Ares Management (ARES) 10-Q8 May 202020 Q1 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2020	May 04, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
Document Transition Report	false
Entity File Number	001-36429
Entity Registrant Name	ARES MANAGEMENT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0962035
Entity Address, Address Line One	2000 Avenue of the Stars
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	201-4100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001176948
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A common stock
Entity Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	ARES
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		132,460,236
Series A Preferred Stock
Entity Information [Line Items]
Title of 12(b) Security	7.00% Series A Preferred Stock, par value $0.01 per share
Trading Symbol	ARES.PRA
Security Exchange Name	NYSE
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,000
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		115,199,621

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ 13,216,929	$ 12,014,196
Liabilities
Operating lease liabilities	169,828
Total liabilities	11,241,333	10,155,598
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)	298,761	298,761
Additional paid-in-capital	746,595	525,244
Retained earnings	(138,371)	(50,820)
Accumulated other comprehensive loss, net of tax	(10,849)	(6,047)
Total stockholders' equity	898,612	768,290
Total equity	1,975,596	1,858,598	$ 1,842,782	$ 1,602,324	$ 1,479,824	$ 1,394,341
Total liabilities, non-controlling interests and equity	$ 13,216,929	$ 12,014,196
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Preferred stock, shares issued (in shares)	12,400,000	12,400,000
Preferred stock, shares outstanding (in shares)	12,400,000	12,400,000
Common stock, shares outstanding (in shares)	247,574,364	115,243,029
Class A common stock
Stockholders' Equity
Common stock	$ 1,324	$ 1,152
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	132,373,743	115,242,028
Common stock, shares outstanding (in shares)	132,373,743	115,242,028
Class B common stock
Stockholders' Equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C common stock
Stockholders' Equity
Common stock	$ 1,152	$ 0
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)	115,199,621	1
Common stock, shares outstanding (in shares)	115,199,621	1
Consolidated Funds
Assets
Cash and cash equivalents	$ 514,401	$ 606,321
Investments, at fair value	9,094,565	8,727,947
Due from affiliates	6,192	6,192
Other assets	28,179	30,081
Receivable for securities sold	355,149	88,809
Liabilities
Accounts payable, accrued expenses and other liabilities	72,486	61,857
Due to affiliates	0	0
Payable for securities purchased	796,316	500,146
CLO loan obligations, at fair value	8,354,458	7,973,748
Fund borrowings	35,440	107,244
Non-controlling interest in Consolidated Funds	562,818	618,020
AOG
Liabilities
Non-controlling interest in Ares Operating Group entities	514,166	472,288
Ares Management L.P
Assets
Cash and cash equivalents	1,167,673	138,384
Investments, at fair value	1,190,604	1,663,664
Due from affiliates	288,030	268,099
Other assets	426,911	341,293
Right-of-use operating lease assets	145,225	143,406
Liabilities
Accounts payable, accrued expenses and other liabilities	90,613	88,173
Accrued compensation	69,702	37,795
Due to affiliates	73,050	71,445
Performance related compensation payable	532,665	829,764
Debt obligations	1,046,775	316,609
Operating lease liabilities	169,828	168,817
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)	298,761	298,761
Additional paid-in-capital	746,595	525,244
Retained earnings	(138,371)	(50,820)
Accumulated other comprehensive loss, net of tax	(10,849)	(6,047)
Total stockholders' equity	898,612	768,290
Ares Management L.P \| Accrued Interest
Assets
Investments, at fair value	747,363	1,134,967
Ares Management L.P \| Class A common stock
Stockholders' Equity
Common stock	1,324	1,152
Ares Management L.P \| Class B common stock
Stockholders' Equity
Common stock	0	0
Ares Management L.P \| Class C common stock
Stockholders' Equity
Common stock	$ 1,152	$ 0

Consolidated Statements of Fina

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Preferred stock, shares issued (in shares)	12,400,000	12,400,000
Preferred stock, shares outstanding (in shares)	12,400,000	12,400,000
Common stock, shares outstanding (in shares)	247,574,364	115,243,029
Class A common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	132,373,743	115,242,028
Common stock, shares outstanding (in shares)	132,373,743	115,242,028
Class B common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	499,999,000	499,999,000
Common stock, shares issued (in shares)	115,199,621	1
Common stock, shares outstanding (in shares)	115,199,621	1
Ares Management L.P
Investments	$ 1,190,604	$ 1,663,664
Ares Management L.P \| Accrued Interest
Investments	$ 747,363	$ 1,134,967

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Revenues
Total revenues	$ 13,409				$ 477,197
Expenses
Total expenses	81,959				369,107
Other income (expense)
Total other income (expense)	(227,863)				27,870
Income (loss) before taxes	(296,413)				135,960
Income tax expense (benefit)	(20,616)				14,384
Net income (loss)	(275,797)	$ 84,475	$ 91,875	$ 74,878	121,576
Net income (loss) attributable to Ares Management Corporation	(31,036)				44,949
Less: Series A Preferred Stock dividends paid	5,425				5,425
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	$ (36,461)				$ 39,524
Net income (loss) attributable per share of Class A common stock
Basic (in dollars per share)	$ (0.33)				$ 0.36
Diluted (in dollars per share)	$ (0.33)				$ 0.36
Weighted-average shares of Class A common stock:
Basic (in shares)	118,366,539				102,906,494
Diluted (in shares)	118,366,539				110,699,112
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 7,443				$ 4,554
Other income (expense)
Net realized and unrealized gains (losses) on investments	(254,761)				4,364
Interest expense	(80,241)				(64,912)
Interest and other income of Consolidated Funds	113,225				93,184
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	(166,406)				17,624
AOG
Other income (expense)
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	(78,355)				59,003
Ares Management L.P
Revenues
Total revenues	13,409				477,197
Expenses
Compensation and benefits	180,084				156,846
Performance related compensation	(167,899)				156,520
General, administrative and other expenses	62,331				51,187
Other income (expense)
Net realized and unrealized gains (losses) on investments	(8,034)				3,476
Interest and dividend income	1,790				1,844
Interest expense	(5,306)				(5,589)
Other income (expense), net	5,464				(4,497)
Management fees \| Ares Management L.P
Revenues
Total revenues	263,849				224,659
Carried interest allocation \| Ares Management L.P
Revenues
Total revenues	(230,876)				197,293
Incentive fees \| Ares Management L.P
Revenues
Total revenues	(3,249)				16,815
Principal investment income (loss) \| Ares Management L.P
Revenues
Total revenues	(26,723)				28,759
Administrative, transaction and other fees
Revenues
Total revenues	0				0
Administrative, transaction and other fees \| Ares Management L.P
Revenues
Total revenues	$ 10,408				$ 9,671

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Ares Management L.P \| Affiliated entity \| ARCC
Management fees, part I fees	$ 43,923	$ 38,393

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Net income (loss)	$ (275,797)	$ 121,576
Consolidated Funds
Other comprehensive income (loss):
Less: Comprehensive income (loss) attributable to non-controlling interests	(171,093)	15,965
AOG
Other comprehensive income (loss):
Less: Comprehensive income (loss) attributable to non-controlling interests	(83,074)	60,462
Ares Management L.P
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	(14,208)	1,084
Total comprehensive income (loss)	(290,005)	122,660
Comprehensive income (loss) attributable to Ares Management Corporation	$ (35,838)	$ 46,233

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Class A	Common StockClass A common stock	Common StockClass C common stock	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-Controlling interestAOG	Non-Controlling interestConsolidated Funds
Balance at Dec. 31, 2018	$ 1,394,341	$ 298,761	$ 1,016		$ 326,007	$ (29,336)	$ (8,524)	$ 302,780	$ 503,637
Increase (Decrease) in Stockholders' Equity
Relinquished with deconsolidation of funds	(55)								(55)
Changes in ownership interests and related tax benefits	(18,397)		15		(6,339)			(12,073)
Capital contributions	55,911							1,876	54,035
Dividends/Distributions	(101,640)	(5,425)				(35,367)		(40,112)	(20,736)
Net income (loss)	121,576	5,425				39,524		59,003	17,624
Currency translation adjustment	1,084						1,284	1,459	(1,659)
Equity compensation	27,004				12,637			14,367
Equity compensation at Mar. 31, 2019	1,479,824	298,761	1,031		332,305	(25,179)	(7,240)	327,300	552,846
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(11,508)		5		(32,128)			20,615
Repurchases of Class A common stock	(10,449)		(4)		(10,445)
Capital contributions	61,464								61,464
Dividends/Distributions	(92,529)	(5,425)				(36,782)		(40,103)	(10,219)
Net income (loss)	74,878	5,425				26,714		34,393	8,346
Currency translation adjustment	(1,991)						(1,639)	(1,858)	1,506
Equity compensation	23,841				11,306			12,535
Stock option exercises	78,794		43		78,751
Equity compensation at Jun. 30, 2019	1,602,324	298,761	1,075		379,789	(35,247)	(8,879)	352,882	613,943
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	1,209		1		(94,004)			95,212
Capital contributions	256,096		70		206,635				49,391
Dividends/Distributions	(125,982)	(5,425)				(36,967)		(48,970)	(34,620)
Net income (loss)	91,875	5,425				27,906		42,636	15,908
Currency translation adjustment	(9,429)						(2,131)	(2,352)	(4,946)
Equity compensation	22,393				10,816			11,577
Stock option exercises	4,296		1		4,295
Equity compensation at Sep. 30, 2019	1,842,782	298,761	1,147		507,531	(44,308)	(11,010)	450,985	639,676
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	83		1		(1,505)			1,587
Capital contributions	7,961								7,961
Dividends/Distributions	(121,498)	(5,425)				(39,552)		(45,814)	(30,707)
Net income (loss)	84,475	5,425				33,040		48,184	(2,174)
Currency translation adjustment	13,658						4,963	5,431	3,264
Equity compensation	23,716				11,801			11,915
Stock option exercises	7,421		4		7,417
Equity compensation at Dec. 31, 2019	1,858,598	298,761	1,152	$ 0	525,244	(50,820)	(6,047)	472,288	618,020
Increase (Decrease) in Stockholders' Equity
Consolidation and deconsolidation of funds, net	(3,882)								(3,882)
Changes in ownership interests and related tax benefits	(74,079)		40		(196,670)			122,551
Issuances of common stock	383,334		121	1,152	382,061
Capital contributions	175,277							42,012	133,265
Dividends/Distributions	(125,755)	(5,425)				(51,090)		(55,748)	(13,492)
Net income (loss)	(275,797)	5,425				(36,461)		(78,355)	(166,406)
Currency translation adjustment	(14,208)						(4,802)	(4,719)	(4,687)
Equity compensation	32,557				16,420			16,137
Stock option exercises	19,551		11		19,540
Equity compensation at Mar. 31, 2020	$ 1,975,596	$ 298,761	$ 1,324	$ 1,152	$ 746,595	$ (138,371)	$ (10,849)	$ 514,166	$ 562,818

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (275,797)	$ 84,475	$ 91,875	$ 74,878	$ 121,576
Net cash used in operating activities	(363,237)				(349,846)
Cash flows from investing activities:
Net cash used in investing activities	(38,906)				(2,994)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	1,445,552				353,331
Effect of exchange rate changes	(14,120)				9,760
Net change in cash and cash equivalents	1,029,289				10,251
Cash and cash equivalents, beginning of period	138,384			120,498
Cash and cash equivalents, end of period	1,167,673	$ 138,384			120,498
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities	(453,015)				(416,457)
Cash flows due to changes in operating assets and liabilities	188,510				(69,268)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	133,265				54,035
Distributions to non-controlling interests in Consolidated Funds	(13,492)				(20,736)
Borrowings under loan obligations by Consolidated Funds	454,391				396,144
Repayments under loan obligations by Consolidated Funds	(73,609)				(61,227)
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities	125,070				10,766
Cash flows due to changes in operating assets and liabilities	51,995				3,537
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net	(3,062)				(2,994)
Acquisitions	(35,844)				0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,334				0
Proceeds from credit facility	790,000				145,000
Repayments of credit facility	(60,000)				(60,000)
Dividends and distributions	(106,838)				(75,479)
Series A Preferred Stock dividends and distributions	(5,425)				(5,425)
Stock option exercises	19,551				0
Taxes paid related to net share settlement of equity awards	(73,500)				(21,121)
Other financing activities	$ (2,125)				2,140
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period				$ 120,498	110,247
Cash and cash equivalents, end of period					$ 120,498

ORGANIZATION

ORGANIZATION	3 Months Ended
ORGANIZATION	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Ares Management Corporation (the "Company"), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated businesses across Credit, Private Equity and Real Estate. 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 investment funds and managed accounts within each investment group (the “Ares Funds”). Such subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying unaudited financial statements include the condensed consolidated results of the Company and its subsidiaries. The Company is a holding company, and the Company’s sole assets are equity interests in Ares Holdings Inc., Ares Offshore Holdings, Ltd., and Ares AI Holdings L.P. In this quarterly report, the following of the Company’s subsidiaries are collectively referred to as the “Ares Operating Group” or “AOG”: Ares Offshore Holdings L.P. ("Ares Offshore"), Ares Holdings L.P. ("Ares Holdings"), and Ares Investments L.P ("Ares Investments"). The Company, indirectly through its wholly owned subsidiaries, is the general partner of each of the Ares Operating Group entities. The Company operates and controls all of the businesses and affairs of and conducts all of its material business activities through the Ares Operating Group. Non-Controlling Interests in Ares Operating Group Entities On February 21, 2020, the Company completed its acquisition of the Class A membership interests (the "Class A membership interests") in Crestline Denali Capital LLC ("Crestline Denali"). The Class A membership interests entitle the Company to the fees associated with managing seven collateral management contracts. The Class B membership interests of Crestline Denali (the "Class B membership interests") were retained by the former owners of Crestline Denali and represent the financial interests in the subordinated notes of the collateralized loan obligations. 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. In connection with the Company's control over Crestline Denali, the Company also consolidates investments and financial results that are attributable to the Class B membership interests to which the Company has no economic rights or obligations. Equity and income (loss) attributable to the Class B membership interests is included within non-controlling interests in AOG entities. Non-controlling interests in AOG entities are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the AOG entities based on their historical ownership percentage for the proportional number of days in the reporting period.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission ("SEC"). As of March 31, 2020, the impact of the outbreak of the coronavirus (COVID-19) pandemic continues to unfold. As a result, management's estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period. The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation. The Company has reclassified certain prior period amounts to conform to the current year presentation. Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds. At March 31, 2020 and December 31, 2019, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public entities for annual reporting periods beginning after December 15, 2020 and interim periods within those reporting periods, with early adoption permitted. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 is effective for public entities for annual reporting periods beginning after December 15, 2020 and interim periods within those reporting periods, with early adoption permitted. The amendments in this update should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent

INVESTMENTS

INVESTMENTS	3 Months Ended
INVESTMENTS	Mar. 31, 2020
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments as of March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Equity method investments: Equity method private investment partnership interests - principal (1) $ 345,350 $ 390,407 29.0 % 23.5 % Equity method - carried interest (1) 747,363 1,134,967 62.8 68.2 Equity method private investment partnership interests and other (held at fair value) 18,911 51,528 1.6 3.1 Equity method private investment partnership interests and other 12,763 16,536 1.0 1.0 Total equity method investments 1,124,387 1,593,438 94.4 95.8 Collateralized loan obligations (2) 17,783 22,265 1.5 1.3 Other fixed income 47,561 46,918 4.0 2.8 Collateralized loan obligations and other fixed income, at fair value 65,344 69,183 5.5 4.1 Common stock, at fair value 873 1,043 0.1 0.1 Total investments $ 1,190,604 $ 1,663,664 (1) Investment or portion of the investment is denominated in foreign currency and is translated into U.S. dollars at each reporting date. (2) Includes $2.6 million of collateralized loan obligations that are attributable to the Crestline Denali Class B Interests. Equity Method Investments The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the three months ended March 31, 2020 and 2019 no individual equity method investment held by the Company met the significance criteria. The Company recognized a net loss related to its equity method investments of $28.8 million for the three months ended March 31, 2020. The Company recognized a net gain related to its equity method investments of $29.0 million for the three months ended March 31, 2019. The net gains and losses were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations. With respect to the Company's equity method investments, the material assets are expected to generate either long-term capital appreciation and or interest income while the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets. Investments of the Consolidated Funds Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Fixed income investments: Bonds $ 200,152 $ 212,376 2.2 % 2.4 % Loans 8,533,658 8,062,740 93.8 92.4 Investments in CLO warehouse — 44,435 — 0.5 Total fixed income investments 8,733,810 8,319,551 96.0 95.3 Equity securities 53,730 112,384 0.6 1.3 Partnership interests 307,025 296,012 3.4 3.4 Total investments, at fair value $ 9,094,565 $ 8,727,947 At March 31, 2020 and December 31, 2019 , no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.

FAIR VALUE

FAIR VALUE	3 Months Ended
FAIR VALUE	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Fair Value Measurements GAAP establishes a hierarchal 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 rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. Fair Value of Financial Instruments Held by the Company and Consolidated Funds The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of March 31, 2020: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 65,344 $ — $ 65,344 Common stock and other equity securities — 873 14,704 — 15,577 Partnership interests — — 2,575 1,632 4,207 Total investments, at fair value — 873 82,623 1,632 85,128 Derivatives-foreign exchange contracts — 5,429 — — 5,429 Total assets, at fair value $ — $ 6,302 $ 82,623 $ 1,632 $ 90,557 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (5) $ — $ — $ (5) Total liabilities, at fair value $ — $ (5) $ — $ — $ (5) Financial Instruments of the Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 187,051 $ 13,101 $ 200,152 Loans — 7,267,203 1,266,455 8,533,658 Total fixed income investments — 7,454,254 1,279,556 8,733,810 Equity securities 10,978 — 42,752 53,730 Partnership interests — — 307,025 307,025 Total investments, at fair value 10,978 7,454,254 1,629,333 9,094,565 Derivatives-asset swaps-other — — 831 831 Total assets, at fair value $ 10,978 $ 7,454,254 $ 1,630,164 $ 9,095,396 Liabilities, at fair value Derivatives-asset swaps-other $ — $ — $ (811) $ (811) Loan obligations of CLOs — (8,354,458) — (8,354,458) Total liabilities, at fair value $ — $ (8,354,458) $ (811) $ (8,355,269) The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2019: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 69,183 $ — $ 69,183 Common stock and other equity securities — 1,043 14,704 — 15,747 Partnership interests — — 35,192 1,632 36,824 Total investments, at fair value — 1,043 119,079 1,632 121,754 Derivatives-foreign exchange contracts — 4,023 — — 4,023 Total assets, at fair value $ — $ 5,066 $ 119,079 $ 1,632 $ 125,777 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (113) $ — $ — $ (113) Total liabilities, at fair value $ — $ (113) $ — $ — $ (113) Financial Instruments of the Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 207,966 $ 4,410 $ 212,376 Loans — 7,728,014 334,726 8,062,740 Investments in CLO warehouse — 44,435 — 44,435 Total fixed income investments — 7,980,415 339,136 8,319,551 Equity securities 26,396 — 85,988 112,384 Partnership interests — — 296,012 296,012 Total investments, at fair value 26,396 7,980,415 721,136 8,727,947 Derivatives-foreign exchange contracts — 667 — 667 Total assets, at fair value $ 26,396 $ 7,981,082 $ 721,136 $ 8,728,614 Liabilities, at fair value Derivatives: Foreign exchange contracts $ — $ (670) $ — $ (670) Asset swaps-other — — (4,106) (4,106) Total derivative liabilities, at fair value — (670) (4,106) (4,776) Loan obligations of CLOs — (7,973,748) — (7,973,748) Total liabilities, at fair value $ — $ (7,974,418) $ (4,106) $ (7,978,524) The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2020: Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 69,183 $ 35,192 $ 119,079 Additions(1) — 3,686 — 3,686 Purchases(2) — 643 — 643 Sales/settlements(3) — (402) (32,430) (32,832) Realized and unrealized depreciation, net — (7,766) (187) (7,953) Balance, end of period $ 14,704 $ 65,344 $ 2,575 $ 82,623 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ — $ (6,731) $ 5,511 $ (1,220) Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 85,988 $ 339,136 $ 296,012 $ (4,106) $ 717,030 Additions(1) (635) 392,672 — — 392,037 Transfer in — 607,588 — — 607,588 Transfer out — (61,774) — — (61,774) Purchases(2) 249 355,592 8,000 — 363,841 Sales/settlements(3) (351) (178,159) — (1,278) (179,788) Amortized discounts/premiums — 499 — 48 547 Realized and unrealized appreciation (depreciation), net (42,499) (175,998) 3,013 5,356 (210,128) Balance, end of period $ 42,752 $ 1,279,556 $ 307,025 $ 20 $ 1,629,353 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (42,500) $ (170,496) $ 3,012 $ 2,874 $ (207,110) (1) Additions relate to the net increase from consolidation of new funds or entities. For Consolidated Funds, additions are also offset by the deconsolidation of a fund. (2) Purchases include paid-in-kind interest and securities received in connection with restructuring. (3) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2019: Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 10,397 $ 60,824 $ 35,192 $ 106,413 Deconsolidation of fund — 8,138 — 8,138 Purchases(1) — 2,147 — 2,147 Sales/settlements(2) — (4,964) — (4,964) Realized and unrealized appreciation, net — 1,045 — 1,045 Balance, end of period $ 10,397 $ 67,190 $ 35,192 $ 112,779 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 719 $ — $ 719 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 150,752 $ 547,958 $ 271,447 $ 680 $ 970,837 Deconsolidation of fund — (58,883) — — (58,883) Transfer in — 155,651 — — 155,651 Transfer out — (182,087) — — (182,087) Purchases(1) 10,774 173,408 4,000 — 188,182 Sales/settlements(2) (5,086) (79,489) — (21) (84,596) Amortized discounts/premiums — 312 — (151) 161 Realized and unrealized appreciation (depreciation), net 2,592 7,434 7,612 (3,539) 14,099 Balance, end of period $ 159,032 $ 564,304 $ 283,059 $ (3,031) $ 1,003,364 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,592 $ 7,894 $ 7,612 $ (3,481) $ 14,617 (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 Company recognizes transfers between the levels as of the beginning of the period. 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 table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of March 31, 2020: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 14,704 Transaction price(1) N/A N/A Partnership interests 2,575 Other N/A N/A Collateralized loan obligations 17,783 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 47,561 Other N/A N/A Total $ 82,623 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 325 Market approach EBITDA multiple(2) 10.0x - 28.8x 18.9x 40,426 Other Net income multiple 32.5x 32.5x Illiquidity discount 25.0% 25.0% 2,001 Transaction price N/A N/A N/A Partnership interest 307,025 Discounted cash flow Discount rate 18.1% 18.1% Fixed income securities 1,223,236 Broker quotes and/or 3rd party pricing services N/A N/A N/A 56,320 Income approach Yield 4.0% - 25.5% 10.4% Total assets $ 1,630,164 Liabilities Derivatives instruments $ (811) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (811) (1) Transaction price consists of securities recently purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2019: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 14,704 Transaction price(1) N/A N/A Partnership interests 32,661 Transaction price(1) N/A N/A 2,531 Other N/A N/A Collateralized loan obligations 22,265 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 46,918 Other N/A N/A Total $ 119,079 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 431 Market approach EBITDA multiple(2) 8.2x - 21.3x 16.1x 40,745 Other Net income multiple 36.2x 36.2x Illiquidity discount 25.0% 25.0% 44,812 Transaction price(1) N/A N/A N/A Partnership interests 296,012 Discounted cash flow Discount rate 19.6% 19.6% Fixed income securities 271,919 Broker quotes and/or 3rd party pricing services N/A N/A N/A 67,217 Income approach Yield 4.8% - 14.3% 9.7% Total assets $ 721,136 Liabilities Derivatives instruments $ (4,106) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (4,106) (1) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds: As of March 31, 2020 As of December 31, 2019 Assets Liabilities Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ 56,555 $ 5,429 $ 124 $ 5 $ 67,930 $ 4,023 $ 10,846 $ 113 Total derivatives, at fair value(2) $ 56,555 $ 5,429 $ 124 $ 5 $ 67,930 $ 4,023 $ 10,846 $ 113 As of March 31, 2020 As of December 31, 2019 Assets Liabilities Assets Liabilities Consolidated Funds Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ — $ — $ — $ — $ 667 $ 667 $ 667 $ 670 Asset swap - other 5,258 831 4,808 811 — — 7,640 4,106 Total derivatives, at fair value(3) $ 5,258 $ 831 $ 4,808 $ 811 $ 667 $ 667 $ 8,307 $ 4,776 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of March 31, 2020 and December 31, 2019, the Company had the right to, but elected not to, offset an immaterial amount of its derivative liabilities. (3) As of March 31, 2020 and December 31, 2019, the Consolidated Funds offset $0.7 million and $0.1 million of their derivative assets and liabilities, respectively.

DEBT

DEBT	3 Months Ended
DEBT	Mar. 31, 2020
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of March 31, 2020 As of December 31, 2019 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolver 3/30/2025 N/A $ 800,000 2.12% $ 70,000 3.06% Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 246,775 4.21% 246,609 4.21% Total debt obligations $ 1,046,775 $ 316,609 (1) The AOG entities are borrowers under the Credit Facility, which provides a $1.065 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. On March 30, 2020, the Company amended the Credit Facility to, among other things, extend the maturity date from March 2024 to March 2025 and to reduce borrowing costs on the undrawn amounts. As of March 31, 2020, base rate loans bear interest calculated based on the base rate plus 0.25% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.25%. The unused commitment fee is 0.13% per annum. There is a base rate and LIBOR floor of zero. (2) The Senior Notes were issued in October 2014 by Ares Finance Co. LLC, a subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the Senior Notes prior to maturity, subject to the terms of the indenture. As of March 31, 2020, the Company and its subsidiaries were in compliance with all covenants under the debt obligations. The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the Company's Senior Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included in other assets in the Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation. The following table presents the activity of the Company's debt issuance costs: Credit Facility Senior Notes Unamortized debt issuance costs as of December 31, 2019 $ 5,255 $ 1,102 Debt issuance costs incurred 1,182 — Amortization of debt issuance costs (318) (58) Unamortized debt issuance costs as of March 31, 2020 $ 6,119 $ 1,044 Loan Obligations of the Consolidated CLOs Loan obligations of the Consolidated Funds that are CLOs (“Consolidated CLOs”) represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs. The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of March 31, 2020 As of December 31, 2019 Loan Obligations Fair Value of Loan Obligations Weighted Loan Fair Value of Loan Obligations Weighted Average Remaining Maturity In Years Senior secured notes(1) $ 9,461,567 $ 8,169,907 10.71 $ 7,738,337 $ 7,700,038 10.97 Subordinated notes(2) 606,407 184,551 10.85 449,877 273,710 11.02 Total loan obligations of Consolidated CLOs $ 10,067,974 $ 8,354,458 $ 8,188,214 $ 7,973,748 (1) Original borrowings under the senior secured notes totaled $9.5 billion, with various maturity dates ranging from July 2028 to October 2032. The weighted average interest rate as of March 31, 2020 was 2.83%. (2) Original borrowings under the subordinated notes totaled $606.4 million, with various maturity dates ranging from July 2028 to October 2032. 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. Credit facilities of the Consolidated Funds are reflected at cost in the Condensed Consolidated Statements of Financial Condition. As of March 31, 2020 and December 31, 2019, the Consolidated Funds were in compliance with all covenants under such credit facilities. The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding: As of March 31, 2020 As of December 31, 2019 Consolidated Funds' Debt Facilities Maturity Date Total Capacity Outstanding Loan(1) Effective Rate Outstanding Loan(1) Effective Rate Credit Facilities: 1/1/2023 $ 18,000 $ 17,909 2.62% $ 17,550 3.44% 3/5/2021 71,500 — N/A 71,500 3.14 6/30/2021 192,780 — N/A — N/A 7/15/2028 75,000 16,500 4.17 17,000 4.75 Revolving Term Loan 2/9/2022 1,900 1,031 7.69 1,194 7.70 Total borrowings of Consolidated Funds $ 35,440 $ 107,244 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) The effective rate is based on the three month EURIBOR or zero, whichever is higher, plus a spread of 1.00%.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the Condensed Consolidated Statements of Financial Condition. As of March 31, 2020, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Commitments As of March 31, 2020 and December 31, 2019, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $398.2 million and $387.4 million, respectively. Performance Income Performance income is affected by changes in the fair values of the underlying investments in the funds that we advise. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest. Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company's funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations. Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has recognized more performance income than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund. At March 31, 2020 and December 31, 2019, if the Company assumed all existing investments were worthless, the amount of performance income subject to potential repayment, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $282.8 million and $233.4 million, respectively, of which approximately $217.3 million and $175.1 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such performance income. Management believes the possibility of all of the investments becoming worthless is remote. As of March 31, 2020, if the funds were liquidated at their fair values, there would be $0.5 million contingent repayment obligation or liability. As of December 31, 2019, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows. Leases The Company leases office space and certain office equipment. The Company's leases have remaining lease terms of one Classification As of March 31, 2020 As of December 31, 2019 Operating lease assets Right-of-use operating lease assets $ 145,225 $ 143,406 Finance lease assets Other assets(1) 1,756 1,787 Total lease assets $ 146,981 $ 145,193 Operating lease liabilities Operating lease liabilities $ 169,828 $ 168,817 Finance lease obligations Accounts payable, accrued expenses and other liabilities 1,698 1,651 Total lease liabilities $ 171,526 $ 170,468 (1) Finance lease assets are recorded net of accumulated amortization of $0.7 million and $0.6 million as of March 31, 2020 and December 31, 2019, respectively. Classification Three months ended March 31, 2020 Three months ended March 31, 2019 Operating lease expense General, administrative and other expenses $ 7,632 $ 6,938 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 94 27 Interest on finance lease liabilities Interest expense 11 13 Total lease expense $ 7,737 $ 6,978 Other information Three months ended March 31, 2020 Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 8,178 $ 7,682 Operating cash flows for finance leases 6 52 Financing cash flows for finance leases 36 264 Leased assets obtained in exchange for new operating lease liabilities 8,744 45,435 Lease term and discount rate As of March 31, 2020 As of December 31, 2019 Weighted-average remaining lease terms (in years): Operating leases 6.4 6.5 Finance leases 3.2 3.3 Weighted-average discount rate: Operating leases 3.97 % 4.00 % Finance leases 3.38 % 3.39 % Maturity of lease liabilities Operating Leases Finance Leases 2020 $ 22,173 $ 461 2021 30,320 516 2022 31,506 485 2023 28,026 158 2024 25,178 156 After 2024 55,515 7 Total future payments 192,718 1,783 Less: interest 22,890 85 Total lease liabilities $ 169,828 $ 1,698

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Substantially all of the Company’s revenue is earned from its affiliates, including management fees, carried interest allocation, incentive fees, principal investment income and administrative expense reimbursements. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that accrued carried interest allocations and incentive fees receivable, which are predominantly due from affiliated funds, are presented separately within investments and other assets, respectively, within the Condensed Consolidated Statements of Financial Condition. The Company has investment management agreements with Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds. The Company also has entered into agreements to be reimbursed for its expenses incurred for providing administrative services to certain related parties, including ARCC, ACRE, ARDC, Ivy Hill Asset Management, L.P., ACF FinCo I L.P. and CION Ares Diversified Credit Fund. Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management or performance income. Performance income the Company earns 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 March 31, As of December 31, 2020 2019 Due from affiliates: Management fees receivable from non-consolidated funds $ 211,887 $ 203,554 Payments made on behalf of and amounts due from non-consolidated funds and employees 76,143 64,545 Due from affiliates—Company $ 288,030 $ 268,099 Amounts due from portfolio companies and non-consolidated funds $ 6,192 $ 6,192 Due from affiliates—Consolidated Funds $ 6,192 $ 6,192 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 2,893 $ 2,420 Management fees received in advance 6,100 3,012 Tax receivable agreement liability 33,694 26,542 Undistributed carried interest and incentive fees 17,459 28,086 Payments made by non-consolidated funds on behalf of and payable by the Company 12,904 11,385 Due to affiliates—Company $ 73,050 $ 71,445 Due from Ares Funds and Portfolio Companies In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies. ARCC Fee Waiver

INCOME TAXES

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements. For the three months ended March 31, 2020, the Company recorded an income tax benefit of $20.6 million. For the three months ended March 31, 2019, the Company recorded income tax expense of $14.4 million. The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment entities that are consolidated in the Company's condensed consolidated financial statements. For the three months ended March 31, 2020, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate. The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of March 31, 2020 and December 31, 2019, the Company recorded a net deferred tax asset of $86.3 million and $46.4 million, respectively, within other assets in the Condensed Consolidated Statements of Financial Condition. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
EARNINGS PER SHARE	Mar. 31, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share of Class A common stock is computed by using the two-class method. Diluted earnings per share of Class A common stock is computed using the more dilutive method of either the two-class method or the treasury stock method. For the three months ended March 31, 2020, the Company had a net loss and earnings per share was computed under the two-class method. For the three months ended March 31, 2019, the treasury stock method was the more dilutive method. For the three months ended March 31, 2020, the following options, restricted units and AOG Units represent the securities not included in the two-class method. For the three months ended March 31, 2019, the computation of dilutive earnings per share excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive: Three months ended March 31, 2020 2019 Options 12,859,532 — Restricted units 16,377,716 119 AOG Units 116,328,089 116,996,031 The following table presents the computation of basic and diluted earnings per common share: Three months ended March 31, 2020 2019 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ (36,461) $ 39,524 Distributions on unvested restricted units (2,290) (1,806) Undistributed earnings allocable to participating unvested restricted units — (663) Net income (loss) available to Class A common stockholders $ (38,751) $ 37,055 Basic weighted-average shares of Class A common stock 118,366,539 102,906,494 Basic earnings (loss) per share of Class A common stock $ (0.33) $ 0.36 Net income (loss) available to Class A common stockholders $ (36,461) $ 39,524 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ (36,461) $ 39,524 Effect of dilutive shares: Restricted units — 5,485,250 Options — 2,307,368 Diluted weighted-average shares of Class A common stock 118,366,539 110,699,112 Diluted earnings (loss) per share of Class A common stock $ (0.33) $ 0.36 Dividend declared and paid per Class A common stock $ 0.40 $ 0.32

EQUITY COMPENSATION

EQUITY COMPENSATION	3 Months Ended
EQUITY COMPENSATION	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
EQUITY COMPENSATION	EQUITY COMPENSATION Equity Incentive Plan Equity-based compensation is granted under the Company's 2014 Equity Incentive Plan, as amended and restated on March 1, 2018 and as further amended and restated, effective November 26, 2018 (the "Equity Incentive Plan"). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2020, the total number of shares available for issuance under the Equity Incentive Plan reset to 37,528,029 shares, and as of March 31, 2020, 34,495,433 shares remain available for issuance. Generally, unvested restricted units and options are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs. Equity-based compensation expense, net of forfeitures, recorded by the Company is included in the following table: Three months ended March 31, 2020 2019 Restricted units $ 28,381 $ 23,012 Restricted units with a market condition 4,133 891 Options 43 3,101 Phantom shares — 548 Equity-based compensation expense $ 32,557 $ 27,552 Restricted Units Each restricted unit represents an unfunded, unsecured right of the holder to receive a share of the Company's Class A common stock on a specific date. The restricted units generally vest and are settled in shares of Class A common stock either (i) at a rate of one-third per year, beginning on the third anniversary of the grant date, (ii) in their entirety on the fifth anniversary of the grant date, (iii) at a rate of one quarter per year, beginning on either the first or second anniversary of the grant date or the holder's employment commencement date, or (iv) at a rate of one third per year, beginning on the first anniversary of the grant date in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award. The holders of restricted units, other than the market condition awards described below, generally have the right to receive as current compensation an amount in cash equal to (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). During the three months ended March 31, 2020, the Company declared a dividend of $0.40 per share to Class A common stockholders at the close of business on March 17, 2020. For the three months ended March 31, 2020, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $6.4 million, which are presented as a component of dividends within the Condensed Consolidated Statements of Changes in Equity. When units are forfeited, the cumulative amount of dividend equivalents previously paid is reclassified to compensation and benefits expense in the Condensed Consolidated Statements of Operations. The following table presents unvested restricted units' activity: Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - January 1, 2020 16,810,473 $ 20.07 Granted 3,268,133 36.85 Vested (3,921,722) 19.21 Forfeited (211,925) 21.42 Balance - March 31, 2020 15,944,959 $ 23.69 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $291.3 million as of March 31, 2020 and is expected to be recognized over the remaining weighted average period of 3.17 years. Restricted Unit Awards with a Market Condition The following table presents the unvested market condition awards' activity: Market Condition Awards Units Weighted Average Balance - January 1, 2020 1,333,334 $ 9.30 Granted — — Vested (666,667) 10.92 Forfeited — — Balance - March 31, 2020 666,667 $ 7.68 For the three months ended March 31, 2020, the market-priced vesting condition was met for one of the tranches of the market condition awards and compensation expense of $3.7 million was accelerated. The total compensation expense expected to be recognized in all future periods associated with the market condition awards is approximately $3.1 million as of March 31, 2020 and is expected to be recognized over the remaining weighted average period of 2.63 years. Options A summary of options activity during the three months ended March 31, 2020 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - January 1, 2020 13,426,870 $ 18.99 4.34 $ 224,260 Granted — — — — Exercised (1,134,677) 19.00 — — Expired — — — — Forfeited — — — — Balance - March 31, 2020 12,292,193 $ 18.99 4.00 $ 146,811 Exercisable at March 31, 2020 12,292,193 $ 18.99 4.00 $ 146,811

EQUITY

EQUITY	3 Months Ended
EQUITY	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Common Stock The Company's common stock consists of Class A, Class B and Class C common stock, each $0.01 par value per share. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC ("Ares Voting") is the sole holder of the Class C common stock. In February 2019, the Company's board of directors authorized the repurchase of up to $150 million of shares of Class A common stock. Under this stock repurchase program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. In February 2020, the board of directors approved the renewal of the program and reset the repurchase amount back to $150 million. The renewed program is scheduled to expire in March 2021. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the three months ended March 31, 2020 and 2019, the Company did not repurchase any shares as part of the stock repurchase program. On March 31, 2020, the Company issued and sold 12,130,540 shares of newly issued Class A common stock in a private offering (the "Offering") to Sumitomo Mitsui Banking Corporation ("SMBC") in connection with a share purchase agreement. The Company received $383.8 million in gross proceeds and incurred approximately $0.5 million of expenses in connection with the Offering. The expenses have been recorded as a reduction in the proceeds received and are presented on a net basis together with contributions in additional paid-in-capital within the Condensed Consolidated Statements of Changes in Equity. In connection with the Offering, the Company approved the amendment of its certificate of incorporation to, among other things, establish a new series of non-voting common stock, par value $0.01 per share, that has the same economic rights as the Class A common stock. SMBC may exchange all or a portion of the Class A common stock for an equivalent amount of the newly established non-voting common stock pursuant to certain terms set forth in an investor rights agreement entered into between the Company and SMBC. To satisfy a condition related to the Offering, the Company also issued 115,199,620 shares of its Class C common stock to Ares Voting on March 30, 2020. The issuance of the Class C units did not change the aggregate voting power of Ares Voting and Ares Voting will continue to be entitled to the number of votes equal to the number of AOG Units held of record by each Ares Operating Group limited partner, other than the Company and its subsidiaries, that does not own a share of Class C common stock. The following table presents the changes in each class of common stock: Class A Common Stock Class B Common Stock Class C Common Stock Total Balance - January 1, 2020 115,242,028 1,000 1 115,243,029 Issuance of stock 12,130,540 — 115,199,620 127,330,160 Exchanges of AOG Units 1,376,422 — — 1,376,422 Stock option exercises, net of shares withheld for tax 1,058,722 — — 1,058,722 Vesting of restricted stock awards, net of shares withheld for tax 2,566,031 — — 2,566,031 Balance Outstanding - March 31, 2020 132,373,743 1,000 115,199,621 247,574,364 The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities: Daily Average Ownership As of March 31, 2020 As of December 31, 2019 Three months ended March 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2020 2019 Ares Management Corporation 132,373,743 53.47 % 115,242,028 49.70 % 50.43 % 46.80 % Ares Owners Holding L.P. 115,199,621 46.53 % 116,641,833 50.30 % 49.57 % 53.20 % Total 247,573,364 100.00 % 231,883,861 100.00 % Preferred Stock

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
SEGMENT REPORTING	Mar. 31, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company operates through its distinct operating segments that are summarized below: Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including syndicated loans, high yield bonds, multi-asset credit, alternative credit investments and direct lending. The syndicated loans strategy focuses on evaluating individual credit opportunities related primarily to non-investment grade senior secured loans and primarily target first lien secured debt, with a secondary focus on second lien loans, mezzanine loans, high yield bonds and unsecured loans. The high yield bond strategy seeks to deliver a diversified portfolio of liquid, traded non-investment grade corporate bonds, including secured, unsecured and subordinated debt instruments. Multi-asset credit is a “go anywhere” strategy designed to offer investors a flexible solution to global credit investing by tactical allocation between multiple asset classes in various market conditions. The alternative credit strategy seeks to capitalize on asset-focused investment opportunities that fall outside of traditional, well-defined markets such as corporate debt, real estate and private equity. The alternative credit strategy emphasizes downside protection and capital preservation through a focus on investments that tend to share the following key attributes: asset security, covenants, structural protections and cash flow velocity. The direct lending strategy is one of the largest self-originating direct lenders to the U.S. and European markets and has a multi-channel origination strategy designed to address a broad set of investment opportunities in the middle market. The Credit Group manages U.S. corporate lending activities primarily through its inaugural vehicle and publicly traded business development company, ARCC. The group maintains a flexible investment strategy with the capability to invest in first lien senior secured loans (including "unitranche" loans which are loans that combine senior and mezzanine debt, generally in a first lien position), second lien senior secured loans, mezzanine debt and non-control equity co-investments in middle market companies and power generation projects. Private Equity Group: The Private Equity Group manages investment strategies broadly categorized as corporate private equity, infrastructure and power, special opportunities, and energy opportunities. In its North American and European flexible capital corporate private equity strategy, the Company targets opportunistic majority or shared-control investments in businesses with strong franchises and attractive growth opportunities in North America and Europe. The infrastructure and power strategy targets infrastructure-related assets across the power generation, transmission, midstream sectors and renewables seeking attractive risk-adjusted equity returns with current cash flow and capital appreciation. The special opportunities strategy seeks to invest opportunistically across a broad spectrum of distressed or mispriced investments, including corporate debt, rescue capital, private asset-backed investments, post-reorganization securities and non-performing portfolios. The energy opportunities strategy targets investments in the energy industry where its flexible capital can provide attractive risk-adjusted returns while mitigating commodity risk. Real Estate Group: The Real Estate Group manages comprehensive real estate equity and debt strategies. Real Estate equity strategies focus on applying hands-on value creation initiatives to mismanaged and capital-starved assets, as well as new development, ultimately selling stabilized assets back into the market. The Real Estate Group manages both a value-add strategy and an opportunistic strategy. The value-add strategy seeks to create value by buying assets at attractive valuations and through active asset management of income-producing properties across the U.S. and Western Europe. The opportunistic strategy focuses on manufacturing core assets through development, redevelopment and fixing distressed capital structures across major properties in the U.S. and Europe. The Company’s debt strategies leverage the Real Estate Group’s diverse sources of capital to directly originate and manage commercial mortgage investments on properties that range from stabilized to requiring hands-on value creation. In addition to managing private debt funds, the Real Estate Group makes debt investments through a publicly traded commercial mortgage REIT, ACRE. The OMG consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, strategy and relationship management, legal, compliance and human resources. Additionally, the OMG provides services to certain of the Company’s investment companies and partnerships, which reimburse the OMG for expenses equal to the costs of services provided. The OMG’s expenses are not allocated to the Company’s reportable segments but the Company does consider the cost structure of the OMG when evaluating its financial performance. Segment Profit Measures: These measures supplement and should be considered in addition to, and not in lieu of, the Condensed Consolidated Statements of Operations prepared in accordance with GAAP. Fee related earnings (“FRE”) is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes performance income, performance related compensation, investment income from the Consolidated Funds and non-consolidated funds and certain other items that the Company believes are not indicative of its core operating performance. Realized income (“RI”) is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from net income by excluding (a) income tax expense, (b) operating results of the Consolidated Funds, (c) depreciation and amortization expense, (d) the effects of changes arising from corporate actions, (e) unrealized gains and losses related to performance income and investment performance and (f) certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital transactions, underwriting costs and expenses incurred in connection with corporate reorganization. Management believes RI is a more appropriate metric to evaluate the Company's current business operations. Management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds. The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2020: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $43,923) $ 197,437 $ 52,157 $ 24,184 $ 273,778 $ — $ 273,778 Other fees 3,058 110 704 3,872 — 3,872 Compensation and benefits (70,925) (19,596) (12,413) (102,934) (36,426) (139,360) General, administrative and other expenses (15,313) (5,633) (2,935) (23,881) (21,305) (45,186) Fee related earnings 114,257 27,038 9,540 150,835 (57,731) 93,104 Performance income—realized 9,016 116,154 26,600 151,770 — 151,770 Performance related compensation—realized (7,899) (92,924) (17,170) (117,993) — (117,993) Realized net performance income 1,117 23,230 9,430 33,777 — 33,777 Investment income (loss)—realized (843) 11,470 1,290 11,917 (5,698) 6,219 Interest and other investment income —realized 4,575 812 796 6,183 168 6,351 Interest expense (1,715) (1,643) (971) (4,329) (977) (5,306) Realized net investment income (loss) 2,017 10,639 1,115 13,771 (6,507) 7,264 Realized income $ 117,391 $ 60,907 $ 20,085 $ 198,383 $ (64,238) $ 134,145 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2019: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $38,393) $ 162,966 $ 51,396 $ 18,650 $ 233,012 $ — $ 233,012 Other fees 3,066 — 9 3,075 — 3,075 Compensation and benefits (60,348) (21,196) (9,284) (90,828) (32,661) (123,489) General, administrative and other expenses (13,505) (4,057) (3,132) (20,694) (20,632) (41,326) Fee related earnings 92,179 26,143 6,243 124,565 (53,293) 71,272 Performance income—realized 21,925 44,123 2,525 68,573 — 68,573 Performance related compensation—realized (12,663) (35,297) (1,257) (49,217) — (49,217) Realized net performance income 9,262 8,826 1,268 19,356 — 19,356 Investment income—realized 858 10,936 3,480 15,274 — 15,274 Interest and other investment income —realized 2,905 294 1,105 4,304 15 4,319 Interest expense (1,899) (2,175) (1,119) (5,193) (396) (5,589) Realized net investment income (loss) 1,864 9,055 3,466 14,385 (381) 14,004 Realized income $ 103,305 $ 44,024 $ 10,977 $ 158,306 $ (53,674) $ 104,632 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended March 31, 2020 2019 Segment revenues Management fees (includes ARCC Part I Fees of $43,923 and $38,393 for the three months ended March 31, 2020 and 2019 respectively) $ 273,778 $ 233,012 Other fees 3,872 3,075 Performance income—realized 151,770 68,573 Total segment revenues $ 429,420 $ 304,660 Segment expenses Compensation and benefits $ 102,934 $ 90,828 General, administrative and other expenses 23,881 20,694 Performance related compensation—realized 117,993 49,217 Total segment expenses $ 244,808 $ 160,739 Segment realized net investment income Investment income—realized $ 11,917 $ 15,274 Interest and other investment income —realized 6,183 4,304 Interest expense (4,329) (5,193) Total segment realized net investment income $ 13,771 $ 14,385 The following table reconciles the Company's consolidated revenues to segment revenue: Three months ended March 31, 2020 2019 Total consolidated revenue $ 13,409 $ 477,197 Performance (income) loss-unrealized 387,657 (146,575) Management fees of Consolidated Funds eliminated in consolidation 10,502 8,413 Incentive fees of Consolidated Funds eliminated in consolidation (45) 434 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 3,317 — Administrative fees(1) (9,661) (6,602) Performance income (loss) reclass(2) (1,717) 606 Principal investment (income) loss, net of eliminations 26,723 (28,759) Net income of non-controlling interests in consolidated subsidiaries (765) (54) Total consolidation adjustments and reconciling items 416,011 (172,537) Total segment revenue $ 429,420 $ 304,660 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations. The following table reconciles the Company's consolidated expenses to segment expenses: Three months ended March 31, 2020 2019 Total consolidated expenses $ 81,959 $ 369,107 Performance related compensation-unrealized 285,892 (107,303) Expenses of Consolidated Funds added in consolidation (17,899) (13,401) Expenses of Consolidated Funds eliminated in consolidation 10,456 8,847 Administrative fees(1) (9,661) (6,602) OMG expenses (57,731) (53,293) Acquisition and merger-related expense (3,115) (1,773) Equity compensation expense (32,557) (27,552) Deferred placement fees (5,415) (521) Depreciation and amortization expense (5,542) (5,824) Expense of non-controlling interests in consolidated subsidiaries (1,579) (946) Total consolidation adjustments and reconciling items 162,849 (208,368) Total segment expenses $ 244,808 $ 160,739 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. The following table reconciles the Company's consolidated other income to segment realized net investment income: Three months ended March 31, 2020 2019 Total consolidated other income $ (227,863) $ 27,870 Investment (income) loss - unrealized 105,594 (16,183) Interest and other investment (income) loss - unrealized (4,961) 4,978 Other (income) loss from Consolidated Funds added in consolidation, net 198,245 (31,207) Other income from Consolidated Funds eliminated in consolidation, net (3,819) (372) OMG other expense 1,141 30 Performance (income) loss reclass(1) 1,717 (606) Principal investment income (loss) (75,988) 29,892 Other (income) expense, net 22 (1) Other (income) loss of non-controlling interests in consolidated subsidiaries 19,683 (16) Total consolidation adjustments and reconciling items 241,634 (13,485) Total segment realized net investment income $ 13,771 $ 14,385 (1) Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations. The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: Three months ended March 31, 2020 2019 Income (loss) before taxes $ (296,413) $ 135,960 Adjustments: Depreciation and amortization expense 5,542 5,824 Equity compensation expense 32,557 27,552 Acquisition and merger-related expense 3,137 1,773 Deferred placement fees 5,415 521 OMG expense, net 58,872 53,323 Other income, net — (1) Net expense of non-controlling interests in consolidated subsidiaries 20,497 876 Income (loss) before taxes of non-controlling interests in Consolidated Funds, net of eliminations 166,378 (17,045) Total performance (income) loss - unrealized 387,657 (146,575) Total performance related compensation - unrealized (285,892) 107,303 Total investment (income) loss - unrealized 100,633 (11,205) Realized income 198,383 158,306 Total performance income - realized (151,770) (68,573) Total performance related compensation - realized 117,993 49,217 Total investment income - realized (13,771) (14,385) Fee related earnings $ 150,835 $ 124,565

CONSOLIDATION

CONSOLIDATION	3 Months Ended
CONSOLIDATION	Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	CONSOLIDATION Investments in Consolidated Variable Interest Entities The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value. The Company's interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of March 31, As of December 31, 2020 2019 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs (1) $ 235,751 $ 260,520 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs (1) 154,490 181,856 Assets of consolidated VIEs 9,990,390 9,454,572 Liabilities of consolidated VIEs 9,308,677 8,679,869 (1) As of March 31, 2020 and December 31, 2019, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $64.9 million and $104.7 million, respectively. For the Three months ended March 31, 2020 2019 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ (166,406) $ 17,624 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 March 31, 2020 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 1,167,673 $ — $ — $ 1,167,673 Investments (includes $747,363 of accrued carried interest) 1,345,094 — (154,490) 1,190,604 Due from affiliates 308,566 — (20,536) 288,030 Other assets 428,853 — (1,942) 426,911 Right-of-use operating lease assets 145,225 — — 145,225 Assets of Consolidated Funds Cash and cash equivalents — 514,401 — 514,401 Investments, at fair value — 9,086,469 8,096 9,094,565 Due from affiliates — 6,192 — 6,192 Receivable for securities sold — 355,149 — 355,149 Other assets — 28,179 — 28,179 Total assets $ 3,395,411 $ 9,990,390 $ (168,872) $ 13,216,929 Liabilities Accounts payable, accrued expenses and other liabilities $ 90,613 $ — $ — $ 90,613 Accrued compensation 69,702 — — 69,702 Due to affiliates 73,050 — — 73,050 Performance related compensation payable 532,665 — — 532,665 Debt obligations 1,046,775 — — 1,046,775 Operating lease liabilities 169,828 — — 169,828 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 72,486 — 72,486 Due to affiliates — 14,382 (14,382) — Payable for securities purchased — 796,316 — 796,316 CLO loan obligations, at fair value — 8,390,053 (35,595) 8,354,458 Fund borrowings — 35,440 — 35,440 Total liabilities 1,982,633 9,308,677 (49,977) 11,241,333 Commitments and contingencies Non-controlling interest in Consolidated Funds — 681,713 (118,895) 562,818 Non-controlling interest in Ares Operating Group entities 514,166 — — 514,166 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (132,373,743 shares issued and outstanding) 1,324 — — 1,324 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 (115,199,621 shares issued and outstanding) 1,152 — — 1,152 Additional paid-in-capital 746,595 — — 746,595 Retained earnings (138,371) — — (138,371) Accumulated other comprehensive loss, net of tax (10,849) — — (10,849) Total stockholders' equity 898,612 — — 898,612 Total equity 1,412,778 681,713 (118,895) 1,975,596 Total liabilities, non-controlling interests and equity $ 3,395,411 $ 9,990,390 $ (168,872) $ 13,216,929 As of December 31, 2019 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 138,384 $ — $ — $ 138,384 Investments (includes $1,134,967 of accrued carried interest) 1,845,520 — (181,856) 1,663,664 Due from affiliates 282,197 — (14,098) 268,099 Other assets 343,674 — (2,381) 341,293 Right-of-use operating lease assets 143,406 — — 143,406 Assets of Consolidated Funds Cash and cash equivalents — 606,321 — 606,321 Investments, at fair value — 8,723,169 4,778 8,727,947 Due from affiliates — 6,192 — 6,192 Receivable for securities sold — 88,809 — 88,809 Other assets — 30,081 — 30,081 Total assets $ 2,753,181 $ 9,454,572 $ (193,557) $ 12,014,196 Liabilities Accounts payable, accrued expenses and other liabilities $ 88,173 $ — $ — $ 88,173 Accrued compensation 37,795 — — 37,795 Due to affiliates 71,445 — — 71,445 Performance related compensation payable 829,764 — — 829,764 Debt obligations 316,609 — — 316,609 Operating lease liabilities 168,817 — — 168,817 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 61,857 — 61,857 Due to affiliates — 11,700 (11,700) — Payable for securities purchased — 500,146 — 500,146 CLO loan obligations — 7,998,922 (25,174) 7,973,748 Fund borrowings — 107,244 — 107,244 Total liabilities 1,512,603 8,679,869 (36,874) 10,155,598 Commitments and contingencies Non-controlling interest in Consolidated Funds — 774,703 (156,683) 618,020 Non-controlling interest in Ares Operating Group entities 472,288 — — 472,288 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (115,242,028 shares issued and outstanding) 1,152 — — 1,152 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (1 share issued and outstanding) — — — — Additional paid-in-capital 525,244 — — 525,244 Retained earnings (50,820) — — (50,820) Accumulated other comprehensive loss, net of tax (6,047) — — (6,047) Total stockholders' equity 768,290 — — 768,290 Total equity 1,240,578 774,703 (156,683) 1,858,598 Total liabilities, non-controlling interests and equity $ 2,753,181 $ 9,454,572 $ (193,557) $ 12,014,196 Three months ended March 31, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $43,923) $ 274,351 $ — $ (10,502) $ 263,849 Carried interest allocation (230,876) — — (230,876) Incentive fees (3,294) — 45 (3,249) Principal investment loss (75,988) — 49,265 (26,723) Administrative, transaction and other fees 13,725 — (3,317) 10,408 Total revenues (22,082) — 35,491 13,409 Expenses Compensation and benefits 180,084 — — 180,084 Performance related compensation (167,899) — — (167,899) General, administrative and other expense 62,331 — — 62,331 Expenses of the Consolidated Funds — 17,899 (10,456) 7,443 Total expenses 74,516 17,899 (10,456) 81,959 Other income (expense) Net realized and unrealized losses on investments (35,695) — 27,661 (8,034) Interest and dividend income 2,602 — (812) 1,790 Interest expense (5,306) — — (5,306) Other expense, net 4,962 — 502 5,464 Net realized and unrealized losses on investments of the Consolidated Funds — (230,173) (24,588) (254,761) Interest and other income of the Consolidated Funds — 113,225 — 113,225 Interest expense of the Consolidated Funds — (81,297) 1,056 (80,241) Total other expense (33,437) (198,245) 3,819 (227,863) Loss before taxes (130,035) (216,144) 49,766 (296,413) Income tax expense (benefit) (20,644) 28 — (20,616) Net loss (109,391) (216,172) 49,766 (275,797) Less: Net loss attributable to non-controlling interests in Consolidated Funds — (216,172) 49,766 (166,406) Less: Net loss attributable to non-controlling interests in in Ares Operating Group entities (78,355) — — (78,355) Net loss attributable to Ares Management Corporation (31,036) — — (31,036) Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net loss attributable to Ares Management Corporation Class A common stockholders $ (36,461) $ — $ — $ (36,461) Three months ended March 31, 2019 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $38,393) $ 233,072 $ — $ (8,413) $ 224,659 Carried interest allocation 197,293 — — 197,293 Incentive fees 17,249 — (434) 16,815 Principal investment income 29,892 — (1,133) 28,759 Administrative, transaction and other fees 9,671 — — 9,671 Total revenues 487,177 — (9,980) 477,197 Expenses Compensation and benefits 156,846 — — 156,846 Performance related compensation 156,520 — — 156,520 General, administrative and other expense 51,187 — — 51,187 Expenses of the Consolidated Funds — 13,401 (8,847) 4,554 Total expenses 364,553 13,401 (8,847) 369,107 Other income (expense) Net realized and unrealized gains on investments 4,424 — (948) 3,476 Interest and dividend income 2,324 — (480) 1,844 Interest expense (5,589) — — (5,589) Other expense, net (4,868) — 371 (4,497) Net realized and unrealized gains on investments of the Consolidated Funds — 3,748 616 4,364 Interest and other income of the Consolidated Funds — 93,184 — 93,184 Interest expense of the Consolidated Funds — (65,725) 813 (64,912) Total other income (expense) (3,709) 31,207 372 27,870 Income before taxes 118,915 17,806 (761) 135,960 Income tax expense (benefit) 14,963 (579) — 14,384 Net income 103,952 18,385 (761) 121,576 Less: Net income attributable to non-controlling interests in Consolidated Funds — 18,385 (761) 17,624 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 59,003 — — 59,003 Net income attributable to Ares Management Corporation 44,949 — — 44,949 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 39,524 $ — $ — $ 39,524 Three months ended March 31, 2020 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net loss $ (109,391) $ (216,172) $ 49,766 $ (275,797) Adjustments to reconcile net loss to net cash used in operating activities 190,761 (65,691) 125,070 Adjustments to reconcile net loss to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds (478,695) 25,680 (453,015) Cash flows due to changes in operating assets and liabilities 45,995 6,000 51,995 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: 99,272 89,238 188,510 Net cash provided by (used in) operating activities 127,365 (595,595) 104,993 (363,237) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net (3,062) — — (3,062) Acquisitions (35,844) — — (35,844) Net cash used in investing activities (38,906) — — (38,906) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 383,334 — — 383,334 Proceeds from credit facility 790,000 — — 790,000 Repayments of credit facility (60,000) — — (60,000) Dividends and distributions (106,838) — — (106,838) Series A Preferred Stock dividends and distributions (5,425) — — (5,425) Stock option exercises 19,551 — — 19,551 Taxes paid related to net share settlement of equity awards (73,500) — — (73,500) Other financing activities (2,125) — — (2,125) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 148,270 (15,005) 133,265 Distributions to non-controlling interests in Consolidated Funds — (15,426) 1,934 (13,492) Borrowings under loan obligations by Consolidated Funds — 454,391 — 454,391 Repayments under loan obligations by Consolidated Funds — (73,609) — (73,609) Net cash provided by financing activities 944,997 513,626 (13,071) 1,445,552 Effect of exchange rate changes (4,167) (9,953) — (14,120) Net change in cash and cash equivalents 1,029,289 (91,922) 91,922 1,029,289 Cash and cash equivalents, beginning of period 138,384 606,321 (606,321) 138,384 Cash and cash equivalents, end of period $ 1,167,673 $ 514,399 $ (514,399) $ 1,167,673 Three months ended March 31, 2019 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 103,952 $ 18,385 $ (761) $ 121,576 Adjustments to reconcile net income to net cash used in operating activities (79,008) — 89,774 10,766 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (415,841) (616) (416,457) Cash flows due to changes in operating assets and liabilities 4,306 — (769) 3,537 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: — 83,267 (152,535) (69,268) Net cash provided by (used in) operating activities 29,250 (314,189) (64,907) (349,846) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net (2,994) — — (2,994) Net cash used in investing activities (2,994) — — (2,994) Cash flows from financing activities: Proceeds from credit facility 145,000 — — 145,000 Repayments of credit facility (60,000) — — (60,000) Dividends and distributions (75,479) — — (75,479) Series A Preferred Stock dividends and distributions (5,425) — — (5,425) Taxes paid related to net share settlement of equity awards (21,121) — — (21,121) Other financing activities 2,140 — — 2,140 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 148,691 (94,656) 54,035 Distributions to non-controlling interests in Consolidated Funds — (23,629) 2,893 (20,736) Borrowings under loan obligations by Consolidated Funds — 392,777 3,367 396,144 Repayments under loan obligations by Consolidated Funds — (61,227) — (61,227) Net cash provided by (used in) financing activities (14,885) 456,612 (88,396) 353,331 Effect of exchange rate changes (1,120) 10,880 — 9,760 Net change in cash and cash equivalents 10,251 153,303 (153,303) 10,251 Cash and cash equivalents, beginning of period 110,247 384,644 (384,644) 110,247 Cash and cash equivalents, end of period $ 120,498 $ 537,947 $ (537,947) $ 120,498

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after March 31, 2020 through the date the condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure: In April 2020, the Company's board of directors declared a quarterly dividend of $0.40 per share of Class A common stock payable on June 30, 2020 to common stockholders of record at the close of business on June 16, 2020.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- (Policies)	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission ("SEC"). As of March 31, 2020, the impact of the outbreak of the coronavirus (COVID-19) pandemic continues to unfold. As a result, management's estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds. At March 31, 2020 and December 31, 2019, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its condensed consolidated financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. ASU 2019-12 is effective for public entities for annual reporting periods beginning after December 15, 2020 and interim periods within those reporting periods, with early adoption permitted. The amendments in this update related to separate financial statements of legal entities that are not subject to tax should be applied on a retrospective basis for all periods presented. The amendments related to changes in ownership of foreign equity method investments or foreign subsidiaries should be applied on a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. The amendments related to franchise taxes that are partially based on income should be applied on either a retrospective basis for all periods presented or a modified retrospective basis through a cumulative-effect adjustment to retained earnings as of the beginning of the fiscal year of adoption. All other amendments should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In January 2020, the FASB issued ASU 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815). The amendments in this update clarify certain interactions between the guidance to account for certain equity securities under Topic 321, the guidance to account for investments under the equity method of accounting in Topic 323, and the guidance in Topic 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with Topic 825, Financial Instruments. These amendments improve current GAAP by reducing diversity in practice and increasing comparability of the accounting for these interactions. ASU 2020-01 is effective for public entities for annual reporting periods beginning after December 15, 2020 and interim periods within those reporting periods, with early adoption permitted. The amendments in this update should be applied on a prospective basis. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. An entity may elect to adopt the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent
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 credit and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Mar. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying value for the Company's intangible assets	The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets that are included within other assets in the Condensed Consolidated Statements of Financial Condition: Weighted Average Amortization Period as of March 31, 2020 As of March 31, As of December 31, 2020 2019 Management contracts 6.3 years $ 42,547 $ 12,498 Client relationships 8.3 years 6,341 6,341 Trade name 2.3 years 378 378 Intangible assets 49,266 19,217 Less: accumulated amortization (7,592) (11,242) Intangible assets, net $ 41,674 $ 7,975
Schedule of goodwill rollforward	The following table summarizes the carrying value of the Company's goodwill assets that are included within other assets in the Condensed Consolidated Statements of Financial Condition: Credit Group Private Real Total Balance as of December 31, 2019 $ 32,196 $ 58,600 $ 53,059 $ 143,855 Foreign currency translation — — (113) (113) Balance as of March 31, 2020 $ 32,196 $ 58,600 $ 52,946 $ 143,742

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
INVESTMENTS (Tables)	Mar. 31, 2020
Investments in and Advances to Affiliates [Abstract]
Summary of investments held	The Company’s investments are comprised of the following: Percentage of total investments as of March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Equity method investments: Equity method private investment partnership interests - principal (1) $ 345,350 $ 390,407 29.0 % 23.5 % Equity method - carried interest (1) 747,363 1,134,967 62.8 68.2 Equity method private investment partnership interests and other (held at fair value) 18,911 51,528 1.6 3.1 Equity method private investment partnership interests and other 12,763 16,536 1.0 1.0 Total equity method investments 1,124,387 1,593,438 94.4 95.8 Collateralized loan obligations (2) 17,783 22,265 1.5 1.3 Other fixed income 47,561 46,918 4.0 2.8 Collateralized loan obligations and other fixed income, at fair value 65,344 69,183 5.5 4.1 Common stock, at fair value 873 1,043 0.1 0.1 Total investments $ 1,190,604 $ 1,663,664 (1) Investment or portion of the investment is denominated in foreign currency and is translated into U.S. dollars at each reporting date. (2) Includes $2.6 million of collateralized loan obligations that are attributable to the Crestline Denali Class B Interests. Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of March 31, December 31, March 31, December 31, 2020 2019 2020 2019 Fixed income investments: Bonds $ 200,152 $ 212,376 2.2 % 2.4 % Loans 8,533,658 8,062,740 93.8 92.4 Investments in CLO warehouse — 44,435 — 0.5 Total fixed income investments 8,733,810 8,319,551 96.0 95.3 Equity securities 53,730 112,384 0.6 1.3 Partnership interests 307,025 296,012 3.4 3.4 Total investments, at fair value $ 9,094,565 $ 8,727,947

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
FAIR VALUE (Tables)	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Summary of valuation of investments and other financial instruments by fair value hierarchy levels	The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of March 31, 2020: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 65,344 $ — $ 65,344 Common stock and other equity securities — 873 14,704 — 15,577 Partnership interests — — 2,575 1,632 4,207 Total investments, at fair value — 873 82,623 1,632 85,128 Derivatives-foreign exchange contracts — 5,429 — — 5,429 Total assets, at fair value $ — $ 6,302 $ 82,623 $ 1,632 $ 90,557 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (5) $ — $ — $ (5) Total liabilities, at fair value $ — $ (5) $ — $ — $ (5) Financial Instruments of the Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 187,051 $ 13,101 $ 200,152 Loans — 7,267,203 1,266,455 8,533,658 Total fixed income investments — 7,454,254 1,279,556 8,733,810 Equity securities 10,978 — 42,752 53,730 Partnership interests — — 307,025 307,025 Total investments, at fair value 10,978 7,454,254 1,629,333 9,094,565 Derivatives-asset swaps-other — — 831 831 Total assets, at fair value $ 10,978 $ 7,454,254 $ 1,630,164 $ 9,095,396 Liabilities, at fair value Derivatives-asset swaps-other $ — $ — $ (811) $ (811) Loan obligations of CLOs — (8,354,458) — (8,354,458) Total liabilities, at fair value $ — $ (8,354,458) $ (811) $ (8,355,269) The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2019: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 69,183 $ — $ 69,183 Common stock and other equity securities — 1,043 14,704 — 15,747 Partnership interests — — 35,192 1,632 36,824 Total investments, at fair value — 1,043 119,079 1,632 121,754 Derivatives-foreign exchange contracts — 4,023 — — 4,023 Total assets, at fair value $ — $ 5,066 $ 119,079 $ 1,632 $ 125,777 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (113) $ — $ — $ (113) Total liabilities, at fair value $ — $ (113) $ — $ — $ (113) Financial Instruments of the Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 207,966 $ 4,410 $ 212,376 Loans — 7,728,014 334,726 8,062,740 Investments in CLO warehouse — 44,435 — 44,435 Total fixed income investments — 7,980,415 339,136 8,319,551 Equity securities 26,396 — 85,988 112,384 Partnership interests — — 296,012 296,012 Total investments, at fair value 26,396 7,980,415 721,136 8,727,947 Derivatives-foreign exchange contracts — 667 — 667 Total assets, at fair value $ 26,396 $ 7,981,082 $ 721,136 $ 8,728,614 Liabilities, at fair value Derivatives: Foreign exchange contracts $ — $ (670) $ — $ (670) Asset swaps-other — — (4,106) (4,106) Total derivative liabilities, at fair value — (670) (4,106) (4,776) Loan obligations of CLOs — (7,973,748) — (7,973,748) Total liabilities, at fair value $ — $ (7,974,418) $ (4,106) $ (7,978,524)
Summary of changes in the fair value of the Level III investments	The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2020: Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 69,183 $ 35,192 $ 119,079 Additions(1) — 3,686 — 3,686 Purchases(2) — 643 — 643 Sales/settlements(3) — (402) (32,430) (32,832) Realized and unrealized depreciation, net — (7,766) (187) (7,953) Balance, end of period $ 14,704 $ 65,344 $ 2,575 $ 82,623 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ — $ (6,731) $ 5,511 $ (1,220) Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 85,988 $ 339,136 $ 296,012 $ (4,106) $ 717,030 Additions(1) (635) 392,672 — — 392,037 Transfer in — 607,588 — — 607,588 Transfer out — (61,774) — — (61,774) Purchases(2) 249 355,592 8,000 — 363,841 Sales/settlements(3) (351) (178,159) — (1,278) (179,788) Amortized discounts/premiums — 499 — 48 547 Realized and unrealized appreciation (depreciation), net (42,499) (175,998) 3,013 5,356 (210,128) Balance, end of period $ 42,752 $ 1,279,556 $ 307,025 $ 20 $ 1,629,353 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (42,500) $ (170,496) $ 3,012 $ 2,874 $ (207,110) (1) Additions relate to the net increase from consolidation of new funds or entities. For Consolidated Funds, additions are also offset by the deconsolidation of a fund. (2) Purchases include paid-in-kind interest and securities received in connection with restructuring. (3) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2019: Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 10,397 $ 60,824 $ 35,192 $ 106,413 Deconsolidation of fund — 8,138 — 8,138 Purchases(1) — 2,147 — 2,147 Sales/settlements(2) — (4,964) — (4,964) Realized and unrealized appreciation, net — 1,045 — 1,045 Balance, end of period $ 10,397 $ 67,190 $ 35,192 $ 112,779 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 719 $ — $ 719 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 150,752 $ 547,958 $ 271,447 $ 680 $ 970,837 Deconsolidation of fund — (58,883) — — (58,883) Transfer in — 155,651 — — 155,651 Transfer out — (182,087) — — (182,087) Purchases(1) 10,774 173,408 4,000 — 188,182 Sales/settlements(2) (5,086) (79,489) — (21) (84,596) Amortized discounts/premiums — 312 — (151) 161 Realized and unrealized appreciation (depreciation), net 2,592 7,434 7,612 (3,539) 14,099 Balance, end of period $ 159,032 $ 564,304 $ 283,059 $ (3,031) $ 1,003,364 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,592 $ 7,894 $ 7,612 $ (3,481) $ 14,617 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Summary of quantitative inputs and assumptions used for Level III inputs	The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of March 31, 2020: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 14,704 Transaction price(1) N/A N/A Partnership interests 2,575 Other N/A N/A Collateralized loan obligations 17,783 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 47,561 Other N/A N/A Total $ 82,623 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 325 Market approach EBITDA multiple(2) 10.0x - 28.8x 18.9x 40,426 Other Net income multiple 32.5x 32.5x Illiquidity discount 25.0% 25.0% 2,001 Transaction price N/A N/A N/A Partnership interest 307,025 Discounted cash flow Discount rate 18.1% 18.1% Fixed income securities 1,223,236 Broker quotes and/or 3rd party pricing services N/A N/A N/A 56,320 Income approach Yield 4.0% - 25.5% 10.4% Total assets $ 1,630,164 Liabilities Derivatives instruments $ (811) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (811) (1) Transaction price consists of securities recently purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2019: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 14,704 Transaction price(1) N/A N/A Partnership interests 32,661 Transaction price(1) N/A N/A 2,531 Other N/A N/A Collateralized loan obligations 22,265 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 46,918 Other N/A N/A Total $ 119,079 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 431 Market approach EBITDA multiple(2) 8.2x - 21.3x 16.1x 40,745 Other Net income multiple 36.2x 36.2x Illiquidity discount 25.0% 25.0% 44,812 Transaction price(1) N/A N/A N/A Partnership interests 296,012 Discounted cash flow Discount rate 19.6% 19.6% Fixed income securities 271,919 Broker quotes and/or 3rd party pricing services N/A N/A N/A 67,217 Income approach Yield 4.8% - 14.3% 9.7% Total assets $ 721,136 Liabilities Derivatives instruments $ (4,106) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (4,106) (1) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Mar. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value and notional amounts of derivative contracts by major product type on a gross basis	As of March 31, 2020 As of December 31, 2019 Assets Liabilities Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ 56,555 $ 5,429 $ 124 $ 5 $ 67,930 $ 4,023 $ 10,846 $ 113 Total derivatives, at fair value(2) $ 56,555 $ 5,429 $ 124 $ 5 $ 67,930 $ 4,023 $ 10,846 $ 113 As of March 31, 2020 As of December 31, 2019 Assets Liabilities Assets Liabilities Consolidated Funds Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ — $ — $ — $ — $ 667 $ 667 $ 667 $ 670 Asset swap - other 5,258 831 4,808 811 — — 7,640 4,106 Total derivatives, at fair value(3) $ 5,258 $ 831 $ 4,808 $ 811 $ 667 $ 667 $ 8,307 $ 4,776 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of March 31, 2020 and December 31, 2019, the Company had the right to, but elected not to, offset an immaterial amount of its derivative liabilities. (3) As of March 31, 2020 and December 31, 2019, the Consolidated Funds offset $0.7 million and $0.1 million of their derivative assets and liabilities, respectively.

DEBT (Tables)

DEBT (Tables)	3 Months Ended
DEBT (Tables)	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of borrowings outstanding	The following table presents the activity of the Company's debt issuance costs: Credit Facility Senior Notes Unamortized debt issuance costs as of December 31, 2019 $ 5,255 $ 1,102 Debt issuance costs incurred 1,182 — Amortization of debt issuance costs (318) (58) Unamortized debt issuance costs as of March 31, 2020 $ 6,119 $ 1,044 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of March 31, 2020 As of December 31, 2019 Loan Obligations Fair Value of Loan Obligations Weighted Loan Fair Value of Loan Obligations Weighted Average Remaining Maturity In Years Senior secured notes(1) $ 9,461,567 $ 8,169,907 10.71 $ 7,738,337 $ 7,700,038 10.97 Subordinated notes(2) 606,407 184,551 10.85 449,877 273,710 11.02 Total loan obligations of Consolidated CLOs $ 10,067,974 $ 8,354,458 $ 8,188,214 $ 7,973,748 (1) Original borrowings under the senior secured notes totaled $9.5 billion, with various maturity dates ranging from July 2028 to October 2032. The weighted average interest rate as of March 31, 2020 was 2.83%. (2) Original borrowings under the subordinated notes totaled $606.4 million, with various maturity dates ranging from July 2028 to October 2032. The notes do not have contractual interest rates, instead holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO. The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding: As of March 31, 2020 As of December 31, 2019 Consolidated Funds' Debt Facilities Maturity Date Total Capacity Outstanding Loan(1) Effective Rate Outstanding Loan(1) Effective Rate Credit Facilities: 1/1/2023 $ 18,000 $ 17,909 2.62% $ 17,550 3.44% 3/5/2021 71,500 — N/A 71,500 3.14 6/30/2021 192,780 — N/A — N/A 7/15/2028 75,000 16,500 4.17 17,000 4.75 Revolving Term Loan 2/9/2022 1,900 1,031 7.69 1,194 7.70 Total borrowings of Consolidated Funds $ 35,440 $ 107,244 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) The effective rate is based on the three month EURIBOR or zero, whichever is higher, plus a spread of 1.00%.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Mar. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease	The tables below present certain supplemental quantitative disclosures regarding the Company's leases as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019: Classification As of March 31, 2020 As of December 31, 2019 Operating lease assets Right-of-use operating lease assets $ 145,225 $ 143,406 Finance lease assets Other assets(1) 1,756 1,787 Total lease assets $ 146,981 $ 145,193 Operating lease liabilities Operating lease liabilities $ 169,828 $ 168,817 Finance lease obligations Accounts payable, accrued expenses and other liabilities 1,698 1,651 Total lease liabilities $ 171,526 $ 170,468 (1) Finance lease assets are recorded net of accumulated amortization of $0.7 million and $0.6 million as of March 31, 2020 and December 31, 2019, respectively. Classification Three months ended March 31, 2020 Three months ended March 31, 2019 Operating lease expense General, administrative and other expenses $ 7,632 $ 6,938 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 94 27 Interest on finance lease liabilities Interest expense 11 13 Total lease expense $ 7,737 $ 6,978 Other information Three months ended March 31, 2020 Three months ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 8,178 $ 7,682 Operating cash flows for finance leases 6 52 Financing cash flows for finance leases 36 264 Leased assets obtained in exchange for new operating lease liabilities 8,744 45,435 Lease term and discount rate As of March 31, 2020 As of December 31, 2019 Weighted-average remaining lease terms (in years): Operating leases 6.4 6.5 Finance leases 3.2 3.3 Weighted-average discount rate: Operating leases 3.97 % 4.00 % Finance leases 3.38 % 3.39 %
Operating Lease, Liability, Maturity	Maturity of lease liabilities Operating Leases Finance Leases 2020 $ 22,173 $ 461 2021 30,320 516 2022 31,506 485 2023 28,026 158 2024 25,178 156 After 2024 55,515 7 Total future payments 192,718 1,783 Less: interest 22,890 85 Total lease liabilities $ 169,828 $ 1,698
Finance Lease, Liability, Maturity	Maturity of lease liabilities Operating Leases Finance Leases 2020 $ 22,173 $ 461 2021 30,320 516 2022 31,506 485 2023 28,026 158 2024 25,178 156 After 2024 55,515 7 Total future payments 192,718 1,783 Less: interest 22,890 85 Total lease liabilities $ 169,828 $ 1,698

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Mar. 31, 2020
Related Party Transactions [Abstract]
Schedule of amounts due from and to affiliates	The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of March 31, As of December 31, 2020 2019 Due from affiliates: Management fees receivable from non-consolidated funds $ 211,887 $ 203,554 Payments made on behalf of and amounts due from non-consolidated funds and employees 76,143 64,545 Due from affiliates—Company $ 288,030 $ 268,099 Amounts due from portfolio companies and non-consolidated funds $ 6,192 $ 6,192 Due from affiliates—Consolidated Funds $ 6,192 $ 6,192 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 2,893 $ 2,420 Management fees received in advance 6,100 3,012 Tax receivable agreement liability 33,694 26,542 Undistributed carried interest and incentive fees 17,459 28,086 Payments made by non-consolidated funds on behalf of and payable by the Company 12,904 11,385 Due to affiliates—Company $ 73,050 $ 71,445

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
EARNINGS PER SHARE (Tables)	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of antidilutive securities excluded from earnings per common unit	For the three months ended March 31, 2020, the following options, restricted units and AOG Units represent the securities not included in the two-class method. For the three months ended March 31, 2019, the computation of dilutive earnings per share excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive: Three months ended March 31, 2020 2019 Options 12,859,532 — Restricted units 16,377,716 119 AOG Units 116,328,089 116,996,031
Schedule of the computation of basic and diluted earnings per common unit	The following table presents the computation of basic and diluted earnings per common share: Three months ended March 31, 2020 2019 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ (36,461) $ 39,524 Distributions on unvested restricted units (2,290) (1,806) Undistributed earnings allocable to participating unvested restricted units — (663) Net income (loss) available to Class A common stockholders $ (38,751) $ 37,055 Basic weighted-average shares of Class A common stock 118,366,539 102,906,494 Basic earnings (loss) per share of Class A common stock $ (0.33) $ 0.36 Net income (loss) available to Class A common stockholders $ (36,461) $ 39,524 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ (36,461) $ 39,524 Effect of dilutive shares: Restricted units — 5,485,250 Options — 2,307,368 Diluted weighted-average shares of Class A common stock 118,366,539 110,699,112 Diluted earnings (loss) per share of Class A common stock $ (0.33) $ 0.36 Dividend declared and paid per Class A common stock $ 0.40 $ 0.32

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	3 Months Ended
EQUITY COMPENSATION (Tables)	Mar. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of equity-based compensation expense, net of assumed forfeitures	Equity-based compensation expense, net of forfeitures, recorded by the Company is included in the following table: Three months ended March 31, 2020 2019 Restricted units $ 28,381 $ 23,012 Restricted units with a market condition 4,133 891 Options 43 3,101 Phantom shares — 548 Equity-based compensation expense $ 32,557 $ 27,552
Summary of unvested restricted units' activity	The following table presents unvested restricted units' activity: Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - January 1, 2020 16,810,473 $ 20.07 Granted 3,268,133 36.85 Vested (3,921,722) 19.21 Forfeited (211,925) 21.42 Balance - March 31, 2020 15,944,959 $ 23.69 Market Condition Awards Units Weighted Average Balance - January 1, 2020 1,333,334 $ 9.30 Granted — — Vested (666,667) 10.92 Forfeited — — Balance - March 31, 2020 666,667 $ 7.68
Summary of unvested options activity	A summary of options activity during the three months ended March 31, 2020 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - January 1, 2020 13,426,870 $ 18.99 4.34 $ 224,260 Granted — — — — Exercised (1,134,677) 19.00 — — Expired — — — — Forfeited — — — — Balance - March 31, 2020 12,292,193 $ 18.99 4.00 $ 146,811 Exercisable at March 31, 2020 12,292,193 $ 18.99 4.00 $ 146,811

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
EQUITY (Tables)	Mar. 31, 2020
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	The following table presents the changes in each class of common stock: Class A Common Stock Class B Common Stock Class C Common Stock Total Balance - January 1, 2020 115,242,028 1,000 1 115,243,029 Issuance of stock 12,130,540 — 115,199,620 127,330,160 Exchanges of AOG Units 1,376,422 — — 1,376,422 Stock option exercises, net of shares withheld for tax 1,058,722 — — 1,058,722 Vesting of restricted stock awards, net of shares withheld for tax 2,566,031 — — 2,566,031 Balance Outstanding - March 31, 2020 132,373,743 1,000 115,199,621 247,574,364
Schedule of Ownership Interests	The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities: Daily Average Ownership As of March 31, 2020 As of December 31, 2019 Three months ended March 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2020 2019 Ares Management Corporation 132,373,743 53.47 % 115,242,028 49.70 % 50.43 % 46.80 % Ares Owners Holding L.P. 115,199,621 46.53 % 116,641,833 50.30 % 49.57 % 53.20 % Total 247,573,364 100.00 % 231,883,861 100.00 %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
SEGMENT REPORTING (Tables)	Mar. 31, 2020
Segment Reporting [Abstract]
Schedule of financial results for Company's operating segments, as well as the OMG	The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2020: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $43,923) $ 197,437 $ 52,157 $ 24,184 $ 273,778 $ — $ 273,778 Other fees 3,058 110 704 3,872 — 3,872 Compensation and benefits (70,925) (19,596) (12,413) (102,934) (36,426) (139,360) General, administrative and other expenses (15,313) (5,633) (2,935) (23,881) (21,305) (45,186) Fee related earnings 114,257 27,038 9,540 150,835 (57,731) 93,104 Performance income—realized 9,016 116,154 26,600 151,770 — 151,770 Performance related compensation—realized (7,899) (92,924) (17,170) (117,993) — (117,993) Realized net performance income 1,117 23,230 9,430 33,777 — 33,777 Investment income (loss)—realized (843) 11,470 1,290 11,917 (5,698) 6,219 Interest and other investment income —realized 4,575 812 796 6,183 168 6,351 Interest expense (1,715) (1,643) (971) (4,329) (977) (5,306) Realized net investment income (loss) 2,017 10,639 1,115 13,771 (6,507) 7,264 Realized income $ 117,391 $ 60,907 $ 20,085 $ 198,383 $ (64,238) $ 134,145 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2019: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $38,393) $ 162,966 $ 51,396 $ 18,650 $ 233,012 $ — $ 233,012 Other fees 3,066 — 9 3,075 — 3,075 Compensation and benefits (60,348) (21,196) (9,284) (90,828) (32,661) (123,489) General, administrative and other expenses (13,505) (4,057) (3,132) (20,694) (20,632) (41,326) Fee related earnings 92,179 26,143 6,243 124,565 (53,293) 71,272 Performance income—realized 21,925 44,123 2,525 68,573 — 68,573 Performance related compensation—realized (12,663) (35,297) (1,257) (49,217) — (49,217) Realized net performance income 9,262 8,826 1,268 19,356 — 19,356 Investment income—realized 858 10,936 3,480 15,274 — 15,274 Interest and other investment income —realized 2,905 294 1,105 4,304 15 4,319 Interest expense (1,899) (2,175) (1,119) (5,193) (396) (5,589) Realized net investment income (loss) 1,864 9,055 3,466 14,385 (381) 14,004 Realized income $ 103,305 $ 44,024 $ 10,977 $ 158,306 $ (53,674) $ 104,632
Schedule of segment’ revenue, expenses and other income (expense)	The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended March 31, 2020 2019 Segment revenues Management fees (includes ARCC Part I Fees of $43,923 and $38,393 for the three months ended March 31, 2020 and 2019 respectively) $ 273,778 $ 233,012 Other fees 3,872 3,075 Performance income—realized 151,770 68,573 Total segment revenues $ 429,420 $ 304,660 Segment expenses Compensation and benefits $ 102,934 $ 90,828 General, administrative and other expenses 23,881 20,694 Performance related compensation—realized 117,993 49,217 Total segment expenses $ 244,808 $ 160,739 Segment realized net investment income Investment income—realized $ 11,917 $ 15,274 Interest and other investment income —realized 6,183 4,304 Interest expense (4,329) (5,193) Total segment realized net investment income $ 13,771 $ 14,385
Schedule of segment revenues components	The following table reconciles the Company's consolidated revenues to segment revenue: Three months ended March 31, 2020 2019 Total consolidated revenue $ 13,409 $ 477,197 Performance (income) loss-unrealized 387,657 (146,575) Management fees of Consolidated Funds eliminated in consolidation 10,502 8,413 Incentive fees of Consolidated Funds eliminated in consolidation (45) 434 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 3,317 — Administrative fees(1) (9,661) (6,602) Performance income (loss) reclass(2) (1,717) 606 Principal investment (income) loss, net of eliminations 26,723 (28,759) Net income of non-controlling interests in consolidated subsidiaries (765) (54) Total consolidation adjustments and reconciling items 416,011 (172,537) Total segment revenue $ 429,420 $ 304,660 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations.
Schedule of segment expenses components	The following table reconciles the Company's consolidated expenses to segment expenses: Three months ended March 31, 2020 2019 Total consolidated expenses $ 81,959 $ 369,107 Performance related compensation-unrealized 285,892 (107,303) Expenses of Consolidated Funds added in consolidation (17,899) (13,401) Expenses of Consolidated Funds eliminated in consolidation 10,456 8,847 Administrative fees(1) (9,661) (6,602) OMG expenses (57,731) (53,293) Acquisition and merger-related expense (3,115) (1,773) Equity compensation expense (32,557) (27,552) Deferred placement fees (5,415) (521) Depreciation and amortization expense (5,542) (5,824) Expense of non-controlling interests in consolidated subsidiaries (1,579) (946) Total consolidation adjustments and reconciling items 162,849 (208,368) Total segment expenses $ 244,808 $ 160,739 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
Schedule of segment other income (expense) components	The following table reconciles the Company's consolidated other income to segment realized net investment income: Three months ended March 31, 2020 2019 Total consolidated other income $ (227,863) $ 27,870 Investment (income) loss - unrealized 105,594 (16,183) Interest and other investment (income) loss - unrealized (4,961) 4,978 Other (income) loss from Consolidated Funds added in consolidation, net 198,245 (31,207) Other income from Consolidated Funds eliminated in consolidation, net (3,819) (372) OMG other expense 1,141 30 Performance (income) loss reclass(1) 1,717 (606) Principal investment income (loss) (75,988) 29,892 Other (income) expense, net 22 (1) Other (income) loss of non-controlling interests in consolidated subsidiaries 19,683 (16) Total consolidation adjustments and reconciling items 241,634 (13,485) Total segment realized net investment income $ 13,771 $ 14,385 (1) Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments in the Company’s Condensed Consolidated Statements of Operations.
Reconciliation of segment results to the Company's income before taxes and total assets	The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: Three months ended March 31, 2020 2019 Income (loss) before taxes $ (296,413) $ 135,960 Adjustments: Depreciation and amortization expense 5,542 5,824 Equity compensation expense 32,557 27,552 Acquisition and merger-related expense 3,137 1,773 Deferred placement fees 5,415 521 OMG expense, net 58,872 53,323 Other income, net — (1) Net expense of non-controlling interests in consolidated subsidiaries 20,497 876 Income (loss) before taxes of non-controlling interests in Consolidated Funds, net of eliminations 166,378 (17,045) Total performance (income) loss - unrealized 387,657 (146,575) Total performance related compensation - unrealized (285,892) 107,303 Total investment (income) loss - unrealized 100,633 (11,205) Realized income 198,383 158,306 Total performance income - realized (151,770) (68,573) Total performance related compensation - realized 117,993 49,217 Total investment income - realized (13,771) (14,385) Fee related earnings $ 150,835 $ 124,565

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	3 Months Ended
CONSOLIDATION (Tables)	Mar. 31, 2020
Condensed Financial Information Disclosure [Abstract]
Schedule of interest in VIEs	The Company's interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of March 31, As of December 31, 2020 2019 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs (1) $ 235,751 $ 260,520 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs (1) 154,490 181,856 Assets of consolidated VIEs 9,990,390 9,454,572 Liabilities of consolidated VIEs 9,308,677 8,679,869 (1) As of March 31, 2020 and December 31, 2019, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $64.9 million and $104.7 million, respectively. For the Three months ended March 31, 2020 2019 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ (166,406) $ 17,624
Schedule of consolidating effects of the Consolidated Funds on the Company's financial condition	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition, results from operations and cash flows: As of March 31, 2020 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 1,167,673 $ — $ — $ 1,167,673 Investments (includes $747,363 of accrued carried interest) 1,345,094 — (154,490) 1,190,604 Due from affiliates 308,566 — (20,536) 288,030 Other assets 428,853 — (1,942) 426,911 Right-of-use operating lease assets 145,225 — — 145,225 Assets of Consolidated Funds Cash and cash equivalents — 514,401 — 514,401 Investments, at fair value — 9,086,469 8,096 9,094,565 Due from affiliates — 6,192 — 6,192 Receivable for securities sold — 355,149 — 355,149 Other assets — 28,179 — 28,179 Total assets $ 3,395,411 $ 9,990,390 $ (168,872) $ 13,216,929 Liabilities Accounts payable, accrued expenses and other liabilities $ 90,613 $ — $ — $ 90,613 Accrued compensation 69,702 — — 69,702 Due to affiliates 73,050 — — 73,050 Performance related compensation payable 532,665 — — 532,665 Debt obligations 1,046,775 — — 1,046,775 Operating lease liabilities 169,828 — — 169,828 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 72,486 — 72,486 Due to affiliates — 14,382 (14,382) — Payable for securities purchased — 796,316 — 796,316 CLO loan obligations, at fair value — 8,390,053 (35,595) 8,354,458 Fund borrowings — 35,440 — 35,440 Total liabilities 1,982,633 9,308,677 (49,977) 11,241,333 Commitments and contingencies Non-controlling interest in Consolidated Funds — 681,713 (118,895) 562,818 Non-controlling interest in Ares Operating Group entities 514,166 — — 514,166 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (132,373,743 shares issued and outstanding) 1,324 — — 1,324 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 (115,199,621 shares issued and outstanding) 1,152 — — 1,152 Additional paid-in-capital 746,595 — — 746,595 Retained earnings (138,371) — — (138,371) Accumulated other comprehensive loss, net of tax (10,849) — — (10,849) Total stockholders' equity 898,612 — — 898,612 Total equity 1,412,778 681,713 (118,895) 1,975,596 Total liabilities, non-controlling interests and equity $ 3,395,411 $ 9,990,390 $ (168,872) $ 13,216,929 As of December 31, 2019 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 138,384 $ — $ — $ 138,384 Investments (includes $1,134,967 of accrued carried interest) 1,845,520 — (181,856) 1,663,664 Due from affiliates 282,197 — (14,098) 268,099 Other assets 343,674 — (2,381) 341,293 Right-of-use operating lease assets 143,406 — — 143,406 Assets of Consolidated Funds Cash and cash equivalents — 606,321 — 606,321 Investments, at fair value — 8,723,169 4,778 8,727,947 Due from affiliates — 6,192 — 6,192 Receivable for securities sold — 88,809 — 88,809 Other assets — 30,081 — 30,081 Total assets $ 2,753,181 $ 9,454,572 $ (193,557) $ 12,014,196 Liabilities Accounts payable, accrued expenses and other liabilities $ 88,173 $ — $ — $ 88,173 Accrued compensation 37,795 — — 37,795 Due to affiliates 71,445 — — 71,445 Performance related compensation payable 829,764 — — 829,764 Debt obligations 316,609 — — 316,609 Operating lease liabilities 168,817 — — 168,817 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 61,857 — 61,857 Due to affiliates — 11,700 (11,700) — Payable for securities purchased — 500,146 — 500,146 CLO loan obligations — 7,998,922 (25,174) 7,973,748 Fund borrowings — 107,244 — 107,244 Total liabilities 1,512,603 8,679,869 (36,874) 10,155,598 Commitments and contingencies Non-controlling interest in Consolidated Funds — 774,703 (156,683) 618,020 Non-controlling interest in Ares Operating Group entities 472,288 — — 472,288 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (115,242,028 shares issued and outstanding) 1,152 — — 1,152 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (1 share issued and outstanding) — — — — Additional paid-in-capital 525,244 — — 525,244 Retained earnings (50,820) — — (50,820) Accumulated other comprehensive loss, net of tax (6,047) — — (6,047) Total stockholders' equity 768,290 — — 768,290 Total equity 1,240,578 774,703 (156,683) 1,858,598 Total liabilities, non-controlling interests and equity $ 2,753,181 $ 9,454,572 $ (193,557) $ 12,014,196
Schedule of results from operations	Three months ended March 31, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $43,923) $ 274,351 $ — $ (10,502) $ 263,849 Carried interest allocation (230,876) — — (230,876) Incentive fees (3,294) — 45 (3,249) Principal investment loss (75,988) — 49,265 (26,723) Administrative, transaction and other fees 13,725 — (3,317) 10,408 Total revenues (22,082) — 35,491 13,409 Expenses Compensation and benefits 180,084 — — 180,084 Performance related compensation (167,899) — — (167,899) General, administrative and other expense 62,331 — — 62,331 Expenses of the Consolidated Funds — 17,899 (10,456) 7,443 Total expenses 74,516 17,899 (10,456) 81,959 Other income (expense) Net realized and unrealized losses on investments (35,695) — 27,661 (8,034) Interest and dividend income 2,602 — (812) 1,790 Interest expense (5,306) — — (5,306) Other expense, net 4,962 — 502 5,464 Net realized and unrealized losses on investments of the Consolidated Funds — (230,173) (24,588) (254,761) Interest and other income of the Consolidated Funds — 113,225 — 113,225 Interest expense of the Consolidated Funds — (81,297) 1,056 (80,241) Total other expense (33,437) (198,245) 3,819 (227,863) Loss before taxes (130,035) (216,144) 49,766 (296,413) Income tax expense (benefit) (20,644) 28 — (20,616) Net loss (109,391) (216,172) 49,766 (275,797) Less: Net loss attributable to non-controlling interests in Consolidated Funds — (216,172) 49,766 (166,406) Less: Net loss attributable to non-controlling interests in in Ares Operating Group entities (78,355) — — (78,355) Net loss attributable to Ares Management Corporation (31,036) — — (31,036) Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net loss attributable to Ares Management Corporation Class A common stockholders $ (36,461) $ — $ — $ (36,461) Three months ended March 31, 2019 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $38,393) $ 233,072 $ — $ (8,413) $ 224,659 Carried interest allocation 197,293 — — 197,293 Incentive fees 17,249 — (434) 16,815 Principal investment income 29,892 — (1,133) 28,759 Administrative, transaction and other fees 9,671 — — 9,671 Total revenues 487,177 — (9,980) 477,197 Expenses Compensation and benefits 156,846 — — 156,846 Performance related compensation 156,520 — — 156,520 General, administrative and other expense 51,187 — — 51,187 Expenses of the Consolidated Funds — 13,401 (8,847) 4,554 Total expenses 364,553 13,401 (8,847) 369,107 Other income (expense) Net realized and unrealized gains on investments 4,424 — (948) 3,476 Interest and dividend income 2,324 — (480) 1,844 Interest expense (5,589) — — (5,589) Other expense, net (4,868) — 371 (4,497) Net realized and unrealized gains on investments of the Consolidated Funds — 3,748 616 4,364 Interest and other income of the Consolidated Funds — 93,184 — 93,184 Interest expense of the Consolidated Funds — (65,725) 813 (64,912) Total other income (expense) (3,709) 31,207 372 27,870 Income before taxes 118,915 17,806 (761) 135,960 Income tax expense (benefit) 14,963 (579) — 14,384 Net income 103,952 18,385 (761) 121,576 Less: Net income attributable to non-controlling interests in Consolidated Funds — 18,385 (761) 17,624 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 59,003 — — 59,003 Net income attributable to Ares Management Corporation 44,949 — — 44,949 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 39,524 $ — $ — $ 39,524
Schedule of cash flows	Three months ended March 31, 2020 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net loss $ (109,391) $ (216,172) $ 49,766 $ (275,797) Adjustments to reconcile net loss to net cash used in operating activities 190,761 (65,691) 125,070 Adjustments to reconcile net loss to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds (478,695) 25,680 (453,015) Cash flows due to changes in operating assets and liabilities 45,995 6,000 51,995 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: 99,272 89,238 188,510 Net cash provided by (used in) operating activities 127,365 (595,595) 104,993 (363,237) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net (3,062) — — (3,062) Acquisitions (35,844) — — (35,844) Net cash used in investing activities (38,906) — — (38,906) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 383,334 — — 383,334 Proceeds from credit facility 790,000 — — 790,000 Repayments of credit facility (60,000) — — (60,000) Dividends and distributions (106,838) — — (106,838) Series A Preferred Stock dividends and distributions (5,425) — — (5,425) Stock option exercises 19,551 — — 19,551 Taxes paid related to net share settlement of equity awards (73,500) — — (73,500) Other financing activities (2,125) — — (2,125) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 148,270 (15,005) 133,265 Distributions to non-controlling interests in Consolidated Funds — (15,426) 1,934 (13,492) Borrowings under loan obligations by Consolidated Funds — 454,391 — 454,391 Repayments under loan obligations by Consolidated Funds — (73,609) — (73,609) Net cash provided by financing activities 944,997 513,626 (13,071) 1,445,552 Effect of exchange rate changes (4,167) (9,953) — (14,120) Net change in cash and cash equivalents 1,029,289 (91,922) 91,922 1,029,289 Cash and cash equivalents, beginning of period 138,384 606,321 (606,321) 138,384 Cash and cash equivalents, end of period $ 1,167,673 $ 514,399 $ (514,399) $ 1,167,673 Three months ended March 31, 2019 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 103,952 $ 18,385 $ (761) $ 121,576 Adjustments to reconcile net income to net cash used in operating activities (79,008) — 89,774 10,766 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (415,841) (616) (416,457) Cash flows due to changes in operating assets and liabilities 4,306 — (769) 3,537 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: — 83,267 (152,535) (69,268) Net cash provided by (used in) operating activities 29,250 (314,189) (64,907) (349,846) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net (2,994) — — (2,994) Net cash used in investing activities (2,994) — — (2,994) Cash flows from financing activities: Proceeds from credit facility 145,000 — — 145,000 Repayments of credit facility (60,000) — — (60,000) Dividends and distributions (75,479) — — (75,479) Series A Preferred Stock dividends and distributions (5,425) — — (5,425) Taxes paid related to net share settlement of equity awards (21,121) — — (21,121) Other financing activities 2,140 — — 2,140 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 148,691 (94,656) 54,035 Distributions to non-controlling interests in Consolidated Funds — (23,629) 2,893 (20,736) Borrowings under loan obligations by Consolidated Funds — 392,777 3,367 396,144 Repayments under loan obligations by Consolidated Funds — (61,227) — (61,227) Net cash provided by (used in) financing activities (14,885) 456,612 (88,396) 353,331 Effect of exchange rate changes (1,120) 10,880 — 9,760 Net change in cash and cash equivalents 10,251 153,303 (153,303) 10,251 Cash and cash equivalents, beginning of period 110,247 384,644 (384,644) 110,247 Cash and cash equivalents, end of period $ 120,498 $ 537,947 $ (537,947) $ 120,498

ORGANIZATION (Details)

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

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Carrying Value of Intangible Assets) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Feb. 21, 2020contract	Dec. 31, 2019USD ($)
Finite-lived intangible assets, net
Intangible assets	$ 49,266			$ 19,217
Less: accumulated amortization	(7,592)			(11,242)
Intangible assets, net	41,674			7,975
Number of collateral management contracts acquired \| contract			7
Fully-amortized intangibles, amount removed during the period	$ 4,700
Crestline Denali
Finite-lived intangible assets, net
Estimated useful lives, intangible assets	6 years 6 months
Finite-lived intangible assets acquired	$ 34,700
General, administrative and other expense
Finite-lived intangible assets, net
Amortization expense	$ 1,000	$ 1,200
Management contracts
Finite-lived intangible assets, net
Estimated useful lives, intangible assets	6 years 3 months 18 days
Intangible assets	$ 42,547			12,498
Client relationships
Finite-lived intangible assets, net
Estimated useful lives, intangible assets	8 years 3 months 18 days
Intangible assets	$ 6,341			6,341
Trade name
Finite-lived intangible assets, net
Estimated useful lives, intangible assets	2 years 3 months 18 days
Intangible assets	$ 378			$ 378

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Goodwill) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 143,855,000
Foreign currency translation	(113,000)
Goodwill, ending balance	143,742,000
Goodwill impairment	0	$ 0
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196,000
Foreign currency translation	0
Goodwill, ending balance	32,196,000
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance	58,600,000
Foreign currency translation	0
Goodwill, ending balance	58,600,000
Real Estate Group
Goodwill [Roll Forward]
Goodwill, beginning balance	53,059,000
Foreign currency translation	(113,000)
Goodwill, ending balance	$ 52,946,000

INVESTMENTS (Fair Value Investm

INVESTMENTS (Fair Value Investments, excluding Equity Method Investments Held at Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments
Equity method investments		$ 1,663,664
Ares Management L.P
Investments
Equity method investments	$ 1,190,604
Partnership interests	4,207	36,824
Total equity method investments	85,128	121,754
Collateralized loan obligations (2)	17,783	22,265
Equity securities	$ 15,577	$ 15,747
Percentage of total investments as of	1.50%	1.30%
Ares Management L.P \| Crestline Denali Class B Interests
Investments
Collateralized loan obligations (2)	$ 2,600
Partnership interests \| Ares Management L.P
Investments
Total equity method investments	$ 1,124,387	$ 1,593,438
Percentage of total investments as of	94.40%	95.80%
Other fixed income \| Ares Management L.P
Investments
Total equity method investments	$ 47,561	$ 46,918
Percentage of total investments as of	4.00%	2.80%
Investments in CLO warehouse \| Ares Management L.P
Investments
Collateralized loan obligations (2)	$ 65,344	$ 69,183
Percentage of total investments as of	5.50%	4.10%
Common Stock \| Ares Management L.P
Investments
Equity securities	$ 873	$ 1,043
Percentage of total investments as of	0.10%	0.10%
Partnership interests \| Ares Management L.P
Investments
Equity method investments	$ 345,350	$ 390,407
Percentage of total investments as of	29.00%	23.50%
Carried interest allocation \| Ares Management L.P
Investments
Equity method investments	$ 747,363	$ 1,134,967
Percentage of total investments as of	62.80%	68.20%
Equity method private investment partnership interests and other (held at fair value) \| Ares Management L.P
Investments
Equity method investments	$ 18,911	$ 51,528
Percentage of total investments as of	1.60%	3.10%
Equity method private investment partnership interests and other \| Ares Management L.P
Investments
Partnership interests	$ 12,763	$ 16,536
Percentage of total investments as of	1.00%	1.00%

INVESTMENTS (Narrative) (Detail

INVESTMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended
INVESTMENTS (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 31, 2019
Investments in and Advances to Affiliates [Abstract]
Equity method investments gain (loss)	$ (28.8)	$ 29

INVESTMENTS (Investments of the

INVESTMENTS (Investments of the Consolidated Funds) (Details) - Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments
Total investments	$ 9,094,565	$ 8,727,947
Percent of total assets	5.00%	5.00%
Fixed Income Securities
Investments
Total investments	$ 8,733,810	$ 8,319,551
Percentage of total investments as of	96.00%	95.30%
Fixed Income Securities \| Bonds
Investments
Total investments	$ 200,152	$ 212,376
Percentage of total investments as of	2.20%	2.40%
Fixed Income Securities \| Loans
Investments
Total investments	$ 8,533,658	$ 8,062,740
Percentage of total investments as of	93.80%	92.40%
Fixed Income Securities \| Investments in CLO warehouse
Investments
Total investments	$ 0	$ 44,435
Percentage of total investments as of	0.00%	0.50%
Equity Securities
Investments
Total investments	$ 53,730	$ 112,384
Percentage of total investments as of	0.60%	1.30%
Partnership Interests
Investments
Total investments	$ 307,025	$ 296,012
Percentage of total investments as of	3.40%	3.40%

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 8,733,810	$ 8,319,551
Common stock and other equity securities	53,730	112,384
Partnership interests	307,025	296,012
Total investments, at fair value	9,094,565	8,727,947
Derivatives-foreign exchange contracts		831
Total derivative assets, at fair value	9,095,396	8,728,614
Liabilities, at fair value
Derivative liabilities		(4,776)
Loan obligations of CLOs	(8,354,458)	(7,973,748)
Total liabilities, at fair value	(8,355,269)	(7,978,524)
Consolidated Funds \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts		667
Liabilities, at fair value
Derivative liabilities		(670)
Consolidated Funds \| Derivatives-asset swaps-other
Assets, at fair value
Derivatives-foreign exchange contracts	831
Liabilities, at fair value
Derivative liabilities	(811)	(4,106)
Consolidated Funds \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income		44,435
Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	200,152	212,376
Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	8,533,658	8,062,740
Consolidated Funds \| Level I
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Common stock and other equity securities	10,978	26,396
Partnership interests	0	0
Total investments, at fair value	10,978	26,396
Derivatives-foreign exchange contracts		0
Total derivative assets, at fair value	10,978	26,396
Liabilities, at fair value
Derivative liabilities		0
Loan obligations of CLOs	0	0
Total liabilities, at fair value	0	0
Consolidated Funds \| Level I \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts		0
Liabilities, at fair value
Derivative liabilities		0
Consolidated Funds \| Level I \| Derivatives-asset swaps-other
Assets, at fair value
Derivatives-foreign exchange contracts	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level I \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income		0
Consolidated Funds \| Level I \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Level I \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Level II
Assets, at fair value
Collateralized loan obligations and other fixed income	7,454,254	7,980,415
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	7,454,254	7,980,415
Derivatives-foreign exchange contracts		0
Total derivative assets, at fair value	7,454,254	7,981,082
Liabilities, at fair value
Derivative liabilities		(670)
Loan obligations of CLOs	(8,354,458)	(7,973,748)
Total liabilities, at fair value	(8,354,458)	(7,974,418)
Consolidated Funds \| Level II \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts		667
Liabilities, at fair value
Derivative liabilities		(670)
Consolidated Funds \| Level II \| Derivatives-asset swaps-other
Assets, at fair value
Derivatives-foreign exchange contracts	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level II \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income		44,435
Consolidated Funds \| Level II \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	187,051	207,966
Consolidated Funds \| Level II \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	7,267,203	7,728,014
Consolidated Funds \| Level III
Assets, at fair value
Collateralized loan obligations and other fixed income	1,279,556	339,136
Common stock and other equity securities	42,752	85,988
Partnership interests	307,025	296,012
Total investments, at fair value	1,629,333	721,136
Derivatives-foreign exchange contracts		831
Total derivative assets, at fair value	1,630,164	721,136
Liabilities, at fair value
Derivative liabilities		(4,106)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(811)	(4,106)
Consolidated Funds \| Level III \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts		0
Liabilities, at fair value
Derivative liabilities		0
Consolidated Funds \| Level III \| Derivatives-asset swaps-other
Assets, at fair value
Derivatives-foreign exchange contracts	831
Liabilities, at fair value
Derivative liabilities	(811)	(4,106)
Consolidated Funds \| Level III \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income		0
Consolidated Funds \| Level III \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	13,101	4,410
Consolidated Funds \| Level III \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	1,266,455	334,726
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	15,577	15,747
Partnership interests	4,207	36,824
Total investments, at fair value	85,128	121,754
Total derivative assets, at fair value	90,557	125,777
Liabilities, at fair value
Derivative liabilities		(113)
Total liabilities, at fair value	(5)	(113)
Ares Management L.P \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	5,429	4,023
Liabilities, at fair value
Derivative liabilities	(5)
Ares Management L.P \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income	65,344	69,183
Ares Management L.P \| Level I
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	0	0
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities		0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level I \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	0	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level I \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P \| Level II
Assets, at fair value
Common stock and other equity securities	873	1,043
Partnership interests	0	0
Total investments, at fair value	873	1,043
Total derivative assets, at fair value	6,302	5,066
Liabilities, at fair value
Derivative liabilities		(113)
Total liabilities, at fair value	(5)	(113)
Ares Management L.P \| Level II \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	5,429	4,023
Liabilities, at fair value
Derivative liabilities	(5)
Ares Management L.P \| Level II \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P \| Level III
Assets, at fair value
Common stock and other equity securities	14,704	14,704
Partnership interests	2,575	35,192
Total investments, at fair value	82,623	119,079
Total derivative assets, at fair value	82,623	119,079
Liabilities, at fair value
Derivative liabilities		0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level III \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	0	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level III \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income	65,344	69,183
Ares Management L.P \| Investments Measured at NAV
Assets, at fair value
Partnership interests	1,632	1,632
Total investments, at fair value	1,632	1,632
Total derivative assets, at fair value	$ 1,632	$ 1,632

FAIR VALUE (Changes in Fair Val

FAIR VALUE (Changes in Fair Value of Level III Measurements) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Consolidated Funds
Changes in the fair value of the Level III investments
Balance, beginning of period	$ 717,030	$ 970,837
Additions(1)	392,037
Deconsolidation of fund		(58,883)
Transfer in	607,588	155,651
Transfer out	(61,774)	(182,087)
Purchases	363,841	188,182
Sales/settlements	(179,788)	(84,596)
Amortized discounts/premiums	547	161
Realized and unrealized appreciation (depreciation), net	(210,128)	14,099
Balance, end of period	1,629,353	1,003,364
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(207,110)	14,617
Consolidated Funds \| Equity Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	85,988	150,752
Additions(1)	(635)
Deconsolidation of fund		0
Transfer in	0	0
Transfer out	0	0
Purchases	249	10,774
Sales/settlements	(351)	(5,086)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation (depreciation), net	(42,499)	2,592
Balance, end of period	42,752	159,032
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(42,500)	2,592
Consolidated Funds \| Fixed Income Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	339,136	547,958
Additions(1)	392,672
Deconsolidation of fund		(58,883)
Transfer in	607,588	155,651
Transfer out	(61,774)	(182,087)
Purchases	355,592	173,408
Sales/settlements	(178,159)	(79,489)
Amortized discounts/premiums	499	312
Realized and unrealized appreciation (depreciation), net	(175,998)	7,434
Balance, end of period	1,279,556	564,304
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(170,496)	7,894
Consolidated Funds \| Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	296,012	271,447
Additions(1)	0
Deconsolidation of fund		0
Transfer in	0	0
Transfer out	0	0
Purchases	8,000	4,000
Sales/settlements	0	0
Amortized discounts/premiums	0	0
Realized and unrealized appreciation (depreciation), net	3,013	7,612
Balance, end of period	307,025	283,059
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	3,012	7,612
Consolidated Funds \| Derivatives, Net
Changes in the fair value of the Level III investments
Balance, beginning of period	(4,106)	680
Additions(1)	0
Deconsolidation of fund		0
Transfer in	0	0
Transfer out	0	0
Purchases	0	0
Sales/settlements	(1,278)	(21)
Amortized discounts/premiums	48	(151)
Realized and unrealized appreciation (depreciation), net	5,356	(3,539)
Balance, end of period	20	(3,031)
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	2,874	(3,481)
Ares Management L.P
Changes in the fair value of the Level III investments
Balance, beginning of period	119,079	106,413
Additions(1)	3,686
Deconsolidation of fund		8,138
Purchases	643	2,147
Sales/settlements	(32,832)	(4,964)
Realized and unrealized appreciation (depreciation), net	(7,953)	1,045
Balance, end of period	82,623	112,779
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(1,220)	719
Ares Management L.P \| Equity Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	14,704	10,397
Additions(1)	0
Deconsolidation of fund		0
Purchases	0	0
Sales/settlements	0	0
Realized and unrealized appreciation (depreciation), net	0	0
Balance, end of period	14,704	10,397
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	0	0
Ares Management L.P \| Fixed Income Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	69,183	60,824
Additions(1)	3,686
Deconsolidation of fund		8,138
Purchases	643	2,147
Sales/settlements	(402)	(4,964)
Realized and unrealized appreciation (depreciation), net	(7,766)	1,045
Balance, end of period	65,344	67,190
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(6,731)	719
Ares Management L.P \| Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	35,192	35,192
Additions(1)	0
Deconsolidation of fund		0
Purchases	0	0
Sales/settlements	(32,430)	0
Realized and unrealized appreciation (depreciation), net	(187)	0
Balance, end of period	2,575	35,192
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 5,511	$ 0

FAIR VALUE (Valuation Technique

FAIR VALUE (Valuation Techniques) (Details) $ in Thousands	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Consolidated Funds
Assets, Fair Value Disclosure [Abstract]
Equity securities	$ 53,730	$ 112,384
Partnership interests	307,025	296,012
Collateralized loan obligations	8,354,458	7,973,748
Other fixed income	8,733,810	8,319,551
Total derivative assets, at fair value	9,095,396	8,728,614
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments		(4,776)
Total liabilities, at fair value	(8,355,269)	(7,978,524)
Consolidated Funds \| Level III
Assets, Fair Value Disclosure [Abstract]
Equity securities	42,752	85,988
Partnership interests	307,025	296,012
Collateralized loan obligations	0	0
Other fixed income	1,279,556	339,136
Total derivative assets, at fair value	1,630,164	721,136
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments		(4,106)
Total liabilities, at fair value	(811)	(4,106)
Consolidated Funds \| Level III \| Transaction price
Assets, Fair Value Disclosure [Abstract]
Equity securities	2,001	44,812
Consolidated Funds \| Level III \| Other
Assets, Fair Value Disclosure [Abstract]
Equity securities	$ 40,426	$ 40,745
Consolidated Funds \| Level III \| Other \| Net income multiple
Unobservable Input
Equity securities	32.5	36.2
Consolidated Funds \| Level III \| Other \| Net income multiple \| Weighted Average
Unobservable Input
Equity securities	32.5	36.2
Consolidated Funds \| Level III \| Other \| Illiquidity discount
Unobservable Input
Equity securities	0.250	0.250
Consolidated Funds \| Level III \| Other \| Illiquidity discount \| Weighted Average
Unobservable Input
Equity securities	0.250	0.250
Consolidated Funds \| Level III \| Broker quotes and/or 3rd party pricing services
Assets, Fair Value Disclosure [Abstract]
Other fixed income	$ 1,223,236	$ 271,919
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments	(811)	(4,106)
Consolidated Funds \| Level III \| Discounted cash flow
Assets, Fair Value Disclosure [Abstract]
Partnership interests	$ 307,025	$ 296,012
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rate
Unobservable Input
Partnership interest	0.181	0.196
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rate \| Weighted Average
Unobservable Input
Partnership interest	0.181	0.196
Consolidated Funds \| Level III \| Market approach
Assets, Fair Value Disclosure [Abstract]
Equity securities	$ 325	$ 431
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Minimum
Unobservable Input
Equity securities	10	8.2
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Maximum
Unobservable Input
Equity securities	28.8	21.3
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Weighted Average
Unobservable Input
Equity securities	18.9	16.1
Consolidated Funds \| Level III \| Income approach
Assets, Fair Value Disclosure [Abstract]
Other fixed income	$ 56,320	$ 67,217
Consolidated Funds \| Level III \| Income approach \| Yield \| Minimum
Unobservable Input
Fixed income securities	0.040	0.048
Consolidated Funds \| Level III \| Income approach \| Yield \| Maximum
Unobservable Input
Fixed income securities	0.255	0.143
Consolidated Funds \| Level III \| Income approach \| Yield \| Weighted Average
Unobservable Input
Fixed income securities	0.104	0.097
Ares Management L.P
Assets, Fair Value Disclosure [Abstract]
Equity securities	$ 15,577	$ 15,747
Partnership interests	4,207	36,824
Total derivative assets, at fair value	90,557	125,777
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments		(113)
Total liabilities, at fair value	(5)	(113)
Ares Management L.P \| Level III
Assets, Fair Value Disclosure [Abstract]
Equity securities	14,704	14,704
Partnership interests	2,575	35,192
Total derivative assets, at fair value	82,623	119,079
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments		0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level III \| Transaction price
Assets, Fair Value Disclosure [Abstract]
Equity securities	14,704	14,704
Partnership interests		32,661
Ares Management L.P \| Level III \| Other
Assets, Fair Value Disclosure [Abstract]
Partnership interests	2,575	2,531
Other fixed income	47,561	46,918
Ares Management L.P \| Level III \| Broker quotes and/or 3rd party pricing services
Assets, Fair Value Disclosure [Abstract]
Collateralized loan obligations	$ 17,783	$ 22,265

FAIR VALUE (Investments Using N

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

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Consolidated Funds
Assets
Notional amount, Assets	$ 5,258	$ 667
Fair Value, Assets	831	667
Liabilities
Notional amount, Liabilities	4,808	8,307
Fair Value, Liabilities	811	4,776
Derivative asset, amount offset	700	100
Derivative liability, amount offset	700	100
Consolidated Funds \| Foreign exchange contracts
Assets
Notional amount, Assets	0	667
Fair Value, Assets	0	667
Liabilities
Notional amount, Liabilities	0	667
Fair Value, Liabilities	0	670
Consolidated Funds \| Asset swap - other
Assets
Notional amount, Assets	5,258	0
Fair Value, Assets	831	0
Liabilities
Notional amount, Liabilities	4,808	7,640
Fair Value, Liabilities	811	4,106
Ares Management L.P
Assets
Notional amount, Assets	56,555	67,930
Fair Value, Assets	5,429	4,023
Liabilities
Notional amount, Liabilities	124	10,846
Fair Value, Liabilities	5	113
Ares Management L.P \| Foreign exchange contracts
Assets
Notional amount, Assets	56,555	67,930
Fair Value, Assets	5,429	4,023
Liabilities
Notional amount, Liabilities	124	10,846
Fair Value, Liabilities	$ 5	$ 113

DEBT (Debt Obligations) (Detail

DEBT (Debt Obligations) (Details) - Ares Management L.P - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2014	Mar. 31, 2020	Dec. 31, 2019
DEBT
Carrying Value		$ 1,046,775,000	$ 316,609,000
Credit Facility
DEBT
Carrying Value		$ 800,000,000	$ 70,000,000
Interest Rate		2.12%	3.06%
Maximum borrowing capacity		$ 1,065,000,000
Unused commitment fees		0.13%
Interest rate		0.00%
Credit Facility \| Base rate
DEBT
Interest rate spread		0.25%
Credit Facility \| LIBOR
DEBT
Interest rate spread		1.25%
Senior Notes
DEBT
Original Borrowing Amount		$ 250,000,000
Carrying Value		$ 246,775,000	$ 246,609,000
Interest Rate		4.21%	4.21%
AFC Notes
DEBT
Debt issuance rate	98.27%

DEBT (Debt Issuance Costs) (Det

DEBT (Debt Issuance Costs) (Details) - Ares Management L.P $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs	$ 5,255
Debt issuance costs incurred	1,182
Amortization of debt issuance costs	(318)
Unamortized debt issuance costs	6,119
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs	1,102
Debt issuance costs incurred	0
Amortization of debt issuance costs	(58)
Unamortized debt issuance costs	$ 1,044

DEBT (Loan Obligations of the C

DEBT (Loan Obligations of the Consolidated CLOs) (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
DEBT
Fair Value of Loan Obligations	$ 8,354,458	$ 7,973,748
Investments in CLO warehouse
DEBT
Loan Obligations	10,067,974	8,188,214
Fair Value of Loan Obligations	8,354,458	7,973,748
Senior secured notes \| Investments in CLO warehouse
DEBT
Loan Obligations	9,461,567	7,738,337
Fair Value of Loan Obligations	$ 8,169,907	$ 7,700,038
Weighted Average Remaining Maturity In Years	10 years 8 months 15 days	10 years 11 months 19 days
Debt instrument face amount	$ 9,500,000
Weighted average interest rate (as a percent)	2.83%
Subordinated notes / preferred shares \| Investments in CLO warehouse
DEBT
Loan Obligations	$ 606,407	$ 449,877
Fair Value of Loan Obligations	$ 184,551	$ 273,710
Weighted Average Remaining Maturity In Years	10 years 10 months 6 days	11 years 7 days
Debt instrument face amount	$ 606,400

DEBT (Credit Facilities of the

DEBT (Credit Facilities of the Consolidated Funds) (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
DEBT
Total borrowings of Consolidated Funds	$ 35,440	$ 107,244
Credit Facility Maturing 1/1/2023
DEBT
Maximum borrowing capacity	18,000
Outstanding Loan	$ 17,909	$ 17,550
Effective Rate	2.62%	3.44%
Credit Facility Maturing 3/5/2021
DEBT
Maximum borrowing capacity	$ 71,500
Outstanding Loan	0	$ 71,500
Effective Rate		3.14%
Credit Facility Maturing 6/30/2021
DEBT
Maximum borrowing capacity	192,780
Outstanding Loan	0	$ 0
Credit Facility Maturing 7/15/2028
DEBT
Maximum borrowing capacity	75,000
Outstanding Loan	$ 16,500	$ 17,000
Effective Rate	4.17%	4.75%
Credit Facility Maturing 6/29/2019
DEBT
Interest rate	0.00%	0.00%
Credit Facility Maturing 6/29/2019 \| EURIBOR
DEBT
Interest rate spread	1.00%	1.00%
Revolving Term Loan
DEBT
Maximum borrowing capacity	$ 1,900
Outstanding Loan	$ 1,031	$ 1,194
Effective Rate	7.69%	7.70%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 398.2	$ 387.4
Performance Income
Carried interest, contingent repayment obligations	0.5	0
Performance Income
Performance Income
Performance income subject to potential clawback provision	282.8	233.4
Performance income subject to potential claw back provision that are reimbursable by professionals	$ 217.3	$ 175.1

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Leases: Assets and Liabilities) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 169,828
Finance lease obligations	1,698
Accumulated amortization	700	$ 600
Ares Management L.P
Lessee, Lease, Description [Line Items]
Operating lease assets	145,225	143,406
Finance lease assets	1,756	1,787
Total lease assets	146,981	145,193
Operating lease liabilities	169,828	168,817
Finance lease obligations	1,698	1,651
Total lease liabilities	$ 171,526	$ 170,468
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	10 years

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Leases: Lease Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 7,632	$ 6,938
Amortization of finance lease assets	94	27
Interest on finance lease liabilities	11	13
Total lease expense	$ 7,737	$ 6,978

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES (Leases: Other Information) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows for operating leases	$ 8,178	$ 7,682
Operating cash flows for finance leases	6	52
Financing cash flows for finance leases	36	264
Leased assets obtained in exchange for new operating lease liabilities	$ 8,744	$ 45,435

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES (Leases: Lease Term and Discount Rate) (Details)	Mar. 31, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms, operating lease	6 years 4 months 24 days	6 years 6 months
Weighted-average remaining lease terms, finance lease	3 years 2 months 12 days	3 years 3 months 18 days
Weighted-average discount rate, operating lease	3.97%	4.00%
Weighted-average discount rate, finance lease	3.38%	3.39%

COMMITMENTS AND CONTINGENCIES_7

COMMITMENTS AND CONTINGENCIES (Leases: Maturity of Lease Liabilities) (Details) $ in Thousands	Mar. 31, 2020USD ($)
Operating Leases
2020	$ 22,173
2021	30,320
2022	31,506
2023	28,026
2024	25,178
After 2024	55,515
Total future payments	192,718
Less: interest	22,890
Operating lease liabilities	169,828
Finance Leases
2020	461
2021	516
2022	485
2023	158
2024	156
After 2024	7
Total future payments	1,783
Less: interest	85
Total lease liabilities	$ 1,698

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Mar. 31, 2019	Jun. 30, 2017	Mar. 31, 2020	Dec. 31, 2019
ARCC \| American Capital Ltd.
Due to affiliates:
Maximum fees waived	$ 10,000,000	$ 10,000,000
Consolidated Funds
Due from affiliates:
Due from affiliates			$ 6,192,000	$ 6,192,000
Due to affiliates:
Due to affiliates			0	0
Consolidated Funds \| Affiliated entity
Due from affiliates:
Due from affiliates			6,192,000	6,192,000
Ares Management L.P
Due from affiliates:
Due from affiliates			288,030,000	268,099,000
Due to affiliates:
Due to affiliates			73,050,000	71,445,000
Ares Management L.P \| Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds			211,887,000	203,554,000
Payments made on behalf of and amounts due from non-consolidated funds and employees			76,143,000	64,545,000
Due to affiliates:
Management fee rebate payable to non-consolidated funds			2,893,000	2,420,000
Management fees received in advance			6,100,000	3,012,000
Tax receivable agreement liability			33,694,000	26,542,000
Undistributed carried interest and incentive fees			17,459,000	28,086,000
Payments made by non-consolidated funds on behalf of and payable by the Company			$ 12,904,000	$ 11,385,000

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (20,616)	$ 14,384
Deferred tax assets, net	$ 86,300		$ 46,400

EARNINGS PER SHARE (Antidilutiv

EARNINGS PER SHARE (Antidilutive) (Details) - shares	3 Months Ended
EARNINGS PER SHARE (Antidilutive) (Details) - shares	Mar. 31, 2020	Mar. 31, 2019
AOG
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	116,328,089	116,996,031
Options
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	12,859,532	0
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	16,377,716	119

EARNINGS PER SHARE (Computation

EARNINGS PER SHARE (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Basic
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	$ (36,461)	$ 39,524
Distributions on unvested restricted units	(2,290)	(1,806)
Undistributed earnings allocable to participating unvested restricted units	0	(663)
Net income (loss) available to Class A common stockholders	$ (38,751)	$ 37,055
Basic weighted-average shares of Class A common stock (in shares)	118,366,539	102,906,494
Basic earnings per share of Class A common stock (in dollars per share)	$ (0.33)	$ 0.36
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	$ (36,461)	$ 39,524
Diluted
Diluted weighted-average shares of Class A common stock (in shares)	118,366,539	110,699,112
Diluted earnings per share of Class A common stock (in dollars per share)	$ (0.33)	$ 0.36
Dividend declared and paid per Class A common stock (in dollar per share)	$ 0.40	$ 0.32
Restricted units
Diluted
Effect of dilutive shares (in shares)	0	5,485,250
Options
Diluted
Effect of dilutive shares (in shares)	0	2,307,368

EQUITY COMPENSATION (Equity Inc

EQUITY COMPENSATION (Equity Incentive Plan) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Jan. 01, 2019
Equity compensation
Equity compensation expenses	$ 32,557	$ 27,552
Restricted units
Equity compensation
Equity compensation expenses	28,381	23,012
Restricted units with a market condition
Equity compensation
Equity compensation expenses	4,133	891
Options
Equity compensation
Equity compensation expenses	43	3,101
Phantom Shares
Equity compensation
Equity compensation expenses	$ 0	$ 548
Ares Management L.P
Equity compensation
Total number of shares available for grant under the Equity Incentive Plan (in shares)	34,495,433		37,528,029

EQUITY COMPENSATION (Restricted

EQUITY COMPENSATION (Restricted Units) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Equity compensation
Dividend declared and paid per share of Class A common stock (in dollar per share)	$ 0.40	$ 0.32
Distribution equivalents made to holders	$ 6.4
Restricted units
Units
Balance at the beginning of the period (in units or shares)	16,810,473
Granted (in units)	3,268,133
Vested (in units)	(3,921,722)
Forfeited (in units)	(211,925)
Balance at the end of the period (in units or shares)	15,944,959
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 20.07
Granted (in dollars per share)	36.85
Vested (in dollars per share)	19.21
Forfeited (in dollars per share)	21.42
Balance at the end of the period (in dollars per share)	$ 23.69
Unrecognized compensation expenses	$ 291.3
Weighted average period of compensation expense expected to be recognized	3 years 2 months 1 day
Third Anniversary of Grant Date \| Restricted units
Equity compensation
Annual award vesting percentage	33.33%
First Anniversary of Grant Date \| Restricted units
Equity compensation
Annual award vesting percentage	25.00%
First Anniversary \| Restricted units
Equity compensation
Annual award vesting percentage	33.33%

EQUITY COMPENSATION (Restrict_2

EQUITY COMPENSATION (Restricted Units Awards with a Market Condition) (Details) - Restricted units with a market condition - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Units
Balance at the beginning of the period (in units or shares)	1,333,334
Granted (in units)	0
Vested (in units)	(666,667)
Forfeited (in units)	0
Balance at the end of the period (in units or shares)	666,667
Weighted Average Grant Date Fair Value
Weighted average grant date fair value (USD per share)	$ 7.68	$ 9.30
Granted (in dollars per share)	0
Vested (in dollars per share)	10.92
Forfeited (in dollars per share)	$ 0
Share-based compensation expense	$ 3.7
Unrecognized compensation expenses	$ 3.1
Weighted average period of compensation expense expected to be recognized	2 years 7 months 17 days

EQUITY COMPENSATION (Options) (

EQUITY COMPENSATION (Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2019	Dec. 31, 2019
Options
Exercised (in units)	(1,058,722)
Options
Options
Balance at the beginning of the period (in units)	13,426,870
Granted (in units)	0
Exercised (in units)	(1,134,677)
Expired (in units)	0
Forfeited (in units)	0
Balance at the end of the period (in units)	12,292,193
Exercisable at the end of the period (in units)	12,292,193
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per unit)	$ 18.99
Granted (in dollars per unit)	0
Exercised (in dollars per unit)	19
Expired (in dollars per unit)	0
Forfeited (in dollars per unit)	0
Balance at the end of the period (in dollars per unit)	18.99
Exercisable at the end of the period (in dollars per unit)	$ 18.99
Weighted Average Remaining Life
Weighted average remaining life		4 years 4 months 2 days
Expected to vest at the end of the period	4 years
Exercisable at the end of the period	4 years
Aggregate Intrinsic Value
Beginning balance	$ 146,811		$ 224,260
Ending balance	146,811		$ 224,260
Exercisable	146,811
Stock option exercises	21,600
Tax benefits of exercises	$ 2,900

EQUITY (Common Stock) (Details)

EQUITY (Common Stock) (Details) - USD ($)	3 Months Ended
EQUITY (Common Stock) (Details) - USD ($)	Mar. 31, 2020	Feb. 29, 2020	Dec. 31, 2019	Feb. 28, 2019
Class of Stock [Line Items]
Proceeds from sale of shares	$ 383,800,000
Fees related to stock issuance	$ 500,000
Increase (Decrease) in Stockholders' Equity
Balance (in shares)	115,243,029
Issuance of stock (in shares)	127,330,160
Stock option exercises (in shares)	1,058,722
Vesting of restricted stock awards, net of shares withheld for tax (shares)	2,566,031
Balance (in shares)	247,574,364
AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)	1,376,422
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Authorized amount		$ 150,000,000		$ 150,000,000
Remaining available for repurchases of common stock	$ 150,000,000
Increase (Decrease) in Stockholders' Equity
Balance (in shares)	115,242,028
Issuance of stock (in shares)	12,130,540
Stock option exercises (in shares)	1,058,722
Vesting of restricted stock awards, net of shares withheld for tax (shares)	2,566,031
Balance (in shares)	132,373,743
Class A common stock \| AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)	1,376,422
Class A common stock \| Underwritten
Class of Stock [Line Items]
Number of shares sold (in shares)	12,130,540
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		0.01
Increase (Decrease) in Stockholders' Equity
Balance (in shares)	1,000
Issuance of stock (in shares)	0
Stock option exercises (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (shares)	0
Balance (in shares)	1,000
Class B common stock \| AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)	0
Class C common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Number of shares sold (in shares)	115,199,620
Increase (Decrease) in Stockholders' Equity
Balance (in shares)	1
Issuance of stock (in shares)	115,199,620
Stock option exercises (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (shares)	0
Balance (in shares)	115,199,621
Class C common stock \| AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)	0

EQUITY (Common Stock Offering)

EQUITY (Common Stock Offering) (Details) - shares	3 Months Ended	12 Months Ended
EQUITY (Common Stock Offering) (Details) - shares	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
AOG Units (in units)	247,573,364	231,883,861
AOG
Class of Stock [Line Items]
Direct Ownership Interest	100.00%	100.00%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG Units (in units)	115,199,621	116,641,833
Ares Owners Holdings, L.P. \| AOG
Class of Stock [Line Items]
Direct Ownership Interest	46.53%	50.30%
Daily Average Ownership	49.57%	53.20%
AOG
Class of Stock [Line Items]
AOG Units (in units)	132,373,743	115,242,028
AOG \| AOG
Class of Stock [Line Items]
Direct Ownership Interest	53.47%	49.70%
Daily Average Ownership	50.43%	46.80%

EQUITY (Preferred Stock) (Detai

EQUITY (Preferred Stock) (Details) - $ / shares	3 Months Ended
EQUITY (Preferred Stock) (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Dividend rate, percentage	7.00%
Redemption price (in dollars per share)	$ 25
Preferred Equity
Class of Stock [Line Items]
Partners' capital (in shares)	12,400,000	12,400,000

SEGMENT REPORTING (Operating Se

SEGMENT REPORTING (Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment reporting
Total revenues	$ 13,409	$ 477,197
Operating segment
Segment reporting
Fee related earnings	150,835	124,565
Performance income—realized	151,770	68,573
Performance related compensation—realized	(117,993)	(49,217)
Realized net investment income (loss)	13,771	14,385
Realized income	(198,383)	(158,306)
OMG
Segment reporting
Compensation and benefits	(36,426)	(32,661)
General, administrative and other expenses	(21,305)	(20,632)
Fee related earnings	(57,731)	(53,293)
Performance income—realized	0	0
Performance related compensation—realized	0	0
Realized net performance income	0	0
Investment income (loss)—realized	(5,698)	0
Interest and other investment income —realized	168	15
Interest expense	(977)	(396)
Realized net investment income (loss)	(6,507)	(381)
Realized income	(64,238)	(53,674)
Total
Segment reporting
Compensation and benefits	(139,360)	(123,489)
General, administrative and other expenses	(45,186)	(41,326)
Fee related earnings	93,104	71,272
Performance income—realized	151,770	68,573
Performance related compensation—realized	(117,993)	(49,217)
Realized net performance income	33,777	19,356
Investment income (loss)—realized	6,219	15,274
Interest and other investment income —realized	6,351	4,319
Interest expense	(5,306)	(5,589)
Realized net investment income (loss)	7,264	14,004
Realized income	134,145	104,632
Ares Management L.P
Segment reporting
Total revenues	13,409	477,197
Compensation and benefits	(180,084)	(156,846)
General, administrative and other expenses	(62,331)	(51,187)
Ares Management L.P \| Affiliated entity \| ARCC
Segment reporting
Management fees, part I fees	43,923	38,393
Ares Management L.P \| Operating segment
Segment reporting
Compensation and benefits	(102,934)	(90,828)
General, administrative and other expenses	(23,881)	(20,694)
Fee related earnings	150,835	124,565
Performance income—realized	151,770	68,573
Performance related compensation—realized	(117,993)	(49,217)
Realized net performance income	33,777	19,356
Investment income (loss)—realized	11,917	15,274
Interest and other investment income —realized	6,183	4,304
Interest expense	(4,329)	(5,193)
Realized net investment income (loss)	13,771	14,385
Realized income	198,383	158,306
Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Compensation and benefits	(70,925)	(60,348)
General, administrative and other expenses	(15,313)	(13,505)
Fee related earnings	114,257	92,179
Performance income—realized	9,016	21,925
Performance related compensation—realized	(7,899)	(12,663)
Realized net performance income	1,117	9,262
Investment income (loss)—realized	(843)	858
Interest and other investment income —realized	4,575	2,905
Interest expense	(1,715)	(1,899)
Realized net investment income (loss)	2,017	1,864
Realized income	117,391	103,305
Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Compensation and benefits	(19,596)	(21,196)
General, administrative and other expenses	(5,633)	(4,057)
Fee related earnings	27,038	26,143
Performance income—realized	116,154	44,123
Performance related compensation—realized	(92,924)	(35,297)
Realized net performance income	23,230	8,826
Investment income (loss)—realized	11,470	10,936
Interest and other investment income —realized	812	294
Interest expense	(1,643)	(2,175)
Realized net investment income (loss)	10,639	9,055
Realized income	60,907	44,024
Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Compensation and benefits	(12,413)	(9,284)
General, administrative and other expenses	(2,935)	(3,132)
Fee related earnings	9,540	6,243
Performance income—realized	26,600	2,525
Performance related compensation—realized	(17,170)	(1,257)
Realized net performance income	9,430	1,268
Investment income (loss)—realized	1,290	3,480
Interest and other investment income —realized	796	1,105
Interest expense	(971)	(1,119)
Realized net investment income (loss)	1,115	3,466
Realized income	20,085	10,977
Management fees \| OMG
Segment reporting
Total revenues	0	0
Management fees \| Total
Segment reporting
Total revenues	273,778	233,012
Management fees \| Ares Management L.P
Segment reporting
Total revenues	263,849	224,659
Management fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	273,778	233,012
Management fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	197,437	162,966
Management fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	52,157	51,396
Management fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	24,184	18,650
Other fees \| OMG
Segment reporting
Total revenues	0	0
Other fees \| Total
Segment reporting
Total revenues	3,872	3,075
Other fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	3,872	3,075
Other fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	3,058	3,066
Other fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	110	0
Other fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	$ 704	$ 9

SEGMENT REPORTING (Revenue, Exp

SEGMENT REPORTING (Revenue, Expenses and Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment revenues
Total revenues	$ 13,409	$ 477,197
Total segment revenues	429,420	304,660
Segment expenses
Total expenses	81,959	369,107
Segment other income
Total other income (expense)	(227,863)	27,870
Operating segment
Segment revenues
Performance income—realized	151,770	68,573
Segment expenses
Total performance related compensation - realized	117,993	49,217
Ares Management L.P
Segment revenues
Total revenues	13,409	477,197
Segment expenses
Compensation and benefits	180,084	156,846
General, administrative and other expenses	62,331	51,187
Ares Management L.P \| ARCC \| Affiliated entity
Segment other income
Management fees, part I fees	43,923	38,393
Ares Management L.P \| Management fees
Segment revenues
Total revenues	263,849	224,659
Ares Management L.P \| Operating segment
Segment revenues
Performance income—realized	151,770	68,573
Total segment revenues	429,420	304,660
Segment expenses
Compensation and benefits	102,934	90,828
General, administrative and other expenses	23,881	20,694
Total performance related compensation - realized	117,993	49,217
Total expenses	244,808	160,739
Segment other income
Investment income—realized	11,917	15,274
Interest and other investment income—realized	6,183	4,304
Interest expense	(4,329)	(5,193)
Total other income (expense)	13,771	14,385
Ares Management L.P \| Operating segment \| Management fees
Segment revenues
Total revenues	273,778	233,012
Ares Management L.P \| Operating segment \| Other fees
Segment revenues
Total revenues	$ 3,872	$ 3,075

SEGMENT REPORTING (Revenue Reco

SEGMENT REPORTING (Revenue Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenue adjustment
Total revenues	$ 13,409	$ 477,197
Principal investment income	(13,771)	(14,385)
Total segment revenue	429,420	304,660
Ares Management L.P
Revenue adjustment
Total revenues	13,409	477,197
Operating segment \| Ares Management L.P
Revenue adjustment
Performance (income) loss-unrealized	387,657	(146,575)
Total segment revenue	429,420	304,660
Reconciling items
Revenue adjustment
Performance fee reclass	26,723	(28,759)
Principal investment income	75,988	(29,892)
Total segment revenue	416,011	(172,537)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Revenue adjustment
Total segment revenue	(765)	(54)
Reconciling items \| Performance income reclass
Revenue adjustment
Performance fee reclass	(1,717)	606
Management fees \| Ares Management L.P
Revenue adjustment
Total revenues	263,849	224,659
Management fees \| Operating segment \| Ares Management L.P
Revenue adjustment
Total revenues	273,778	233,012
Management fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total segment revenue	10,502	8,413
Carried interest allocation \| Ares Management L.P
Revenue adjustment
Total revenues	(230,876)	197,293
Incentive fees \| Ares Management L.P
Revenue adjustment
Total revenues	(3,249)	16,815
Incentive fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	(45)	434
Principal investment income (loss) \| Ares Management L.P
Revenue adjustment
Total revenues	(26,723)	28,759
Administrative, transaction and other fees
Revenue adjustment
Total revenues	0	0
Administrative, transaction and other fees \| Ares Management L.P
Revenue adjustment
Total revenues	10,408	9,671
Administrative, transaction and other fees \| Reconciling items
Revenue adjustment
Total revenues	(9,661)	(6,602)
Administrative, transaction and other fees \| Consolidated Funds \| Reconciling items
Revenue adjustment
Total revenues	$ 3,317	$ 0

SEGMENT REPORTING (Expenses) (D

SEGMENT REPORTING (Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	$ 81,959	$ 369,107
Equity compensation expense	32,557	27,552
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Transaction support expense	3,137	1,773
Equity compensation expense	32,557	27,552
Deferred placement fees	5,415	521
Depreciation and amortization expense	5,542	5,824
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	244,808	160,739
Performance related compensation-unrealized	285,892	(107,303)
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	81,959	369,107
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	162,849	(208,368)
Administrative fees	(9,661)	(6,602)
Transaction support expense	(3,115)	(1,773)
Equity compensation expense	(32,557)	(27,552)
Deferred placement fees	(5,415)	(521)
Depreciation and amortization expense	(5,542)	(5,824)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	(1,579)	(946)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(17,899)	(13,401)
Expenses of Consolidated Funds eliminated in consolidation	10,456	8,847
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	$ 57,731	$ 53,293

SEGMENT REPORTING (Other Income

SEGMENT REPORTING (Other Income (Expense)) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ (227,863)	$ 27,870
Principal investment income (loss)	13,771	14,385
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds eliminated in consolidation, net	5,464	(4,497)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss - unrealized	(100,633)	11,205
Other (income) expense, net	0	1
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	13,771	14,385
Investment (income) loss - unrealized	105,594	(16,183)
Interest and other investment (income) loss - unrealized	(4,961)	4,978
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	(227,863)	27,870
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	241,634	(13,485)
Principal investment income (loss)	(75,988)	29,892
Other (income) expense, net	22	(1)
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	19,683	(16)
Reconciling items \| Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance fee reclass	1,717	(606)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) loss from Consolidated Funds added in consolidation, net	198,245	(31,207)
Eliminations \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds eliminated in consolidation, net	(3,819)	(372)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ 1,141	$ 30

SEGMENT REPORTING (Reconciliati

SEGMENT REPORTING (Reconciliation of Income Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Economic net income
Income (loss) before taxes	$ (296,413)	$ 135,960
Adjustments:
Equity compensation expense	32,557	27,552
Consolidated Funds
Adjustments:
Income (loss) before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(166,406)	17,624
Total investment income - realized	(113,225)	(93,184)
Operating segment
Economic net income
Income (loss) before taxes	(296,413)	135,960
Adjustments:
Depreciation and amortization expense	5,542	5,824
Equity compensation expense	32,557	27,552
Transaction support expense	3,137	1,773
Deferred placement fees	5,415	521
Other expense	0	(1)
Total performance (income) loss - unrealized	387,657	(146,575)
Total performance related compensation - unrealized	(285,892)	107,303
Total investment (income) loss - unrealized	100,633	(11,205)
Realized income	198,383	158,306
Total performance income - realized	(151,770)	(68,573)
Total performance related compensation - realized	117,993	49,217
Total investment income - realized	(13,771)	(14,385)
Fee related earnings	150,835	124,565
Operating segment \| Consolidated Funds
Adjustments:
Income (loss) before taxes of non-controlling interests in Consolidated Funds, net of eliminations	166,378	(17,045)
OMG
Adjustments:
OMG expense, net	58,872	53,323
Realized income	64,238	53,674
Total performance income - realized	0	0
Total performance related compensation - realized	0	0
Total investment income - realized	6,507	381
Fee related earnings	(57,731)	(53,293)
Subsidiaries \| Operating segment
Adjustments:
Income (loss) before taxes of non-controlling interests in Consolidated Funds, net of eliminations	$ 20,497	$ 876

CONSOLIDATION (Variable Interes

CONSOLIDATION (Variable Interest Entities) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 13,216,929		$ 12,014,196
Liabilities of consolidated VIEs	11,241,333		10,155,598
Investments in CLO warehouse
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	64,900		104,700
Consolidated Funds
Variable Interest Entity [Line Items]
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	(166,406)	$ 17,624
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	235,751		260,520
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	154,490		181,856
Consolidated VIEs \| Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	9,990,390		9,454,572
Liabilities of consolidated VIEs	$ 9,308,677		$ 8,679,869

CONSOLIDATION (Balance Sheet) (

CONSOLIDATION (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ 13,216,929	$ 12,014,196
Liabilities
Operating lease liabilities	169,828
Total liabilities	11,241,333	10,155,598
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)	298,761	298,761
Additional paid-in-capital	746,595	525,244
Retained earnings	(138,371)	(50,820)
Accumulated other comprehensive loss, net of tax	(10,849)	(6,047)
Total stockholders' equity	898,612	768,290
Total equity	1,975,596	1,858,598	$ 1,842,782	$ 1,602,324	$ 1,479,824	$ 1,394,341
Total liabilities, non-controlling interests and equity	$ 13,216,929	$ 12,014,196
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Preferred stock, shares issued (in shares)	12,400,000	12,400,000
Preferred stock, shares outstanding (in shares)	12,400,000	12,400,000
Common stock, shares outstanding (in shares)	247,574,364	115,243,029
Class A common stock
Stockholders' Equity
Common stock	$ 1,324	$ 1,152
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	132,373,743	115,242,028
Common stock, shares outstanding (in shares)	132,373,743	115,242,028
Class B common stock
Stockholders' Equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C common stock
Stockholders' Equity
Common stock	$ 1,152	$ 0
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)	115,199,621	1
Common stock, shares outstanding (in shares)	115,199,621	1
Eliminations
Assets
Total assets	$ (168,872)	$ (193,557)
Liabilities
Total liabilities	(49,977)	(36,874)
Commitments and contingencies
Stockholders' Equity
Total equity	(118,895)	(156,683)
Total liabilities, non-controlling interests and equity	(168,872)	(193,557)
Consolidated Funds
Assets
Cash and cash equivalents	514,401	606,321
Investments, at fair value	9,094,565	8,727,947
Due from affiliates	6,192	6,192
Other assets	28,179	30,081
Receivable for securities sold	355,149	88,809
Liabilities
Accounts payable, accrued expenses and other liabilities	72,486	61,857
Due to affiliates	0	0
Payable for securities purchased	796,316	500,146
CLO loan obligations, at fair value	8,354,458	7,973,748
Fund borrowings	35,440	107,244
Non-controlling interest in Consolidated Funds	562,818	618,020
Consolidated Funds \| Reportable legal entity
Assets
Cash and cash equivalents	514,401	606,321
Investments, at fair value	9,086,469	8,723,169
Due from affiliates	6,192	6,192
Other assets	28,179	30,081
Receivable for securities sold	355,149	88,809
Total assets	9,990,390	9,454,572
Liabilities
Accounts payable, accrued expenses and other liabilities	72,486	61,857
Due to affiliates	14,382	11,700
Payable for securities purchased	796,316	500,146
CLO loan obligations, at fair value	8,390,053	7,998,922
Fund borrowings	35,440	107,244
Total liabilities	9,308,677	8,679,869
Commitments and contingencies
Non-controlling interest in Consolidated Funds	681,713	774,703
Stockholders' Equity
Total equity	681,713	774,703
Total liabilities, non-controlling interests and equity	9,990,390	9,454,572
Consolidated Funds \| Eliminations
Assets
Cash and cash equivalents	0	0
Investments, at fair value	8,096	4,778
Due from affiliates	0	0
Other assets	0	0
Receivable for securities sold	0	0
Liabilities
Accounts payable, accrued expenses and other liabilities	0	0
Due to affiliates	(14,382)	(11,700)
Payable for securities purchased	0	0
CLO loan obligations, at fair value	(35,595)	(25,174)
Fund borrowings	0	0
Non-controlling interest in Consolidated Funds	(118,895)	(156,683)
AOG
Liabilities
Non-controlling interest in Ares Operating Group entities	514,166	472,288
AOG \| Reportable legal entity
Liabilities
Non-controlling interest in Ares Operating Group entities	514,166	472,288
AOG \| Eliminations
Liabilities
Non-controlling interest in Ares Operating Group entities	0	0
Ares Management L.P
Assets
Cash and cash equivalents	1,167,673	138,384
Investments, at fair value	1,190,604	1,663,664
Due from affiliates	288,030	268,099
Other assets	426,911	341,293
Right-of-use operating lease assets	145,225	143,406
Liabilities
Accounts payable, accrued expenses and other liabilities	90,613	88,173
Accrued compensation	69,702	37,795
Due to affiliates	73,050	71,445
Performance related compensation payable	532,665	829,764
Debt obligations	1,046,775	316,609
Operating lease liabilities	169,828	168,817
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)	298,761	298,761
Additional paid-in-capital	746,595	525,244
Retained earnings	(138,371)	(50,820)
Accumulated other comprehensive loss, net of tax	(10,849)	(6,047)
Total stockholders' equity	898,612	768,290
Ares Management L.P \| Class A common stock
Stockholders' Equity
Common stock	1,324	1,152
Ares Management L.P \| Class B common stock
Stockholders' Equity
Common stock	0	0
Ares Management L.P \| Class C common stock
Stockholders' Equity
Common stock	1,152	0
Ares Management L.P \| Accrued Interest
Assets
Investments, at fair value	747,363	1,134,967
Ares Management L.P \| Reportable legal entity
Assets
Cash and cash equivalents	1,167,673	138,384
Investments, at fair value	1,345,094	1,845,520
Due from affiliates	308,566	282,197
Other assets	428,853	343,674
Right-of-use operating lease assets	145,225	143,406
Total assets	3,395,411	2,753,181
Liabilities
Accounts payable, accrued expenses and other liabilities	90,613	88,173
Accrued compensation	69,702	37,795
Due to affiliates	73,050	71,445
Performance related compensation payable	532,665	829,764
Debt obligations	1,046,775	316,609
Operating lease liabilities	169,828	168,817
Total liabilities	1,982,633	1,512,603
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)	298,761	298,761
Additional paid-in-capital	746,595	525,244
Retained earnings	(138,371)	(50,820)
Accumulated other comprehensive loss, net of tax	(10,849)	(6,047)
Total stockholders' equity	898,612	768,290
Total equity	1,412,778	1,240,578
Total liabilities, non-controlling interests and equity	3,395,411	2,753,181
Ares Management L.P \| Reportable legal entity \| Class A common stock
Stockholders' Equity
Common stock	1,324	1,152
Ares Management L.P \| Reportable legal entity \| Class B common stock
Stockholders' Equity
Common stock		0
Ares Management L.P \| Reportable legal entity \| Class C common stock
Stockholders' Equity
Common stock		0
Ares Management L.P \| Eliminations
Assets
Cash and cash equivalents	0	0
Investments, at fair value	(154,490)	(181,856)
Due from affiliates	(20,536)	(14,098)
Other assets	(1,942)	(2,381)
Liabilities
Accounts payable, accrued expenses and other liabilities	0	0
Accrued compensation	0	0
Due to affiliates	0	0
Performance related compensation payable	0	0
Debt obligations	0	0
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at March 31, 2020 and December 31, 2019)	0	0
Accumulated other comprehensive loss, net of tax	0	0
Total stockholders' equity	0	0
Ares Management L.P \| Eliminations \| Class A common stock
Stockholders' Equity
Common stock	$ 0	$ 0

CONSOLIDATION (Income Statement

CONSOLIDATION (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Revenues
Total revenues	$ 13,409				$ 477,197
Expenses
Total expenses	81,959				369,107
Other income (expense)
Total other income (expense)	(227,863)				27,870
Income (loss) before taxes	(296,413)				135,960
Income tax expense (benefit)	(20,616)				14,384
Net income (loss)	(275,797)	$ 84,475	$ 91,875	$ 74,878	121,576
Net income (loss) attributable to Ares Management Corporation	(31,036)				44,949
Less: Series A Preferred Stock dividends paid	5,425				5,425
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	(36,461)				39,524
Reportable legal entity
Other income (expense)
Net income (loss)	(216,172)				103,952
Eliminations
Revenues
Total revenues	35,491				(9,980)
Expenses
Compensation and benefits	0				0
Performance related compensation	0				0
General, administrative and other expenses	0				0
Total expenses	(10,456)				(8,847)
Other income (expense)
Net realized and unrealized gains (losses) on investments	27,661				(948)
Interest and dividend income	(812)				(480)
Other income (expense), net	502				371
Total other income (expense)	3,819				372
Income (loss) before taxes	49,766				(761)
Income tax expense (benefit)	0				0
Net income (loss)	49,766				(761)
Less: Series A Preferred Stock dividends paid	0				0
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	0				0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	7,443				4,554
Other income (expense)
Net realized and unrealized gains (losses) on investments	(254,761)				4,364
Interest expense	(80,241)				(64,912)
Interest and other income of Consolidated Funds	113,225				93,184
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	(166,406)				17,624
Consolidated Funds \| Reportable legal entity
Expenses
Expenses of Consolidated Funds	17,899				13,401
Total expenses	17,899				13,401
Other income (expense)
Net realized and unrealized gains (losses) on investments	(230,173)				3,748
Interest expense	(81,297)				(65,725)
Interest and other income of Consolidated Funds	113,225				93,184
Total other income (expense)	(198,245)				31,207
Income (loss) before taxes	(216,144)				17,806
Income tax expense (benefit)	28				(579)
Net income (loss)	(216,172)				18,385
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	(216,172)				18,385
Consolidated Funds \| Eliminations
Expenses
Expenses of Consolidated Funds	(10,456)				(8,847)
Other income (expense)
Net realized and unrealized gains (losses) on investments	(24,588)				616
Interest expense	1,056				813
Interest and other income of Consolidated Funds	0				0
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	49,766				(761)
AOG
Other income (expense)
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	(78,355)				59,003
AOG \| Reportable legal entity
Other income (expense)
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	(78,355)				59,003
AOG \| Eliminations
Other income (expense)
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	0				0
Ares Management L.P
Revenues
Total revenues	13,409				477,197
Expenses
Compensation and benefits	180,084				156,846
Performance related compensation	(167,899)				156,520
General, administrative and other expenses	62,331				51,187
Other income (expense)
Net realized and unrealized gains (losses) on investments	(8,034)				3,476
Interest and dividend income	1,790				1,844
Interest expense	(5,306)				(5,589)
Other income (expense), net	5,464				(4,497)
Ares Management L.P \| Affiliated entity \| ARCC
Other income (expense)
Management fees, part I fees	43,923				38,393
Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	(22,082)				487,177
Expenses
Compensation and benefits	180,084				156,846
Performance related compensation	(167,899)				156,520
General, administrative and other expenses	62,331				51,187
Total expenses	74,516				364,553
Other income (expense)
Net realized and unrealized gains (losses) on investments	(35,695)				4,424
Interest and dividend income	2,602				2,324
Interest expense	(5,306)				(5,589)
Other income (expense), net	4,962				(4,868)
Total other income (expense)	(33,437)				(3,709)
Income (loss) before taxes	(130,035)				118,915
Income tax expense (benefit)	(20,644)				14,963
Net income (loss)	(109,391)				103,952
Net income (loss) attributable to Ares Management Corporation	(31,036)				44,949
Less: Series A Preferred Stock dividends paid	5,425				5,425
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	(36,461)				39,524
Management fees \| Eliminations
Revenues
Total revenues	(10,502)				(8,413)
Management fees \| Ares Management L.P
Revenues
Total revenues	263,849				224,659
Management fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	274,351				233,072
Carried interest allocation \| Eliminations
Revenues
Total revenues	0				0
Carried interest allocation \| Ares Management L.P
Revenues
Total revenues	(230,876)				197,293
Carried interest allocation \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	(230,876)				197,293
Incentive fees \| Eliminations
Revenues
Total revenues	45				(434)
Incentive fees \| Ares Management L.P
Revenues
Total revenues	(3,249)				16,815
Incentive fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	(3,294)				17,249
Principal investment income (loss) \| Eliminations
Revenues
Total revenues	49,265				(1,133)
Principal investment income (loss) \| Ares Management L.P
Revenues
Total revenues	(26,723)				28,759
Principal investment income (loss) \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	(75,988)				29,892
Administrative, transaction and other fees
Revenues
Total revenues	0				0
Administrative, transaction and other fees \| Eliminations
Revenues
Total revenues	(3,317)				0
Administrative, transaction and other fees \| Ares Management L.P
Revenues
Total revenues	10,408				9,671
Administrative, transaction and other fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	$ 13,725				$ 9,671

CONSOLIDATION (Cash Flow Statem

CONSOLIDATION (Cash Flow Statement) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (275,797)	$ 84,475	$ 91,875	$ 74,878	$ 121,576
Net cash used in operating activities	(363,237)				(349,846)
Cash flows from investing activities:
Net cash used in investing activities	(38,906)				(2,994)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	1,445,552				353,331
Effect of exchange rate changes	(14,120)				9,760
Net change in cash and cash equivalents	1,029,289				10,251
Cash and cash equivalents, beginning of period	138,384			120,498
Cash and cash equivalents, end of period	1,167,673	138,384			120,498
Reportable legal entity
Cash flows from operating activities:
Net income (loss)	(216,172)				103,952
Net cash used in operating activities	(595,595)				29,250
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net					(2,994)
Net cash used in investing activities					(2,994)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities					(14,885)
Effect of exchange rate changes					(1,120)
Net change in cash and cash equivalents					10,251
Cash and cash equivalents, beginning of period				120,498	110,247
Cash and cash equivalents, end of period					120,498
Eliminations
Cash flows from operating activities:
Net income (loss)	49,766				(761)
Net cash used in operating activities	104,993				(64,907)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	(13,071)				(88,396)
Effect of exchange rate changes	0				0
Net change in cash and cash equivalents	91,922				(153,303)
Cash and cash equivalents, beginning of period	(606,321)			(537,947)	(384,644)
Cash and cash equivalents, end of period	(514,399)	(606,321)			(537,947)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities	(453,015)				(416,457)
Cash flows due to changes in operating assets and liabilities	188,510				(69,268)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	133,265				54,035
Distributions to non-controlling interests in Consolidated Funds	(13,492)				(20,736)
Borrowings under loan obligations by Consolidated Funds	454,391				396,144
Repayments under loan obligations by Consolidated Funds	(73,609)				(61,227)
Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Net income (loss)	(216,172)				18,385
Adjustments to reconcile net income (loss) to net cash used in operating activities	(478,695)				(415,841)
Cash flows due to changes in operating assets and liabilities	99,272				83,267
Net cash used in operating activities					(314,189)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	148,270				148,691
Distributions to non-controlling interests in Consolidated Funds	(15,426)				(23,629)
Borrowings under loan obligations by Consolidated Funds	454,391				392,777
Repayments under loan obligations by Consolidated Funds	(73,609)				(61,227)
Net cash provided by financing activities	513,626				456,612
Effect of exchange rate changes	(9,953)				10,880
Net change in cash and cash equivalents	(91,922)				153,303
Cash and cash equivalents, beginning of period	606,321			537,947	384,644
Cash and cash equivalents, end of period	514,399	606,321			537,947
Consolidated Funds \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities	25,680				(616)
Cash flows due to changes in operating assets and liabilities	89,238				(152,535)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	(15,005)				(94,656)
Distributions to non-controlling interests in Consolidated Funds	1,934				2,893
Borrowings under loan obligations by Consolidated Funds					3,367
Repayments under loan obligations by Consolidated Funds					0
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities	125,070				10,766
Cash flows due to changes in operating assets and liabilities	51,995				3,537
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net	(3,062)				(2,994)
Acquisitions	(35,844)				0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,334				0
Proceeds from credit facility	790,000				145,000
Repayments of credit facility	(60,000)				(60,000)
Dividends and distributions	(106,838)				(75,479)
Series A Preferred Stock dividends and distributions	(5,425)				(5,425)
Stock option exercises	19,551				0
Taxes paid related to net share settlement of equity awards	(73,500)				(21,121)
Other financing activities	(2,125)				2,140
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period				$ 120,498	110,247
Cash and cash equivalents, end of period					120,498
Ares Management L.P \| Reportable legal entity
Cash flows from operating activities:
Net income (loss)	(109,391)				103,952
Adjustments to reconcile net income (loss) to net cash used in operating activities	190,761				(79,008)
Cash flows due to changes in operating assets and liabilities	45,995				4,306
Net cash used in operating activities	127,365
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net	(3,062)
Acquisitions	(35,844)
Net cash used in investing activities	(38,906)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,334
Proceeds from credit facility	790,000				145,000
Repayments of credit facility	(60,000)				(60,000)
Dividends and distributions	106,838				(75,479)
Series A Preferred Stock dividends and distributions	(5,425)				(5,425)
Stock option exercises	19,551
Taxes paid related to net share settlement of equity awards	(73,500)				(21,121)
Other financing activities	(2,125)				2,140
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	944,997
Effect of exchange rate changes	(4,167)
Net change in cash and cash equivalents	1,029,289
Cash and cash equivalents, beginning of period	138,384
Cash and cash equivalents, end of period	1,167,673	$ 138,384
Ares Management L.P \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities	(65,691)				89,774
Cash flows due to changes in operating assets and liabilities	$ 6,000				$ (769)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event	1 Months Ended
SUBSEQUENT EVENTS (Details) - Subsequent event	Apr. 30, 2020$ / shares
Subsequent events
Quarterly distribution declared (in dollars per unit)	$ 0.40
Preferred equity quarterly distribution (in dollars per unit)	$ 0.4375