,376		(522,376)		539,812
Cash and cash equivalents, end of period	$	343,655	$	1,049,191	$	(1,049,191)	$	343,655
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with acquisitions	$	510,848	$	—	$	—	$	510,848
Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	34,170	$	170,915	$	—	$	205,085
Cash paid during the period for income taxes	$	22,603	$	185	$	—	$	22,788


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


Investments purchased	(352,750)		—		261,899		(90,851)
Proceeds from sale of investments	207,986		—		(33,307)		174,679
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized losses on investments	—		109,387		(12,523)		96,864
Other non-cash amounts	—		(34,297)		—		(34,297)
Investments purchased	—		(6,580,784)		(34,948)		(6,615,732)
Proceeds from sale of investments	—		5,502,325		—		5,502,325
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(17,687)		—		—		(17,687)
Due to/from affiliates	(82,222)		—		6,037		(76,185)
Other assets	(34,523)		—		(2,171)		(36,694)
Accrued compensation and benefits	47,875		—		—		47,875
Accounts payable, accrued expenses and other liabilities	31,240		—		(10,205)		21,035
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		83,945		83,945
Net cash acquired with consolidation/deconsolidation of Consolidated Funds	—		60,895		—		60,895
Change in other assets and receivables held at Consolidated Funds	—		(55,461)		22,163		(33,298)
Change in other liabilities and payables held at Consolidated Funds	—		10,787		—		10,787
Net cash provided by (used in) operating activities	281,204		(981,799)		274,936		(425,659)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,942)		—		—		(15,942)
Acquisitions, net of cash acquired	(120,822)		—		—		(120,822)
Net cash used in investing activities	(136,764)		—		—		(136,764)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154		—		—		383,154
Proceeds from Credit Facility	790,000		—		—		790,000
Proceeds from Senior Notes	399,084		—		—		399,084

Repayments of Credit Facility	(860,000)		—		—		(860,000)
Dividends and distributions	(446,780)		—		—		(446,780)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)

Stock option exercises	92,877		—		—		92,877
Taxes paid related to net share settlement of equity awards	(95,368)		—		—		(95,368)
Other financing activities	(1,531)		—		—		(1,531)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		359,381		(226,951)		132,430
Distributions to non-controlling interests in Consolidated Funds	—		(287,467)		35,960		(251,507)
Borrowings under loan obligations by Consolidated Funds	—		1,013,291		—		1,013,291
Repayments under loan obligations by Consolidated Funds	—		(190,055)		—		(190,055)
Net cash provided by financing activities	239,736		895,150		(190,991)		943,895
Effect of exchange rate changes	17,252		2,704		—		19,956
Net change in cash and cash equivalents	401,428		(83,945)		83,945		401,428
Cash and cash equivalents, beginning of period	138,384		606,321		(606,321)		138,384
Cash and cash equivalents, end of period	$	539,812	$	522,376	$	(522,376)	$	539,812
Supplemental disclosure of non-cash financing activities
Issuance of Class A common stock in connection with acquisitions	$	305,388	$	—	$	—	$	305,338
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	22,127	$	235,005	$	—	$	257,132
Cash paid during the period for income taxes	$	38,005	$	169	$	—	$	38,174



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


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

Net realized and unrealized gains on investments	—		(3,312)		(11,824)		(15,136)
Other non-cash amounts	—		(8,383)		—		(8,383)
Investments purchased	—		(5,310,296)		93,365		(5,216,931)
Proceeds from sale of investments	—		3,077,755		—		3,077,755
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(94,755)		—		—		(94,755)
Due to/from affiliates	(80,689)		—		5,551		(75,138)
Other assets	24,303		—		2,381		26,684
Accrued compensation and benefits	(1,557)		—		—		(1,557)
Accounts payable, accrued expenses and other liabilities	30,669		—		—		30,669
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(221,677)		(221,677)
Cash relinquished with deconsolidation of Consolidated Funds	—		(81,059)		—		(81,059)
Change in other assets and receivables held at Consolidated Funds	—		(51,681)		(3,153)		(54,834)
Change in other liabilities and payables held at Consolidated Funds	—		88,467		—		88,467
Net cash provided by (used in) operating activities	305,741		(2,261,390)		(127,372)		(2,083,021)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(16,796)		—		—		(16,796)

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


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

Cash paid during the period for interest	$	17,922	$	215,168	$	—	$	233,090
Cash paid during the period for income taxes	$	35,021	$	604	$	—	$	35,625

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	18. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2021 through the date the consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure: In January 2022, Ares Finance Co. IV LLC, an indirect subsidiary of the Company, issued $500.0 million of 3.650% senior notes with a maturity date of February 2052. In February 2022, the Company's board of directors declared a quarterly dividend of $0.61 per share of Class A and non-voting common stock payable on March 31, 2022 to common stockholders of record at the close of business on March 17, 2022.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis in the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP. All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values in the Company’s Consolidated Statements of Financial Condition. Net income attributable to holders of subordinated notes of the CLOs is presented within net income attributable to non-controlling interests in consolidated funds in the Consolidated Statements of Operations.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other income (expense) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements.
Principles of Consolidation	Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that the Company concludes are variable interest entities (“VIEs”) in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, carried interest, incentive fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in many of these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE”). Variable Interest Model The Company considers an entity to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary. The Company determines it is the primary beneficiary when it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders the conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties' equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary.
Consolidated CLOs	Consolidated CLOs As of December 31, 2021 and 2020, the Company consolidated 23 and 21 CLOs, respectively. The Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities within the GAAP fair value hierarchy. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company). The loan obligations issued by the CLOs are collateralized by diversified asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent incentive fee income. In cases where the Company earns fees from a CLO that it consolidates, those fees have been eliminated as intercompany transactions. The Company's holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes, which are repaid based on available cash flows subject to priority of payments under each consolidated CLO's governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: •Level I—Quoted prices in active markets for identical instruments. •Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. •Level III—Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period (see “Note 6. Fair Value” for further detail).
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds. At December 31, 2021 and 2020, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.
U.S. Treasury Securities, at Fair Value	U.S. Treasury Securities, at Fair Value U.S. Treasury securities, at fair value represents U.S. Treasury bills that were purchased with funds raised through the initial public offering of AAC, a consolidated SPAC that is presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust agreement. The U.S. Treasury bills typically have original maturities of three months or less when purchased and are recorded at fair value. Interest income received on such securities is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds in the Consolidated Statements of Operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net realized and unrealized gains (losses) on investments of Consolidated Funds in the Consolidated Statements of Operations.
Investments	Investments The Company has retained the specialized investment company accounting guidance under GAAP with respect to its Consolidated Funds, which hold a substantial majority of its investments. Thus, the consolidated investments are reflected in the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). Certain investments are denominated in foreign currency and are translated into U.S. dollars at each reporting date.
Equity Method Investments	Equity Method Investments The Company accounts for its investments in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments in the Consolidated Statements of Financial Condition. The carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. In addition, certain of the Company's equity method investments are reported at fair value. Management's determination of fair value includes various valuation techniques. These techniques may include market approach, recent transaction price, net asset value approach, discounted cash flows, acreage valuation and may use one or more significant unobservable inputs such as EBITDA or revenue multiples, discount rates, weighted average cost of capital, exit multiples, terminal growth rates and other unobservable inputs. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is presented within principal investment income (loss) and net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued but unpaid carried interest as of the reporting date is presented within investments in the Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative Instruments The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company's counterparty credit risk is equal to the amount reported as a derivative asset in the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Consolidated Statements of Financial Condition with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds present derivative and other financial instruments on a net basis. This election is determined at management's discretion on a fund by fund basis. The Company has retained the Consolidated Fund's election upon consolidation. Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss) within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Upon settlement of the instrument, the Company records the realized gain (loss) within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition, including the fair value of certain elements of contingent consideration, is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase consideration is recognized as a bargain purchase gain. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. The acquisition method of accounting allows for a measurement period for up to one year after the acquisition date to make adjustments to the purchase price allocation as the Company obtains more information regarding asset valuations and liabilities assumed. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
Goodwill and Intangible Assets	Goodwill and Intangible Assets Intangible Assets The Company's finite-lived intangible assets consists primarily of contractual rights to earn future management fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 2.0 to 13.5 years. The purchase price of an acquired management contract is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses in the Consolidated Statements of Operations. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated undiscounted cash flows attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using a discounted future cash flow methodology. The Company tests indefinite-lived intangible assets annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of impairment as the excess of the carrying amount of the indefinite-lived intangible asset over its fair value. The Company also tests indefinite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable or that the useful lives of these assets are no longer appropriate. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s strategic plans with regard to the indefinite-lived intangible assets. Goodwill Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates. The Company's goodwill is presented within other assets on the Company’s Consolidated Statements of Financial Condition.
Fixed Assets	Fixed Assets Fixed assets, consisting of furniture, fixtures, computer hardware, equipment, internal-use software and leasehold improvements are recorded at cost, less accumulated depreciation and amortization. Fixed assets are presented within other assets on the Company’s Consolidated Statements of Financial Condition. Direct costs associated with developing, purchasing or otherwise acquiring software for internal use (“Internal-Use Software”) are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Fixed assets are depreciated or amortized on a straight-line basis over an asset's estimated useful life, with the corresponding depreciation and amortization expense presented within general, administrative and other expenses on the Company’s Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the lease term or the life of the asset while other fixed assets and internal-use software are generally depreciated between three and seven years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Leases	Leases The Company has entered into operating and finance leases for corporate offices and certain equipment and makes the determination if an arrangement constitutes a lease at inception. Operating leases are presented within right-of-use operating lease assets and operating lease liabilities in the Company's Consolidated Statements of Financial Condition. Finance leases are capitalized as a component of fixed assets and presented within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the Consolidated Statements of Financial Condition. Right-of-use operating lease assets represent the Company's right to use an underlying asset for the lease term and operating lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and corresponding lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses the its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The right-of-use operating lease asset also includes any lease prepayments and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Lease expense is primarily recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. However, for certain equipment leases where the non-lease components are not material, the Company accounts for the lease and non-lease components as a single lease component.
Redeemable Interest	Redeemable Interest Redeemable interest in AOG entities represents the ownership interest that the former owners of SSG retained in connection with the SSG Acquisition. Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity in the Consolidated Statements of Financial Condition. Income (loss) is allocated based on the ownership percentage attributable to the redeemable interest. The Company determined that the redemption of the redeemable interest is probable as of the date of acquisition. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount, as defined in accordance with the terms of a contractual arrangement between the Company and the former owners of SSG, to the extent that the redemption amount exceeds the initial measurement on the date of acquisition. The Company recognizes changes in the redemption amount with corresponding adjustments against retained earnings, or additional paid-in-capital in the absence of retained earnings, within stockholders' equity in the Consolidated Statements of Financial Condition. Redeemable interest in Consolidated Funds represent the Class A ordinary shares issued by AAC that are redeemable for cash by the public shareholders in the event that AAC does not complete a business combination or tender offer associated with stockholder approval provisions. The Class A ordinary shareholders have redemption rights that are considered to be outside of AAC’s control. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount.
Revenue Recognition	Revenue Recognition The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value (“NAV”), NAV plus unfunded commitments, net investment income, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability. Management fees also include a quarterly fee on the net investment income (“Part I Fees”) of Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”), a publicly-traded business development company registered under the Investment Company Act and managed by a subsidiary of the Company, and CION Ares Diversified Credit Fund (“CADC”). ARCC Part I Fees are equal to 20.0% of its net investment income (before ARCC Part I Fees and incentive fees payable based on capital gains), subject to a fixed hurdle rate of 1.75% per quarter, or 7.0% per annum. No fees are recognized until ARCC's net investment income exceeds a 1.75% hurdle rate, with a catch-up provision to ensure that the Company receives 20% of the net investment income from the first dollar earned. CADC Part I Fees are equal to 15.0% of its net investment income (before CADC Part I Fees), subject to a fixed “hurdle rate” of 1.5% per quarter, or 6.0% per annum. No fees are recognized until CADC's net investment income exceeds the hurdle rate, with a catch-up provision to ensure that the Company receives 15% of the net investment income from the first dollar earned. Carried Interest Allocation In certain fund structures, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund's net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within investments in the Consolidated Statements of Financial Condition. Carried interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally does not become realized until the end of a fund’s life. The Company accounts for carried interest, which represents a performance-based capital allocation from an investment fund to the Company, as earnings from financial assets within the scope of ASC 323, Investments-Equity Method and Joint Ventures. The Company recognizes carried interest allocation as a separate revenue line item in the Consolidated Statements of Operations with uncollected carried interest as of the reporting date reported within investments in the Consolidated Statements of Financial Condition. Substantially all carried interest allocation is earned from affiliated funds of the Company. Incentive Fees Incentive fees earned on the performance of certain fund structures, typically in credit funds and certain real estate funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal. Substantially all incentive fees are earned from affiliated funds of the Company. Principal Investment Income Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages. Administrative, Transaction and Other Fees The Company provides administrative services to certain of its affiliated funds that are reported within administrative, transaction and other fees. The administrative fees generally represent expense reimbursements for a portion of overhead and other expenses incurred by certain professionals directly attributable to performing services for a fund but may also be based on a fund’s NAV. The Company also receives transaction fees from certain affiliated funds for activities related to fund transactions, such as loan originations. The Company is also party to agreements with certain funds to provide various services, such as acquisition, development, property management and the distribution of shares in our non-traded REITs, among others. These fees are recognized as other revenue in the period in which the related services are rendered.
Equity-Based Compensation	Equity-Based Compensation The Company recognizes expense related to equity-based compensation for which it receives employee services in exchange for (a) equity instruments of the Company, (b) derivatives based on the Company’s Class A common stock or (c) liabilities that are based on the fair value of the Company’s equity instruments. Equity-based compensation expense represents expenses associated with restricted units, options and phantom shares granted under 2014 Equity Incentive Plan, as amended and restated on April 1, 2021 (the “Equity Incentive Plan”). Equity-based compensation expense for restricted units and options is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in additional paid-in-capital. Grant date fair value of the restricted units is determined by the most recent closing price of shares of the Company's Class A common stock. The Company has granted certain performance-based restricted unit awards with market conditions. These awards generally have vesting conditions based upon the volume-weighted, average closing price of Class A common stock meeting or exceeding a stated price over a period of time, referred to as the market condition. Vesting is also generally subject to continued employment at the time such market condition is achieved. The grant date fair values of these awards are based on a probability distributed Monte-Carlo simulation. Due to the existence of the market condition, the vesting period for the awards is not explicit, and as such, compensation expense is recognized on a straight-line basis over the median vesting period derived from the positive iterations of the Monte Carlo simulations where the market condition is achieved. The Company recognizes share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of equity-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized in accordance with GAAP and the actual tax deduction reported on the Company’s income tax returns are presented within income tax expense in the Consolidated Statements of Operations before taking into consideration the tax effects of the investment in AOG. Equity-based compensation expense is presented within compensation and benefits in the Consolidated Statements of Operations.
Performance Related Compensation	Performance Related Compensation The Company has agreed to pay a portion of the carried interest and incentive fees earned from certain funds, including income from Consolidated Funds that is eliminated in consolidation, to certain professionals. Depending on the nature of each fund, carried interest and incentive fees may be structured as a fixed percentage subject to vesting based on continued employment or service (generally over a period of four to six years) or as an annual award that is fully vested for the particular year. Other limitations may apply to carried interest and incentive fees as set forth in the applicable governing documents of the fund or award documentation. Performance related compensation is recognized in the same period that the related carried interest and incentive fees are recognized. Performance related compensation can be reversed during periods when there is a reversal of carried interest that was previously recognized. Performance related compensation payable represents the amounts payable to professionals who are entitled to a proportionate share of carried interest in one or more funds. The liability is calculated based upon the changes to realized and unrealized carried interest but not payable until the carried interest itself is realized.
Net Realized and Unrealized Gains/(Losses) on Investments	Net Realized and Unrealized Gains/(Losses) on InvestmentsRealized gain (loss) occurs when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations. Also, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is presented within net realized and unrealized gains (losses) on investments.
Interest and Dividend Income	Interest and Dividend Income Interest, dividends and other investment income are included in interest and dividend income. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established.
Foreign Currency	Foreign Currency The U.S. dollar is the Company's functional currency; however, certain transactions of the Company may not be denominated in U.S. dollars. Foreign exchange revaluation arising from these transactions is recognized within other income (expense) in the Consolidated Statements of Operations. For the years ended December 31, 2021 and 2019, the Company recognized $4.8 million and $8.5 million, respectively, in transaction losses related to foreign currencies revaluation. For the year ended December 31, 2020, the Company recognized $13.1 million in transaction gains related to foreign currencies revaluation. In addition, the combined and consolidated results include certain foreign subsidiaries and Consolidated Funds that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income.
Income Taxes	Income Taxes Since the Company’s election to be taxed as a corporation on March 1, 2018, all earnings allocated to the Company are subject to U.S. corporate income taxes. A provision for corporate level income taxes imposed on unrealized gains and income items as well as taxes imposed on certain subsidiaries’ earnings is included in the consolidated tax provision. Also included in the consolidated tax provision are entity level income taxes incurred by certain affiliated funds and co-investment entities that are consolidated in these financial statements. The portion of consolidated earnings not allocated to the Company flows through to owners of the Ares Operating Group entities without being taxed at the corporate level. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income, in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reported on a net basis and the net deferred tax asset is presented within other assets in the Consolidated Statements of Financial Condition. The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. Both accrued interest and penalties, where appropriate, related to UTBs are shown in general, administrative and other expenses in the Consolidated Statements of Operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new legislation is passed or new information becomes available.
Income Allocation	Income AllocationIncome (loss) before taxes is allocated based on each partner’s average daily ownership of the Ares Operating Group entities for each year presented.
Earnings Per Share	Earnings Per Share Basic earnings per share of Class A and non-voting common stock is computed by dividing income available to Class A and non-voting common stockholders by the weighted-average number shares of Class A and non-voting common stock outstanding during the period. Income available to Ares Management Corporation represents net income attributable to Class A and non-voting common stockholders. Diluted earnings per share of Class A and non-voting common stock is computed by dividing income available to Class A and non-voting common stockholders by the weighted-average number of shares of Class A and non-voting common stock outstanding during the period, increased to include the number of additional shares of Class A and non-voting common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire shares of Class A and non-voting common stock, unvested restricted units and AOG Units exchangeable for shares of Class A and non-voting common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of Class A and non-voting common stock using the more dilutive result of the treasury stock method or the two-class method. Unvested share-based payment awards that contain non-forfeitable rights to dividend or dividend equivalents (whether paid or unpaid) are participating securities and are considered in the computation of earnings per share of Class A and non-voting common stock pursuant to the two-class method. Unvested restricted units that pay dividend equivalents are deemed participating securities and are included in basic and diluted earnings per share of Class A and non-voting common stock calculation under the two-class method. 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. The treasury stock method is used to determine potentially dilutive securities resulting from options and unvested restricted units granted under the Equity Incentive Plan. The two-class method is an earnings allocation method under which earnings per share is calculated for shares of Class A and non-voting common stock and participating securities considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Because the holders of unvested restricted units have the right to participate in dividends when declared, the unvested restricted units are considered participating securities to the extent they are expected to vest.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income and other appreciation (depreciation) affecting stockholders' equity that, under GAAP, has been excluded from net income. The Company's other comprehensive income includes foreign currency translation adjustments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848), to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020 but no later than December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions Fair Value Consideration Transferred

The acquisition date fair value of the consideration transferred totaled $1.1 billion, which consisted of the following:


Cash	$	803,309
Equity(1)	299,420
Total	$	1,102,729

(1)5,415,278 AOG Units were issued in connection with the Landmark Acquisition and increased Ares Owners Holdings L.P.’s ownership interest in the AOG entities.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The fair value of assets acquired and liabilities assumed are estimated to be:


Cash	$	25,645
Other tangible assets	23,413
Intangible assets:
Management contracts	425,880
Client relationships	197,160
Trade name	86,200
Total intangible assets	709,240
Total identifiable assets acquired	758,298
Accounts payable, accrued expenses and other liabilities	73,322

Net identifiable assets acquired	684,976
Goodwill	417,753
Net assets acquired	$	1,102,729

Schedule of Business Acquisition, Pro Forma Information

Supplemental information of the Company’s consolidated results on an unaudited pro forma basis, as if the Landmark Acquisition had been consummated as of January 1, 2020, is as follows:


	Year ended December 31,
		2021		2020
Total revenues		$	4,276,706	$	1,910,792
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders		$	380,169	$	112,918

GOODWILL AND INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

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 as of December 31, 2021 In Years	As of December 31,

		2021		2020
Management contracts	6.3	$	641,737	$	210,857
Client relationships	10.9	229,501		25,141
Trade name	8.4	11,079		11,079
Finite-lived intangible assets		882,317		247,077
Foreign currency translation		1,792		3,093
Total finite-lived intangible assets		884,109		250,170
Less: accumulated amortization		(115,791)		(28,082)
Finite-lived intangible assets, net		768,318		222,088
Management contracts		567,800		—
Trade name		86,200		—
Other		500		—
Indefinite-lived intangible assets		654,500		—
Intangible assets, net		$	1,422,818	$	222,088

Schedule of Estimated Future Annual Amortization of Finite-lived Intangible Assets

At December 31, 2021, future annual amortization of finite-lived intangible assets for the years 2022 through 2026 and thereafter is estimated to be:


Year	Amortization
2022	$	122,051
2023	118,574
2024	111,905
2025	103,714
2026	76,918
Thereafter	235,156
Total	$	768,318

Schedule of Goodwill Rollforward

The following table summarizes the carrying value of goodwill that is presented within other assets in the Consolidated Statements of Financial Condition:


	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total
Balance as of December 31, 2019	$	32,196	$	58,600	$	53,059	$	—	$	—	$	143,855
Acquisitions	—		—		—		—		224,601		224,601
Foreign currency translation	—		—		61		—		2,530		2,591
Balance as of December 31, 2020	$	32,196	$	58,600	$	53,120	$	—	$	227,131	$	371,047
Acquisitions	—		—		—		417,753		—		417,753
Foreign currency translation	—		—		219		(15)		(1,032)		(828)
Balance as of December 31, 2021	$	32,196	$	58,600	$	53,339	$	417,738	$	226,099	$	787,972

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Investments in and Advances to Affiliates [Abstract]

Summary of Investments Held

The Company’s investments are comprised of the following:


					Percentage of total investments

	As of December 31,				As of December 31,
	2021		2020		2021		2020
Equity method investments:
Equity method private investment partnership interests - principal	$	473,887	$	366,471	12.9	%	21.8	%
Equity method - carried interest	2,998,421		1,145,853		81.4		68.1
Equity method private investment partnership interests and other (held at fair value)	117,539		92,196		3.2		5.5
Equity method private investment partnership interests and other	40,580		23,883		1.1		1.4
Total equity method investments	3,630,427		1,628,403		98.6		96.8

Collateralized loan obligations	30,815		31,766		0.8		1.9
Other fixed income	21,582		21,583		0.5		1.3
Collateralized loan obligations and other fixed income, at fair value	52,397		53,349		1.3		3.2

Common stock, at fair value	1,440		1,007		0.1		0.1
Total investments	$	3,684,264	$	1,682,759

Investments held in the Consolidated Funds are summarized below:


	Fair Value at				Percentage of total investments as of
	December 31,				December 31,
	2021		2020		2021		2020
Fixed income investments:
Bonds	$	857,125	$	397,494	6.7	%	3.6%
Loans	9,910,689		10,012,948		77.3		92.1
U.S. Treasury securities	1,000,285		—		7.8		—

Total fixed income investments	11,768,099		10,410,442		91.8		95.7
Equity securities	340,272		227,031		2.7		2.1
Partnership interests	708,307		239,624		5.5		2.2
Total investments, at fair value	$	12,816,678	$	10,877,097

Summary of Equity Method Investments

The following tables present summarized financial information for the Company's equity method investments, which are primarily funds managed by the Company:


	As of and for the Year Ended December 31, 2021
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total
Statement of Financial Condition
Investments	$	16,919,068	$	9,143,164	$	9,555,266	$	7,096,073	$	484,969	$	43,198,540
Total assets	18,316,775		9,548,551		10,146,133		7,220,604		490,246		45,722,309
Total liabilities	5,268,103		1,539,522		3,155,826		2,960,748		392,347		13,316,546
Total equity	13,048,672		8,009,029		6,990,307		4,259,856		97,899		32,405,763

Statement of Operations
Revenues	$	1,318,517	$	229,539	$	326,507	$	911	$	23,910	$	1,899,384
Expenses	(316,134)		(177,380)		(170,008)		(89,281)		(11,927)		(764,730)
Net realized and unrealized gains (losses) from investments	457,943		2,161,730		1,179,698		1,399,009		(24,758)		5,173,622
Income tax expense	(4,511)		(19,125)		(1,167)		—		—		(24,803)
Net income (loss)	$	1,455,815	$	2,194,764	$	1,335,030	$	1,310,639	$	(12,775)	$	6,283,473


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

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


	For the Year Ended December 31, 2019
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total
Statement of Operations
Revenues	$	871,168	$	325,529	$	205,274	$	—	$	—	$	1,401,971
Expenses	(211,984)		(112,610)		(120,467)		—		—		(445,061)
Net realized and unrealized gains from investments	5,040		1,674,002		382,383		—		—		2,061,425
Income tax expense	(1,537)		(27,887)		(926)		—		—		(30,350)
Net income	$	662,687	$	1,859,034	$	466,264	$	—	$	—	$	2,987,985

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2021:


Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Collateralized loan obligations and other fixed income	$	—	$	—	$	52,397	$	—	$	52,397
Common stock and other equity securities	—		1,440		108,949		—		110,389
Partnership interests	—		—		2,575		6,016		8,591
Total investments, at fair value	—		1,440		163,921		6,016		171,377
Derivatives-foreign currency forward contracts and interest rate swaps	—		5,682		—		—		5,682
Total assets, at fair value	$	—	$	7,122	$	163,921	$	6,016	$	177,059
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(328)	$	—	$	—	$	(328)
Contingent consideration	—		—		(57,435)		—		(57,435)
Total liabilities, at fair value	$	—	$	(328)	$	(57,435)	$	—	$	(57,763)


Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	525,393	$	331,732	$	—	$	857,125
Loans	—		9,499,469		411,220		—		9,910,689
U.S. Treasury securities	1,000,285		—		—		—		1,000,285

Total fixed income investments	1,000,285		10,024,862		742,952		—		11,768,099
Equity securities	956		133		339,183		—		340,272
Partnership interests	—		—		238,673		469,634		708,307





Total assets, at fair value	$	1,001,241	$	10,024,995	$	1,320,808	$	469,634	$	12,816,678
Liabilities, at fair value
Derivatives:
Warrants	$	(17,822)	$	—	$	—	$	—	$	(17,822)
Asset swaps	—		—		(3,105)		—		(3,105)
Total derivative liabilities, at fair value	(17,822)		—		(3,105)		—		(20,927)
Loan obligations of CLOs	—		(10,657,661)		—		—		(10,657,661)
Total liabilities, at fair value	$	(17,822)	$	(10,657,661)	$	(3,105)	$	—	$	(10,678,588)

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


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


Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Bonds	$	—	$	397,485	$	9	$	—	$	397,494
Loans	—		9,470,651		542,297		—		10,012,948

Total fixed income investments	—		9,868,136		542,306		—		10,410,442
Equity securities	5,749		239		221,043		—		227,031
Partnership interests	—		—		231,857		7,767		239,624
Total investments, at fair value	5,749		9,868,375		995,206		7,767		10,877,097
Derivatives:

Asset swaps	—		—		1,104		—		1,104

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

Asset swaps	$	—	$	—	$	(44)	$	—	$	(44)

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

Summary of Changes in the Fair Value of the Level III Investments, Assets

The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2021:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	88,412	$	53,349	$	2,575	$	—	$	144,336
Transfer in due to changes in consolidation	—		7,623		—		—		7,623
Established in connection with acquisition	—		—		—		(34,200)		(34,200)
Purchases(1)	19,278		1,689		—		—		20,967
Sales/settlements(2)	—		(13,290)		—		—		(13,290)
Change in fair value	—		—		—		(23,235)		(23,235)
Realized and unrealized appreciation, net	1,259		3,026		—		—		4,285
Balance, end of period	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$	1,259	$	1,575	$	—	$	(23,235)	$	(20,401)


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	221,043	$	542,306	$	231,857	$	1,060	$	996,266
Transfer out due to changes in consolidation	(157)		(49,326)		—		—		(49,483)
Transfer in	2,195		59,845		—		—		62,040
Transfer out	(33)		(214,906)		—		—		(214,939)
Purchases(1)	118,963		904,497		15,000		—		1,038,460
Sales/settlements(2)	(1,180)		(512,505)		(45,500)		301		(558,884)
Amortized discounts/premiums	—		1,683		—		—		1,683
Realized and unrealized appreciation (depreciation), net	(1,648)		11,358		37,316		(4,466)		42,560
Balance, end of period	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(848)	$	3,886	$	37,316	$	(3,627)	$	36,727

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

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2020:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	69,183	$	35,192	$	119,079
Transfer in due to changes in consolidation	72,967		6,294		—		79,261
Purchases(1)	—		12,970		—		12,970
Sales/settlements(2)	—		(37,058)		(32,430)		(69,488)
Realized and unrealized appreciation (depreciation), net	741		1,960		(187)		2,514
Balance, end of period	$	88,412	$	53,349	$	2,575	$	144,336
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	741	$	4,227	$	5,511	$	10,479


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	85,988	$	339,136	$	296,012	$	(4,106)	$	717,030
Transfer in (out) due to changes in consolidation	(635)		403,751		—		—		403,116
Transfer in	32		127,633		—		—		127,665
Transfer out	—		(286,294)		—		—		(286,294)
Purchases(1)	186,881		340,475		66,000		—		593,356
Sales/settlements(2)	(10,997)		(370,966)		(141,025)		(911)		(523,899)
Amortized discounts/premiums	—		1,049		—		389		1,438
Realized and unrealized appreciation (depreciation), net	(40,226)		(12,478)		10,870		5,688		(36,146)
Balance, end of period	$	221,043	$	542,306	$	231,857	$	1,060	$	996,266
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(44,877)	$	(5,736)	$	10,870	$	3,595	$	(36,148)

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

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

Summary 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 for the year ended December 31, 2021:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	88,412	$	53,349	$	2,575	$	—	$	144,336
Transfer in due to changes in consolidation	—		7,623		—		—		7,623
Established in connection with acquisition	—		—		—		(34,200)		(34,200)
Purchases(1)	19,278		1,689		—		—		20,967
Sales/settlements(2)	—		(13,290)		—		—		(13,290)
Change in fair value	—		—		—		(23,235)		(23,235)
Realized and unrealized appreciation, net	1,259		3,026		—		—		4,285
Balance, end of period	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$	1,259	$	1,575	$	—	$	(23,235)	$	(20,401)


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	221,043	$	542,306	$	231,857	$	1,060	$	996,266
Transfer out due to changes in consolidation	(157)		(49,326)		—		—		(49,483)
Transfer in	2,195		59,845		—		—		62,040
Transfer out	(33)		(214,906)		—		—		(214,939)
Purchases(1)	118,963		904,497		15,000		—		1,038,460
Sales/settlements(2)	(1,180)		(512,505)		(45,500)		301		(558,884)
Amortized discounts/premiums	—		1,683		—		—		1,683
Realized and unrealized appreciation (depreciation), net	(1,648)		11,358		37,316		(4,466)		42,560
Balance, end of period	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(848)	$	3,886	$	37,316	$	(3,627)	$	36,727

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

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2020:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Total
Balance, beginning of period	$	14,704	$	69,183	$	35,192	$	119,079
Transfer in due to changes in consolidation	72,967		6,294		—		79,261
Purchases(1)	—		12,970		—		12,970
Sales/settlements(2)	—		(37,058)		(32,430)		(69,488)
Realized and unrealized appreciation (depreciation), net	741		1,960		(187)		2,514
Balance, end of period	$	88,412	$	53,349	$	2,575	$	144,336
Change in net unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	741	$	4,227	$	5,511	$	10,479


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	85,988	$	339,136	$	296,012	$	(4,106)	$	717,030
Transfer in (out) due to changes in consolidation	(635)		403,751		—		—		403,116
Transfer in	32		127,633		—		—		127,665
Transfer out	—		(286,294)		—		—		(286,294)
Purchases(1)	186,881		340,475		66,000		—		593,356
Sales/settlements(2)	(10,997)		(370,966)		(141,025)		(911)		(523,899)
Amortized discounts/premiums	—		1,049		—		389		1,438
Realized and unrealized appreciation (depreciation), net	(40,226)		(12,478)		10,870		5,688		(36,146)
Balance, end of period	$	221,043	$	542,306	$	231,857	$	1,060	$	996,266
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	(44,877)	$	(5,736)	$	10,870	$	3,595	$	(36,148)

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

(2)Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.

Summary of Quantitative Inputs and Assumptions used for Level III Inputs

The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2021:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

14,610

Transaction price(1)

N/A

50,690

Discounted Cash Flow

Discount Rates

14.0% - 20.0%

14.3%

43,649

Market Approach

Multiple of Book Value

1.4x

Partnership interests

2,575

Other

N/A

Collateralized loan obligations

30,815

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

21,582

Other

N/A

Total assets

$

163,921

Liabilities

Contingent consideration

$

(9,562)

Monte Carlo simulation

Discount Rates

8.5%

Volatility

18%

(47,873)

Other

N/A

Total liabilities

$

(57,435)

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

1,261

Market approach

EBITDA multiple(2)

1.0x - 64.4x

17.5x

140,185

Market approach

Multiple of Book Value

1.0x - 1.2x

1.1x

123,685

Discounted cash flow

Discount rate

20.0%

11

Broker quotes and/or 3rd party pricing services

N/A

74,041

Transaction price(1)

N/A

Partnership interest

238,673

Discounted cash flow

Discount rate

23.4%

Fixed income securities

614,754

Broker quotes and/or 3rd party pricing services

N/A

128,198

Income approach

Yield

3.5%-16.2%

6.7%

Total assets

$

1,320,808

Liabilities

Derivative instruments

$

(3,105)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(3,105)

(1)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.

(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

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

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Assets

Equity securities

$

14,704

Transaction price(1)

N/A

32,905

Discounted Cash Flow

Discount Rates

14.0% - 20.0%

40,803

Market Approach

Multiple of Book Value

1.6x

Partnership interests

2,575

Other

N/A

Collateralized loan obligations

31,766

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

21,583

Other

N/A

Total

$

144,336

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

438

Market approach

EBITDA multiple(2)

2.9x - 19.5x

13.4x

32,528

Other

Net income multiple

30.0x

Illiquidity discount

25.0%

33

Broker quotes and/or 3rd party pricing services

N/A

188,044

Transaction price(1)

N/A

Partnership interests

231,857

Discounted cash flow

Discount rate

23.8%

Fixed income securities

384,419

Broker quotes and/or 3rd party pricing services

N/A

6,605

Market approach

EBITDA multiple(2)

6.5x - 7.8x

6.9x

122,962

Income approach

Yield

2.7% - 48.1%

7.9%

28,320

Other

N/A

Derivative instruments

1,104

Broker quotes and/or 3rd party pricing services

N/A

Total assets

$

996,310

Liabilities

Derivative instruments

$

(44)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(44)

(1)Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

(2)“EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

- Definition

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

+ References + Details

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Quantitative Disclosures of Derivative Financial Instruments

The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds:


	As of December 31, 2021								As of December 31, 2020
	Assets				Liabilities				Assets				Liabilities
The Company	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Foreign currency forward contracts and interest rate swaps	$	409,018	$	5,682	$	11,011	$	328	$	30,040	$	1,440	$	39,362	$	1,565

Total derivatives, at fair value(2)	$	409,018	$	5,682	$	11,011	$	328	$	30,040	$	1,440	$	39,362	$	1,565


	As of December 31, 2021								As of December 31, 2020
	Assets				Liabilities				Assets				Liabilities
Consolidated Funds	Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value		Notional(1)		Fair Value
Warrants	$	—	$	—	$	230,000	$	17,822	$	—	$	—	$	—	$	—
Asset swaps	56,000		—		49,516		3,105		7,600		1,104		540		44
Total derivatives, at fair value(3)	$	56,000	$	—	$	279,516	$	20,927	$	7,600	$	1,104	$	540	$	44

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

(2)As of December 31, 2021 and 2020, the Company had the right to, but elected not to, offset $0.3 million and $1.6 million of its derivative liabilities.

(3)As of December 31, 2021 and 2020, the Consolidated Funds offset $0.1 million and $0.4 million of their derivative assets and liabilities, respectively.

The following tables present a summary of net realized gains (losses) and unrealized appreciation (depreciation) on the Company's and Consolidated Funds' derivative instruments that are included within net realized and unrealized gains (losses) on investments in the Consolidated Statements of Operations:


	For the Year Ended December 31,
The Company	2021		2020		2019

Net realized gains on foreign currency forward contracts and interest rate swaps	$	451	$	277	$	2,284




Net change in unrealized appreciation (depreciation) on foreign currency forward contracts and interest rate swaps	5,441		(4,060)		3,713


	For the Year Ended December 31,
Consolidated Funds	2021		2020		2019
Net realized gains (losses) on derivatives of Consolidated Funds
Foreign currency forward contracts	$	—	$	5	$	8
Asset swaps	(978)		(687)		(1,197)
Net realized gains (losses) on derivatives of Consolidated Funds	$	(978)	$	(682)	$	(1,189)
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds
Foreign currency forward contracts	$	—	$	3	$	(20)
Warrants	21,557		—		—
Asset swaps	(4,164)		5,171		(4,751)
Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds	$	17,393	$	5,174	$	(4,771)

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624163-113959

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1B
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5580258-113959

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41620-113959

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579245-113959

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41638-113959

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41678-113959

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=125515794&loc=d3e41641-113959

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5579240-113959

+ Details

DEBT (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Borrowings Outstanding

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



					As of December 31,
					2021			2020
	Debt Origination Date	Maturity	Original Borrowing Amount		Carrying Value		Interest Rate	Carrying Value		Interest Rate
Credit Facility(1)	Revolver	3/31/2026	N/A		$	415,000	1.25%	$	—	—%
2024 Senior Notes(2)	10/8/2014	10/8/2024	$	250,000	247,979		4.21	247,285		4.21
2030 Senior Notes(3)	6/15/2020	6/15/2030	400,000		396,156		3.28	395,713		3.28
2051 Subordinated Notes(4)	6/30/2021	6/30/2051	450,000		444,574		4.13	—		—
Total debt obligations					$	1,503,709		$	642,998

(1)The AOG entities are borrowers under the Credit Facility, which provides a $1.090 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. On March 31, 2021, the Company amended the Credit Facility to, among other things, extend the maturity date from March 2025 to March 2026. As of December 31, 2021, base rate loans bear interest calculated based on the base rate plus 0.125% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.125%. The unused commitment fee is 0.10% per annum. There is a base rate and LIBOR floor of zero.

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

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

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

Unamortized debt issuance costs as of December 31, 2020	$	5,232	$	4,283	$	—
Debt issuance costs incurred	1,282		—		5,518
Amortization of debt issuance costs	(1,240)		(594)		(92)

Unamortized debt issuance costs as of December 31, 2021	$	5,274	$	3,689	$	5,426

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



	As of December 31,
	2021					2020
	Loan Obligations		Fair Value of Loan Obligations		Weighted Average Remaining Maturity In Years	Loan Obligations		Fair Value of Loan Obligations		Weighted Average Remaining Maturity In Years
Senior secured notes(1)	$	10,031,419	$	10,016,638	9.4	$	9,796,442	$	9,665,804	10.1
Subordinated notes(2)	792,575		641,023		8.1	482,391		292,272		10.2
Total loan obligations of Consolidated CLOs	$	10,823,994	$	10,657,661		$	10,278,833	$	9,958,076

(1)As of December 31, 2021 and 2020, original borrowings under the senior secured notes totaled $10.0 billion with various maturity dates ranging from September 2026 to July 2034 and $9.8 billion with various maturity dates ranging from July 2028 to October 2033, respectively. The weighted average interest rate as of December 31, 2021 and 2020, were 1.93% and 1.89%, respectively.

(2)As of December 31, 2021 and 2020, original borrowings under the subordinated notes totaled $792.6 million, with various maturity dates ranging from September 2026 to July 2034 and $482.4 million with various maturity dates ranging from July 2028 to October 2033, respectively. The notes do not have contractual interest rates; instead, holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO.

The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding:



				As of December 31,
				2021			2020
Consolidated Funds' Debt Facilities	Maturity Date	Total Capacity		Outstanding Loan(1)		Effective Rate	Outstanding Loan(1)		Effective Rate
Credit Facilities:
	10/13/2022	$	112,817	$	71,500	1.59%	$	71,500	1.59%
	7/1/2023	18,000		16,271		1.73	17,909		1.75
	1/15/2022(2)	—		—		—	32,500		2.75
	7/23/2024	75,000		40,000		3.09	N/A		N/A
	9/24/2026	150,000		—		N/A	N/A		N/A
Total borrowings of Consolidated Funds				$	127,771		$	121,909

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

(2)On July 23, 2021, the credit facility was terminated at the Consolidated Fund’s discretion.

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Other Assets [Abstract]

Schedule of Other Assets

The components of other assets were as follows:


	As of December 31,
	2021		2020
Other assets of the Company:
Accounts and interest receivable	$	159,757	$	45,494
Fixed assets, net	71,260		60,874
Deferred tax assets, net	39,398		70,026
Goodwill	787,972		371,047
Other assets	64,340		42,891
Total other assets of the Company	$	1,122,727	$	590,332
Other assets of Consolidated Funds:
Dividends and interest receivable	$	36,350	$	30,413
Income tax and other receivables	3,080		5,089
Total other assets of Consolidated Funds	$	39,430	$	35,502

Schedule of Fixed Assets, Net

The components of fixed assets were as follows:


	As of December 31,
	2021		2020

Office and computer equipment	$	31,963	$	28,068
Internal-use software	53,048		47,456
Leasehold improvements	74,677		57,505
Fixed assets, at cost	159,688		133,029
Less: accumulated depreciation	(88,428)		(72,155)
Fixed assets, net	$	71,260	$	60,874

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease

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



		As of December 31,
	Classification	2021		2020
Operating lease assets	Right-of-use operating lease assets	$	167,652	$	154,742
Finance lease assets	Other assets(1)	1,011		1,386
Total lease assets		$	168,663	$	156,128

Operating lease liabilities	Operating lease liabilities	$	205,075	$	180,236
Finance lease obligations	Accounts payable, accrued expenses and other liabilities	936		1,273
Total lease liabilities		$	206,011	$	181,509

(1) Finance lease assets are recorded net of accumulated amortization of $1.6 million and $1.0 million as of December 31, 2021 and 2020, respectively.


		Year ended December 31,
	Classification		2021		2020		2019
Operating lease expense	General, administrative and other expenses		$	38,135	$	31,713	$	28,814
Finance lease expense:
Amortization of finance lease assets	General, administrative and other expenses		561		469		304
Interest on finance lease liabilities	Interest expense		27		43		39
Total lease expense			$	38,723	$	32,225	$	29,157



	Year ended December 31,
Other information	2021		2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	37,500	$	32,121	$	31,509
Operating cash flows for finance leases	39		53		58
Financing cash flows for finance leases	535		460		311
Leased assets obtained in exchange for new finance lease liabilities	189		—		778
Leased assets obtained in exchange for new operating lease liabilities	57,624		36,935		49,833



	As of December 31,
Lease term and discount rate	2021		2020
Weighted-average remaining lease terms (in years):
Operating leases	6.0		6.0
Finance leases	1.8		2.6
Weighted-average discount rate:
Operating leases	1.81	%	3.59	%
Finance leases	2.94	%	3.26	%

Operating Lease, Liability, Maturity


Maturity of lease liabilities	Operating Leases		Finance Leases
2022	$	42,865	$	624
2023	39,015		163
2024	36,994		162
2025	36,177		11
2026	26,995		—
After 2026	39,246		1
Total future payments	221,292		961
Less: interest	16,217		25
Total lease liabilities	$	205,075	$	936

Finance Lease, Liability, Maturity


Maturity of lease liabilities	Operating Leases		Finance Leases
2022	$	42,865	$	624
2023	39,015		163
2024	36,994		162
2025	36,177		11
2026	26,995		—
After 2026	39,246		1
Total future payments	221,292		961
Less: interest	16,217		25
Total lease liabilities	$	205,075	$	936

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Amounts Due from and to Affiliates

The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following:



	As of December 31,
	2021		2020
Due from affiliates:
Management fees receivable from non-consolidated funds	$	372,249	$	308,581
Incentive fee receivable from non-consolidated funds	211,243		21,495
Payments made on behalf of and amounts due from non-consolidated funds and employees	86,891		75,811
Due from affiliates—Company	$	670,383	$	405,887
Amounts due from non-consolidated funds	$	7,234	$	17,172
Due from affiliates—Consolidated Funds	$	7,234	$	17,172
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	$	10,160	$	4,808
Tax receivable agreement liability	100,542		62,505
Undistributed carried interest and incentive fees	66,494		27,322
Payments made by non-consolidated funds on behalf of and payable by the Company	21,357		5,551
Due to affiliates—Company	$	198,553	$	100,186

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following:


	For the Year Ended December 31,
Provision for Income Taxes	2021		2020		2019
The Company
Current:
U.S. federal income tax expense	$	40,861	$	23,845	$	32,012
State and local income tax expense	12,121		6,714		6,940
Foreign income tax expense	11,684		9,141		6,103
	64,666		39,700		45,055
Deferred:
U.S. federal income tax expense	68,201		12,451		8,820
State and local income tax expense	13,040		1,952		1,001
Foreign income tax expense (benefit)	1,390		772		(1,970)
	82,631		15,175		7,851
Total:
U.S. federal income tax expense	109,062		36,296		40,832
State and local income tax expense	25,161		8,666		7,941
Foreign income tax expense	13,074		9,913		4,133
Income tax expense	147,297		54,875		52,906

Consolidated Funds
Current:


Foreign income tax expense (benefit)	88		118		(530)
Income tax expense (benefit)	88		118		(530)











Total Provision for Income Taxes
Total current income tax expense	64,754		39,818		44,525
Total deferred income tax expense	82,631		15,175		7,851
Income tax expense	$	147,385	$	54,993	$	52,376

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the federal statutory rate for the following reasons:


	For the Year Ended December 31,
	2021		2020		2019
Income tax expense at federal statutory rate	21.0	%	21.0	%	21.0	%
Income passed through to non-controlling interests	(9.2)		(8.2)		(10.4)
State and local taxes, net of federal benefit	1.9		1.8		1.9
Foreign taxes	(0.1)		0.3		0.3
Permanent items	(0.3)		(0.5)		(0.4)

Disallowed executive compensation	0.7		—		—
Other, net	(0.2)		(0.2)		(0.1)
Valuation allowance	—		0.3		—
Total effective rate	13.8	%	14.5	%	12.3	%

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2021 and 2020. Deferred tax assets, net are included within other assets on the Consolidated Statements of Financial Condition.


	As of December 31,
Deferred Tax Assets and Liabilities of the Company	2021		2020
Deferred tax assets
Amortizable tax basis for AOG unit exchanges	$	108,644	$	67,571

Net operating losses	1,292		1,292
Other, net	6,101		6,563
Total gross deferred tax assets	116,037		75,426
Valuation allowance	(1,010)		(1,010)
Total deferred tax assets, net	115,027		74,416
Deferred tax liabilities
Investment in partnerships	(75,629)		(4,390)

Total deferred tax liabilities	(75,629)		(4,390)
Net deferred tax assets	$	39,398	$	70,026

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2021

Earnings Per Share [Abstract]

Schedule of Antidilutive Securities Excluded from Earnings per Common Unit

The computation of diluted earnings per share excludes the following restricted units and AOG units as their effect would have been anti-dilutive:


	Year ended December 31,
		2021	2020	2019

Restricted units		132	16,599	82
AOG Units		116,226,798	115,126,565	116,802,160

Schedule of the Computation of Basic and Diluted Earnings per Common Unit

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


	Year ended December 31,
		2021		2020		2019
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		$	386,748	$	130,442	$	127,184
Distributions on unvested restricted units		(10,986)		(10,454)		(7,670)
Undistributed earnings allocable to participating unvested restricted units		(7,138)		—		—
Net income available to Class A and non-voting common stockholders		$	368,624	$	119,988	$	119,514
Basic weighted-average shares of Class A and non-voting common stock		163,703,626		135,065,436		107,914,953
Basic earnings per share of Class A and non-voting common stock		$	2.24	$	0.89	$	1.11

Diluted earnings per share of Class A and non-voting common stock:
Net income available to Class A and non-voting common stockholders		$	386,748	$	130,442	$	127,184

Net income attributable to Ares Management Corporation Class A and non-voting common stockholders		$	386,748	$	130,442	$	127,184
Effect of dilutive shares:
Restricted units		11,209,144		9,207,639		7,838,200
Options		5,199,501		5,235,423		4,124,276

Diluted weighted-average shares of Class A and non-voting common stock		180,112,271		149,508,498		119,877,429
Diluted earnings per share of Class A and non-voting common stock		$	2.15	$	0.87	$	1.06

Dividend declared and paid per Class A and non-voting common stock		$	1.88	$	1.60	$	1.28

EQUITY COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Equity-based Compensation Expense, Net of Assumed Forfeitures

Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table:


	Year ended December 31,
		2021		2020		2019
Restricted units		$	170,980	$	115,680	$	88,979
Restricted units with a market condition		66,211		7,263		3,613
Options		—		43		4,362
Phantom Shares		—		—		737
Equity-based compensation expense		$	237,191	$	122,986	$	97,691

Summary of Unvested Restricted Units' Activity

The following table presents unvested restricted units' activity:


	Restricted Units	Weighted Average Grant Date Fair Value Per Unit
Balance - January 1, 2021	16,299,664	$	24.30
Granted	9,683,848	46.19
Vested	(6,397,649)	20.78
Forfeited	(1,262,827)	30.51
Balance - December 31, 2021	18,323,036	$	36.43

The following table presents the market condition awards' activity:


	Market Condition Awards Units	Weighted Average Grant Date Fair Value Per Unit
Balance - January 1, 2021	—	$	—
Granted	2,150,000	32.86
Vested	(2,037,500)	33.14
Forfeited	(112,500)	27.75
Balance - December 31, 2021	—	$	—

Schedule of Weighted Average Assumptions used for Fair Value

Below is a summary of the significant assumptions used to estimate the grant date fair value of market condition awards:


Closing price of the Company's common shares as of valuation date						$45.76
Risk-free interest rate						0.88%
Volatility						35.0%
Dividend yield						3.5%
Cost of equity						10.0%

Summary of Unvested Options Activity

A summary of options activity during the year ended December 31, 2021 is presented below:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value
Balance - January 1, 2021	8,312,203	$	18.99	3.4	$	233,251
Granted	—	—		—	—
Exercised	(2,005,921)	18.95		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Balance - December 31, 2021	6,306,282	$	19.00	2.3	$	392,692
Exercisable at December 31, 2021	6,306,282	$	19.00	2.3	$	392,692

EQUITY AND REDEEMABLE INTEREST (Tables)

12 Months Ended

Dec. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Stock by Class

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


	Class A Common Stock	Non-Voting Common Stock	Class B Common Stock	Class C Common Stock	Total
Balance - January 1, 2021	147,182,562	—	1,000	112,447,618	259,631,180
Issuance of stock(1)	12,159,200	3,489,911	—	8,744,296	24,393,407
Exchanges of AOG Units	2,524,292	—	—	(2,524,292)	—
Redemptions of AOG Units	—	—	—	(58,290)	(58,290)
Stock option exercises, net of shares withheld for tax	1,976,520	—	—	—	1,976,520

Vesting of restricted stock awards, net of shares withheld for tax	4,508,731	—	—	—	4,508,731
Balance - December 31, 2021	168,351,305	3,489,911	1,000	118,609,332	290,451,548

(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 AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities:


								Daily Average Ownership
	As of December 31, 2021			As of December 31, 2020			Year ended December 31,
	AOG Units	Direct Ownership Interest		AOG Units	Direct Ownership Interest			2021		2020		2019
Ares Management Corporation	171,841,216	59.16	%	147,182,562	56.69	%		58.48	%	53.98	%	48.02	%
Ares Owners Holdings, L.P.	118,609,332	40.84		112,447,618	43.31			41.52		46.02		51.98
Total	290,450,548	100.00	%	259,630,180	100.00	%

Schedule of Redeemable Interests

Redeemable Interest

The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities:



	Total
Opening balance at July 1, 2020	$	99,804
Net loss	(976)
Currency translation adjustment, net of tax	1,538
Balance - December 31, 2020	$	100,366


















Net loss	(1,341)
Currency translation adjustment, net of tax	(627)

Distribution	(2,390)
Balance- December 31, 2021	$	96,008

The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:


	Total
Balance - January 1, 2021	$	—






Change in redemption value	1,000,000
Balance - December 31, 2021	$	1,000,000

- Definition

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 45
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65888546&loc=d3e21300-112643

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21553-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=122040564&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21538-112644

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21488-112644

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21506-112644

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 4
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21484-112644

Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=123467817&loc=d3e21475-112644

+ Details

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2021

Segment Reporting [Abstract]

Schedule of Financial Results for Company's Operating Segments, as well as the OMG

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





































	Year ended December 31, 2021
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	1,070,608	$	231,282	$	168,838	$	97,945	$	66,604	$	1,635,277	$	—	$	1,635,277
Fee related performance revenues	86,480		—		51,399		—		—		137,879		—		137,879
Other fees	27,103		1,126		12,982		—		82		41,293		8,478		49,771
Compensation and benefits	(410,394)		(92,485)		(113,350)		(25,215)		(26,673)		(668,117)		(226,725)		(894,842)
General, administrative and other expenses	(54,686)		(25,044)		(20,762)		(6,862)		(7,778)		(115,132)		(100,645)		(215,777)
Fee related earnings	719,111		114,879		99,107		65,868		32,235		1,031,200		(318,892)		712,308
Performance income—realized	207,446		171,637		95,270		70		4		474,427		—		474,427
Performance related compensation—realized	(131,900)		(137,576)		(59,056)		(49)		(2)		(328,583)		—		(328,583)
Realized net performance income	75,546		34,061		36,214		21		2		145,844		—		145,844
Investment income—realized	1,989		9,259		4,687		19		13		15,967		—		15,967
Interest and other investment income—realized	20,377		12,819		5,947		2,261		3,948		45,352		226		45,578
Interest expense	(8,038)		(8,811)		(5,508)		(836)		(13,031)		(36,224)		(536)		(36,760)
Realized net investment income (loss)	14,328		13,267		5,126		1,444		(9,070)		25,095		(310)		24,785
Realized income	$	808,985	$	162,207	$	140,447	$	67,333	$	23,167	$	1,202,139	$	(319,202)	$	882,937

	Year ended December 31, 2020
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	841,138	$	221,160	$	97,680	$	—	$	26,587	$	1,186,565	$	—	$	1,186,565
Fee related performance revenues	22,160		—		827		—		—		22,987		—		22,987
Other fees	18,644		178		974		—		152		19,948		—		19,948
Compensation and benefits	(320,111)		(90,129)		(53,511)		—		(6,442)		(470,193)		(155,979)		(626,172)
General, administrative and other expenses	(53,997)		(22,145)		(12,251)		—		(2,926)		(91,319)		(80,778)		(172,097)
Fee related earnings	507,834		109,064		33,719		—		17,371		667,988		(236,757)		431,231
Performance income—realized	70,148		392,635		61,446		—		—		524,229		—		524,229
Performance related compensation—realized	(44,582)		(315,905)		(38,975)		—		—		(399,462)		—		(399,462)
Realized net performance income	25,566		76,730		22,471		—		—		124,767		—		124,767
Investment income (loss)—realized	(2,309)		29,100		3,146		—		13		29,950		(5,698)		24,252
Interest and other investment income (expense)—realized	16,314		5,987		4,056		—		996		27,353		(739)		26,614
Interest expense	(8,722)		(8,186)		(5,200)		—		(1,465)		(23,573)		(1,335)		(24,908)
Realized net investment income (loss)	5,283		26,901		2,002		—		(456)		33,730		(7,772)		25,958
Realized income	$	538,683	$	212,695	$	58,192	$	—	$	16,915	$	826,485	$	(244,529)	$	581,956


	Year Ended December 31, 2019
	Credit Group		Private Equity Group		Real Estate Group		Secondary Solutions Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	713,853	$	211,614	$	87,063	$	—	$	—	$	1,012,530	$	—	$	1,012,530
Fee related performance revenues	52,715		—		1,592		—		—		54,307		—		54,307
Other fees	17,124		162		792		—		—		18,078		—		18,078
Compensation and benefits	(292,733)		(78,259)		(50,080)		—		—		(421,072)		(139,162)		(560,234)
General, administrative and other expenses	(55,103)		(19,098)		(13,249)		—		—		(87,450)		(91,292)		(178,742)
Fee related earnings	435,856		114,419		26,118		—		—		576,393		(230,454)		345,939
Performance income—realized	51,727		264,439		32,045		—		—		348,211		—		348,211
Performance related compensation—realized	(30,570)		(211,550)		(16,235)		—		—		(258,355)		—		(258,355)
Realized net performance income	21,157		52,889		15,810		—		—		89,856		—		89,856
Investment income—realized	2,457		47,696		8,020		—		—		58,173		—		58,173
Interest and other investment income (expense) —realized	18,670		5,046		5,633		—		—		29,349		(160)		29,189
Interest expense	(6,497)		(7,486)		(3,824)		—		—		(17,807)		(1,864)		(19,671)
Realized net investment income (loss)	14,630		45,256		9,829		—		—		69,715		(2,024)		67,691
Realized income	$	471,643	$	212,564	$	51,757	$	—	$	—	$	735,964	$	(232,478)	$	503,486

Schedule of Segment Revenue, Expenses and Realized Net Investment Income

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


	Year ended December 31,
		2021		2020		2019
Segment revenues
Management fees		$	1,635,277	$	1,186,565	$	1,012,530
Fee related performance revenues		137,879		22,987		54,307
Other fees		41,293		19,948		18,078
Performance income—realized		474,427		524,229		348,211
Total segment revenues		$	2,288,876	$	1,753,729	$	1,433,126
Segment expenses
Compensation and benefits		$	668,117	$	470,193	$	421,072
General, administrative and other expenses		115,132		91,319		87,450
Performance related compensation—realized		328,583		399,462		258,355
Total segment expenses		$	1,111,832	$	960,974	$	766,877
Segment realized net investment income
Investment income—realized		$	15,967	$	29,950	$	58,173
Interest and other investment income —realized		45,352		27,353		29,349
Interest expense		(36,224)		(23,573)		(17,807)
Total segment realized net investment income		$	25,095	$	33,730	$	69,715

Schedule of Segment Revenues Components

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


	Year ended December 31,
		2021		2020		2019
Total consolidated revenue		$	4,212,091	$	1,764,046	$	1,765,438
Performance (income) loss—unrealized		(1,744,056)		7,554		(303,142)
Management fees of Consolidated Funds eliminated in consolidation		44,896		45,268		34,920

Incentive fees of Consolidated Funds eliminated in consolidation		5,458		141		13,851
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		4,483		15,824		12,641
Administrative fees(1)		(49,223)		(36,512)		(31,629)
OMG revenue		(8,478)		—		—
Performance income (loss) reclass(2)		1,434		(3,726)		740
Acquisition-related incentive fees(3)		(47,873)		—		—
Principal investment income, net of eliminations		(99,433)		(28,552)		(56,555)
Net income of non-controlling interests in consolidated subsidiaries		(30,423)		(10,314)		(3,138)
Total consolidation adjustments and reconciling items		(1,923,215)		(10,317)		(332,312)
Total segment revenue		$	2,288,876	$	1,753,729	$	1,433,126

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

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

(3)Represents a component of the purchase price from incentive fees associated with one-time contingent consideration recorded in connection with the Black Creek Acquisition. 100% of the fees recognized in 2021 is presented within incentive fees in the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis.

Schedule of Segment Expenses Components

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


	Year ended December 31,
		2021		2020		2019
Total consolidated expenses		$	3,410,083	$	1,450,486	$	1,462,797
Performance related compensation-unrealized		(1,316,205)		11,552		(206,799)
Expenses of Consolidated Funds added in consolidation		(113,024)		(65,527)		(90,816)
Expenses of Consolidated Funds eliminated in consolidation		50,538		45,408		48,771
Administrative fees(1)		(49,223)		(36,512)		(31,629)
OMG expenses		(327,370)		(236,757)		(230,454)
Acquisition and merger-related expense		(21,162)		(11,124)		(16,266)
Equity compensation expense		(237,191)		(122,986)		(97,691)
Acquisition-related compensation expense(2)		(66,893)		—		—
Deferred placement fees		(78,883)		(19,329)		(24,306)
Depreciation and amortization expense		(106,705)		(40,662)		(40,602)

Expense of non-controlling interests in consolidated subsidiaries		(32,133)		(13,575)		(6,128)
Total consolidation adjustments and reconciling items		(2,298,251)		(489,512)		(695,920)
Total segment expenses		$	1,111,832	$	960,974	$	766,877

(1)Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.

(2)Represents components of the purchase agreements associated with contingent obligations resulting from the Landmark Acquisition and the Black Creek Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Consolidated Statements of Operations.

Schedule of Segment Other Income (Expense) Components

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


	Year ended December 31,
		2021		2020		2019
Total consolidated other income		$	263,682	$	65,918	$	122,539
Investment (income) loss—unrealized		(58,694)		47,317		26,620
Interest and other investment (income) loss—unrealized		6,249		(12,134)		9,061
Other income from Consolidated Funds added in consolidation, net		(256,375)		(70,994)		(117,405)
Other expense from Consolidated Funds eliminated in consolidation, net		(2,868)		(14,053)		(12,991)
OMG other income		(1,368)		(927)		(1,190)
Performance (income) loss reclass(1)		(1,434)		3,726		(740)
Principal investment income		120,896		4,044		44,320
Other (income) expense, net		(19,886)		10,277		(460)
Other (income) loss of non-controlling interests in consolidated subsidiaries		(25,107)		556		(39)
Total consolidation adjustments and reconciling items		(238,587)		(32,188)		(52,824)
Total segment realized net investment income		$	25,095	$	33,730	$	69,715

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

Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets

The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE:


	Year ended December 31,
		2021		2020		2019
Income before taxes		$	1,065,690	$	379,478	$	425,180
Adjustments:
Depreciation and amortization expense		106,705		40,662		40,602
Equity compensation expense		237,191		122,986		97,691
Acquisition-related compensation expense(1)		66,893		—		—
Acquisition-related incentive fees(2)		(47,873)		—		—
Acquisition and merger-related expense		21,162		11,194		16,266
Deferred placement fees		78,883		19,329		24,306
OMG expense, net		317,524		235,830		229,264
Other (income) expense, net		(19,886)		10,207		(460)
Net (income) expense of non-controlling interests in consolidated subsidiaries		(23,397)		3,817		2,951
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(120,457)		(28,203)		(39,174)
Total performance (income) loss—unrealized		(1,744,056)		7,554		(303,142)
Total performance related compensation—unrealized		1,316,205		(11,552)		206,799
Total investment (income) loss—unrealized		(52,445)		35,183		35,681
Realized income		1,202,139		826,485		735,964
Total performance income—realized		(474,427)		(524,229)		(348,211)
Total performance related compensation—realized		328,583		399,462		258,355
Total investment income—realized		(25,095)		(33,730)		(69,715)
Fee related earnings		$	1,031,200	$	667,988	$	576,393

(1)Represents components of the purchase agreements associated with contingent obligations resulting from the Landmark Acquisition and the Black Creek Acquisition that are recorded as compensation expense and are presented within compensation and benefits in the Company’s Consolidated Statements of Operations.

(2)Represents a component of the purchase price from incentive fees associated with one-time contingent consideration recorded in connection with the Black Creek Acquisition. 100% of the fees recognized in 2021 is presented within incentive fees in the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis.

CONSOLIDATION (Tables)

12 Months Ended

Dec. 31, 2021

Condensed Financial Information Disclosure [Abstract]

Schedule of Interest in VIEs

The Company's interests in consolidated and non-consolidated VIEs, as presented in the Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows:



	As of December 31,
	2021		2020
Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs(1)	$	353,768	$	224,203
Maximum exposure to loss attributable to the Company's investment in consolidated VIEs(1)	583,192		391,963
Assets of consolidated VIEs	13,197,321		11,580,003
Liabilities of consolidated VIEs	12,018,655		10,716,438

(1)As of December 31, 2021 and 2020, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $103.8 million and $107.7 million, respectively.


	Year ended December 31,
		2021		2020		2019
Net income attributable to non-controlling interests related to consolidated VIEs		$	115,217	$	28,085	$	39,704

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 December 31, 2021
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	343,655	$	—	$	—	$	343,655
Investments (includes $2,998,421 of accrued carried interest)	4,271,836		—		(587,572)		3,684,264
Due from affiliates	696,963		—		(26,580)		670,383
Other assets	1,126,657		—		(3,930)		1,122,727
Intangible assets, net	1,422,818		—		—		1,422,818
Right-of-use operating lease assets	167,652		—		—		167,652
Assets of Consolidated Funds
Cash and cash equivalents	—		1,049,191		—		1,049,191
U.S. Treasury securities, at fair value	—		1,000,285		—		1,000,285
Investments, at fair value	—		11,812,093		4,300		11,816,393
Due from affiliates	—		16,761		(9,527)		7,234
Receivable for securities sold	—		281,132		—		281,132
Other assets	—		39,430		—		39,430
Total assets	$	8,029,581	$	14,198,892	$	(623,309)	$	21,605,164
Liabilities
Accounts payable, accrued expenses and other liabilities	$	289,200	$	—	$	(9,527)	$	279,673
Accrued compensation	310,222		—		—		310,222
Due to affiliates	198,553		—		—		198,553
Performance related compensation payable	2,190,352		—		—		2,190,352
Debt obligations	1,503,709		—		—		1,503,709

Operating lease liabilities	205,075		—		—		205,075
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		117,139		(13,881)		103,258
Due to affiliates	—		26,210		(26,210)		—
Payable for securities purchased	—		1,118,456		—		1,118,456
CLO loan obligations, at fair value	—		10,698,681		(41,020)		10,657,661
Fund borrowings	—		127,771		—		127,771
Total liabilities	4,697,111		12,088,257		(90,638)		16,694,730
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		1,000,000		—		1,000,000
Redeemable interest in Ares Operating Group entities	96,008		—		—		96,008
Non-controlling interest in Consolidated Funds	—		1,110,635		(519,183)		591,452
Non-controlling interest in Ares Operating Group entities	1,403,255		—		(5,508)		1,397,747
Stockholders' Equity

Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (168,351,305 shares issued and outstanding)	1,684		—		—		1,684
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 (118,609,332 shares issued and outstanding)	1,186		—		—		1,186
Additional paid-in-capital	1,921,539		—		(7,980)		1,913,559
Retained earnings	(89,382)		—		—		(89,382)
Accumulated other comprehensive loss, net of tax	(1,855)		—		—		(1,855)
Total stockholders' equity	1,833,207		—		(7,980)		1,825,227
Total equity	3,236,462		1,110,635		(532,671)		3,814,426
Total liabilities, redeemable interest, non-controlling interests and equity	$	8,029,581	$	14,198,892	$	(623,309)	$	21,605,164


	As of December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	539,812	$	—	$	—	$	539,812
Investments (includes $1,145,853 of accrued carried interest)	2,064,517		—		(381,758)		1,682,759
Due from affiliates	426,021		—		(20,134)		405,887
Other assets	590,543		—		(211)		590,332
Intangible assets, net	222,087		—		—		222,087
Right-of-use operating lease assets	154,742		—		—		154,742
Assets of Consolidated Funds
Cash and cash equivalents	—		522,377		—		522,377
Investments, at fair value	—		10,873,522		3,575		10,877,097
Due from affiliates	—		27,377		(10,205)		17,172
Receivable for securities sold	—		121,225		—		121,225
Other assets	—		35,502		—		35,502
Total assets	$	3,997,722	$	11,580,003	$	(408,733)	$	15,168,992
Liabilities
Accounts payable, accrued expenses and other liabilities	$	125,494	$	—	$	(10,205)	$	115,289
Accrued compensation	121,927		—		—		121,927
Due to affiliates	100,186		—		—		100,186
Performance related compensation payable	794,461		—		—		794,461
Debt obligations	642,998		—		—		642,998
Operating lease liabilities	180,236		—		—		180,236
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		46,824		—		46,824
Due to affiliates	—		16,770		(16,770)		—
Payable for securities purchased	—		514,946		—		514,946
CLO loan obligations, at fair value	—		10,015,989		(57,913)		9,958,076
Fund borrowings	—		121,909		—		121,909
Total liabilities	1,965,302		10,716,438		(84,888)		12,596,852
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	100,366		—		—		100,366
Non-controlling interest in Consolidated Funds	—		863,565		(323,845)		539,720
Non-controlling interest in Ares Operating Group entities	738,369		—		—		738,369
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding)	298,761		—		—		298,761
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (147,182,562 shares issued and outstanding)	1,472		—		—		1,472
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)	—		—		—		—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (112,447,618 shares issued and outstanding)	1,124		—		—		1,124
Additional paid-in-capital	1,043,669		—		—		1,043,669
Retained earnings	(151,824)		—		—		(151,824)
Accumulated other comprehensive income, net of tax	483		—		—		483
Total stockholders' equity	1,193,685		—		—		1,193,685
Total equity	1,932,054		863,565		(323,845)		2,471,774
Total liabilities, redeemable interest, non-controlling interests and equity	$	3,997,722	$	11,580,003	$	(408,733)	$	15,168,992

Schedule of Results from Operations


	Year ended December 31, 2021
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,655,943	$	—	$	(44,896)	$	1,611,047
Carried interest allocation	2,073,551		—		—		2,073,551
Incentive fees	338,334		—		(5,458)		332,876
Principal investment income	120,896		—		(21,463)		99,433
Administrative, transaction and other fees	99,667		—		(4,483)		95,184
Total revenues	4,288,391		—		(76,300)		4,212,091
Expenses
Compensation and benefits	1,162,633		—		—		1,162,633
Performance related compensation	1,740,786		—		—		1,740,786
General, administrative and other expense	444,178		—		—		444,178
Expenses of the Consolidated Funds	—		113,024		(50,538)		62,486
Total expenses	3,347,597		113,024		(50,538)		3,410,083
Other income (expense)
Net realized and unrealized gains on investments	11,920		—		7,182		19,102
Interest and dividend income	14,199		—		(4,334)		9,865
Interest expense	(36,760)		—		—		(36,760)
Other income, net	15,080		—		(678)		14,402
Net realized and unrealized gains on investments of the Consolidated Funds	—		91,390		(14,087)		77,303
Interest and other income of the Consolidated Funds	—		437,140		678		437,818
Interest expense of the Consolidated Funds	—		(272,155)		14,107		(258,048)
Total other income	4,439		256,375		2,868		263,682
Income before taxes	945,233		143,351		(22,894)		1,065,690
Income tax expense	147,297		88		—		147,385
Net income	797,936		143,263		(22,894)		918,305

Less: Net income attributable to non-controlling interests in Consolidated Funds	—		143,263		(22,894)		120,369
Net income attributable to Ares Operating Group entities	797,936		—		—		797,936
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(1,341)		—		—		(1,341)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	390,440		—		—		390,440
Net income attributable to Ares Management Corporation	408,837		—		—		408,837
Less: Series A Preferred Stock dividends paid	10,850		—		—		10,850
Less: Series A Preferred Stock redemption premium	11,239		—		—		11,239
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	386,748	$	—	$	—	$	386,748


	Year ended December 31, 2020
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,195,876	$	—	$	(45,268)	$	1,150,608
Carried interest allocation	505,608		—		—		505,608
Incentive fees	38,043		—		(141)		37,902
Principal investment income	4,044		—		24,508		28,552
Administrative, transaction and other fees	57,200		—		(15,824)		41,376
Total revenues	1,800,771		—		(36,725)		1,764,046
Expenses
Compensation and benefits	767,252		—		—		767,252
Performance related compensation	404,116		—		—		404,116
General, administrative and other expense	258,999		—		—		258,999
Expenses of the Consolidated Funds	—		65,527		(45,408)		20,119
Total expenses	1,430,367		65,527		(45,408)		1,450,486
Other income (expense)
Net realized and unrealized losses on investments	(8,720)		—		(288)		(9,008)
Interest and dividend income	11,641		—		(3,570)		8,071
Interest expense	(24,908)		—		—		(24,908)
Other income, net	2,858		—		8,433		11,291
Net realized and unrealized losses on investments of the Consolidated Funds	—		(109,387)		12,523		(96,864)
Interest and other income of the Consolidated Funds	—		473,857		(10,205)		463,652
Interest expense of the Consolidated Funds	—		(293,476)		7,160		(286,316)
Total other income (expense)	(19,129)		70,994		14,053		65,918
Income before taxes	351,275		5,467		22,736		379,478
Income tax expense	54,875		118		—		54,993
Net income	296,400		5,349		22,736		324,485

Less: Net income attributable to non-controlling interests in Consolidated Funds	—		5,349		22,736		28,085
Net income attributable to Ares Operating Group entities	296,400		—		—		296,400
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(976)		—		—		(976)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	145,234		—		—		145,234
Net income attributable to Ares Management Corporation	152,142		—		—		152,142
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	130,442	$	—	$	—	$	130,442


	Year ended December 31, 2019
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,014,337	$	—	$	(34,920)	$	979,417
Carried interest allocation	621,872		—		—		621,872
Incentive fees	83,048		—		(13,851)		69,197
Principal investment income	44,320		—		12,235		56,555
Administrative, transaction and other fees	51,038		—		(12,641)		38,397
Total revenues	1,814,615		—		(49,177)		1,765,438
Expenses
Compensation and benefits	653,352		—		—		653,352
Performance related compensation	497,181		—		—		497,181
General, administrative and other expense	270,219		—		—		270,219
Expenses of the Consolidated Funds	—		90,816		(48,771)		42,045
Total expenses	1,420,752		90,816		(48,771)		1,462,797
Other income (expense)
Net realized and unrealized gains on investments	10,405		—		(851)		9,554
Interest and dividend income	9,599		—		(2,093)		7,506
Interest expense	(19,671)		—		—		(19,671)
Other expense, net	(8,190)		—		350		(7,840)
Net realized and unrealized gains on investments of the Consolidated Funds	—		3,312		11,824		15,136
Interest and other income of the Consolidated Funds	—		395,599		—		395,599
Interest expense of the Consolidated Funds	—		(281,506)		3,761		(277,745)
Total other income (expense)	(7,857)		117,405		12,991		122,539
Income before taxes	386,006		26,589		12,585		425,180
Income tax expense (benefit)	52,906		(530)		—		52,376
Net income	333,100		27,119		12,585		372,804
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		27,119		12,585		39,704
Net income attributable to Ares Operating Group entities	333,100		—		—		333,100
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	184,216		—		—		184,216
Net income attributable to Ares Management Corporation	148,884		—		—		148,884
Less: Series A Preferred Stock dividends paid	21,700		—		—		21,700
Net income attributable to Ares Management Corporation Class A common stockholders	$	127,184	$	—	$	—	$	127,184

Schedule of Cash Flows


	Year ended December 31, 2021
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	797,936	$	143,263	$	(22,894)	$	918,305
Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Equity compensation expense	237,191		—		—		237,191
Depreciation and amortization	113,293		—		—		113,293
Net realized and unrealized gains on investments	(96,331)		—		7,353		(88,978)

Other non-cash amounts	(31,070)		—		—		(31,070)
Investments purchased	(561,762)		—		221,563		(340,199)
Proceeds from sale of investments	296,483		—		(23,101)		273,382
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized gains on investments	—		(91,390)		14,087		(77,303)
Other non-cash amounts	—		(35,879)		—		(35,879)
Investments purchased	—		(13,075,187)		7,623		(13,067,564)
Proceeds from sale of investments	—		9,970,609		—		9,970,609
Cash flows due to changes in operating assets and liabilities
Net carried interest and incentive fees receivable	(745,021)		—		—		(745,021)
Due to/from affiliates	(187,374)		—		6,446		(180,928)
Other assets	210,106		—		3,719		213,825
Accrued compensation and benefits	142,815		—		—		142,815
Accounts payable, accrued expenses and other liabilities	124,489		—		679		125,168
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(526,815)		(526,815)
Net cash relinquished with consolidation/deconsolidation of Consolidated Funds	—		(39,539)		—		(39,539)
Change in other assets and receivables held at Consolidated Funds	—		(174,409)		(6,544)		(180,953)
Change in other liabilities and payables held at Consolidated Funds	—		746,616		(23,000)		723,616
Net cash provided by (used in) operating activities	300,755		(2,555,916)		(340,884)		(2,596,045)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(27,226)		—		—		(27,226)
Acquisitions, net of cash acquired	(1,057,407)		—		—		(1,057,407)
Net cash used in investing activities	(1,084,633)		—		—		(1,084,633)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	827,430		—		—		827,430
Proceeds from Credit Facility	883,000		—		—		883,000
Proceeds from subordinated notes	450,000		—		—		450,000
Repayments of Credit Facility	(468,000)		—		—		(468,000)

Dividends and distributions	(593,506)		—		—		(593,506)
Series A Preferred Stock dividends	(10,850)		—		—		(10,850)
Redemption of Series A Preferred Stock	(310,000)		—		—		(310,000)

Stock option exercises	37,216		—		—		37,216
Taxes paid related to net share settlement of equity awards	(226,101)		—		—		(226,101)
Other financing activities	11,509		—		—		11,509
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		1,239,831		(206,187)		1,033,644
Distributions to non-controlling interests in Consolidated Funds	—		(119,153)		20,256		(98,897)
Borrowings under loan obligations by Consolidated Funds	—		2,048,932		—		2,048,932
Repayments under loan obligations by Consolidated Funds	—		(80,752)		—		(80,752)
Net cash provided by financing activities	600,698		3,088,858		(185,931)		3,503,625
Effect of exchange rate changes	(12,977)		(6,127)		—		(19,104)
Net change in cash and cash equivalents	(196,157)		526,815		(526,815)		(196,157)
Cash and cash equivalents, beginning of period	539,812		522,376		(522,376)		539,812
Cash and cash equivalents, end of period	$	343,655	$	1,049,191	$	(1,049,191)	$	343,655
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with acquisitions	$	510,848	$	—	$	—	$	510,848
Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	34,170	$	170,915	$	—	$	205,085
Cash paid during the period for income taxes	$	22,603	$	185	$	—	$	22,788


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


Investments purchased	(352,750)		—		261,899		(90,851)
Proceeds from sale of investments	207,986		—		(33,307)		174,679
Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized losses on investments	—		109,387		(12,523)		96,864
Other non-cash amounts	—		(34,297)		—		(34,297)
Investments purchased	—		(6,580,784)		(34,948)		(6,615,732)
Proceeds from sale of investments	—		5,502,325		—		5,502,325
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(17,687)		—		—		(17,687)
Due to/from affiliates	(82,222)		—		6,037		(76,185)
Other assets	(34,523)		—		(2,171)		(36,694)
Accrued compensation and benefits	47,875		—		—		47,875
Accounts payable, accrued expenses and other liabilities	31,240		—		(10,205)		21,035
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		83,945		83,945
Net cash acquired with consolidation/deconsolidation of Consolidated Funds	—		60,895		—		60,895
Change in other assets and receivables held at Consolidated Funds	—		(55,461)		22,163		(33,298)
Change in other liabilities and payables held at Consolidated Funds	—		10,787		—		10,787
Net cash provided by (used in) operating activities	281,204		(981,799)		274,936		(425,659)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,942)		—		—		(15,942)
Acquisitions, net of cash acquired	(120,822)		—		—		(120,822)
Net cash used in investing activities	(136,764)		—		—		(136,764)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154		—		—		383,154
Proceeds from Credit Facility	790,000		—		—		790,000
Proceeds from Senior Notes	399,084		—		—		399,084

Repayments of Credit Facility	(860,000)		—		—		(860,000)
Dividends and distributions	(446,780)		—		—		(446,780)
Series A Preferred Stock dividends	(21,700)		—		—		(21,700)

Stock option exercises	92,877		—		—		92,877
Taxes paid related to net share settlement of equity awards	(95,368)		—		—		(95,368)
Other financing activities	(1,531)		—		—		(1,531)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	—		359,381		(226,951)		132,430
Distributions to non-controlling interests in Consolidated Funds	—		(287,467)		35,960		(251,507)
Borrowings under loan obligations by Consolidated Funds	—		1,013,291		—		1,013,291
Repayments under loan obligations by Consolidated Funds	—		(190,055)		—		(190,055)
Net cash provided by financing activities	239,736		895,150		(190,991)		943,895
Effect of exchange rate changes	17,252		2,704		—		19,956
Net change in cash and cash equivalents	401,428		(83,945)		83,945		401,428
Cash and cash equivalents, beginning of period	138,384		606,321		(606,321)		138,384
Cash and cash equivalents, end of period	$	539,812	$	522,376	$	(522,376)	$	539,812
Supplemental disclosure of non-cash financing activities
Issuance of Class A common stock in connection with acquisitions	$	305,388	$	—	$	—	$	305,338
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	$	22,127	$	235,005	$	—	$	257,132
Cash paid during the period for income taxes	$	38,005	$	169	$	—	$	38,174



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


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

Net realized and unrealized gains on investments	—		(3,312)		(11,824)		(15,136)
Other non-cash amounts	—		(8,383)		—		(8,383)
Investments purchased	—		(5,310,296)		93,365		(5,216,931)
Proceeds from sale of investments	—		3,077,755		—		3,077,755
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(94,755)		—		—		(94,755)
Due to/from affiliates	(80,689)		—		5,551		(75,138)
Other assets	24,303		—		2,381		26,684
Accrued compensation and benefits	(1,557)		—		—		(1,557)
Accounts payable, accrued expenses and other liabilities	30,669		—		—		30,669
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	—		—		(221,677)		(221,677)
Cash relinquished with deconsolidation of Consolidated Funds	—		(81,059)		—		(81,059)
Change in other assets and receivables held at Consolidated Funds	—		(51,681)		(3,153)		(54,834)
Change in other liabilities and payables held at Consolidated Funds	—		88,467		—		88,467
Net cash provided by (used in) operating activities	305,741		(2,261,390)		(127,372)		(2,083,021)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(16,796)		—		—		(16,796)

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


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

Cash paid during the period for interest	$	17,922	$	215,168	$	—	$	233,090
Cash paid during the period for income taxes	$	35,021	$	604	$	—	$	35,625

- Definition

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

+ References + Details

ORGANIZATION (Details) $ in Billions	1 Months Ended
ORGANIZATION (Details) $ in Billions	Feb. 28, 2021 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from IPO	$ 1.0

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2021 USD ($) loan_obligation shares	Dec. 31, 2020 USD ($) loan_obligation	Dec. 31, 2019 USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of CLOs consolidated \| loan_obligation	23	21
Carried interest, contingent repayment obligations	$ 0	$ 0
Foreign currency transaction gain (loss)	$ (4,800,000)	$ 13,100,000	$ (8,500,000)
ARCC
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	20.00%
Hurdle rate per quarter	1.75%
Hurdle rate per annum	7.00%
Percentage of net investment income received from first dollar earned	20.00%
CADC
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	15.00%
Hurdle rate per quarter	1.50%
Hurdle rate per annum	6.00%
Percentage of net investment income received from first dollar earned	15.00%
Class A Common Stock \| Ares Acquisition Corporation
Summary of Significant Accounting Policies [Line Items]
Temporary equity, shares outstanding (in shares) \| shares	100,000,000
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives, intangible assets	2 years
Performance fee compensation, employment or service period	4 years
Minimum \| Property Plant And Equipment Other Than Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, fixed assets	3 years
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives, intangible assets	13 years 6 months
Performance fee compensation, employment or service period	6 years
Maximum \| Property Plant And Equipment Other Than Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, fixed assets	7 years

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands			7 Months Ended	12 Months Ended
	Jul. 01, 2021	Jun. 02, 2021	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 5,100
Goodwill		$ 417,800	$ 787,972	$ 787,972	$ 371,047	$ 143,855
Total revenues			98,000
Net income			$ 51,200
Landmark Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage		100.00%
Business combination, consideration transferred		$ 1,102,729
Goodwill		417,753
Total revenues				4,276,706	1,910,792
Net income				$ 380,169	$ 112,918
Landmark Acquisition \| Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 425,900
Acquired finite lived intangible assets useful life		7 years 4 months 24 days
Landmark Acquisition \| Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 197,200
Acquired finite lived intangible assets useful life		11 years 9 months 18 days
Landmark Acquisition \| Trade name
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 86,200
Landmark Partners XVI - GP
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage		60.00%
Black Creek Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage	100.00%
Bargain purchase gain	$ 42,300
Black Creek Acquisition \| Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense	$ 576,200
Acquired finite lived intangible assets useful life	6 years 1 month 6 days
Black Creek Acquisition \| Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense	$ 7,200
Acquired finite lived intangible assets useful life	12 years

BUSINESS COMBINATIONS - Acquisition Date Fair Value (Details) - Landmark Acquisition $ in Thousands	Jun. 02, 2021 USD ($) shares
Asset Acquisition [Line Items]
Cash	$ 803,309
Equity	299,420
Total	$ 1,102,729
Ares Operating Group
Asset Acquisition [Line Items]
Equity interest issued or issuable (in shares) \| shares	5,415,278

BUSINESS COMBINATIONS - Fair Value of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 02, 2021	Dec. 31, 2020	Dec. 31, 2019
Intangible assets:
Goodwill	$ 787,972	$ 417,800	$ 371,047	$ 143,855
Landmark Acquisition
Asset Acquisition [Line Items]
Cash		25,645
Other tangible assets		23,413
Intangible assets:
Total intangible assets		709,240
Total identifiable assets acquired		758,298
Accounts payable, accrued expenses and other liabilities		73,322
Net identifiable assets acquired		684,976
Goodwill		417,753
Net assets acquired		1,102,729
Landmark Acquisition \| Management contracts
Intangible assets:
Total intangible assets		425,880
Landmark Acquisition \| Client relationships
Intangible assets:
Total intangible assets		197,160
Landmark Acquisition \| Trade name
Intangible assets:
Total intangible assets		$ 86,200

BUSINESS COMBINATIONS - Supplemental Information on Unaudited Pro Forma (Details) - USD ($) $ in Thousands	7 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues	$ 98,000
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 51,200
Landmark Acquisition
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues		$ 4,276,706	$ 1,910,792
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders		$ 380,169	$ 112,918

GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 882,317	$ 247,077
Foreign currency translation	1,792	3,093
Total finite-lived intangible assets	884,109	250,170
Less: accumulated amortization	(115,791)	(28,082)
Finite-lived intangible assets, net	768,318	222,088
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	654,500	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	1,422,818	222,088
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	0
Trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	86,200	0
Other
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 500	0
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	6 years 3 months 18 days
Finite-lived intangible assets	$ 641,737	210,857
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	10 years 10 months 24 days
Finite-lived intangible assets	$ 229,501	25,141
Trade name
Finite-lived intangible assets, net
Weighted average amortization period	8 years 4 months 24 days
Finite-lived intangible assets	$ 11,079	$ 11,079

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)			3 Months Ended		12 Months Ended
	Jul. 01, 2021	Jun. 02, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense		$ 5,100,000
Goodwill, acquired during period					$ 417,753,000	$ 224,601,000
Goodwill impairment					0	0
Strategic Initiatives
Acquired Finite-Lived Intangible Assets [Line Items]
Goodwill, acquired during period			$ 224,600,000		0	224,601,000
Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Fully-amortized intangibles, amount removed during the period					3,400,000
General, administrative and other expense
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense					$ 91,300,000	$ 24,500,000	$ 3,400,000
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives, intangible assets					8 years 4 months 24 days
Black Creek Acquisition \| Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 576,200,000
Acquired finite lived intangible assets useful life	6 years 1 month 6 days
Black Creek Acquisition \| Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 7,200,000
Acquired finite lived intangible assets useful life	12 years
SSG Acquisition \| Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense			$ 171,700,000
Estimated useful lives, intangible assets			5 years 9 months 18 days
SSG Acquisition \| Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense			$ 18,800,000
Estimated useful lives, intangible assets			10 years
SSG Acquisition \| Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense			$ 10,700,000
Estimated useful lives, intangible assets			10 years
Crestline Denali
Acquired Finite-Lived Intangible Assets [Line Items]
Estimated useful lives, intangible assets				6 years 7 months 6 days
Finite-lived intangible assets acquired				$ 34,700,000
Energy Investors Funds
Acquired Finite-Lived Intangible Assets [Line Items]
Non- cash impairment charge							20,000,000
Energy Investors Funds \| Client Relationships and Trade Names
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets removed							$ 35,100,000

GOODWILL AND INTANGIBLE ASSETS - Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
2022	$ 122,051
2023	118,574
2024	111,905
2025	103,714
2026	76,918
Thereafter	235,156
Finite-lived intangible assets, net	$ 768,318	$ 222,088

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Goodwill [Roll Forward]
Goodwill, beginning balance		$ 371,047	$ 143,855
Acquisitions		417,753	224,601
Foreign currency translation		(828)	2,591
Goodwill, ending balance		787,972	371,047
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance		32,196	32,196
Acquisitions		0	0
Foreign currency translation		0	0
Goodwill, ending balance		32,196	32,196
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance		58,600	58,600
Acquisitions		0	0
Foreign currency translation		0	0
Goodwill, ending balance		58,600	58,600
Real Estate Group
Goodwill [Roll Forward]
Goodwill, beginning balance		53,120	53,059
Acquisitions		0	0
Foreign currency translation		219	61
Goodwill, ending balance		53,339	53,120
Secondary Solutions Group
Goodwill [Roll Forward]
Goodwill, beginning balance		0	0
Acquisitions		417,753	0
Foreign currency translation		(15)	0
Goodwill, ending balance		417,738	0
Strategic Initiatives
Goodwill [Roll Forward]
Goodwill, beginning balance		227,131	0
Acquisitions	$ 224,600	0	224,601
Foreign currency translation		(1,032)	2,530
Goodwill, ending balance		$ 226,099	$ 227,131

INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments
Partnership interests	$ 8,591	$ 3,784
Collateralized loan obligations	30,815	31,766
Other fixed income	171,377	146,552
Common stock, at fair value	110,389	89,419
Total investments	$ 3,684,264	$ 1,682,759
Percentage of total investments	0.80%	1.90%
Partnership Interests
Investments
Equity method investments:	$ 3,630,427	$ 1,628,403
Percentage of total investments	98.60%	96.80%
Other fixed income
Investments
Other fixed income	$ 21,582	$ 21,583
Percentage of total investments	0.50%	1.30%
Collateralized loan obligations and other fixed income, at fair value
Investments
Collateralized loan obligations	$ 52,397	$ 53,349
Percentage of total investments	1.30%	3.20%
Common stock, at fair value
Investments
Common stock, at fair value	$ 1,440	$ 1,007
Percentage of total investments	0.10%	0.10%
Partnership Interests
Investments
Equity method investments:	$ 473,887	$ 366,471
Percentage of total investments	12.90%	21.80%
Equity method - carried interest
Investments
Equity method investments:	$ 2,998,421	$ 1,145,853
Percentage of total investments	81.40%	68.10%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 117,539	$ 92,196
Percentage of total investments	3.20%	5.50%
Equity method private investment partnership interests and other
Investments
Partnership interests	$ 40,580	$ 23,883
Percentage of total investments	1.10%	1.40%

INVESTMENTS - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Condition
Total assets	$ 21,605,164	$ 15,168,992
Total liabilities	16,694,730	12,596,852
Total equity	3,814,426	2,471,774	$ 1,858,598	$ 1,394,341
Statement of Operations
Revenues	4,212,091	1,764,046	1,765,438
Expenses	(3,410,083)	(1,450,486)	(1,462,797)
Net realized and unrealized gains (losses) on investments	19,102
Income tax benefit (expense)	(147,385)	(54,993)	(52,376)
Net income (loss)	918,305	324,485	372,804
Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments	43,198,540	26,053,698
Total assets	45,722,309	27,859,655
Total liabilities	13,316,546	6,286,754
Total equity	32,405,763	21,572,901
Statement of Operations
Revenues	1,899,384	1,397,984	1,401,971
Expenses	(764,730)	(420,064)	(445,061)
Net realized and unrealized gains (losses) on investments	5,173,622	1,021,728	2,061,425
Income tax benefit (expense)	(24,803)	56,588	(30,350)
Net income (loss)	6,283,473	2,056,236	2,987,985
Credit Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments	16,919,068	12,406,944
Total assets	18,316,775	13,416,800
Total liabilities	5,268,103	3,884,603
Total equity	13,048,672	9,532,197
Statement of Operations
Revenues	1,318,517	940,450	871,168
Expenses	(316,134)	(221,083)	(211,984)
Net realized and unrealized gains (losses) on investments	457,943	(210,881)	5,040
Income tax benefit (expense)	(4,511)	(1,693)	(1,537)
Net income (loss)	1,455,815	506,793	662,687
Private Equity Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments	9,143,164	8,259,168
Total assets	9,548,551	8,591,385
Total liabilities	1,539,522	1,415,383
Total equity	8,009,029	7,176,002
Statement of Operations
Revenues	229,539	263,335	325,529
Expenses	(177,380)	(112,325)	(112,610)
Net realized and unrealized gains (losses) on investments	2,161,730	1,218,362	1,674,002
Income tax benefit (expense)	(19,125)	57,935	(27,887)
Net income (loss)	2,194,764	1,427,307	1,859,034
Real Estate Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments	9,555,266	5,320,711
Total assets	10,146,133	5,780,472
Total liabilities	3,155,826	975,057
Total equity	6,990,307	4,805,415
Statement of Operations
Revenues	326,507	191,543	205,274
Expenses	(170,008)	(81,071)	(120,467)
Net realized and unrealized gains (losses) on investments	1,179,698	11,923	382,383
Income tax benefit (expense)	(1,167)	346	(926)
Net income (loss)	1,335,030	122,741	466,264
Secondary Solutions Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments	7,096,073	0
Total assets	7,220,604	0
Total liabilities	2,960,748	0
Total equity	4,259,856	0
Statement of Operations
Revenues	911	0	0
Expenses	(89,281)	0	0
Net realized and unrealized gains (losses) on investments	1,399,009	0	0
Income tax benefit (expense)	0	0	0
Net income (loss)	1,310,639	0	0
Strategic Initiatives \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Investments	484,969	66,875
Total assets	490,246	70,998
Total liabilities	392,347	11,711
Total equity	97,899	59,287
Statement of Operations
Revenues	23,910	2,656	0
Expenses	(11,927)	(5,585)	0
Net realized and unrealized gains (losses) on investments	(24,758)	2,324	0
Income tax benefit (expense)	0	0	0
Net income (loss)	$ (12,775)	$ (605)	$ 0

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investments in and Advances to Affiliates [Abstract]
Equity method investments gains	$ 114.9	$ 22.5	$ 57.4

INVESTMENTS - Investments of the Consolidated Funds (Details) - Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Investments
Total investments, at fair value	$ 12,816,678	$ 10,877,097
Percent of total assets	5.00%	5.00%
Fixed income investments:
Investments
Total investments, at fair value	$ 11,768,099	$ 10,410,442
Percentage of total investments	91.80%	95.70%
Fixed income investments: \| Bonds
Investments
Total investments, at fair value	$ 857,125	$ 397,494
Percentage of total investments	6.70%	3.60%
Fixed income investments: \| Loans
Investments
Total investments, at fair value	$ 9,910,689	$ 10,012,948
Percentage of total investments	77.30%	92.10%
Fixed income investments: \| U.S. Treasury securities
Investments
Total investments, at fair value	$ 1,000,285	$ 0
Percentage of total investments	7.80%	0.00%
Equity securities
Investments
Total investments, at fair value	$ 340,272	$ 227,031
Percentage of total investments	2.70%	2.10%
Partnership interests
Investments
Total investments, at fair value	$ 708,307	$ 239,624
Percentage of total investments	5.50%	2.20%

FAIR VALUE - Narrative (Details)	12 Months Ended
FAIR VALUE - Narrative (Details)	Dec. 31, 2021
Minimum
FAIR VALUE
Right to withdraw period	1 month
Maximum
FAIR VALUE
Right to withdraw period	3 years

FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 11,768,099	$ 10,410,442
Common stock and other equity securities	340,272	227,031
Partnership interests	708,307	239,624
Total investments, at fair value	12,816,678	10,877,097
Total assets, at fair value	12,816,678	10,878,201
Liabilities, at fair value
Derivative liabilities	(20,927)
Loan obligations of CLOs	(10,657,661)	(9,958,076)
Total liabilities, at fair value	(10,678,588)	(9,958,120)
Consolidated Funds \| Warrants
Liabilities, at fair value
Derivative liabilities	(17,822)
Consolidated Funds \| Asset swaps
Assets, at fair value
Total derivative assets, at fair value		1,104
Liabilities, at fair value
Derivative liabilities	(3,105)	(44)
Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	857,125	397,494
Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,910,689	10,012,948
Consolidated Funds \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	1,000,285
Consolidated Funds \| Level I
Assets, at fair value
Collateralized loan obligations and other fixed income	1,000,285	0
Common stock and other equity securities	956	5,749
Partnership interests	0	0
Total investments, at fair value		5,749
Total assets, at fair value	1,001,241	5,749
Liabilities, at fair value
Derivative liabilities	(17,822)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(17,822)	0
Consolidated Funds \| Level I \| Warrants
Liabilities, at fair value
Derivative liabilities	(17,822)
Consolidated Funds \| Level I \| Asset swaps
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level I \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Level I \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Level I \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	1,000,285
Consolidated Funds \| Level II
Assets, at fair value
Collateralized loan obligations and other fixed income	10,024,862	9,868,136
Common stock and other equity securities	133	239
Partnership interests	0	0
Total investments, at fair value		9,868,375
Total assets, at fair value	10,024,995	9,868,375
Liabilities, at fair value
Derivative liabilities	0
Loan obligations of CLOs	(10,657,661)	(9,958,076)
Total liabilities, at fair value	(10,657,661)	(9,958,076)
Consolidated Funds \| Level II \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Level II \| Asset swaps
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level II \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	525,393	397,485
Consolidated Funds \| Level II \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,499,469	9,470,651
Consolidated Funds \| Level II \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Consolidated Funds \| Level III
Assets, at fair value
Collateralized loan obligations and other fixed income	742,952	542,306
Common stock and other equity securities	339,183	221,043
Partnership interests	238,673	231,857
Total investments, at fair value		995,206
Total assets, at fair value	1,320,808	996,310
Liabilities, at fair value
Derivative liabilities	(3,105)	(44)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(3,105)	(44)
Consolidated Funds \| Level III \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Level III \| Asset swaps
Assets, at fair value
Total derivative assets, at fair value		1,104
Liabilities, at fair value
Derivative liabilities	(3,105)	(44)
Consolidated Funds \| Level III \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	331,732	9
Consolidated Funds \| Level III \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	411,220	542,297
Consolidated Funds \| Level III \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Consolidated Funds \| Investments Measured at NAV
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Common stock and other equity securities	0	0
Partnership interests	469,634	7,767
Total investments, at fair value		7,767
Total assets, at fair value	469,634	7,767
Liabilities, at fair value
Derivative liabilities	0
Loan obligations of CLOs	0	0
Total liabilities, at fair value	0	0
Consolidated Funds \| Investments Measured at NAV \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Investments Measured at NAV \| Asset swaps
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Investments Measured at NAV \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Investments Measured at NAV \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Investments Measured at NAV \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	110,389	89,419
Partnership interests	8,591	3,784
Total investments, at fair value	171,377	146,552
Total assets, at fair value	177,059	147,992
Liabilities, at fair value
Derivative liabilities		(1,565)
Contingent consideration	(57,435)
Total liabilities, at fair value	(57,763)	(1,565)
Ares Management L.P \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Total derivative assets, at fair value	5,682
Ares Management L.P \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		1,440
Liabilities, at fair value
Derivative liabilities	(328)
Ares Management L.P \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	52,397	53,349
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
Derivative liabilities		0
Contingent consideration	0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level I \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Total derivative assets, at fair value	0
Ares Management L.P \| Level I \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level I \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P \| Level II
Assets, at fair value
Common stock and other equity securities	1,440	1,007
Partnership interests	0	0
Total investments, at fair value	1,440	1,007
Total assets, at fair value	7,122	2,447
Liabilities, at fair value
Derivative liabilities		(1,565)
Contingent consideration	0
Total liabilities, at fair value	(328)	(1,565)
Ares Management L.P \| Level II \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Total derivative assets, at fair value	5,682
Ares Management L.P \| Level II \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		1,440
Liabilities, at fair value
Derivative liabilities	(328)
Ares Management L.P \| Level II \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P \| Level III
Assets, at fair value
Common stock and other equity securities	108,949	88,412
Partnership interests	2,575	2,575
Total investments, at fair value	163,921	144,336
Total assets, at fair value	163,921	144,336
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration	(57,435)
Total liabilities, at fair value	(57,435)	0
Ares Management L.P \| Level III \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Total derivative assets, at fair value	0
Ares Management L.P \| Level III \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level III \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	52,397	53,349
Ares Management L.P \| Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	6,016	1,209
Total investments, at fair value	6,016	1,209
Total assets, at fair value	6,016	1,209
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration	0
Total liabilities, at fair value	0	0
Ares Management L.P \| Investments Measured at NAV \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Total derivative assets, at fair value	0
Ares Management L.P \| Investments Measured at NAV \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Investments Measured at NAV \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 0	$ 0

FAIR VALUE - Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Consolidated Funds
Level III Assets of the Company and consolidated funds
Balance, beginning of period	$ 996,266	$ 717,030
Transfer in (out) due to changes in consolidation	(49,483)	403,116
Transfer in	62,040	127,665
Transfer out	(214,939)	(286,294)
Purchases	1,038,460	593,356
Sales/settlements	(558,884)	(523,899)
Amortized discounts/premiums	1,683	1,438
Realized and unrealized appreciation (depreciation), net	42,560	(36,146)
Balance, end of period	1,317,703	996,266
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	36,727	(36,148)
Consolidated Funds \| Equity securities
Level III Assets of the Company and consolidated funds
Balance, beginning of period	221,043	85,988
Transfer in (out) due to changes in consolidation	(157)	(635)
Transfer in	2,195	32
Transfer out	(33)	0
Purchases	118,963	186,881
Sales/settlements	(1,180)	(10,997)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation (depreciation), net	(1,648)	(40,226)
Balance, end of period	339,183	221,043
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(848)	(44,877)
Consolidated Funds \| Fixed Income
Level III Assets of the Company and consolidated funds
Balance, beginning of period	542,306	339,136
Transfer in (out) due to changes in consolidation	(49,326)	403,751
Transfer in	59,845	127,633
Transfer out	(214,906)	(286,294)
Purchases	904,497	340,475
Sales/settlements	(512,505)	(370,966)
Amortized discounts/premiums	1,683	1,049
Realized and unrealized appreciation (depreciation), net	11,358	(12,478)
Balance, end of period	742,952	542,306
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	3,886	(5,736)
Consolidated Funds \| Partnership Interests
Level III Assets of the Company and consolidated funds
Balance, beginning of period	231,857	296,012
Transfer in (out) due to changes in consolidation	0	0
Transfer in	0	0
Transfer out	0	0
Purchases	15,000	66,000
Sales/settlements	(45,500)	(141,025)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation (depreciation), net	37,316	10,870
Balance, end of period	238,673	231,857
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	37,316	10,870
Consolidated Funds \| Derivatives, Net
Level III Assets of the Company and consolidated funds
Balance, beginning of period	1,060	(4,106)
Transfer in (out) due to changes in consolidation	0	0
Transfer in	0	0
Transfer out	0	0
Purchases	0	0
Sales/settlements	301	(911)
Amortized discounts/premiums	0	389
Realized and unrealized appreciation (depreciation), net	(4,466)	5,688
Balance, end of period	(3,105)	1,060
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(3,627)	3,595
Ares Management L.P
Level III Assets of the Company and consolidated funds
Balance, beginning of period	144,336	119,079
Transfer in (out) due to changes in consolidation	7,623	79,261
Established in connection with acquisition	(34,200)
Purchases	20,967	12,970
Sales/settlements	(13,290)	(69,488)
Change in fair value	(23,235)
Realized and unrealized appreciation (depreciation), net	4,285	2,514
Balance, end of period	106,486	144,336
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(20,401)	10,479
Ares Management L.P \| Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period	0
Transfer in due to changes in consolidation	0
Established in connection with acquisition	(34,200)
Purchases	0
Sales/settlements	0
Change in fair value	(23,235)
Realized and unrealized appreciation, net	0
Balance, end of period	(57,435)	0
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	(23,235)
Ares Management L.P \| Equity securities
Level III Assets of the Company and consolidated funds
Balance, beginning of period	88,412	14,704
Transfer in (out) due to changes in consolidation	0	72,967
Established in connection with acquisition	0
Purchases	19,278	0
Sales/settlements	0	0
Change in fair value	0
Realized and unrealized appreciation (depreciation), net	1,259	741
Balance, end of period	108,949	88,412
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,259	741
Ares Management L.P \| Fixed Income
Level III Assets of the Company and consolidated funds
Balance, beginning of period	53,349	69,183
Transfer in (out) due to changes in consolidation	7,623	6,294
Established in connection with acquisition	0
Purchases	1,689	12,970
Sales/settlements	(13,290)	(37,058)
Change in fair value	0
Realized and unrealized appreciation (depreciation), net	3,026	1,960
Balance, end of period	52,397	53,349
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,575	4,227
Ares Management L.P \| Partnership Interests
Level III Assets of the Company and consolidated funds
Balance, beginning of period	2,575	35,192
Transfer in (out) due to changes in consolidation	0	0
Established in connection with acquisition	0
Purchases	0	0
Sales/settlements	0	(32,430)
Change in fair value	0
Realized and unrealized appreciation (depreciation), net	0	(187)
Balance, end of period	2,575	2,575
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 0	$ 5,511

FAIR VALUE - Valuation Techniques (Details) $ in Thousands	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Consolidated Funds
Assets
Equity securities	$ 340,272	$ 227,031
Partnership interests	708,307	239,624
Collateralized loan obligations	10,657,661	9,958,076
Other fixed income	11,768,099	10,410,442
Total assets, at fair value	12,816,678	10,878,201
Liabilities
Derivative instruments	(20,927)
Total liabilities, at fair value	(10,678,588)	(9,958,120)
Consolidated Funds \| Level III
Assets
Equity securities	339,183	221,043
Partnership interests	238,673	231,857
Collateralized loan obligations	0	0
Other fixed income	742,952	542,306
Total assets, at fair value	1,320,808	996,310
Liabilities
Derivative instruments	(3,105)	(44)
Total liabilities, at fair value	(3,105)	$ (44)
Consolidated Funds \| Level III \| Discount Rates
Significant Unobservable Input(s)
Partnership interest		0.238
Consolidated Funds \| Level III \| Discount Rates \| Weighted Average
Significant Unobservable Input(s)
Partnership interest		0.238
Consolidated Funds \| Level III \| Illiquidity discount
Significant Unobservable Input(s)
Equity securities		0.250
Consolidated Funds \| Level III \| Illiquidity discount \| Weighted Average
Significant Unobservable Input(s)
Equity securities		0.250
Consolidated Funds \| Level III \| Transaction price
Assets
Equity securities	74,041	$ 188,044
Consolidated Funds \| Level III \| Discounted Cash Flow
Assets
Equity securities	123,685
Partnership interests	$ 238,673	231,857
Consolidated Funds \| Level III \| Discounted Cash Flow \| Discount Rates
Significant Unobservable Input(s)
Equity securities	20
Partnership interest	0.234
Consolidated Funds \| Level III \| Discounted Cash Flow \| Discount Rates \| Weighted Average
Significant Unobservable Input(s)
Equity securities	20
Partnership interest	0.234
Consolidated Funds \| Level III \| Market Approach
Assets
Equity securities		438
Other fixed income		$ 6,605
Consolidated Funds \| Level III \| Market Approach \| Multiple of Book Value
Assets
Equity securities	$ 140,185
Consolidated Funds \| Level III \| Market Approach \| Multiple of Book Value \| Minimum
Significant Unobservable Input(s)
Equity securities	1.0
Consolidated Funds \| Level III \| Market Approach \| Multiple of Book Value \| Maximum
Significant Unobservable Input(s)
Equity securities	1.2
Consolidated Funds \| Level III \| Market Approach \| Multiple of Book Value \| Weighted Average
Significant Unobservable Input(s)
Equity securities	1.1
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple
Assets
Equity securities	$ 1,261
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Minimum
Significant Unobservable Input(s)
Equity securities	1.0	2.9
Fixed income securities		6.5
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Maximum
Significant Unobservable Input(s)
Equity securities	64.4	19.5
Fixed income securities		7.8
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Weighted Average
Significant Unobservable Input(s)
Equity securities	17.5	13.4
Fixed income securities		6.9
Consolidated Funds \| Level III \| Other
Assets
Equity securities		$ 32,528
Other fixed income		$ 28,320
Consolidated Funds \| Level III \| Other \| Net income multiple
Significant Unobservable Input(s)
Equity securities		30.0
Consolidated Funds \| Level III \| Other \| Net income multiple \| Weighted Average
Significant Unobservable Input(s)
Equity securities		30.0
Consolidated Funds \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Equity securities	$ 11	$ 33
Other fixed income	614,754	384,419
Derivative instruments		1,104
Liabilities
Derivative instruments	(3,105)
Consolidated Funds \| Level III \| Income approach
Assets
Other fixed income	$ 128,198	$ 122,962
Consolidated Funds \| Level III \| Income approach \| Yield \| Minimum
Significant Unobservable Input(s)
Fixed income securities	0.035	0.027
Consolidated Funds \| Level III \| Income approach \| Yield \| Maximum
Significant Unobservable Input(s)
Fixed income securities	0.162	0.481
Consolidated Funds \| Level III \| Income approach \| Yield \| Weighted Average
Significant Unobservable Input(s)
Fixed income securities	0.067	0.079
Ares Management L.P
Assets
Equity securities	$ 110,389	$ 89,419
Partnership interests	8,591	3,784
Total assets, at fair value	177,059	147,992
Liabilities
Contingent consideration	(57,435)
Derivative instruments		(1,565)
Total liabilities, at fair value	(57,763)	(1,565)
Ares Management L.P \| Level III
Assets
Equity securities	108,949	88,412
Partnership interests	2,575	2,575
Total assets, at fair value	163,921	144,336
Liabilities
Contingent consideration	(57,435)
Derivative instruments		0
Total liabilities, at fair value	(57,435)	0
Ares Management L.P \| Level III \| Transaction price
Assets
Equity securities	14,610	14,704
Ares Management L.P \| Level III \| Discounted Cash Flow
Assets
Equity securities	$ 50,690	$ 32,905
Ares Management L.P \| Level III \| Discounted Cash Flow \| Discount Rates \| Minimum
Significant Unobservable Input(s)
Equity securities	0.140	0.140
Ares Management L.P \| Level III \| Discounted Cash Flow \| Discount Rates \| Maximum
Significant Unobservable Input(s)
Equity securities	0.200	0.200
Ares Management L.P \| Level III \| Discounted Cash Flow \| Discount Rates \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.143
Ares Management L.P \| Level III \| Market Approach
Assets
Equity securities	$ 43,649	$ 40,803
Ares Management L.P \| Level III \| Market Approach \| Multiple of Book Value
Significant Unobservable Input(s)
Equity securities	1.4	1.6
Ares Management L.P \| Level III \| Market Approach \| Multiple of Book Value \| Weighted Average
Significant Unobservable Input(s)
Equity securities	1.4
Ares Management L.P \| Level III \| Other
Assets
Partnership interests	$ 2,575	$ 2,575
Other fixed income	21,582	21,583
Liabilities
Contingent consideration	(47,873)
Ares Management L.P \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	30,815	$ 31,766
Ares Management L.P \| Level III \| Monte Carlo simulation
Liabilities
Contingent consideration	$ (9,562)
Ares Management L.P \| Level III \| Monte Carlo simulation \| Discount Rates
Significant Unobservable Input(s)
Contingent consideration	8.5
Ares Management L.P \| Level III \| Monte Carlo simulation \| Discount Rates \| Weighted Average
Significant Unobservable Input(s)
Contingent consideration	0.085
Ares Management L.P \| Level III \| Monte Carlo simulation \| Volatility
Significant Unobservable Input(s)
Contingent consideration	0.18
Ares Management L.P \| Level III \| Monte Carlo simulation \| Volatility \| Weighted Average
Significant Unobservable Input(s)
Contingent consideration	0.18

FAIR VALUE - Investments Using NAV per Share (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Consolidated Funds
FAIR VALUE
Fair value	$ 708,307,000	$ 239,624,000
Investments Measured at NAV \| Consolidated Funds
FAIR VALUE
Fair value	469,634,000	7,767,000
Investments Measured at NAV \| Non-core investments
FAIR VALUE
Fair value	6,000,000	1,200,000
Unfunded commitments	0	$ 0
Investments Measured at NAV \| Non-core investments \| Consolidated Funds
FAIR VALUE
Fair value	469,600,000
Unfunded commitments	$ 1,200,000,000

DERIVATIVE FINANCIAL INSTRUMENTS - Schedule of Fair Value and Notional Amounts of Derivative Contracts by Major Product Type on a Gross Basis (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated Funds
Assets
Notional amount, assets	$ 56,000	$ 7,600
Fair Value	0	1,104
Liabilities
Notional amount, liabilities	279,516	540
Fair Value	20,927	44
Derivative liability, amount offset	100	400
Derivative asset, amount offset	100	400
Consolidated Funds \| Warrants
Assets
Notional amount, assets	0	0
Fair Value	0	0
Liabilities
Notional amount, liabilities	230,000	0
Fair Value	17,822	0
Consolidated Funds \| Asset swaps
Assets
Notional amount, assets	56,000	7,600
Fair Value	0	1,104
Liabilities
Notional amount, liabilities	49,516	540
Fair Value	3,105	44
Ares Management L.P
Assets
Notional amount, assets	409,018	30,040
Fair Value	5,682	1,440
Liabilities
Notional amount, liabilities	11,011	39,362
Fair Value	328	1,565
Derivative liability, amount offset	300	1,600
Ares Management L.P \| Foreign currency forward contracts and interest rate swaps
Assets
Notional amount, assets	409,018	30,040
Fair Value	5,682	1,440
Liabilities
Notional amount, liabilities	11,011	39,362
Fair Value	$ 328	$ 1,565

DERIVATIVE FINANCIAL INSTRUMENTS - Net Realized Gain/Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Consolidated Funds \| Net realized gains
DERIVATIVE FINANCIAL INSTRUMENTS
Net realized gains	$ (978)	$ (682)	$ (1,189)
Consolidated Funds \| Net change in unrealized appreciation (depreciation)
DERIVATIVE FINANCIAL INSTRUMENTS
Net change in unrealized appreciation (depreciation)	17,393	5,174	(4,771)
Consolidated Funds \| Foreign currency forward contracts \| Foreign Currency Forward Contract \| Net realized gains
DERIVATIVE FINANCIAL INSTRUMENTS
Net realized gains	0	5	8
Consolidated Funds \| Foreign currency forward contracts \| Foreign Currency Forward Contract \| Net change in unrealized appreciation (depreciation)
DERIVATIVE FINANCIAL INSTRUMENTS
Net change in unrealized appreciation (depreciation)	0	3	(20)
Consolidated Funds \| Warrants \| Net change in unrealized appreciation (depreciation)
DERIVATIVE FINANCIAL INSTRUMENTS
Net change in unrealized appreciation (depreciation)	21,557	0	0
Consolidated Funds \| Asset swaps \| Swap \| Net realized gains
DERIVATIVE FINANCIAL INSTRUMENTS
Net realized gains	(978)	(687)	(1,197)
Consolidated Funds \| Asset swaps \| Swap \| Net change in unrealized appreciation (depreciation)
DERIVATIVE FINANCIAL INSTRUMENTS
Net change in unrealized appreciation (depreciation)	(4,164)	5,171	(4,751)
Ares Management L.P \| Foreign currency forward contracts and interest rate swaps \| Foreign Currency Forward Contract \| Net realized gains
DERIVATIVE FINANCIAL INSTRUMENTS
Net realized gains	451	277	2,284
Ares Management L.P \| Foreign currency forward contracts and interest rate swaps \| Foreign Currency Forward Contract \| Net change in unrealized appreciation (depreciation)
DERIVATIVE FINANCIAL INSTRUMENTS
Net change in unrealized appreciation (depreciation)	$ 5,441	$ (4,060)	$ 3,713

DEBT - Debt Obligations (Details) - Ares Management L.P - USD ($)	1 Months Ended			12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Dec. 31, 2021	Dec. 31, 2020
DEBT
Carrying Value				$ 1,503,709,000	$ 642,998,000
US Treasury
DEBT
Interest rate	3.237%
Debt term	5 years
Credit Facility
DEBT
Carrying Value				$ 415,000,000	$ 0
Interest Rate				1.25%	0.00%
Maximum borrowing capacity				$ 1,090,000,000.00
Unused commitment fees				0.10%
Interest rate				0.00%
Credit Facility \| Base rate
DEBT
Interest rate spread				0.125%
Credit Facility \| LIBOR
DEBT
Interest rate spread				1.125%
Senior Notes 2024
DEBT
Original Borrowing Amount				$ 250,000,000
Carrying Value				$ 247,979,000	$ 247,285,000
Interest Rate				4.21%	4.21%
Debt issuance rate			98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount				$ 400,000,000
Carrying Value				$ 396,156,000	$ 395,713,000
Interest Rate				3.28%	3.28%
Debt issuance rate		99.77%
Subordinated Notes 2051
DEBT
Original Borrowing Amount				$ 450,000,000
Carrying Value				$ 444,574,000	$ 0
Interest Rate				4.13%	0.00%
Interest rate	4.125%

DEBT - Debt Issuance Costs (Details) - Ares Management L.P - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 5,232	$ 5,255
Debt issuance costs incurred	1,282	1,217
Amortization of debt issuance costs	(1,240)	(1,240)
Unamortized debt issuance costs, ending balance	5,274	5,232
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	4,283	1,102
Debt issuance costs incurred	0	3,624
Amortization of debt issuance costs	(594)	(443)
Unamortized debt issuance costs, ending balance	3,689	4,283
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	0	0
Debt issuance costs incurred	5,518	0
Amortization of debt issuance costs	(92)	0
Unamortized debt issuance costs, ending balance	$ 5,426	$ 0

DEBT - Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
DEBT
Fair Value of Loan Obligations	$ 10,657,661	$ 9,958,076
Loan obligations of Consolidated CLOs
DEBT
Loan Obligations	10,823,994	10,278,833
Fair Value of Loan Obligations	10,657,661	9,958,076
Senior secured notes \| Loan obligations of Consolidated CLOs
DEBT
Loan Obligations	10,031,419	9,796,442
Fair Value of Loan Obligations	$ 10,016,638	$ 9,665,804
Weighted Average Remaining Maturity In Years	9 years 4 months 24 days	10 years 1 month 6 days
Debt instrument face amount	$ 10,000,000	$ 9,800,000
Weighted average interest rate	1.93%	1.89%
Subordinated notes \| Loan obligations of Consolidated CLOs
DEBT
Loan Obligations	$ 792,575	$ 482,391
Fair Value of Loan Obligations	$ 641,023	$ 292,272
Weighted Average Remaining Maturity In Years	8 years 1 month 6 days	10 years 2 months 12 days
Debt instrument face amount	$ 792,600	$ 482,400

DEBT - Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds - USD ($)	Dec. 31, 2021	Dec. 31, 2020
DEBT
Total borrowings of Consolidated Funds	$ 127,771,000	$ 121,909,000
Credit Facility Maturing 10/13/2022
DEBT
Total Capacity	112,817,000
Outstanding loan	$ 71,500,000	$ 71,500,000
Effective Rate	1.59%	1.59%
Credit Facility Maturing 7/1/2023
DEBT
Total Capacity	$ 18,000,000
Outstanding loan	$ 16,271,000	$ 17,909,000
Effective Rate	1.73%	1.75%
Credit Facility Maturing 1/15/2022
DEBT
Total Capacity	$ 0
Outstanding loan	$ 0	$ 32,500,000
Effective Rate	0.00%	2.75%
Credit Facility Maturing 7/23/2024
DEBT
Total Capacity	$ 75,000,000
Outstanding loan	$ 40,000,000
Effective Rate	3.09%
Credit Facility Maturing 9/24/2026
DEBT
Total Capacity	$ 150,000,000
Outstanding loan	$ 0

OTHER ASSETS - Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Jun. 02, 2021	Dec. 31, 2020	Dec. 31, 2019
Other Assets [Line Items]
Goodwill	$ 787,972	$ 417,800	$ 371,047	$ 143,855
Consolidated Funds
Other Assets [Line Items]
Dividends and interest receivable	36,350		30,413
Income tax and other receivables	3,080		5,089
Total other assets	39,430		35,502
Ares Management L.P
Other Assets [Line Items]
Accounts and interest receivable	159,757		45,494
Fixed assets, net	71,260		60,874
Deferred tax assets, net	39,398		70,026
Goodwill	787,972		371,047
Other assets	64,340		42,891
Total other assets	$ 1,122,727		$ 590,332

OTHER ASSETS - Fixed Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Depreciation	$ 22,100	$ 19,000	$ 17,100
Fully depreciated	5,700
Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	159,688	133,029
Less: accumulated depreciation	(88,428)	(72,155)
Fixed assets, net	71,260	60,874
Office and computer equipment \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	31,963	28,068
Internal-use software \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	53,048	47,456
Leasehold improvements \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 74,677	$ 57,505

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	6 Months Ended	7 Months Ended	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2021	Dec. 31, 2021	Jul. 01, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 677,300,000	$ 677,300,000	$ 677,300,000		$ 784,200,000
Maximum exposure from guarantees	209,700,000	209,700,000	209,700,000		0
Performance Income
Carried interest, contingent repayment obligations	0	0	0		0
Performance income
Performance Income
Performance income subject to potential clawback provision	194,600,000	194,600,000	194,600,000		326,400,000
Performance income subject to potential claw back provision that are reimbursable by professionals	153,300,000	153,300,000	153,300,000		$ 252,400,000
Landmark Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	300,000,000	300,000,000	$ 300,000,000
Business combination, percentage			15.00%
Business combination equity awards percentage			85.00%
Vesting period			4 years
Estimated fair value of the contingent consideration liability	145,700,000	145,700,000	$ 145,700,000
Compensation expense		21,000,000
Black Creek Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	275,000,000	275,000,000	275,000,000
Compensation expense	45,900,000
Fair value of contingent liability	$ 229,500,000	$ 229,500,000	$ 229,500,000
Payment percentage of performance income obligation	50.00%	50.00%	50.00%
Contingent consideration	$ 47,900,000	$ 47,900,000	$ 47,900,000	$ 28,600,000

COMMITMENTS AND CONTINGENCIES - Leases: Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 205,075
Finance lease obligations	936
Accumulated amortization	$ 1,600	$ 1,000
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Ares Management L.P
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 167,652	$ 154,742
Finance lease assets	1,011	1,386
Total lease assets	168,663	156,128
Operating lease liabilities	205,075	180,236
Finance lease obligations	936	1,273
Total lease liabilities	$ 206,011	$ 181,509
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	12 years

COMMITMENTS AND CONTINGENCIES - Leases: Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2021 USD ($)
Operating Leases
2022	$ 42,865
2023	39,015
2024	36,994
2025	36,177
2026	26,995
After 2026	39,246
Total future payments	221,292
Less: interest	16,217
Operating lease liabilities	205,075
Finance Leases
2022	624
2023	163
2024	162
2025	11
2026	0
After 2026	1
Total future payments	961
Less: interest	25
Total lease liabilities	$ 936

COMMITMENTS AND CONTINGENCIES - Leases: Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 38,135	$ 31,713	$ 28,814
Amortization of finance lease assets	561	469	304
Interest on finance lease liabilities	27	43	39
Total lease expense	$ 38,723	$ 32,225	$ 29,157

COMMITMENTS AND CONTINGENCIES - Leases: Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 37,500	$ 32,121	$ 31,509
Operating cash flows for finance leases	39	53	58
Financing cash flows for finance leases	535	460	311
Leased assets obtained in exchange for new finance lease liabilities	189	0	778
Leased assets obtained in exchange for new operating lease liabilities	$ 57,624	$ 36,935	$ 49,833

COMMITMENTS AND CONTINGENCIES - Leases: Lease Term and Discount Rate (Details)	Dec. 31, 2021	Dec. 31, 2020
Weighted-average remaining lease terms (in years):
Operating leases	6 years	6 years
Finance leases	1 year 9 months 18 days	2 years 7 months 6 days
Weighted-average discount rate:
Operating leases	1.81%	3.59%
Finance leases	2.94%	3.26%

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 7,234	$ 17,172
Due to affiliates:
Due to affiliates—Company	0	0
Consolidated Funds \| Affiliated entity
Due from affiliates:
Due from affiliates	7,234	17,172
Ares Management L.P
Due from affiliates:
Due from affiliates	670,383	405,887
Due to affiliates:
Due to affiliates—Company	198,553	100,186
Ares Management L.P \| Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds	372,249	308,581
Incentive fee receivable from non-consolidated funds	211,243	21,495
Payments made on behalf of and amounts due from non-consolidated funds and employees	86,891	75,811
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	10,160	4,808
Tax receivable agreement liability	100,542	62,505
Undistributed carried interest and incentive fees	66,494	27,322
Payments made by non-consolidated funds on behalf of and payable by the Company	$ 21,357	$ 5,551

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
Income tax expense (benefit)	$ 64,754	$ 39,818	$ 44,525
Deferred:
Total deferred income tax expense (benefit)	82,631	15,175	7,851
Total:
Income tax expense (benefit)	147,385	54,993	52,376
Consolidated Funds
Current:
Foreign income tax expense (benefit)	88	118	(530)
Income tax expense (benefit)	88	118	(530)
Ares Management L.P
Current:
U.S. federal income tax expense	40,861	23,845	32,012
State and local income tax expense	12,121	6,714	6,940
Foreign income tax expense (benefit)	11,684	9,141	6,103
Income tax expense (benefit)	64,666	39,700	45,055
Deferred:
U.S. federal income tax expense	68,201	12,451	8,820
State and local income tax expense	13,040	1,952	1,001
Foreign income tax expense (benefit)	1,390	772	(1,970)
Total deferred income tax expense (benefit)	82,631	15,175	7,851
Total:
U.S. federal income tax expense	109,062	36,296	40,832
State and local income tax expense	25,161	8,666	7,941
Foreign income tax expense	13,074	9,913	4,133
Income tax expense (benefit)	$ 147,297	$ 54,875	$ 52,906

INCOME TAXES - Effective Income Tax Rate (Details)	12 Months Ended
INCOME TAXES - Effective Income Tax Rate (Details)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	21.00%	21.00%	21.00%
Income passed through to non-controlling interests	(9.20%)	(8.20%)	(10.40%)
State and local taxes, net of federal benefit	1.90%	1.80%	1.90%
Foreign taxes	(0.10%)	0.30%	0.30%
Permanent items	(0.30%)	(0.50%)	(0.40%)
Disallowed executive compensation	0.70%	0.00%	0.00%
Other, net	(0.20%)	(0.20%)	(0.10%)
Valuation allowance	0.00%	0.30%	0.00%
Total effective rate	13.80%	14.50%	12.30%

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets
Valuation allowance	$ (1,000)	$ (1,000)
Ares Management L.P
Deferred tax assets
Amortizable tax basis for AOG unit exchanges	108,644	67,571
Net operating losses	1,292	1,292
Other, net	6,101	6,563
Total gross deferred tax assets	116,037	75,426
Valuation allowance	(1,010)	(1,010)
Total deferred tax assets, net	115,027	74,416
Deferred tax liabilities
Investment in partnerships	(75,629)	(4,390)
Total deferred tax liabilities	(75,629)	(4,390)
Net deferred tax assets	$ 39,398	$ 70,026

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Valuation allowance	$ 1.0	$ 1.0

EARNINGS PER SHARE - Antidilutive (Details) - shares	12 Months Ended
EARNINGS PER SHARE - Antidilutive (Details) - shares	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
AOG
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	116,226,798	115,126,565	116,802,160
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	132	16,599	82

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Dec. 17, 2021	Sep. 16, 2021	Jun. 16, 2021	Mar. 17, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
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					$ 386,748	$ 130,442	$ 127,184
Distributions on unvested restricted units					(10,986)	(10,454)	(7,670)
Undistributed earnings allocable to participating unvested restricted units					(7,138)	0	0
Net income available to Class A and non-voting common stockholders					368,624	119,988	119,514
Diluted earnings per share of Class A and non-voting common stock:
Net income available to Class A and non-voting common stockholders					386,748	130,442	127,184
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders					$ 386,748	$ 130,442	$ 127,184
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.47	$ 0.47	$ 0.47	$ 0.47	$ 1.88
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)					11,209,144	9,207,639	7,838,200
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)					5,199,501	5,235,423	4,124,276
Class A Common Stock
Basic earnings per share of Class A and non-voting common stock:
Basic weighted-average shares of Class A and non-voting common stock (in shares)					163,703,626	135,065,436	107,914,953
Basic earnings per share of Class A and non-voting common stock (in dollars per share)					$ 2.24	$ 0.89	$ 1.11
Diluted earnings per share of Class A and non-voting common stock:
Diluted weighted-average shares of Class A and non-voting common stock (in shares)					180,112,271	149,508,498	119,877,429
Diluted earnings per share of Class A and non-voting common stock (in dollars per share)					$ 2.15	$ 0.87	$ 1.06
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)					$ 1.88	$ 1.60	$ 1.28

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Jan. 01, 2021
Equity compensation
Equity-based compensation expense	$ 237,191	$ 122,986	$ 97,691
Restricted units
Equity compensation
Equity-based compensation expense	170,980	115,680	88,979
Restricted units with a market condition
Equity compensation
Equity-based compensation expense	66,211	7,263	3,613
Options
Equity compensation
Equity-based compensation expense	0	43	4,362
Phantom Shares
Equity compensation
Equity-based compensation expense	$ 0	$ 0	$ 737
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	38,851,930			44,510,451

EQUITY COMPENSATION - Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Dec. 17, 2021	Sep. 16, 2021	Jun. 16, 2021	Mar. 17, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity compensation
Dividend declared and paid per class A common stock (in dollars per share)	$ 0.47	$ 0.47	$ 0.47	$ 0.47	$ 1.88
Distribution equivalents made to holders					$ 28.1
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)					4,500,000	3,100,000
Dividend declared and paid per class A common stock (in dollars per share)					$ 1.88	$ 1.60	$ 1.28
Restricted units
Equity compensation
Shares delivered in period (in shares)					8,300,000	5,500,000
Restricted Units
Balance at the beginning of the period (in shares)					16,299,664
Granted (in shares)					9,683,848
Vested (in shares)					(6,397,649)
Forfeited (in shares)					(1,262,827)
Balance at the end of the period (in shares)					18,323,036	16,299,664
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share)					$ 24.30
Granted (in dollars per share)					46.19
Vested (in dollars per share)					20.78
Forfeited (in dollars per share)					30.51
Balance at the end of the period (in dollars per share)					$ 36.43	$ 24.30
Unrecognized compensation expenses					$ 462.0
Weighted average period of compensation expense expected to be recognized					3 years 2 months 26 days
Restricted units \| Senior executives
Equity compensation
Annual award vesting percentage					25.00%

EQUITY COMPENSATION - Performance-Based Restricted Unit Awards with a Market Condition (Details) - Restricted units with a market condition - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020
Equity compensation
Granted restricted unit consecutive calendar days	30 days
Granted (in shares)		2,150,000
Weighted average grant date fair value (in dollars per share)		$ 0	$ 0
Fair Value
Closing price of the Company's common shares as of valuation date (in dollars per share)		$ 45.76
Risk-free interest rate		0.88%
Volatility		35.00%
Dividend yield		3.50%
Cost of equity		10.00%
Market Condition Awards Units
Balance at the beginning of the period (in shares)	0	0
Granted (in shares)		2,150,000
Vested (in shares)		(2,037,500)
Forfeited (in shares)		(112,500)
Balance at the end of the period (in shares)		0
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)		$ 0	$ 0
Granted (in dollars per share)		32.86
Vested (in dollars per share)		33.14
Forfeited (in dollars per share)		$ 27.75
Share-based compensation expense		$ 43.4
Tranche I
Equity compensation
Granted (in shares)	537,500
Weighted average price of shares purchased (in dollars per share)	$ 55.00
Weighted average grant date fair value (in dollars per share)	$ 37.28
Vesting period	8 months 12 days
Market Condition Awards Units
Granted (in shares)	537,500
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)	$ 37.28
Tranche II
Equity compensation
Granted (in shares)	537,500
Weighted average price of shares purchased (in dollars per share)	$ 60.00
Weighted average grant date fair value (in dollars per share)	$ 34.47
Vesting period	1 year 2 months 12 days
Market Condition Awards Units
Granted (in shares)	537,500
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)	$ 34.47
Tranche III
Equity compensation
Granted (in shares)	537,500
Weighted average price of shares purchased (in dollars per share)	$ 65.00
Weighted average grant date fair value (in dollars per share)	$ 31.92
Vesting period	1 year 7 months 6 days
Market Condition Awards Units
Granted (in shares)	537,500
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)	$ 31.92
Tranche IV
Equity compensation
Granted (in shares)	537,500
Weighted average price of shares purchased (in dollars per share)	$ 75.00
Weighted average grant date fair value (in dollars per share)	$ 27.75
Vesting period	2 years 3 months 18 days
Market Condition Awards Units
Granted (in shares)	537,500
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)	$ 27.75

EQUITY COMPENSATION - Summary Of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Options
Exercised (in shares)	(1,976,520)
Aggregate Intrinsic Value
Net cash proceeds from exercises of stock options	$ 37,200
Options
Equity compensation
Shares purchased (in shares)	1
Term of option	ten years
Options
Balance at the beginning of the period (in shares)	8,312,203
Granted (in shares)	0
Exercised (in shares)	(2,005,921)
Expired (in shares)	0
Forfeited (in shares)	0
Balance at the end of the period (in shares)	6,306,282	8,312,203
Exercisable at the end of the period (in shares)	6,306,282
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per shares)	$ 18.99
Granted (in dollars per shares)	0
Exercised (in dollars per shares)	18.95
Expired (in dollars per shares)	0
Forfeited (in dollars per shares)	0
Balance at the end of the period (in dollars per shares)	19.00	$ 18.99
Exercisable at the end of the period (in dollars per shares)	$ 19.00
Weighted Average Remaining Life (in years)
Weighted average remaining life	2 years 3 months 18 days	3 years 4 months 24 days
Exercisable at the end of the period	2 years 3 months 18 days
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 392,692	$ 233,251
Exercisable	392,692
Employee Stock
Aggregate Intrinsic Value
Tax benefits of exercises	$ 14,300

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($)				12 Months Ended
	Apr. 08, 2021	Apr. 06, 2021	Apr. 05, 2021	Dec. 31, 2021	Feb. 28, 2021	Dec. 31, 2020
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				259,631,180
Issuance of stock (in shares)				24,393,407
Stock option exercises, net of shares withheld for tax (in shares)				1,976,520
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				4,508,731
Ending balance (in shares)				290,451,548
Private Placement
Class of Stock [Line Items]
Proceeds from sale of shares			$ 250,000,000
Proceeds from issuance of stock	$ 250,000,000
Underwritten
Class of Stock [Line Items]
Proceeds from issuance of stock	578,200,000
Fees related to stock issuance	$ 700,000
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				0
Redemptions of AOG Units (in shares)				(58,290)
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Authorized amount					$ 150,000,000
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				147,182,562
Issuance of stock (in shares)				12,159,200
Stock option exercises, net of shares withheld for tax (in shares)				1,976,520
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				4,508,731
Ending balance (in shares)				168,351,305
Class A Common Stock \| Private Placement
Class of Stock [Line Items]
Number of shares sold (in shares)			1,234,200
Class A Common Stock \| Underwritten
Class of Stock [Line Items]
Number of shares sold (in shares)		10,925,000
Number of shares sold to underwriters (in shares)		1,425,000
Class A Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				2,524,292
Redemptions of AOG Units (in shares)				0
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)				0
Issuance of stock (in shares)				3,489,911
Stock option exercises, net of shares withheld for tax (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 \| Private Placement
Class of Stock [Line Items]
Number of shares sold (in shares)			3,489,911
Non- voting Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				0
Redemptions of AOG Units (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
Issuance of stock (in shares)				0
Stock option exercises, net of shares withheld for tax (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
Exchanges of AOG units (in shares)				0
Redemptions of AOG Units (in shares)				0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				112,447,618
Issuance of stock (in shares)				8,744,296
Stock option exercises, net of shares withheld for tax (in shares)				0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				0
Ending balance (in shares)				118,609,332
Class C Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				(2,524,292)
Redemptions of AOG Units (in shares)				(58,290)

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
AOG units (in shares)	290,450,548	259,630,180
Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	100.00%	100.00%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG units (in shares)	118,609,332	112,447,618
Ares Owners Holdings, L.P. \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	40.84%	43.31%
Daily Average Ownership	41.52%	46.02%	51.98%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	171,841,216	147,182,562
Ares Operating Group \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	59.16%	56.69%
Daily Average Ownership	58.48%	53.98%	48.02%

EQUITY AND REDEEMABLE INTEREST - Preferred Stock (Details) - Series A Preferred Stock - USD ($) $ / shares in Units, $ in Millions		12 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividend rate, percentage		7.00%
Redemption price (in dollars per share)	$ 25.00
Dividends, preferred stock, cash	$ 310.0
Preferred dividends in arrears value	$ 5.4
Preferred stock dividends per share declared (in dollars per share)	$ 0.4375
Fees related to stock issuance	$ 11.2
Preferred Equity
Class of Stock [Line Items]
Partners' capital (in shares)		12,400,000

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 100,366	$ 99,804
Net loss	(1,341)	(976)
Currency translation adjustment, net of tax	(627)	1,538
Distribution	(2,390)
Ending balance	96,008	100,366
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	0
Change in redemption value	1,000,000
Ending balance	$ 1,000,000	$ 0

- Definition

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

+ References + Details

SEGMENT REPORTING - Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment reporting
Total revenues	$ 4,212,091	$ 1,764,046	$ 1,765,438
Compensation and benefits	(1,162,633)
General, administrative and other expenses	(444,178)
Operating segment
Segment reporting
Fee related earnings	(1,031,200)	(667,988)	(576,393)
Performance income—realized	474,427	524,229	348,211
Performance related compensation—realized	(328,583)	(399,462)	(258,355)
Realized net investment income (loss)	25,095	33,730	69,715
Realized income	(1,202,139)	(826,485)	(735,964)
OMG
Segment reporting
Total revenues	8,478	0	0
Compensation and benefits	(226,725)	(155,979)	(139,162)
General, administrative and other expenses	(100,645)	(80,778)	(91,292)
Fee related earnings	(318,892)	(236,757)	(230,454)
Performance income—realized	0	0	0
Performance related compensation—realized	0	0	0
Realized net performance income	0	0	0
Investment income (loss)—realized	0	(5,698)	0
Interest and other investment income (expense)—realized	226	(739)	(160)
Interest expense	(536)	(1,335)	(1,864)
Realized net investment income (loss)	(310)	(7,772)	(2,024)
Realized income	(319,202)	(244,529)	(232,478)
Total
Segment reporting
Compensation and benefits	(894,842)	(626,172)	(560,234)
General, administrative and other expenses	(215,777)	(172,097)	(178,742)
Fee related earnings	712,308	431,231	345,939
Performance income—realized	474,427	524,229	348,211
Performance related compensation—realized	(328,583)	(399,462)	(258,355)
Realized net performance income	145,844	124,767	89,856
Investment income (loss)—realized	15,967	24,252	58,173
Interest and other investment income (expense)—realized	45,578	26,614	29,189
Interest expense	(36,760)	(24,908)	(19,671)
Realized net investment income (loss)	24,785	25,958	67,691
Realized income	882,937	581,956	503,486
Ares Management L.P
Segment reporting
Total revenues	4,212,091	1,764,046	1,765,438
Compensation and benefits	(1,162,633)	(767,252)	(653,352)
General, administrative and other expenses	(444,178)	(258,999)	(270,219)
Ares Management L.P \| Operating segment
Segment reporting
Compensation and benefits	(668,117)	(470,193)	(421,072)
General, administrative and other expenses	(115,132)	(91,319)	(87,450)
Fee related earnings	1,031,200	667,988	576,393
Performance income—realized	474,427	524,229	348,211
Performance related compensation—realized	(328,583)	(399,462)	(258,355)
Realized net performance income	145,844	124,767	89,856
Investment income (loss)—realized	15,967	29,950	58,173
Interest and other investment income (expense)—realized	45,352	27,353	29,349
Interest expense	(36,224)	(23,573)	(17,807)
Realized net investment income (loss)	25,095	33,730	69,715
Realized income	1,202,139	826,485	735,964
Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Compensation and benefits	(410,394)	(320,111)	(292,733)
General, administrative and other expenses	(54,686)	(53,997)	(55,103)
Fee related earnings	719,111	507,834	435,856
Performance income—realized	207,446	70,148	51,727
Performance related compensation—realized	(131,900)	(44,582)	(30,570)
Realized net performance income	75,546	25,566	21,157
Investment income (loss)—realized	1,989	(2,309)	2,457
Interest and other investment income (expense)—realized	20,377	16,314	18,670
Interest expense	(8,038)	(8,722)	(6,497)
Realized net investment income (loss)	14,328	5,283	14,630
Realized income	808,985	538,683	471,643
Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Compensation and benefits	(92,485)	(90,129)	(78,259)
General, administrative and other expenses	(25,044)	(22,145)	(19,098)
Fee related earnings	114,879	109,064	114,419
Performance income—realized	171,637	392,635	264,439
Performance related compensation—realized	(137,576)	(315,905)	(211,550)
Realized net performance income	34,061	76,730	52,889
Investment income (loss)—realized	9,259	29,100	47,696
Interest and other investment income (expense)—realized	12,819	5,987	5,046
Interest expense	(8,811)	(8,186)	(7,486)
Realized net investment income (loss)	13,267	26,901	45,256
Realized income	162,207	212,695	212,564
Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Compensation and benefits	(113,350)	(53,511)	(50,080)
General, administrative and other expenses	(20,762)	(12,251)	(13,249)
Fee related earnings	99,107	33,719	26,118
Performance income—realized	95,270	61,446	32,045
Performance related compensation—realized	(59,056)	(38,975)	(16,235)
Realized net performance income	36,214	22,471	15,810
Investment income (loss)—realized	4,687	3,146	8,020
Interest and other investment income (expense)—realized	5,947	4,056	5,633
Interest expense	(5,508)	(5,200)	(3,824)
Realized net investment income (loss)	5,126	2,002	9,829
Realized income	140,447	58,192	51,757
Ares Management L.P \| Operating segment \| Secondary Solutions Group
Segment reporting
Compensation and benefits	(25,215)	0	0
General, administrative and other expenses	(6,862)	0	0
Fee related earnings	65,868	0	0
Performance income—realized	70	0	0
Performance related compensation—realized	(49)	0	0
Realized net performance income	21	0	0
Investment income (loss)—realized	19	0	0
Interest and other investment income (expense)—realized	2,261	0	0
Interest expense	(836)	0	0
Realized net investment income (loss)	1,444	0	0
Realized income	67,333	0	0
Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Compensation and benefits	(26,673)	(6,442)	0
General, administrative and other expenses	(7,778)	(2,926)	0
Fee related earnings	32,235	17,371	0
Performance income—realized	4	0	0
Performance related compensation—realized	(2)	0	0
Realized net performance income	2	0	0
Investment income (loss)—realized	13	13	0
Interest and other investment income (expense)—realized	3,948	996	0
Interest expense	(13,031)	(1,465)	0
Realized net investment income (loss)	(9,070)	(456)	0
Realized income	23,167	16,915	0
Management fees
Segment reporting
Total revenues	1,611,047
Management fees \| OMG
Segment reporting
Total revenues	0	0	0
Management fees \| Total
Segment reporting
Total revenues	1,635,277	1,186,565	1,012,530
Management fees \| Ares Management L.P
Segment reporting
Total revenues	1,611,047	1,150,608	979,417
Management fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	1,635,277	1,186,565	1,012,530
Management fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	1,070,608	841,138	713,853
Management fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	231,282	221,160	211,614
Management fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	168,838	97,680	87,063
Management fees \| Ares Management L.P \| Operating segment \| Secondary Solutions Group
Segment reporting
Total revenues	97,945	0	0
Management fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	66,604	26,587	0
Fee related performance revenues \| OMG
Segment reporting
Total revenues	0	0	0
Fee related performance revenues \| Total
Segment reporting
Total revenues	137,879	22,987	54,307
Fee related performance revenues \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	137,879	22,987	54,307
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	86,480	22,160	52,715
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	0	0	0
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	51,399	827	1,592
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Secondary Solutions Group
Segment reporting
Total revenues	0	0	0
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	0	0	0
Other fees \| OMG
Segment reporting
Total revenues	8,478	0	0
Other fees \| Total
Segment reporting
Total revenues	49,771	19,948	18,078
Other fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	41,293	19,948	18,078
Other fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	27,103	18,644	17,124
Other fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	1,126	178	162
Other fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	12,982	974	792
Other fees \| Ares Management L.P \| Operating segment \| Secondary Solutions Group
Segment reporting
Total revenues	0	0	0
Other fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	$ 82	$ 152	$ 0

SEGMENT REPORTING - Revenue, Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment revenues
Total revenues	$ 4,212,091	$ 1,764,046	$ 1,765,438
Total segment revenues	2,288,876	1,753,729	1,433,126
Segment expenses
Compensation and benefits	1,162,633
General, administrative and other expenses	444,178
Total expenses	3,410,083	1,450,486	1,462,797
Segment realized net investment income
Total other income (expense)	263,682	65,918	122,539
Management fees
Segment revenues
Total revenues	1,611,047
Operating segment
Segment revenues
Performance income—realized	474,427	524,229	348,211
Segment expenses
Performance related compensation—realized	328,583	399,462	258,355
Ares Management L.P
Segment revenues
Total revenues	4,212,091	1,764,046	1,765,438
Segment expenses
Compensation and benefits	1,162,633	767,252	653,352
General, administrative and other expenses	444,178	258,999	270,219
Ares Management L.P \| Management fees
Segment revenues
Total revenues	1,611,047	1,150,608	979,417
Ares Management L.P \| Operating segment
Segment revenues
Performance income—realized	474,427	524,229	348,211
Total segment revenues	2,288,876	1,753,729	1,433,126
Segment expenses
Compensation and benefits	668,117	470,193	421,072
General, administrative and other expenses	115,132	91,319	87,450
Performance related compensation—realized	328,583	399,462	258,355
Total expenses	1,111,832	960,974	766,877
Segment realized net investment income
Investment income—realized	15,967	29,950	58,173
Interest and other investment income —realized	45,352	27,353	29,349
Interest expense	(36,224)	(23,573)	(17,807)
Total other income (expense)	25,095	33,730	69,715
Ares Management L.P \| Operating segment \| Management fees
Segment revenues
Total revenues	1,635,277	1,186,565	1,012,530
Ares Management L.P \| Operating segment \| Fee related performance revenues
Segment revenues
Total revenues	137,879	22,987	54,307
Ares Management L.P \| Operating segment \| Other fees
Segment revenues
Total revenues	$ 41,293	$ 19,948	$ 18,078

SEGMENT REPORTING - Revenue Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue adjustment
Total revenues	$ 4,212,091	$ 1,764,046	$ 1,765,438
Principal investment income, net of eliminations	(25,095)	(33,730)	(69,715)
Total segment revenue	$ 2,288,876	1,753,729	1,433,126
Black Creek Acquisition
Revenue adjustment
Performance income realized, percentage	100.00%
Performance income realized, unconsolidated basis, percentage	50.00%
Ares Management L.P
Revenue adjustment
Total revenues	$ 4,212,091	1,764,046	1,765,438
Operating segment
Revenue adjustment
Acquisition related incentive fees	(47,873)	0	0
Operating segment \| Ares Management L.P
Revenue adjustment
Performance (income) loss—unrealized	(1,744,056)	7,554	(303,142)
Total segment revenue	2,288,876	1,753,729	1,433,126
Reconciling items
Revenue adjustment
Acquisition related incentive fees	(47,873)	0	0
Principal investment income, net of eliminations	(120,896)	(4,044)	(44,320)
Total segment revenue	(1,923,215)	(10,317)	(332,312)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Revenue adjustment
Total segment revenue	(30,423)	(10,314)	(3,138)
Reconciling items \| Performance income reclass
Revenue adjustment
Performance income (loss) reclass	1,434	(3,726)	740
OMG
Revenue adjustment
Total revenues	8,478	0	0
Management fees
Revenue adjustment
Total revenues	1,611,047
Management fees \| Ares Management L.P
Revenue adjustment
Total revenues	1,611,047	1,150,608	979,417
Management fees \| Operating segment \| Ares Management L.P
Revenue adjustment
Total revenues	1,635,277	1,186,565	1,012,530
Management fees \| OMG
Revenue adjustment
Total revenues	0	0	0
Management fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total segment revenue	44,896	45,268	34,920
Incentive fees
Revenue adjustment
Total revenues	332,876
Incentive fees \| Ares Management L.P
Revenue adjustment
Total revenues	332,876	37,902	69,197
Incentive fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	5,458	141	13,851
Administrative, transaction and other fees
Revenue adjustment
Total revenues	95,184
Administrative, transaction and other fees \| Ares Management L.P
Revenue adjustment
Total revenues	95,184	41,376	38,397
Administrative, transaction and other fees \| Reconciling items
Revenue adjustment
Total revenues	(49,223)	(36,512)	(31,629)
Administrative, transaction and other fees \| Consolidated Funds \| Reconciling items
Revenue adjustment
Total revenues	4,483	15,824	12,641
Principal investment income
Revenue adjustment
Total revenues	99,433
Principal investment income \| Ares Management L.P
Revenue adjustment
Total revenues	99,433	28,552	56,555
Principal investment income \| Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	$ (99,433)	$ (28,552)	$ (56,555)

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		$ 3,410,083	$ 1,450,486	$ 1,462,797
Acquisition and merger-related expense	$ (5,100)
Equity compensation expense		237,191	122,986	97,691
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense		(21,162)	(11,194)	(16,266)
Equity compensation expense		237,191	122,986	97,691
Acquisition-related compensation expense		(66,893)	0	0
Deferred placement fees		78,883	19,329	24,306
Depreciation and amortization expense		106,705	40,662	40,602
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		1,111,832	960,974	766,877
Performance related compensation-unrealized		(1,316,205)	11,552	(206,799)
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		3,410,083	1,450,486	1,462,797
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		(2,298,251)	(489,512)	(695,920)
Administrative fees		(49,223)	(36,512)	(31,629)
Acquisition and merger-related expense		(21,162)	(11,124)	(16,266)
Equity compensation expense		(237,191)	(122,986)	(97,691)
Acquisition-related compensation expense		(66,893)	0	0
Deferred placement fees		(78,883)	(19,329)	(24,306)
Depreciation and amortization expense		(106,705)	(40,662)	(40,602)
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		(32,133)	(13,575)	(6,128)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation		(113,024)	(65,527)	(90,816)
Expenses of Consolidated Funds eliminated in consolidation		50,538	45,408	48,771
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		$ 327,370	$ 236,757	$ 230,454

SEGMENT REPORTING - Other Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 263,682	$ 65,918	$ 122,539
Other income, net	14,402
Principal investment income	25,095	33,730	69,715
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net	14,402	11,291	(7,840)
Other (income) expense, net	31,070	0	0
Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense, net	35,879	34,297	8,383
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total investment (income) loss—unrealized	(52,445)	35,183	35,681
Other (income) expense, net	19,886	(10,207)	460
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	25,095	33,730	69,715
Total investment (income) loss—unrealized	(58,694)	47,317	26,620
Interest and other investment (income) loss—unrealized	6,249	(12,134)	9,061
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	263,682	65,918	122,539
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(238,587)	(32,188)	(52,824)
Principal investment income	120,896	4,044	44,320
Other (income) expense, net	(19,886)	10,277	(460)
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(25,107)	556	(39)
Reconciling items \| Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance (income) loss reclass	(1,434)	3,726	(740)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds added in consolidation, net	(256,375)	(70,994)	(117,405)
Eliminations \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net	(2,868)	(14,053)	(12,991)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 1,368	$ 927	$ 1,190

SEGMENT REPORTING - Reconciliation of Income Before Taxes (Details) - USD ($) $ in Thousands		12 Months Ended
	Jun. 02, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Adjustments:
Equity compensation expense		$ 237,191	$ 122,986	$ 97,691
Acquisition and merger-related expense	$ 5,100
Black Creek Acquisition
Adjustments:
Performance income realized, percentage		100.00%
Performance income realized, unconsolidated basis, percentage		50.00%
Consolidated Funds
Adjustments:
Other (income) expense, net		$ (35,879)	(34,297)	(8,383)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		120,369	28,085	39,704
Total investment income—realized		(437,818)	(463,652)	(395,599)
Operating segment
Economic net income
Income before taxes		1,065,690	379,478	425,180
Adjustments:
Depreciation and amortization expense		106,705	40,662	40,602
Equity compensation expense		237,191	122,986	97,691
Acquisition-related compensation expense		66,893	0	0
Acquisition related incentive fees		(47,873)	0	0
Acquisition and merger-related expense		21,162	11,194	16,266
Deferred placement fees		78,883	19,329	24,306
Other (income) expense, net		(19,886)	10,207	(460)
Total performance (income) loss—unrealized		(1,744,056)	7,554	(303,142)
Total performance related compensation—unrealized		1,316,205	(11,552)	206,799
Total investment (income) loss—unrealized		(52,445)	35,183	35,681
Realized income		1,202,139	826,485	735,964
Total performance income—realized		(474,427)	(524,229)	(348,211)
Total performance related compensation—realized		328,583	399,462	258,355
Total investment income—realized		(25,095)	(33,730)	(69,715)
Fee related earnings		1,031,200	667,988	576,393
Operating segment \| Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(120,457)	(28,203)	(39,174)
Operating segment \| Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(23,397)	3,817	2,951
OMG
Adjustments:
OMG expense, net		317,524	235,830	229,264
Realized income		319,202	244,529	232,478
Total performance income—realized		0	0	0
Total performance related compensation—realized		0	0	0
Total investment income—realized		310	7,772	2,024
Fee related earnings		$ 318,892	$ 236,757	$ 230,454

CONSOLIDATION - Deconsolidated Funds (Details) - entity	12 Months Ended
CONSOLIDATION - Deconsolidated Funds (Details) - entity	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of entities that experienced a significant change In ownership or control	1	1	2
Number of entities liquidated or dissolved		1	2

CONSOLIDATION - Variable Interest Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 21,605,164	$ 15,168,992
Liabilities of consolidated VIEs	16,694,730	12,596,852
Collateralized loan obligations and other fixed income, at fair value
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	103,800	107,700
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests related to consolidated VIEs	120,369	28,085	$ 39,704
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	353,768	224,203
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	583,192	391,963
Consolidated VIEs \| Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	13,197,321	11,580,003
Liabilities of consolidated VIEs	12,018,655	10,716,438
Net income attributable to non-controlling interests related to consolidated VIEs	$ 115,217	$ 28,085

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(11))
-URI http://asc.fasb.org/extlink&oid=120398452&loc=d3e534808-122878

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 55
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=84165509&loc=d3e56426-112766

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8736-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 944
-SubTopic 210
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(12))
-URI http://asc.fasb.org/extlink&oid=120400017&loc=d3e572229-122910

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8933-108599

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

+ Details

- Definition

Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.19-26)
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123359005&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 852
-SubTopic 10
-Section 50
-Paragraph 7
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=124433192&loc=SL2890621-112765

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 45
-Paragraph 25
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=116870748&loc=SL6758485-165988

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123596393&loc=d3e14064-108612

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (bb)
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 810
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123419778&loc=d3e5710-111685

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

+ Details

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Assets
Intangible assets, net	$ 768,318	$ 222,088
Total assets	21,605,164	15,168,992
Liabilities
Operating lease liabilities	205,075
Total liabilities	16,694,730	12,596,852
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at December 31, 2021 and 2020, respectively)	0	298,761
Additional paid-in-capital	1,913,559	1,043,669
Retained earnings	(89,382)	(151,824)
Accumulated other comprehensive income (loss), net of tax	(1,855)	483
Total stockholders' equity	1,825,227	1,193,685
Total equity	3,814,426	2,471,774	$ 1,858,598	$ 1,394,341
Total liabilities, redeemable interest, non-controlling interests and equity	$ 21,605,164	$ 15,168,992
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Preferred stock, shares issued (in shares)	0	12,400,000
Preferred stock, shares outstanding (in shares)	0	12,400,000
Common stock, shares outstanding (in shares)	290,451,548	259,631,180
Class A Common Stock
Stockholders' Equity
Common stock	$ 1,684	$ 1,472
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)	168,351,305	147,182,562
Common stock, shares outstanding (in shares)	168,351,305	147,182,562
Non- voting Common Stock
Stockholders' Equity
Common stock	$ 35	$ 0
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	0
Common stock, shares outstanding (in shares)	3,489,911	0
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	$ 1,186	$ 1,124
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)	118,609,332	112,447,618
Common stock, shares outstanding (in shares)	118,609,332	112,447,618
Eliminations
Assets
Total assets	$ (623,309)	$ (408,733)
Liabilities
Total liabilities	(90,638)	(84,888)
Commitments and contingencies
Stockholders' Equity
Total equity	(532,671)	(323,845)
Total liabilities, redeemable interest, non-controlling interests and equity	(623,309)	(408,733)
Consolidated Funds
Assets
Cash and cash equivalents	1,049,191	522,377
U.S. Treasury securities, at fair value	1,000,285	0
Investments, at fair value	11,816,393	10,877,097
Due from affiliates	7,234	17,172
Receivable for securities sold	281,132	121,225
Other assets	39,430	35,502
Liabilities
Accounts payable, accrued expenses and other liabilities	103,258	46,824
Due to affiliates	0	0
Payable for securities purchased	1,118,456	514,946
CLO loan obligations, at fair value	10,657,661	9,958,076
Fund borrowings	127,771	121,909
Redeemable interest	1,000,000	0
Non-controlling interests in Consolidated Funds	591,452	539,720
Consolidated Funds \| Reportable legal entity
Assets
Cash and cash equivalents	1,049,191	522,377
U.S. Treasury securities, at fair value	1,000,285
Investments, at fair value	11,812,093	10,873,522
Due from affiliates	16,761	27,377
Receivable for securities sold	281,132	121,225
Other assets	39,430	35,502
Total assets	14,198,892	11,580,003
Liabilities
Accounts payable, accrued expenses and other liabilities	117,139	46,824
Due to affiliates	26,210	16,770
Payable for securities purchased	1,118,456	514,946
CLO loan obligations, at fair value	10,698,681	10,015,989
Fund borrowings	127,771	121,909
Total liabilities	12,088,257	10,716,438
Commitments and contingencies
Redeemable interest	1,000,000
Non-controlling interests in Consolidated Funds	1,110,635	863,565
Stockholders' Equity
Total equity	1,110,635	863,565
Total liabilities, redeemable interest, non-controlling interests and equity	14,198,892	11,580,003
Consolidated Funds \| Eliminations
Assets
Investments, at fair value	4,300	3,575
Due from affiliates	(9,527)	(10,205)
Liabilities
Accounts payable, accrued expenses and other liabilities	(13,881)
Due to affiliates	(26,210)	(16,770)
CLO loan obligations, at fair value	(41,020)	(57,913)
Non-controlling interests in Consolidated Funds	(519,183)	(323,845)
Ares Operating Group
Liabilities
Redeemable interest	96,008	100,366	$ 99,804
Non-controlling interests in Ares Operating Group entities	1,397,747	738,369
Ares Operating Group \| Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	1,403,255	738,369
Ares Operating Group \| Eliminations
Liabilities
Non-controlling interests in Ares Operating Group entities	(5,508)
Ares Management L.P
Assets
Cash and cash equivalents	343,655	539,812
Investments	3,684,264	1,682,759
Due from affiliates	670,383	405,887
Other assets	1,122,727	590,332
Intangible assets, net	1,422,818	222,087
Right-of-use operating lease assets	167,652	154,742
Liabilities
Accounts payable, accrued expenses and other liabilities	279,673	115,289
Accrued compensation	310,222	121,927
Due to affiliates	198,553	100,186
Performance related compensation payable	2,190,352	794,461
Debt obligations	1,503,709	642,998
Operating lease liabilities	205,075	180,236
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at December 31, 2021 and 2020, respectively)		298,761
Additional paid-in-capital	1,913,559	1,043,669
Retained earnings	(89,382)	(151,824)
Accumulated other comprehensive income (loss), net of tax	(1,855)	483
Total stockholders' equity	1,825,227	1,193,685
Ares Management L.P \| Carried interest
Stockholders' Equity
Equity method investments:	2,998,421	1,145,853
Ares Management L.P \| Class A Common Stock
Stockholders' Equity
Common stock	1,684	1,472
Ares Management L.P \| Non- voting Common Stock
Stockholders' Equity
Common stock	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	1,186	1,124
Ares Management L.P \| Reportable legal entity
Assets
Cash and cash equivalents	343,655	539,812
Investments	4,271,836	2,064,517
Due from affiliates	696,963	426,021
Other assets	1,126,657	590,543
Intangible assets, net	1,422,818	222,087
Right-of-use operating lease assets	167,652	154,742
Total assets	8,029,581	3,997,722
Liabilities
Accounts payable, accrued expenses and other liabilities	289,200	125,494
Accrued compensation	310,222	121,927
Due to affiliates	198,553	100,186
Performance related compensation payable	2,190,352	794,461
Debt obligations	1,503,709	642,998
Operating lease liabilities	205,075	180,236
Total liabilities	4,697,111	1,965,302
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at December 31, 2021 and 2020, respectively)		298,761
Additional paid-in-capital	1,921,539	1,043,669
Retained earnings	(89,382)	(151,824)
Accumulated other comprehensive income (loss), net of tax	(1,855)	483
Total stockholders' equity	1,833,207	1,193,685
Total equity	3,236,462	1,932,054
Total liabilities, redeemable interest, non-controlling interests and equity	8,029,581	3,997,722
Ares Management L.P \| Reportable legal entity \| Class A Common Stock
Stockholders' Equity
Common stock	1,684	1,472
Ares Management L.P \| Reportable legal entity \| Non- voting Common Stock
Stockholders' Equity
Common stock	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	1,186	1,124
Ares Management L.P \| Eliminations
Assets
Investments	(587,572)	(381,758)
Due from affiliates	(26,580)	(20,134)
Other assets	(3,930)	(211)
Liabilities
Accounts payable, accrued expenses and other liabilities	(9,527)	(10,205)
Stockholders' Equity
Additional paid-in-capital	(7,980)
Total stockholders' equity	(7,980)
Ares Management L.P \| Ares Operating Group \| Reportable legal entity
Liabilities
Redeemable interest	$ 96,008	$ 100,366

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues
Total revenues	$ 4,212,091	$ 1,764,046	$ 1,765,438
Expenses
Compensation and benefits	1,162,633
Performance related compensation	1,740,786
General, administrative and other expenses	444,178
Total expenses	3,410,083	1,450,486	1,462,797
Other income (expense)
Net realized and unrealized gains (losses) on investments	19,102
Interest and dividend income	9,865
Interest expense	(36,760)
Other income (expense), net	14,402
Total other income (expense)	263,682	65,918	122,539
Income before taxes	1,065,690	379,478	425,180
Income tax benefit (expense)	147,385	54,993	52,376
Net income	918,305	324,485	372,804
Net income attributable to Ares Management Corporation	408,837	152,142	148,884
Less: Series A Preferred Stock dividends paid	10,850	21,700	21,700
Less: Series A Preferred Stock redemption premium	11,239	0	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	386,748	130,442	127,184
Eliminations
Revenues
Total revenues	(76,300)	(36,725)	(49,177)
Expenses
Total expenses	(50,538)	(45,408)	(48,771)
Other income (expense)
Net realized and unrealized gains (losses) on investments	7,182	(288)	(851)
Interest and dividend income	(4,334)	(3,570)	(2,093)
Other income (expense), net	(678)	8,433	350
Total other income (expense)	2,868	14,053	12,991
Income before taxes	(22,894)	22,736	12,585
Net income	(22,894)	22,736	12,585
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	62,486	20,119	42,045
Other income (expense)
Net realized and unrealized gains (losses) on investments	77,303	(96,864)	15,136
Interest expense	(258,048)	(286,316)	(277,745)
Interest and other income of Consolidated Funds	437,818	463,652	395,599
Less: Net income attributable to non-controlling interests	120,369	28,085	39,704
Consolidated Funds \| Reportable legal entity
Revenues
Total revenues	0	0
Expenses
Expenses of Consolidated Funds	113,024	65,527	90,816
Total expenses	113,024	65,527	90,816
Other income (expense)
Net realized and unrealized gains (losses) on investments	91,390	(109,387)	3,312
Interest expense	(272,155)	(293,476)	(281,506)
Interest and other income of Consolidated Funds	437,140	473,857	395,599
Total other income (expense)	256,375	70,994	117,405
Income before taxes	143,351	5,467	26,589
Income tax benefit (expense)	88	118	(530)
Net income	143,263	5,349	27,119
Less: Net income attributable to non-controlling interests	143,263	5,349	27,119
Consolidated Funds \| Eliminations
Expenses
Expenses of Consolidated Funds	(50,538)	(45,408)	(48,771)
Other income (expense)
Net realized and unrealized gains (losses) on investments	(14,087)	12,523	11,824
Interest expense	14,107	7,160	3,761
Interest and other income of Consolidated Funds	678	(10,205)
Less: Net income attributable to non-controlling interests	(22,894)	22,736	12,585
Ares Operating Group
Other income (expense)
Net income	797,936	296,400	333,100
Less: Net income attributable to non-controlling interests	390,440	145,234	184,216
Less: Net income (loss) attributable to redeemable interest	(1,341)	(976)	0
Ares Operating Group \| Reportable legal entity
Other income (expense)
Less: Net income attributable to non-controlling interests		145,234	184,216
Consolidated Company Entities
Revenues
Total revenues	4,212,091	1,764,046	1,765,438
Expenses
Compensation and benefits	1,162,633	767,252	653,352
Performance related compensation	1,740,786	404,116	497,181
General, administrative and other expenses	444,178	258,999	270,219
Other income (expense)
Net realized and unrealized gains (losses) on investments	19,102	(9,008)	9,554
Interest and dividend income	9,865	8,071	7,506
Interest expense	(36,760)	(24,908)	(19,671)
Other income (expense), net	14,402	11,291	(7,840)
Income tax benefit (expense)	147,297	54,875	52,906
Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	4,288,391	1,800,771	1,814,615
Expenses
Compensation and benefits	1,162,633	767,252	653,352
Performance related compensation	1,740,786	404,116	497,181
General, administrative and other expenses	444,178	258,999	270,219
Expenses of Consolidated Funds			0
Total expenses	3,347,597	1,430,367	1,420,752
Other income (expense)
Net realized and unrealized gains (losses) on investments	11,920	(8,720)	10,405
Interest and dividend income	14,199	11,641	9,599
Interest expense	(36,760)	(24,908)	(19,671)
Other income (expense), net	15,080	2,858	(8,190)
Total other income (expense)	4,439	(19,129)	(7,857)
Income before taxes	945,233	351,275	386,006
Income tax benefit (expense)	147,297	54,875	52,906
Net income	797,936	296,400	333,100
Net income attributable to Ares Management Corporation	408,837	152,142	148,884
Less: Series A Preferred Stock dividends paid	10,850	21,700	21,700
Less: Series A Preferred Stock redemption premium	11,239
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	386,748	130,442	127,184
Consolidated Company Entities \| Consolidated Funds \| Reportable legal entity
Other income (expense)
Less: Net income attributable to non-controlling interests		0
Consolidated Company Entities \| Ares Operating Group \| Reportable legal entity
Other income (expense)
Net income	797,936	296,400	333,100
Less: Net income attributable to non-controlling interests	390,440
Less: Net income (loss) attributable to redeemable interest	(1,341)	(976)
Management fees
Revenues
Total revenues	1,611,047
Management fees \| Eliminations
Revenues
Total revenues	(44,896)	(45,268)	(34,920)
Management fees \| Consolidated Company Entities
Revenues
Total revenues	1,611,047	1,150,608	979,417
Management fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	1,655,943	1,195,876	1,014,337
Carried interest allocation
Revenues
Total revenues	2,073,551
Carried interest allocation \| Consolidated Company Entities
Revenues
Total revenues	2,073,551	505,608	621,872
Carried interest allocation \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	2,073,551	505,608	621,872
Incentive fees
Revenues
Total revenues	332,876
Incentive fees \| Eliminations
Revenues
Total revenues	(5,458)	(141)	(13,851)
Incentive fees \| Consolidated Company Entities
Revenues
Total revenues	332,876	37,902	69,197
Incentive fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	338,334	38,043	83,048
Principal investment income
Revenues
Total revenues	99,433
Principal investment income \| Eliminations
Revenues
Total revenues	(21,463)	24,508	12,235
Principal investment income \| Consolidated Company Entities
Revenues
Total revenues	99,433	28,552	56,555
Principal investment income \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	120,896	4,044	44,320
Administrative, transaction and other fees
Revenues
Total revenues	95,184
Administrative, transaction and other fees \| Eliminations
Revenues
Total revenues	(4,483)	(15,824)	(12,641)
Administrative, transaction and other fees \| Consolidated Company Entities
Revenues
Total revenues	95,184	41,376	38,397
Administrative, transaction and other fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	$ 99,667	$ 57,200	$ 51,038

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 918,305	$ 324,485	$ 372,804
Cash flows due to changes in operating assets and liabilities:
Net cash used in operating activities	(2,596,045)	(425,659)	(2,083,021)
Cash flows from investing activities:
Net cash used in investing activities	(1,084,633)	(136,764)	(16,796)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	3,503,625	943,895	2,122,330
Effect of exchange rate changes	(19,104)	19,956	5,624
Net change in cash and cash equivalents	(196,157)	401,428	28,137
Cash and cash equivalents, beginning of period	539,812	138,384	110,247
Cash and cash equivalents, end of period	343,655	539,812	138,384
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	510,848	305,338	0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	205,085	257,132	233,090
Cash paid during the period for income taxes	22,788	38,174	35,625
Reportable legal entity
Cash flows from financing activities:
Proceeds from issuance of senior and subordinated notes		399,084
Redemption of Series A Preferred Stock	(310,000)
Eliminations
Cash flows from operating activities:
Net income	(22,894)	22,736	12,585
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized gains (losses) on investments	7,353	(28,690)	(15,881)
Investments purchased	221,563	261,899	122,468
Proceeds from sale of investments	(23,101)	(33,307)	(111,187)
Cash flows due to changes in operating assets and liabilities:
Due to/from affiliates	6,446	6,037	5,551
Other assets	3,719	(2,171)	2,381
Accounts payable, accrued expenses and other liabilities	679	(10,205)
Net cash used in operating activities	(340,884)	274,936	(127,372)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	(185,931)	(190,991)	(94,305)
Effect of exchange rate changes	0
Net change in cash and cash equivalents	(526,815)	83,945	(221,677)
Cash and cash equivalents, beginning of period	(522,376)	(606,321)	(384,644)
Cash and cash equivalents, end of period	(1,049,191)	(522,376)	(606,321)
Consolidated Funds
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized gains (losses) on investments	(77,303)	96,864	(15,136)
Other non-cash amounts	(35,879)	(34,297)	(8,383)
Investments purchased	(13,067,564)	(6,615,732)	(5,216,931)
Proceeds from sale of investments	9,970,609	5,502,325	3,077,755
Cash flows due to changes in operating assets and liabilities:
Change in cash and cash equivalents held at Consolidated Funds	(526,815)	83,945	(221,677)
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	(39,539)	60,895	(81,059)
Change in other assets and receivables held at Consolidated Funds	(180,953)	(33,298)	(54,834)
Change in other liabilities and payables held at Consolidated Funds	723,616	10,787	88,467
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	1,033,644	132,430	172,851
Distributions to non-controlling interests in Consolidated Funds	(98,897)	(251,507)	(96,282)
Borrowings under loan obligations by Consolidated Funds	2,048,932	1,013,291	3,341,837
Repayments under loan obligations by Consolidated Funds	(80,752)	(190,055)	(1,035,710)
Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Net income	143,263	5,349	27,119
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized gains (losses) on investments	(91,390)	109,387	(3,312)
Other non-cash amounts	(35,879)	(34,297)	(8,383)
Investments purchased	(13,075,187)	(6,580,784)	(5,310,296)
Proceeds from sale of investments	9,970,609	5,502,325	3,077,755
Cash flows due to changes in operating assets and liabilities:
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	(39,539)	60,895	(81,059)
Change in other assets and receivables held at Consolidated Funds	(174,409)	(55,461)	(51,681)
Change in other liabilities and payables held at Consolidated Funds	746,616	10,787	88,467
Net cash used in operating activities	(2,555,916)	(981,799)	(2,261,390)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	1,239,831	359,381	290,677
Distributions to non-controlling interests in Consolidated Funds	(119,153)	(287,467)	(117,599)
Borrowings under loan obligations by Consolidated Funds	2,048,932	1,013,291	3,349,654
Repayments under loan obligations by Consolidated Funds	(80,752)	(190,055)	(1,045,731)
Net cash provided by financing activities	3,088,858	895,150	2,477,001
Effect of exchange rate changes	(6,127)	2,704	6,066
Net change in cash and cash equivalents	526,815	(83,945)	221,677
Cash and cash equivalents, beginning of period	522,376	606,321	384,644
Cash and cash equivalents, end of period	1,049,191	522,376	606,321
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	170,915	235,005	215,168
Cash paid during the period for income taxes	185	169	604
Consolidated Funds \| Eliminations
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized gains (losses) on investments	14,087	(12,523)	(11,824)
Investments purchased	7,623	(34,948)	93,365
Cash flows due to changes in operating assets and liabilities:
Change in cash and cash equivalents held at Consolidated Funds	(526,815)	83,945	(221,677)
Change in other assets and receivables held at Consolidated Funds	(6,544)	22,163	(3,153)
Change in other liabilities and payables held at Consolidated Funds	(23,000)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	(206,187)	(226,951)	(117,826)
Distributions to non-controlling interests in Consolidated Funds	20,256	35,960	21,317
Borrowings under loan obligations by Consolidated Funds			(7,817)
Repayments under loan obligations by Consolidated Funds			10,021
Ares Management L.P
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	237,191	122,986	97,691
Depreciation and amortization	113,293	41,248	39,459
Net realized and unrealized gains (losses) on investments	(88,978)	(8,039)	(53,092)
Other non-cash amounts	(31,070)	0	0
Investments purchased	(340,199)	(90,851)	(278,798)
Proceeds from sale of investments	273,382	174,679	284,810
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(745,021)	(17,687)	(94,755)
Due to/from affiliates	(180,928)	(76,185)	(75,138)
Other assets	213,825	(36,694)	26,684
Accrued compensation and benefits	142,815	47,875	(1,557)
Accounts payable, accrued expenses and other liabilities	125,168	21,035	30,669
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(27,226)	(15,942)	(16,796)
Acquisitions, net of cash acquired	(1,057,407)	(120,822)	0
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	827,430	383,154	206,705
Proceeds from Credit Facility	883,000	790,000	335,000
Proceeds from issuance of senior and subordinated notes	450,000	399,084	0
Repayments of Credit Facility	(468,000)	(860,000)	(500,000)
Dividends and distributions	(593,506)	(446,780)	(323,667)
Series A Preferred Stock dividends	(10,850)	(21,700)	(21,700)
Redemption of Series A Preferred Stock	(310,000)	0	0
Repurchases of Class A common stock	0	0	(10,449)
Stock option exercises	37,216	92,877	90,511
Taxes paid related to net share settlement of equity awards	(226,101)	(95,368)	(33,554)
Other financing activities	11,509	(1,531)	(3,212)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	539,812
Cash and cash equivalents, end of period	343,655	539,812
Ares Management L.P \| Reportable legal entity
Cash flows from operating activities:
Net income	797,936	296,400	333,100
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	237,191	122,986	97,691
Depreciation and amortization	113,293	41,248	39,459
Net realized and unrealized gains (losses) on investments	(96,331)	20,651	(37,211)
Other non-cash amounts	(31,070)
Investments purchased	(561,762)	(352,750)	(401,266)
Proceeds from sale of investments	296,483	207,986	395,997
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(745,021)	(17,687)	(94,755)
Due to/from affiliates	(187,374)	(82,222)	(80,689)
Other assets	210,106	(34,523)	24,303
Accrued compensation and benefits	142,815	47,875	(1,557)
Accounts payable, accrued expenses and other liabilities	124,489	31,240	30,669
Net cash used in operating activities	300,755	281,204	305,741
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(27,226)	(15,942)	(16,796)
Acquisitions, net of cash acquired	(1,057,407)	(120,822)
Net cash used in investing activities	(1,084,633)	(136,764)	(16,796)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	827,430	383,154	206,705
Proceeds from Credit Facility	883,000	790,000	335,000
Proceeds from issuance of senior and subordinated notes	450,000
Repayments of Credit Facility	(468,000)	(860,000)	(500,000)
Dividends and distributions	(593,506)	(446,780)	(323,667)
Series A Preferred Stock dividends	(10,850)	(21,700)	(21,700)
Stock option exercises	37,216	92,877	90,511
Taxes paid related to net share settlement of equity awards	(226,101)	(95,368)	(33,554)
Other financing activities	11,509	(1,531)	(3,212)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	600,698	239,736	(260,366)
Effect of exchange rate changes	(12,977)	17,252	(442)
Net change in cash and cash equivalents	(196,157)	401,428	28,137
Cash and cash equivalents, beginning of period	539,812	138,384	110,247
Cash and cash equivalents, end of period	343,655	539,812	138,384
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	510,848	305,388
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	34,170	22,127	17,922
Cash paid during the period for income taxes	$ 22,603	$ 38,005	$ 35,021

SUBSEQUENT EVENTS (Details) - Subsequent event - USD ($)	1 Months Ended
	Feb. 28, 2022	Jan. 31, 2022
Subsequent events
Quarterly distribution declared (in dollars per share)	$ 0.61
Ares Management L.P \| Ares Finance Co. IV LLC, Senior Notes \| Senior Notes
Subsequent events
Maximum borrowing capacity		$ 500,000,000
Interest rate		3.65%