Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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			$ 9,099,200,883
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 2023 annual meeting of stockholders.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001176948
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		176,021,868
Non-voting Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,489,911
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,000
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		117,231,288

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2022
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, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets
Intangible assets, net	$ 640,420	$ 768,818
Goodwill	999,656	787,972	$ 371,047
Total assets	22,002,839	21,605,164
Liabilities
Operating lease liabilities	190,616
Total liabilities	17,097,810	16,694,730
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	1,970,754	1,913,559
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,589,239	1,825,227
Total equity	3,798,618	3,814,426	2,471,774		$ 1,858,598
Total liabilities, redeemable interest, non-controlling interests and equity	22,002,839	21,605,164
Class A Common Stock
Stockholders’ Equity
Common stock	1,739	1,684
Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Class C Common Stock
Stockholders’ Equity
Common stock	1,172	1,186
Consolidated Funds
Assets
Cash and cash equivalents	724,641	1,049,191
Due from affiliates	15,789	7,234
Other assets	65,570	39,430
Investments held in trust account	1,013,382	1,000,285
Investments, at fair value	12,191,251	11,816,393
Receivable for securities sold	124,050	281,132
Liabilities
Accounts payable, accrued expenses and other liabilities	168,286	103,258
Due to affiliates	4,037	0
Payable for securities purchased	314,193	1,118,456
CLO loan obligations, at fair value	10,701,720	10,657,661
Fund borrowings	168,046	127,771
Redeemable interest	1,013,282	1,000,000	0
Non-controlling interests in Consolidated Funds	1,074,356	591,452
Ares Operating Group
Liabilities
Redeemable interest	93,129	96,008	$ 100,366	$ 99,804
Non-controlling interests in Ares Operating Group entities	1,135,023	1,397,747
Ares Management L.P
Assets
Cash and cash equivalents	389,987	343,655
Investments (includes accrued carried interest of $3,106,577 and $2,998,421 at December 31, 2022 and 2021, respectively)	3,974,734	3,684,264
Due from affiliates	758,472	670,383
Other assets	381,137	334,755
Right-of-use operating lease assets	155,950	167,652
Intangible assets, net	1,208,220	1,422,818
Goodwill	999,656	787,972
Liabilities
Accounts payable, accrued expenses and other liabilities	231,921	279,673
Accrued compensation	510,130	310,222
Due to affiliates	252,798	198,553
Performance related compensation payable	2,282,209	2,190,352
Debt obligations	2,273,854	1,503,709
Operating lease liabilities	190,616	205,075
Stockholders’ Equity
Additional paid-in-capital	1,970,754	1,913,559
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,589,239	1,825,227
Ares Management L.P \| Class A Common Stock
Stockholders’ Equity
Common stock	1,739	1,684
Ares Management L.P \| Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Ares Management L.P \| Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Ares Management L.P \| Class C Common Stock
Stockholders’ Equity
Common stock	$ 1,172	$ 1,186

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Common stock, shares outstanding (in shares)	294,614,235	290,451,548
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)	173,892,036	168,351,305
Common stock, shares outstanding (in shares)	173,892,036	168,351,305
Non-voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	3,489,911
Common stock, shares outstanding (in shares)	3,489,911	3,489,911
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	499,999,000	499,999,000
Common stock, shares issued (in shares)	117,231,288	118,609,332
Common stock, shares outstanding (in shares)	117,231,288	118,609,332
Ares Management L.P \| Carried interest
Equity method investments:	$ 3,106,577	$ 2,998,421

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Expenses
Compensation and benefits	1,498,590	1,162,633	767,252
Performance related compensation	518,829	1,740,786	404,116
General, administrative and other expenses	695,256	444,178	258,999
Total expenses	2,749,085	3,410,083	1,450,486
Other income (expense)
Net realized and unrealized gains (losses) on investments	4,732	19,102	(9,008)
Interest and dividend income	9,399	9,865	8,071
Interest expense	(71,356)	(36,760)	(24,908)
Other income, net	13,119	14,402	11,291
Total other income (expense), net	204,448	263,682	65,918
Income before taxes	510,806	1,065,690	379,478
Income tax expense	71,891	147,385	54,993
Net income	438,915	918,305	324,485
Net income attributable to Ares Management Corporation	167,541	408,837	152,142
Less: Series A Preferred Stock dividends paid	0	10,850	21,700
Less: Series A Preferred Stock redemption premium	0	11,239	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 167,541	$ 386,748	$ 130,442
Class A Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.87	$ 2.24	$ 0.89
Diluted (in dollars per share)	$ 0.87	$ 2.15	$ 0.87
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	175,510,798	163,703,626	135,065,436
Diluted (in shares)	175,510,798	180,112,271	149,508,498
Non-voting Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.87	$ 2.24	$ 0.89
Diluted (in dollars per share)	$ 0.87	$ 2.15	$ 0.87
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	175,510,798	163,703,626	135,065,436
Diluted (in shares)	175,510,798	180,112,271	149,508,498
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 36,410	$ 62,486	$ 20,119
Other income (expense)
Net realized and unrealized gains (losses) on investments	73,386	77,303	(96,864)
Interest expense	(411,361)	(258,048)	(286,316)
Interest and other income of Consolidated Funds	586,529	437,818	463,652
Less: Net income (loss) attributable to non-controlling interests	119,333	120,369	28,085
Ares Operating Group
Other income (expense)
Net income	319,582	797,936	296,400
Less: Net income (loss) attributable to non-controlling interests	152,892	390,440	145,234
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(851)	(1,341)	(976)
Management fees
Revenues
Total revenues	2,136,433	1,611,047	1,150,608
Carried interest allocation
Revenues
Total revenues	458,012	2,073,551	505,608
Incentive fees
Revenues
Total revenues	301,187	332,876	37,902
Principal investment income
Revenues
Total revenues	12,279	99,433	28,552
Administrative, transaction and other fees
Revenues
Total revenues	$ 147,532	$ 95,184	$ 41,376

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 438,915	$ 918,305	$ 324,485
Other comprehensive income:
Foreign currency translation adjustments, net of tax	(33,911)	(21,464)	28,728
Total comprehensive income	405,004	896,841	353,213
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	107,793	103,498	43,184
Ares Operating Group
Net income	319,582	797,936	296,400
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	144,078	388,812	150,795
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	(1,277)	(1,968)	562
Ares Management Corporation \| Ares Management L.P
Other comprehensive income:
Comprehensive income attributable to Ares Management Corporation	$ 154,410	$ 406,499	$ 158,672

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Accumulated Deficit	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, 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		0		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
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(198,058)	(96,413)			(105,680)	4,006		43		(14)
Issuances of common stock	12,835	12,834						1
Capital contributions	554,591				5,195	549,396
Dividends/Distributions	(1,012,768)		(447,634)		(386,843)	(178,291)
Net income	439,766		167,541		152,892	119,333
Currency translation adjustment, net of tax	(33,485)			(13,131)	(8,814)	(11,540)
Equity compensation	200,106	119,580			80,526
Stock option exercises	21,205	21,194						11
Ending balance at Dec. 31, 2022	$ 3,798,618	$ 1,970,754	$ (369,475)	$ (14,986)	$ 1,135,023	$ 1,074,356	$ 0	$ 1,739	$ 35	$ 1,172

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 438,915	$ 918,305	$ 324,485
Adjustments to reconcile net income to net cash used in operating activities:
Net cash used in operating activities	(734,112)	(2,596,045)	(425,659)
Cash flows from investing activities:
Net cash used in investing activities	(337,379)	(1,084,633)	(136,764)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	1,128,063	3,503,625	943,895
Effect of exchange rate changes	(10,240)	(19,104)	19,956
Net change in cash and cash equivalents	46,332	(196,157)	401,428
Cash and cash equivalents, beginning of period	343,655	539,812	138,384
Cash and cash equivalents, end of period	389,987	343,655	539,812
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	12,835	510,848	305,338
Cash paid during the period for interest	320,329	205,085	257,132
Cash paid during the period for income taxes	104,864	22,788	38,174
Consolidated Funds
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(73,386)	(77,303)	96,864
Other (income) expense, net	(33,822)	(35,879)	(34,297)
Investments purchased	(9,434,029)	(13,067,564)	(6,615,732)
Proceeds from sale of investments	8,198,812	9,970,609	5,502,325
Change in cash and cash equivalents held at Consolidated Funds	324,550	(526,815)	83,945
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	0	(39,539)	60,895
Change in other assets and receivables held at Consolidated Funds	151,895	(180,953)	(33,298)
Change in other liabilities and payables held at Consolidated Funds	(733,417)	723,616	10,787
Cash flows from investing activities:
Acquisitions, net of cash acquired			120,822
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	549,396	1,033,644	132,430
Distributions to non-controlling interests in Consolidated Funds	(178,291)	(98,897)	(251,507)
Borrowings under loan obligations by Consolidated Funds	1,140,680	2,048,932	1,013,291
Repayments under loan obligations by Consolidated Funds	(145,222)	(80,752)	(190,055)
Ares Management L.P
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	200,391	237,191	122,986
Depreciation and amortization	341,341	113,293	41,248
Net realized and unrealized (gains) losses on investments	10,929	(88,978)	(8,039)
Other (income) expense, net	0	(31,070)	0
Investments purchased	(371,124)	(340,199)	(90,851)
Proceeds from sale of investments	182,493	273,382	174,679
Net carried interest and incentive fees receivable	(20,612)	(745,021)	(17,687)
Due to/from affiliates	39,073	(180,928)	(76,185)
Other assets	(105,205)	213,825	(36,694)
Accrued compensation and benefits	200,769	142,815	47,875
Accounts payable, accrued expenses and other liabilities	(51,685)	125,168	21,035
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)	(27,226)	(15,942)
Acquisitions, net of cash acquired	(301,583)	(1,057,407)	(120,822)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	0	827,430	383,154
Proceeds from Credit Facility	1,380,000	883,000	790,000
Proceeds from issuance of senior and subordinated notes	488,915	450,000	399,084
Repayments of Credit Facility	(1,095,000)	(468,000)	(860,000)
Dividends and distributions	(836,364)	(593,506)	(446,780)
Series A Preferred Stock dividends	0	(10,850)	(21,700)
Redemption of Series A Preferred Stock	0	(310,000)	0
Stock option exercises	21,205	37,216	92,877
Taxes paid related to net share settlement of equity awards	(201,311)	(226,101)	(95,368)
Other financing activities	4,055	11,509	(1,531)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	343,655	539,812
Cash and cash equivalents, end of period	$ 389,987	$ 343,655	$ 539,812

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2022
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 Assets, Secondaries and Strategic Initiatives. Information about segments should be read together with “Note 15. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying audited financial statements include the consolidated results of the Company and its subsidiaries. The Company is a holding company that operates and controls all of the businesses and affairs of and conducts all of its material business activities through Ares Holdings L.P. (“Ares Holdings”). Ares Holdings represents all the activities of the “Ares Operating Group” or “AOG” and may be referred to interchangeably. The Company, indirectly through its wholly owned subsidiary, Ares Holdco LLC, is the general partner of the Ares Operating Group entity. The Company 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 vehicles, collateralized loan obligations or funds (collectively “CLOs”) and a special purpose acquisition company (“SPAC”) (collectively, the “Consolidated Funds”). Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to its Stockholders’ Equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable within the Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
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 within 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 within 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 within 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 (“VIEs”) or voting interest model (“VOE”). 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 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. 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, 2022 and 2021, the Company consolidated 25 and 23 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, 2022 and 2021, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. Investments held in trust account Investments held in trust account represents funds raised through the initial public offering of Ares Acquisition Corporation (“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. AAC’s portfolio of investments is comprised of U.S. government securities or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. 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 investments is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds within the Consolidated Statements of Operations. Any remaining change in fair value of such investments, that is not recognized as interest income, is recognized within net realized and unrealized gains (losses) on investments of Consolidated Funds within the Consolidated Statements of Operations. Investments The investments of the Consolidated Funds are reflected within 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 within 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 within 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 or 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 within the Consolidated Statements of Financial Condition. Derivative 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 Company recognizes all of its derivative instruments at fair value as either assets or liabilities within 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 within 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 generally 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). Upon settlement of the instrument, the Company records any realized gain (loss). Unrealized and realized gain (loss) are reflected within net realized and unrealized gains (losses) on investments within 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 1.6 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 within 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. 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 within 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 within 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 within 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 within the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded within 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. Non-Controlling Interests 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. The non-controlling interests in Consolidated Funds represents a component of equity and net income attributable related to ownership interests that third parties hold in Consolidated Funds. Redeemable Interest 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 in AOG and represents mezzanine equity. Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity within 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 within 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, 2022, all 100,000,000 Class A ordinary shares of AAC were classified outside of permanent equity. 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, 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 20.0% 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 15.0% 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 within the Consolidated Statements of Financial Condition. Carried interest is realized when an underlying investment is profitably disposed of, or upon the return of each limited partner’s capital plus a preferred return, 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 within 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 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 fund 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 and options 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 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 in the Company’s income tax returns are presented within income tax expense within 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 within 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 five 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 gains (losses) occur 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 within 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 within 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, net within the Consolidated Statements of Operations. For the years ended December 31, 2022 and 2021, the Company recognized $13.5 million and $4.8 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 consolidated results include certain foreign subsidiaries that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income. Income Taxes The Company elects to be taxed as a corporation and 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 Consolidated Funds. 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 deferred tax assets, net is presented within other assets within 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 related to UTBs, when incurred, are presented within general, administrative and other expenses within 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. 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. Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. 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. 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 common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire shares of Class A common stock, unvested restricted units and AOG Units exchangeable for shares of Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of Class A and non-voting common stock using the more dilutive result of the treasury stock method or the two-class 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. 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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

BUSINESS COMBINATIONS

12 Months Ended

Dec. 31, 2022

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 Secondaries 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	23,403
Intangible assets:
Management contracts	425,880
Client relationships	197,160
Trade name	86,200
Total intangible assets	709,240
Total identifiable assets acquired	758,288
Accounts payable, accrued expenses and other liabilities	73,216

Net identifiable assets acquired	685,072
Goodwill	417,657
Net assets acquired	$	1,102,729

The carrying value of goodwill associated with Landmark was $417.7 million as of the acquisition date and is entirely allocated to the Secondaries 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. At the acquisition date, the trade name was determined to have an indefinite useful life and was not subject to amortization as the Company intended to operate under its brand name into perpetuity. During the year ended December 31, 2022, the Company recognized non-cash impairment charges on certain of the intangible assets from the Landmark Acquisition. See “Note 4. Goodwill and Intangible Assets” for further discussion.

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 in 2020.

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 Assets Group segment.

Acquisition of AMP Capital’s Infrastructure Debt Platform (“Infrastructure Debt Acquisition”)

On February 10, 2022, a subsidiary of the Company completed the acquisition of AMP Capital’s Infrastructure Debt platform in accordance with the purchase agreement entered into on December 23, 2021 (the “Infrastructure Debt Acquisition”). The Infrastructure Debt Acquisition adds complementary investment capabilities to Ares’ current activities in the rapidly growing infrastructure asset class. Following the completion of the Infrastructure Debt Acquisition, the results of the infrastructure debt platform are presented within the Real Assets Group. See “Note 15. Segment Reporting” for further discussion on the Company’s change in segment composition during the first quarter of 2022.

The acquisition date fair value of the consideration transferred totaled $328.6 million, consisting of $315.8 million in cash and $12.8 million of restricted units of Class A common stock that were granted and vested on the acquisition close date.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

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 (in years) as of December 31, 2022	As of December 31,
		2022		2021
Management contracts	4.9	$	586,077	$	641,737
Client relationships	9.6	262,301		229,501
Trade name	7.5	11,079		11,079
Other	1.8	500		500
Finite-lived intangible assets		859,957		882,817
Foreign currency translation		935		1,792
Total finite-lived intangible assets		860,892		884,609
Less: accumulated amortization		(220,472)		(115,791)
Finite-lived intangible assets, net		640,420		768,818
Management contracts		567,800		567,800
Trade name		—		86,200
Indefinite-lived intangible assets		567,800		654,000
Intangible assets, net		$	1,208,220	$	1,422,818

In connection with the Infrastructure Debt Acquisition, the Company allocated $68.7 million and $32.8 million of the purchase price to the fair value of the acquired management contracts and client relationships, respectively. The acquired management contracts and client relationships had a weighted average amortization period from the date of acquisition of 5.2 years and 8.4 years, respectively.

In connection with the Black Creek Acquisition during the third quarter of 2021, 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.

During the year ended December 31, 2022, the Company decided to rebrand its secondaries group as Ares Secondaries and to discontinue the ongoing use of the Landmark trade name. As a result, the Company recorded an impairment charge equal to the Landmark trade name’s carrying value of $86.2 million.

Separately, in connection with lower than expected fundraising for an acquired Landmark private equity secondaries fund, the Company recorded a non-cash impairment charge of $88.4 million to the fair value of a management contract during the year ended December 31, 2022. The primary indicator of impairment was lower fee paying assets under management from the acquired Landmark private equity secondaries fund. Also connected to the lower fundraising projections associated with the acquired Landmark private equity secondaries fund, the Company reversed all previously recorded expenses associated with the Landmark management incentive plan. See “Note 9. Commitments and Contingencies” for further discussion.

In addition, the Company recorded non-cash impairment charges of $3.7 million, $3.1 million, and $0.2 million to the fair value of management contracts acquired in connection with the Landmark Acquisition, the Black Creek Acquisition and the SSG Acquisition, respectively. The primary indicator of impairment was the shorter expected lives of certain funds as a result of returning capital to fund investors sooner than initially planned. The impairment charges for the intangible assets acquired in connection with the Landmark Acquisition, the Black Creek Acquisition and the SSG Acquisition are included within the Secondaries Group, the Real Assets Group and Strategic Initiatives, respectively.

The non-cash impairment charges totaled $181.6 million for the year ended December 31, 2022. There was no impairment of intangible assets recorded during the years ended 2021 and 2020. Amortization expense associated with intangible assets, excluding the accelerated amortization from the non-cash impairment charges during 2022 described above, was $133.6 million, $91.3 million and $24.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense is presented within general, administrative and other expenses within the Consolidated Statements of

Operations. During the year ended December 31, 2022, the Company removed $210.6 million of impaired and fully-amortized intangible assets.

At December 31, 2022, future annual amortization of finite-lived intangible assets for the years 2023 through 2027 and thereafter is estimated to be:


Year	Amortization
2023	$	125,873
2024	114,928
2025	106,684
2026	78,232
2027	65,285
Thereafter	149,418
Total	$	640,420

Goodwill

The following table summarizes the carrying value of the Company’s goodwill:


	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total
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
Acquisitions	—		—		213,314		(96)		—		213,218
Reallocation	—		(10,530)		10,530		—		—		—
Foreign currency translation	—		—		—		(22)		(1,512)		(1,534)
Balance as of December 31, 2022	$	32,196	$	48,070	$	277,183	$	417,620	$	224,587	$	999,656

In connection with the Infrastructure Debt Acquisition, the Company allocated $213.3 million of the purchase price to goodwill.

In connection with the establishment of the Real Assets Group described in “Note 15. Segment Reporting,” the Company had an associated change in its reporting units and reallocated goodwill of $10.5 million from the Private Equity Group to the Real Assets Group using a relative fair value allocation approach. The former Real Estate Group has been transferred in its entirety to the Real Assets Group and the total goodwill of $53.3 million has been reallocated from the former Real Estate Group to the Real Assets Group accordingly.

There was no impairment of goodwill recorded during the years ended December 31, 2022 and 2021. The impact of foreign currency translation is reflected within other comprehensive income.

INVESTMENTS

12 Months Ended

Dec. 31, 2022

Investments in and Advances to Affiliates [Abstract]

INVESTMENTS

5. INVESTMENTS

The Company’s investments are comprised of the following:


					Percentage of total investments
	December 31,				December 31,

	2022		2021		2022	2021
Equity method investments:
Equity method - carried interest	$	3,106,577	$	2,998,421	78.2%	81.4%
Equity method private investment partnership interests - principal	543,592		473,887		13.7	12.9
Equity method private investment partnership interests and other (held at fair value)	123,170		117,539		3.1	3.2
Equity method private investment partnership interests and other	47,439		40,580		1.2	1.1
Total equity method investments	3,820,778		3,630,427		96.2	98.6

Collateralized loan obligations	25,163		30,815		0.6	0.8
Other fixed income	51,771		21,582		1.2	0.5
Collateralized loan obligations and other fixed income, at fair value	76,934		52,397		1.8	1.3

Common stock, at fair value	77,022		1,440		2.0	0.1
Total investments	$	3,974,734	$	3,684,264

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, 2022, 2021 and 2020, 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 Year Ended December 31, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total
Statement of Financial Condition
Investments	$	15,704,463	$	9,376,032	$	13,052,820	$	12,719,333	$	1,980,690	$	52,833,338
Total assets	18,841,376		9,947,821		14,440,914		12,931,082		2,094,008		58,255,201
Total liabilities	4,848,872		937,326		5,007,250		3,716,111		927,813		15,437,372
Total equity	13,992,504		9,010,495		9,433,664		9,214,971		1,166,195		42,817,829

Statement of Operations
Revenues	$	1,333,204	$	271,873	$	618,796	$	2,874	$	8,164	$	2,234,911
Expenses	(375,506)		(153,372)		(357,845)		(289,741)		(64,684)		(1,241,148)
Net realized and unrealized gains (losses) from investments	(172,527)		(482,260)		304,068		(11,173)		186,356		(175,536)
Income tax benefit (expense)	(4,723)		92		(36,501)		—		(11)		(41,143)
Net income (loss)	$	780,448	$	(363,667)	$	528,518	$	(298,040)	$	129,825	$	777,084


	As of and Year Ended December 31, 2021
	Credit Group		Private Equity Group		Real Assets Group		Secondaries 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


	Year Ended December 31, 2020
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total






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

The Company recognized net gains related to its equity method investments of $21.7 million, $114.9 million and $22.5 million for the years ended December 31, 2022, 2021 and 2020, 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,

	2022		2021		2022	2021
Fixed income investments:
Bonds	$	786,961	$	857,125	6.0%	6.7%
Loans	9,280,522		9,910,689		70.3	77.3
Investments held in trust account	1,013,382		1,000,285		7.7	7.8

Total fixed income investments	11,080,865		11,768,099		84.0	91.8
Equity securities	731,599		340,272		5.5	2.7
Partnership interests	1,392,169		708,307		10.5	5.5
Total investments, at fair value	$	13,204,633	$	12,816,678

As of December 31, 2022 and 2021, 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, 2022

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. Once the associated targets are achieved, the contingent consideration is reported at the settlement amount. 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 within the Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income, net within 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, 2022 and 2021, NAV per share represents the fair value for each 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, 2022:


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	$	—	$	—	$	76,934	$	—	$	76,934
Common stock and other equity securities	—		77,022		121,785		—		198,807
Partnership interests	—		—		—		1,385		1,385
Total investments, at fair value	—		77,022		198,719		1,385		277,126
Derivatives-foreign currency forward contracts	—		4,173		—		—		4,173
Total assets, at fair value	$	—	$	81,195	$	198,719	$	1,385	$	281,299
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(3,423)	$	—	$	—	$	(3,423)

Total liabilities, at fair value	$	—	$	(3,423)	$	—	$	—	$	(3,423)


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	$	—	$	534,137	$	252,824	$	—	$	786,961
Loans	—		8,663,678		616,844		—		9,280,522
Investments held in trust account	1,013,382		—		—		—		1,013,382

Total fixed income investments	1,013,382		9,197,815		869,668				11,080,865
Equity securities	719		—		730,880		—		731,599
Partnership interests	—		—		368,655		1,023,514		1,392,169
Total investments, at fair value	1,014,101		9,197,815		1,969,203		1,023,514		13,204,633

Derivatives-foreign currency forward contracts	—		2,900		—		—		2,900


Total assets, at fair value	$	1,014,101	$	9,200,715	$	1,969,203	$	1,023,514	$	13,207,533
Liabilities, at fair value
Derivatives:
Warrants	$	(9,326)	$	—	$	—	$	—	$	(9,326)
Foreign currency forward contracts	—		(2,942)		—		—		(2,942)
Asset swaps	—		—		(3,556)		—		(3,556)
Total derivative liabilities, at fair value	(9,326)		(2,942)		(3,556)		—		(15,824)
Loan obligations of CLOs	—		(10,701,720)		—		—		(10,701,720)
Total liabilities, at fair value	$	(9,326)	$	(10,704,662)	$	(3,556)	$	—	$	(10,717,544)

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
Investments held in trust account	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 set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2022:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Transfer in due to changes in consolidation	1,491		—		—		—		1,491
Purchases(1)	894		32,392		—		—		33,286

Sales/settlements(2)	68		(2,425)		(2,538)		58,873		53,978
Change in fair value	—		—		—		(1,438)		(1,438)
Realized and unrealized appreciation (depreciation), net	10,383		(5,430)		(37)		—		4,916
Balance, end of period	$	121,785	$	76,934	$	—	$	—	$	198,719
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$	12,448	$	(5,430)	$	—	$	—	$	7,018


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703

Transfer in	—		184,037		94,386		—		278,423
Transfer out	—		(202,333)		—		—		(202,333)
Purchases(1)	323,699		732,477		59,258		—		1,115,434
Sales/settlements(2)	(31,932)		(536,125)		(52,828)		—		(620,885)
Amortized discounts/premiums	13		1,592		—		—		1,605
Realized and unrealized appreciation (depreciation), net	99,917		(52,932)		29,166		(451)		75,700
Balance, end of period	$	730,880	$	869,668	$	368,655	$	(3,556)	$	1,965,647
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	70,591	$	(54,058)	$	29,166	$	(376)	$	45,323

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

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

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 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 included in earnings related to financial assets 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 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, 2022:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

62,129

Market approach

Multiple of book value

3.2x

44,166

Market approach

Multiple of book value

1.3x

15,490

Transaction price(1)

N/A

Collateralized loan obligations

25,163

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

30,189

Transaction price(1)

N/A

21,582

Other

N/A

Total assets

$

198,719

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

401,229

Discounted cash flow

Discount rate

8.0% - 18.0%

12.0%

290,258

Market approach

Multiple of book value

1.0x - 1.2x

1.2x

36,681

Market approach

Net income multiple

30.0x

2,064

Market approach

EBITDA multiple(2)

6.3x - 31.0x

13.6x

648

Other

N/A

Partnership interest

368,655

Discounted cash flow

Discount rate

10.3% - 22.0%

18.9%

Fixed income investments

731,708

Broker quotes and/or 3rd party pricing services

N/A

125,612

Market approach

Yield

6.6% - 21.7%

12.8%

6,155

Transaction price

N/A

4,479

Market approach

EBITDA multiple

8.0x - 9.0x

8.5x

1,714

Other

N/A

Total assets

$

1,969,203

Liabilities

Derivative instruments

$

(3,556)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(3,556)

(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, 2021:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

50,690

Discounted cash flow

Discount rates

14.0% - 20.0%

14.3%

43,649

Market approach

Multiple of book value

1.4x

14,610

Transaction price(1)

N/A

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

$

(47,873)

Other

N/A

(9,562)

Monte Carlo simulation

Discount rate

8.5%

Volatility

18.0%

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

$

140,185

Market approach

Multiple of book values

1.0x- 1.2x

1.1x

123,685

Discounted cash flow

Discount rate

20.0%

74,041

Transaction price(1)

N/A

1,261

Market approach

EBITDA multiples(2)

1.0x - 64.4x

17.5x

11

Broker quotes and/or 3rd party pricing services

N/A

Partnership interests

238,673

Discounted cash flow

Discount rate

23.4%

Fixed income investments

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 has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

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

The Company has an insurance-related investment in a private fund managed by a third party that is valued using NAV per share. The terms and conditions of this fund do not allow for redemptions without certain events or approvals that are outside the Company’s control. This investment had a fair value of $1.4 million and $6.0 million as of December 31, 2022 and 2021, respectively. 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, 2022, these investments had a fair value of $1,023.5 million and unfunded commitments of $869.0 million. 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

DEBT

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

DEBT

7. DEBT

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



					As of December 31,
					2022			2021
	Debt Origination Date	Maturity	Original Borrowing Amount		Carrying Value		Interest Rate	Carrying Value		Interest Rate
Credit Facility(1)	Revolving	3/31/2027	N/A		$	700,000	5.37%	$	415,000	1.25%
2024 Senior Notes(2)	10/8/2014	10/8/2024	$	250,000	248,693		4.21	247,979		4.21
2030 Senior Notes(3)	6/15/2020	6/15/2030	400,000		396,602		3.28	396,156		3.28
2052 Senior Notes(4)	1/21/2022	2/1/2052	500,000		483,802		3.77	—		—
2051 Subordinated Notes(5)	6/30/2021	6/30/2051	450,000		444,757		4.13	444,574		4.13
Total debt obligations					$	2,273,854		$	1,503,709

(1)On March 31, 2022, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.090 billion to $1.275 billion with an accordion feature of $375.0 million, replace the LIBOR based-rate with a Secured Overnight Financing Rate (“SOFR”) based-rate plus an applicable credit spread adjustment and extend the maturity date from March 2026 to March 2027. On July 6, 2022, the Company increased the revolver commitments from $1.275 billion to $1.325 billion via the accordion. The AOG entities are borrowers under the Credit Facility. The Credit Facility has a variable interest rate based on SOFR or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of December 31, 2022, base rate loans bear interest calculated based on the base rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero.

(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 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Notes.

(5)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, 2022, 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, 2030 and 2052 Senior Notes (the “Senior Notes”) and 2051 Subordinated Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included within other assets within the Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense within 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, 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
Debt issuance costs incurred	1,516		5,482		—
Amortization of debt issuance costs	(1,280)		(778)		(183)

Unamortized debt issuance costs as of December 31, 2022	$	5,510	$	8,393	$	5,243

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,
	2022				2021
	Fair Value of Loan Obligations		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)	Fair Value of Loan Obligations		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)
Senior secured notes	$	10,142,545	4.84%	8.8	$	10,016,638	1.93%	9.4
Subordinated notes(1)	559,175		N/A	7.8	641,023		N/A	8.1
Total loan obligations of Consolidated CLOs	$	10,701,720			$	10,657,661

(1)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, 2022 and 2021, the Consolidated Funds were in compliance with all covenants under such credit facilities.

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



				As of December 31,
				2022			2021
Consolidated Funds’ Debt Facilities	Maturity Date	Total Capacity		Outstanding Loan(1)		Effective Rate	Outstanding Loan(1)		Effective Rate
Credit Facilities:
	10/13/2023	$	112,817	$	77,496	5.89%	$	71,500	1.59%
	7/1/2023	18,000		15,550		6.25	16,271		1.73
	7/23/2024	100,000		75,000		7.28	40,000		3.09
	9/24/2026	150,000		—		N/A	—		N/A
	9/12/2027	54,000		—		N/A	N/A		N/A
Total borrowings of Consolidated Funds				$	168,046		$	127,771

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

- 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

OTHER ASSETS

12 Months Ended

Dec. 31, 2022

Other Assets [Abstract]

OTHER ASSETS

8. OTHER ASSETS

The components of other assets were as follows:


	As of December 31,
	2022		2021
Other assets of the Company:
Accounts and interest receivable	$	120,903	$	159,757
Fixed assets, net	79,678		71,260
Deferred tax assets, net	68,933		39,398
Other assets	111,623		64,340
Total other assets of the Company	$	381,137	$	334,755
Other assets of Consolidated Funds:
Dividends and interest receivable	$	60,321	$	36,350
Income tax and other receivables	5,249		3,080
Total other assets of Consolidated Funds	$	65,570	$	39,430

Fixed Assets, Net

The components of fixed assets were as follows:


	As of December 31,
	2022		2021

Office and computer equipment	$	41,547	$	31,963
Internal-use software	57,200		53,048
Leasehold improvements	84,820		74,677
Fixed assets, at cost	183,567		159,688
Less: accumulated depreciation	(103,889)		(88,428)
Fixed assets, net	$	79,678	$	71,260

For the years ended December 31, 2022, 2021 and 2020, depreciation expense was $26.2 million, $22.1 million and $19.0 million, respectively, and is included within general, administrative and other expenses within the Consolidated Statements of Operations. During 2022, the Company disposed of $10.0 million of fixed assets that were fully depreciated.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

9. COMMITMENTS AND CONTINGENCIES

Indemnification Arrangements

Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded within the Consolidated Statements of Financial Condition. As of December 31, 2022, 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, 2022 and 2021, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $677.9 million and $677.3 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, 2022 and 2021, the Company’s maximum exposure to losses from guarantees was $31.5 million and $209.7 million, respectively.

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 Landmark MIP has been remeasured each period with incremental changes in fair value included within compensation and benefits expense within the Consolidated Statements of Operations. In connection with the fundraising for an acquired Landmark private equity secondaries fund, the revenue targets on which the Landmark MIP were contingent were not achieved so the Company reversed all previously recorded expenses of $36.7 million associated with the Landmark MIP during the year ended December 31, 2022. The reversal of expense was recorded within compensation and benefits expense within 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. The revenue targets were achieved and the maximum contingent payment was recorded during the year ended December 31, 2022.

Of the total contingent liability, 96% required continued service through the measurement period and was accounted for as compensation expense instead of as a component of purchase consideration. The fair value of this contingent liability was remeasured at each reporting date with compensation expense recorded ratably over the service period, which was the Black Creek Acquisition date through the achievement date. As of December 31, 2022, the maximum contingent payment was achieved and the Company had $248.0 million recorded within accrued compensation within the Consolidated Statements of Financial Condition. As of December 31, 2021, the fair value of the contingent liability was $229.5 million and the Company recorded $45.9 million within accrued compensation within the Consolidated Statements of Financial Condition. Compensation expense of $218.1 million and $45.9 million for the years ended December 31, 2022 and 2021, respectively, is presented within compensation and benefits within the Consolidated Statements of Operations.

The remaining 4% portion of the contingent liability did not require continued service through the measurement period and was accounted for as contingent consideration as a component of purchase consideration. The fair value of this contingent liability was remeasured at each reporting date with changes in fair value recorded within other expense over the service period. As of December 31, 2021, the fair value of the contingent liability was $9.6 million. Other expense of $1.4 million and $4.0 million for the years ended December 31, 2022 and 2021, respectively, is presented within other income, net within the Consolidated Statements of Operations.

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

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

The revenue target was achieved for one of the infrastructure debt funds during the year ended December 31, 2022 with the fair value of the contingent liability of $21.8 million as of December 31, 2022. For the year ended December 31, 2022, compensation expense of $7.0 million is presented within compensation and benefits within the Consolidated Statements of Operations with an equal offset presented within accrued compensation within the Consolidated Statements of Financial Condition. As of December 31, 2022, the remaining contingent liability was estimated to be $13.5 million with the remaining maximum contingent liability not to exceed $15.0 million. Compensation expense associated with the remaining contingent liability of $2.2 million for the year ended December 31, 2022 is presented within compensation and benefits within the Consolidated Statements of Operations with an equal offset presented within accrued compensation 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, 2022 and 2021, 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 $128.4 million and $194.6 million, respectively, of which approximately $101.0 million and $153.3 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, 2022 and 2021, 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 11 years. The tables below present certain supplemental quantitative disclosures regarding the Company’s leases:



		As of December 31,
	Classification	2022		2021
Operating lease assets	Right-of-use operating lease assets	$	155,950	$	167,652
Finance lease assets	Other assets(1)	400		1,011
Total lease assets		$	156,350	$	168,663

Operating lease liabilities	Operating lease liabilities	$	190,616	$	205,075
Finance lease obligations	Accounts payable, accrued expenses and other liabilities	330		936
Total lease liabilities		$	190,946	$	206,011

(1) Finance lease assets are recorded net of accumulated amortization of $2.1 million and $1.6 million as of December 31, 2022 and 2021, respectively.


Maturity of lease liabilities	Operating Leases		Finance Leases
2023	$	46,532	$	167
2024	42,716		162
2025	37,242		11
2026	25,198		—
2027	15,864		—
Thereafter	36,077		—
Total future payments	203,629		340
Less: interest	13,013		10
Total lease liabilities	$	190,616	$	330


		Year ended December 31,

	Classification		2022		2021		2020
Operating lease expense	General, administrative and other expenses		$	42,746	$	38,135	$	31,713
Finance lease expense:
Amortization of finance lease assets	General, administrative and other expenses		633		561		469
Interest on finance lease liabilities	Interest expense		14		27		43
Total lease expense			$	43,393	$	38,723	$	32,225



	Year ended December 31,
Other information	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	46,558	$	37,500	$	32,121
Operating cash flows for finance leases	21		39		53
Financing cash flows for finance leases	593		535		460
Leased assets obtained in exchange for new finance lease liabilities	13		189		—
Leased assets obtained in exchange for new operating lease liabilities	43,331		57,624		36,935



	As of December 31,
Lease term and discount rate	2022	2021
Weighted-average remaining lease terms (in years):
Operating leases	5.5	6.0
Finance leases	2.1	1.8
Weighted-average discount rate:
Operating leases	2.72%	1.81%
Finance leases	2.99%	2.94%

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2022

RELATED PARTY TRANSACTIONS

10. 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 within 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 is reimbursed for expenses incurred in providing administrative services to certain related parties, including our public vehicles, and with certain private funds that pay administrative fees based on invested capital. The Company is also party to agreements with certain real estate funds which pay fees to the Company to provide various services, such as administration, acquisition, development, property management and the sale and distribution of fund shares in our non-traded vehicles, among others.

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,
	2022		2021
Due from affiliates:
Management fees receivable from non-consolidated funds	$	456,314	$	372,249
Incentive fee receivable from non-consolidated funds	169,979		211,243
Payments made on behalf of and amounts due from non-consolidated funds and employees	132,179		86,891
Due from affiliates—Company	$	758,472	$	670,383
Amounts due from non-consolidated funds	$	15,789	$	7,234
Due from affiliates—Consolidated Funds	$	15,789	$	7,234
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	$	8,701	$	10,160
Tax receivable agreement liability	118,466		100,542
Undistributed carried interest and incentive fees	121,332		66,494
Payments made by non-consolidated funds on behalf of and payable by the Company	4,299		21,357
Due to affiliates—Company	$	252,798	$	198,553
Amounts due to portfolio companies and non-consolidated funds	$	4,037	$	—
Due to affiliates—Consolidated Funds	$	4,037	$	—

Due from and Due to Ares Funds and Portfolio Companies

In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Conversely, Consolidated Funds and non-consolidated funds may pay certain expenses that are reimbursed by the Company. 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, 2022

Income Tax Disclosure [Abstract]

INCOME TAXES

11. 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 vehicles 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 2017. 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:


	Year ended December 31,
Provision for Income Taxes	2022		2021		2020
The Company
Current:
U.S. federal income tax expense	$	42,452	$	40,861	$	23,845
State and local income tax expense	7,614		12,121		6,714
Foreign income tax expense	14,119		11,684		9,141
	64,185		64,666		39,700
Deferred:
U.S. federal income tax expense	10,660		68,201		12,451
State and local income tax expense	2,131		13,040		1,952
Foreign income tax expense (benefit)	(5,416)		1,390		772
	7,375		82,631		15,175
Total:
U.S. federal income tax expense	53,112		109,062		36,296
State and local income tax expense	9,745		25,161		8,666
Foreign income tax expense	8,703		13,074		9,913
Income tax expense	71,560		147,297		54,875

Consolidated Funds
Current:


Foreign income tax expense	331		88		118
Income tax expense	331		88		118











Total Provision for Income Taxes
Total current income tax expense	64,516		64,754		39,818
Total deferred income tax expense	7,375		82,631		15,175
Income tax expense	$	71,891	$	147,385	$	54,993

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


	Year ended December 31,
	2022	2021	2020
Income tax expense at federal statutory rate	21.0%	21.0%	21.0%
Income passed through to non-controlling interests	(8.9)	(9.2)	(8.2)
State and local taxes, net of federal benefit	2.2	1.9	1.8
Foreign taxes	(1.4)	(0.1)	0.3
Permanent items	0.6	(0.3)	(0.5)
Disallowed executive compensation	0.1	0.7	—
Other, net	0.3	(0.2)	(0.2)
Valuation allowance	0.2	—	0.3
Total effective rate	14.1%	13.8%	14.5%

Deferred Taxes

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2022 and 2021. Deferred tax assets, net are included within other assets within the Consolidated Statements of Financial Condition.


	As of December 31,
Deferred Tax Assets and Liabilities of the Company	2022		2021
Deferred tax assets
Amortizable tax basis for AOG Unit exchanges	$	124,217	$	108,644

Net operating losses and capital loss carryforwards	2,192		1,292
Other, net	6,089		6,101
Total gross deferred tax assets	132,498		116,037
Valuation allowance	(2,155)		(1,010)
Total net deferred tax assets	130,343		115,027
Deferred tax liabilities
Investment in partnerships	(61,410)		(75,629)

Total deferred tax liabilities	(61,410)		(75,629)
Deferred tax assets, net	$	68,933	$	39,398

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, 2022 and 2021, the valuation allowance for deferred tax assets is $2.2 million and $1.0 million, respectively. The deferred tax assets related to operating losses in foreign jurisdictions and certain capital loss carryforwards do not meet the more likely than not threshold and have a valuation allowance recorded for the net balance.

As of, and for the years ended December 31, 2022, 2021 and 2020, 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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings Per Share [Abstract]

EARNINGS PER SHARE

12. EARNINGS PER SHARE

For the year ended December 31, 2022, 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.

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 year ended December 31, 2022 the two-class stock method was the more dilutive method. For the years ended December 31, 2021 and 2020, the treasury stock method was the more dilutive method.

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,
		2022	2021	2020

Restricted units		—	132	16,599
AOG Units		—	116,226,798	115,126,565

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


	Year ended December 31,
		2022		2021		2020
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		$	167,541	$	386,748	$	130,442
Distributions on unvested restricted units		(14,096)		(10,986)		(10,454)
Undistributed earnings allocable to participating unvested restricted units		—		(7,138)		—
Net income available to Class A and non-voting common stockholders		$	153,445	$	368,624	$	119,988
Basic weighted-average shares of Class A and non-voting common stock		175,510,798		163,703,626		135,065,436
Basic earnings per share of Class A and non-voting common stock		$	0.87	$	2.24	$	0.89

Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders		$	167,541	$	386,748	$	130,442
Distributions on unvested restricted units		(14,096)		—		—
Net income available to Class A and non-voting common stockholders		$	153,445	$	386,748	$	130,442
Effect of dilutive shares:
Restricted units		—		11,209,144		9,207,639
Options		—		5,199,501		5,235,423

Diluted weighted-average shares of Class A and non-voting common stock		175,510,798		180,112,271		149,508,498
Diluted earnings per share of Class A and non-voting common stock		$	0.87	$	2.15	$	0.87

Dividend declared and paid per Class A and non-voting common stock		$	2.44	$	1.88	$	1.60

EQUITY COMPENSATION

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

EQUITY COMPENSATION

13. EQUITY COMPENSATION

Equity Incentive Plan

Equity-based compensation is granted under the Company’s 2014 Equity Incentive Plan (as amended, 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, 2022, the total number of shares available for issuance under the Equity Incentive Plan reset to 49,293,000 shares and as of December 31, 2022, 44,488,640 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,
		2022		2021		2020
Restricted units		$	200,391	$	170,980	$	115,680
Restricted units with a market condition		—		66,211		7,263
Options		—		—		43
Equity-based compensation expense		$	200,391	$	237,191	$	122,986

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) 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 (iii) 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, 2022, 5.5 million restricted units vested and 3.1 million shares of Class A common stock were delivered to the holders. For the year ended December 31, 2021, 8.3 million restricted units vested and 4.5 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, 2022, the Company declared dividends of $0.61 per share to Class A common stockholders at the close of business on March 17, 2022, June 16, 2022, September 16, 2022 and December 16, 2022. For the year ended December 31, 2022, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $31.8 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 within the Consolidated Statements of Operations.

During the first quarter of 2022, the Company approved the future grant of restricted units to certain senior executives in each of 2023, 2024 and 2025, 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 - December 31, 2021	18,323,036	$	36.43
Granted	4,142,621	74.62
Vested	(5,524,397)	27.16
Forfeited	(278,261)	50.95
Balance - December 31, 2022	16,662,999	$	48.76

The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $545.4 million as of December 31, 2022 and is expected to be recognized over the remaining weighted average period of 3.4 years.

Options

Upon exercise, each option entitles the holders to purchase from the Company one share of Class A common stock at the stated exercise price. The term of the options is generally 10 years, beginning on the grant date.

A summary of options activity during the year ended December 31, 2022 is presented below:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value
Balance - December 31, 2021	6,306,282	$	19.00	2.3	$	392,692
Granted	—	—		—	—
Exercised	(1,136,063)	19.00		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Balance - December 31, 2022	5,170,219	$	19.00	1.3	$	255,616
Exercisable at December 31, 2022	5,170,219	$	19.00	1.3	$	255,616

Net cash proceeds from exercises of stock options were $21.2 million for the year ended December 31, 2022. The Company realized tax benefits of approximately $9.1 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, 2022

Stockholders' Equity Note [Abstract]

EQUITY AND REDEEMABLE INTEREST

14. EQUITY AND REDEEMABLE INTEREST

Common Stock

The Company’s common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The 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 $150.0 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, 2022, the program was scheduled to expire in March 2023, and the renewal was subsequently authorized by the Company’s board of directors and will expire in March 2024. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the years ended December 31, 2022, 2021 and 2020, the Company did not repurchase any shares as part of the stock repurchase program.

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 - December 31, 2021	168,351,305	3,489,911	1,000	118,609,332	290,451,548
Exchanges of AOG Units	1,348,909	—	—	(1,348,909)	—
Redemptions of AOG Units	—	—	—	(25,000)	(25,000)
Stock option exercises, net of shares withheld for tax	1,123,509	—	—	—	1,123,509

Vesting of restricted stock awards, net of shares withheld for tax	3,068,313	—	—	—	3,068,313
Cancellation of AOG Units	—	—	—	(4,135)	(4,135)
Balance - December 31, 2022	173,892,036	3,489,911	1,000	117,231,288	294,614,235

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, 2022		As of December 31, 2021		Year ended December 31,
	AOG Units	Direct Ownership Interest	AOG Units	Direct Ownership Interest			2022	2021	2020
Ares Management Corporation	177,381,947	60.21%	171,841,216	59.16%			59.76%	58.48%	53.98%
Ares Owners Holdings, L.P.	117,231,288	39.79	118,609,332	40.84			40.24	41.52	46.02
Total	294,613,235	100.00%	290,450,548	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 strategic 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 within the Consolidated Statements of Changes in Equity.

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
Distribution	(2,390)
Net loss	(1,341)
Currency translation adjustment, net of tax	(627)
Balance - December 31, 2021	96,008
Distribution	(1,887)
Net loss	(851)
Currency translation adjustment, net of tax	(426)
Equity compensation	285
Balance - December 31, 2022	$	93,129

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






Change in redemption value	13,282
Balance - December 31, 2022	$	1,013,282

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 14
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 6: 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 https://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 18
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 50
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496189-112644

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-Paragraph 16
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Paragraph 13
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-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

SEGMENT REPORTING

15. SEGMENT REPORTING

The Company operates through its distinct operating segments. On January 1, 2022, the Company changed its segment composition and established the Real Assets Group. The Real Assets Group consists of the activities of the former Real Estate Group and the infrastructure and power strategy, now referred to as infrastructure opportunities, that was formerly presented within the Private Equity Group. The Real Assets Group also includes infrastructure debt following the Infrastructure Debt Acquisition. The Company reclassified activities from the infrastructure opportunities strategy in the Private Equity Group and from the former Real Estate Group to the Real Assets Group to better align the segment presentation with how the asset classes within the investment strategies are managed. The Company has modified historical results to conform with its current presentation. During the third quarter of 2022, the Company renamed the Secondary Solutions Group segment to the Secondaries Group. The segment name change did not result in any change to the composition of the Company’s segments and therefore did not result in any change to historical results. The Company operating segments are summarized below:

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

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

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

Secondaries Group: The Secondaries 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 operating segments but the Company does consider the financial results of the OMG when evaluating its financial performance.

Segment Profit Measures: These measures supplement and should be considered in addition to, and not in lieu of, the 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. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and received on a recurring basis and not dependent on realization events from the underlying investments.

Realized income (“RI”) is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding (i) operating results of the Consolidated Funds, (ii) depreciation and amortization expense, (iii) the effects of changes arising from corporate actions, (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance and (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 is reduced by a placement fee adjustment that represents the net portion of either expense deferral or amortization that is required to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed up front in accordance with GAAP. For periods in which the amortization of placement fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. Management believes RI is a more appropriate metric to evaluate the Company’s current business operations.

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

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-Pacific. 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, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	1,355,975	$	199,837	$	347,808	$	176,694	$	72,214	$	2,152,528	$	—	$	2,152,528
Fee related performance revenues	71,497		—		167,693		235		—		239,425		—		239,425
Other fees	31,945		1,888		35,879		—		321		70,033		24,529		94,562
Compensation and benefits	(441,778)		(86,561)		(240,015)		(53,743)		(33,011)		(855,108)		(317,396)		(1,172,504)
General, administrative and other expenses	(73,945)		(30,697)		(39,739)		(12,685)		(7,578)		(164,644)		(155,017)		(319,661)
Fee related earnings	943,694		84,467		271,626		110,501		31,946		1,442,234		(447,884)		994,350
Performance income—realized	156,784		123,806		133,130		4,156		145		418,021		—		418,021
Performance related compensation—realized	(97,564)		(90,300)		(83,105)		(3,515)		(57)		(274,541)		—		(274,541)
Realized net performance income	59,220		33,506		50,025		641		88		143,480		—		143,480
Investment income (loss)—realized	7,071		3,432		3,115		—		868		14,486		(37)		14,449
Interest and other investment income (expense)—realized	26,567		2,546		9,045		3,683		9,851		51,692		(1,588)		50,104
Interest expense	(15,395)		(15,953)		(11,346)		(5,660)		(22,318)		(70,672)		(684)		(71,356)
Realized net investment income (loss)	18,243		(9,975)		814		(1,977)		(11,599)		(4,494)		(2,309)		(6,803)
Realized income	$	1,021,157	$	107,998	$	322,465	$	109,165	$	20,435	$	1,581,220	$	(450,193)	$	1,131,027

	Year ended December 31, 2021
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	1,070,608	$	181,918	$	218,202	$	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		1,070		13,038		—		82		41,293		8,478		49,771
Compensation and benefits	(410,394)		(78,156)		(127,679)		(25,215)		(26,673)		(668,117)		(226,725)		(894,842)
General, administrative and other expenses	(54,686)		(21,625)		(24,181)		(6,862)		(7,778)		(115,132)		(100,645)		(215,777)
Fee related earnings	719,111		83,207		130,779		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 (loss)—realized	1,989		(3,754)		17,700		19		13		15,967		—		15,967
Interest and other investment income—realized	20,377		11,514		7,252		2,261		3,948		45,352		226		45,578
Interest expense	(8,038)		(7,925)		(6,394)		(836)		(13,031)		(36,224)		(536)		(36,760)
Realized net investment income (loss)	14,328		(165)		18,558		1,444		(9,070)		25,095		(310)		24,785
Realized income	$	808,985	$	117,103	$	185,551	$	67,333	$	23,167	$	1,202,139	$	(319,202)	$	882,937


	Year ended December 31, 2020
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	841,138	$	181,813	$	137,027	$	—	$	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)		(77,266)		(66,374)		—		(6,442)		(470,193)		(155,979)		(626,172)
General, administrative and other expenses	(53,997)		(20,460)		(13,936)		—		(2,926)		(91,319)		(80,778)		(172,097)
Fee related earnings	507,834		84,265		58,518		—		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)		25,018		7,228		—		13		29,950		(5,698)		24,252
Interest and other investment income (expense)—realized	16,314		4,027		6,016		—		996		27,353		(739)		26,614
Interest expense	(8,722)		(7,055)		(6,331)		—		(1,465)		(23,573)		(1,335)		(24,908)
Realized net investment income (loss)	5,283		21,990		6,913		—		(456)		33,730		(7,772)		25,958
Realized income	$	538,683	$	182,985	$	87,902	$	—	$	16,915	$	826,485	$	(244,529)	$	581,956

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


	Year ended December 31,
		2022		2021		2020
Segment revenues
Management fees		$	2,152,528	$	1,635,277	$	1,186,565
Fee related performance revenues		239,425		137,879		22,987
Other fees		70,033		41,293		19,948
Performance income—realized		418,021		474,427		524,229
Total segment revenues		$	2,880,007	$	2,288,876	$	1,753,729
Segment expenses
Compensation and benefits		$	855,108	$	668,117	$	470,193
General, administrative and other expenses		164,644		115,132		91,319
Performance related compensation—realized		274,541		328,583		399,462
Total segment expenses		$	1,294,293	$	1,111,832	$	960,974
Segment realized net investment income (expense)
Investment income—realized		$	14,486	$	15,967	$	29,950
Interest and other investment income —realized		51,692		45,352		27,353
Interest expense		(70,672)		(36,224)		(23,573)
Total segment realized net investment income (expense)		$	(4,494)	$	25,095	$	33,730

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


	Year ended December 31,
		2022		2021		2020
Total consolidated revenue		$	3,055,443	$	4,212,091	$	1,764,046
Performance (income) loss—unrealized		(107,153)		(1,744,056)		7,554
Management fees of Consolidated Funds eliminated in consolidation		46,324		44,896		45,268
Carried interest allocation of Consolidated Funds eliminated in consolidation		7,549		—		—
Incentive fees of Consolidated Funds eliminated in consolidation		3,980		5,458		141
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		17,013		4,483		15,824
Administrative fees(1)		(69,414)		(49,223)		(36,512)
OMG revenue		(24,354)		(8,478)		—
Performance income reclass(2)		(14)		1,434		(3,726)
Acquisition-related incentive fees(3)		—		(47,873)		—
Principal investment income, net of eliminations		(12,278)		(99,433)		(28,552)
Net revenue of non-controlling interests in consolidated subsidiaries		(37,089)		(30,423)		(10,314)
Total consolidation adjustments and reconciling items		(175,436)		(1,923,215)		(10,317)
Total segment revenue		$	2,880,007	$	2,288,876	$	1,753,729

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within 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 within 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 within the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis for segment reporting purposes.

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


	Year ended December 31,
		2022		2021		2020
Total consolidated expenses		$	2,749,085	$	3,410,083	$	1,450,486
Performance related compensation-unrealized		(88,502)		(1,316,205)		11,552
Expenses of Consolidated Funds added in consolidation		(86,988)		(113,024)		(65,527)
Expenses of Consolidated Funds eliminated in consolidation		50,833		50,538		45,408
Administrative fees(1)		(68,255)		(49,223)		(36,512)
OMG expenses		(472,413)		(327,370)		(236,757)
Acquisition and merger-related expense		(15,197)		(21,162)		(11,124)
Equity compensation expense		(200,106)		(237,191)		(122,986)
Acquisition-related compensation expense(2)		(206,252)		(66,893)		—
Placement fee adjustment		(2,088)		(78,883)		(19,329)
Depreciation and amortization expense		(335,083)		(106,705)		(40,662)

Expense of non-controlling interests in consolidated subsidiaries		(30,741)		(32,133)		(13,575)
Total consolidation adjustments and reconciling items		(1,454,792)		(2,298,251)		(489,512)
Total segment expenses		$	1,294,293	$	1,111,832	$	960,974

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

(2)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within 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,
		2022		2021		2020
Total consolidated other income		$	204,448	$	263,682	$	65,918
Investment (income) loss—unrealized		12,769		(58,694)		47,317
Interest and other investment (income) loss—unrealized		(25,603)		6,249		(12,134)
Other income from Consolidated Funds added in consolidation, net		(250,144)		(256,375)		(70,994)
Other expense from Consolidated Funds eliminated in consolidation, net		(16,484)		(2,868)		(14,053)
OMG other (income) expense		14,419		(1,368)		(927)
Performance income reclass(1)		14		(1,434)		3,726
Principal investment income		48,223		120,896		4,044
Other (income) expense, net		1,873		(19,886)		10,277
Other (income) loss of non-controlling interests in consolidated subsidiaries		5,991		(25,107)		556
Total consolidation adjustments and reconciling items		(208,942)		(238,587)		(32,188)
Total segment realized net investment income (expense)		$	(4,494)	$	25,095	$	33,730

(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 within 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,
		2022		2021		2020
Income before taxes		$	510,806	$	1,065,690	$	379,478
Adjustments:
Depreciation and amortization expense		335,083		106,705		40,662
Equity compensation expense		198,948		237,191		122,986
Acquisition-related compensation expense(1)		206,252		66,893		—
Acquisition-related incentive fees(2)		—		(47,873)		—
Acquisition and merger-related expense		15,197		21,162		11,194
Placement fee adjustment		2,088		78,883		19,329
OMG expense, net		462,478		317,524		235,830
Other (income) expense, net		1,874		(19,886)		10,207
Net (income) expense of non-controlling interests in consolidated subsidiaries		(357)		(23,397)		3,817
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(119,664)		(120,457)		(28,203)
Total performance (income) loss—unrealized		(107,153)		(1,744,056)		7,554
Total performance related compensation—unrealized		88,502		1,316,205		(11,552)
Total investment (income) loss—unrealized		(12,834)		(52,445)		35,183
Realized income		1,581,220		1,202,139		826,485
Total performance income—realized		(418,021)		(474,427)		(524,229)
Total performance related compensation—realized		274,541		328,583		399,462
Total investment income—realized		4,494		(25,095)		(33,730)
Fee related earnings		$	1,442,234	$	1,031,200	$	667,988

(1)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within 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 within the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis for segment reporting purposes.

- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

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

+ Details

CONSOLIDATION

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATION

16. CONSOLIDATION

Deconsolidated Funds

Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the year ended December 31, 2022, the Company did not deconsolidate any entity. During the year ended December 31, 2021, one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity. 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.

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 within the Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Consolidated Statements of Operations, are as follows:



	As of December 31,
	2022		2021
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)	$	393,549	$	353,768
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)	537,239		583,192
Assets of consolidated VIEs	13,128,088		13,197,321
Liabilities of consolidated VIEs	11,593,867		12,018,655

(1)As of December 31, 2022 and 2021, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs and totaled $82.0 million and $103.8 million, respectively.


	Year ended December 31,
		2022		2021		2020
Net income attributable to non-controlling interests related to consolidated VIEs		$	105,797	$	115,217	$	28,085

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, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	389,987	$	—	$	—	$	389,987
Investments (includes $3,106,577 of accrued carried interest)	4,515,955		—		(541,221)		3,974,734
Due from affiliates	949,532		—		(191,060)		758,472
Other assets	381,137		—		—		381,137
Right-of-use operating lease assets	155,950		—		—		155,950
Intangible assets, net	1,208,220		—		—		1,208,220
Goodwill	999,656		—		—		999,656
Assets of Consolidated Funds
Cash and cash equivalents	—		724,641		—		724,641
Investments held in trust account	—		1,013,382		—		1,013,382
Investments, at fair value	—		12,187,392		3,859		12,191,251
Due from affiliates	—		26,531		(10,742)		15,789
Receivable for securities sold	—		124,050		—		124,050
Other assets	—		65,570		—		65,570
Total assets	$	8,600,437	$	14,141,566	$	(739,164)	$	22,002,839
Liabilities
Accounts payable, accrued expenses and other liabilities	$	242,663	$	—	$	(10,742)	$	231,921
Accrued compensation	510,130		—		—		510,130
Due to affiliates	252,798		—		—		252,798
Performance related compensation payable	2,282,209		—		—		2,282,209
Debt obligations	2,273,854		—		—		2,273,854

Operating lease liabilities	190,616		—		—		190,616
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		175,435		(7,149)		168,286
Due to affiliates	—		191,238		(187,201)		4,037
Payable for securities purchased	—		314,193		—		314,193
CLO loan obligations, at fair value	—		10,797,332		(95,612)		10,701,720
Fund borrowings	—		168,046		—		168,046
Total liabilities	5,752,270		11,646,244		(300,704)		17,097,810
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		1,013,282		—		1,013,282
Redeemable interest in Ares Operating Group entities	93,129		—		—		93,129
Non-controlling interest in Consolidated Funds	—		1,482,040		(407,684)		1,074,356
Non-controlling interest in Ares Operating Group entities	1,147,269		—		(12,246)		1,135,023
Stockholders’ Equity

Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (173,892,036 shares issued and outstanding)	1,739		—		—		1,739
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)	35		—		—		35
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)	—		—		—		—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (117,231,288 shares issued and outstanding)	1,172		—		—		1,172
Additional paid-in-capital	1,989,284		—		(18,530)		1,970,754
Accumulated deficit	(369,475)		—		—		(369,475)
Accumulated other comprehensive loss, net of tax	(14,986)		—		—		(14,986)
Total stockholders’ equity	1,607,769		—		(18,530)		1,589,239
Total equity	2,755,038		1,482,040		(438,460)		3,798,618
Total liabilities, redeemable interest, non-controlling interests and equity	$	8,600,437	$	14,141,566	$	(739,164)	$	22,002,839


	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	338,685		—		(3,930)		334,755
Right-of-use operating lease assets	167,652		—		—		167,652
Intangible assets, net	1,422,818		—		—		1,422,818
Goodwill	787,972		—		—		787,972
Assets of Consolidated Funds
Cash and cash equivalents	—		1,049,191		—		1,049,191
Investments held in trust account	—		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
Accumulated deficit	(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


	Year ended December 31, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	2,182,757	$	—	$	(46,324)	$	2,136,433
Carried interest allocation	465,561		—		(7,549)		458,012
Incentive fees	305,167		—		(3,980)		301,187
Principal investment income	48,222		—		(35,943)		12,279
Administrative, transaction and other fees	164,545		—		(17,013)		147,532
Total revenues	3,166,252		—		(110,809)		3,055,443
Expenses
Compensation and benefits	1,498,590		—		—		1,498,590
Performance related compensation	518,829		—		—		518,829
General, administrative and other expense	695,511		—		(255)		695,256
Expenses of the Consolidated Funds	—		86,988		(50,578)		36,410
Total expenses	2,712,930		86,988		(50,833)		2,749,085
Other income (expense)
Net realized and unrealized gains (losses) on investments	(27,924)		—		32,656		4,732
Interest and dividend income	25,196		—		(15,797)		9,399
Interest expense	(71,356)		—		—		(71,356)
Other income, net	11,904		—		1,215		13,119
Net realized and unrealized gains on investments of the Consolidated Funds	—		87,287		(13,901)		73,386
Interest and other income of the Consolidated Funds	—		587,744		(1,215)		586,529
Interest expense of the Consolidated Funds	—		(424,887)		13,526		(411,361)
Total other income (expense), net	(62,180)		250,144		16,484		204,448
Income before taxes	391,142		163,156		(43,492)		510,806
Income tax expense	71,560		331		—		71,891
Net income	319,582		162,825		(43,492)		438,915
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		162,825		(43,492)		119,333
Net income attributable to Ares Operating Group entities	319,582		—		—		319,582
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(851)		—		—		(851)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	152,892		—		—		152,892



Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	167,541	$	—	$	—	$	167,541


	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, net	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 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), net	(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 interests 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, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	319,582	$	162,825	$	(43,492)	$	438,915
Adjustments to reconcile net income to net cash provided by operating activities:

Equity compensation expense	200,391		—		—		200,391
Depreciation and amortization	341,341		—		—		341,341
Net realized and unrealized losses on investments	15,717		—		(4,788)		10,929


Investments purchased	(443,505)		—		72,381		(371,124)
Proceeds from sale of investments	303,987		—		(121,494)		182,493
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized gains on investments	—		(87,287)		13,901		(73,386)
Other non-cash amounts	—		(33,822)		—		(33,822)
Investments purchased	—		(9,408,078)		(25,951)		(9,434,029)
Proceeds from sale of investments	—		8,198,812		—		8,198,812
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(28,161)		—		7,549		(20,612)
Due to/from affiliates	(125,407)		—		164,480		39,073
Other assets	(101,275)		—		(3,930)		(105,205)
Accrued compensation and benefits	200,769		—		—		200,769
Accounts payable, accrued expenses and other liabilities	(50,471)		—		(1,214)		(51,685)
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	—		—		324,550		324,550

Change in other assets and receivables held at Consolidated Funds	—		286,895		(135,000)		151,895
Change in other liabilities and payables held at Consolidated Funds	—		(733,417)		—		(733,417)
Net cash provided by (used in) operating activities	632,968		(1,614,072)		246,992		(734,112)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)		—		—		(35,796)
Acquisitions, net of cash acquired	(301,583)		—		—		(301,583)
Net cash used in investing activities	(337,379)		—		—		(337,379)
Cash flows from financing activities:

Proceeds from Credit Facility	1,380,000		—		—		1,380,000
Proceeds from senior notes	488,915		—		—		488,915
Repayments of Credit Facility	(1,095,000)		—		—		(1,095,000)

Dividends and distributions	(836,364)		—		—		(836,364)



Stock option exercises	21,205		—		—		21,205
Taxes paid related to net share settlement of equity awards	(201,311)		—		—		(201,311)
Other financing activities	4,055		—		—		4,055
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		596,777		(47,381)		549,396
Distributions to non-controlling interests in Consolidated Funds	—		(303,230)		124,939		(178,291)
Borrowings under loan obligations by Consolidated Funds	—		1,140,680		—		1,140,680
Repayments under loan obligations by Consolidated Funds	—		(145,222)		—		(145,222)
Net cash provided by (used in) financing activities	(238,500)		1,289,005		77,558		1,128,063
Effect of exchange rate changes	(10,757)		517		—		(10,240)
Net change in cash and cash equivalents	46,332		(324,550)		324,550		46,332
Cash and cash equivalents, beginning of period	343,655		1,049,191		(1,049,191)		343,655
Cash and cash equivalents, end of period	$	389,987	$	724,641	$	(724,641)	$	389,987
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions	$	12,835	$	—	$	—	$	12,835
Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	59,463	$	260,866	$	—	$	320,329
Cash paid during the period for income taxes	$	104,544	$	320	$	—	$	104,864


	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 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 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 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 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 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

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2022 through the date the consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure: In February 2023, the Company’s board of directors declared a quarterly dividend of $0.77 per share of Class A and non-voting common stock payable on March 31, 2023 to common stockholders of record at the close of business on March 17, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
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 within 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 within 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 within 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 (“VIEs”) or voting interest model (“VOE”). 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 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. 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, 2022 and 2021, the Company consolidated 25 and 23 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). 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. Once the associated targets are achieved, the contingent consideration is reported at the settlement amount. 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 within the Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income, net within 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, 2022 and 2021, NAV per share represents the fair value for each 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.
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, 2022 and 2021, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.
Investments	Investments held in trust account Investments held in trust account represents funds raised through the initial public offering of Ares Acquisition Corporation (“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. AAC’s portfolio of investments is comprised of U.S. government securities or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. 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 investments is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds within the Consolidated Statements of Operations. Any remaining change in fair value of such investments, that is not recognized as interest income, is recognized within net realized and unrealized gains (losses) on investments of Consolidated Funds within the Consolidated Statements of Operations. Investments The investments of the Consolidated Funds are reflected within 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 within 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 within 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 or 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 within the Consolidated Statements of Financial Condition.
Derivative Instruments	Derivative 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 Company recognizes all of its derivative instruments at fair value as either assets or liabilities within 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 within 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 generally 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). Upon settlement of the instrument, the Company records any realized gain (loss). Unrealized and realized gain (loss) are reflected within net realized and unrealized gains (losses) on investments within 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 1.6 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 within 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.
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 within 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 within 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 within 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 within the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded within 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 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 in AOG and represents mezzanine equity. Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity within 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 within 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, 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 20.0% 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 15.0% 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 within the Consolidated Statements of Financial Condition. Carried interest is realized when an underlying investment is profitably disposed of, or upon the return of each limited partner’s capital plus a preferred return, 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 within 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 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 fund 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 and options 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 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 in the Company’s income tax returns are presented within income tax expense within 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 within 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 five 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 gains (losses) occur 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 within 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 within 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, net within the Consolidated Statements of Operations. For the years ended December 31, 2022 and 2021, the Company recognized $13.5 million and $4.8 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 consolidated results include certain foreign subsidiaries that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income.
Income Taxes	Income Taxes The Company elects to be taxed as a corporation and 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 Consolidated Funds. 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 deferred tax assets, net is presented within other assets within 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 related to UTBs, when incurred, are presented within general, administrative and other expenses within 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.
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. Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. 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.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 common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire shares of Class A common stock, unvested restricted units and AOG Units exchangeable for shares of Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of Class A and non-voting common stock using the more dilutive result of the treasury stock method or the two-class 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.
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. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

BUSINESS COMBINATIONS (Tables)

12 Months Ended

Dec. 31, 2022

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	23,403
Intangible assets:
Management contracts	425,880
Client relationships	197,160
Trade name	86,200
Total intangible assets	709,240
Total identifiable assets acquired	758,288
Accounts payable, accrued expenses and other liabilities	73,216

Net identifiable assets acquired	685,072
Goodwill	417,657
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, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Carrying Value for the Company's Intangible Assets

The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets:



	Weighted Average Amortization Period (in years) as of December 31, 2022	As of December 31,
		2022		2021
Management contracts	4.9	$	586,077	$	641,737
Client relationships	9.6	262,301		229,501
Trade name	7.5	11,079		11,079
Other	1.8	500		500
Finite-lived intangible assets		859,957		882,817
Foreign currency translation		935		1,792
Total finite-lived intangible assets		860,892		884,609
Less: accumulated amortization		(220,472)		(115,791)
Finite-lived intangible assets, net		640,420		768,818
Management contracts		567,800		567,800
Trade name		—		86,200
Indefinite-lived intangible assets		567,800		654,000
Intangible assets, net		$	1,208,220	$	1,422,818

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

At December 31, 2022, future annual amortization of finite-lived intangible assets for the years 2023 through 2027 and thereafter is estimated to be:


Year	Amortization
2023	$	125,873
2024	114,928
2025	106,684
2026	78,232
2027	65,285
Thereafter	149,418
Total	$	640,420

Schedule of Goodwill Rollforward

The following table summarizes the carrying value of the Company’s goodwill:


	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total
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
Acquisitions	—		—		213,314		(96)		—		213,218
Reallocation	—		(10,530)		10,530		—		—		—
Foreign currency translation	—		—		—		(22)		(1,512)		(1,534)
Balance as of December 31, 2022	$	32,196	$	48,070	$	277,183	$	417,620	$	224,587	$	999,656

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=SL108378252-109267

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
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-Paragraph 1
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-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13854-109267

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 55
-Paragraph 24
-URI https://asc.fasb.org/extlink&oid=122137925&loc=d3e14258-109268

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

+ Details

INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2022

Investments in and Advances to Affiliates [Abstract]

Summary of Investments Held

The Company’s investments are comprised of the following:


					Percentage of total investments
	December 31,				December 31,

	2022		2021		2022	2021
Equity method investments:
Equity method - carried interest	$	3,106,577	$	2,998,421	78.2%	81.4%
Equity method private investment partnership interests - principal	543,592		473,887		13.7	12.9
Equity method private investment partnership interests and other (held at fair value)	123,170		117,539		3.1	3.2
Equity method private investment partnership interests and other	47,439		40,580		1.2	1.1
Total equity method investments	3,820,778		3,630,427		96.2	98.6

Collateralized loan obligations	25,163		30,815		0.6	0.8
Other fixed income	51,771		21,582		1.2	0.5
Collateralized loan obligations and other fixed income, at fair value	76,934		52,397		1.8	1.3

Common stock, at fair value	77,022		1,440		2.0	0.1
Total investments	$	3,974,734	$	3,684,264

Investments held in the Consolidated Funds are summarized below:


	Fair Value at				Percentage of total investments as of
	December 31,				December 31,

	2022		2021		2022	2021
Fixed income investments:
Bonds	$	786,961	$	857,125	6.0%	6.7%
Loans	9,280,522		9,910,689		70.3	77.3
Investments held in trust account	1,013,382		1,000,285		7.7	7.8

Total fixed income investments	11,080,865		11,768,099		84.0	91.8
Equity securities	731,599		340,272		5.5	2.7
Partnership interests	1,392,169		708,307		10.5	5.5
Total investments, at fair value	$	13,204,633	$	12,816,678

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 Year Ended December 31, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total
Statement of Financial Condition
Investments	$	15,704,463	$	9,376,032	$	13,052,820	$	12,719,333	$	1,980,690	$	52,833,338
Total assets	18,841,376		9,947,821		14,440,914		12,931,082		2,094,008		58,255,201
Total liabilities	4,848,872		937,326		5,007,250		3,716,111		927,813		15,437,372
Total equity	13,992,504		9,010,495		9,433,664		9,214,971		1,166,195		42,817,829

Statement of Operations
Revenues	$	1,333,204	$	271,873	$	618,796	$	2,874	$	8,164	$	2,234,911
Expenses	(375,506)		(153,372)		(357,845)		(289,741)		(64,684)		(1,241,148)
Net realized and unrealized gains (losses) from investments	(172,527)		(482,260)		304,068		(11,173)		186,356		(175,536)
Income tax benefit (expense)	(4,723)		92		(36,501)		—		(11)		(41,143)
Net income (loss)	$	780,448	$	(363,667)	$	528,518	$	(298,040)	$	129,825	$	777,084


	As of and Year Ended December 31, 2021
	Credit Group		Private Equity Group		Real Assets Group		Secondaries 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


	Year Ended December 31, 2020
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total






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

FAIR VALUE (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022:


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	$	—	$	—	$	76,934	$	—	$	76,934
Common stock and other equity securities	—		77,022		121,785		—		198,807
Partnership interests	—		—		—		1,385		1,385
Total investments, at fair value	—		77,022		198,719		1,385		277,126
Derivatives-foreign currency forward contracts	—		4,173		—		—		4,173
Total assets, at fair value	$	—	$	81,195	$	198,719	$	1,385	$	281,299
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(3,423)	$	—	$	—	$	(3,423)

Total liabilities, at fair value	$	—	$	(3,423)	$	—	$	—	$	(3,423)


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	$	—	$	534,137	$	252,824	$	—	$	786,961
Loans	—		8,663,678		616,844		—		9,280,522
Investments held in trust account	1,013,382		—		—		—		1,013,382

Total fixed income investments	1,013,382		9,197,815		869,668				11,080,865
Equity securities	719		—		730,880		—		731,599
Partnership interests	—		—		368,655		1,023,514		1,392,169
Total investments, at fair value	1,014,101		9,197,815		1,969,203		1,023,514		13,204,633

Derivatives-foreign currency forward contracts	—		2,900		—		—		2,900


Total assets, at fair value	$	1,014,101	$	9,200,715	$	1,969,203	$	1,023,514	$	13,207,533
Liabilities, at fair value
Derivatives:
Warrants	$	(9,326)	$	—	$	—	$	—	$	(9,326)
Foreign currency forward contracts	—		(2,942)		—		—		(2,942)
Asset swaps	—		—		(3,556)		—		(3,556)
Total derivative liabilities, at fair value	(9,326)		(2,942)		(3,556)		—		(15,824)
Loan obligations of CLOs	—		(10,701,720)		—		—		(10,701,720)
Total liabilities, at fair value	$	(9,326)	$	(10,704,662)	$	(3,556)	$	—	$	(10,717,544)

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
Investments held in trust account	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)

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, 2022:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Transfer in due to changes in consolidation	1,491		—		—		—		1,491
Purchases(1)	894		32,392		—		—		33,286

Sales/settlements(2)	68		(2,425)		(2,538)		58,873		53,978
Change in fair value	—		—		—		(1,438)		(1,438)
Realized and unrealized appreciation (depreciation), net	10,383		(5,430)		(37)		—		4,916
Balance, end of period	$	121,785	$	76,934	$	—	$	—	$	198,719
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$	12,448	$	(5,430)	$	—	$	—	$	7,018


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703

Transfer in	—		184,037		94,386		—		278,423
Transfer out	—		(202,333)		—		—		(202,333)
Purchases(1)	323,699		732,477		59,258		—		1,115,434
Sales/settlements(2)	(31,932)		(536,125)		(52,828)		—		(620,885)
Amortized discounts/premiums	13		1,592		—		—		1,605
Realized and unrealized appreciation (depreciation), net	99,917		(52,932)		29,166		(451)		75,700
Balance, end of period	$	730,880	$	869,668	$	368,655	$	(3,556)	$	1,965,647
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	70,591	$	(54,058)	$	29,166	$	(376)	$	45,323

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

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

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 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 included in earnings related to financial assets 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 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, 2022:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance, beginning of period	$	108,949	$	52,397	$	2,575	$	(57,435)	$	106,486
Transfer in due to changes in consolidation	1,491		—		—		—		1,491
Purchases(1)	894		32,392		—		—		33,286

Sales/settlements(2)	68		(2,425)		(2,538)		58,873		53,978
Change in fair value	—		—		—		(1,438)		(1,438)
Realized and unrealized appreciation (depreciation), net	10,383		(5,430)		(37)		—		4,916
Balance, end of period	$	121,785	$	76,934	$	—	$	—	$	198,719
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$	12,448	$	(5,430)	$	—	$	—	$	7,018


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance, beginning of period	$	339,183	$	742,952	$	238,673	$	(3,105)	$	1,317,703

Transfer in	—		184,037		94,386		—		278,423
Transfer out	—		(202,333)		—		—		(202,333)
Purchases(1)	323,699		732,477		59,258		—		1,115,434
Sales/settlements(2)	(31,932)		(536,125)		(52,828)		—		(620,885)
Amortized discounts/premiums	13		1,592		—		—		1,605
Realized and unrealized appreciation (depreciation), net	99,917		(52,932)		29,166		(451)		75,700
Balance, end of period	$	730,880	$	869,668	$	368,655	$	(3,556)	$	1,965,647
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	70,591	$	(54,058)	$	29,166	$	(376)	$	45,323

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

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

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 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 included in earnings related to financial assets 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 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, 2022:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

62,129

Market approach

Multiple of book value

3.2x

44,166

Market approach

Multiple of book value

1.3x

15,490

Transaction price(1)

N/A

Collateralized loan obligations

25,163

Broker quotes and/or 3rd party pricing services

N/A

Other fixed income

30,189

Transaction price(1)

N/A

21,582

Other

N/A

Total assets

$

198,719

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

401,229

Discounted cash flow

Discount rate

8.0% - 18.0%

12.0%

290,258

Market approach

Multiple of book value

1.0x - 1.2x

1.2x

36,681

Market approach

Net income multiple

30.0x

2,064

Market approach

EBITDA multiple(2)

6.3x - 31.0x

13.6x

648

Other

N/A

Partnership interest

368,655

Discounted cash flow

Discount rate

10.3% - 22.0%

18.9%

Fixed income investments

731,708

Broker quotes and/or 3rd party pricing services

N/A

125,612

Market approach

Yield

6.6% - 21.7%

12.8%

6,155

Transaction price

N/A

4,479

Market approach

EBITDA multiple

8.0x - 9.0x

8.5x

1,714

Other

N/A

Total assets

$

1,969,203

Liabilities

Derivative instruments

$

(3,556)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(3,556)

(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, 2021:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

50,690

Discounted cash flow

Discount rates

14.0% - 20.0%

14.3%

43,649

Market approach

Multiple of book value

1.4x

14,610

Transaction price(1)

N/A

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

$

(47,873)

Other

N/A

(9,562)

Monte Carlo simulation

Discount rate

8.5%

Volatility

18.0%

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

$

140,185

Market approach

Multiple of book values

1.0x- 1.2x

1.1x

123,685

Discounted cash flow

Discount rate

20.0%

74,041

Transaction price(1)

N/A

1,261

Market approach

EBITDA multiples(2)

1.0x - 64.4x

17.5x

11

Broker quotes and/or 3rd party pricing services

N/A

Partnership interests

238,673

Discounted cash flow

Discount rate

23.4%

Fixed income investments

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 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

DEBT (Tables)

12 Months Ended

Dec. 31, 2022

Debt Disclosure [Abstract]

Schedule of Borrowings Outstanding

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



					As of December 31,
					2022			2021
	Debt Origination Date	Maturity	Original Borrowing Amount		Carrying Value		Interest Rate	Carrying Value		Interest Rate
Credit Facility(1)	Revolving	3/31/2027	N/A		$	700,000	5.37%	$	415,000	1.25%
2024 Senior Notes(2)	10/8/2014	10/8/2024	$	250,000	248,693		4.21	247,979		4.21
2030 Senior Notes(3)	6/15/2020	6/15/2030	400,000		396,602		3.28	396,156		3.28
2052 Senior Notes(4)	1/21/2022	2/1/2052	500,000		483,802		3.77	—		—
2051 Subordinated Notes(5)	6/30/2021	6/30/2051	450,000		444,757		4.13	444,574		4.13
Total debt obligations					$	2,273,854		$	1,503,709

(1)On March 31, 2022, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.090 billion to $1.275 billion with an accordion feature of $375.0 million, replace the LIBOR based-rate with a Secured Overnight Financing Rate (“SOFR”) based-rate plus an applicable credit spread adjustment and extend the maturity date from March 2026 to March 2027. On July 6, 2022, the Company increased the revolver commitments from $1.275 billion to $1.325 billion via the accordion. The AOG entities are borrowers under the Credit Facility. The Credit Facility has a variable interest rate based on SOFR or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of December 31, 2022, base rate loans bear interest calculated based on the base rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero.

(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 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Notes.

(5)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, 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
Debt issuance costs incurred	1,516		5,482		—
Amortization of debt issuance costs	(1,280)		(778)		(183)

Unamortized debt issuance costs as of December 31, 2022	$	5,510	$	8,393	$	5,243

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



	As of December 31,
	2022				2021
	Fair Value of Loan Obligations		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)	Fair Value of Loan Obligations		Weighted Average Interest Rate	Weighted Average Remaining Maturity (in years)
Senior secured notes	$	10,142,545	4.84%	8.8	$	10,016,638	1.93%	9.4
Subordinated notes(1)	559,175		N/A	7.8	641,023		N/A	8.1
Total loan obligations of Consolidated CLOs	$	10,701,720			$	10,657,661

(1)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 outstanding:



				As of December 31,
				2022			2021
Consolidated Funds’ Debt Facilities	Maturity Date	Total Capacity		Outstanding Loan(1)		Effective Rate	Outstanding Loan(1)		Effective Rate
Credit Facilities:
	10/13/2023	$	112,817	$	77,496	5.89%	$	71,500	1.59%
	7/1/2023	18,000		15,550		6.25	16,271		1.73
	7/23/2024	100,000		75,000		7.28	40,000		3.09
	9/24/2026	150,000		—		N/A	—		N/A
	9/12/2027	54,000		—		N/A	N/A		N/A
Total borrowings of Consolidated Funds				$	168,046		$	127,771

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

OTHER ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Other Assets [Abstract]

Schedule of Other Assets

The components of other assets were as follows:


	As of December 31,
	2022		2021
Other assets of the Company:
Accounts and interest receivable	$	120,903	$	159,757
Fixed assets, net	79,678		71,260
Deferred tax assets, net	68,933		39,398
Other assets	111,623		64,340
Total other assets of the Company	$	381,137	$	334,755
Other assets of Consolidated Funds:
Dividends and interest receivable	$	60,321	$	36,350
Income tax and other receivables	5,249		3,080
Total other assets of Consolidated Funds	$	65,570	$	39,430

Schedule of Fixed Assets, Net

The components of fixed assets were as follows:


	As of December 31,
	2022		2021

Office and computer equipment	$	41,547	$	31,963
Internal-use software	57,200		53,048
Leasehold improvements	84,820		74,677
Fixed assets, at cost	183,567		159,688
Less: accumulated depreciation	(103,889)		(88,428)
Fixed assets, net	$	79,678	$	71,260

COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Lease Supplemental Quantitative Disclosures

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



		As of December 31,
	Classification	2022		2021
Operating lease assets	Right-of-use operating lease assets	$	155,950	$	167,652
Finance lease assets	Other assets(1)	400		1,011
Total lease assets		$	156,350	$	168,663

Operating lease liabilities	Operating lease liabilities	$	190,616	$	205,075
Finance lease obligations	Accounts payable, accrued expenses and other liabilities	330		936
Total lease liabilities		$	190,946	$	206,011

(1) Finance lease assets are recorded net of accumulated amortization of $2.1 million and $1.6 million as of December 31, 2022 and 2021, respectively.


		Year ended December 31,

	Classification		2022		2021		2020
Operating lease expense	General, administrative and other expenses		$	42,746	$	38,135	$	31,713
Finance lease expense:
Amortization of finance lease assets	General, administrative and other expenses		633		561		469
Interest on finance lease liabilities	Interest expense		14		27		43
Total lease expense			$	43,393	$	38,723	$	32,225



	Year ended December 31,
Other information	2022		2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	46,558	$	37,500	$	32,121
Operating cash flows for finance leases	21		39		53
Financing cash flows for finance leases	593		535		460
Leased assets obtained in exchange for new finance lease liabilities	13		189		—
Leased assets obtained in exchange for new operating lease liabilities	43,331		57,624		36,935



	As of December 31,
Lease term and discount rate	2022	2021
Weighted-average remaining lease terms (in years):
Operating leases	5.5	6.0
Finance leases	2.1	1.8
Weighted-average discount rate:
Operating leases	2.72%	1.81%
Finance leases	2.99%	2.94%

Schedule of Operating Lease Maturities


Maturity of lease liabilities	Operating Leases		Finance Leases
2023	$	46,532	$	167
2024	42,716		162
2025	37,242		11
2026	25,198		—
2027	15,864		—
Thereafter	36,077		—
Total future payments	203,629		340
Less: interest	13,013		10
Total lease liabilities	$	190,616	$	330

Schedule of Finance Lease Maturities


Maturity of lease liabilities	Operating Leases		Finance Leases
2023	$	46,532	$	167
2024	42,716		162
2025	37,242		11
2026	25,198		—
2027	15,864		—
Thereafter	36,077		—
Total future payments	203,629		340
Less: interest	13,013		10
Total lease liabilities	$	190,616	$	330

RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021
Due from affiliates:
Management fees receivable from non-consolidated funds	$	456,314	$	372,249
Incentive fee receivable from non-consolidated funds	169,979		211,243
Payments made on behalf of and amounts due from non-consolidated funds and employees	132,179		86,891
Due from affiliates—Company	$	758,472	$	670,383
Amounts due from non-consolidated funds	$	15,789	$	7,234
Due from affiliates—Consolidated Funds	$	15,789	$	7,234
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	$	8,701	$	10,160
Tax receivable agreement liability	118,466		100,542
Undistributed carried interest and incentive fees	121,332		66,494
Payments made by non-consolidated funds on behalf of and payable by the Company	4,299		21,357
Due to affiliates—Company	$	252,798	$	198,553
Amounts due to portfolio companies and non-consolidated funds	$	4,037	$	—
Due to affiliates—Consolidated Funds	$	4,037	$	—

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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:


	Year ended December 31,
Provision for Income Taxes	2022		2021		2020
The Company
Current:
U.S. federal income tax expense	$	42,452	$	40,861	$	23,845
State and local income tax expense	7,614		12,121		6,714
Foreign income tax expense	14,119		11,684		9,141
	64,185		64,666		39,700
Deferred:
U.S. federal income tax expense	10,660		68,201		12,451
State and local income tax expense	2,131		13,040		1,952
Foreign income tax expense (benefit)	(5,416)		1,390		772
	7,375		82,631		15,175
Total:
U.S. federal income tax expense	53,112		109,062		36,296
State and local income tax expense	9,745		25,161		8,666
Foreign income tax expense	8,703		13,074		9,913
Income tax expense	71,560		147,297		54,875

Consolidated Funds
Current:


Foreign income tax expense	331		88		118
Income tax expense	331		88		118











Total Provision for Income Taxes
Total current income tax expense	64,516		64,754		39,818
Total deferred income tax expense	7,375		82,631		15,175
Income tax expense	$	71,891	$	147,385	$	54,993

Schedule of Effective Income Tax Rate Reconciliation

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


	Year ended December 31,
	2022	2021	2020
Income tax expense at federal statutory rate	21.0%	21.0%	21.0%
Income passed through to non-controlling interests	(8.9)	(9.2)	(8.2)
State and local taxes, net of federal benefit	2.2	1.9	1.8
Foreign taxes	(1.4)	(0.1)	0.3
Permanent items	0.6	(0.3)	(0.5)
Disallowed executive compensation	0.1	0.7	—
Other, net	0.3	(0.2)	(0.2)
Valuation allowance	0.2	—	0.3
Total effective rate	14.1%	13.8%	14.5%

Schedule of Deferred Tax Assets and Liabilities

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2022 and 2021. Deferred tax assets, net are included within other assets within the Consolidated Statements of Financial Condition.


	As of December 31,
Deferred Tax Assets and Liabilities of the Company	2022		2021
Deferred tax assets
Amortizable tax basis for AOG Unit exchanges	$	124,217	$	108,644

Net operating losses and capital loss carryforwards	2,192		1,292
Other, net	6,089		6,101
Total gross deferred tax assets	132,498		116,037
Valuation allowance	(2,155)		(1,010)
Total net deferred tax assets	130,343		115,027
Deferred tax liabilities
Investment in partnerships	(61,410)		(75,629)

Total deferred tax liabilities	(61,410)		(75,629)
Deferred tax assets, net	$	68,933	$	39,398

EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

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,
		2022	2021	2020

Restricted units		—	132	16,599
AOG Units		—	116,226,798	115,126,565

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,
		2022		2021		2020
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		$	167,541	$	386,748	$	130,442
Distributions on unvested restricted units		(14,096)		(10,986)		(10,454)
Undistributed earnings allocable to participating unvested restricted units		—		(7,138)		—
Net income available to Class A and non-voting common stockholders		$	153,445	$	368,624	$	119,988
Basic weighted-average shares of Class A and non-voting common stock		175,510,798		163,703,626		135,065,436
Basic earnings per share of Class A and non-voting common stock		$	0.87	$	2.24	$	0.89

Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders		$	167,541	$	386,748	$	130,442
Distributions on unvested restricted units		(14,096)		—		—
Net income available to Class A and non-voting common stockholders		$	153,445	$	386,748	$	130,442
Effect of dilutive shares:
Restricted units		—		11,209,144		9,207,639
Options		—		5,199,501		5,235,423

Diluted weighted-average shares of Class A and non-voting common stock		175,510,798		180,112,271		149,508,498
Diluted earnings per share of Class A and non-voting common stock		$	0.87	$	2.15	$	0.87

Dividend declared and paid per Class A and non-voting common stock		$	2.44	$	1.88	$	1.60

EQUITY COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

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,
		2022		2021		2020
Restricted units		$	200,391	$	170,980	$	115,680
Restricted units with a market condition		—		66,211		7,263
Options		—		—		43
Equity-based compensation expense		$	200,391	$	237,191	$	122,986

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 - December 31, 2021	18,323,036	$	36.43
Granted	4,142,621	74.62
Vested	(5,524,397)	27.16
Forfeited	(278,261)	50.95
Balance - December 31, 2022	16,662,999	$	48.76

Summary of Unvested Options Activity

A summary of options activity during the year ended December 31, 2022 is presented below:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value
Balance - December 31, 2021	6,306,282	$	19.00	2.3	$	392,692
Granted	—	—		—	—
Exercised	(1,136,063)	19.00		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Balance - December 31, 2022	5,170,219	$	19.00	1.3	$	255,616
Exercisable at December 31, 2022	5,170,219	$	19.00	1.3	$	255,616

EQUITY AND REDEEMABLE INTEREST (Tables)

12 Months Ended

Dec. 31, 2022

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 - December 31, 2021	168,351,305	3,489,911	1,000	118,609,332	290,451,548
Exchanges of AOG Units	1,348,909	—	—	(1,348,909)	—
Redemptions of AOG Units	—	—	—	(25,000)	(25,000)
Stock option exercises, net of shares withheld for tax	1,123,509	—	—	—	1,123,509

Vesting of restricted stock awards, net of shares withheld for tax	3,068,313	—	—	—	3,068,313
Cancellation of AOG Units	—	—	—	(4,135)	(4,135)
Balance - December 31, 2022	173,892,036	3,489,911	1,000	117,231,288	294,614,235

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, 2022		As of December 31, 2021		Year ended December 31,
	AOG Units	Direct Ownership Interest	AOG Units	Direct Ownership Interest			2022	2021	2020
Ares Management Corporation	177,381,947	60.21%	171,841,216	59.16%			59.76%	58.48%	53.98%
Ares Owners Holdings, L.P.	117,231,288	39.79	118,609,332	40.84			40.24	41.52	46.02
Total	294,613,235	100.00%	290,450,548	100.00%

Schedule of Redeemable Interests

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
Distribution	(2,390)
Net loss	(1,341)
Currency translation adjustment, net of tax	(627)
Balance - December 31, 2021	96,008
Distribution	(1,887)
Net loss	(851)
Currency translation adjustment, net of tax	(426)
Equity compensation	285
Balance - December 31, 2022	$	93,129

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






Change in redemption value	13,282
Balance - December 31, 2022	$	1,013,282

- Definition

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

+ References

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+ Details

SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Schedule of Financial Results for Company's Operating Segments and OMG

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







































	Year ended December 31, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	1,355,975	$	199,837	$	347,808	$	176,694	$	72,214	$	2,152,528	$	—	$	2,152,528
Fee related performance revenues	71,497		—		167,693		235		—		239,425		—		239,425
Other fees	31,945		1,888		35,879		—		321		70,033		24,529		94,562
Compensation and benefits	(441,778)		(86,561)		(240,015)		(53,743)		(33,011)		(855,108)		(317,396)		(1,172,504)
General, administrative and other expenses	(73,945)		(30,697)		(39,739)		(12,685)		(7,578)		(164,644)		(155,017)		(319,661)
Fee related earnings	943,694		84,467		271,626		110,501		31,946		1,442,234		(447,884)		994,350
Performance income—realized	156,784		123,806		133,130		4,156		145		418,021		—		418,021
Performance related compensation—realized	(97,564)		(90,300)		(83,105)		(3,515)		(57)		(274,541)		—		(274,541)
Realized net performance income	59,220		33,506		50,025		641		88		143,480		—		143,480
Investment income (loss)—realized	7,071		3,432		3,115		—		868		14,486		(37)		14,449
Interest and other investment income (expense)—realized	26,567		2,546		9,045		3,683		9,851		51,692		(1,588)		50,104
Interest expense	(15,395)		(15,953)		(11,346)		(5,660)		(22,318)		(70,672)		(684)		(71,356)
Realized net investment income (loss)	18,243		(9,975)		814		(1,977)		(11,599)		(4,494)		(2,309)		(6,803)
Realized income	$	1,021,157	$	107,998	$	322,465	$	109,165	$	20,435	$	1,581,220	$	(450,193)	$	1,131,027

	Year ended December 31, 2021
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	1,070,608	$	181,918	$	218,202	$	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		1,070		13,038		—		82		41,293		8,478		49,771
Compensation and benefits	(410,394)		(78,156)		(127,679)		(25,215)		(26,673)		(668,117)		(226,725)		(894,842)
General, administrative and other expenses	(54,686)		(21,625)		(24,181)		(6,862)		(7,778)		(115,132)		(100,645)		(215,777)
Fee related earnings	719,111		83,207		130,779		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 (loss)—realized	1,989		(3,754)		17,700		19		13		15,967		—		15,967
Interest and other investment income—realized	20,377		11,514		7,252		2,261		3,948		45,352		226		45,578
Interest expense	(8,038)		(7,925)		(6,394)		(836)		(13,031)		(36,224)		(536)		(36,760)
Realized net investment income (loss)	14,328		(165)		18,558		1,444		(9,070)		25,095		(310)		24,785
Realized income	$	808,985	$	117,103	$	185,551	$	67,333	$	23,167	$	1,202,139	$	(319,202)	$	882,937


	Year ended December 31, 2020
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Strategic Initiatives		Total Segments		OMG		Total
Management fees	$	841,138	$	181,813	$	137,027	$	—	$	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)		(77,266)		(66,374)		—		(6,442)		(470,193)		(155,979)		(626,172)
General, administrative and other expenses	(53,997)		(20,460)		(13,936)		—		(2,926)		(91,319)		(80,778)		(172,097)
Fee related earnings	507,834		84,265		58,518		—		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)		25,018		7,228		—		13		29,950		(5,698)		24,252
Interest and other investment income (expense)—realized	16,314		4,027		6,016		—		996		27,353		(739)		26,614
Interest expense	(8,722)		(7,055)		(6,331)		—		(1,465)		(23,573)		(1,335)		(24,908)
Realized net investment income (loss)	5,283		21,990		6,913		—		(456)		33,730		(7,772)		25,958
Realized income	$	538,683	$	182,985	$	87,902	$	—	$	16,915	$	826,485	$	(244,529)	$	581,956

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,
		2022		2021		2020
Segment revenues
Management fees		$	2,152,528	$	1,635,277	$	1,186,565
Fee related performance revenues		239,425		137,879		22,987
Other fees		70,033		41,293		19,948
Performance income—realized		418,021		474,427		524,229
Total segment revenues		$	2,880,007	$	2,288,876	$	1,753,729
Segment expenses
Compensation and benefits		$	855,108	$	668,117	$	470,193
General, administrative and other expenses		164,644		115,132		91,319
Performance related compensation—realized		274,541		328,583		399,462
Total segment expenses		$	1,294,293	$	1,111,832	$	960,974
Segment realized net investment income (expense)
Investment income—realized		$	14,486	$	15,967	$	29,950
Interest and other investment income —realized		51,692		45,352		27,353
Interest expense		(70,672)		(36,224)		(23,573)
Total segment realized net investment income (expense)		$	(4,494)	$	25,095	$	33,730

Schedule of Segment Revenues Components

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


	Year ended December 31,
		2022		2021		2020
Total consolidated revenue		$	3,055,443	$	4,212,091	$	1,764,046
Performance (income) loss—unrealized		(107,153)		(1,744,056)		7,554
Management fees of Consolidated Funds eliminated in consolidation		46,324		44,896		45,268
Carried interest allocation of Consolidated Funds eliminated in consolidation		7,549		—		—
Incentive fees of Consolidated Funds eliminated in consolidation		3,980		5,458		141
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		17,013		4,483		15,824
Administrative fees(1)		(69,414)		(49,223)		(36,512)
OMG revenue		(24,354)		(8,478)		—
Performance income reclass(2)		(14)		1,434		(3,726)
Acquisition-related incentive fees(3)		—		(47,873)		—
Principal investment income, net of eliminations		(12,278)		(99,433)		(28,552)
Net revenue of non-controlling interests in consolidated subsidiaries		(37,089)		(30,423)		(10,314)
Total consolidation adjustments and reconciling items		(175,436)		(1,923,215)		(10,317)
Total segment revenue		$	2,880,007	$	2,288,876	$	1,753,729

(1)Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within 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 within 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 within the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis for segment reporting purposes.

Schedule of Segment Expenses Components

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


	Year ended December 31,
		2022		2021		2020
Total consolidated expenses		$	2,749,085	$	3,410,083	$	1,450,486
Performance related compensation-unrealized		(88,502)		(1,316,205)		11,552
Expenses of Consolidated Funds added in consolidation		(86,988)		(113,024)		(65,527)
Expenses of Consolidated Funds eliminated in consolidation		50,833		50,538		45,408
Administrative fees(1)		(68,255)		(49,223)		(36,512)
OMG expenses		(472,413)		(327,370)		(236,757)
Acquisition and merger-related expense		(15,197)		(21,162)		(11,124)
Equity compensation expense		(200,106)		(237,191)		(122,986)
Acquisition-related compensation expense(2)		(206,252)		(66,893)		—
Placement fee adjustment		(2,088)		(78,883)		(19,329)
Depreciation and amortization expense		(335,083)		(106,705)		(40,662)

Expense of non-controlling interests in consolidated subsidiaries		(30,741)		(32,133)		(13,575)
Total consolidation adjustments and reconciling items		(1,454,792)		(2,298,251)		(489,512)
Total segment expenses		$	1,294,293	$	1,111,832	$	960,974

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

(2)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within 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,
		2022		2021		2020
Total consolidated other income		$	204,448	$	263,682	$	65,918
Investment (income) loss—unrealized		12,769		(58,694)		47,317
Interest and other investment (income) loss—unrealized		(25,603)		6,249		(12,134)
Other income from Consolidated Funds added in consolidation, net		(250,144)		(256,375)		(70,994)
Other expense from Consolidated Funds eliminated in consolidation, net		(16,484)		(2,868)		(14,053)
OMG other (income) expense		14,419		(1,368)		(927)
Performance income reclass(1)		14		(1,434)		3,726
Principal investment income		48,223		120,896		4,044
Other (income) expense, net		1,873		(19,886)		10,277
Other (income) loss of non-controlling interests in consolidated subsidiaries		5,991		(25,107)		556
Total consolidation adjustments and reconciling items		(208,942)		(238,587)		(32,188)
Total segment realized net investment income (expense)		$	(4,494)	$	25,095	$	33,730

(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 within 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,
		2022		2021		2020
Income before taxes		$	510,806	$	1,065,690	$	379,478
Adjustments:
Depreciation and amortization expense		335,083		106,705		40,662
Equity compensation expense		198,948		237,191		122,986
Acquisition-related compensation expense(1)		206,252		66,893		—
Acquisition-related incentive fees(2)		—		(47,873)		—
Acquisition and merger-related expense		15,197		21,162		11,194
Placement fee adjustment		2,088		78,883		19,329
OMG expense, net		462,478		317,524		235,830
Other (income) expense, net		1,874		(19,886)		10,207
Net (income) expense of non-controlling interests in consolidated subsidiaries		(357)		(23,397)		3,817
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(119,664)		(120,457)		(28,203)
Total performance (income) loss—unrealized		(107,153)		(1,744,056)		7,554
Total performance related compensation—unrealized		88,502		1,316,205		(11,552)
Total investment (income) loss—unrealized		(12,834)		(52,445)		35,183
Realized income		1,581,220		1,202,139		826,485
Total performance income—realized		(418,021)		(474,427)		(524,229)
Total performance related compensation—realized		274,541		328,583		399,462
Total investment income—realized		4,494		(25,095)		(33,730)
Fee related earnings		$	1,442,234	$	1,031,200	$	667,988

(1)Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within 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 within the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis for segment reporting purposes.

CONSOLIDATION (Tables)

12 Months Ended

Dec. 31, 2022

Condensed Financial Information Disclosure [Abstract]

Schedule of Interest in VIEs

The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Consolidated Statements of Operations, are as follows:



	As of December 31,
	2022		2021
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)	$	393,549	$	353,768
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)	537,239		583,192
Assets of consolidated VIEs	13,128,088		13,197,321
Liabilities of consolidated VIEs	11,593,867		12,018,655

(1)As of December 31, 2022 and 2021, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs and totaled $82.0 million and $103.8 million, respectively.


	Year ended December 31,
		2022		2021		2020
Net income attributable to non-controlling interests related to consolidated VIEs		$	105,797	$	115,217	$	28,085

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, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	389,987	$	—	$	—	$	389,987
Investments (includes $3,106,577 of accrued carried interest)	4,515,955		—		(541,221)		3,974,734
Due from affiliates	949,532		—		(191,060)		758,472
Other assets	381,137		—		—		381,137
Right-of-use operating lease assets	155,950		—		—		155,950
Intangible assets, net	1,208,220		—		—		1,208,220
Goodwill	999,656		—		—		999,656
Assets of Consolidated Funds
Cash and cash equivalents	—		724,641		—		724,641
Investments held in trust account	—		1,013,382		—		1,013,382
Investments, at fair value	—		12,187,392		3,859		12,191,251
Due from affiliates	—		26,531		(10,742)		15,789
Receivable for securities sold	—		124,050		—		124,050
Other assets	—		65,570		—		65,570
Total assets	$	8,600,437	$	14,141,566	$	(739,164)	$	22,002,839
Liabilities
Accounts payable, accrued expenses and other liabilities	$	242,663	$	—	$	(10,742)	$	231,921
Accrued compensation	510,130		—		—		510,130
Due to affiliates	252,798		—		—		252,798
Performance related compensation payable	2,282,209		—		—		2,282,209
Debt obligations	2,273,854		—		—		2,273,854

Operating lease liabilities	190,616		—		—		190,616
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		175,435		(7,149)		168,286
Due to affiliates	—		191,238		(187,201)		4,037
Payable for securities purchased	—		314,193		—		314,193
CLO loan obligations, at fair value	—		10,797,332		(95,612)		10,701,720
Fund borrowings	—		168,046		—		168,046
Total liabilities	5,752,270		11,646,244		(300,704)		17,097,810
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		1,013,282		—		1,013,282
Redeemable interest in Ares Operating Group entities	93,129		—		—		93,129
Non-controlling interest in Consolidated Funds	—		1,482,040		(407,684)		1,074,356
Non-controlling interest in Ares Operating Group entities	1,147,269		—		(12,246)		1,135,023
Stockholders’ Equity

Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (173,892,036 shares issued and outstanding)	1,739		—		—		1,739
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)	35		—		—		35
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)	—		—		—		—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (117,231,288 shares issued and outstanding)	1,172		—		—		1,172
Additional paid-in-capital	1,989,284		—		(18,530)		1,970,754
Accumulated deficit	(369,475)		—		—		(369,475)
Accumulated other comprehensive loss, net of tax	(14,986)		—		—		(14,986)
Total stockholders’ equity	1,607,769		—		(18,530)		1,589,239
Total equity	2,755,038		1,482,040		(438,460)		3,798,618
Total liabilities, redeemable interest, non-controlling interests and equity	$	8,600,437	$	14,141,566	$	(739,164)	$	22,002,839


	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	338,685		—		(3,930)		334,755
Right-of-use operating lease assets	167,652		—		—		167,652
Intangible assets, net	1,422,818		—		—		1,422,818
Goodwill	787,972		—		—		787,972
Assets of Consolidated Funds
Cash and cash equivalents	—		1,049,191		—		1,049,191
Investments held in trust account	—		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
Accumulated deficit	(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

Schedule of Results from Operations


	Year ended December 31, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	2,182,757	$	—	$	(46,324)	$	2,136,433
Carried interest allocation	465,561		—		(7,549)		458,012
Incentive fees	305,167		—		(3,980)		301,187
Principal investment income	48,222		—		(35,943)		12,279
Administrative, transaction and other fees	164,545		—		(17,013)		147,532
Total revenues	3,166,252		—		(110,809)		3,055,443
Expenses
Compensation and benefits	1,498,590		—		—		1,498,590
Performance related compensation	518,829		—		—		518,829
General, administrative and other expense	695,511		—		(255)		695,256
Expenses of the Consolidated Funds	—		86,988		(50,578)		36,410
Total expenses	2,712,930		86,988		(50,833)		2,749,085
Other income (expense)
Net realized and unrealized gains (losses) on investments	(27,924)		—		32,656		4,732
Interest and dividend income	25,196		—		(15,797)		9,399
Interest expense	(71,356)		—		—		(71,356)
Other income, net	11,904		—		1,215		13,119
Net realized and unrealized gains on investments of the Consolidated Funds	—		87,287		(13,901)		73,386
Interest and other income of the Consolidated Funds	—		587,744		(1,215)		586,529
Interest expense of the Consolidated Funds	—		(424,887)		13,526		(411,361)
Total other income (expense), net	(62,180)		250,144		16,484		204,448
Income before taxes	391,142		163,156		(43,492)		510,806
Income tax expense	71,560		331		—		71,891
Net income	319,582		162,825		(43,492)		438,915
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		162,825		(43,492)		119,333
Net income attributable to Ares Operating Group entities	319,582		—		—		319,582
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(851)		—		—		(851)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	152,892		—		—		152,892



Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	167,541	$	—	$	—	$	167,541


	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, net	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 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), net	(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 interests 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

Schedule of Cash Flows


	Year ended December 31, 2022
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	319,582	$	162,825	$	(43,492)	$	438,915
Adjustments to reconcile net income to net cash provided by operating activities:

Equity compensation expense	200,391		—		—		200,391
Depreciation and amortization	341,341		—		—		341,341
Net realized and unrealized losses on investments	15,717		—		(4,788)		10,929


Investments purchased	(443,505)		—		72,381		(371,124)
Proceeds from sale of investments	303,987		—		(121,494)		182,493
Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds:

Net realized and unrealized gains on investments	—		(87,287)		13,901		(73,386)
Other non-cash amounts	—		(33,822)		—		(33,822)
Investments purchased	—		(9,408,078)		(25,951)		(9,434,029)
Proceeds from sale of investments	—		8,198,812		—		8,198,812
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(28,161)		—		7,549		(20,612)
Due to/from affiliates	(125,407)		—		164,480		39,073
Other assets	(101,275)		—		(3,930)		(105,205)
Accrued compensation and benefits	200,769		—		—		200,769
Accounts payable, accrued expenses and other liabilities	(50,471)		—		(1,214)		(51,685)
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	—		—		324,550		324,550

Change in other assets and receivables held at Consolidated Funds	—		286,895		(135,000)		151,895
Change in other liabilities and payables held at Consolidated Funds	—		(733,417)		—		(733,417)
Net cash provided by (used in) operating activities	632,968		(1,614,072)		246,992		(734,112)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)		—		—		(35,796)
Acquisitions, net of cash acquired	(301,583)		—		—		(301,583)
Net cash used in investing activities	(337,379)		—		—		(337,379)
Cash flows from financing activities:

Proceeds from Credit Facility	1,380,000		—		—		1,380,000
Proceeds from senior notes	488,915		—		—		488,915
Repayments of Credit Facility	(1,095,000)		—		—		(1,095,000)

Dividends and distributions	(836,364)		—		—		(836,364)



Stock option exercises	21,205		—		—		21,205
Taxes paid related to net share settlement of equity awards	(201,311)		—		—		(201,311)
Other financing activities	4,055		—		—		4,055
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		596,777		(47,381)		549,396
Distributions to non-controlling interests in Consolidated Funds	—		(303,230)		124,939		(178,291)
Borrowings under loan obligations by Consolidated Funds	—		1,140,680		—		1,140,680
Repayments under loan obligations by Consolidated Funds	—		(145,222)		—		(145,222)
Net cash provided by (used in) financing activities	(238,500)		1,289,005		77,558		1,128,063
Effect of exchange rate changes	(10,757)		517		—		(10,240)
Net change in cash and cash equivalents	46,332		(324,550)		324,550		46,332
Cash and cash equivalents, beginning of period	343,655		1,049,191		(1,049,191)		343,655
Cash and cash equivalents, end of period	$	389,987	$	724,641	$	(724,641)	$	389,987
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisitions	$	12,835	$	—	$	—	$	12,835
Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	59,463	$	260,866	$	—	$	320,329
Cash paid during the period for income taxes	$	104,544	$	320	$	—	$	104,864


	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 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 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 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

- 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

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) loan_obligation shares	Dec. 31, 2021 USD ($) loan_obligation	Dec. 31, 2020 USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of CLOs consolidated \| loan_obligation	25	23
Foreign currency transaction gain (loss) \| $	$ (13.5)	$ (4.8)	$ 13.1
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	1 year 7 months 6 days
Performance fee compensation, employment or service period	5 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			3 Months Ended	12 Months Ended
	Feb. 10, 2022	Jun. 02, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2021	Dec. 31, 2020
Asset Acquisition [Line Items]
Goodwill				$ 999,656	$ 787,972		$ 371,047
Landmark Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage		100.00%
Business combination, consideration transferred		$ 1,102,729
Goodwill		417,657
Cash		803,309
Equity consideration transferred		299,420
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
Black Creek Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage						100.00%
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
Infrastructure Debt Acquisition
Asset Acquisition [Line Items]
Business combination, consideration transferred	$ 328,600
Cash	315,800
Equity consideration transferred	$ 12,800
Infrastructure Debt Acquisition \| Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense				68,700
Infrastructure Debt Acquisition \| Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense				$ 32,800

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, 2022	Dec. 31, 2021	Jun. 02, 2021	Dec. 31, 2020
Intangible assets:
Goodwill	$ 999,656	$ 787,972		$ 371,047
Landmark Acquisition
Asset Acquisition [Line Items]
Cash			$ 25,645
Other tangible assets			23,403
Intangible assets:
Total intangible assets			709,240
Total identifiable assets acquired			758,288
Accounts payable, accrued expenses and other liabilities			73,216
Net identifiable assets acquired			685,072
Goodwill			417,657
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) - Landmark Acquisition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
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, 2022	Dec. 31, 2021
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 859,957	$ 882,817
Foreign currency translation	935	1,792
Total finite-lived intangible assets	860,892	884,609
Less: accumulated amortization	(220,472)	(115,791)
Finite-lived intangible assets, net	640,420	768,818
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	654,000
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	1,208,220	1,422,818
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	567,800
Trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 0	86,200
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	4 years 10 months 24 days
Finite-lived intangible assets	$ 586,077	641,737
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	9 years 7 months 6 days
Finite-lived intangible assets	$ 262,301	229,501
Trade name
Finite-lived intangible assets, net
Weighted average amortization period	7 years 6 months
Finite-lived intangible assets	$ 11,079	11,079
Other
Finite-lived intangible assets, net
Weighted average amortization period	1 year 9 months 18 days
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jun. 02, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			$ 181,600,000	$ 0	$ 0
Impaired and fully amortized intangibles, amount removed during the period			210,600,000
Purchase price to goodwill			213,218,000	417,753,000
Reallocation			0
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			86,200,000
Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			88,400,000
Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price to goodwill			213,314,000	0
Reallocation			10,530,000
From Private Equity Group To Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation			10,500,000
From Real Estate Group To Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation			53,300,000
General, administrative and other expense
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense			133,600,000	$ 91,300,000	$ 24,500,000
Infrastructure Debt Acquisition \| Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price to goodwill			213,300,000
Infrastructure Debt Acquisition \| Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense			$ 68,700,000
Estimated useful lives, intangible assets			5 years 2 months 12 days
Infrastructure Debt Acquisition \| Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense			$ 32,800,000
Estimated useful lives, intangible assets			8 years 4 months 24 days
Landmark Acquisition \| Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			$ 3,700,000
Landmark Acquisition \| Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 425,900,000
Acquired finite lived intangible assets useful life	7 years 4 months 24 days
Landmark Acquisition \| Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 197,200,000
Acquired finite lived intangible assets useful life	11 years 9 months 18 days
Black Creek Acquisition \| Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			3,100,000
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 Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			$ 200,000

GOODWILL AND INTANGIBLE ASSETS - Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 125,873
2024	114,928
2025	106,684
2026	78,232
2027	65,285
Thereafter	149,418
Finite-lived intangible assets, net	$ 640,420	$ 768,818

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 787,972	$ 371,047
Acquisitions	213,218	417,753
Reallocation	0
Foreign currency translation	(1,534)	(828)
Goodwill, ending balance	999,656	787,972
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196	32,196
Acquisitions	0	0
Reallocation	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
Reallocation	(10,530)
Foreign currency translation	0	0
Goodwill, ending balance	48,070	58,600
Real Assets Group
Goodwill [Roll Forward]
Goodwill, beginning balance	53,339	53,120
Acquisitions	213,314	0
Reallocation	10,530
Foreign currency translation	0	219
Goodwill, ending balance	277,183	53,339
Secondaries Group
Goodwill [Roll Forward]
Goodwill, beginning balance	417,738	0
Acquisitions	(96)	417,753
Reallocation	0
Foreign currency translation	(22)	(15)
Goodwill, ending balance	417,620	417,738
Strategic Initiatives
Goodwill [Roll Forward]
Goodwill, beginning balance	226,099	227,131
Acquisitions	0	0
Reallocation	0
Foreign currency translation	(1,512)	(1,032)
Goodwill, ending balance	$ 224,587	$ 226,099

INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments
Equity method private investment partnership interests and other	$ 1,385	$ 8,591
Other fixed income	277,126	171,377
Common stock, at fair value	198,807	110,389
Total investments	3,974,734	3,684,264
Partnership Interests
Investments
Equity method investments:	$ 3,820,778	$ 3,630,427
Percentage of total investments	96.20%	98.60%
Collateralized loan obligations and other fixed income
Investments
Collateralized loan obligations	$ 76,934	$ 52,397
Percentage of total investments	1.80%	1.30%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 25,163	$ 30,815
Percentage of total investments	0.60%	0.80%
Other fixed income
Investments
Other fixed income	$ 51,771	$ 21,582
Percentage of total investments	1.20%	0.50%
Common stock, at fair value
Investments
Common stock, at fair value	$ 77,022	$ 1,440
Percentage of total investments	2.00%	0.10%
Equity method - carried interest
Investments
Equity method investments:	$ 3,106,577	$ 2,998,421
Percentage of total investments	78.20%	81.40%
Partnership Interests
Investments
Equity method investments:	$ 543,592	$ 473,887
Percentage of total investments	13.70%	12.90%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 123,170	$ 117,539
Percentage of total investments	3.10%	3.20%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 47,439	$ 40,580
Percentage of total investments	1.20%	1.10%

INVESTMENTS - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Condition
Assets	$ 22,002,839	$ 21,605,164
Liabilities	17,097,810	16,694,730
Total equity	3,798,618	3,814,426	$ 2,471,774	$ 1,858,598
Statement of Operations
Total revenues	3,055,443	4,212,091	1,764,046
Expenses	(2,749,085)	(3,410,083)	(1,450,486)
Net realized and unrealized gains (losses) on investments	4,732	19,102	(9,008)
Income tax expense	(71,891)	(147,385)	(54,993)
Net income	438,915	918,305	324,485
Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	52,833,338	43,198,540
Assets	58,255,201	45,722,309
Liabilities	15,437,372	13,316,546
Total equity	42,817,829	32,405,763
Statement of Operations
Total revenues	2,234,911	1,899,384	1,397,984
Expenses	(1,241,148)	(764,730)	(420,064)
Net realized and unrealized gains (losses) on investments	(175,536)	5,173,622	1,021,728
Income tax expense	(41,143)	(24,803)	56,588
Net income	777,084	6,283,473	2,056,236
Credit Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	15,704,463	16,919,068
Assets	18,841,376	18,316,775
Liabilities	4,848,872	5,268,103
Total equity	13,992,504	13,048,672
Statement of Operations
Total revenues	1,333,204	1,318,517	940,450
Expenses	(375,506)	(316,134)	(221,083)
Net realized and unrealized gains (losses) on investments	(172,527)	457,943	(210,881)
Income tax expense	(4,723)	(4,511)	(1,693)
Net income	780,448	1,455,815	506,793
Private Equity Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	9,376,032	9,143,164
Assets	9,947,821	9,548,551
Liabilities	937,326	1,539,522
Total equity	9,010,495	8,009,029
Statement of Operations
Total revenues	271,873	229,539	263,335
Expenses	(153,372)	(177,380)	(112,325)
Net realized and unrealized gains (losses) on investments	(482,260)	2,161,730	1,218,362
Income tax expense	92	(19,125)	57,935
Net income	(363,667)	2,194,764	1,427,307
Real Assets Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	13,052,820	9,555,266
Assets	14,440,914	10,146,133
Liabilities	5,007,250	3,155,826
Total equity	9,433,664	6,990,307
Statement of Operations
Total revenues	618,796	326,507	191,543
Expenses	(357,845)	(170,008)	(81,071)
Net realized and unrealized gains (losses) on investments	304,068	1,179,698	11,923
Income tax expense	(36,501)	(1,167)	346
Net income	528,518	1,335,030	122,741
Secondaries Group \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	12,719,333	7,096,073
Assets	12,931,082	7,220,604
Liabilities	3,716,111	2,960,748
Total equity	9,214,971	4,259,856
Statement of Operations
Total revenues	2,874	911	0
Expenses	(289,741)	(89,281)	0
Net realized and unrealized gains (losses) on investments	(11,173)	1,399,009	0
Income tax expense	0	0	0
Net income	(298,040)	1,310,639	0
Strategic Initiatives \| Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	1,980,690	484,969
Assets	2,094,008	490,246
Liabilities	927,813	392,347
Total equity	1,166,195	97,899
Statement of Operations
Total revenues	8,164	23,910	2,656
Expenses	(64,684)	(11,927)	(5,585)
Net realized and unrealized gains (losses) on investments	186,356	(24,758)	2,324
Income tax expense	(11)	0	0
Net income	$ 129,825	$ (12,775)	$ (605)

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Investment Holdings [Line Items]
Equity method investments net gains	$ 21.7	$ 114.9	$ 22.5
Consolidated Funds
Summary of Investment Holdings [Line Items]
Percent of total assets	5.00%	5.00%

INVESTMENTS - Investments of the Consolidated Funds (Details) - Consolidated Funds - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments
Total investments, at fair value	$ 13,204,633	$ 12,816,678
Fixed income investments:
Investments
Total investments, at fair value	$ 11,080,865	$ 11,768,099
Percentage of total investments	84.00%	91.80%
Fixed income investments: \| Bonds
Investments
Total investments, at fair value	$ 786,961	$ 857,125
Percentage of total investments	6.00%	6.70%
Fixed income investments: \| Loans
Investments
Total investments, at fair value	$ 9,280,522	$ 9,910,689
Percentage of total investments	70.30%	77.30%
Fixed income investments: \| Investments held in trust account
Investments
Total investments, at fair value	$ 1,013,382	$ 1,000,285
Percentage of total investments	7.70%	7.80%
Equity securities
Investments
Total investments, at fair value	$ 731,599	$ 340,272
Percentage of total investments	5.50%	2.70%
Partnership interests
Investments
Total investments, at fair value	$ 1,392,169	$ 708,307
Percentage of total investments	10.50%	5.50%

FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Minimum
FAIR VALUE
Right to withdraw period	1 month
Maximum
FAIR VALUE
Right to withdraw period	3 years
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 11,080,865	$ 11,768,099
Common stock and other equity securities	731,599	340,272
Partnership interests	1,392,169	708,307
Total investments, at fair value	13,204,633	12,816,678
Total assets, at fair value	13,207,533	12,816,678
Liabilities, at fair value
Derivative liabilities	(15,824)	(20,927)
Loan obligations of CLOs	(10,701,720)	(10,657,661)
Total liabilities, at fair value	$ (10,717,544)	(10,678,588)
Derivative liability, statement of financial position	Liabilities
Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	$ 2,900
Liabilities, at fair value
Derivative liabilities	(2,942)
Consolidated Funds \| Warrants
Liabilities, at fair value
Derivative liabilities	(9,326)	(17,822)
Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	(3,556)	(3,105)
Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	786,961	857,125
Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,280,522	9,910,689
Consolidated Funds \| Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	1,013,382	1,000,285
Level I \| Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	1,013,382	1,000,285
Common stock and other equity securities	719	956
Partnership interests	0	0
Total investments, at fair value	1,014,101
Total assets, at fair value	1,014,101	1,001,241
Liabilities, at fair value
Derivative liabilities	(9,326)	(17,822)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(9,326)	(17,822)
Level I \| Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Level I \| Consolidated Funds \| Warrants
Liabilities, at fair value
Derivative liabilities	(9,326)	(17,822)
Level I \| Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level I \| Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level I \| Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level I \| Consolidated Funds \| Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	1,013,382	1,000,285
Level II \| Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	9,197,815	10,024,862
Common stock and other equity securities	0	133
Partnership interests	0	0
Total investments, at fair value	9,197,815
Total assets, at fair value	9,200,715	10,024,995
Liabilities, at fair value
Derivative liabilities	(2,942)	0
Loan obligations of CLOs	(10,701,720)	(10,657,661)
Total liabilities, at fair value	(10,704,662)	(10,657,661)
Level II \| Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	2,900
Liabilities, at fair value
Derivative liabilities	(2,942)
Level II \| Consolidated Funds \| Warrants
Liabilities, at fair value
Derivative liabilities	0	0
Level II \| Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level II \| Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	534,137	525,393
Level II \| Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	8,663,678	9,499,469
Level II \| Consolidated Funds \| Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level III \| Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	869,668	742,952
Common stock and other equity securities	730,880	339,183
Partnership interests	368,655	238,673
Total investments, at fair value	1,969,203
Total assets, at fair value	1,969,203	1,320,808
Liabilities, at fair value
Derivative liabilities	(3,556)	(3,105)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(3,556)	(3,105)
Level III \| Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Level III \| Consolidated Funds \| Warrants
Liabilities, at fair value
Derivative liabilities	0	0
Level III \| Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	(3,556)	(3,105)
Level III \| Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	252,824	331,732
Level III \| Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	616,844	411,220
Level III \| Consolidated Funds \| Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Investments Measured at NAV \| Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income		0
Common stock and other equity securities	0	0
Partnership interests	1,023,514	469,634
Total investments, at fair value	1,023,514
Total assets, at fair value	1,023,514	469,634
Liabilities, at fair value
Derivative liabilities	0	0
Loan obligations of CLOs	0	0
Total liabilities, at fair value	0	0
Investments Measured at NAV \| Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Investments Measured at NAV \| Consolidated Funds \| Warrants
Liabilities, at fair value
Derivative liabilities	0	0
Investments Measured at NAV \| Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Investments Measured at NAV \| Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Investments Measured at NAV \| Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Investments Measured at NAV \| Consolidated Funds \| Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	198,807	110,389
Partnership interests	1,385	8,591
Total investments, at fair value	277,126	171,377
Total assets, at fair value	281,299	177,059
Liabilities, at fair value
Derivative liabilities		(328)
Contingent consideration		(57,435)
Total liabilities, at fair value	(3,423)	(57,763)
Ares Management L.P \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	4,173
Liabilities, at fair value
Derivative liabilities	(3,423)
Ares Management L.P \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		5,682
Ares Management L.P \| Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	76,934	52,397
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
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level I \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Ares Management L.P \| Level I \| Collateralized loan obligations and other fixed income
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	77,022	1,440
Partnership interests	0	0
Total investments, at fair value	77,022	1,440
Total assets, at fair value	81,195	7,122
Liabilities, at fair value
Derivative liabilities		(328)
Contingent consideration		0
Total liabilities, at fair value	(3,423)	(328)
Ares Management L.P \| Level II \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	4,173
Liabilities, at fair value
Derivative liabilities	(3,423)
Ares Management L.P \| Level II \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		5,682
Ares Management L.P \| Level II \| Collateralized loan obligations and other fixed income
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	121,785	108,949
Partnership interests	0	2,575
Total investments, at fair value	198,719	163,921
Total assets, at fair value	198,719	163,921
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration		(57,435)
Total liabilities, at fair value	0	(57,435)
Ares Management L.P \| Level III \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level III \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Ares Management L.P \| Level III \| Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	76,934	52,397
Ares Management L.P \| Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	1,385	6,016
Total investments, at fair value	1,385	6,016
Total assets, at fair value	1,385	6,016
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
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Investments Measured at NAV \| Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Ares Management L.P \| Investments Measured at NAV \| Collateralized loan obligations and other fixed income
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, 2022	Dec. 31, 2021
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,317,703	$ 996,266
Transfer in due to changes in consolidation		49,483
Transfer in	278,423	62,040
Transfer out	(202,333)	(214,939)
Purchases	1,115,434	1,038,460
Sales/settlements	(620,885)	(558,884)
Amortized discounts/premiums	1,605	1,683
Realized and unrealized appreciation(depreciation), net	75,700	42,560
Balance, end of period	1,965,647	1,317,703
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ 45,323	36,727
Level III Liabilities of the Company
Fair value recurring basis unobservable input reconciliation asset gain loss statement of other comprehensive income extensible list not disclosed	Net realized and unrealized gains (losses) on investments
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Net realized and unrealized gains (losses) on investments
Consolidated Funds \| Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 339,183	221,043
Transfer in due to changes in consolidation		157
Transfer in	0	2,195
Transfer out	0	(33)
Purchases	323,699	118,963
Sales/settlements	(31,932)	(1,180)
Amortized discounts/premiums	13	0
Realized and unrealized appreciation(depreciation), net	99,917	(1,648)
Balance, end of period	730,880	339,183
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	70,591	(848)
Consolidated Funds \| Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	742,952	542,306
Transfer in due to changes in consolidation		49,326
Transfer in	184,037	59,845
Transfer out	(202,333)	(214,906)
Purchases	732,477	904,497
Sales/settlements	(536,125)	(512,505)
Amortized discounts/premiums	1,592	1,683
Realized and unrealized appreciation(depreciation), net	(52,932)	11,358
Balance, end of period	869,668	742,952
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(54,058)	3,886
Consolidated Funds \| Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	238,673	231,857
Transfer in due to changes in consolidation		0
Transfer in	94,386	0
Transfer out	0	0
Purchases	59,258	15,000
Sales/settlements	(52,828)	(45,500)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation(depreciation), net	29,166	37,316
Balance, end of period	368,655	238,673
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	29,166	37,316
Consolidated Funds \| Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(3,105)	1,060
Transfer in due to changes in consolidation		0
Transfer in	0	0
Transfer out	0	0
Purchases	0	0
Sales/settlements	0	301
Amortized discounts/premiums	0	0
Realized and unrealized appreciation(depreciation), net	(451)	(4,466)
Balance, end of period	(3,556)	(3,105)
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(376)	(3,627)
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	106,486	144,336
Transfer in due to changes in consolidation	1,491	(7,623)
Established in connection with acquisition		(34,200)
Purchases	33,286	20,967
Sales/settlements	53,978	(13,290)
Change in fair value	(1,438)	(23,235)
Realized and unrealized appreciation(depreciation), net	4,916	4,285
Balance, end of period	198,719	106,486
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	7,018	(20,401)
Ares Management L.P \| Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	108,949	88,412
Transfer in due to changes in consolidation	1,491	0
Established in connection with acquisition		0
Purchases	894	19,278
Sales/settlements	68	0
Change in fair value	0	0
Realized and unrealized appreciation(depreciation), net	10,383	1,259
Balance, end of period	121,785	108,949
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	12,448	1,259
Ares Management L.P \| Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	52,397	53,349
Transfer in due to changes in consolidation	0	(7,623)
Established in connection with acquisition		0
Purchases	32,392	1,689
Sales/settlements	(2,425)	(13,290)
Change in fair value	0	0
Realized and unrealized appreciation(depreciation), net	(5,430)	3,026
Balance, end of period	76,934	52,397
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(5,430)	1,575
Ares Management L.P \| Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	2,575	2,575
Transfer in due to changes in consolidation	0	0
Established in connection with acquisition		0
Purchases	0	0
Sales/settlements	(2,538)	0
Change in fair value	0	0
Realized and unrealized appreciation(depreciation), net	(37)	0
Balance, end of period	0	2,575
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	0	0
Ares Management L.P \| Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period	(57,435)	0
Transfer in due to changes in consolidation	0	0
Established in connection with acquisition		(34,200)
Purchases	0	0
Sales/settlements	58,873	0
Change in fair value	(1,438)	(23,235)
Realized and unrealized appreciation (depreciation), net	0	0
Balance, end of period	0	(57,435)
Change in net unrealized appreciation and fair value included in earnings related to financial liabilities still held at the reporting date	$ 0	$ (23,235)

FAIR VALUE - Valuation Techniques (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Consolidated Funds
Assets
Equity securities	$ 731,599	$ 340,272
Partnership interests	1,392,169	708,307
Collateralized loan obligations	10,701,720	10,657,661
Other fixed income	11,080,865	11,768,099
Total assets, at fair value	13,207,533	12,816,678
Liabilities
Derivative instruments	(15,824)	(20,927)
Total liabilities, at fair value	(10,717,544)	(10,678,588)
Consolidated Funds \| Level III
Assets
Equity securities	730,880	339,183
Partnership interests	368,655	238,673
Collateralized loan obligations	0	0
Other fixed income	869,668	742,952
Total assets, at fair value	1,969,203	1,320,808
Liabilities
Derivative instruments	(3,556)	(3,105)
Total liabilities, at fair value	(3,556)	(3,105)
Consolidated Funds \| Level III \| Market approach
Assets
Equity securities		1,261
Other fixed income	125,612
Consolidated Funds \| Level III \| Market approach \| Multiple of book value
Assets
Equity securities	$ 290,258	$ 140,185
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Minimum
Significant Unobservable Input(s)
Equity securities	1.0	1.0
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Maximum
Significant Unobservable Input(s)
Equity securities	1.2	1.2
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Weighted Average
Significant Unobservable Input(s)
Equity securities	1.2	1.1
Consolidated Funds \| Level III \| Market approach \| Net income multiple
Significant Unobservable Input(s)
Equity securities	30.0
Consolidated Funds \| Level III \| Market approach \| Net income multiple \| Equity Securities One
Assets
Equity securities	$ 36,681
Consolidated Funds \| Level III \| Market approach \| Net income multiple \| Weighted Average
Significant Unobservable Input(s)
Equity securities	30.0
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple
Assets
Equity securities	$ 2,064
Other fixed income	$ 4,479
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Minimum
Significant Unobservable Input(s)
Equity securities	6.3	1.0
Fixed income investments	8.0
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Maximum
Significant Unobservable Input(s)
Equity securities	31.0	64.4
Fixed income investments	9.0
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Weighted Average
Significant Unobservable Input(s)
Equity securities	13.6	17.5
Fixed income investments	8.5
Consolidated Funds \| Level III \| Market approach \| Yield \| Minimum
Significant Unobservable Input(s)
Fixed income investments	0.066
Consolidated Funds \| Level III \| Market approach \| Yield \| Maximum
Significant Unobservable Input(s)
Fixed income investments	0.217
Consolidated Funds \| Level III \| Market approach \| Yield \| Weighted Average
Significant Unobservable Input(s)
Fixed income investments	0.128
Consolidated Funds \| Level III \| Transaction price
Assets
Equity securities		$ 74,041
Other fixed income	$ 6,155
Consolidated Funds \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Equity securities		11
Other fixed income	731,708	614,754
Liabilities
Derivative instruments	(3,556)
Consolidated Funds \| Level III \| Other
Assets
Equity securities	648
Other fixed income	1,714
Consolidated Funds \| Level III \| Discounted cash flow
Assets
Equity securities	401,229	123,685
Partnership interests	$ 368,655	$ 238,673
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rates
Significant Unobservable Input(s)
Equity securities		0.200
Partnership interest		0.234
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rates \| Minimum
Significant Unobservable Input(s)
Equity securities	0.080
Partnership interest	0.103
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rates \| Maximum
Significant Unobservable Input(s)
Equity securities	0.180
Partnership interest	0.220
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rates \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.120	0.200
Partnership interest	0.189	0.234
Consolidated Funds \| Level III \| Income approach
Assets
Other fixed income		$ 128,198
Consolidated Funds \| Level III \| Income approach \| Yield \| Minimum
Significant Unobservable Input(s)
Fixed income investments		3.5
Consolidated Funds \| Level III \| Income approach \| Yield \| Maximum
Significant Unobservable Input(s)
Fixed income investments		16.2
Consolidated Funds \| Level III \| Income approach \| Yield \| Weighted Average
Significant Unobservable Input(s)
Fixed income investments		6.7
Ares Management L.P
Assets
Equity securities	$ 198,807	$ 110,389
Partnership interests	1,385	8,591
Total assets, at fair value	281,299	177,059
Liabilities
Contingent consideration		(57,435)
Derivative instruments		(328)
Total liabilities, at fair value	(3,423)	(57,763)
Ares Management L.P \| Level III
Assets
Equity securities	121,785	108,949
Partnership interests	0	2,575
Total assets, at fair value	198,719	163,921
Liabilities
Contingent consideration		(57,435)
Derivative instruments		0
Total liabilities, at fair value	0	(57,435)
Ares Management L.P \| Level III \| Market approach
Assets
Equity securities		$ 43,649
Ares Management L.P \| Level III \| Market approach \| Equity Securities One
Assets
Equity securities	62,129
Ares Management L.P \| Level III \| Market approach \| Equity Securities Two
Assets
Equity securities	$ 44,166
Ares Management L.P \| Level III \| Market approach \| Multiple of book value
Significant Unobservable Input(s)
Equity securities		1.4
Ares Management L.P \| Level III \| Market approach \| Multiple of book value \| Equity Securities One
Significant Unobservable Input(s)
Equity securities	3.2
Ares Management L.P \| Level III \| Market approach \| Multiple of book value \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities	1.3
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 \| Market approach \| Multiple of book value \| Weighted Average \| Equity Securities One
Significant Unobservable Input(s)
Equity securities	3.2
Ares Management L.P \| Level III \| Market approach \| Multiple of book value \| Weighted Average \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities	1.3
Ares Management L.P \| Level III \| Transaction price
Assets
Equity securities	$ 15,490	$ 14,610
Other fixed income	30,189
Ares Management L.P \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	25,163	30,815
Ares Management L.P \| Level III \| Other
Assets
Partnership interests		2,575
Other fixed income	$ 21,582	21,582
Liabilities
Contingent consideration		(47,873)
Ares Management L.P \| Level III \| Discounted cash flow
Assets
Equity securities		$ 50,690
Ares Management L.P \| Level III \| Discounted cash flow \| Discount rates \| Minimum
Significant Unobservable Input(s)
Equity securities		0.140
Ares Management L.P \| Level III \| Discounted cash flow \| Discount rates \| Maximum
Significant Unobservable Input(s)
Equity securities		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 \| 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		0.180
Ares Management L.P \| Level III \| Monte Carlo simulation \| Volatility \| Weighted Average
Significant Unobservable Input(s)
Contingent consideration		0.180

FAIR VALUE - Investments Using NAV per Share (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Consolidated Funds
FAIR VALUE
Fair value	$ 1,392,169,000	$ 708,307,000
Investments Measured at NAV \| Consolidated Funds
FAIR VALUE
Fair value	1,023,514,000	469,634,000
Investments Measured at NAV \| Non-core investments
FAIR VALUE
Fair value	1,400,000	6,000,000
Unfunded commitments	0	0
Investments Measured at NAV \| Non-core investments \| Consolidated Funds
FAIR VALUE
Fair value	1,023,500,000	469,600,000
Unfunded commitments	$ 869,000,000	$ 1,200,000,000

DEBT - Debt Obligations (Details) - Ares Management L.P - USD ($)	1 Months Ended				12 Months Ended
	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Dec. 31, 2022	Jul. 06, 2022	Mar. 31, 2022	Mar. 30, 2022	Dec. 31, 2021
DEBT
Carrying Value					$ 2,273,854,000				$ 1,503,709,000
Credit Facility
DEBT
Carrying Value					$ 700,000,000				$ 415,000,000
Interest Rate					5.37%				1.25%
Maximum borrowing capacity						$ 1,325,000,000	$ 1,275,000,000	$ 1,090,000,000.00
Accordion feature							$ 375,000,000
Unused commitment fees					0.10%
Interest rate					0.00%
Credit Facility \| SOFR
DEBT
Interest rate spread					1.00%
Senior Notes 2024
DEBT
Original Borrowing Amount					$ 250,000,000
Carrying Value					$ 248,693,000				$ 247,979,000
Interest Rate					4.21%				4.21%
Debt issuance rate				98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount					$ 400,000,000
Carrying Value					$ 396,602,000				$ 396,156,000
Interest Rate					3.28%				3.28%
Debt issuance rate			99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount					$ 500,000,000
Carrying Value					$ 483,802,000				$ 0
Interest Rate					3.77%				0.00%
Debt issuance rate	97.78%
Subordinated Notes 2051
DEBT
Original Borrowing Amount					$ 450,000,000
Carrying Value					$ 444,757,000				$ 444,574,000
Interest Rate					4.13%				4.13%
Interest rate		4.125%
Debt term		5 years
Subordinated Notes 2051 \| US Treasury
DEBT
Interest rate		3.237%

DEBT - Debt Issuance Costs (Details) - Ares Management L.P - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 5,274	$ 5,232
Debt issuance costs incurred	1,516	1,282
Amortization of debt issuance costs	(1,280)	(1,240)
Unamortized debt issuance costs, ending balance	5,510	5,274
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	3,689	4,283
Debt issuance costs incurred	5,482	0
Amortization of debt issuance costs	(778)	(594)
Unamortized debt issuance costs, ending balance	8,393	3,689
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,426	0
Debt issuance costs incurred	0	5,518
Amortization of debt issuance costs	(183)	(92)
Unamortized debt issuance costs, ending balance	$ 5,243	$ 5,426

DEBT - Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
DEBT
Fair Value of Loan Obligations	$ 10,701,720	$ 10,657,661
Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	10,701,720	10,657,661
Senior secured notes \| Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 10,142,545	$ 10,016,638
Weighted Average Interest Rate	4.84%	1.93%
Weighted Average Remaining Maturity (in years)	8 years 9 months 18 days	9 years 4 months 24 days
Subordinated notes \| Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 559,175	$ 641,023
Weighted Average Remaining Maturity (in years)	7 years 9 months 18 days	8 years 1 month 6 days

DEBT - Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds - USD ($)	Dec. 31, 2022	Dec. 31, 2021
DEBT
Total borrowings of Consolidated Funds	$ 168,046,000	$ 127,771,000
Credit Facility Maturing 10/13/2022
DEBT
Total Capacity	112,817,000
Outstanding loan	$ 77,496,000	$ 71,500,000
Effective Rate	5.89%	1.59%
Credit Facility Maturing 7/1/2023
DEBT
Total Capacity	$ 18,000,000
Outstanding loan	$ 15,550,000	$ 16,271,000
Effective Rate	6.25%	1.73%
Credit Facility Maturing 7/23/2024
DEBT
Total Capacity	$ 100,000,000
Outstanding loan	$ 75,000,000	$ 40,000,000
Effective Rate	7.28%	309.00%
Credit Facility Maturing 9/24/2026
DEBT
Total Capacity	$ 150,000,000
Outstanding loan	0	$ 0
Credit Facility Maturing 9/12/2027
DEBT
Total Capacity	54,000,000
Outstanding loan	$ 0

OTHER ASSETS - Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Consolidated Funds
Other Assets [Line Items]
Dividends and interest receivable	$ 60,321	$ 36,350
Income tax and other receivables	5,249	3,080
Total other assets	65,570	39,430
Ares Management L.P
Other Assets [Line Items]
Accounts and interest receivable	120,903	159,757
Fixed assets, net	79,678	71,260
Deferred tax assets, net	68,933	39,398
Other assets	111,623	64,340
Total other assets	$ 381,137	$ 334,755

OTHER ASSETS - Fixed Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation	$ 26,200	$ 22,100	$ 19,000
Fully depreciated fixed assets disposed	10,000
Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	183,567	159,688
Less: accumulated depreciation	(103,889)	(88,428)
Fixed assets, net	79,678	71,260
Office and computer equipment \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	41,547	31,963
Internal-use software \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	57,200	53,048
Leasehold improvements \| Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 84,820	$ 74,677

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	12 Months Ended
COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Dec. 31, 2022 USD ($) infrastructureDebtFund	Dec. 31, 2021 USD ($)	Feb. 10, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 677,900,000	$ 677,300,000
Maximum exposure from guarantees	$ 31,500,000	209,700,000
Percent of the contingent liability requiring continued service	96.00%
Percent of the contingent liability not requiring continued service	4.00%
Recognition period	4 years
Performance Income
Carried interest, contingent repayment obligations	$ 0	0
Performance income
Performance Income
Performance income subject to potential clawback provision	128,400,000	194,600,000
Performance income subject to potential claw back provision that are reimbursable by professionals	101,000,000	153,300,000
Ares Management L.P
COMMITMENTS AND CONTINGENCIES
Accrued compensation		57,435,000
Ares Management L.P \| Contingent Consideration
COMMITMENTS AND CONTINGENCIES
Other expense	1,400,000	4,000,000
Landmark Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	300,000,000
Compensation expense	36,700,000
Black Creek Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	275,000,000
Compensation expense	218,100,000	45,900,000
Accrued compensation	248,000,000	45,900,000
Black Creek Acquisition \| Contingency Subject To Continued Service Requirement
COMMITMENTS AND CONTINGENCIES
Fair value of contingent liability		229,500,000
Black Creek Acquisition \| Contingency Not Subject To Continued Service Requirement
COMMITMENTS AND CONTINGENCIES
Fair value of contingent liability		$ 9,600,000
Infrastructure Debt Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	15,000,000		$ 48,500,000
Compensation expense	$ 2,200,000
Business combination, percentage	15.00%
Business combination equity awards percentage	85.00%
Estimated fair value of the contingent consideration liability	$ 13,500,000
Infrastructure Debt Acquisition \| Revenue Target
COMMITMENTS AND CONTINGENCIES
Compensation expense	$ 7,000,000
Number of infrastructure debt funds revenue targets achieved \| infrastructureDebtFund	1
Contingent liability recognized	$ 21,800,000

COMMITMENTS AND CONTINGENCIES - Leases: Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 190,616
Finance lease obligations	330
Accumulated amortization	$ 2,100	$ 1,600
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	$ 155,950	$ 167,652
Finance lease assets	400	1,011
Total lease assets	156,350	168,663
Operating lease liabilities	190,616	205,075
Finance lease obligations	330	936
Total lease liabilities	$ 190,946	$ 206,011
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	11 years

COMMITMENTS AND CONTINGENCIES - Leases: Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 46,532
2024	42,716
2025	37,242
2026	25,198
2027	15,864
Thereafter	36,077
Total future payments	203,629
Less: interest	13,013
Operating lease liabilities	190,616
Finance Leases
2023	167
2024	162
2025	11
2026	0
2027	0
Thereafter	0
Total future payments	340
Less: interest	10
Total lease liabilities	$ 330

COMMITMENTS AND CONTINGENCIES - Leases: Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 42,746	$ 38,135	$ 31,713
Amortization of finance lease assets	633	561	469
Interest on finance lease liabilities	14	27	43
Total lease expense	$ 43,393	$ 38,723	$ 32,225

COMMITMENTS AND CONTINGENCIES - Leases: Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 46,558	$ 37,500	$ 32,121
Operating cash flows for finance leases	21	39	53
Financing cash flows for finance leases	593	535	460
Leased assets obtained in exchange for new finance lease liabilities	13	189	0
Leased assets obtained in exchange for new operating lease liabilities	$ 43,331	$ 57,624	$ 36,935

COMMITMENTS AND CONTINGENCIES - Leases: Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted-average remaining lease terms (in years):
Operating leases	5 years 6 months	6 years
Finance leases	2 years 1 month 6 days	1 year 9 months 18 days
Weighted-average discount rate:
Operating leases	2.72%	1.81%
Finance leases	2.99%	2.94%

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 15,789	$ 7,234
Due to affiliates:
Due to affiliates	4,037	0
Consolidated Funds \| Affiliated entity
Due from affiliates:
Due from affiliates	15,789	7,234
Due to affiliates:
Due to affiliates	4,037	0
Amounts due to portfolio companies and non-consolidated funds	4,037	0
Ares Management L.P
Due from affiliates:
Due from affiliates	758,472	670,383
Due to affiliates:
Due to affiliates	252,798	198,553
Ares Management L.P \| Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds	456,314	372,249
Incentive fee receivable from non-consolidated funds	169,979	211,243
Payments made on behalf of and amounts due from non-consolidated funds and employees	132,179	86,891
Due from affiliates	758,472	670,383
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	8,701	10,160
Tax receivable agreement liability	118,466	100,542
Undistributed carried interest and incentive fees	121,332	66,494
Payments made by non-consolidated funds on behalf of and payable by the Company	4,299	21,357
Due to affiliates	$ 252,798	$ 198,553

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Income tax expense	$ 64,516	$ 64,754	$ 39,818
Deferred:
Total deferred income tax expense (benefit)	7,375	82,631	15,175
Total:
Income tax expense (benefit)	71,891	147,385	54,993
Consolidated Funds
Current:
Foreign income tax expense	331	88	118
Income tax expense	331	88	118
Ares Management L.P
Current:
U.S. federal income tax expense	42,452	40,861	23,845
State and local income tax expense	7,614	12,121	6,714
Foreign income tax expense	14,119	11,684	9,141
Income tax expense	64,185	64,666	39,700
Deferred:
U.S. federal income tax expense	10,660	68,201	12,451
State and local income tax expense	2,131	13,040	1,952
Foreign income tax expense (benefit)	(5,416)	1,390	772
Total deferred income tax expense (benefit)	7,375	82,631	15,175
Total:
U.S. federal income tax expense	53,112	109,062	36,296
State and local income tax expense	9,745	25,161	8,666
Foreign income tax expense	8,703	13,074	9,913
Income tax expense (benefit)	$ 71,560	$ 147,297	$ 54,875

INCOME TAXES - Effective Income Tax Rate (Details)	12 Months Ended
INCOME TAXES - Effective Income Tax Rate (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	21.00%	21.00%	21.00%
Income passed through to non-controlling interests	(8.90%)	(9.20%)	(8.20%)
State and local taxes, net of federal benefit	2.20%	1.90%	1.80%
Foreign taxes	(1.40%)	(0.10%)	0.30%
Permanent items	0.60%	(0.30%)	(0.50%)
Disallowed executive compensation	0.10%	0.70%	0.00%
Other, net	0.30%	(0.20%)	(0.20%)
Valuation allowance	0.20%	0.00%	0.30%
Total effective rate	14.10%	13.80%	14.50%

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Valuation allowance	$ (2,200)	$ (1,000)
Ares Management L.P
Deferred tax assets
Amortizable tax basis for AOG Unit exchanges	124,217	108,644
Net operating losses and capital loss carryforwards	2,192	1,292
Other, net	6,089	6,101
Total gross deferred tax assets	132,498	116,037
Valuation allowance	(2,155)	(1,010)
Total net deferred tax assets	130,343	115,027
Deferred tax liabilities
Investment in partnerships	(61,410)	(75,629)
Total deferred tax liabilities	(61,410)	(75,629)
Deferred tax assets, net	$ 68,933	$ 39,398

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Valuation allowance	$ 2,200,000	$ 1,000,000
Unrecognized tax	$ 0	$ 0	$ 0

EARNINGS PER SHARE - Antidilutive Securities Excluded (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOG Units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)			115,126,565
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	132	16,599
AOG Units \| AOG Units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	116,226,798

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Dec. 16, 2022	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
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					$ 167,541	$ 386,748	$ 130,442
Distributions on unvested restricted units					(14,096)	(10,986)	(10,454)
Undistributed earnings allocable to participating unvested restricted units					0	(7,138)	0
Net income available to Class A and non-voting common stockholders					153,445	368,624	119,988
Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders					167,541	386,748	130,442
Distributions on unvested restricted units					(14,096)	0	0
Net income available to Class A and non-voting common stockholders					$ 153,445	$ 386,748	$ 130,442
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61	$ 0.61
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)					0	11,209,144	9,207,639
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)					0	5,199,501	5,235,423
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)					175,510,798	163,703,626	135,065,436
Basic earnings per share of Class A and non-voting common stock (in dollars per share)					$ 0.87	$ 2.24	$ 0.89
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)					175,510,798	180,112,271	149,508,498
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)					$ 0.87	$ 2.15	$ 0.87
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)					$ 2.44	$ 1.88	$ 1.60
Non-voting 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)					175,510,798	163,703,626	135,065,436
Basic earnings per share of Class A and non-voting common stock (in dollars per share)					$ 0.87	$ 2.24	$ 0.89
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)					175,510,798	180,112,271	149,508,498
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)					$ 0.87	$ 2.15	$ 0.87
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)					$ 2.44	$ 1.88	$ 1.60

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022
Equity compensation
Equity-based compensation expense	$ 200,391	$ 237,191	$ 122,986
Restricted units
Equity compensation
Equity-based compensation expense	200,391	170,980	115,680
Restricted units with a market condition
Equity compensation
Equity-based compensation expense	0	66,211	7,263
Options
Equity compensation
Equity-based compensation expense	$ 0	$ 0	$ 43
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	44,488,640			49,293,000

EQUITY COMPENSATION - Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended	12 Months Ended
	Dec. 16, 2022	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity compensation
Dividend declared and paid per class A common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61	$ 0.61
Distribution equivalents made to holders						$ 31.8
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)						3,100,000	4,500,000
Dividend declared and paid per class A common stock (in dollars per share)						$ 2.44	$ 1.88	$ 1.60
Restricted units
Equity compensation
Shares delivered in period (in shares)						5,500,000	8,300,000
Restricted Units
Balance at the beginning of the period (in shares)					18,323,036	18,323,036
Granted (in shares)						4,142,621
Vested (in shares)						(5,524,397)
Forfeited (in shares)						(278,261)
Balance at the end of the period (in shares)						16,662,999	18,323,036
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share)					$ 36.43	$ 36.43
Granted (in dollars per share)						74.62
Vested (in dollars per share)						27.16
Forfeited (in dollars per share)						50.95
Balance at the end of the period (in dollars per share)						$ 48.76	$ 36.43
Unrecognized compensation expenses						$ 545.4
Weighted average period of compensation expense expected to be recognized						3 years 4 months 24 days
Restricted units \| Senior executives
Equity compensation
Annual award vesting percentage					25.00%

EQUITY COMPENSATION - Summary Of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Options
Exercised (in shares)	(1,123,509)
Aggregate Intrinsic Value
Net cash proceeds from exercises of stock options	$ 21,200
Options
Equity compensation
Shares purchased (in shares)	1
Term of option	10 years
Options
Balance at the beginning of the period (in shares)	6,306,282
Granted (in shares)	0
Exercised (in shares)	(1,136,063)
Expired (in shares)	0
Forfeited (in shares)	0
Balance at the end of the period (in shares)	5,170,219	6,306,282
Options, Exercisable at the end of the period (in shares)	5,170,219
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per shares)	$ 19.00
Granted (in dollars per shares)	0
Exercised (in dollars per shares)	19.00
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	$ 19.00
Weighted average exercise price, Exercisable at the end of the period (in dollars per shares)	$ 19.00
Weighted Average Remaining Life (in years)
Weighted average remaining life	1 year 3 months 18 days	2 years 3 months 18 days
Exercisable at the end of the period	1 year 3 months 18 days
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 255,616	$ 392,692
Exercisable	255,616
Tax benefits of exercises	$ 9,100

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	290,451,548
Stock option exercises, net of shares withheld for tax (in shares)	1,123,509
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	3,068,313
Ending balance (in shares)	294,614,235	290,451,548
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	0
Redemptions of AOG Units (in shares)	(25,000)
Cancellation of AOG Units (in shares)	(4,135)
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number of votes per share \| vote	1
Authorized amount \| $	$ 150
Shares repurchased (in shares)	0	0	0
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	168,351,305
Stock option exercises, net of shares withheld for tax (in shares)	1,123,509
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	3,068,313
Ending balance (in shares)	173,892,036	168,351,305
Class A Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	1,348,909
Redemptions of AOG Units (in shares)	0
Cancellation of AOG Units (in shares)	0
Non-voting Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (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	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
Cancellation of AOG Units (in shares)	0
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Number votes per share, mulitplier \| vote	4
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	1,000
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	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
Cancellation of AOG Units (in shares)	0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.01	$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	118,609,332
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)	117,231,288	118,609,332
Class C Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	(1,348,909)
Redemptions of AOG Units (in shares)	(25,000)
Cancellation of AOG Units (in shares)	(4,135)

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
AOG units (in shares)	294,613,235	290,450,548
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)	117,231,288	118,609,332
Ares Owners Holdings, L.P. \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	39.79%	40.84%
Daily Average Ownership	40.24%	41.52%	46.02%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	177,381,947	171,841,216
Ares Operating Group \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	60.21%	59.16%
Daily Average Ownership	59.76%	58.48%	53.98%

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 96,008	$ 100,366
Net loss	$ (976)	(851)	(1,341)
Currency translation adjustment, net of tax	1,538	(426)	(627)
Distribution		(1,887)	(2,390)
Equity compensation		285
Ending balance	93,129	93,129	96,008
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		1,000,000	0
Change in redemption value		13,282	1,000,000
Ending balance	$ 1,013,282	$ 1,013,282	$ 1,000,000

- 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, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment reporting
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Compensation and benefits	(1,498,590)	(1,162,633)	(767,252)
General, administrative and other expenses	(695,256)	(444,178)	(258,999)
Total
Segment reporting
Compensation and benefits	(1,172,504)	(894,842)	(626,172)
General, administrative and other expenses	(319,661)	(215,777)	(172,097)
Fee related earnings	994,350	712,308	431,231
Performance income—realized	418,021	474,427	524,229
Performance related compensation—realized	(274,541)	(328,583)	(399,462)
Realized net performance income	143,480	145,844	124,767
Investment income (loss)—realized	14,449	15,967	24,252
Interest and other investment income (expense)—realized	50,104	45,578	26,614
Interest expense	(71,356)	(36,760)	(24,908)
Realized net investment income (loss)	(6,803)	24,785	25,958
Realized income	1,131,027	882,937	581,956
Operating segment
Segment reporting
Fee related earnings	(1,442,234)	(1,031,200)	(667,988)
Performance income—realized	418,021	474,427	524,229
Performance related compensation—realized	(274,541)	(328,583)	(399,462)
Realized net investment income (loss)	(4,494)	25,095	33,730
Realized income	(1,581,220)	(1,202,139)	(826,485)
OMG
Segment reporting
Total revenues	(24,354)	(8,478)	0
Compensation and benefits	(317,396)	(226,725)	(155,979)
General, administrative and other expenses	(155,017)	(100,645)	(80,778)
Fee related earnings	(447,884)	(318,892)	(236,757)
Performance income—realized	0	0	0
Performance related compensation—realized	0	0	0
Realized net performance income	0	0	0
Investment income (loss)—realized	(37)	0	(5,698)
Interest and other investment income (expense)—realized	(1,588)	226	(739)
Interest expense	(684)	(536)	(1,335)
Realized net investment income (loss)	(2,309)	(310)	(7,772)
Realized income	(450,193)	(319,202)	(244,529)
Ares Management L.P
Segment reporting
Total revenues	3,055,443	4,212,091	1,764,046
Ares Management L.P \| Operating segment
Segment reporting
Compensation and benefits	(855,108)	(668,117)	(470,193)
General, administrative and other expenses	(164,644)	(115,132)	(91,319)
Fee related earnings	1,442,234	1,031,200	667,988
Performance income—realized	418,021	474,427	524,229
Performance related compensation—realized	(274,541)	(328,583)	(399,462)
Realized net performance income	143,480	145,844	124,767
Investment income (loss)—realized	14,486	15,967	29,950
Interest and other investment income (expense)—realized	51,692	45,352	27,353
Interest expense	(70,672)	(36,224)	(23,573)
Realized net investment income (loss)	(4,494)	25,095	33,730
Realized income	1,581,220	1,202,139	826,485
Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Compensation and benefits	(441,778)	(410,394)	(320,111)
General, administrative and other expenses	(73,945)	(54,686)	(53,997)
Fee related earnings	943,694	719,111	507,834
Performance income—realized	156,784	207,446	70,148
Performance related compensation—realized	(97,564)	(131,900)	(44,582)
Realized net performance income	59,220	75,546	25,566
Investment income (loss)—realized	7,071	1,989	(2,309)
Interest and other investment income (expense)—realized	26,567	20,377	16,314
Interest expense	(15,395)	(8,038)	(8,722)
Realized net investment income (loss)	18,243	14,328	5,283
Realized income	1,021,157	808,985	538,683
Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Compensation and benefits	(86,561)	(78,156)	(77,266)
General, administrative and other expenses	(30,697)	(21,625)	(20,460)
Fee related earnings	84,467	83,207	84,265
Performance income—realized	123,806	171,637	392,635
Performance related compensation—realized	(90,300)	(137,576)	(315,905)
Realized net performance income	33,506	34,061	76,730
Investment income (loss)—realized	3,432	(3,754)	25,018
Interest and other investment income (expense)—realized	2,546	11,514	4,027
Interest expense	(15,953)	(7,925)	(7,055)
Realized net investment income (loss)	(9,975)	(165)	21,990
Realized income	107,998	117,103	182,985
Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Compensation and benefits	(240,015)	(127,679)	(66,374)
General, administrative and other expenses	(39,739)	(24,181)	(13,936)
Fee related earnings	271,626	130,779	58,518
Performance income—realized	133,130	95,270	61,446
Performance related compensation—realized	(83,105)	(59,056)	(38,975)
Realized net performance income	50,025	36,214	22,471
Investment income (loss)—realized	3,115	17,700	7,228
Interest and other investment income (expense)—realized	9,045	7,252	6,016
Interest expense	(11,346)	(6,394)	(6,331)
Realized net investment income (loss)	814	18,558	6,913
Realized income	322,465	185,551	87,902
Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Compensation and benefits	(53,743)	(25,215)	0
General, administrative and other expenses	(12,685)	(6,862)	0
Fee related earnings	110,501	65,868	0
Performance income—realized	4,156	70	0
Performance related compensation—realized	(3,515)	(49)	0
Realized net performance income	641	21	0
Investment income (loss)—realized	0	19	0
Interest and other investment income (expense)—realized	3,683	2,261	0
Interest expense	(5,660)	(836)	0
Realized net investment income (loss)	(1,977)	1,444	0
Realized income	109,165	67,333	0
Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Compensation and benefits	(33,011)	(26,673)	(6,442)
General, administrative and other expenses	(7,578)	(7,778)	(2,926)
Fee related earnings	31,946	32,235	17,371
Performance income—realized	145	4	0
Performance related compensation—realized	(57)	(2)	0
Realized net performance income	88	2	0
Investment income (loss)—realized	868	13	13
Interest and other investment income (expense)—realized	9,851	3,948	996
Interest expense	(22,318)	(13,031)	(1,465)
Realized net investment income (loss)	(11,599)	(9,070)	(456)
Realized income	20,435	23,167	16,915
Management fees
Segment reporting
Total revenues	2,136,433	1,611,047	1,150,608
Management fees \| Total
Segment reporting
Total revenues	2,152,528	1,635,277	1,186,565
Management fees \| OMG
Segment reporting
Total revenues	0	0	0
Management fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	2,152,528	1,635,277	1,186,565
Management fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	1,355,975	1,070,608	841,138
Management fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	199,837	181,918	181,813
Management fees \| Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Total revenues	347,808	218,202	137,027
Management fees \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	176,694	97,945	0
Management fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	72,214	66,604	26,587
Fee related performance revenues \| Total
Segment reporting
Total revenues	239,425	137,879	22,987
Fee related performance revenues \| OMG
Segment reporting
Total revenues	0	0	0
Fee related performance revenues \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	239,425	137,879	22,987
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	71,497	86,480	22,160
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 Assets Group
Segment reporting
Total revenues	167,693	51,399	827
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	235	0	0
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	0	0	0
Other fees \| Total
Segment reporting
Total revenues	94,562	49,771	19,948
Other fees \| OMG
Segment reporting
Total revenues	24,529	8,478	0
Other fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	70,033	41,293	19,948
Other fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	31,945	27,103	18,644
Other fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	1,888	1,070	178
Other fees \| Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Total revenues	35,879	13,038	974
Other fees \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	0	0	0
Other fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	$ 321	$ 82	$ 152

SEGMENT REPORTING - Revenue, Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment revenues
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Total segment revenues	2,880,007	2,288,876	1,753,729
Segment expenses
Compensation and benefits	1,498,590	1,162,633	767,252
General, administrative and other expenses	695,256	444,178	258,999
Total expenses	2,749,085	3,410,083	1,450,486
Segment realized net investment income (expense)
Total other income (expense), net	204,448	263,682	65,918
Management fees
Segment revenues
Total revenues	2,136,433	1,611,047	1,150,608
Operating segment
Segment revenues
Performance income—realized	418,021	474,427	524,229
Segment expenses
Performance related compensation—realized	274,541	328,583	399,462
Ares Management L.P
Segment revenues
Total revenues	3,055,443	4,212,091	1,764,046
Ares Management L.P \| Operating segment
Segment revenues
Performance income—realized	418,021	474,427	524,229
Total segment revenues	2,880,007	2,288,876	1,753,729
Segment expenses
Compensation and benefits	855,108	668,117	470,193
General, administrative and other expenses	164,644	115,132	91,319
Performance related compensation—realized	274,541	328,583	399,462
Total expenses	1,294,293	1,111,832	960,974
Segment realized net investment income (expense)
Investment income—realized	14,486	15,967	29,950
Interest and other investment income —realized	51,692	45,352	27,353
Interest expense	(70,672)	(36,224)	(23,573)
Total other income (expense), net	(4,494)	25,095	33,730
Ares Management L.P \| Operating segment \| Management fees
Segment revenues
Total revenues	2,152,528	1,635,277	1,186,565
Ares Management L.P \| Operating segment \| Fee related performance revenues
Segment revenues
Total revenues	239,425	137,879	22,987
Ares Management L.P \| Operating segment \| Other fees
Segment revenues
Total revenues	$ 70,033	$ 41,293	$ 19,948

SEGMENT REPORTING - Revenue Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue adjustment
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Total segment revenue	2,880,007	2,288,876	1,753,729
Ares Management L.P
Revenue adjustment
Total revenues	3,055,443	4,212,091	1,764,046
Operating segment
Revenue adjustment
Acquisition-related incentive fees	0	(47,873)	0
Operating segment \| Ares Management L.P
Revenue adjustment
Performance (income) loss—unrealized	(107,153)	(1,744,056)	7,554
Total segment revenue	2,880,007	2,288,876	1,753,729
Reconciling items
Revenue adjustment
Acquisition-related incentive fees	0	(47,873)	0
Principal investment income, net of eliminations	(48,223)	(120,896)	(4,044)
Total segment revenue	(175,436)	(1,923,215)	(10,317)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Revenue adjustment
Total segment revenue	(37,089)	(30,423)	(10,314)
Reconciling items \| Performance income reclass
Revenue adjustment
Performance income reclass	(14)	1,434	(3,726)
OMG
Revenue adjustment
Total revenues	(24,354)	(8,478)	0
Management fees
Revenue adjustment
Total revenues	2,136,433	1,611,047	1,150,608
Management fees \| Operating segment \| Ares Management L.P
Revenue adjustment
Total revenues	2,152,528	1,635,277	1,186,565
Management fees \| OMG
Revenue adjustment
Total revenues	0	0	0
Management fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total segment revenue	46,324	44,896	45,268
Incentive fees
Revenue adjustment
Total revenues	301,187	332,876	37,902
Incentive fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	3,980	5,458	141
Administrative, transaction and other fees
Revenue adjustment
Total revenues	147,532	95,184	41,376
Administrative, transaction and other fees \| Reconciling items
Revenue adjustment
Total revenues	(69,414)	(49,223)	(36,512)
Administrative, transaction and other fees \| Consolidated Funds \| Reconciling items
Revenue adjustment
Total revenues	17,013	4,483	15,824
Principal investment income
Revenue adjustment
Total revenues	12,279	99,433	28,552
Principal investment income \| Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	(12,278)	(99,433)	(28,552)
Carried interest
Revenue adjustment
Total revenues	458,012	2,073,551	505,608
Carried interest \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	$ 7,549	$ 0	$ 0

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ 2,749,085	$ 3,410,083	$ 1,450,486
Equity compensation expense	200,391	237,191	122,986
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(15,197)	(21,162)	(11,194)
Equity compensation expense	198,948	237,191	122,986
Acquisition-related compensation expense	(206,252)	(66,893)	0
Placement fee adjustment	2,088	78,883	19,329
Depreciation and amortization expense	335,083	106,705	40,662
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	1,294,293	1,111,832	960,974
Performance related compensation-unrealized	(88,502)	(1,316,205)	11,552
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	2,749,085	3,410,083	1,450,486
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(1,454,792)	(2,298,251)	(489,512)
Administrative fees	(68,255)	(49,223)	(36,512)
Acquisition and merger-related expense	(15,197)	(21,162)	(11,124)
Equity compensation expense	(200,106)	(237,191)	(122,986)
Acquisition-related compensation expense	(206,252)	(66,893)	0
Placement fee adjustment	(2,088)	(78,883)	(19,329)
Depreciation and amortization expense	(335,083)	(106,705)	(40,662)
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(30,741)	(32,133)	(13,575)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(86,988)	(113,024)	(65,527)
Expenses of Consolidated Funds eliminated in consolidation	50,833	50,538	45,408
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ 472,413	$ 327,370	$ 236,757

SEGMENT REPORTING - Other Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 204,448	$ 263,682	$ 65,918
Other income, net	13,119	14,402	11,291
Total segment realized net investment income (expense)	(4,494)	25,095	33,730
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense, net	0	31,070	0
Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense, net	33,822	35,879	34,297
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	(12,834)	(52,445)	35,183
Other (income) expense, net	(1,874)	19,886	(10,207)
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(4,494)	25,095	33,730
Investment (income) loss—unrealized	12,769	(58,694)	47,317
Interest and other investment (income) loss—unrealized	(25,603)	6,249	(12,134)
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	204,448	263,682	65,918
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(208,942)	(238,587)	(32,188)
Principal investment income	48,223	120,896	4,044
Other (income) expense, net	1,873	(19,886)	10,277
Reconciling items \| Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance income reclass	14	(1,434)	3,726
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	5,991	(25,107)	556
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds added in consolidation, net	(250,144)	(256,375)	(70,994)
Eliminations \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net	(16,484)	(2,868)	(14,053)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ (14,419)	$ 1,368	$ 927

SEGMENT REPORTING - Reconciliation of Income Before Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Adjustments:
Equity compensation expense	$ 200,391	$ 237,191	$ 122,986
Black Creek Acquisition
Adjustments:
Performance income realized, percentage		1
Performance income realized, unconsolidated basis, percentage		0.50
Consolidated Funds
Adjustments:
Other (income) expense, net	(33,822)	$ (35,879)	(34,297)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	119,333	120,369	28,085
Total investment income—realized	(586,529)	(437,818)	(463,652)
Operating segment
Economic net income
Income before taxes	510,806	1,065,690	379,478
Adjustments:
Depreciation and amortization expense	335,083	106,705	40,662
Equity compensation expense	198,948	237,191	122,986
Acquisition-related compensation expense	206,252	66,893	0
Acquisition-related incentive fees	0	(47,873)	0
Acquisition and merger-related expense	15,197	21,162	11,194
Placement fee adjustment	2,088	78,883	19,329
Other (income) expense, net	1,874	(19,886)	10,207
Total performance (income) loss—unrealized	(107,153)	(1,744,056)	7,554
Total performance related compensation—unrealized	88,502	1,316,205	(11,552)
Investment (income) loss—unrealized	(12,834)	(52,445)	35,183
Realized income	1,581,220	1,202,139	826,485
Total performance income—realized	(418,021)	(474,427)	(524,229)
Total performance related compensation—realized	274,541	328,583	399,462
Total investment income—realized	4,494	(25,095)	(33,730)
Fee related earnings	1,442,234	1,031,200	667,988
Operating segment \| Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(119,664)	(120,457)	(28,203)
Operating segment \| Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(357)	(23,397)	3,817
OMG
Adjustments:
OMG expense, net	462,478	317,524	235,830
Realized income	450,193	319,202	244,529
Total performance income—realized	0	0	0
Total performance related compensation—realized	0	0	0
Total investment income—realized	2,309	310	7,772
Fee related earnings	$ 447,884	$ 318,892	$ 236,757

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

CONSOLIDATION - Variable Interest Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 22,002,839	$ 21,605,164
Liabilities of consolidated VIEs	17,097,810	16,694,730
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	82,000	103,800
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests related to consolidated VIEs	119,333	120,369	$ 28,085
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	393,549	353,768
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	537,239	583,192
Consolidated VIEs \| Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	13,128,088	13,197,321
Liabilities of consolidated VIEs	11,593,867	12,018,655
Net income attributable to non-controlling interests related to consolidated VIEs	$ 105,797	$ 115,217

- 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.

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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.

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+ Details

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets
Intangible assets, net	$ 640,420	$ 768,818
Goodwill	999,656	787,972	$ 371,047
Total assets	22,002,839	21,605,164
Liabilities
Operating lease liabilities	190,616
Total liabilities	17,097,810	16,694,730
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	1,970,754	1,913,559
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,589,239	1,825,227
Total equity	3,798,618	3,814,426	2,471,774		$ 1,858,598
Total liabilities, redeemable interest, non-controlling interests and equity	$ 22,002,839	$ 21,605,164
Common stock, shares outstanding (in shares)	294,614,235	290,451,548
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,739	$ 1,684
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)	173,892,036	168,351,305
Common stock, shares outstanding (in shares)	173,892,036	168,351,305
Non-voting Common Stock
Stockholders’ Equity
Common stock	$ 35	$ 35
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	3,489,911
Common stock, shares outstanding (in shares)	3,489,911	3,489,911
Class B Common Stock
Stockholders’ Equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C Common Stock
Stockholders’ Equity
Common stock	$ 1,172	$ 1,186
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)	117,231,288	118,609,332
Common stock, shares outstanding (in shares)	117,231,288	118,609,332
Eliminations
Assets
Total assets	$ (739,164)	$ (623,309)
Liabilities
Total liabilities	(300,704)	(90,638)
Commitments and contingencies
Stockholders’ Equity
Total equity	(438,460)	(532,671)
Total liabilities, redeemable interest, non-controlling interests and equity	(739,164)	(623,309)
Consolidated Funds
Assets
Cash and cash equivalents	724,641	1,049,191
Due from affiliates	15,789	7,234
Other assets	65,570	39,430
Investments held in trust account	1,013,382	1,000,285
Investments, at fair value	12,191,251	11,816,393
Receivable for securities sold	124,050	281,132
Liabilities
Accounts payable, accrued expenses and other liabilities	168,286	103,258
Due to affiliates	4,037	0
Payable for securities purchased	314,193	1,118,456
CLO loan obligations, at fair value	10,701,720	10,657,661
Fund borrowings	168,046	127,771
Redeemable interest	1,013,282	1,000,000	0
Non-controlling interests in Consolidated Funds	1,074,356	591,452
Consolidated Funds \| Reportable legal entity
Assets
Cash and cash equivalents	724,641	1,049,191
Due from affiliates	26,531	16,761
Other assets	65,570	39,430
Investments held in trust account	1,013,382	1,000,285
Investments, at fair value	12,187,392	11,812,093
Receivable for securities sold	124,050	281,132
Total assets	14,141,566	14,198,892
Liabilities
Accounts payable, accrued expenses and other liabilities	175,435	117,139
Due to affiliates	191,238	26,210
Payable for securities purchased	314,193	1,118,456
CLO loan obligations, at fair value	10,797,332	10,698,681
Fund borrowings	168,046	127,771
Total liabilities	11,646,244	12,088,257
Commitments and contingencies
Redeemable interest	1,013,282	1,000,000
Non-controlling interests in Consolidated Funds	1,482,040	1,110,635
Stockholders’ Equity
Total equity	1,482,040	1,110,635
Total liabilities, redeemable interest, non-controlling interests and equity	14,141,566	14,198,892
Consolidated Funds \| Eliminations
Assets
Due from affiliates	(10,742)	(9,527)
Investments, at fair value	3,859	4,300
Liabilities
Accounts payable, accrued expenses and other liabilities	(7,149)	(13,881)
Due to affiliates	(187,201)	(26,210)
CLO loan obligations, at fair value	(95,612)	(41,020)
Non-controlling interests in Consolidated Funds	(407,684)	(519,183)
Ares Operating Group
Liabilities
Redeemable interest	93,129	96,008	$ 100,366	$ 99,804
Non-controlling interests in Ares Operating Group entities	1,135,023	1,397,747
Ares Operating Group \| Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	1,147,269	1,403,255
Ares Operating Group \| Eliminations
Liabilities
Non-controlling interests in Ares Operating Group entities	(12,246)	(5,508)
Ares Management L.P
Assets
Cash and cash equivalents	389,987	343,655
Investments (includes $3,106,577 of accrued carried interest)	3,974,734	3,684,264
Due from affiliates	758,472	670,383
Other assets	381,137	334,755
Right-of-use operating lease assets	155,950	167,652
Intangible assets, net	1,208,220	1,422,818
Goodwill	999,656	787,972
Liabilities
Accounts payable, accrued expenses and other liabilities	231,921	279,673
Accrued compensation	510,130	310,222
Due to affiliates	252,798	198,553
Performance related compensation payable	2,282,209	2,190,352
Debt obligations	2,273,854	1,503,709
Operating lease liabilities	190,616	205,075
Stockholders’ Equity
Additional paid-in-capital	1,970,754	1,913,559
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,589,239	1,825,227
Ares Management L.P \| Carried interest
Stockholders’ Equity
Equity method investments:	3,106,577	2,998,421
Ares Management L.P \| Class A Common Stock
Stockholders’ Equity
Common stock	1,739	1,684
Ares Management L.P \| Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Ares Management L.P \| Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Ares Management L.P \| Class C Common Stock
Stockholders’ Equity
Common stock	1,172	1,186
Ares Management L.P \| Reportable legal entity
Assets
Cash and cash equivalents	389,987	343,655
Investments (includes $3,106,577 of accrued carried interest)	4,515,955	4,271,836
Due from affiliates	949,532	696,963
Other assets	381,137	338,685
Right-of-use operating lease assets	155,950	167,652
Intangible assets, net	1,208,220	1,422,818
Goodwill	999,656	787,972
Total assets	8,600,437	8,029,581
Liabilities
Accounts payable, accrued expenses and other liabilities	242,663	289,200
Accrued compensation	510,130	310,222
Due to affiliates	252,798	198,553
Performance related compensation payable	2,282,209	2,190,352
Debt obligations	2,273,854	1,503,709
Operating lease liabilities	190,616	205,075
Total liabilities	5,752,270	4,697,111
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	1,989,284	1,921,539
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,607,769	1,833,207
Total equity	2,755,038	3,236,462
Total liabilities, redeemable interest, non-controlling interests and equity	8,600,437	8,029,581
Ares Management L.P \| Reportable legal entity \| Class A Common Stock
Stockholders’ Equity
Common stock	1,739	1,684
Ares Management L.P \| Reportable legal entity \| Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Ares Management L.P \| Reportable legal entity \| Class B Common Stock
Stockholders’ Equity
Common stock	0
Ares Management L.P \| Reportable legal entity \| Class C Common Stock
Stockholders’ Equity
Common stock	1,172	1,186
Ares Management L.P \| Eliminations
Assets
Investments (includes $3,106,577 of accrued carried interest)	(541,221)	(587,572)
Due from affiliates	(191,060)	(26,580)
Other assets	0	(3,930)
Liabilities
Accounts payable, accrued expenses and other liabilities	(10,742)	(9,527)
Stockholders’ Equity
Additional paid-in-capital	(18,530)	(7,980)
Total stockholders’ equity	(18,530)	(7,980)
Ares Management L.P \| Ares Operating Group \| Reportable legal entity
Liabilities
Redeemable interest	$ 93,129	$ 96,008

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Expenses
Compensation and benefits	1,498,590	1,162,633	767,252
Performance related compensation	518,829	1,740,786	404,116
General, administrative and other expenses	695,256	444,178	258,999
Total expenses	2,749,085	3,410,083	1,450,486
Other income (expense)
Net realized and unrealized gains (losses) on investments	4,732	19,102	(9,008)
Interest and dividend income	9,399	9,865	8,071
Interest expense	(71,356)	(36,760)	(24,908)
Other income, net	13,119	14,402	11,291
Total other income (expense), net	204,448	263,682	65,918
Income before taxes	510,806	1,065,690	379,478
Income tax expense	71,891	147,385	54,993
Net income	438,915	918,305	324,485
Net income attributable to Ares Management Corporation	167,541	408,837	152,142
Less: Series A Preferred Stock dividends paid	0	10,850	21,700
Less: Series A Preferred Stock redemption premium	0	11,239	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	167,541	386,748	130,442
Eliminations
Revenues
Total revenues	(110,809)	(76,300)	(36,725)
Expenses
Compensation and benefits			0
Performance related compensation			0
General, administrative and other expenses	(255)		0
Total expenses	(50,833)	(50,538)	(45,408)
Other income (expense)
Net realized and unrealized gains (losses) on investments	32,656	7,182	(288)
Interest and dividend income	(15,797)	(4,334)	(3,570)
Other income, net	1,215	(678)	8,433
Total other income (expense), net	16,484	2,868	14,053
Income before taxes	(43,492)	(22,894)	22,736
Income tax expense			0
Net income	(43,492)	(22,894)	22,736
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0		0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	36,410	62,486	20,119
Other income (expense)
Net realized and unrealized gains (losses) on investments	73,386	77,303	(96,864)
Interest expense	(411,361)	(258,048)	(286,316)
Interest and other income of Consolidated Funds	586,529	437,818	463,652
Less: Net income (loss) attributable to non-controlling interests	119,333	120,369	28,085
Consolidated Funds \| Reportable legal entity
Revenues
Total revenues	0	0	0
Expenses
Expenses of Consolidated Funds	86,988	113,024	65,527
Total expenses	86,988	113,024	65,527
Other income (expense)
Net realized and unrealized gains (losses) on investments	87,287	91,390	(109,387)
Interest expense	(424,887)	(272,155)	(293,476)
Interest and other income of Consolidated Funds	587,744	437,140	473,857
Total other income (expense), net	250,144	256,375	70,994
Income before taxes	163,156	143,351	5,467
Income tax expense	331	88	118
Net income	162,825	143,263	5,349
Less: Net income (loss) attributable to non-controlling interests	162,825	143,263	5,349
Consolidated Funds \| Eliminations
Expenses
Expenses of Consolidated Funds	(50,578)	(50,538)	(45,408)
Other income (expense)
Net realized and unrealized gains (losses) on investments	(13,901)	(14,087)	12,523
Interest expense	13,526	14,107	7,160
Interest and other income of Consolidated Funds	(1,215)	678	(10,205)
Less: Net income (loss) attributable to non-controlling interests	(43,492)	(22,894)	22,736
Ares Operating Group
Other income (expense)
Net income	319,582	797,936	296,400
Less: Net income (loss) attributable to redeemable interest	(851)	(1,341)	(976)
Less: Net income (loss) attributable to non-controlling interests	152,892	390,440	145,234
Ares Operating Group \| Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests		390,440
Consolidated Company Entities
Revenues
Total revenues	3,055,443	4,212,091	1,764,046
Other income (expense)
Income tax expense	71,560	147,297	54,875
Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	3,166,252	4,288,391	1,800,771
Expenses
Compensation and benefits	1,498,590	1,162,633	767,252
Performance related compensation	518,829	1,740,786	404,116
General, administrative and other expenses	695,511	444,178	258,999
Total expenses	2,712,930	3,347,597	1,430,367
Other income (expense)
Net realized and unrealized gains (losses) on investments	(27,924)	11,920	(8,720)
Interest and dividend income	25,196	14,199	11,641
Interest expense	(71,356)	(36,760)	(24,908)
Other income, net	11,904	15,080	2,858
Total other income (expense), net	(62,180)	4,439	(19,129)
Income before taxes	391,142	945,233	351,275
Income tax expense	71,560	147,297	54,875
Net income	319,582	797,936	296,400
Net income attributable to Ares Management Corporation		408,837	152,142
Less: Series A Preferred Stock dividends paid		10,850	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	167,541	386,748	130,442
Consolidated Company Entities \| Consolidated Funds \| Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests		0
Consolidated Company Entities \| Ares Operating Group \| Reportable legal entity
Other income (expense)
Net income	319,582	797,936	296,400
Less: Net income (loss) attributable to redeemable interest	(851)	(1,341)	(976)
Less: Net income (loss) attributable to non-controlling interests	152,892		145,234
Management fees
Revenues
Total revenues	2,136,433	1,611,047	1,150,608
Management fees \| Eliminations
Revenues
Total revenues	(46,324)	(44,896)	(45,268)
Management fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	2,182,757	1,655,943	1,195,876
Carried interest allocation
Revenues
Total revenues	458,012	2,073,551	505,608
Carried interest allocation \| Eliminations
Revenues
Total revenues	(7,549)		0
Carried interest allocation \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	465,561	2,073,551	505,608
Incentive fees
Revenues
Total revenues	301,187	332,876	37,902
Incentive fees \| Eliminations
Revenues
Total revenues	(3,980)	(5,458)	(141)
Incentive fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	305,167	338,334	38,043
Principal investment income (loss)
Revenues
Total revenues	12,279	99,433	28,552
Principal investment income (loss) \| Eliminations
Revenues
Total revenues	(35,943)	(21,463)	24,508
Principal investment income (loss) \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	48,222	120,896	4,044
Administrative, transaction and other fees
Revenues
Total revenues	147,532	95,184	41,376
Administrative, transaction and other fees \| Eliminations
Revenues
Total revenues	(17,013)	(4,483)	(15,824)
Administrative, transaction and other fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	$ 164,545	$ 99,667	$ 57,200

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 438,915	$ 918,305	$ 324,485
Adjustments to reconcile net income to net cash used in operating activities:
Net cash used in operating activities	(734,112)	(2,596,045)	(425,659)
Cash flows from investing activities:
Net cash used in investing activities	(337,379)	(1,084,633)	(136,764)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	1,128,063	3,503,625	943,895
Effect of exchange rate changes	(10,240)	(19,104)	19,956
Net change in cash and cash equivalents	46,332	(196,157)	401,428
Cash and cash equivalents, beginning of period	343,655	539,812	138,384
Cash and cash equivalents, end of period	389,987	343,655	539,812
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	12,835	510,848	305,338
Cash paid during the period for interest	320,329	205,085	257,132
Cash paid during the period for income taxes	104,864	22,788	38,174
Reportable legal entity
Cash flows from financing activities:
Proceeds from issuance of senior and subordinated notes		450,000
Eliminations
Cash flows from operating activities:
Net income	(43,492)	(22,894)	22,736
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(4,788)	7,353	(28,690)
Investments purchased	72,381	221,563	261,899
Proceeds from sale of investments	(121,494)	(23,101)	(33,307)
Net carried interest and incentive fees receivable	(7,549)
Due to/from affiliates	164,480	6,446	6,037
Other assets	(3,930)	3,719	(2,171)
Accounts payable, accrued expenses and other liabilities	(1,214)	679	(10,205)
Net cash used in operating activities	246,992	(340,884)	274,936
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	77,558	(185,931)	(190,991)
Effect of exchange rate changes	0
Net change in cash and cash equivalents	324,550	(526,815)	83,945
Cash and cash equivalents, beginning of period	(1,049,191)	(522,376)	(606,321)
Cash and cash equivalents, end of period	(724,641)	(1,049,191)	(522,376)
Consolidated Funds
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(73,386)	(77,303)	96,864
Investments purchased	(9,434,029)	(13,067,564)	(6,615,732)
Proceeds from sale of investments	8,198,812	9,970,609	5,502,325
Other (income) expense, net	(33,822)	(35,879)	(34,297)
Change in cash and cash equivalents held at Consolidated Funds	324,550	(526,815)	83,945
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	0	(39,539)	60,895
Change in other assets and receivables held at Consolidated Funds	151,895	(180,953)	(33,298)
Change in other liabilities and payables held at Consolidated Funds	(733,417)	723,616	10,787
Cash flows from investing activities:
Acquisitions, net of cash acquired			120,822
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	549,396	1,033,644	132,430
Distributions to non-controlling interests in Consolidated Funds	(178,291)	(98,897)	(251,507)
Borrowings under loan obligations by Consolidated Funds	1,140,680	2,048,932	1,013,291
Repayments under loan obligations by Consolidated Funds	(145,222)	(80,752)	(190,055)
Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Net income	162,825	143,263	5,349
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(87,287)	(91,390)	109,387
Investments purchased	(9,408,078)	(13,075,187)	(6,580,784)
Proceeds from sale of investments	8,198,812	9,970,609	5,502,325
Other (income) expense, net	(33,822)	(35,879)	(34,297)
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds		(39,539)	60,895
Change in other assets and receivables held at Consolidated Funds	286,895	(174,409)	(55,461)
Change in other liabilities and payables held at Consolidated Funds	(733,417)	746,616	10,787
Net cash used in operating activities	(1,614,072)	(2,555,916)	(981,799)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	596,777	1,239,831	359,381
Distributions to non-controlling interests in Consolidated Funds	(303,230)	(119,153)	(287,467)
Borrowings under loan obligations by Consolidated Funds	1,140,680	2,048,932	1,013,291
Repayments under loan obligations by Consolidated Funds	(145,222)	(80,752)	(190,055)
Net cash provided by financing activities	1,289,005	3,088,858	895,150
Effect of exchange rate changes	517	(6,127)	2,704
Net change in cash and cash equivalents	(324,550)	526,815	(83,945)
Cash and cash equivalents, beginning of period	1,049,191	522,376	606,321
Cash and cash equivalents, end of period	724,641	1,049,191	522,376
Supplemental disclosure of non-cash financing activities:
Cash paid during the period for interest	260,866	170,915	235,005
Cash paid during the period for income taxes	320	185	169
Consolidated Funds \| Eliminations
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	13,901	14,087	(12,523)
Investments purchased	(25,951)	7,623	(34,948)
Change in cash and cash equivalents held at Consolidated Funds	324,550	(526,815)	83,945
Change in other assets and receivables held at Consolidated Funds	(135,000)	(6,544)	22,163
Change in other liabilities and payables held at Consolidated Funds	0	(23,000)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	(47,381)	(206,187)	(226,951)
Distributions to non-controlling interests in Consolidated Funds	124,939	20,256	35,960
Borrowings under loan obligations by Consolidated Funds			0
Repayments under loan obligations by Consolidated Funds			0
Ares Management L.P
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	200,391	237,191	122,986
Depreciation and amortization	341,341	113,293	41,248
Net realized and unrealized (gains) losses on investments	10,929	(88,978)	(8,039)
Investments purchased	(371,124)	(340,199)	(90,851)
Proceeds from sale of investments	182,493	273,382	174,679
Other (income) expense, net	0	(31,070)	0
Net carried interest and incentive fees receivable	(20,612)	(745,021)	(17,687)
Due to/from affiliates	39,073	(180,928)	(76,185)
Other assets	(105,205)	213,825	(36,694)
Accrued compensation and benefits	200,769	142,815	47,875
Accounts payable, accrued expenses and other liabilities	(51,685)	125,168	21,035
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)	(27,226)	(15,942)
Acquisitions, net of cash acquired	(301,583)	(1,057,407)	(120,822)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	0	827,430	383,154
Proceeds from Credit Facility	1,380,000	883,000	790,000
Proceeds from Senior Notes			399,084
Proceeds from issuance of senior and subordinated notes	488,915	450,000	399,084
Repayments of Credit Facility	(1,095,000)	(468,000)	(860,000)
Dividends and distributions	(836,364)	(593,506)	(446,780)
Series A Preferred Stock dividends	0	(10,850)	(21,700)
Redemption of Series A Preferred Stock	0	(310,000)	0
Stock option exercises	21,205	37,216	92,877
Taxes paid related to net share settlement of equity awards	(201,311)	(226,101)	(95,368)
Other financing activities	4,055	11,509	(1,531)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	343,655	539,812
Cash and cash equivalents, end of period	389,987	343,655	539,812
Ares Management L.P \| Reportable legal entity
Cash flows from operating activities:
Net income	319,582	797,936	296,400
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	200,391	237,191	122,986
Depreciation and amortization	341,341	113,293	41,248
Net realized and unrealized (gains) losses on investments	15,717	(96,331)	20,651
Investments purchased	(443,505)	(561,762)	(352,750)
Proceeds from sale of investments	303,987	296,483	207,986
Other (income) expense, net		(31,070)
Net carried interest and incentive fees receivable	(28,161)	(745,021)	(17,687)
Due to/from affiliates	(125,407)	(187,374)	(82,222)
Other assets	(101,275)	210,106	(34,523)
Accrued compensation and benefits	200,769	142,815	47,875
Accounts payable, accrued expenses and other liabilities	(50,471)	124,489	31,240
Net cash used in operating activities	632,968	300,755	281,204
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)	(27,226)	(15,942)
Acquisitions, net of cash acquired	(301,583)	(1,057,407)
Net cash used in investing activities	(337,379)	(1,084,633)	(136,764)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock		827,430	383,154
Proceeds from Credit Facility	1,380,000	883,000	790,000
Proceeds from Senior Notes			399,084
Proceeds from issuance of senior and subordinated notes	488,915
Repayments of Credit Facility	(1,095,000)	(468,000)	(860,000)
Dividends and distributions	(836,364)	(593,506)	(446,780)
Series A Preferred Stock dividends		(10,850)	(21,700)
Redemption of Series A Preferred Stock		(310,000)
Stock option exercises	21,205	37,216	92,877
Taxes paid related to net share settlement of equity awards	(201,311)	(226,101)	(95,368)
Other financing activities	4,055	11,509	(1,531)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	(238,500)	600,698	239,736
Effect of exchange rate changes	(10,757)	(12,977)	17,252
Net change in cash and cash equivalents	46,332	(196,157)	401,428
Cash and cash equivalents, beginning of period	343,655	539,812	138,384
Cash and cash equivalents, end of period	389,987	343,655	539,812
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	12,835	510,848	305,388
Cash paid during the period for interest	59,463	34,170	22,127
Cash paid during the period for income taxes	$ 104,544	$ 22,603	$ 38,005

SUBSEQUENT EVENTS (Details) - $ / shares					1 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) - $ / shares	Dec. 16, 2022	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61	$ 0.61
Class A Common Stock
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)						$ 2.44	$ 1.88	$ 1.60
Class A Common Stock \| Subsequent event
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)					$ 0.77
Non-voting Common Stock
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)						$ 2.44	$ 1.88	$ 1.60
Non-voting Common Stock \| Subsequent event
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)					$ 0.77