Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	Yes
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
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 16,519,398,894
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 2024 annual meeting of stockholders.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001176948
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		189,877,592
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		116,232,034

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
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, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Intangible assets, net	$ 490,695	$ 640,420
Goodwill	1,123,976	999,656	$ 787,972
Total assets	24,730,500	22,002,839
Liabilities
Operating lease liabilities	319,572
Total liabilities	19,709,151	17,097,810
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,391,036	1,970,754
Accumulated deficit	(495,083)	(369,475)
Accumulated other comprehensive loss, net of tax	(5,630)	(14,986)
Total stockholders’ equity	1,893,399	1,589,239
Total equity	4,474,313	3,798,618	$ 3,814,426	$ 2,471,774
Total liabilities, redeemable interest, non-controlling interests and equity	24,730,500	22,002,839
Class A Common Stock
Stockholders’ Equity
Common stock	1,871	1,739
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	1,170	1,172
Ares Management L.P
Assets
Cash and cash equivalents	348,274	389,987
Investments (includes accrued carried interest of $3,413,007 and $3,106,577 as of December 31, 2023 and 2022, respectively)	4,624,932	3,974,734
Due from affiliates	896,746	758,472
Other assets	429,979	381,137
Right-of-use operating lease assets	249,326	155,950
Intangible assets, net	1,058,495	1,208,220
Goodwill	1,123,976	999,656
Liabilities
Accounts payable, accrued expenses and other liabilities	233,884	231,921
Accrued compensation	287,259	510,130
Due to affiliates	240,254	252,798
Performance related compensation payable	2,514,610	2,282,209
Debt obligations	2,965,480	2,273,854
Operating lease liabilities	319,572	190,616
Redeemable interest	24,098	93,129
Non-controlling interests in Ares Operating Group entities	1,322,469	1,135,023
Stockholders’ Equity
Additional paid-in-capital	2,391,036	1,970,754
Accumulated deficit	(495,083)	(369,475)
Accumulated other comprehensive loss, net of tax	(5,630)	(14,986)
Total stockholders’ equity	1,893,399	1,589,239
Ares Management L.P \| Class A Common Stock
Stockholders’ Equity
Common stock	1,871	1,739
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	1,170	1,172
Consolidated Entity, Excluding VIE
Assets
Cash and cash equivalents	1,149,511	724,641
Due from affiliates	14,151	15,789
Other assets	86,672	65,570
Investments held in trust account	523,038	1,013,382
Investments, at fair value	14,078,549	12,191,251
Receivable for securities sold	146,851	124,050
Liabilities
Accounts payable, accrued expenses and other liabilities	189,523	168,286
Due to affiliates	3,554	4,037
Payable for securities purchased	484,117	314,193
CLO loan obligations, at fair value	12,345,657	10,701,720
Fund borrowings	125,241	168,046
Total liabilities	19,709,151	17,097,810
Redeemable interest	522,938	1,013,282
Non-controlling interests in Ares Operating Group entities	$ 1,258,445	$ 1,074,356

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Common stock, shares outstanding (in shares)	307,585,576	294,614,235
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)	187,069,907	173,892,036
Common stock, shares outstanding (in shares)	187,069,907	173,892,036
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)	117,024,758	117,231,288
Common stock, shares outstanding (in shares)	117,024,758	117,231,288
Ares Management L.P
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Ares Management L.P \| Carried interest
Equity method investments:	$ 3,413,007	$ 3,106,577

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Total revenues	$ 3,631,884	$ 3,055,443	$ 4,212,091
Expenses
Compensation and benefits	1,486,698	1,498,590	1,162,633
Performance related compensation	607,522	518,829	1,740,786
General, administrative and other expenses	660,146	695,256	444,178
Expenses of Consolidated Funds	43,492	36,410	62,486
Total expenses	2,797,858	2,749,085	3,410,083
Other income (expense)
Total other income, net	499,037	204,448	263,682
Income before taxes	1,333,063	510,806	1,065,690
Income tax expense	172,971	71,891	147,385
Net income	1,160,092	438,915	918,305
Less: Net income attributable to non-controlling interests in Consolidated Funds	274,296	119,333	120,369
Net income (loss)	885,796	319,582	797,936
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	226	(851)	(1,341)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	411,244	152,892	390,440
Net income attributable to Ares Management Corporation	474,326	167,541	408,837
Less: Series A Preferred Stock dividends paid	0	0	10,850
Less: Series A Preferred Stock redemption premium	0	0	11,239
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	474,326	167,541	386,748
Class A Common Stock and Non-Voting Common Stock
Other income (expense)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 474,326	$ 167,541	$ 386,748
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 2.44	$ 0.87	$ 2.24
Diluted (in dollars per share)	$ 2.42	$ 0.87	$ 2.15
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	184,523,524	175,510,798	163,703,626
Diluted (in shares)	195,773,426	175,510,798	180,112,271
Ares Operating Group
Other income (expense)
Net realized and unrealized gains on investments	$ 77,573	$ 4,732	$ 19,102
Interest and dividend income	19,276	9,399	9,865
Interest expense	(106,276)	(71,356)	(36,760)
Other income, net	4,819	13,119	14,402
Consolidated Funds
Other income (expense)
Net realized and unrealized gains on investments	262,700	73,386	77,303
Interest expense	(754,600)	(411,361)	(258,048)
Interest and other income of Consolidated Funds	995,545	586,529	437,818
Management fees
Revenues
Total revenues	2,551,150	2,136,433	1,611,047
Carried interest allocation
Revenues
Total revenues	618,579	458,012	2,073,551
Incentive fees
Revenues
Total revenues	276,627	301,187	332,876
Principal investment income
Revenues
Total revenues	36,516	12,279	99,433
Administrative, transaction and other fees
Revenues
Total revenues	$ 149,012	$ 147,532	$ 95,184

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Net income	$ 885,796	$ 319,582	$ 797,936
Foreign currency translation adjustments, net of tax	19,855	(33,911)	(21,464)
Total comprehensive income	1,179,947	405,004	896,841
Comprehensive income attributable to Ares Management Corporation	483,682	154,410	406,499
Net income	1,160,092	438,915	918,305
Consolidated Funds
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds	278,813	107,793	103,498
Ares Operating Group
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	185	(1,277)	(1,968)
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities	$ 417,267	$ 144,078	$ 388,812

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, 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	0
Capital contributions	572,751	0			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	0
Capital contributions	554,591				5,195	549,396		0		0
Dividends/distributions	(1,012,768)		(447,634)		(386,843)	(178,291)	0
Net income	439,766		167,541		152,892	119,333	0
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
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(280,523)	(60,755)			93,956	(313,781)		59		(2)
Issuances of common stock	239,545	239,519						26
Capital contributions	324,072				3,887	320,185
Dividends/distributions	(1,128,911)		(599,934)		(427,849)	(101,128)
Net income	1,159,866		474,326		411,244	274,296
Currency translation adjustment, net of tax	19,896			9,356	6,023	4,517
Equity compensation	255,791	155,606			100,185
Stock option exercises	85,959	85,912						47
Ending balance at Dec. 31, 2023	$ 4,474,313	$ 2,391,036	$ (495,083)	$ (5,630)	$ 1,322,469	$ 1,258,445	$ 0	$ 1,871	$ 35	$ 1,170

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net income	$ 1,160,092	$ 438,915	$ 918,305
Adjustments to reconcile net income to net cash used in operating activities:
Net cash used in operating activities	(233,261)	(734,112)	(2,596,045)
Cash flows from investing activities:
Net cash used in investing activities	(111,079)	(337,379)	(1,084,633)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	292,126	1,128,063	3,503,625
Effect of exchange rate changes	10,501	(10,240)	(19,104)
Net change in cash and cash equivalents	(41,713)	46,332	(196,157)
Cash and cash equivalents, beginning of period	389,987	343,655
Cash and cash equivalents, end of period	348,274	389,987	343,655
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisition-related activities	239,545	12,835	510,848
Issuance of AOG Units in connection with settlement of management incentive program	245,647	0	0
Cash paid during the period for interest	722,643	320,329
Cash paid during the period for income taxes	62,007	104,864
Consolidated Funds
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(262,700)	(73,386)	(77,303)
Other (income) expense, net	(101,465)	(33,822)	(35,879)
Investments purchased	(8,847,856)	(9,434,029)	(13,067,564)
Proceeds from sale of investments	8,149,617	8,198,812	9,970,609
Change in cash and cash equivalents held at Consolidated Funds	(424,870)	324,550	(526,815)
Net cash relinquished with consolidation/deconsolidation of Consolidated Funds	(623)	0	(39,539)
Change in other assets and receivables held at Consolidated Funds	(20,247)	151,895	(180,953)
Change in other liabilities and payables held at Consolidated Funds	219,046	(733,417)	723,616
Cash flows from investing activities:
Acquisitions, net of cash acquired			(1,057,407)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	855,456	549,396	1,033,644
Distributions to non-controlling interests in Consolidated Funds	(101,128)	(178,291)	(98,897)
Redemptions of redeemable interests in Consolidated Funds	(1,045,874)	0	0
Borrowings under loan obligations by Consolidated Funds	1,387,297	1,140,680	2,048,932
Repayments under loan obligations by Consolidated Funds	(398,864)	(145,222)	(80,752)
Ares Management L.P
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	255,965	200,391	237,191
Depreciation and amortization	231,712	341,341	113,293
Net realized and unrealized (gains) losses on investments	(90,737)	10,929	(88,978)
Other (income) expense, net	74	0	(31,070)
Investments purchased	(507,932)	(371,124)	(340,199)
Proceeds from sale of investments	206,163	182,493	273,382
Net carried interest and incentive fees receivable	(48,858)	(20,612)	(745,021)
Due to/from affiliates	(220,421)	39,073	(180,928)
Other assets	21,532	(105,205)	213,825
Accrued compensation and benefits	20,383	200,769	142,815
Accounts payable, accrued expenses and other liabilities	27,864	(51,685)	125,168
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(67,183)	(35,796)	(27,226)
Acquisitions, net of cash acquired	(43,896)	(301,583)	(1,057,407)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	0	0	827,430
Proceeds from Credit Facility	1,410,000	1,380,000	883,000
Proceeds from issuance of senior and subordinated notes	499,010	488,915	450,000
Repayments of Credit Facility	(1,215,000)	(1,095,000)	(468,000)
Dividends and distributions	(1,030,666)	(836,364)	(593,506)
Series A Preferred Stock dividends	0	0	(10,850)
Redemption of Series A Preferred Stock	0	0	(310,000)
Stock option exercises	85,959	21,205	37,216
Taxes paid related to net share settlement of equity awards	(157,007)	(201,311)	(226,101)
Other financing activities	2,943	4,055	11,509
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	389,987	343,655	539,812
Cash and cash equivalents, end of period	$ 348,274	389,987	343,655
Supplemental disclosure of non-cash financing activities:
Cash paid during the period for interest		320,329	205,085
Cash paid during the period for income taxes		$ 104,864	$ 22,788

ORGANIZATION	12 Months Ended
ORGANIZATION	Dec. 31, 2023
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 and Secondaries. Information about segments should be read together with “Note 14. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various funds and managed accounts within each investment group (the “Ares Funds”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying 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 special purpose acquisition companies (“SPACs”) (collectively, the “Consolidated Funds”). Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying 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

Dec. 31, 2023

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 (i) 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 (ii) 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 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: (i) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (ii) 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 (iii) 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: (i) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support; (ii) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity; (iii) determining whether two or more parties’ equity interests should be aggregated; (iv) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity; and (v) 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, 2023 and 2022, the Company consolidated 28 and 25 CLOs (“Consolidated 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: (i) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (ii) 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. 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.

Management's determination of fair value includes various valuation techniques. These techniques may include market approach, recent transaction price, net asset value (“NAV”) approach, discounted cash flows, 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.

In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period (see “Note 5. Fair Value” for further detail).

Cash and Cash Equivalents

Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds.

As of December 31, 2023 and 2022, 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 offerings of our sponsored SPACs that are presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust

agreement. The portfolio of investments for the SPACs is comprised of United States (“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 securities typically have original maturities of six 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 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 on investments within the Consolidated Statements of Operations. 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.

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 either within principal investment income or net realized and unrealized gains 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 carried interest is presented within investments within the Consolidated Statements of Financial Condition.

In addition, certain of the Company's equity method investments are reported at fair value. The fair value option has been elected to simplify the accounting for certain financial instruments. The fair value option election is irrevocable and is applied to financial instruments on an individual basis at initial recognition or at eligible remeasurement events. Changes in the fair value of such instruments with the fair value option elected are presented within net realized and unrealized gains on investments within the Consolidated Statements of Operations.

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 reports each of its derivative instruments at fair value within the Consolidated Statements of Financial Condition as either 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.

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). Changes in value are reflected within net realized and unrealized gains 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. 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 of purchase price of an acquired business over the fair value of its identifiable net assets. 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 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 it 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 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, with a maximum of 10 years, 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 lease assets are capitalized as a component of fixed assets and finance lease liabilities are 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 expensed as incurred and not capitalized 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 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.

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 to ownership interests that third parties hold in Consolidated Funds.

Redeemable Interest

Redeemable interest in AOG entities was established in connection with the SSG Acquisition as described in “Note 13. Equity and Redeemable Interest.” 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 each of the Company’s sponsored SPACs, as applicable. The Class A ordinary shares issued by our SPACs (the “Class A ordinary shares”) are redeemable for cash by the public shareholders in the event that they do not complete a business combination or tender offer associated with shareholder approval provisions. The Class A ordinary shareholders have redemption rights that are considered to be outside of the SPAC’s control.

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, 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”) , CION Ares Diversified Credit Fund (“CADC”) and Ares Strategic Income Fund (“ASIF”).

Fee Rate

Fee Base

Hurdle rate

ARCC Part I Fees

20.00%

Net investment income (before ARCC Part I Fees and ARCC Part II Fees)

Fixed hurdle rate of 1.75% per quarter, or 7.00% 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 20.00% of the net investment income from the first dollar earned.

CADC Part I Fees

15.00%

Net investment income (before CADC Part I Fees)

Fixed hurdle rate of 1.50% per quarter, or 6.00% 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 15.00% of the net investment income from the first dollar earned.

ASIF Part I Fees

12.50%

Net investment income (before ASIF Part I Fees and ASIF Part II Fees)

Fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until ASIF’s net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% 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 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 accrued 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, certain real estate and secondaries funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal.

Principal Investment Income

Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages.

Administrative, Transaction and Other Fees

The Company earns other sources of revenue that are classified as administrative, transaction or other fees. These fees are recognized as revenue in the period in which the related services are rendered. Administrative fees represent fees that the Company earns for providing administrative services to certain funds. These fees may either reflect expense reimbursements for costs incurred by certain professionals in performing services for a fund or may be based on fixed percentage of a fund’s invested capital. Transaction fees are typically earned from the arrangement and origination of loans and are generated primarily from funds within the direct lending and infrastructure debt strategies. Other fees includes sales-based and asset-based fees from the Company’s non-traded vehicles and 1031 exchange programs. Other fees may include various property-related fees earned from certain real estate funds, such as acquisition, development and property management.

Equity-Based Compensation

The Company recognizes expense related to equity-based compensation for which it receives employee services in exchange for: (i) equity instruments of the Company; or (ii) 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 the 2023 Equity Incentive Plan (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 to certain professionals a portion of the carried interest and incentive fees earned from certain funds, including income from Consolidated Funds that is eliminated in consolidation. 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 and include the associated payroll related taxes. Performance related compensation payable also includes allocations to charitable organizations as part of the Company’s philanthropic initiatives. 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 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 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 using the effective interest method to the extent that such amounts are expected to be collected. 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. 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. 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, 2023, 2022 and 2021, the Company recognized $9.1 million, $13.5 million and $4.8 million, respectively, in transaction losses 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. 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 AOG 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 November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the Company’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for the Company’s fiscal year ending December 15, 2024 and for the Company’s interim periods beginning with the first quarter ended 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of disaggregated income taxes paid in both U.S. and foreign jurisdictions, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s fiscal year ending December 31, 2025. Early adoption is permitted and the amendments in this update should be applied on a prospective basis, though retrospective adoption is permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements.

GOODWILL AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

GOODWILL AND INTANGIBLE ASSETS

3. GOODWILL AND INTANGIBLE ASSETS

Intangible Assets, Net

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


	Weighted Average Amortization Period (in years) as of December 31, 2023	As of December 31,

		2023		2022
Management contracts	4.3	$	604,242	$	586,077
Client relationships	8.5	200,920		262,301
Trade name	N/A	—		11,079
Other	0.8	500		500
Finite-lived intangible assets		805,662		859,957
Foreign currency translation		1,126		935
Total finite-lived intangible assets		806,788		860,892
Less: accumulated amortization		(316,093)		(220,472)
Finite-lived intangible assets, net		490,695		640,420


Indefinite-lived management contracts		567,800		567,800
Intangible assets, net		$	1,058,495	$	1,208,220

On October 2, 2023, the Company completed the acquisition of the investment management business and related operating entities collectively doing business as Crescent Point Capital (“Crescent Point”) (the “Crescent Point Acquisition”). The Crescent Point Acquisition adds complementary investment capabilities to expand the Company’s presence in the Asia-Pacific region. Following the completion of the Crescent Point Acquisition, the results of Crescent Point are presented within

the Private Equity Group. The Company allocated $32.7 million and $22.3 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 5.5 years and 9.0 years, respectively.

During the year ended December 31, 2023, the Company recorded non-cash impairment charges of $78.7 million, including: (i) $65.7 million to the carrying value of client relationships from the acquisition of Landmark Partners, LLC (the “Landmark Acquisition”) that are included within the Secondaries Group, where the primary indicator of impairment was the lower expected fee paying assets under management in a private equity secondaries fund from existing investors as of the date of the Landmark Acquisition; (ii) $4.6 million and $0.7 million to the fair value of management contracts of certain funds within the Real Assets Group and Credit Group, respectively, in connection with lower than expected future fee revenue generated from these funds; and (iii) $7.8 million to the carrying value of SSG trade name as the Company rebranded Ares SSG as APAC credit and discontinued the use of the SSG trade name.

During the year ended December 31, 2022, the Company recorded non-cash impairment charges of $181.6 million to the fair value of a trade name and management contracts related to: (i) the decision to rebrand its secondaries group as Ares Secondaries and to discontinue the ongoing use of the Landmark trade name; (ii) the fair value of certain management contracts in connection with lower than expected fee paying assets under management; and (iii) the shorter expected lives of certain funds as a result of returning capital to fund investors sooner than initially planned.

Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $126.0 million, $133.6 million and $91.3 million for the years ended December 31, 2023, 2022 and 2021, respectively, and is presented within general, administrative and other expenses within the Consolidated Statements of Operations. During the year ended December 31, 2023, the Company removed $109.3 million of impaired and fully-amortized intangible assets.

As of December 31, 2023, future annual amortization of finite-lived intangible assets for the years 2024 through 2028 and thereafter is estimated to be:


Year	Amortization
2024	$	115,722
2025	102,987
2026	77,047
2027	62,907
2028	38,904
Thereafter	93,128
Total	$	490,695

Goodwill

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


	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total
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
Acquisitions	—		124,392		22		—		—		124,414
Reallocation	224,587		—		—		—		(224,587)		—
Foreign currency translation	(104)		—		—		10		—		(94)
Balance as of December 31, 2023	$	256,679	$	172,462	$	277,205	$	417,630	$	—	$	1,123,976

In connection with the Crescent Point Acquisition, the Company allocated $124.4 million of the purchase price to goodwill.

In connection with the SSG Buyout described in “Note 13. Equity and Redeemable Interest,” the former Ares SSG reporting unit has been transferred in its entirety to the Credit Group and the total goodwill of $224.6 million has been reallocated accordingly.

There was no impairment of goodwill recorded during the years ended December 31, 2023 and 2022. The impact of foreign currency translation is reflected within other comprehensive income within the Consolidated Statements of Comprehensive Income.

INVESTMENTS

12 Months Ended

Dec. 31, 2023

Investments in and Advances to Affiliates [Abstract]

INVESTMENTS

4. INVESTMENTS

The following table summarizes the Company’s investments:


	As of				Percentage of total investments as of
	December 31,				December 31,

	2023		2022		2023	2022
Equity method investments:
Equity method - carried interest	$	3,413,007	$	3,106,577	73.8%	78.2%
Equity method private investment partnership interests - principal	535,292		543,592		11.6	13.7
Equity method private investment partnership interests and other (held at fair value)	418,778		123,170		9.0	3.1
Equity method private investment partnership interests and other	44,989		47,439		1.0	1.2
Total equity method investments	4,412,066		3,820,778		95.4	96.2

Fixed income securities	105,495		51,771		2.3	1.2
Collateralized loan obligations	20,799		25,163		0.4	0.6
Collateralized loan obligations and fixed income securities, at fair value	126,294		76,934		2.7	1.8

Common stock, at fair value	86,572		77,022		1.9	2.0
Total investments	$	4,624,932	$	3,974,734

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, 2023, 2022 and 2021, no individual equity method investment held by the Company met the significance criteria.

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


	As of and for the Year Ended December 31, 2023
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total
Statement of Financial Condition
Investments	$	21,366,223	$	6,971,840	$	17,757,664	$	13,497,266	$	38,212	$	59,631,205
Total assets	23,015,503		7,110,511		18,792,446		13,808,556		38,284		62,765,300
Total liabilities	5,152,522		130,727		6,528,302		3,632,879		418		15,444,848
Total equity	17,862,981		6,979,784		12,264,144		10,175,677		37,866		47,320,452

Statement of Operations
Revenues	$	2,123,547	$	594,464	$	1,036,710	$	1,960	$	—	$	3,756,681
Expenses	(759,485)		(191,613)		(632,433)		(482,478)		(1,658)		(2,067,667)
Net realized and unrealized gains (losses) from investments	247,619		600,322		(599,200)		373,064		(7,316)		614,489
Income tax expense	(5,192)		(555)		(10,197)		—		(19)		(15,963)
Net income (loss)	$	1,606,489	$	1,002,618	$	(205,120)	$	(107,454)	$	(8,993)	$	2,287,540


	As of and for the Year Ended December 31, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total
Statement of Financial Condition
Investments	$	17,633,914	$	9,376,032	$	13,052,820	$	12,719,333	$	51,239	$	52,833,338
Total assets	20,883,559		9,947,821		14,440,914		12,931,082		51,825		58,255,201
Total liabilities	5,770,070		937,326		5,007,250		3,716,111		6,615		15,437,372
Total equity	15,113,489		9,010,495		9,433,664		9,214,971		45,210		42,817,829

Statement of Operations
Revenues	$	1,341,368	$	271,873	$	618,796	$	2,874	$	—	$	2,234,911
Expenses	(438,690)		(153,372)		(357,845)		(289,741)		(1,500)		(1,241,148)
Net realized and unrealized gains (losses) from investments	12,464		(482,260)		304,068		(11,173)		1,365		(175,536)
Income tax expense	(4,724)		92		(36,501)		—		(10)		(41,143)
Net income (loss)	$	910,418	$	(363,667)	$	528,518	$	(298,040)	$	(145)	$	777,084


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






Statement of Operations
Revenues	$	1,342,427	$	229,539	$	326,507	$	911	$	—	$	1,899,384
Expenses	(305,452)		(177,380)		(170,008)		(89,281)		(22,609)		(764,730)
Net realized and unrealized gains (losses) from investments	438,083		2,161,730		1,179,698		1,399,009		(4,898)		5,173,622
Income tax benefit (expense)	(4,511)		(19,125)		(1,167)		—		—		(24,803)
Net income (loss)	$	1,470,547	$	2,194,764	$	1,335,030	$	1,310,639	$	(27,507)	$	6,283,473

The following table presents the Company’s other income, net from to its equity method investments, which were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Consolidated Statements of Operations:


	Year ended December 31,
		2023		2022		2021
Total other income, net related to equity method investments		$	86,729	$	21,657	$	114,856

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

The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains on investments within the Consolidated Statements of Operations:


	Year ended December 31,
		2023		2022		2021
Equity method private investment partnership interests and other (held at fair value)		$	50,772	$	5,626	$	7,100

Investments of the Consolidated Funds

The following table summarizes investments held in the Consolidated Funds:


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

	2023		2022		2023	2022
Fixed income investments:
Loans and securitization vehicles	$	10,616,458	$	9,280,522	72.7%	70.3%
Bonds	578,949		786,961		4.0	6.0
Money market funds and U.S. treasury securities	523,038		1,013,382		3.6	7.7


Total fixed income investments	11,718,445		11,080,865		80.3	84.0
Partnership interests	1,642,489		1,392,169		11.2	10.5
Equity securities	1,240,653		731,599		8.5	5.5
Total investments, at fair value	$	14,601,587	$	13,204,633

As of December 31, 2023 and 2022, 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, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE

5. FAIR VALUE

Financial Instrument Valuations

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

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

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 in the Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income, net in the Consolidated Statements of Operations.

Corporate debt, bonds, bank loans, securitization vehicles and derivative instruments: The fair value of corporate debt, bonds, bank loans, securitization vehicles 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 that are not readily available, utilize

valuation models of third-party pricing service or internal models using unobservable inputs to determine the fair value are classified as Level III.

Money market funds and U.S. treasury securities: The fair value of money market funds and U.S. treasury securities is estimated using quoted market prices in active markets. These investments are classified as Level I.

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, 2023 and 2022, NAV per share represents the fair value of the Company’s investments in partnership interests. Discounted cash flow model has been used to determine the fair value of an investment in a partnership interest held by the Consolidated Funds where NAV per share was not deemed to be representative of fair value.

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

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

The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2023:


Financial Instruments of the Company	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Common stock and other equity securities	$	—	$	86,572	$	412,491	$	—	$	499,063
Collateralized loan obligations and fixed income securities	—		—		126,294		—		126,294
Partnership interests	—		—		—		6,287		6,287
Total investments, at fair value	—		86,572		538,785		6,287		631,644
Derivatives-foreign currency forward contracts	—		1,129		—		—		1,129
Total assets, at fair value	$	—	$	87,701	$	538,785	$	6,287	$	632,773
Liabilities, at fair value
Derivatives-foreign currency forward contracts	$	—	$	(2,645)	$	—	$	—	$	(2,645)

Total liabilities, at fair value	$	—	$	(2,645)	$	—	$	—	$	(2,645)


Financial Instruments of the Consolidated Funds	Level I		Level II		Level III		Investments Measured at NAV		Total
Assets, at fair value
Investments:
Fixed income investments:
Loans and securitization vehicles	$	—	$	9,879,915	$	736,543	$	—	$	10,616,458
Bonds	—		575,379		3,570		—		578,949
Money market funds and U.S. treasury securities	523,038		—		—		—		523,038


Total fixed income investments	523,038		10,455,294		740,113		—		11,718,445
Partnership interests	—		—		—		1,642,489		1,642,489
Equity securities	47,503		2,750		1,190,400		—		1,240,653
Total investments, at fair value	570,541		10,458,044		1,930,513		1,642,489		14,601,587

Derivatives-foreign currency forward contracts	—		9,126		—		—		9,126


Total assets, at fair value	$	570,541	$	10,467,170	$	1,930,513	$	1,642,489	$	14,610,713
Liabilities, at fair value
Loan obligations of CLOs	$	—	$	(12,345,657)	$	—	$	—	$	(12,345,657)
Derivatives:

Foreign currency forward contracts	—		(9,491)		—		—		(9,491)
Asset swaps	—		—		(1,291)		—		(1,291)


Total derivative liabilities, at fair value	—		(9,491)		(1,291)		—		(10,782)
Total liabilities, at fair value	$	—	$	(12,355,148)	$	(1,291)	$	—	$	(12,356,439)

The following tables 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:
Common stock and other equity securities	$	—	$	77,022	$	121,785	$	—	$	198,807
Collateralized loan obligations and fixed income securities	—		—		76,934		—		76,934
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:
Loans and securitization vehicles	$	—	$	8,663,678	$	616,844	$	—	$	9,280,522
Money market funds and U.S. treasury securities	1,013,382		—		—		—		1,013,382
Bonds	—		534,137		252,824		—		786,961
Total fixed income investments	1,013,382		9,197,815		869,668		—		11,080,865
Partnership interests	—		—		368,655		1,023,514		1,392,169
Equity securities	719		—		730,880		—		731,599
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
Loan obligations of CLOs	$	—	$	(10,701,720)	$	—	$	—	$	(10,701,720)
Derivatives:
Warrants	(9,326)		—		—		—		(9,326)
Asset swaps	—		—		(3,556)		—		(3,556)
Foreign currency forward contracts	—		(2,942)		—		—		(2,942)
Total derivative liabilities, at fair value	(9,326)		(2,942)		(3,556)		—		(15,824)
Total liabilities, at fair value	$	(9,326)	$	(10,704,662)	$	(3,556)	$	—	$	(10,717,544)

The following tables set forth a summary of changes in the fair value of the Level III measurements:


Level III Assets of the Company	Equity Securities		Fixed Income		Total
Balance as of December 31, 2022	$	121,785	$	76,934	$	198,719


Purchases(1)	244,335		88,480		332,815
Sales/settlements(2)	(2)		(37,332)		(37,334)

Realized and unrealized appreciation (depreciation), net	46,373		(1,788)		44,585
Balance as of December 31, 2023	$	412,491	$	126,294	$	538,785
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$	46,161	$	(1,577)	$	44,584


Level III Net Assets of Consolidated Funds	Equity Securities		Fixed Income		Partnership Interests		Derivatives, Net		Total
Balance as of December 31, 2022	$	730,880	$	869,668	$	368,655	$	(3,556)	$	1,965,647
Transfer out due to changes in consolidation	(2,076)		(4,563)		(374,049)		—		(380,688)
Transfer in	—		247,661		—		—		247,661
Transfer out	(36,681)		(504,037)		—		—		(540,718)
Purchases(1)	347,583		813,564		49,000		—		1,210,147
Sales/settlements(2)	(2,595)		(700,944)		(48,889)		(154)		(752,582)

Realized and unrealized appreciation, net	153,289		18,764		5,283		2,419		179,755
Balance as of December 31, 2023	$	1,190,400	$	740,113	$	—	$	(1,291)	$	1,929,222
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$	152,336	$	(15,623)	$	—	$	1,590	$	138,303

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

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

The following tables set forth a summary of changes in the fair value of the Level III measurements:



Level III Assets and Liabilities of the Company	Equity Securities		Fixed Income		Partnership Interests		Contingent Consideration		Total
Balance as of December 31, 2021	$	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 as of December 31, 2022	$	121,785	$	76,934	$	—	$	—	$	198,719
Change in net unrealized appreciation/depreciation 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 as of December 31, 2021	$	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)

Realized and unrealized appreciation (depreciation), net	99,930		(51,340)		29,166		(451)		77,305
Balance as of December 31, 2022	$	730,880	$	869,668	$	368,655	$	(3,556)	$	1,965,647
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities 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.

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, 2023:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

154,460

Discounted cash flow

Discount rate

20.0% -30.0%

25.0%

118,846

Market approach

Multiple of book value

1.3x - 1.6x

1.5x

100,000

Transaction price(1)

N/A

6,447

Market approach

Enterprise value / LTM multiple of FRE

15.4x

32,738

Other

N/A

Fixed income investments

83,000

Transaction price(1)

N/A

20,799

Broker quotes and/or 3rd party pricing services

N/A

22,495

Other

N/A

Total assets

$

538,785

Level III Measurements of the Consolidated Funds

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

648,581

Discounted cash flow

Discount rate

10.0% - 16.0%

13.0%

537,733

Market approach

Multiple of book value

1.0x - 1.7x

1.3x

3,909

Market approach

EBITDA multiple(2)

4.5x - 32.4x

8.9x

177

Other

N/A

Fixed income investments

516,070

Broker quotes and/or 3rd party pricing services

N/A

188,322

Market approach

Yield

8.3% - 24.1%

12.2%

2,974

Market approach

EBITDA multiple(2)

4.5x - 32.4x

9.0x

32,747

Other

N/A

Total assets

$

1,930,513

Liabilities

Derivative instruments

$

(1,291)

Broker quotes and/or 3rd party pricing services

N/A

Total liabilities

$

(1,291)

(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, 2022:

Level III Measurements of the Company

Fair Value

Valuation Technique(s)

Significant Unobservable Input(s)

Range

Weighted Average

Assets

Equity securities

$

106,295

Market approach

Multiple of book value

1.3x - 3.2x

2.4x

15,490

Transaction price(1)

N/A

Fixed income investments

30,189

Transaction price(1)

N/A

25,163

Broker quotes and/or 3rd party pricing services

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 interests

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(1)

N/A

4,479

Market approach

EBITDA multiple(2)

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

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

The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using NAV per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control.

The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share:


	As of December 31,
	2023		2022

Investments (held at fair value)	$	1,642,489	$	1,023,514
Unfunded commitments	738,621		869,016

- 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, 2023

Debt Disclosure [Abstract]

DEBT

6. DEBT

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



					As of December 31,
					2023			2022
	Debt Origination Date	Maturity	Original Borrowing Amount		Carrying Value		Interest Rate	Carrying Value		Interest Rate
Credit Facility(1)	Revolving	3/31/2027	N/A		$	895,000	6.37%	$	700,000	5.37%
2024 Senior Notes(2)	10/8/2014	10/8/2024	$	250,000	249,427		4.21	248,693		4.21
2028 Senior Notes(3)	11/10/2023	11/10/2028	500,000		494,863		6.42	—		N/A
2030 Senior Notes(4)	6/15/2020	6/15/2030	400,000		397,050		3.28	396,602		3.28
2052 Senior Notes(5)	1/21/2022	2/1/2052	500,000		484,199		3.77	483,802		3.77
2051 Subordinated Notes(6)	6/30/2021	6/30/2051	450,000		444,941		4.13	444,757		4.13
Total debt obligations					$	2,965,480		$	2,273,854

(1)The revolver commitments were $1.325 billion as of December 31, 2023. Ares Holdings is the borrower under the Credit Facility. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance (“ESG”)-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of December 31, 2023, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. Due to the achievement of the ESG-related targets, the Company’s base rate and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2024.

(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 Senior Notes.

(3)The 2028 Senior Notes were issued in November 2023 by the Company, at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the 2028 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2028 Senior Notes.

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

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

(6)The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five consecutive years, subject to the terms of the indenture governing the 2051 Subordinated Notes.

As of December 31, 2023, the Company and its subsidiaries were in compliance with all covenants under the debt obligations.

The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the 2024, 2028, 2030 and 2052 Senior Notes (the “Senior Notes”) and 2051 Subordinated Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included within other assets within the 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, 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
Debt issuance costs incurred	—		4,315		—
Amortization of debt issuance costs	(1,297)		(924)		(184)

Unamortized debt issuance costs as of December 31, 2023	$	4,213	$	11,784	$	5,059

Loan Obligations of the Consolidated CLOs

Loan obligations of the Consolidated Funds that are 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,
	2023				2022
	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	$	11,606,289	6.64%	8.2	$	10,142,545	4.84%	8.8
Subordinated notes(1)	739,368		N/A	6.9	559,175		N/A	7.8
Total loan obligations of Consolidated CLOs	$	12,345,657			$	10,701,720

(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, 2023 and 2022, 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,
					2023			2022
	Maturity Date		Total Capacity		Outstanding Loan(1)		Effective Rate	Outstanding Loan(1)		Effective Rate
Credit Facilities:
	10/13/2023	(2)	$	112,817	N/A		N/A	$	77,496	5.89%
	7/1/2024		18,000		$	15,241	6.88%	15,550		6.25
	7/23/2024		125,000		110,000		8.29	75,000		7.28
	9/24/2026		150,000		—		N/A	—		N/A
	9/12/2027		54,000		—		N/A	—		N/A
Total borrowings of Consolidated Funds					$	125,241		$	168,046

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

(2)Represents a credit facility of a Consolidated Fund that was deconsolidated during the second quarter of 2023. The total capacity represents the balance as of December 31, 2022.

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

OTHER ASSETS

12 Months Ended

Dec. 31, 2023

Other Assets [Abstract]

OTHER ASSETS

7. OTHER ASSETS

The components of other assets were as follows:


	As of December 31,
	2023		2022
Other assets of the Company:
Accounts and interest receivable	$	128,756	$	120,903
Fixed assets, net	122,223		79,678


Deferred tax assets, net	21,549		68,933
Other assets	157,451		111,623
Total other assets of the Company	$	429,979	$	381,137
Other assets of Consolidated Funds:
Dividends and interest receivable	$	74,045	$	60,321
Income tax and other receivables	12,627		5,249
Total other assets of Consolidated Funds	$	86,672	$	65,570

Fixed Assets, Net

The components of fixed assets were as follows:


	As of December 31,
	2023		2022

Office and computer equipment	$	52,681	$	41,547
Internal-use software	51,226		57,200
Leasehold improvements	134,272		84,820
Fixed assets, at cost	238,179		183,567
Less: accumulated depreciation	(115,956)		(103,889)
Fixed assets, net	$	122,223	$	79,678

For the years ended December 31, 2023, 2022 and 2021, depreciation expense was $31.4 million, $26.2 million and $22.1 million, respectively, and is included within general, administrative and other expenses within the Consolidated Statements of Operations. During 2023, the Company disposed of $19.8 million of fixed assets that were fully depreciated.

COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

8. 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, 2023, 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, 2023 and 2022, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $1,030.6 million and $677.9 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, 2023 and 2022, the Company’s maximum exposure to losses from guarantees was $122.3 million and $31.5 million, respectively.

Contingent Liabilities

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

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

As of December 31, 2023, the fair value of the contingent liability was $75.0 million, of which the Company has recorded $5.0 million of compensation expense with an offset to accrued compensation within the Consolidated Statements of Financial Condition.

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

The Company expects to settle each portion of the liability with a combination of 15% cash and 85% equity awards. Expense associated with the cash components are recognized ratably over the respective measurement periods, which will end on the final fundraising date for each of the infrastructure debt funds included in the Infrastructure Debt MIP agreement. Expense associated with the equity component is recognized ratably over the service periods, which will continue for four years beyond each of the measurement period end dates. The Infrastructure Debt MIP is remeasured each period with incremental changes in 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 fourth quarter of 2022. As of December 31, 2022, the fair value of the contingent liability related to this portion of the award was $21.8 million and the Company recorded $7.0 million within accrued compensation within the Consolidated Statements of Financial Condition. During the first quarter of 2023, the associated liability for this portion of the award was settled with a $3.4 million cash payment and the remaining amount equity-settled and reclassified to additional paid-in-capital. For the year ended December 31, 2022, compensation expense of $7.0 million, related to the achieved portion of the award, is presented within compensation and benefits within the Consolidated Statements of Operations.

As of December 31, 2023, the maximum contingent liability associated with the remaining Infrastructure Debt MIP is $15.0 million. As of December 31, 2023 and 2022, the fair value of the contingent liability was $13.6 million and $13.5 million. As of December 31, 2023 and 2022, the Company has recorded $4.4 million and $2.2 million, respectively, within accrued compensation within the Consolidated Statements of Financial Condition. Compensation expense associated with the remaining Infrastructure Debt MIP of $2.3 million and $2.2 million for the years ended December 31, 2023 and 2022, respectively, is presented within compensation and benefits within the Consolidated Statements of Operations.

Carried Interest

Carried interest is affected by changes in the fair values of the underlying investments in the funds that are advised by the Company. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest.

Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company’s funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations.

Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has recognized more carried interest than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund.

As of December 31, 2023 and 2022, 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 $78.5 million and $128.4 million, respectively, of which approximately $54.5 million and $101.0 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, 2023 and 2022, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability.

Litigation

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

Leases

The Company leases primarily consists of operating leases for office space and certain office equipment. The Company’s leases have remaining lease terms of one to 13 years. The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases:


Maturity of operating lease liabilities	As of December 31, 2023
2024	$	51,399
2025	51,884
2026	48,206
2027	37,497
2028	27,408
Thereafter	180,050
Total future payments	396,444
Less: interest	76,872
Total operating lease liabilities	$	319,572


	Year ended December 31,
Classification within general, administrative and other expenses		2023		2022		2021
Operating lease expense		$	49,531	$	42,746	$	38,135



	Year ended December 31,
Supplemental information on the measurement of operating lease liabilities	2023		2022		2021
Operating cash flows for operating leases	$	45,103	$	46,558	$	37,500



Leased assets obtained in exchange for new operating lease liabilities	168,876		43,331		57,624



	As of December 31,
Lease term and discount rate	2023	2022

Weighted-average remaining lease terms (in years)	8.4	5.5


Weighted-average discount rate	4.3%	2.7%

RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2023

RELATED PARTY TRANSACTIONS

9. 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, 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 publicly-traded and non-traded vehicles. In addition, certain private funds pay administrative fees based on invested capital. The Company is also party to agreements with certain funds which pay fees to the Company to provide various property-related services, such as acquisition, development and property management as well as fees for the sale and distribution of fund shares in our non-traded vehicles.

Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares Funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management fees, carried interest or incentive fees.

Carried interest and incentive fees from the funds can be distributed to professionals or their related entities on a current basis, subject, in the case of carried interest programs, to repayment by the subsidiary of the Company that acts as general partner of the relevant fund in the event that certain specified return thresholds are not ultimately achieved. The professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several, and not joint, and are limited to distributions received by the relevant recipient.

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



	As of December 31,
	2023		2022
Due from affiliates:
Management fees receivable from non-consolidated funds	$	560,629	$	456,314
Incentive fee receivable from non-consolidated funds	159,098		169,979
Payments made on behalf of and amounts due from non-consolidated funds and employees	177,019		132,179
Due from affiliates—Company	$	896,746	$	758,472
Amounts due from non-consolidated funds	$	14,151	$	15,789
Due from affiliates—Consolidated Funds	$	14,151	$	15,789
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	$	9,585	$	8,701
Tax receivable agreement liability	191,299		118,466
Undistributed carried interest and incentive fees	33,374		121,332
Payments made by non-consolidated funds on behalf of and payable by the Company	5,996		4,299
Due to affiliates—Company	$	240,254	$	252,798
Amounts due to portfolio companies and non-consolidated funds	$	3,554	$	4,037
Due to affiliates—Consolidated Funds	$	3,554	$	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. 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.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

INCOME TAXES

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

10. 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 2020. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s 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	2023		2022		2021
The Company
Current:
U.S. federal income tax expense	$	34,051	$	42,452	$	40,861
State and local income tax expense	13,316		7,614		12,121
Foreign income tax expense	24,029		14,119		11,684
	71,396		64,185		64,666
Deferred:
U.S. federal income tax expense	85,610		10,660		68,201
State and local income tax expense	15,872		2,131		13,040
Foreign income tax expense (benefit)	(3,730)		(5,416)		1,390
	97,752		7,375		82,631
Total:
U.S. federal income tax expense	119,661		53,112		109,062
State and local income tax expense	29,188		9,745		25,161
Foreign income tax expense	20,299		8,703		13,074
Income tax expense	169,148		71,560		147,297

Consolidated Funds
Current:


Foreign income tax expense	3,823		331		88
Income tax expense	3,823		331		88











Total Provision for Income Taxes
Total current income tax expense	75,219		64,516		64,754
Total deferred income tax expense	97,752		7,375		82,631
Income tax expense	$	172,971	$	71,891	$	147,385

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


	Year ended December 31,
	2023	2022	2021
Income tax expense at federal statutory rate	21.0%	21.0%	21.0%
Income passed through to non-controlling interests	(9.6)	(8.9)	(9.2)
State and local taxes, net of federal benefit	1.7	2.2	1.9
Foreign taxes	(0.7)	(1.4)	(0.1)
Permanent items	0.2	0.6	(0.3)
Disallowed executive compensation	0.2	0.1	0.7
Other, net	0.3	0.3	(0.2)
Valuation allowance	(0.1)	0.2	—
Total effective rate	13.0%	14.1%	13.8%

Deferred Taxes

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2023 and 2022. 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	2023		2022
Deferred tax assets
Amortizable tax basis for AOG Unit exchanges	$	205,627	$	124,217

Net operating losses and capital loss carryforwards	1,829		2,192
Other, net	6,511		6,089
Total gross deferred tax assets	213,967		132,498
Valuation allowance	(942)		(2,155)
Total net deferred tax assets	213,025		130,343
Deferred tax liabilities
Investment in partnerships	(191,476)		(61,410)

Total deferred tax liabilities	(191,476)		(61,410)
Deferred tax assets, net	$	21,549	$	68,933


	As of December 31,
Deferred Tax Assets and Liabilities of the Consolidated Funds	2023		2022
Deferred tax assets

Other, net	$	2,598	$	—
Total gross deferred tax assets	2,598		—
Valuation allowance	(2,598)		—
Total deferred tax assets, net	$	—	$	—

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

The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by Consolidated Funds.

As of December 31, 2023 and 2022, the valuation allowance for the Company’s deferred tax assets was $0.9 million and $2.2 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 December 31, 2023, the Company had $10.6 million of net operating loss (“NOL”) carryforwards and other tax attributes related to its Consolidated Funds available to reduce future income taxes for which a full valuation allowance has been provided. The NOLs generally have no expiry.

As of, and for the years ended December 31, 2023, 2022 and 2021, 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

EARNINGS PER SHARE

11. EARNINGS PER SHARE

The Company has Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes.

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

For the years ended December 31, 2023 and 2021, the treasury stock method was the more dilutive method. For the year ended December 31, 2022, the two-class 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,
		2023	2022	2021

Restricted units		2,071	—	132
AOG Units		118,804,252	—	116,226,798

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


	Year ended December 31,
		2023		2022		2021
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		$	474,326	$	167,541	$	386,748
Dividends declared and paid on Class A and non-voting common stock		(571,923)		(429,104)		(309,835)
Distributions on unvested restricted units		(21,303)		(14,096)		(10,986)
Undistributed earnings allocable to participating unvested restricted units		—		—		(7,138)
Undistributed net income (dividends in excess of earnings) available to Class A and non-voting common stockholders		$	(118,900)	$	(275,659)	$	58,789
Basic weighted-average shares of Class A and non-voting common stock		184,523,524		175,510,798		163,703,626
Undistributed basic earnings (dividends in excess of earnings) per share of Class A and non-voting common stock		$	(0.64)	$	(1.57)	$	0.36
Dividend declared and paid per Class A and non-voting common stock		3.08		2.44		1.88
Basic earnings per share of Class A and non-voting common stock		$	2.44	$	0.87	$	2.24

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		$	474,326	$	167,541	$	386,748
Distributions on unvested restricted units		—		(14,096)		—
Net income available to Class A and non-voting common stockholders		$	474,326	$	153,445	$	386,748
Effect of dilutive shares:
Restricted units		9,347,318		—		11,209,144
Options		1,902,584		—		5,199,501

Diluted weighted-average shares of Class A and non-voting common stock		195,773,426		175,510,798		180,112,271
Diluted earnings per share of Class A and non-voting common stock		$	2.42	$	0.87	$	2.15

EQUITY COMPENSATION

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

EQUITY COMPENSATION

12. EQUITY COMPENSATION

Equity Incentive Plan

In April 2023, the Company’s board of directors approved the Equity Incentive Plan to replace the Third Amended and Restated 2014 Equity Incentive Plan (“2014 Equity Incentive Plan”). The Equity Incentive Plan was approved by stockholders on June 12, 2023, and as of that date, the number of shares available for issuance under the Equity Incentive Plan was 69,122,318 and may reset on January 1 of each year, based on a formula set forth in the Equity Incentive Plan. As of December 31, 2023, 69,150,100 shares remained available for issuance under the Equity Incentive Plan.

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,
		2023		2022		2021
Restricted units		$	255,965	$	200,391	$	170,980
Restricted units with a market condition		—		—		66,211

Equity-based compensation expense		$	255,965	$	200,391	$	237,191

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, 2023, 3.8 million restricted units vested and 2.2 million shares of Class A common stock were delivered to the holders. 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.

The holders of restricted units, other than awards that have not yet been issued as described in the subsequent sections, generally have the right to receive as current compensation an amount in cash equal to: (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). When units are forfeited, the cumulative amount of Dividend Equivalents previously paid is reclassified to compensation and benefits expense within the Consolidated Statements of Operations.

The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the year ended December 31, 2023:


Record Date	Dividends Per Share		Dividend Equivalents Paid
March 17, 2023	$	0.77	$	12,032
June 16, 2023	0.77		11,874
September 15, 2023	0.77		11,704
December 15, 2023	0.77		11,596

During the first quarter of 2023, the Company approved the future grant of restricted units to certain senior executives in each of 2024, 2025 and 2026, 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 as of December 31, 2022	16,662,999	$	48.76
Granted	4,780,786	78.97
Vested	(3,826,544)	38.46
Forfeited	(257,412)	58.75
Balance as of December 31, 2023	17,359,829	$	59.20

The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $650.9 million as of December 31, 2023 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, all of which expire in May 2024.

A summary of options activity during the year ended December 31, 2023 is presented below:


	Options	Weighted Average Exercise Price		Weighted Average Remaining Life (in years)	Aggregate Intrinsic Value
Balance as of December 31, 2022	5,170,219	$	19.00	1.3	$	255,616

Exercised	(5,090,695)	19.00		—	—
Expired	—	—		—	—
Forfeited	—	—		—	—
Balance as of December 31, 2023	79,524	$	19.00	0.3	$	7,946
Exercisable as of December 31, 2023	79,524	$	19.00	0.3	$	7,946

Net cash proceeds from exercises of stock options were $86.0 million for the year ended December 31, 2023. The Company realized tax benefits of approximately $53.9 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, 2023

Stockholders' Equity Note [Abstract]

EQUITY AND REDEEMABLE INTEREST

13. 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 AOG 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, 2023, the program was scheduled to expire in March 2024, and the renewal was subsequently authorized by the Company’s board of directors and will expire in March 2025. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the years ended December 31, 2023, 2022 and 2021, 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 as of December 31, 2022	173,892,036	3,489,911	1,000	117,231,288	294,614,235
Issuance of stock	2,591,432	—	—	—	2,591,432
Issuance of AOG Units(1)	—	—	—	3,473,026	3,473,026
Exchanges of AOG Units	3,679,556	—	—	(3,679,556)	—

Stock option exercises, net of shares withheld for tax	4,742,044	—	—	—	4,742,044

Vesting of restricted stock awards, net of shares withheld for tax	2,164,839	—	—	—	2,164,839

Balance as of December 31, 2023	187,069,907	3,489,911	1,000	117,024,758	307,585,576

(1) Represents issuance of AOG Units to the recipients of the management incentive program from the acquisition of Black Creek Group’s real estate investment advisory and distribution business (the “Black Creek Acquisition”), which relieved the associated liability following the maximum contingent payment being met as of December 31, 2022. Pursuant to an agreement with the recipients of the Black Creek Acquisition management incentive program, a portion of such AOG Units were issued in lieu of cash consideration which was payable pursuant to the Black Creek Acquisition management incentive program. Issuances of Class C Common stock corresponds with increases in Ares Owners Holdings L.P.’s ownership interest in the AOG entities.

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


						Daily Average Ownership
	As of December 31, 2023		As of December 31, 2022		Year ended December 31,
	AOG Units	Direct Ownership Interest	AOG Units	Direct Ownership Interest			2023	2022	2021
Ares Management Corporation	190,559,818	61.95%	177,381,947	60.21%			60.83%	59.76%	58.48%
Ares Owners Holdings, L.P.	117,024,758	38.05	117,231,288	39.79			39.17	40.24	41.52
Total	307,584,576	100.00%	294,613,235	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

On July 1, 2020, the Company completed its acquisition of a majority interest in SSG Capital Holdings Limited and its operating subsidiaries (“SSG” and subsequently rebranded as “Ares SSG”) (the “SSG Acquisition”). In connection with the SSG Acquisition, the former owners of SSG retained a 20% ownership interest in the operations acquired by the Company. In certain circumstances, the Company had the ability to acquire full ownership of SSG pursuant to a contractual arrangement to be initiated by the Company or by the former owners of SSG. Since the acquisition of the remaining interest in SSG was not within the Company's sole discretion, the ownership interest held by the former owners of SSG was classified as a redeemable interest and represented mezzanine equity.

In connection with a merger agreement to acquire the remaining 20% ownership interest in the Ares SSG fee-generating business that was retained by the former owners of SSG (the “SSG Buyout”), a portion of the redeemable interest in AOG entities was purchased on March 31, 2023, and the Company now owns 100% of Ares SSG’s fee-generating business. The SSG Buyout was effectuated through newly issued shares of Class A common stock. The remaining redeemable interest in AOG entities represents ownership in certain investments that were not included in the SSG Buyout and continues to be presented at the redemption amount within mezzanine equity within the Consolidated Statements of Financial Condition.

During the year ended December 31, 2023, the shareholders of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”) elected to redeem the remaining amount of AAC I’s trust account following the extensions of the period to complete a business combination and the subsequent determination that it would not complete a business combination. On April 25, 2023, Ares Acquisition Corporation II (NYSE: AACT) (“AAC II”), the Company’s second sponsored SPAC, consummated its initial public offering and generated gross proceeds of $500.0 million. As of December 31, 2023, the 50,000,000 AAC II Class A ordinary shares are presented at the redemption amount within mezzanine equity within the Consolidated Statements of Financial Condition.

The following table summarizes the activities associated with the redeemable interest in AOG entities:


	Total
Balance as of December 31, 2020	$	100,366
Distributions	(2,390)
Net loss	(1,341)
Currency translation adjustment, net of tax	(627)
Balance as of December 31, 2021	96,008
Distributions	(1,887)
Net loss	(851)
Currency translation adjustment, net of tax	(426)
Equity compensation	285
Balance as of December 31, 2022	93,129
Changes in ownership interests and related tax benefits	(66,507)
Distributions	(2,883)
Net income	226
Currency translation adjustment, net of tax	(41)
Equity compensation	174
Balance as of December 31, 2023	$	24,098

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


	Total


Balance as of December 31, 2021	$	1,000,000
Change in redemption value	13,282
Balance as of December 31, 2022	1,013,282




Gross proceeds from the initial public offering of AAC II	500,000
Change in redemption value	55,530
Redemptions from Class A ordinary shares of AAC I	(1,045,874)
Balance as of December 31, 2023	$	522,938

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

SEGMENT REPORTING

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENT REPORTING

14. SEGMENT REPORTING

The Company operates through its distinct operating segments. On March 31, 2023, the Company executed the SSG Buyout. The Company rebranded Ares SSG as Ares Asia and the Ares SSG credit business, including the Asian special situations, Asian secured lending and APAC direct lending strategies, as APAC credit. APAC credit has been reclassified effective January 1, 2023 and is now presented within the Credit Group. In connection with this reclassification, the Company will no longer use Strategic Initiatives to describe all other operating segments, instead reporting the collective results as Other. The Company reclassified activities of APAC credit to the Credit Group to better align the segment presentation with the global asset classes and investment strategies. Separately, the Private Equity Group includes APAC private equity following the Crescent Point Acquisition. The Company has modified historical results to conform with its current presentation. The Company operating segments are summarized below:

Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, direct lending and APAC credit.

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

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, infrastructure and credit.

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

The OMG consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy, relationship management and distribution. The OMG includes Ares Wealth Management Solutions, LLC (“AWMS”) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of the Company’s managed funds and vehicles, which reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to the Company’s operating segments but the Company does consider the financial results of the OMG when evaluating its financial performance.

In February 2024, the Company announced that the special opportunities strategy, historically reported as a component of the Private Equity Group, will be integrated into the Credit Group to align management of this strategy and will form the foundation for a new opportunistic credit strategy. For segment reporting purposes, the change will require the reclassification of the special opportunities strategy from the Private Equity Group to the Credit Group and will be presented in the Company’s consolidated financial statements beginning in 2024.

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 our funds and adjusts for certain other items that the Company believes are not indicative of its core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and eligible to be received on a recurring basis and not dependent on realization events from the underlying investments.

Realized income (“RI”) is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding: (i) operating results of the Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusts for certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed in advance in accordance with GAAP. For periods in which the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. Management believes RI is a more appropriate metric to evaluate the Company’s current business operations.

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

Many of the Ares Funds managed by the Company have mandates that allow for investing across different geographic regions, including North America, Europe, Asia-Pacific and the Middle East. 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, 2023
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total Segments		OMG		Total
Management fees	$	1,749,796	$	230,251	$	389,437	$	174,942	$	27,087	$	2,571,513	$	—	$	2,571,513
Fee related performance revenues	167,333		—		334		12,782		—		180,449		—		180,449
Other fees	35,257		3,076		29,695		22		374		68,424		23,685		92,109
Compensation and benefits	(598,125)		(85,024)		(153,870)		(62,160)		(15,812)		(914,991)		(361,124)		(1,276,115)
General, administrative and other expenses	(96,733)		(35,762)		(46,789)		(21,199)		(3,119)		(203,602)		(200,613)		(404,215)
Fee related earnings	1,257,528		112,541		218,807		104,387		8,530		1,701,793		(538,052)		1,163,741
Performance income—realized	271,550		117,899		20,990		5,460		—		415,899		—		415,899
Performance related compensation—realized	(175,193)		(89,767)		(12,768)		(4,678)		—		(282,406)		—		(282,406)
Realized net performance income	96,357		28,132		8,222		782		—		133,493		—		133,493
Investment income (loss)—realized	20,111		(1,434)		(4,498)		—		170		14,349		—		14,349
Interest and other investment income—realized	21,975		4,952		11,055		4,867		16,623		59,472		748		60,220
Interest expense	(27,300)		(21,422)		(16,391)		(8,980)		(32,026)		(106,119)		(156)		(106,275)
Realized net investment income (loss)	14,786		(17,904)		(9,834)		(4,113)		(15,233)		(32,298)		592		(31,706)
Realized income	$	1,368,671	$	122,769	$	217,195	$	101,056	$	(6,703)	$	1,802,988	$	(537,460)	$	1,265,528

	Year ended December 31, 2022
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total Segments		OMG		Total
Management fees	$	1,416,518	$	199,837	$	347,808	$	176,694	$	11,671	$	2,152,528	$	—	$	2,152,528
Fee related performance revenues	71,497		—		167,693		235		—		239,425		—		239,425
Other fees	31,992		1,888		35,879		—		274		70,033		24,529		94,562
Compensation and benefits	(462,681)		(86,561)		(240,015)		(53,743)		(12,108)		(855,108)		(317,396)		(1,172,504)
General, administrative and other expenses	(79,434)		(30,697)		(39,739)		(12,685)		(2,089)		(164,644)		(155,017)		(319,661)
Fee related earnings	977,892		84,467		271,626		110,501		(2,252)		1,442,234		(447,884)		994,350
Performance income—realized	156,929		123,806		133,130		4,156		—		418,021		—		418,021
Performance related compensation—realized	(97,621)		(90,300)		(83,105)		(3,515)		—		(274,541)		—		(274,541)
Realized net performance income	59,308		33,506		50,025		641		—		143,480		—		143,480
Investment income (loss)—realized	7,078		3,432		3,115		—		861		14,486		(37)		14,449
Interest and other investment income (expense)—realized	27,288		2,546		9,045		3,683		9,130		51,692		(1,588)		50,104
Interest expense	(15,932)		(15,953)		(11,346)		(5,660)		(21,781)		(70,672)		(684)		(71,356)
Realized net investment income (loss)	18,434		(9,975)		814		(1,977)		(11,790)		(4,494)		(2,309)		(6,803)
Realized income	$	1,055,634	$	107,998	$	322,465	$	109,165	$	(14,042)	$	1,581,220	$	(450,193)	$	1,131,027


	Year ended December 31, 2021
	Credit Group		Private Equity Group		Real Assets Group		Secondaries Group		Other		Total Segments		OMG		Total
Management fees	$	1,128,887	$	181,918	$	218,202	$	97,945	$	8,325	$	1,635,277	$	—	$	1,635,277
Fee related performance revenues	86,480		—		51,399		—		—		137,879		—		137,879
Other fees	27,152		1,070		13,038		—		33		41,293		8,478		49,771
Compensation and benefits	(429,150)		(78,156)		(127,679)		(25,215)		(7,917)		(668,117)		(226,725)		(894,842)
General, administrative and other expenses	(61,712)		(21,625)		(24,181)		(6,862)		(752)		(115,132)		(100,645)		(215,777)
Fee related earnings	751,657		83,207		130,779		65,868		(311)		1,031,200		(318,892)		712,308
Performance income—realized	207,450		171,637		95,270		70		—		474,427		—		474,427
Performance related compensation—realized	(131,902)		(137,576)		(59,056)		(49)		—		(328,583)		—		(328,583)
Realized net performance income	75,548		34,061		36,214		21		—		145,844		—		145,844
Investment income (loss)—realized	1,985		(3,754)		17,700		19		17		15,967		—		15,967
Interest and other investment income—realized	20,728		11,514		7,252		2,261		3,597		45,352		226		45,578
Interest expense	(8,098)		(7,925)		(6,394)		(836)		(12,971)		(36,224)		(536)		(36,760)
Realized net investment income (loss)	14,615		(165)		18,558		1,444		(9,357)		25,095		(310)		24,785
Realized income	$	841,820	$	117,103	$	185,551	$	67,333	$	(9,668)	$	1,202,139	$	(319,202)	$	882,937

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


	Year ended December 31,
		2023		2022		2021
Segment revenues
Management fees		$	2,571,513	$	2,152,528	$	1,635,277
Fee related performance revenues		180,449		239,425		137,879
Other fees		68,424		70,033		41,293
Performance income—realized		415,899		418,021		474,427
Total segment revenues		$	3,236,285	$	2,880,007	$	2,288,876
Segment expenses
Compensation and benefits		$	914,991	$	855,108	$	668,117
General, administrative and other expenses		203,602		164,644		115,132
Performance related compensation—realized		282,406		274,541		328,583
Total segment expenses		$	1,400,999	$	1,294,293	$	1,111,832
Segment realized net investment income (expense)
Investment income—realized		$	14,349	$	14,486	$	15,967
Interest and other investment income —realized		59,472		51,692		45,352
Interest expense		(106,119)		(70,672)		(36,224)
Total segment realized net investment income (expense)		$	(32,298)	$	(4,494)	$	25,095

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


	Year ended December 31,
		2023		2022		2021
Total consolidated revenue		$	3,631,884	$	3,055,443	$	4,212,091
Performance income—unrealized		(305,370)		(107,153)		(1,744,056)
Management fees of Consolidated Funds eliminated in consolidation		48,201		46,324		44,896
Performance income of Consolidated Funds eliminated in consolidation		13,672		11,529		5,458
Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation		7,166		17,013		4,483
Administrative fees(1)		(63,144)		(69,414)		(49,223)
OMG revenue		(23,685)		(24,354)		(8,478)

Acquisition-related incentive fees(2)		—		—		(47,873)
Principal investment income, net of eliminations		(36,516)		(12,278)		(99,433)
Net revenue of non-controlling interests in consolidated subsidiaries		(35,923)		(37,103)		(28,989)
Total consolidation adjustments and reconciling items		(395,599)		(175,436)		(1,923,215)
Total segment revenue		$	3,236,285	$	2,880,007	$	2,288,876

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

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


	Year ended December 31,
		2023		2022		2021
Total consolidated expenses		$	2,797,858	$	2,749,085	$	3,410,083
Performance related compensation-unrealized		(206,923)		(88,502)		(1,316,205)
Expenses of Consolidated Funds added in consolidation		(93,167)		(86,988)		(113,024)
Expenses of Consolidated Funds eliminated in consolidation		50,108		50,833		50,538
Administrative fees(1)		(62,773)		(68,255)		(49,223)
OMG expenses		(561,737)		(472,413)		(327,370)
Acquisition and merger-related expense		(12,000)		(15,197)		(21,162)
Equity compensation expense		(255,790)		(200,106)		(237,191)
Acquisition-related compensation expense(2)		(7,334)		(206,252)		(66,893)
Placement fee adjustment		5,819		(2,088)		(78,883)
Depreciation and amortization expense		(233,185)		(335,083)		(106,705)
Expense of non-controlling interests in consolidated subsidiaries		(19,877)		(30,741)		(32,133)
Total consolidation adjustments and reconciling items		(1,396,859)		(1,454,792)		(2,298,251)
Total segment expenses		$	1,400,999	$	1,294,293	$	1,111,832

(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 (“earnouts”) resulting from the Landmark Acquisition, the Black Creek Acquisition, the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations.

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


	Year ended December 31,
		2023		2022		2021
Total consolidated other income		$	499,037	$	204,448	$	263,682
Investment (income) loss—unrealized		(184,929)		12,769		(58,694)
Interest and other investment (income) loss—unrealized		6,448		(25,603)		6,249
Other income, net from Consolidated Funds added in consolidation		(492,848)		(250,144)		(256,375)
Other expense, net from Consolidated Funds eliminated in consolidation		(16,485)		(16,484)		(2,868)
OMG other (income) expense		1,074		14,419		(1,368)

Principal investment income		155,632		48,223		120,896
Other (income) expense, net		976		1,873		(19,886)
Other (income) loss of non-controlling interests in consolidated subsidiaries		(1,203)		6,005		(26,541)
Total consolidation adjustments and reconciling items		(531,335)		(208,942)		(238,587)
Total segment realized net investment income (expense)		$	(32,298)	$	(4,494)	$	25,095

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,
		2023		2022		2021
Income before taxes		$	1,333,063	$	510,806	$	1,065,690
Adjustments:
Depreciation and amortization expense		233,185		335,083		106,705
Equity compensation expense		255,419		198,948		237,191
Acquisition-related compensation expense(1)		7,334		206,252		66,893
Acquisition-related incentive fees(2)		—		—		(47,873)
Acquisition and merger-related expense		12,000		15,197		21,162
Placement fee adjustment		(5,819)		2,088		78,883
OMG expense, net		539,126		462,478		317,524
Other (income) expense, net		976		1,874		(19,886)
Income before taxes of non-controlling interests in consolidated subsidiaries		(17,249)		(357)		(23,397)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(278,119)		(119,664)		(120,457)
Total performance income—unrealized		(305,370)		(107,153)		(1,744,056)
Total performance related compensation—unrealized		206,923		88,502		1,316,205
Total investment income—unrealized		(178,481)		(12,834)		(52,445)
Realized income		1,802,988		1,581,220		1,202,139
Total performance income—realized		(415,899)		(418,021)		(474,427)
Total performance related compensation—realized		282,406		274,541		328,583
Total investment (income) loss—realized		32,298		4,494		(25,095)
Fee related earnings		$	1,701,793	$	1,442,234	$	1,031,200

(1)Represents earnouts resulting from the Landmark Acquisition, the Black Creek Acquisition, the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

CONSOLIDATION

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

CONSOLIDATION

15. 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: (i) such funds have been liquidated or dissolved; or (ii) 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, 2023, the Company deconsolidated one SPAC as a result of liquidation and one private fund as a result of a significant change in ownership. During the year ended December 31, 2022, the Company did not deconsolidate any entity. During the year ended December 31, 2021, the Company deconsolidated one CLO as a result of a significant change in ownership.

Investments in Consolidated Variable Interest Entities

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

Investments in Non-Consolidated Variable Interest Entities

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

The Company’s interests in consolidated and non-consolidated VIEs, as presented within the 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,
	2023		2022
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs(1)	$	503,376	$	393,549
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs(1)	910,600		537,239
Assets of consolidated VIEs	15,484,962		13,128,088
Liabilities of consolidated VIEs	13,409,257		11,593,867

(1)As of December 31, 2023 and 2022, 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 $83.1 million and $82.0 million, respectively.


	Year ended December 31,
		2023		2022		2021
Net income attributable to non-controlling interests related to consolidated VIEs		$	204,571	$	105,797	$	115,217

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, 2023
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	348,274	$	—	$	—	$	348,274
Investments (includes $3,413,007 of accrued carried interest)	5,546,209		—		(921,277)		4,624,932
Due from affiliates	1,068,089		—		(171,343)		896,746
Other assets	429,979		—		—		429,979
Right-of-use operating lease assets	249,326		—		—		249,326
Intangible assets, net	1,058,495		—		—		1,058,495
Goodwill	1,123,976		—		—		1,123,976
Assets of Consolidated Funds
Cash and cash equivalents	—		1,149,511		—		1,149,511
Investments held in trust account	—		523,038		—		523,038
Investments, at fair value	—		14,078,549		—		14,078,549
Due from affiliates	—		25,794		(11,643)		14,151
Receivable for securities sold	—		146,851		—		146,851
Other assets	—		86,672		—		86,672
Total assets	$	9,824,348	$	16,010,415	$	(1,104,263)	$	24,730,500
Liabilities
Accounts payable, accrued expenses and other liabilities	$	245,526	$	—	$	(11,642)	$	233,884
Accrued compensation	287,259		—		—		287,259
Due to affiliates	240,254		—		—		240,254
Performance related compensation payable	2,514,610		—		—		2,514,610
Debt obligations	2,965,480		—		—		2,965,480

Operating lease liabilities	319,572		—		—		319,572
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		189,523		—		189,523
Due to affiliates	—		174,897		(171,343)		3,554
Payable for securities purchased	—		484,117		—		484,117
CLO loan obligations, at fair value	—		12,458,266		(112,609)		12,345,657
Fund borrowings	—		125,241		—		125,241
Total liabilities	6,572,701		13,432,044		(295,594)		19,709,151
Commitments and contingencies
Redeemable interest in Consolidated Funds	—		522,938		—		522,938
Redeemable interest in Ares Operating Group entities	24,098		—		—		24,098
Non-controlling interest in Consolidated Funds	—		2,055,433		(796,988)		1,258,445
Non-controlling interest in Ares Operating Group entities	1,326,913		—		(4,444)		1,322,469
Stockholders’ Equity

Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding)	1,871		—		—		1,871
Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding)	35		—		—		35
Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding)	—		—		—		—
Class C common stock, $0.01 par value, 499,999,000 shares authorized (117,024,758 shares issued and outstanding)	1,170		—		—		1,170
Additional paid-in-capital	2,398,273		—		(7,237)		2,391,036
Accumulated deficit	(495,083)		—		—		(495,083)
Accumulated other comprehensive loss, net of tax	(5,630)		—		—		(5,630)
Total stockholders’ equity	1,900,636		—		(7,237)		1,893,399
Total equity	3,227,549		2,055,433		(808,669)		4,474,313
Total liabilities, redeemable interest, non-controlling interests and equity	$	9,824,348	$	16,010,415	$	(1,104,263)	$	24,730,500


	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


	Year ended December 31, 2023
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	2,599,351	$	—	$	(48,201)	$	2,551,150
Carried interest allocation	631,150		—		(12,571)		618,579
Incentive fees	277,728		—		(1,101)		276,627
Principal investment income	155,632		—		(119,116)		36,516
Administrative, transaction and other fees	156,178		—		(7,166)		149,012
Total revenues	3,820,039		—		(188,155)		3,631,884
Expenses
Compensation and benefits	1,486,698		—		—		1,486,698
Performance related compensation	607,522		—		—		607,522
General, administrative and other expense	660,579		—		(433)		660,146
Expenses of the Consolidated Funds	—		93,167		(49,675)		43,492
Total expenses	2,754,799		93,167		(50,108)		2,797,858
Other income (expense)
Net realized and unrealized gains on investments	76,415		—		1,158		77,573
Interest and dividend income	29,850		—		(10,574)		19,276
Interest expense	(106,276)		—		—		(106,276)
Other income (expense), net	(10,285)		—		15,104		4,819
Net realized and unrealized gains on investments of the Consolidated Funds	—		239,802		22,898		262,700
Interest and other income of the Consolidated Funds	—		1,010,649		(15,104)		995,545
Interest expense of the Consolidated Funds	—		(757,603)		3,003		(754,600)
Total other income (expense), net	(10,296)		492,848		16,485		499,037
Income before taxes	1,054,944		399,681		(121,562)		1,333,063
Income tax expense	169,148		3,823		—		172,971
Net income	885,796		395,858		(121,562)		1,160,092
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		395,858		(121,562)		274,296
Net income attributable to Ares Operating Group entities	885,796		—		—		885,796
Less: Net income attributable to redeemable interest in Ares Operating Group entities	226		—		—		226
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	411,244		—		—		411,244



Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	474,326	$	—	$	—	$	474,326


	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 and non-voting common stockholders	$	386,748	$	—	$	—	$	386,748


	Year ended December 31, 2023
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities:
Net income	$	885,796	$	395,858	$	(121,562)	$	1,160,092

Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	255,965		—		—		255,965
Depreciation and amortization	231,712		—		—		231,712
Net realized and unrealized gains on investments	(197,874)		—		107,137		(90,737)

Other non-cash amounts	74		—		—		74
Investments purchased	(726,051)		—		218,119		(507,932)
Proceeds from sale of investments	214,938		—		(8,775)		206,163

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	—		(239,802)		(22,898)		(262,700)
Other non-cash amounts	—		(101,465)		—		(101,465)
Investments purchased	—		(8,847,856)		—		(8,847,856)
Proceeds from sale of investments	—		8,149,617		—		8,149,617
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(61,429)		—		12,571		(48,858)
Due to/from affiliates	(200,704)		—		(19,717)		(220,421)
Other assets	21,532		—		—		21,532
Accrued compensation and benefits	20,383		—		—		20,383
Accounts payable, accrued expenses and other liabilities	28,765		—		(901)		27,864
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	—		—		(424,870)		(424,870)
Net cash relinquished with consolidation/deconsolidation of Consolidated Funds	—		(623)		—		(623)
Change in other assets and receivables held at Consolidated Funds	—		(53,916)		33,669		(20,247)
Change in other liabilities and payables held at Consolidated Funds	—		219,046		—		219,046
Net cash provided by (used in) operating activities	473,107		(479,141)		(227,227)		(233,261)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(67,183)		—		—		(67,183)
Acquisitions, net of cash acquired	(43,896)		—		—		(43,896)
Net cash used in investing activities	(111,079)		—		—		(111,079)
Cash flows from financing activities:

Proceeds from Credit Facility	1,410,000		—		—		1,410,000
Proceeds from issuance of senior notes	499,010		—		—		499,010
Repayments of Credit Facility	(1,215,000)		—		—		(1,215,000)

Dividends and distributions	(1,030,666)		—		—		(1,030,666)

Stock option exercises	85,959		—		—		85,959
Taxes paid related to net share settlement of equity awards	(157,007)		—		—		(157,007)
Other financing activities	2,943		—		—		2,943
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		1,071,575		(216,119)		855,456
Distributions to non-controlling interests in Consolidated Funds	—		(119,604)		18,476		(101,128)
Redemptions of redeemable interests in Consolidated Funds	—		(1,045,874)		—		(1,045,874)
Borrowings under loan obligations by Consolidated Funds	—		1,387,297		—		1,387,297
Repayments under loan obligations by Consolidated Funds	—		(398,864)		—		(398,864)
Net cash provided by (used in) financing activities	(404,761)		894,530		(197,643)		292,126
Effect of exchange rate changes	1,020		9,481		—		10,501
Net change in cash and cash equivalents	(41,713)		424,870		(424,870)		(41,713)
Cash and cash equivalents, beginning of period	389,987		724,641		(724,641)		389,987
Cash and cash equivalents, end of period	$	348,274	$	1,149,511	$	(1,149,511)	$	348,274
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activities	$	239,545	$	—	$	—	$	239,545
Issuance of AOG Units in connection with settlement of management incentive program	$	245,647	$	—	$	—	$	245,647
Supplemental disclosure of cash flow information:

Cash paid during the period for interest	$	98,920	$	623,723	$	—	$	722,643
Cash paid during the period for income taxes	$	61,563	$	444	$	—	$	62,007


	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 (used in) 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 issuance of 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 non-controlling interests in Consolidated Funds:
Contributions from 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 acquisition-related activities	$	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 (used in) operating activities:
Equity compensation expense	237,191		—		—		237,191
Depreciation and amortization	113,293		—		—		113,293
Net realized and unrealized gains on investments	(96,331)		—		7,353		(88,978)

Other non-cash amounts	(31,070)		—		—		(31,070)
Investments purchased	(561,762)		—		221,563		(340,199)
Proceeds from sale of investments	296,483		—		(23,101)		273,382
Adjustments to reconcile net income to net cash 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 acquired 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 common stock	827,430		—		—		827,430
Proceeds from Credit Facility	883,000		—		—		883,000

Proceeds from issuance of 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 non-controlling interests in Consolidated Funds:
Contributions from 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 acquisition-related activities	$	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

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2023 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 2024, the Company’s board of directors declared a quarterly dividend of $0.93 per share of Class A and non-voting common stock payable on March 29, 2024 to common stockholders of record at the close of business on March 15, 2024.

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Pay vs Performance Disclosure
Net Income (Loss)	$ 474,326	$ 167,541	$ 408,837

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-3

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-11

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-4

Reference 13: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
-SubTopic 830
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-10

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(18))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(1)(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
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+ Details

Insider Trading Arrangements

3 Months Ended

12 Months Ended

Dec. 31, 2023

shares

Dec. 31, 2023

shares

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended December 31, 2023, certain executive officers and directors of the Company or a vehicle controlled by them (each, a “Plan Participant”) entered into Rule 10b5-1 trading plan (a “Rule 10b5-1 Trading Plan”) to sell shares of the Company’s Class A common stock, in each case, subject to any applicable volume limitations.

The table below provides certain information regarding each Plan Participant’s Rule 10b5-1 Trading Plan.

Name and Title

Plan Date

Maximum Shares That May Be Sold Under the Plan

Plan Expiration Date

Bennett Rosenthal, Director, Co-Founder and Chairman of Private Equity Group

December 14, 2023

250,000

December 1, 2024

David Kaplan, Director and Co-Founder

December 14, 2023

250,000

December 1, 2024

Michael Arougheti, Director, Co-Founder, Chief Executive Officer & President

December 14, 2023

999,585

February 1, 2025

Antony Ressler, Executive Chairman & Co-Founder

December 15, 2023

2,000,000

March 1, 2025

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Bennett Rosenthal [Member]

Trading Arrangements, by Individual

Name

Bennett Rosenthal

Title

Director, Co-Founder and Chairman of Private Equity Group

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 14, 2023

Arrangement Duration

353 days

Aggregate Available

250,000

David Kaplan [Member]

Trading Arrangements, by Individual

Name

David Kaplan

Title

Director and Co-Founder

Rule 10b5-1 Arrangement Adopted

true

Adoption Date

December 14, 2023

Arrangement Duration

353 days

Aggregate Available

250,000

Michael Arougheti [Member]

Trading Arrangements, by Individual

Name

Michael Arougheti

Title

Director, Co-Founder, Chief Executive Officer & President

Adoption Date

December 14, 2023

Arrangement Duration

415 days

Aggregate Available

999,585

Antony Ressler [Member]

Trading Arrangements, by Individual

Name

Antony Ressler

Title

Executive Chairman & Co-Founder

December 15, 2023

442 days

2,000,000

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

R. Kipp deVeer [Member]

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

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