Ares Management (ARES) 10-Q7 Aug 202020 Q2 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2020	Aug. 03, 2020
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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		143,209,884
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		114,798,404

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ 13,719,957		$ 12,014,196
Liabilities
Operating lease liabilities	164,521
Total liabilities	11,716,209		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 June 30, 2020 and December 31, 2019)	298,761		298,761
Additional paid-in-capital	800,077		525,244
Retained earnings	(145,045)		(50,820)
Accumulated other comprehensive loss, net of tax	(11,237)		(6,047)
Total stockholders' equity	945,057		768,290
Total equity	2,003,748	$ 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	13,719,957		12,014,196
Class A common stock
Stockholders' Equity
Common stock	1,353		1,152
Class B common stock
Stockholders' Equity
Common stock	0		0
Class C common stock
Stockholders' Equity
Common stock	1,148		0
Consolidated Funds
Assets
Cash and cash equivalents	258,400		606,321
Investments, at fair value	10,005,632		8,727,947
Due from affiliates	7,201		6,192
Other assets	35,642		30,081
Receivable for securities sold	276,692		88,809
Liabilities
Accounts payable, accrued expenses and other liabilities	60,975		61,857
Due to affiliates	0		0
Payable for securities purchased	449,169		500,146
CLO loan obligations, at fair value	9,228,687		7,973,748
Fund borrowings	167,037		107,244
Non-controlling interest in Consolidated Funds	506,201		618,020
AOG
Liabilities
Non-controlling interest in Ares Operating Group entities	552,490		472,288
Ares Management L.P
Assets
Cash and cash equivalents	890,040		138,384
Investments, at fair value	1,479,487		1,663,664
Due from affiliates	258,126		268,099
Other assets	368,696		341,293
Right-of-use operating lease assets	140,041		143,406
Liabilities
Accounts payable, accrued expenses and other liabilities	104,017		88,173
Accrued compensation	123,123		37,795
Due to affiliates	61,025		71,445
Performance related compensation payable	715,181		829,764
Debt obligations	642,474		316,609
Operating lease liabilities	164,521		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 June 30, 2020 and December 31, 2019)	298,761		298,761
Additional paid-in-capital	800,077		525,244
Retained earnings	(145,045)		(50,820)
Accumulated other comprehensive loss, net of tax	(11,237)		(6,047)
Total stockholders' equity	945,057		768,290
Ares Management L.P \| Class A common stock
Stockholders' Equity
Common stock	1,353		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	$ 1,148		$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 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)	250,135,347	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)	135,335,943	115,242,028
Common stock, shares outstanding (in shares)	135,335,943	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)	114,798,404	1
Common stock, shares outstanding (in shares)	114,798,404	1
Ares Management L.P
Equity method investments	$ 1,479,487	$ 1,663,664

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total revenues	$ 602,758				$ 384,822		$ 616,167	$ 862,019
Expenses
Total expenses	483,567				335,701		565,526	704,808
Other income (expense)
Total other income (expense)	121,906				35,262		(105,957)	63,132
Income (loss) before taxes	241,097				84,383		(55,316)	220,343
Income tax expense	24,421				9,505		3,805	23,889
Net income (loss)	216,676	$ (275,797)	$ 84,475	$ 91,875	74,878	$ 121,576	(59,121)	196,454
Net income attributable to Ares Management Corporation	56,371				32,139		25,335	77,088
Less: Series A Preferred Stock dividends paid	5,425				5,425		10,850	10,850
Net income attributable to Ares Management Corporation Class A common stockholders	$ 50,946				$ 26,714		$ 14,485	$ 66,238
Weighted-average shares of Class A common stock:
Basic (in shares)								104,054,035
Class A common stock
Net income per share of Class A common stock:
Basic (in dollars per share)	$ 0.36				$ 0.24		$ 0.08	$ 0.60
Diluted (in dollars per share)	$ 0.35				$ 0.23		$ 0.08	$ 0.58
Weighted-average shares of Class A common stock:
Basic (in shares)	133,639,194				105,188,966		126,002,867	104,054,035
Diluted (in shares)	146,904,357				116,603,887		126,002,867	113,657,864
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 3,244				$ 15,427		$ 10,687	$ 19,981
Other income (expense)
Net realized and unrealized gains (losses) on investments	83,522				(116)		(171,239)	4,248
Interest expense	(76,297)				(68,005)		(156,538)	(132,917)
Interest and other income of Consolidated Funds	116,314				102,206		229,539	195,390
Net income attributable to non-controlling interests	85,186				8,346		(81,220)	25,970
AOG
Other income (expense)
Net income attributable to non-controlling interests	75,119				34,393		(3,236)	93,396
Ares Management L.P
Revenues
Total revenues	602,758				384,822		616,167	862,019
Expenses
Compensation and benefits	185,131				162,170		365,215	319,016
Performance related compensation	237,108				92,688		69,209	249,208
General, administrative and other expenses	58,084				65,416		120,415	116,603
Other income (expense)
Net realized and unrealized gains (losses) on investments	290				521		(7,744)	3,997
Interest and dividend income	1,978				1,652		3,768	3,496
Interest expense	(6,082)				(5,793)		(11,388)	(11,382)
Other income, net	2,181				4,797		7,645	300
Management fees \| Ares Management L.P
Revenues
Total revenues	266,867				237,846		530,716	462,505
Carried interest allocation
Revenues
Total revenues							72,402
Carried interest allocation \| Ares Management L.P
Revenues
Total revenues	303,278				119,712		72,402	317,005
Incentive fees \| Ares Management L.P
Revenues
Total revenues	331				10,220		(2,918)	27,035
Principal investment income (loss) \| Ares Management L.P
Revenues
Total revenues	23,645				5,844		(3,078)	34,603
Administrative, transaction and other fees
Revenues
Total revenues	0				0		0
Administrative, transaction and other fees \| Ares Management L.P
Revenues
Total revenues	$ 8,637				$ 11,200		$ 19,045	$ 20,871

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Ares Management L.P \| Affiliated entity \| ARCC
Management fees, part I fees	$ 41,306	$ 39,157	$ 85,229	$ 77,550

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income (loss)	$ 216,676	$ 74,878	$ (59,121)	$ 196,454
Consolidated Funds
Other comprehensive income (loss):
Less: Comprehensive income (loss) attributable to non-controlling interests	88,315	9,852	(82,778)	25,817
AOG
Other comprehensive income (loss):
Less: Comprehensive income (loss) attributable to non-controlling interests	75,065	32,535	(8,009)	92,997
Ares Management L.P
Other comprehensive income (loss):
Foreign currency translation adjustments, net of tax	2,687	(1,991)	(11,521)	(907)
Total comprehensive income (loss)	219,363	72,887	(70,642)	195,547
Comprehensive income attributable to Ares Management Corporation	$ 55,983	$ 30,500	$ 20,145	$ 76,733

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Preferred Class A	Class A common stock	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
Beginning 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, net of tax	1,084							1,284	1,459	(1,659)
Equity compensation	27,004					12,637			14,367
Ending balance at Mar. 31, 2019	1,479,824	298,761		1,031		332,305	(25,179)	(7,240)	327,300	552,846
Beginning 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
Repurchases of Class A common stock			$ (10,400)
Net income (loss)	196,454
Ending balance at Jun. 30, 2019	1,602,324	298,761		1,075		379,789	(35,247)	(8,879)	352,882	613,943
Beginning balance 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, net of tax	(1,991)							(1,639)	(1,858)	1,506
Equity compensation	23,841					11,306			12,535
Stock option exercises	78,794			43		78,751
Ending balance 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, net of tax	(9,429)							(2,131)	(2,352)	(4,946)
Equity compensation	22,393					10,816			11,577
Stock option exercises	4,296			1		4,295
Ending balance 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, net of tax	13,658							4,963	5,431	3,264
Equity compensation	23,716					11,801			11,915
Stock option exercises	7,421			4		7,417
Ending balance 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, net of tax	(14,208)							(4,802)	(4,719)	(4,687)
Equity compensation	32,557					16,420			16,137
Stock option exercises	19,551			11		19,540
Ending balance at Mar. 31, 2020	1,975,596	298,761		1,324	1,152	746,595	(138,371)	(10,849)	514,166	562,818
Beginning balance 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
Net income (loss)	(59,121)
Ending balance at Jun. 30, 2020	2,003,748	298,761		1,353	1,148	800,077	(145,045)	(11,237)	552,490	506,201
Beginning balance at Mar. 31, 2020	1,975,596	298,761		1,324	1,152	746,595	(138,371)	(10,849)	514,166	562,818
Increase (Decrease) in Stockholders' Equity
Consolidation and deconsolidation of funds, net	1,475									1,475
Changes in ownership interests and related tax benefits	94			4	(4)	(9,702)			9,796
Expenses incurred upon issuance of common stock	(181)					(181)
Capital contributions	(9,341)								229	(9,570)
Dividends/Distributions	(259,831)	(5,425)					(57,620)		(59,949)	(136,837)
Net income (loss)	216,676	5,425					50,946		75,119	85,186
Currency translation adjustment, net of tax	2,687							(388)	(54)	3,129
Equity compensation	28,683					15,500			13,183
Stock option exercises	47,890			25		47,865
Ending balance at Jun. 30, 2020	$ 2,003,748	$ 298,761		$ 1,353	$ 1,148	$ 800,077	$ (145,045)	$ (11,237)	$ 552,490	$ 506,201

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)
Cash flows from operating activities:
Net income (loss)	$ (59,121)	$ 196,454
Net cash used in operating activities	(150,839)	(1,291,312)
Cash flows from investing activities:
Net cash used in investing activities	(43,924)	(5,653)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	962,230	1,445,125
Effect of exchange rate changes	(15,811)	(11,187)
Net change in cash and cash equivalents	751,656	136,973
Cash and cash equivalents, beginning of period	138,384
Cash and cash equivalents, end of period	890,040	247,220
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities	(496,873)	(1,360,106)
Cash flows due to changes in operating assets and liabilities	161,345	(162,950)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	123,695	115,499
Distributions to non-controlling interests in Consolidated Funds	(150,329)	(30,955)
Borrowings under loan obligations by Consolidated Funds	608,355	1,934,087
Repayments under loan obligations by Consolidated Funds	(87,689)	(528,955)
Cash and cash equivalents	258,400
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities	128,836	48,114
Cash flows due to changes in operating assets and liabilities	114,974	(12,824)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net	(8,080)	(5,653)
Acquisitions	(35,844)	0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	383,154	0
Proceeds from credit facility	790,000	235,000
Proceeds from senior notes	399,084	0
Repayments of credit facility	(860,000)	(150,000)
Dividends and distributions	(224,407)	(152,364)
Series A Preferred Stock dividends	(10,850)	(10,850)
Repurchases of Class A common stock	0	(10,449)
Stock option exercises	67,441	78,794
Taxes paid related to net share settlement of equity awards	(74,335)	(31,424)
Other financing activities	(1,889)	(3,258)
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	138,384	110,247
Cash and cash equivalents, end of period	890,040	$ 247,220
Cash and cash equivalents	$ 890,040

ORGANIZATION

ORGANIZATION	6 Months Ended
ORGANIZATION	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated 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”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying unaudited financial statements include the condensed consolidated results of the Company and its subsidiaries. The Company is a holding company, and the Company's assets include 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	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. 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 June 30, 2020, the impact of the outbreak of the coronavirus pandemic (“COVID-19”) 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 June 30, 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 by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its 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

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	3. GOODWILL AND INTANGIBLE ASSETS Finite Lived Intangible Assets, Net 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 June 30, 2020 As of June 30, As of December 31, 2020 2019 Management contracts 6.1 years $ 42,547 $ 12,498 Client relationships 8.0 years 6,341 6,341 Trade name 2.0 years 378 378 Intangible assets 49,266 19,217 Less: accumulated amortization (9,230) (11,242) Intangible assets, net $ 40,036 $ 7,975 In connection with the acquisition of seven collateral management agreements during the first quarter of 2020, the Company allocated $34.7 million of the $35.8 million purchase price to the fair value of the collateral management contracts. The acquired management contracts had a weighted average amortization period of 6.6 years. Amortization expense associated with intangible assets was $1.6 million and $1.2 million for the three months ended June 30, 2020 and 2019, respectively, and $2.6 million and $2.4 million for the six months ended June 30, 2020 and 2019, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the first quarter of 2020, the Company removed $4.7 million of intangible assets that were fully amortized. Goodwill 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 — — (121) (121) Balance as of June 30, 2020 $ 32,196 $ 58,600 $ 52,938 $ 143,734

INVESTMENTS

INVESTMENTS	6 Months Ended
INVESTMENTS	Jun. 30, 2020
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	4. INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments as of June 30, December 31, June 30, December 31, 2020 2019 2020 2019 Equity method investments: Equity method private investment partnership interests - principal (1) $ 372,790 $ 390,407 25.2 % 23.5 % Equity method - carried interest (1) 1,003,827 1,134,967 67.8 68.2 Equity method private investment partnership interests and other (held at fair value) 20,311 51,528 1.4 3.1 Equity method private investment partnership interests and other 14,272 16,536 0.9 1.0 Total equity method investments 1,411,200 1,593,438 95.3 95.8 Collateralized loan obligations (2) 19,135 22,265 1.3 1.3 Other fixed income 48,220 46,918 3.3 2.8 Collateralized loan obligations and other fixed income, at fair value 67,355 69,183 4.6 4.1 Common stock, at fair value 932 1,043 0.1 0.1 Total investments $ 1,479,487 $ 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) As of June 30, 2020, includes $2.7 million of collateralized loan obligations that are attributable to the Crestline Denali Class B membership 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 and six months ended June 30, 2020 and 2019, no individual equity method investment held by the Company met the significance criteria. The Company recognized a net gain and net loss related to its equity method investments of $21.7 million and $7.2 million for the three and six months ended June 30, 2020, respectively, and net gains of $5.4 million and $34.5 million for the three and six months ended June 30, 2019, respectively. 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 June 30, December 31, June 30, December 31, 2020 2019 2020 2019 Fixed income investments: Bonds $ 299,459 $ 212,376 3.0 % 2.4 % Loans 9,347,656 8,062,740 93.4 92.4 Investments in CLO warehouse — 44,435 — 0.5 Total fixed income investments 9,647,115 8,319,551 96.4 95.3 Equity securities 45,881 112,384 0.5 1.3 Partnership interests 312,636 296,012 3.1 3.4 Total investments, at fair value $ 10,005,632 $ 8,727,947 At June 30, 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	6 Months Ended
FAIR VALUE	Jun. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE	5. 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 June 30, 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 $ — $ — $ 67,355 $ — $ 67,355 Common stock and other equity securities — 932 14,704 — 15,636 Partnership interests — — 2,575 3,032 5,607 Total investments, at fair value — 932 84,634 3,032 88,598 Derivatives-foreign exchange contracts — 4,719 — — 4,719 Total assets, at fair value $ — $ 5,651 $ 84,634 $ 3,032 $ 93,317 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (128) $ — $ — $ (128) Total liabilities, at fair value $ — $ (128) $ — $ — $ (128) Financial Instruments of the Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 299,459 $ — $ 299,459 Loans — 8,761,369 586,287 9,347,656 Total fixed income investments — 9,060,828 586,287 9,647,115 Equity securities 3,622 — 42,259 45,881 Partnership interests — — 312,636 312,636 Total investments, at fair value 3,622 9,060,828 941,182 10,005,632 Derivatives-asset swaps-other — — 1,599 1,599 Total assets, at fair value $ 3,622 $ 9,060,828 $ 942,781 $ 10,007,231 Liabilities, at fair value Derivatives-asset swaps-other — — (197) (197) Loan obligations of CLOs — (9,228,687) — (9,228,687) Total liabilities, at fair value $ — $ (9,228,687) $ (197) $ (9,228,884) 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 June 30, 2020: Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 65,344 $ 2,575 $ 82,623 Purchases (1) — 659 — 659 Sales/settlements (2) — (287) — (287) Realized and unrealized appreciation, net — 1,639 — 1,639 Balance, end of period $ 14,704 $ 67,355 $ 2,575 $ 84,634 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 1,639 $ — $ 1,639 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 42,752 $ 1,279,557 $ 307,025 $ 19 $ 1,629,353 Transfer in — 84,059 — — 84,059 Transfer out (5) (681,913) — — (681,918) Purchases (1) 264 78,694 56,000 — 134,958 Sales/settlements (2) (449) (217,217) (56,000) (51) (273,717) Amortized discounts/premiums — 815 — 106 921 Realized and unrealized appreciation (depreciation), net (303) 42,292 5,611 1,328 48,928 Balance, end of period $ 42,259 $ 586,287 $ 312,636 $ 1,402 $ 942,584 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (228) $ 36,263 $ 5,611 $ 1,268 $ 42,914 (1) Purchases include paid-in-kind interest and securities received in connection with restructuring. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2019: Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 10,397 $ 67,190 $ 35,192 $ 112,779 Deconsolidation of fund — 1,883 — 1,883 Purchases (1) 2,000 — — 2,000 Sales/settlements (2) — (6,206) — (6,206) Realized and unrealized appreciation, net — 1,184 — 1,184 Balance, end of period $ 12,397 $ 64,051 $ 35,192 $ 111,640 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 1,818 $ — $ 1,818 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 159,032 $ 564,304 $ 283,059 $ (3,031) $ 1,003,364 Deconsolidation of fund (10,325) (115,711) — — (126,036) Transfer in — 29,438 — — 29,438 Transfer out — (261,674) — — (261,674) Purchases (1) 110 113,708 4,000 — 117,818 Sales/settlements (2) (51) (56,530) (2,000) (555) (59,136) Amortized discounts/premiums — (345) — 171 (174) Realized and unrealized appreciation (depreciation), net (17,034) 1,222 8,798 3,473 (3,541) Balance, end of period $ 131,732 $ 274,412 $ 293,857 $ 58 $ 700,059 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (17,031) $ (389) $ 8,798 $ 2,865 $ (5,757) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 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) — 1,301 — 1,301 Sales/settlements (3) — (688) (32,430) (33,118) Realized and unrealized depreciation, net — (6,127) (187) (6,314) Balance, end of period $ 14,704 $ 67,355 $ 2,575 $ 84,634 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ — $ (5,092) $ 5,511 $ 419 Level III Net 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 — 258,014 — — 258,014 Transfer out (5) (346,163) — — (346,168) Purchases (2) 393 200,643 64,000 — 265,036 Sales/settlements (3) (681) (218,523) (56,000) (1,318) (276,522) Amortized discounts/premiums — 1,098 — 150 1,248 Realized and unrealized appreciation (depreciation), net (42,801) (40,590) 8,624 6,676 (68,091) Balance, end of period $ 42,259 $ 586,287 $ 312,636 $ 1,402 $ 942,584 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (42,811) $ (40,533) $ 8,624 $ 5,321 $ (69,399) (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 six months ended June 30, 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 — 10,021 — 10,021 Purchases (1) 2,000 2,146 — 4,146 Sales/settlements (2) — (11,169) — (11,169) Realized and unrealized appreciation, net — 2,229 — 2,229 Balance, end of period $ 12,397 $ 64,051 $ 35,192 $ 111,640 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 2,479 $ — $ 2,479 Level III Net 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 (10,325) (174,593) — — (184,918) Transfer in — 41,245 — — 41,245 Transfer out — (247,573) — — (247,573) Purchases (1) 10,882 238,870 8,000 — 257,752 Sales/settlements (2) (5,137) (136,329) (2,000) (581) (144,047) Amortized discounts/premiums — (37) — 22 (15) Realized and unrealized appreciation (depreciation), net (14,440) 4,871 16,410 (63) 6,778 Balance, end of period $ 131,732 $ 274,412 $ 293,857 $ 58 $ 700,059 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (14,442) $ 1,114 $ 16,410 $ (49) $ 3,033 (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 June 30, 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 19,135 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 48,220 Other N/A N/A Total $ 84,634 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 136 Market approach EBITDA multiple (2) 5.4x - 18.0x 8.8x 40,096 Other Net income multiple 27.5x 27.5x Illiquidity discount 25.0% 25.0% 27 Broker quotes and/or 3rd party pricing services N/A N/A N/A 2,000 Transaction price (1) N/A N/A N/A Partnership interest 312,636 Discounted cash flow Discount rate 16.1% 16.1% Fixed income securities 493,686 Broker quotes and/or 3rd party pricing services N/A N/A N/A 1,846 Market approach EBITDA multiple 7.8x 7.8x 90,755 Income approach Yield 2.8% - 36.9% 8.2% Derivative instruments 1,599 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 942,781 Liabilities Derivatives instruments $ (197) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (197) (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	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	6. 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 June 30, 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 $ 4,719 $ 2,124 $ 128 $ 67,930 $ 4,023 $ 10,846 $ 113 Total derivatives, at fair value (2) $ 56,555 $ 4,719 $ 2,124 $ 128 $ 67,930 $ 4,023 $ 10,846 $ 113 As of June 30, 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 6,883 1,599 424 197 — — 7,640 4,106 Total derivatives, at fair value (3) $ 6,883 $ 1,599 $ 424 $ 197 $ 667 $ 667 $ 8,307 $ 4,776 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of June 30, 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 June 30, 2020 and December 31, 2019, the Consolidated Funds offset $0.4 million and $0.1 million of their derivative assets and liabilities, respectively.

DEBT

DEBT	6 Months Ended
DEBT	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	7. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of June 30, 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 $ — —% $ 70,000 3.06% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 246,943 4.21 246,609 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 395,531 3.28 — — Total debt obligations $ 642,474 $ 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 June 30, 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 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes. (3) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes. As of June 30, 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 2024 and 2030 Senior Notes (the “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 1,217 3,586 Amortization of debt issuance costs (626) (146) Unamortized debt issuance costs as of June 30, 2020 $ 5,846 $ 4,542 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 June 30, 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) $ 9,528,637 $ 9,003,995 10.5 $ 7,738,337 $ 7,700,038 11.0 Subordinated notes (2) 541,324 224,692 10.6 449,877 273,710 11.0 Total loan obligations of Consolidated CLOs $ 10,069,961 $ 9,228,687 $ 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 June 30, 2020 was 2.42%. (2) Original borrowings under the subordinated notes totaled $541.3 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. As of June 30, 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 June 30, 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: 3/5/2021 $ 71,500 $ 71,500 1.59% $ 71,500 3.14% 6/30/2021 112,365 63,663 1.00 (2) — N/A (2) 1/1/2023 18,000 17,909 1.95 17,550 3.44 7/15/2028 75,000 13,500 4.16 17,000 4.75 Revolving Term Loan 2/9/2022 1,900 465 8.03 1,194 7.70 Total borrowings of Consolidated Funds $ 167,037 $ 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	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the Condensed Consolidated Statements of Financial Condition. As of June 30, 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 June 30, 2020 and December 31, 2019, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $632.4 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. At June 30, 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 $271.9 million and $233.4 million, respectively, of which approximately $208.4 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 June 30, 2020 and 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 As of June 30, As of December 31, Classification 2020 2019 Operating lease assets Right-of-use operating lease assets $ 140,041 $ 143,406 Finance lease assets Other assets (1) 1,630 1,787 Total lease assets $ 141,671 $ 145,193 Operating lease liabilities Operating lease liabilities $ 164,521 $ 168,817 Finance lease obligations Accounts payable, accrued expenses and other liabilities 1,349 1,651 Total lease liabilities $ 165,870 $ 170,468 (1) Finance lease assets are recorded net of accumulated amortization of $0.8 million and $0.6 million as of June 30, 2020 and December 31, 2019, respectively. Three months ended June 30, Six months ended June 30, Classification 2020 2019 2020 2019 Operating lease expense General, administrative and other expenses $ 7,805 $ 7,211 $ 15,437 $ 14,149 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 125 78 219 105 Interest on finance lease liabilities Interest expense 11 8 22 21 Total lease expense $ 7,941 $ 7,297 $ 15,678 $ 14,275 Other information Six months ended June 30, 2020 Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 16,055 $ 15,313 Operating cash flows for finance leases 42 52 Financing cash flows for finance leases 366 264 Leased assets obtained in exchange for new finance lease liabilities — 114 Leased assets obtained in exchange for new operating lease liabilities 9,647 47,866 As of June 30, As of December 31, Lease term and discount rate 2020 2019 Weighted-average remaining lease terms (in years): Operating leases 6.1 6.5 Finance leases 3.1 3.3 Weighted-average discount rate: Operating leases 3.97 % 4.00 % Finance leases 3.26 % 3.39 % Maturity of lease liabilities Operating Leases Finance Leases 2020 $ 15,264 $ 102 2021 30,316 516 2022 31,497 485 2023 28,016 158 2024 25,184 156 After 2024 55,531 6 Total future payments 185,808 1,423 Less: interest 21,287 74 Total lease liabilities $ 164,521 $ 1,349

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
RELATED PARTY TRANSACTIONS	Jun. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. 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 June 30, As of December 31, 2020 2019 Due from affiliates: Management fees receivable from non-consolidated funds $ 204,249 $ 203,554 Payments made on behalf of and amounts due from non-consolidated funds and employees 53,877 64,545 Due from affiliates—Company $ 258,126 $ 268,099 Amounts due from portfolio companies and non-consolidated funds $ 7,201 $ 6,192 Due from affiliates—Consolidated Funds $ 7,201 $ 6,192 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 2,580 $ 2,420 Management fees received in advance 5,714 3,012 Tax receivable agreement liability 36,443 26,542 Undistributed carried interest and incentive fees 8,450 28,086 Payments made by non-consolidated funds on behalf of and payable by the Company 7,838 11,385 Due to affiliates—Company $ 61,025 $ 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 In conjunction with ARCC's acquisition of American Capital, Ltd., the Company agreed to waive up to $10.0 million per quarter of ARCC's Part I Fees for ten calendar quarters, which began with the second quarter of 2017 and ended with the third quarter of 2019. ARCC Part I Fees are reported net of the fee waiver. For the three and six months ended June 30, 2019, the Company waived $10.0 million and $20.0 million, respectively.

INCOME TAXES

INCOME TAXES	6 Months Ended
INCOME TAXES	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	10. 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 and six months ended June 30, 2020, the Company recorded income tax expense of $24.4 million and $3.8 million, respectively. For the three and six months ended June 30, 2019, the Company recorded income tax expense of $9.5 million and $23.9 million, respectively. 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 and six months ended June 30, 2020 and 2019, 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 June 30, 2020 and December 31, 2019, the Company recorded a net deferred tax asset of $70.2 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	6 Months Ended
EARNINGS PER SHARE	Jun. 30, 2020
Earnings Per Share [Abstract]
EARNINGS PER SHARE	11. 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 six months ended June 30, 2020, the two-class method was the more dilutive method. For the three months ended June 30, 2020 and three and six months ended June 30, 2019, the treasury stock method was the more dilutive method. For the three and six months ended June 30, 2020 and 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Restricted units 616 — — 59 AOG Units 115,103,668 116,831,583 — 116,913,353 The following table presents the computation of basic and diluted earnings per common share: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Basic earnings per share of Class A common stock: Net income attributable to Ares Management Corporation Class A common stockholders $ 50,946 $ 26,714 $ 14,485 $ 66,238 Distributions on unvested restricted units (2,667) (1,886) (4,955) (3,693) Net income available to Class A common stockholders $ 48,279 $ 24,828 $ 9,530 $ 62,545 Basic weighted-average shares of Class A common stock 133,639,194 105,188,966 126,002,867 104,054,035 Basic earnings per share of Class A common stock $ 0.36 $ 0.24 $ 0.08 $ 0.60 Diluted earnings per share of Class A common stock: Net income available to Class A common stockholders $ 50,946 $ 26,714 $ 14,485 $ 66,238 Distributions on unvested restricted units — — (4,955) — Net income attributable to Ares Management Corporation Class A common stockholders $ 50,946 $ 26,714 $ 9,530 $ 66,238 Effect of dilutive shares: Restricted units 8,135,584 7,212,754 — 6,349,061 Options 5,129,579 4,202,167 — 3,254,768 Diluted weighted-average shares of Class A common stock 146,904,357 116,603,887 126,002,867 113,657,864 Diluted earnings per share of Class A common stock $ 0.35 $ 0.23 $ 0.08 $ 0.58 Dividend declared and paid per Class A common stock $ 0.40 $ 0.32 $ 0.80 $ 0.64

EQUITY COMPENSATION

EQUITY COMPENSATION	6 Months Ended
EQUITY COMPENSATION	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
EQUITY COMPENSATION	12. EQUITY COMPENSATION Equity Incentive Plan Equity-based compensation is granted under the Company's 2014 Equity Incentive Plan, most recently amended on 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 June 30, 2020, 34,114,071 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Restricted units $ 28,386 $ 21,783 $ 56,768 $ 44,796 Restricted units with a market condition 297 901 4,429 1,791 Options — 1,157 43 4,258 Phantom shares — 188 — 736 Equity-based compensation expense $ 28,683 $ 24,029 $ 61,240 $ 51,581 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 or retirement eligibility provisions). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award. 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 six months ended June 30, 2020, the Company declared dividends of $0.40 per share to Class A common stockholders at the close of business on March 17, 2020 and June 16, 2020. For the three and six months ended June 30, 2020, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $6.5 million and $12.9 million, respectively, which are presented as 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 3,653,779 36.47 Vested (3,945,510) 19.22 Forfeited (216,209) 21.73 Balance - June 30, 2020 16,302,533 $ 23.92 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $275.4 million as of June 30, 2020 and is expected to be recognized over the remaining weighted average period of 3.1 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 - June 30, 2020 666,667 $ 7.68 For the six months ended June 30, 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 $2.8 million as of June 30, 2020 and is expected to be recognized over the remaining weighted average period of 2.4 years. Options A summary of options activity during the six months ended June 30, 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 4.3 $ 224,260 Granted — — — — Exercised (3,747,461) 18.99 — — Expired — — — — Forfeited — — — — Balance - June 30, 2020 9,679,409 $ 18.99 3.8 $ 200,497 Exercisable at June 30, 2020 9,679,409 $ 18.99 3.8 $ 200,497

EQUITY

EQUITY	6 Months Ended
EQUITY	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
EQUITY	13. EQUITY Common Stock The Company's common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The 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 six months ended June 30, 2020, the Company did not repurchase any shares as part of the stock repurchase program. During the six months ended June 30, 2019, the Company repurchased 0.4 million shares as part of the stock repurchase program at a total cost of $10.4 million. On March 31, 2020, the Company issued and sold 12,130,540 shares of new 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 $0.7 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 to 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. As of June 30, 2020, the Company had authorized 500,000,000 shares of the non-voting common stock with no shares issued. 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) 1,777,639 — (401,217) 1,376,422 Stock option exercises, net of shares withheld for tax 3,599,504 — — 3,599,504 Vesting of restricted stock awards, net of shares withheld for tax 2,586,232 — — 2,586,232 Balance Outstanding - June 30, 2020 135,335,943 1,000 114,798,404 250,135,347 (1) Effective March 30, 2020, Class C common stock activity represents redemptions to correspond with exchanges of AOG Units. 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 June 30, 2020 As of December 31, 2019 Three months ended June 30, Six months ended AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2020 2019 2020 2019 Ares Management Corporation 135,335,943 54.11 % 115,242,028 49.70 % 53.73 % 47.38 % 52.13 % 47.09 % Ares Owners Holding L.P. 114,798,404 45.89 116,641,833 50.30 46.27 52.62 47.87 52.91 Total 250,134,347 100.00 % 231,883,861 100.00 % Preferred Stock

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
SEGMENT REPORTING	Jun. 30, 2020
Segment Reporting [Abstract]
SEGMENT REPORTING	14. 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. U.S. direct lending activities are managed through a publicly traded business development company, ARCC, as well as through private funds. 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 June 30, 2020: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $41,306) $ 200,788 $ 53,396 $ 23,488 $ 277,672 $ — $ 277,672 Other fees 4,101 30 7 4,138 — 4,138 Compensation and benefits (76,765) (22,126) (12,735) (111,626) (36,939) (148,565) General, administrative and other expenses (12,524) (4,448) (3,263) (20,235) (16,053) (36,288) Fee related earnings 115,600 26,852 7,497 149,949 (52,992) 96,957 Performance income—realized — 44,318 307 44,625 — 44,625 Performance related compensation—realized (112) (36,741) (191) (37,044) — (37,044) Realized net performance income (loss) (112) 7,577 116 7,581 — 7,581 Investment income—realized — 8,045 964 9,009 — 9,009 Interest and other investment income (expense) —realized 6,629 487 920 8,036 (253) 7,783 Interest expense (2,336) (2,247) (1,355) (5,938) (144) (6,082) Realized net investment income (loss) 4,293 6,285 529 11,107 (397) 10,710 Realized income $ 119,781 $ 40,714 $ 8,142 $ 168,637 $ (53,389) $ 115,248 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended June 30, 2019: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $39,157) $ 172,347 $ 52,162 $ 21,770 $ 246,279 $ — $ 246,279 Other fees 3,939 — 672 4,611 — 4,611 Compensation and benefits (64,965) (21,291) (11,928) (98,184) (33,994) (132,178) General, administrative and other expenses (13,381) (4,912) (3,523) (21,816) (19,874) (41,690) Fee related earnings 97,940 25,959 6,991 130,890 (53,868) 77,022 Performance income—realized 15,959 18,369 1,666 35,994 — 35,994 Performance related compensation—realized (9,564) (14,696) (969) (25,229) — (25,229) Realized net performance income 6,395 3,673 697 10,765 — 10,765 Investment income (loss)—realized (310) 1,030 1,546 2,266 — 2,266 Interest and other investment income (expense) —realized 4,631 3,318 2,119 10,068 (17) 10,051 Interest expense (1,908) (2,436) (1,050) (5,394) (399) (5,793) Realized net investment income (loss) 2,413 1,912 2,615 6,940 (416) 6,524 Realized income $ 106,748 $ 31,544 $ 10,303 $ 148,595 $ (54,284) $ 94,311 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the six months ended June 30, 2020: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $85,229) $ 398,225 $ 105,553 $ 47,672 $ 551,450 $ — $ 551,450 Other fees 7,159 140 711 8,010 — 8,010 Compensation and benefits (147,690) (41,722) (25,148) (214,560) (73,365) (287,925) General, administrative and other expenses (27,837) (10,081) (6,198) (44,116) (37,358) (81,474) Fee related earnings 229,857 53,890 17,037 300,784 (110,723) 190,061 Performance income—realized 9,016 160,472 26,907 196,395 — 196,395 Performance related compensation—realized (8,011) (129,665) (17,361) (155,037) — (155,037) Realized net performance income 1,005 30,807 9,546 41,358 — 41,358 Investment income (loss)—realized (843) 19,515 2,254 20,926 (5,698) 15,228 Interest and other investment income (expense) —realized 11,204 1,299 1,716 14,219 (85) 14,134 Interest expense (4,051) (3,890) (2,326) (10,267) (1,121) (11,388) Realized net investment income (loss) 6,310 16,924 1,644 24,878 (6,904) 17,974 Realized income $ 237,172 $ 101,621 $ 28,227 $ 367,020 $ (117,627) $ 249,393 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the six months ended June 30, 2019: Credit Group Private Equity Group Real Estate Group Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $77,550) $ 335,313 $ 103,558 $ 40,420 $ 479,291 $ — $ 479,291 Other fees 7,005 — 681 7,686 — 7,686 Compensation and benefits (125,313) (42,487) (21,212) (189,012) (66,655) (255,667) General, administrative and other expenses (26,886) (8,969) (6,655) (42,510) (40,506) (83,016) Fee related earnings 190,119 52,102 13,234 255,455 (107,161) 148,294 Performance income—realized 37,884 62,492 4,191 104,567 — 104,567 Performance related compensation—realized (22,227) (49,993) (2,226) (74,446) — (74,446) Realized net performance income 15,657 12,499 1,965 30,121 — 30,121 Investment income—realized 548 11,966 5,026 17,540 — 17,540 Interest and other investment income (expense) —realized 7,536 3,612 3,224 14,372 (2) 14,370 Interest expense (3,807) (4,611) (2,169) (10,587) (795) (11,382) Realized net investment income (loss) 4,277 10,967 6,081 21,325 (797) 20,528 Realized income $ 210,053 $ 75,568 $ 21,280 $ 306,901 $ (107,958) $ 198,943 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Segment revenues Management fees (includes ARCC Part I Fees of $41,306, $85,229 and $39,157, $77,550 for the three and six months ended June 30, 2020 and 2019, respectively) $ 277,672 $ 246,279 $ 551,450 $ 479,291 Other fees 4,138 4,611 8,010 7,686 Performance income—realized 44,625 35,994 196,395 104,567 Total segment revenues $ 326,435 $ 286,884 $ 755,855 $ 591,544 Segment expenses Compensation and benefits $ 111,626 $ 98,184 $ 214,560 $ 189,012 General, administrative and other expenses 20,235 21,816 44,116 42,510 Performance related compensation—realized 37,044 25,229 155,037 74,446 Total segment expenses $ 168,905 $ 145,229 $ 413,713 $ 305,968 Segment realized net investment income Investment income—realized $ 9,009 $ 2,266 $ 20,926 $ 17,540 Interest and other investment income —realized 8,036 10,068 14,219 14,372 Interest expense (5,938) (5,394) (10,267) (10,587) Total segment realized net investment income $ 11,107 $ 6,940 $ 24,878 $ 21,325 The following table reconciles the Company's consolidated revenues to segment revenue: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Total consolidated revenue $ 602,758 $ 384,822 $ 616,167 $ 862,019 Performance (income) loss-unrealized (257,303) (98,662) 130,354 (245,237) Management fees of Consolidated Funds eliminated in consolidation 11,380 8,735 21,882 17,148 Incentive fees of Consolidated Funds eliminated in consolidation (25) 4,750 (70) 5,184 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 4,484 — 7,801 — Administrative fees (1) (8,838) (6,602) (18,499) (13,204) Performance income (loss) reclass (2) (1,656) (26) (3,373) 580 Principal investment (income) loss, net of eliminations (23,645) (5,844) 3,078 (34,603) Net income of non-controlling interests in consolidated subsidiaries (720) (289) (1,485) (343) Total consolidation adjustments and reconciling items (276,323) (97,938) 139,688 (270,475) Total segment revenue $ 326,435 $ 286,884 $ 755,855 $ 591,544 (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 June 30, Six months ended June 30, 2020 2019 2020 2019 Total consolidated expenses $ 483,567 $ 335,701 $ 565,526 $ 704,808 Performance related compensation-unrealized (200,064) (67,459) 85,828 (174,762) Expenses of Consolidated Funds added in consolidation (14,601) (28,912) (32,500) (42,313) Expenses of Consolidated Funds eliminated in consolidation 11,357 13,485 21,813 22,332 Administrative fees (1) (8,838) (6,602) (18,499) (13,204) OMG expenses (52,992) (53,868) (110,723) (107,161) Acquisition and merger-related expense (2,841) (4,207) (5,956) (5,980) Equity compensation expense (28,683) (24,029) (61,240) (51,581) Deferred placement fees (10,320) (12,432) (15,735) (12,953) Depreciation and amortization expense (6,319) (5,221) (11,861) (11,045) Expense of non-controlling interests in consolidated subsidiaries (1,361) (1,227) (2,940) (2,173) Total consolidation adjustments and reconciling items (314,662) (190,472) (151,813) (398,840) Total segment expenses $ 168,905 $ 145,229 $ 413,713 $ 305,968 (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 June 30, Six months ended June 30, 2020 2019 2020 2019 Total consolidated other income (expense) $ 121,906 $ 35,262 $ (105,957) $ 63,132 Investment (income) loss—unrealized (23,704) 7,618 81,890 (8,565) Interest and other investment (income) loss—unrealized (3,979) (4,628) (8,940) 350 Other (income) loss from Consolidated Funds added in consolidation, net (109,394) (33,008) 88,851 (64,215) Other (income) loss from Consolidated Funds eliminated in consolidation, net (4,189) 282 (8,008) (90) OMG other (income) expense (102) (188) 1,039 (158) Performance (income) loss reclass (1) 1,656 26 3,373 (580) Principal investment income (loss) 32,957 1,579 (43,031) 31,471 Other expense, net 347 2 369 1 Other (income) loss of non-controlling interests in consolidated subsidiaries (4,391) (5) 15,292 (21) Total consolidation adjustments and reconciling items (110,799) (28,322) 130,835 (41,807) Total segment realized net investment income $ 11,107 $ 6,940 $ 24,878 $ 21,325 (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 June 30, Six months ended June 30, 2020 2019 2020 2019 Income (loss) before taxes $ 241,097 $ 84,383 $ (55,316) $ 220,343 Adjustments: Depreciation and amortization expense 6,319 5,221 11,861 11,045 Equity compensation expense 28,683 24,029 61,240 51,581 Acquisition and merger-related expense 3,188 4,207 6,325 5,980 Deferred placement fees 10,320 12,432 15,735 12,953 OMG expense, net 52,890 53,680 111,762 107,003 Other expense, net — 2 — 1 Net (income) expense of non-controlling interests in consolidated subsidiaries (3,750) 933 16,747 1,809 (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (85,188) (8,079) 81,190 (25,124) Total performance (income) loss-unrealized (257,303) (98,662) 130,354 (245,237) Total performance related compensation - unrealized 200,064 67,459 (85,828) 174,762 Total investment (income) loss-unrealized (27,683) 2,990 72,950 (8,215) Realized income 168,637 148,595 367,020 306,901 Total performance income - realized (44,625) (35,994) (196,395) (104,567) Total performance related compensation - realized 37,044 25,229 155,037 74,446 Total investment income - realized (11,107) (6,940) (24,878) (21,325) Fee related earnings $ 149,949 $ 130,890 $ 300,784 $ 255,455

CONSOLIDATION

CONSOLIDATION	6 Months Ended
CONSOLIDATION	Jun. 30, 2020
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	15. 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 June 30, As of December 31, 2020 2019 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs (1) $ 252,564 $ 260,520 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs (1) 151,144 181,856 Assets of consolidated VIEs 10,575,113 9,454,572 Liabilities of consolidated VIEs 9,960,904 8,679,869 (1) As of June 30, 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 $79.5 million and $104.7 million, respectively. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ 85,186 $ 8,346 $ (81,220) $ 25,970 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 June 30, 2020 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 890,040 $ — $ — $ 890,040 Investments (includes $1,003,827 of accrued carried interest) 1,630,631 — (151,144) 1,479,487 Due from affiliates 278,480 — (20,354) 258,126 Other assets 368,696 — — 368,696 Right-of-use operating lease assets 140,041 — — 140,041 Assets of Consolidated Funds Cash and cash equivalents — 258,400 — 258,400 Investments, at fair value — 9,997,178 8,454 10,005,632 Due from affiliates — 7,201 — 7,201 Receivable for securities sold — 276,692 — 276,692 Other assets — 35,642 — 35,642 Total assets $ 3,307,888 $ 10,575,113 $ (163,044) $ 13,719,957 Liabilities Accounts payable, accrued expenses and other liabilities $ 104,017 $ — $ — $ 104,017 Accrued compensation 123,123 — — 123,123 Due to affiliates 61,025 — — 61,025 Performance related compensation payable 715,181 — — 715,181 Debt obligations 642,474 — — 642,474 Operating lease liabilities 164,521 — — 164,521 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 60,975 — 60,975 Due to affiliates — 11,900 (11,900) — Payable for securities purchased — 449,169 — 449,169 CLO loan obligations, at fair value — 9,271,823 (43,136) 9,228,687 Fund borrowings — 167,037 — 167,037 Total liabilities 1,810,341 9,960,904 (55,036) 11,716,209 Commitments and contingencies Non-controlling interest in Consolidated Funds — 614,209 (108,008) 506,201 Non-controlling interest in Ares Operating Group entities 552,490 — — 552,490 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 (135,335,943 shares issued and outstanding) 1,353 — — 1,353 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 (114,798,404 shares issued and outstanding) 1,148 — — 1,148 Additional paid-in-capital 800,077 — — 800,077 Retained earnings (145,045) — — (145,045) Accumulated other comprehensive loss, net of tax (11,237) — — (11,237) Total stockholders' equity 945,057 — — 945,057 Total equity 1,497,547 614,209 (108,008) 2,003,748 Total liabilities, non-controlling interests and equity $ 3,307,888 $ 10,575,113 $ (163,044) $ 13,719,957 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 June 30, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $41,306) $ 278,247 $ — $ (11,380) $ 266,867 Carried interest allocation 303,278 — — 303,278 Incentive fees 306 — 25 331 Principal investment income 32,957 — (9,312) 23,645 Administrative, transaction and other fees 13,121 — (4,484) 8,637 Total revenues 627,909 — (25,151) 602,758 Expenses Compensation and benefits 185,131 — — 185,131 Performance related compensation 237,108 — — 237,108 General, administrative and other expense 58,084 — — 58,084 Expenses of the Consolidated Funds — 14,601 (11,357) 3,244 Total expenses 480,323 14,601 (11,357) 483,567 Other income (expense) Net realized and unrealized gains on investments 8,032 — (7,742) 290 Interest and dividend income 3,898 — (1,920) 1,978 Interest expense (6,082) — — (6,082) Other income, net 2,475 — (294) 2,181 Net realized and unrealized gains on investments of the Consolidated Funds — 71,497 12,025 83,522 Interest and other income of the Consolidated Funds — 116,314 — 116,314 Interest expense of the Consolidated Funds — (78,417) 2,120 (76,297) Total other income 8,323 109,394 4,189 121,906 Income before taxes 155,909 94,793 (9,605) 241,097 Income tax expense 24,419 2 — 24,421 Net income 131,490 94,791 (9,605) 216,676 Less: Net income attributable to non-controlling interests in Consolidated Funds — 94,791 (9,605) 85,186 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 75,119 — — 75,119 Net income attributable to Ares Management Corporation 56,371 — — 56,371 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 50,946 $ — $ — $ 50,946 Three Months Ended June 30, 2019 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $39,157) $ 246,581 $ — $ (8,735) $ 237,846 Carried interest allocation 119,712 — — 119,712 Incentive fees 14,970 — (4,750) 10,220 Principal investment income 1,579 — 4,265 5,844 Administrative, transaction and other fees 11,200 — — 11,200 Total revenues 394,042 — (9,220) 384,822 Expenses Compensation and benefits 162,170 — — 162,170 Performance related compensation 92,688 — — 92,688 General, administrative and other expense 65,416 — — 65,416 Expenses of the Consolidated Funds — 28,912 (13,485) 15,427 Total expenses 320,274 28,912 (13,485) 335,701 Other income (expense) Net realized and unrealized gains on investments 927 — (406) 521 Interest and dividend income 2,324 — (672) 1,652 Interest expense (5,793) — — (5,793) Other income, net 5,078 — (281) 4,797 Net realized and unrealized losses on investments of the Consolidated Funds — (486) 370 (116) Interest and other income of the Consolidated Funds — 102,206 — 102,206 Interest expense of the Consolidated Funds — (68,712) 707 (68,005) Total other income 2,536 33,008 (282) 35,262 Income before taxes 76,304 4,096 3,983 84,383 Income tax expense (benefit) 9,772 (267) — 9,505 Net income 66,532 4,363 3,983 74,878 Less: Net income attributable to non-controlling interests in Consolidated Funds — 4,363 3,983 8,346 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 34,393 — — 34,393 Net income attributable to Ares Management Corporation 32,139 — — 32,139 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 26,714 $ — $ — $ 26,714 Six Months Ended June 30, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $85,229) $ 552,598 $ — $ (21,882) $ 530,716 Carried interest allocation 72,402 — — 72,402 Incentive fees (2,988) — 70 (2,918) Principal investment income (43,031) — 39,953 (3,078) Administrative, transaction and other fees 26,846 — (7,801) 19,045 Total revenues 605,827 — 10,340 616,167 Expenses Compensation and benefits 365,215 — — 365,215 Performance related compensation 69,209 — — 69,209 General, administrative and other expense 120,415 — — 120,415 Expenses of the Consolidated Funds — 32,500 (21,813) 10,687 Total expenses 554,839 32,500 (21,813) 565,526 Other income (expense) Net realized and unrealized losses on investments (27,663) — 19,919 (7,744) Interest and dividend income 6,500 — (2,732) 3,768 Interest expense (11,388) — — (11,388) Other income, net 7,437 — 208 7,645 Net realized and unrealized losses on investments of the Consolidated Funds — (158,676) (12,563) (171,239) Interest and other income of the Consolidated Funds — 229,539 — 229,539 Interest expense of the Consolidated Funds — (159,714) 3,176 (156,538) Total other expense (25,114) (88,851) 8,008 (105,957) Income (loss) before taxes 25,874 (121,351) 40,161 (55,316) Income tax expense 3,775 30 — 3,805 Net income (loss) 22,099 (121,381) 40,161 (59,121) Less: Net loss attributable to non-controlling interests in Consolidated Funds — (121,381) 40,161 (81,220) Less: Net loss attributable to non-controlling interests in in Ares Operating Group entities (3,236) — — (3,236) Net income attributable to Ares Management Corporation 25,335 — — 25,335 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Net income attributable to Ares Management Corporation Class A common stockholders $ 14,485 $ — $ — $ 14,485 Six Months Ended June 30, 2019 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $77,550) $ 479,653 $ — $ (17,148) $ 462,505 Carried interest allocation 317,005 — — 317,005 Incentive fees 32,219 — (5,184) 27,035 Principal investment income 31,471 — 3,132 34,603 Administrative, transaction and other fees 20,871 — — 20,871 Total revenues 881,219 — (19,200) 862,019 Expenses Compensation and benefits 319,016 — — 319,016 Performance related compensation 249,208 — — 249,208 General, administrative and other expense 116,603 — — 116,603 Expenses of the Consolidated Funds — 42,313 (22,332) 19,981 Total expenses 684,827 42,313 (22,332) 704,808 Other income (expense) Net realized and unrealized gains on investments 5,351 — (1,354) 3,997 Interest and dividend income 4,648 — (1,152) 3,496 Interest expense (11,382) — — (11,382) Other income, net 210 — 90 300 Net realized and unrealized gains on investments of the Consolidated Funds — 3,262 986 4,248 Interest and other income of the Consolidated Funds — 195,390 — 195,390 Interest expense of the Consolidated Funds — (134,437) 1,520 (132,917) Total other income (expense) (1,173) 64,215 90 63,132 Income before taxes 195,219 21,902 3,222 220,343 Income tax (benefit) expense 24,735 (846) — 23,889 Net income 170,484 22,748 3,222 196,454 Less: Net income attributable to non-controlling interests in Consolidated Funds — 22,748 3,222 25,970 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 93,396 — — 93,396 Net income attributable to Ares Management Corporation 77,088 — — 77,088 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Net income attributable to Ares Management Corporation Class A common stockholders $ 66,238 $ — $ — $ 66,238 Six Months Ended June 30, 2020 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ 22,099 $ (121,381) $ 40,161 $ (59,121) Adjustments to reconcile net income to net cash used in operating activities 197,873 (69,037) 128,836 Adjustments to reconcile net loss to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds (510,528) 13,655 (496,873) Cash flows due to changes in operating assets and liabilities 111,099 3,875 114,974 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: (190,501) 351,846 161,345 Net cash provided by (used in) operating activities 331,071 (822,410) 340,500 (150,839) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net (8,080) — — (8,080) Acquisitions (35,844) — — (35,844) Net cash used in investing activities (43,924) — — (43,924) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 383,154 — — 383,154 Proceeds from credit facility 790,000 — — 790,000 Proceeds from senior notes 399,084 — — 399,084 Repayments of credit facility (860,000) — — (860,000) Dividends and distributions (224,407) — — (224,407) Series A Preferred Stock dividends (10,850) — — (10,850) Stock option exercises 67,441 — — 67,441 Taxes paid related to net share settlement of equity awards (74,335) — — (74,335) Other financing activities (1,889) — — (1,889) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 138,700 (15,005) 123,695 Distributions to non-controlling interests in Consolidated Funds — (172,755) 22,426 (150,329) Borrowings under loan obligations by Consolidated Funds — 608,355 — 608,355 Repayments under loan obligations by Consolidated Funds — (87,689) — (87,689) Net cash provided by financing activities 468,198 486,611 7,421 962,230 Effect of exchange rate changes (3,689) (12,122) — (15,811) Net change in cash and cash equivalents 751,656 (347,921) 347,921 751,656 Cash and cash equivalents, beginning of period 138,384 606,321 (606,321) 138,384 Cash and cash equivalents, end of period $ 890,040 $ 258,400 $ (258,400) $ 890,040 Six Months Ended June 30, 2019 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 170,484 $ 22,748 $ 3,222 $ 196,454 Adjustments to reconcile net income to net cash used in operating activities 37,274 — 10,840 48,114 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (1,444,622) 84,516 (1,360,106) Cash flows due to changes in operating assets and liabilities (12,712) — (112) (12,824) Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: — (171,377) 8,427 (162,950) Net cash provided by (used in) operating activities 195,046 (1,593,251) 106,893 (1,291,312) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net (5,653) — — (5,653) Net cash used in investing activities (5,653) — — (5,653) Cash flows from financing activities: Proceeds from credit facility 235,000 — — 235,000 Repayments of credit facility (150,000) — — (150,000) Dividends and distributions (152,364) — — (152,364) Series A Preferred Stock dividends (10,850) — — (10,850) Repurchases of Class A common stock (10,449) — — (10,449) Stock option exercises 78,794 — — 78,794 Taxes paid related to net share settlement of equity awards (31,424) — — (31,424) Other financing activities (3,258) — — (3,258) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 223,520 (108,021) 115,499 Distributions to non-controlling interests in Consolidated Funds — (35,149) 4,194 (30,955) Borrowings under loan obligations by Consolidated Funds — 1,938,858 (4,771) 1,934,087 Repayments under loan obligations by Consolidated Funds — (538,976) 10,021 (528,955) Net cash provided by (used in) financing activities (44,551) 1,588,253 (98,577) 1,445,125 Effect of exchange rate changes (7,869) (3,318) — (11,187) Net change in cash and cash equivalents 136,973 (8,316) 8,316 136,973 Cash and cash equivalents, beginning of period 110,247 384,644 (384,644) 110,247 Cash and cash equivalents, end of period $ 247,220 $ 376,328 $ (376,328) $ 247,220

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after June 30, 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 July 2020, the Company's board of directors declared a quarterly dividend of $0.40 per share of Class A common stock payable on September 30, 2020 to common stockholders of record at the close of business on September 16, 2020.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- (Policies)	6 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES- (Policies)	Jun. 30, 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 June 30, 2020, the impact of the outbreak of the coronavirus pandemic (“COVID-19”) 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 June 30, 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 by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its 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)	6 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Jun. 30, 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 June 30, 2020 As of June 30, As of December 31, 2020 2019 Management contracts 6.1 years $ 42,547 $ 12,498 Client relationships 8.0 years 6,341 6,341 Trade name 2.0 years 378 378 Intangible assets 49,266 19,217 Less: accumulated amortization (9,230) (11,242) Intangible assets, net $ 40,036 $ 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 — — (121) (121) Balance as of June 30, 2020 $ 32,196 $ 58,600 $ 52,938 $ 143,734

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
INVESTMENTS (Tables)	Jun. 30, 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 June 30, December 31, June 30, December 31, 2020 2019 2020 2019 Equity method investments: Equity method private investment partnership interests - principal (1) $ 372,790 $ 390,407 25.2 % 23.5 % Equity method - carried interest (1) 1,003,827 1,134,967 67.8 68.2 Equity method private investment partnership interests and other (held at fair value) 20,311 51,528 1.4 3.1 Equity method private investment partnership interests and other 14,272 16,536 0.9 1.0 Total equity method investments 1,411,200 1,593,438 95.3 95.8 Collateralized loan obligations (2) 19,135 22,265 1.3 1.3 Other fixed income 48,220 46,918 3.3 2.8 Collateralized loan obligations and other fixed income, at fair value 67,355 69,183 4.6 4.1 Common stock, at fair value 932 1,043 0.1 0.1 Total investments $ 1,479,487 $ 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) As of June 30, 2020, includes $2.7 million of collateralized loan obligations that are attributable to the Crestline Denali Class B membership interests. Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of June 30, December 31, June 30, December 31, 2020 2019 2020 2019 Fixed income investments: Bonds $ 299,459 $ 212,376 3.0 % 2.4 % Loans 9,347,656 8,062,740 93.4 92.4 Investments in CLO warehouse — 44,435 — 0.5 Total fixed income investments 9,647,115 8,319,551 96.4 95.3 Equity securities 45,881 112,384 0.5 1.3 Partnership interests 312,636 296,012 3.1 3.4 Total investments, at fair value $ 10,005,632 $ 8,727,947

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
FAIR VALUE (Tables)	Jun. 30, 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 June 30, 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 $ — $ — $ 67,355 $ — $ 67,355 Common stock and other equity securities — 932 14,704 — 15,636 Partnership interests — — 2,575 3,032 5,607 Total investments, at fair value — 932 84,634 3,032 88,598 Derivatives-foreign exchange contracts — 4,719 — — 4,719 Total assets, at fair value $ — $ 5,651 $ 84,634 $ 3,032 $ 93,317 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (128) $ — $ — $ (128) Total liabilities, at fair value $ — $ (128) $ — $ — $ (128) Financial Instruments of the Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 299,459 $ — $ 299,459 Loans — 8,761,369 586,287 9,347,656 Total fixed income investments — 9,060,828 586,287 9,647,115 Equity securities 3,622 — 42,259 45,881 Partnership interests — — 312,636 312,636 Total investments, at fair value 3,622 9,060,828 941,182 10,005,632 Derivatives-asset swaps-other — — 1,599 1,599 Total assets, at fair value $ 3,622 $ 9,060,828 $ 942,781 $ 10,007,231 Liabilities, at fair value Derivatives-asset swaps-other — — (197) (197) Loan obligations of CLOs — (9,228,687) — (9,228,687) Total liabilities, at fair value $ — $ (9,228,687) $ (197) $ (9,228,884) 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 June 30, 2020: Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 65,344 $ 2,575 $ 82,623 Purchases (1) — 659 — 659 Sales/settlements (2) — (287) — (287) Realized and unrealized appreciation, net — 1,639 — 1,639 Balance, end of period $ 14,704 $ 67,355 $ 2,575 $ 84,634 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 1,639 $ — $ 1,639 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 42,752 $ 1,279,557 $ 307,025 $ 19 $ 1,629,353 Transfer in — 84,059 — — 84,059 Transfer out (5) (681,913) — — (681,918) Purchases (1) 264 78,694 56,000 — 134,958 Sales/settlements (2) (449) (217,217) (56,000) (51) (273,717) Amortized discounts/premiums — 815 — 106 921 Realized and unrealized appreciation (depreciation), net (303) 42,292 5,611 1,328 48,928 Balance, end of period $ 42,259 $ 586,287 $ 312,636 $ 1,402 $ 942,584 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (228) $ 36,263 $ 5,611 $ 1,268 $ 42,914 (1) Purchases include paid-in-kind interest and securities received in connection with restructuring. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2019: Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 10,397 $ 67,190 $ 35,192 $ 112,779 Deconsolidation of fund — 1,883 — 1,883 Purchases (1) 2,000 — — 2,000 Sales/settlements (2) — (6,206) — (6,206) Realized and unrealized appreciation, net — 1,184 — 1,184 Balance, end of period $ 12,397 $ 64,051 $ 35,192 $ 111,640 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 1,818 $ — $ 1,818 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 159,032 $ 564,304 $ 283,059 $ (3,031) $ 1,003,364 Deconsolidation of fund (10,325) (115,711) — — (126,036) Transfer in — 29,438 — — 29,438 Transfer out — (261,674) — — (261,674) Purchases (1) 110 113,708 4,000 — 117,818 Sales/settlements (2) (51) (56,530) (2,000) (555) (59,136) Amortized discounts/premiums — (345) — 171 (174) Realized and unrealized appreciation (depreciation), net (17,034) 1,222 8,798 3,473 (3,541) Balance, end of period $ 131,732 $ 274,412 $ 293,857 $ 58 $ 700,059 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (17,031) $ (389) $ 8,798 $ 2,865 $ (5,757) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 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) — 1,301 — 1,301 Sales/settlements (3) — (688) (32,430) (33,118) Realized and unrealized depreciation, net — (6,127) (187) (6,314) Balance, end of period $ 14,704 $ 67,355 $ 2,575 $ 84,634 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ — $ (5,092) $ 5,511 $ 419 Level III Net 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 — 258,014 — — 258,014 Transfer out (5) (346,163) — — (346,168) Purchases (2) 393 200,643 64,000 — 265,036 Sales/settlements (3) (681) (218,523) (56,000) (1,318) (276,522) Amortized discounts/premiums — 1,098 — 150 1,248 Realized and unrealized appreciation (depreciation), net (42,801) (40,590) 8,624 6,676 (68,091) Balance, end of period $ 42,259 $ 586,287 $ 312,636 $ 1,402 $ 942,584 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (42,811) $ (40,533) $ 8,624 $ 5,321 $ (69,399) (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 six months ended June 30, 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 — 10,021 — 10,021 Purchases (1) 2,000 2,146 — 4,146 Sales/settlements (2) — (11,169) — (11,169) Realized and unrealized appreciation, net — 2,229 — 2,229 Balance, end of period $ 12,397 $ 64,051 $ 35,192 $ 111,640 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 2,479 $ — $ 2,479 Level III Net 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 (10,325) (174,593) — — (184,918) Transfer in — 41,245 — — 41,245 Transfer out — (247,573) — — (247,573) Purchases (1) 10,882 238,870 8,000 — 257,752 Sales/settlements (2) (5,137) (136,329) (2,000) (581) (144,047) Amortized discounts/premiums — (37) — 22 (15) Realized and unrealized appreciation (depreciation), net (14,440) 4,871 16,410 (63) 6,778 Balance, end of period $ 131,732 $ 274,412 $ 293,857 $ 58 $ 700,059 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (14,442) $ 1,114 $ 16,410 $ (49) $ 3,033 (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 June 30, 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 19,135 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 48,220 Other N/A N/A Total $ 84,634 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 136 Market approach EBITDA multiple (2) 5.4x - 18.0x 8.8x 40,096 Other Net income multiple 27.5x 27.5x Illiquidity discount 25.0% 25.0% 27 Broker quotes and/or 3rd party pricing services N/A N/A N/A 2,000 Transaction price (1) N/A N/A N/A Partnership interest 312,636 Discounted cash flow Discount rate 16.1% 16.1% Fixed income securities 493,686 Broker quotes and/or 3rd party pricing services N/A N/A N/A 1,846 Market approach EBITDA multiple 7.8x 7.8x 90,755 Income approach Yield 2.8% - 36.9% 8.2% Derivative instruments 1,599 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 942,781 Liabilities Derivatives instruments $ (197) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (197) (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)	6 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Jun. 30, 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	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 June 30, 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 $ 4,719 $ 2,124 $ 128 $ 67,930 $ 4,023 $ 10,846 $ 113 Total derivatives, at fair value (2) $ 56,555 $ 4,719 $ 2,124 $ 128 $ 67,930 $ 4,023 $ 10,846 $ 113 As of June 30, 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 6,883 1,599 424 197 — — 7,640 4,106 Total derivatives, at fair value (3) $ 6,883 $ 1,599 $ 424 $ 197 $ 667 $ 667 $ 8,307 $ 4,776 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of June 30, 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 June 30, 2020 and December 31, 2019, the Consolidated Funds offset $0.4 million and $0.1 million of their derivative assets and liabilities, respectively.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
DEBT (Tables)	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of borrowings outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of June 30, 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 $ — —% $ 70,000 3.06% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 246,943 4.21 246,609 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 395,531 3.28 — — Total debt obligations $ 642,474 $ 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 June 30, 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 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes. (3) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes. 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 1,217 3,586 Amortization of debt issuance costs (626) (146) Unamortized debt issuance costs as of June 30, 2020 $ 5,846 $ 4,542 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of June 30, 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) $ 9,528,637 $ 9,003,995 10.5 $ 7,738,337 $ 7,700,038 11.0 Subordinated notes (2) 541,324 224,692 10.6 449,877 273,710 11.0 Total loan obligations of Consolidated CLOs $ 10,069,961 $ 9,228,687 $ 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 June 30, 2020 was 2.42%. (2) Original borrowings under the subordinated notes totaled $541.3 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 June 30, 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: 3/5/2021 $ 71,500 $ 71,500 1.59% $ 71,500 3.14% 6/30/2021 112,365 63,663 1.00 (2) — N/A (2) 1/1/2023 18,000 17,909 1.95 17,550 3.44 7/15/2028 75,000 13,500 4.16 17,000 4.75 Revolving Term Loan 2/9/2022 1,900 465 8.03 1,194 7.70 Total borrowings of Consolidated Funds $ 167,037 $ 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)	6 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease	The tables below present certain supplemental quantitative disclosures regarding the Company's leases: As of June 30, As of December 31, Classification 2020 2019 Operating lease assets Right-of-use operating lease assets $ 140,041 $ 143,406 Finance lease assets Other assets (1) 1,630 1,787 Total lease assets $ 141,671 $ 145,193 Operating lease liabilities Operating lease liabilities $ 164,521 $ 168,817 Finance lease obligations Accounts payable, accrued expenses and other liabilities 1,349 1,651 Total lease liabilities $ 165,870 $ 170,468 (1) Finance lease assets are recorded net of accumulated amortization of $0.8 million and $0.6 million as of June 30, 2020 and December 31, 2019, respectively. Three months ended June 30, Six months ended June 30, Classification 2020 2019 2020 2019 Operating lease expense General, administrative and other expenses $ 7,805 $ 7,211 $ 15,437 $ 14,149 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 125 78 219 105 Interest on finance lease liabilities Interest expense 11 8 22 21 Total lease expense $ 7,941 $ 7,297 $ 15,678 $ 14,275 Other information Six months ended June 30, 2020 Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 16,055 $ 15,313 Operating cash flows for finance leases 42 52 Financing cash flows for finance leases 366 264 Leased assets obtained in exchange for new finance lease liabilities — 114 Leased assets obtained in exchange for new operating lease liabilities 9,647 47,866 As of June 30, As of December 31, Lease term and discount rate 2020 2019 Weighted-average remaining lease terms (in years): Operating leases 6.1 6.5 Finance leases 3.1 3.3 Weighted-average discount rate: Operating leases 3.97 % 4.00 % Finance leases 3.26 % 3.39 %
Operating Lease, Liability, Maturity	Maturity of lease liabilities Operating Leases Finance Leases 2020 $ 15,264 $ 102 2021 30,316 516 2022 31,497 485 2023 28,016 158 2024 25,184 156 After 2024 55,531 6 Total future payments 185,808 1,423 Less: interest 21,287 74 Total lease liabilities $ 164,521 $ 1,349
Finance Lease, Liability, Maturity	Maturity of lease liabilities Operating Leases Finance Leases 2020 $ 15,264 $ 102 2021 30,316 516 2022 31,497 485 2023 28,016 158 2024 25,184 156 After 2024 55,531 6 Total future payments 185,808 1,423 Less: interest 21,287 74 Total lease liabilities $ 164,521 $ 1,349

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Jun. 30, 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 June 30, As of December 31, 2020 2019 Due from affiliates: Management fees receivable from non-consolidated funds $ 204,249 $ 203,554 Payments made on behalf of and amounts due from non-consolidated funds and employees 53,877 64,545 Due from affiliates—Company $ 258,126 $ 268,099 Amounts due from portfolio companies and non-consolidated funds $ 7,201 $ 6,192 Due from affiliates—Consolidated Funds $ 7,201 $ 6,192 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 2,580 $ 2,420 Management fees received in advance 5,714 3,012 Tax receivable agreement liability 36,443 26,542 Undistributed carried interest and incentive fees 8,450 28,086 Payments made by non-consolidated funds on behalf of and payable by the Company 7,838 11,385 Due to affiliates—Company $ 61,025 $ 71,445

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
EARNINGS PER SHARE (Tables)	Jun. 30, 2020
Earnings Per Share [Abstract]
Schedule of antidilutive securities excluded from earnings per common unit	the three and six months ended June 30, 2020 and 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Restricted units 616 — — 59 AOG Units 115,103,668 116,831,583 — 116,913,353
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 June 30, Six months ended June 30, 2020 2019 2020 2019 Basic earnings per share of Class A common stock: Net income attributable to Ares Management Corporation Class A common stockholders $ 50,946 $ 26,714 $ 14,485 $ 66,238 Distributions on unvested restricted units (2,667) (1,886) (4,955) (3,693) Net income available to Class A common stockholders $ 48,279 $ 24,828 $ 9,530 $ 62,545 Basic weighted-average shares of Class A common stock 133,639,194 105,188,966 126,002,867 104,054,035 Basic earnings per share of Class A common stock $ 0.36 $ 0.24 $ 0.08 $ 0.60 Diluted earnings per share of Class A common stock: Net income available to Class A common stockholders $ 50,946 $ 26,714 $ 14,485 $ 66,238 Distributions on unvested restricted units — — (4,955) — Net income attributable to Ares Management Corporation Class A common stockholders $ 50,946 $ 26,714 $ 9,530 $ 66,238 Effect of dilutive shares: Restricted units 8,135,584 7,212,754 — 6,349,061 Options 5,129,579 4,202,167 — 3,254,768 Diluted weighted-average shares of Class A common stock 146,904,357 116,603,887 126,002,867 113,657,864 Diluted earnings per share of Class A common stock $ 0.35 $ 0.23 $ 0.08 $ 0.58 Dividend declared and paid per Class A common stock $ 0.40 $ 0.32 $ 0.80 $ 0.64

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	6 Months Ended
EQUITY COMPENSATION (Tables)	Jun. 30, 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 June 30, Six months ended June 30, 2020 2019 2020 2019 Restricted units $ 28,386 $ 21,783 $ 56,768 $ 44,796 Restricted units with a market condition 297 901 4,429 1,791 Options — 1,157 43 4,258 Phantom shares — 188 — 736 Equity-based compensation expense $ 28,683 $ 24,029 $ 61,240 $ 51,581
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 3,653,779 36.47 Vested (3,945,510) 19.22 Forfeited (216,209) 21.73 Balance - June 30, 2020 16,302,533 $ 23.92 Market Condition Awards Units Weighted Average Balance - January 1, 2020 1,333,334 $ 9.30 Granted — — Vested (666,667) 10.92 Forfeited — — Balance - June 30, 2020 666,667 $ 7.68
Summary of unvested options activity	A summary of options activity during the six months ended June 30, 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 4.3 $ 224,260 Granted — — — — Exercised (3,747,461) 18.99 — — Expired — — — — Forfeited — — — — Balance - June 30, 2020 9,679,409 $ 18.99 3.8 $ 200,497 Exercisable at June 30, 2020 9,679,409 $ 18.99 3.8 $ 200,497

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
EQUITY (Tables)	Jun. 30, 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) 1,777,639 — (401,217) 1,376,422 Stock option exercises, net of shares withheld for tax 3,599,504 — — 3,599,504 Vesting of restricted stock awards, net of shares withheld for tax 2,586,232 — — 2,586,232 Balance Outstanding - June 30, 2020 135,335,943 1,000 114,798,404 250,135,347 (1) Effective March 30, 2020, Class C common stock activity represents redemptions to correspond with exchanges of AOG Units.
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 June 30, 2020 As of December 31, 2019 Three months ended June 30, Six months ended AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2020 2019 2020 2019 Ares Management Corporation 135,335,943 54.11 % 115,242,028 49.70 % 53.73 % 47.38 % 52.13 % 47.09 % Ares Owners Holding L.P. 114,798,404 45.89 116,641,833 50.30 46.27 52.62 47.87 52.91 Total 250,134,347 100.00 % 231,883,861 100.00 %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
SEGMENT REPORTING (Tables)	Jun. 30, 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 June 30, 2020: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $41,306) $ 200,788 $ 53,396 $ 23,488 $ 277,672 $ — $ 277,672 Other fees 4,101 30 7 4,138 — 4,138 Compensation and benefits (76,765) (22,126) (12,735) (111,626) (36,939) (148,565) General, administrative and other expenses (12,524) (4,448) (3,263) (20,235) (16,053) (36,288) Fee related earnings 115,600 26,852 7,497 149,949 (52,992) 96,957 Performance income—realized — 44,318 307 44,625 — 44,625 Performance related compensation—realized (112) (36,741) (191) (37,044) — (37,044) Realized net performance income (loss) (112) 7,577 116 7,581 — 7,581 Investment income—realized — 8,045 964 9,009 — 9,009 Interest and other investment income (expense) —realized 6,629 487 920 8,036 (253) 7,783 Interest expense (2,336) (2,247) (1,355) (5,938) (144) (6,082) Realized net investment income (loss) 4,293 6,285 529 11,107 (397) 10,710 Realized income $ 119,781 $ 40,714 $ 8,142 $ 168,637 $ (53,389) $ 115,248 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended June 30, 2019: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $39,157) $ 172,347 $ 52,162 $ 21,770 $ 246,279 $ — $ 246,279 Other fees 3,939 — 672 4,611 — 4,611 Compensation and benefits (64,965) (21,291) (11,928) (98,184) (33,994) (132,178) General, administrative and other expenses (13,381) (4,912) (3,523) (21,816) (19,874) (41,690) Fee related earnings 97,940 25,959 6,991 130,890 (53,868) 77,022 Performance income—realized 15,959 18,369 1,666 35,994 — 35,994 Performance related compensation—realized (9,564) (14,696) (969) (25,229) — (25,229) Realized net performance income 6,395 3,673 697 10,765 — 10,765 Investment income (loss)—realized (310) 1,030 1,546 2,266 — 2,266 Interest and other investment income (expense) —realized 4,631 3,318 2,119 10,068 (17) 10,051 Interest expense (1,908) (2,436) (1,050) (5,394) (399) (5,793) Realized net investment income (loss) 2,413 1,912 2,615 6,940 (416) 6,524 Realized income $ 106,748 $ 31,544 $ 10,303 $ 148,595 $ (54,284) $ 94,311 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the six months ended June 30, 2020: Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $85,229) $ 398,225 $ 105,553 $ 47,672 $ 551,450 $ — $ 551,450 Other fees 7,159 140 711 8,010 — 8,010 Compensation and benefits (147,690) (41,722) (25,148) (214,560) (73,365) (287,925) General, administrative and other expenses (27,837) (10,081) (6,198) (44,116) (37,358) (81,474) Fee related earnings 229,857 53,890 17,037 300,784 (110,723) 190,061 Performance income—realized 9,016 160,472 26,907 196,395 — 196,395 Performance related compensation—realized (8,011) (129,665) (17,361) (155,037) — (155,037) Realized net performance income 1,005 30,807 9,546 41,358 — 41,358 Investment income (loss)—realized (843) 19,515 2,254 20,926 (5,698) 15,228 Interest and other investment income (expense) —realized 11,204 1,299 1,716 14,219 (85) 14,134 Interest expense (4,051) (3,890) (2,326) (10,267) (1,121) (11,388) Realized net investment income (loss) 6,310 16,924 1,644 24,878 (6,904) 17,974 Realized income $ 237,172 $ 101,621 $ 28,227 $ 367,020 $ (117,627) $ 249,393 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the six months ended June 30, 2019: Credit Group Private Equity Group Real Estate Group Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $77,550) $ 335,313 $ 103,558 $ 40,420 $ 479,291 $ — $ 479,291 Other fees 7,005 — 681 7,686 — 7,686 Compensation and benefits (125,313) (42,487) (21,212) (189,012) (66,655) (255,667) General, administrative and other expenses (26,886) (8,969) (6,655) (42,510) (40,506) (83,016) Fee related earnings 190,119 52,102 13,234 255,455 (107,161) 148,294 Performance income—realized 37,884 62,492 4,191 104,567 — 104,567 Performance related compensation—realized (22,227) (49,993) (2,226) (74,446) — (74,446) Realized net performance income 15,657 12,499 1,965 30,121 — 30,121 Investment income—realized 548 11,966 5,026 17,540 — 17,540 Interest and other investment income (expense) —realized 7,536 3,612 3,224 14,372 (2) 14,370 Interest expense (3,807) (4,611) (2,169) (10,587) (795) (11,382) Realized net investment income (loss) 4,277 10,967 6,081 21,325 (797) 20,528 Realized income $ 210,053 $ 75,568 $ 21,280 $ 306,901 $ (107,958) $ 198,943
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 June 30, Six months ended June 30, 2020 2019 2020 2019 Segment revenues Management fees (includes ARCC Part I Fees of $41,306, $85,229 and $39,157, $77,550 for the three and six months ended June 30, 2020 and 2019, respectively) $ 277,672 $ 246,279 $ 551,450 $ 479,291 Other fees 4,138 4,611 8,010 7,686 Performance income—realized 44,625 35,994 196,395 104,567 Total segment revenues $ 326,435 $ 286,884 $ 755,855 $ 591,544 Segment expenses Compensation and benefits $ 111,626 $ 98,184 $ 214,560 $ 189,012 General, administrative and other expenses 20,235 21,816 44,116 42,510 Performance related compensation—realized 37,044 25,229 155,037 74,446 Total segment expenses $ 168,905 $ 145,229 $ 413,713 $ 305,968 Segment realized net investment income Investment income—realized $ 9,009 $ 2,266 $ 20,926 $ 17,540 Interest and other investment income —realized 8,036 10,068 14,219 14,372 Interest expense (5,938) (5,394) (10,267) (10,587) Total segment realized net investment income $ 11,107 $ 6,940 $ 24,878 $ 21,325
Schedule of segment revenues components	The following table reconciles the Company's consolidated revenues to segment revenue: Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Total consolidated revenue $ 602,758 $ 384,822 $ 616,167 $ 862,019 Performance (income) loss-unrealized (257,303) (98,662) 130,354 (245,237) Management fees of Consolidated Funds eliminated in consolidation 11,380 8,735 21,882 17,148 Incentive fees of Consolidated Funds eliminated in consolidation (25) 4,750 (70) 5,184 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 4,484 — 7,801 — Administrative fees (1) (8,838) (6,602) (18,499) (13,204) Performance income (loss) reclass (2) (1,656) (26) (3,373) 580 Principal investment (income) loss, net of eliminations (23,645) (5,844) 3,078 (34,603) Net income of non-controlling interests in consolidated subsidiaries (720) (289) (1,485) (343) Total consolidation adjustments and reconciling items (276,323) (97,938) 139,688 (270,475) Total segment revenue $ 326,435 $ 286,884 $ 755,855 $ 591,544 (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 June 30, Six months ended June 30, 2020 2019 2020 2019 Total consolidated expenses $ 483,567 $ 335,701 $ 565,526 $ 704,808 Performance related compensation-unrealized (200,064) (67,459) 85,828 (174,762) Expenses of Consolidated Funds added in consolidation (14,601) (28,912) (32,500) (42,313) Expenses of Consolidated Funds eliminated in consolidation 11,357 13,485 21,813 22,332 Administrative fees (1) (8,838) (6,602) (18,499) (13,204) OMG expenses (52,992) (53,868) (110,723) (107,161) Acquisition and merger-related expense (2,841) (4,207) (5,956) (5,980) Equity compensation expense (28,683) (24,029) (61,240) (51,581) Deferred placement fees (10,320) (12,432) (15,735) (12,953) Depreciation and amortization expense (6,319) (5,221) (11,861) (11,045) Expense of non-controlling interests in consolidated subsidiaries (1,361) (1,227) (2,940) (2,173) Total consolidation adjustments and reconciling items (314,662) (190,472) (151,813) (398,840) Total segment expenses $ 168,905 $ 145,229 $ 413,713 $ 305,968 (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 June 30, Six months ended June 30, 2020 2019 2020 2019 Total consolidated other income (expense) $ 121,906 $ 35,262 $ (105,957) $ 63,132 Investment (income) loss—unrealized (23,704) 7,618 81,890 (8,565) Interest and other investment (income) loss—unrealized (3,979) (4,628) (8,940) 350 Other (income) loss from Consolidated Funds added in consolidation, net (109,394) (33,008) 88,851 (64,215) Other (income) loss from Consolidated Funds eliminated in consolidation, net (4,189) 282 (8,008) (90) OMG other (income) expense (102) (188) 1,039 (158) Performance (income) loss reclass (1) 1,656 26 3,373 (580) Principal investment income (loss) 32,957 1,579 (43,031) 31,471 Other expense, net 347 2 369 1 Other (income) loss of non-controlling interests in consolidated subsidiaries (4,391) (5) 15,292 (21) Total consolidation adjustments and reconciling items (110,799) (28,322) 130,835 (41,807) Total segment realized net investment income $ 11,107 $ 6,940 $ 24,878 $ 21,325 (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 June 30, Six months ended June 30, 2020 2019 2020 2019 Income (loss) before taxes $ 241,097 $ 84,383 $ (55,316) $ 220,343 Adjustments: Depreciation and amortization expense 6,319 5,221 11,861 11,045 Equity compensation expense 28,683 24,029 61,240 51,581 Acquisition and merger-related expense 3,188 4,207 6,325 5,980 Deferred placement fees 10,320 12,432 15,735 12,953 OMG expense, net 52,890 53,680 111,762 107,003 Other expense, net — 2 — 1 Net (income) expense of non-controlling interests in consolidated subsidiaries (3,750) 933 16,747 1,809 (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (85,188) (8,079) 81,190 (25,124) Total performance (income) loss-unrealized (257,303) (98,662) 130,354 (245,237) Total performance related compensation - unrealized 200,064 67,459 (85,828) 174,762 Total investment (income) loss-unrealized (27,683) 2,990 72,950 (8,215) Realized income 168,637 148,595 367,020 306,901 Total performance income - realized (44,625) (35,994) (196,395) (104,567) Total performance related compensation - realized 37,044 25,229 155,037 74,446 Total investment income - realized (11,107) (6,940) (24,878) (21,325) Fee related earnings $ 149,949 $ 130,890 $ 300,784 $ 255,455

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	6 Months Ended
CONSOLIDATION (Tables)	Jun. 30, 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 June 30, As of December 31, 2020 2019 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs (1) $ 252,564 $ 260,520 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs (1) 151,144 181,856 Assets of consolidated VIEs 10,575,113 9,454,572 Liabilities of consolidated VIEs 9,960,904 8,679,869 (1) As of June 30, 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 $79.5 million and $104.7 million, respectively. Three months ended June 30, Six months ended June 30, 2020 2019 2020 2019 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ 85,186 $ 8,346 $ (81,220) $ 25,970
Schedule of consolidating effects of the Consolidated Funds on the Company's financial condition	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 June 30, 2020 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 890,040 $ — $ — $ 890,040 Investments (includes $1,003,827 of accrued carried interest) 1,630,631 — (151,144) 1,479,487 Due from affiliates 278,480 — (20,354) 258,126 Other assets 368,696 — — 368,696 Right-of-use operating lease assets 140,041 — — 140,041 Assets of Consolidated Funds Cash and cash equivalents — 258,400 — 258,400 Investments, at fair value — 9,997,178 8,454 10,005,632 Due from affiliates — 7,201 — 7,201 Receivable for securities sold — 276,692 — 276,692 Other assets — 35,642 — 35,642 Total assets $ 3,307,888 $ 10,575,113 $ (163,044) $ 13,719,957 Liabilities Accounts payable, accrued expenses and other liabilities $ 104,017 $ — $ — $ 104,017 Accrued compensation 123,123 — — 123,123 Due to affiliates 61,025 — — 61,025 Performance related compensation payable 715,181 — — 715,181 Debt obligations 642,474 — — 642,474 Operating lease liabilities 164,521 — — 164,521 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 60,975 — 60,975 Due to affiliates — 11,900 (11,900) — Payable for securities purchased — 449,169 — 449,169 CLO loan obligations, at fair value — 9,271,823 (43,136) 9,228,687 Fund borrowings — 167,037 — 167,037 Total liabilities 1,810,341 9,960,904 (55,036) 11,716,209 Commitments and contingencies Non-controlling interest in Consolidated Funds — 614,209 (108,008) 506,201 Non-controlling interest in Ares Operating Group entities 552,490 — — 552,490 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 (135,335,943 shares issued and outstanding) 1,353 — — 1,353 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 (114,798,404 shares issued and outstanding) 1,148 — — 1,148 Additional paid-in-capital 800,077 — — 800,077 Retained earnings (145,045) — — (145,045) Accumulated other comprehensive loss, net of tax (11,237) — — (11,237) Total stockholders' equity 945,057 — — 945,057 Total equity 1,497,547 614,209 (108,008) 2,003,748 Total liabilities, non-controlling interests and equity $ 3,307,888 $ 10,575,113 $ (163,044) $ 13,719,957 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 June 30, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $41,306) $ 278,247 $ — $ (11,380) $ 266,867 Carried interest allocation 303,278 — — 303,278 Incentive fees 306 — 25 331 Principal investment income 32,957 — (9,312) 23,645 Administrative, transaction and other fees 13,121 — (4,484) 8,637 Total revenues 627,909 — (25,151) 602,758 Expenses Compensation and benefits 185,131 — — 185,131 Performance related compensation 237,108 — — 237,108 General, administrative and other expense 58,084 — — 58,084 Expenses of the Consolidated Funds — 14,601 (11,357) 3,244 Total expenses 480,323 14,601 (11,357) 483,567 Other income (expense) Net realized and unrealized gains on investments 8,032 — (7,742) 290 Interest and dividend income 3,898 — (1,920) 1,978 Interest expense (6,082) — — (6,082) Other income, net 2,475 — (294) 2,181 Net realized and unrealized gains on investments of the Consolidated Funds — 71,497 12,025 83,522 Interest and other income of the Consolidated Funds — 116,314 — 116,314 Interest expense of the Consolidated Funds — (78,417) 2,120 (76,297) Total other income 8,323 109,394 4,189 121,906 Income before taxes 155,909 94,793 (9,605) 241,097 Income tax expense 24,419 2 — 24,421 Net income 131,490 94,791 (9,605) 216,676 Less: Net income attributable to non-controlling interests in Consolidated Funds — 94,791 (9,605) 85,186 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 75,119 — — 75,119 Net income attributable to Ares Management Corporation 56,371 — — 56,371 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 50,946 $ — $ — $ 50,946 Three Months Ended June 30, 2019 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $39,157) $ 246,581 $ — $ (8,735) $ 237,846 Carried interest allocation 119,712 — — 119,712 Incentive fees 14,970 — (4,750) 10,220 Principal investment income 1,579 — 4,265 5,844 Administrative, transaction and other fees 11,200 — — 11,200 Total revenues 394,042 — (9,220) 384,822 Expenses Compensation and benefits 162,170 — — 162,170 Performance related compensation 92,688 — — 92,688 General, administrative and other expense 65,416 — — 65,416 Expenses of the Consolidated Funds — 28,912 (13,485) 15,427 Total expenses 320,274 28,912 (13,485) 335,701 Other income (expense) Net realized and unrealized gains on investments 927 — (406) 521 Interest and dividend income 2,324 — (672) 1,652 Interest expense (5,793) — — (5,793) Other income, net 5,078 — (281) 4,797 Net realized and unrealized losses on investments of the Consolidated Funds — (486) 370 (116) Interest and other income of the Consolidated Funds — 102,206 — 102,206 Interest expense of the Consolidated Funds — (68,712) 707 (68,005) Total other income 2,536 33,008 (282) 35,262 Income before taxes 76,304 4,096 3,983 84,383 Income tax expense (benefit) 9,772 (267) — 9,505 Net income 66,532 4,363 3,983 74,878 Less: Net income attributable to non-controlling interests in Consolidated Funds — 4,363 3,983 8,346 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 34,393 — — 34,393 Net income attributable to Ares Management Corporation 32,139 — — 32,139 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 26,714 $ — $ — $ 26,714 Six Months Ended June 30, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $85,229) $ 552,598 $ — $ (21,882) $ 530,716 Carried interest allocation 72,402 — — 72,402 Incentive fees (2,988) — 70 (2,918) Principal investment income (43,031) — 39,953 (3,078) Administrative, transaction and other fees 26,846 — (7,801) 19,045 Total revenues 605,827 — 10,340 616,167 Expenses Compensation and benefits 365,215 — — 365,215 Performance related compensation 69,209 — — 69,209 General, administrative and other expense 120,415 — — 120,415 Expenses of the Consolidated Funds — 32,500 (21,813) 10,687 Total expenses 554,839 32,500 (21,813) 565,526 Other income (expense) Net realized and unrealized losses on investments (27,663) — 19,919 (7,744) Interest and dividend income 6,500 — (2,732) 3,768 Interest expense (11,388) — — (11,388) Other income, net 7,437 — 208 7,645 Net realized and unrealized losses on investments of the Consolidated Funds — (158,676) (12,563) (171,239) Interest and other income of the Consolidated Funds — 229,539 — 229,539 Interest expense of the Consolidated Funds — (159,714) 3,176 (156,538) Total other expense (25,114) (88,851) 8,008 (105,957) Income (loss) before taxes 25,874 (121,351) 40,161 (55,316) Income tax expense 3,775 30 — 3,805 Net income (loss) 22,099 (121,381) 40,161 (59,121) Less: Net loss attributable to non-controlling interests in Consolidated Funds — (121,381) 40,161 (81,220) Less: Net loss attributable to non-controlling interests in in Ares Operating Group entities (3,236) — — (3,236) Net income attributable to Ares Management Corporation 25,335 — — 25,335 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Net income attributable to Ares Management Corporation Class A common stockholders $ 14,485 $ — $ — $ 14,485 Six Months Ended June 30, 2019 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $77,550) $ 479,653 $ — $ (17,148) $ 462,505 Carried interest allocation 317,005 — — 317,005 Incentive fees 32,219 — (5,184) 27,035 Principal investment income 31,471 — 3,132 34,603 Administrative, transaction and other fees 20,871 — — 20,871 Total revenues 881,219 — (19,200) 862,019 Expenses Compensation and benefits 319,016 — — 319,016 Performance related compensation 249,208 — — 249,208 General, administrative and other expense 116,603 — — 116,603 Expenses of the Consolidated Funds — 42,313 (22,332) 19,981 Total expenses 684,827 42,313 (22,332) 704,808 Other income (expense) Net realized and unrealized gains on investments 5,351 — (1,354) 3,997 Interest and dividend income 4,648 — (1,152) 3,496 Interest expense (11,382) — — (11,382) Other income, net 210 — 90 300 Net realized and unrealized gains on investments of the Consolidated Funds — 3,262 986 4,248 Interest and other income of the Consolidated Funds — 195,390 — 195,390 Interest expense of the Consolidated Funds — (134,437) 1,520 (132,917) Total other income (expense) (1,173) 64,215 90 63,132 Income before taxes 195,219 21,902 3,222 220,343 Income tax (benefit) expense 24,735 (846) — 23,889 Net income 170,484 22,748 3,222 196,454 Less: Net income attributable to non-controlling interests in Consolidated Funds — 22,748 3,222 25,970 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 93,396 — — 93,396 Net income attributable to Ares Management Corporation 77,088 — — 77,088 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Net income attributable to Ares Management Corporation Class A common stockholders $ 66,238 $ — $ — $ 66,238
Schedule of cash flows	Six Months Ended June 30, 2020 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ 22,099 $ (121,381) $ 40,161 $ (59,121) Adjustments to reconcile net income to net cash used in operating activities 197,873 (69,037) 128,836 Adjustments to reconcile net loss to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds (510,528) 13,655 (496,873) Cash flows due to changes in operating assets and liabilities 111,099 3,875 114,974 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: (190,501) 351,846 161,345 Net cash provided by (used in) operating activities 331,071 (822,410) 340,500 (150,839) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net (8,080) — — (8,080) Acquisitions (35,844) — — (35,844) Net cash used in investing activities (43,924) — — (43,924) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 383,154 — — 383,154 Proceeds from credit facility 790,000 — — 790,000 Proceeds from senior notes 399,084 — — 399,084 Repayments of credit facility (860,000) — — (860,000) Dividends and distributions (224,407) — — (224,407) Series A Preferred Stock dividends (10,850) — — (10,850) Stock option exercises 67,441 — — 67,441 Taxes paid related to net share settlement of equity awards (74,335) — — (74,335) Other financing activities (1,889) — — (1,889) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 138,700 (15,005) 123,695 Distributions to non-controlling interests in Consolidated Funds — (172,755) 22,426 (150,329) Borrowings under loan obligations by Consolidated Funds — 608,355 — 608,355 Repayments under loan obligations by Consolidated Funds — (87,689) — (87,689) Net cash provided by financing activities 468,198 486,611 7,421 962,230 Effect of exchange rate changes (3,689) (12,122) — (15,811) Net change in cash and cash equivalents 751,656 (347,921) 347,921 751,656 Cash and cash equivalents, beginning of period 138,384 606,321 (606,321) 138,384 Cash and cash equivalents, end of period $ 890,040 $ 258,400 $ (258,400) $ 890,040 Six Months Ended June 30, 2019 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 170,484 $ 22,748 $ 3,222 $ 196,454 Adjustments to reconcile net income to net cash used in operating activities 37,274 — 10,840 48,114 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (1,444,622) 84,516 (1,360,106) Cash flows due to changes in operating assets and liabilities (12,712) — (112) (12,824) Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: — (171,377) 8,427 (162,950) Net cash provided by (used in) operating activities 195,046 (1,593,251) 106,893 (1,291,312) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net (5,653) — — (5,653) Net cash used in investing activities (5,653) — — (5,653) Cash flows from financing activities: Proceeds from credit facility 235,000 — — 235,000 Repayments of credit facility (150,000) — — (150,000) Dividends and distributions (152,364) — — (152,364) Series A Preferred Stock dividends (10,850) — — (10,850) Repurchases of Class A common stock (10,449) — — (10,449) Stock option exercises 78,794 — — 78,794 Taxes paid related to net share settlement of equity awards (31,424) — — (31,424) Other financing activities (3,258) — — (3,258) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 223,520 (108,021) 115,499 Distributions to non-controlling interests in Consolidated Funds — (35,149) 4,194 (30,955) Borrowings under loan obligations by Consolidated Funds — 1,938,858 (4,771) 1,934,087 Repayments under loan obligations by Consolidated Funds — (538,976) 10,021 (528,955) Net cash provided by (used in) financing activities (44,551) 1,588,253 (98,577) 1,445,125 Effect of exchange rate changes (7,869) (3,318) — (11,187) Net change in cash and cash equivalents 136,973 (8,316) 8,316 136,973 Cash and cash equivalents, beginning of period 110,247 384,644 (384,644) 110,247 Cash and cash equivalents, end of period $ 247,220 $ 376,328 $ (376,328) $ 247,220

ORGANIZATION (Details)

ORGANIZATION (Details) - contract	Mar. 31, 2020	Feb. 21, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of collateral management contracts acquired	7	7

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Carrying Value of Intangible Assets) (Details) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)contract	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)	Jun. 30, 2019USD ($)	Feb. 21, 2020contract	Dec. 31, 2019USD ($)
Finite-lived intangible assets, net
Intangible assets	$ 49,266			$ 49,266			$ 19,217
Less: accumulated amortization	(9,230)			(9,230)			(11,242)
Intangible assets, net	40,036			40,036			7,975
Number of collateral management contracts acquired \| contract		7				7
Fully-amortized intangibles, amount removed during the period		$ 4,700
Ares Management L.P
Finite-lived intangible assets, net
Purchase price		35,800		35,844	$ 0
General, administrative and other expense
Finite-lived intangible assets, net
Amortization expense	1,600		$ 1,200	$ 2,600	$ 2,400
Crestline Denali
Finite-lived intangible assets, net
Estimated useful lives, intangible assets				6 years 7 months 6 days
Finite-lived intangible assets acquired		$ 34,700
Management contracts
Finite-lived intangible assets, net
Estimated useful lives, intangible assets				6 years 1 month 6 days
Intangible assets	42,547			$ 42,547			12,498
Client relationships
Finite-lived intangible assets, net
Estimated useful lives, intangible assets				8 years
Intangible assets	6,341			$ 6,341			6,341
Trade name
Finite-lived intangible assets, net
Estimated useful lives, intangible assets				2 years
Intangible assets	$ 378			$ 378			$ 378

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Goodwill) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 143,855,000
Foreign currency translation	(121,000)
Goodwill, ending balance	143,734,000
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	(121,000)
Goodwill, ending balance	$ 52,938,000

INVESTMENTS (Fair Value Investm

INVESTMENTS (Fair Value Investments, excluding Equity Method Investments Held at Fair Value) (Details) - Ares Management L.P - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments
Equity method investments	$ 1,479,487	$ 1,663,664
Partnership interests	5,607	36,824
Total equity method investments	88,598	121,754
Collateralized loan obligations	19,135	22,265
Equity securities	$ 15,636	$ 15,747
Percentage of total investments as of	1.30%	1.30%
Crestline Denali Class B Interests
Investments
Collateralized loan obligations	$ 2,700
Partnership interests
Investments
Total equity method investments	$ 1,411,200	$ 1,593,438
Percentage of total investments as of	95.30%	95.80%
Other fixed income
Investments
Total equity method investments	$ 48,220	$ 46,918
Percentage of total investments as of	3.30%	2.80%
Investments in CLO warehouse
Investments
Collateralized loan obligations	$ 67,355	$ 69,183
Percentage of total investments as of	4.60%	4.10%
Common Stock
Investments
Equity securities	$ 932	$ 1,043
Percentage of total investments as of	0.10%	0.10%
Partnership interests
Investments
Equity method investments	$ 372,790	$ 390,407
Percentage of total investments as of	25.20%	23.50%
Carried interest allocation
Investments
Equity method investments	$ 1,003,827	$ 1,134,967
Percentage of total investments as of	67.80%	68.20%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments	$ 20,311	$ 51,528
Percentage of total investments as of	1.40%	3.10%
Equity method private investment partnership interests and other
Investments
Partnership interests	$ 14,272	$ 16,536
Percentage of total investments as of	0.90%	1.00%

INVESTMENTS (Narrative) (Detail

INVESTMENTS (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
INVESTMENTS (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Investments in and Advances to Affiliates [Abstract]
Equity method investments gain (loss)	$ 21.7	$ 5.4	$ (7.2)	$ 34.5

INVESTMENTS (Investments of the

INVESTMENTS (Investments of the Consolidated Funds) (Details) - Consolidated Funds - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Investments
Total investments	$ 10,005,632	$ 8,727,947
Percent of total assets	5.00%	5.00%
Fixed Income Securities
Investments
Total investments	$ 9,647,115	$ 8,319,551
Percentage of total investments as of	96.40%	95.30%
Fixed Income Securities \| Bonds
Investments
Total investments	$ 299,459	$ 212,376
Percentage of total investments as of	3.00%	2.40%
Fixed Income Securities \| Loans
Investments
Total investments	$ 9,347,656	$ 8,062,740
Percentage of total investments as of	93.40%	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	$ 45,881	$ 112,384
Percentage of total investments as of	0.50%	1.30%
Partnership Interests
Investments
Total investments	$ 312,636	$ 296,012
Percentage of total investments as of	3.10%	3.40%

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 9,647,115	$ 8,319,551
Common stock and other equity securities	45,881	112,384
Partnership interests	312,636	296,012
Total investments, at fair value	10,005,632	8,727,947
Derivatives-foreign exchange contracts	1,599
Total derivative assets, at fair value	10,007,231	8,728,614
Liabilities, at fair value
Derivative liabilities		(4,776)
Loan obligations of CLOs	(9,228,687)	(7,973,748)
Total liabilities, at fair value	(9,228,884)	(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	1,599
Liabilities, at fair value
Derivative liabilities	(197)	(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	299,459	212,376
Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,347,656	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	3,622	26,396
Partnership interests	0	0
Total investments, at fair value	3,622	26,396
Derivatives-foreign exchange contracts	0
Total derivative assets, at fair value	3,622	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	9,060,828	7,980,415
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	9,060,828	7,980,415
Derivatives-foreign exchange contracts	0
Total derivative assets, at fair value	9,060,828	7,981,082
Liabilities, at fair value
Derivative liabilities		(670)
Loan obligations of CLOs	(9,228,687)	(7,973,748)
Total liabilities, at fair value	(9,228,687)	(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	299,459	207,966
Consolidated Funds \| Level II \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	8,761,369	7,728,014
Consolidated Funds \| Level III
Assets, at fair value
Collateralized loan obligations and other fixed income	586,287	339,136
Common stock and other equity securities	42,259	85,988
Partnership interests	312,636	296,012
Total investments, at fair value	941,182	721,136
Derivatives-foreign exchange contracts	1,599
Total derivative assets, at fair value	942,781	721,136
Liabilities, at fair value
Derivative liabilities		(4,106)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(197)	(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	1,599
Liabilities, at fair value
Derivative liabilities	(197)	(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	0	4,410
Consolidated Funds \| Level III \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	586,287	334,726
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	15,636	15,747
Partnership interests	5,607	36,824
Total investments, at fair value	88,598	121,754
Total derivative assets, at fair value	93,317	125,777
Liabilities, at fair value
Derivative liabilities		(113)
Total liabilities, at fair value	(128)	(113)
Ares Management L.P \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	4,719	4,023
Liabilities, at fair value
Derivative liabilities	(128)
Ares Management L.P \| Investments in CLO warehouse
Assets, at fair value
Collateralized loan obligations and other fixed income	67,355	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	932	1,043
Partnership interests	0	0
Total investments, at fair value	932	1,043
Total derivative assets, at fair value	5,651	5,066
Liabilities, at fair value
Derivative liabilities		(113)
Total liabilities, at fair value	(128)	(113)
Ares Management L.P \| Level II \| Derivatives-foreign exchange contracts
Assets, at fair value
Derivatives-foreign exchange contracts	4,719	4,023
Liabilities, at fair value
Derivative liabilities	(128)
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	84,634	119,079
Total derivative assets, at fair value	84,634	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	67,355	69,183
Ares Management L.P \| Investments Measured at NAV
Assets, at fair value
Partnership interests	3,032	1,632
Total investments, at fair value	3,032	1,632
Total derivative assets, at fair value	$ 3,032	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Consolidated Funds
Changes in the fair value of the Level III investments
Balance, beginning of period	$ 1,629,353	$ 1,003,364	$ 717,030	$ 970,837
Additions			392,037
Deconsolidation of fund		(126,036)		(184,918)
Transfer in	84,059	29,438	258,014	41,245
Transfer out	(681,918)	(261,674)	(346,168)	(247,573)
Purchases	134,958	117,818	265,036	257,752
Sales/settlements	(273,717)	(59,136)	(276,522)	(144,047)
Amortized discounts/premiums	921	(174)	1,248	(15)
Realized and unrealized appreciation (depreciation), net	48,928	(3,541)	(68,091)	6,778
Balance, end of period	942,584	700,059	942,584	700,059
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	42,914	(5,757)	(69,399)	3,033
Consolidated Funds \| Equity Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	42,752	159,032	85,988	150,752
Additions			(635)
Deconsolidation of fund		(10,325)		(10,325)
Transfer in	0	0	0	0
Transfer out	(5)	0	(5)	0
Purchases	264	110	393	10,882
Sales/settlements	(449)	(51)	(681)	(5,137)
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	(303)	(17,034)	(42,801)	(14,440)
Balance, end of period	42,259	131,732	42,259	131,732
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(228)	(17,031)	(42,811)	(14,442)
Consolidated Funds \| Fixed Income Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	1,279,557	564,304	339,136	547,958
Additions			392,672
Deconsolidation of fund		(115,711)		(174,593)
Transfer in	84,059	29,438	258,014	41,245
Transfer out	(681,913)	(261,674)	(346,163)	(247,573)
Purchases	78,694	113,708	200,643	238,870
Sales/settlements	(217,217)	(56,530)	(218,523)	(136,329)
Amortized discounts/premiums	815	(345)	1,098	(37)
Realized and unrealized appreciation (depreciation), net	42,292	1,222	(40,590)	4,871
Balance, end of period	586,287	274,412	586,287	274,412
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	36,263	(389)	(40,533)	1,114
Consolidated Funds \| Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	307,025	283,059	296,012	271,447
Additions			0
Deconsolidation of fund		0		0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	56,000	4,000	64,000	8,000
Sales/settlements	(56,000)	(2,000)	(56,000)	(2,000)
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	5,611	8,798	8,624	16,410
Balance, end of period	312,636	293,857	312,636	293,857
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	5,611	8,798	8,624	16,410
Consolidated Funds \| Derivatives, Net
Changes in the fair value of the Level III investments
Balance, beginning of period	19	(3,031)	(4,106)	680
Additions			0
Deconsolidation of fund		0		0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	0	0	0	0
Sales/settlements	(51)	(555)	(1,318)	(581)
Amortized discounts/premiums	106	171	150	22
Realized and unrealized appreciation (depreciation), net	1,328	3,473	6,676	(63)
Balance, end of period	1,402	58	1,402	58
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,268	2,865	5,321	(49)
Ares Management L.P
Changes in the fair value of the Level III investments
Balance, beginning of period	82,623	112,779	119,079	106,413
Additions			3,686
Deconsolidation of fund		1,883		10,021
Purchases	659	2,000	1,301	4,146
Sales/settlements	(287)	(6,206)	(33,118)	(11,169)
Realized and unrealized appreciation (depreciation), net	1,639	1,184	(6,314)	2,229
Balance, end of period	84,634	111,640	84,634	111,640
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,639	1,818	419	2,479
Ares Management L.P \| Equity Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	14,704	10,397	14,704	10,397
Additions			0
Deconsolidation of fund		0		0
Purchases	0	2,000	0	2,000
Sales/settlements	0	0	0	0
Realized and unrealized appreciation (depreciation), net	0	0	0	0
Balance, end of period	14,704	12,397	14,704	12,397
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	0	0	0	0
Ares Management L.P \| Fixed Income Securities
Changes in the fair value of the Level III investments
Balance, beginning of period	65,344	67,190	69,183	60,824
Additions			3,686
Deconsolidation of fund		1,883		10,021
Purchases	659	0	1,301	2,146
Sales/settlements	(287)	(6,206)	(688)	(11,169)
Realized and unrealized appreciation (depreciation), net	1,639	1,184	(6,127)	2,229
Balance, end of period	67,355	64,051	67,355	64,051
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,639	1,818	(5,092)	2,479
Ares Management L.P \| Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	2,575	35,192	35,192	35,192
Additions			0
Deconsolidation of fund		0		0
Purchases	0	0	0	0
Sales/settlements	0	0	(32,430)	0
Realized and unrealized appreciation (depreciation), net	0	0	(187)	0
Balance, end of period	2,575	35,192	2,575	35,192
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 0	$ 0	$ 5,511	$ 0

FAIR VALUE (Valuation Technique

FAIR VALUE (Valuation Techniques) (Details) $ in Thousands	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Consolidated Funds
Assets, Fair Value Disclosure [Abstract]
Equity securities	$ 45,881	$ 112,384
Partnership interests	312,636	296,012
Collateralized loan obligations	9,228,687	7,973,748
Other fixed income	9,647,115	8,319,551
Derivative instruments	1,599
Total derivative assets, at fair value	10,007,231	8,728,614
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments		(4,776)
Total liabilities, at fair value	(9,228,884)	(7,978,524)
Consolidated Funds \| Level III
Assets, Fair Value Disclosure [Abstract]
Equity securities	42,259	85,988
Partnership interests	312,636	296,012
Collateralized loan obligations	0	0
Other fixed income	586,287	339,136
Derivative instruments	1,599
Total derivative assets, at fair value	942,781	721,136
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments		(4,106)
Total liabilities, at fair value	(197)	(4,106)
Consolidated Funds \| Level III \| Transaction price
Assets, Fair Value Disclosure [Abstract]
Equity securities	2,000	44,812
Consolidated Funds \| Level III \| Other
Assets, Fair Value Disclosure [Abstract]
Equity securities	$ 40,096	$ 40,745
Consolidated Funds \| Level III \| Other \| Net income multiple
Unobservable Input
Equity securities	27.5	36.2
Consolidated Funds \| Level III \| Other \| Net income multiple \| Weighted Average
Unobservable Input
Equity securities	27.5	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]
Equity securities	$ 27
Other fixed income	493,686	$ 271,919
Derivative instruments	1,599
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments	(197)	(4,106)
Consolidated Funds \| Level III \| Discounted cash flow
Assets, Fair Value Disclosure [Abstract]
Partnership interests	$ 312,636	$ 296,012
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rate
Unobservable Input
Partnership interest	0.161	0.196
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rate \| Weighted Average
Unobservable Input
Partnership interest	0.161	0.196
Consolidated Funds \| Level III \| Market approach
Assets, Fair Value Disclosure [Abstract]
Equity securities	$ 136	$ 431
Other fixed income	$ 1,846
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple
Unobservable Input
Fixed income securities	7.8
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Minimum
Unobservable Input
Equity securities	5.4	8.2
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Maximum
Unobservable Input
Equity securities	18	21.3
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Weighted Average
Unobservable Input
Equity securities	8.8	16.1
Fixed income securities	7.8
Consolidated Funds \| Level III \| Income approach
Assets, Fair Value Disclosure [Abstract]
Other fixed income	$ 90,755	$ 67,217
Consolidated Funds \| Level III \| Income approach \| Yield \| Minimum
Unobservable Input
Fixed income securities	0.028	0.048
Consolidated Funds \| Level III \| Income approach \| Yield \| Maximum
Unobservable Input
Fixed income securities	0.369	0.143
Consolidated Funds \| Level III \| Income approach \| Yield \| Weighted Average
Unobservable Input
Fixed income securities	0.082	0.097
Ares Management L.P
Assets, Fair Value Disclosure [Abstract]
Equity securities	$ 15,636	$ 15,747
Partnership interests	5,607	36,824
Total derivative assets, at fair value	93,317	125,777
Liabilities, Fair Value Disclosure [Abstract]
Derivatives instruments		(113)
Total liabilities, at fair value	(128)	(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	84,634	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	48,220	46,918
Ares Management L.P \| Level III \| Broker quotes and/or 3rd party pricing services
Assets, Fair Value Disclosure [Abstract]
Collateralized loan obligations	$ 19,135	$ 22,265

FAIR VALUE (Investments Using N

FAIR VALUE (Investments Using NAV per Share) (Details) - Investments Measured at NAV - Non-core investments - USD ($)	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
FAIR VALUE
Fair Value	$ 3,000,000	$ 1,600,000
Unfunded commitments		$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Consolidated Funds
Assets
Notional amount, Assets	$ 6,883	$ 667
Fair Value, Assets	1,599	667
Liabilities
Notional amount, Liabilities	424	8,307
Fair Value, Liabilities	197	4,776
Derivative asset, amount offset	400	100
Derivative liability, amount offset	400	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	6,883	0
Fair Value, Assets	1,599	0
Liabilities
Notional amount, Liabilities	424	7,640
Fair Value, Liabilities	197	4,106
Ares Management L.P
Assets
Notional amount, Assets	56,555	67,930
Fair Value, Assets	4,719	4,023
Liabilities
Notional amount, Liabilities	2,124	10,846
Fair Value, Liabilities	128	113
Ares Management L.P \| Foreign exchange contracts
Assets
Notional amount, Assets	56,555	67,930
Fair Value, Assets	4,719	4,023
Liabilities
Notional amount, Liabilities	2,124	10,846
Fair Value, Liabilities	$ 128	$ 113

DEBT (Debt Obligations) (Detail

DEBT (Debt Obligations) (Details) - Ares Management L.P - USD ($)	1 Months Ended		6 Months Ended
	Jun. 30, 2020	Oct. 31, 2014	Jun. 30, 2020	Dec. 31, 2019
DEBT
Carrying Value	$ 642,474,000		$ 642,474,000	$ 316,609,000
Credit Facility
DEBT
Carrying Value	$ 0		$ 0	$ 70,000,000
Interest Rate	0.00%		0.00%	3.06%
Maximum borrowing capacity	$ 1,065,000,000		$ 1,065,000,000
Unused commitment fees			0.13%
Interest rate	0.00%		0.00%
Credit Facility \| Base rate
DEBT
Interest rate spread			0.25%
Credit Facility \| LIBOR
DEBT
Interest rate spread			1.25%
Senior Notes 2024
DEBT
Original Borrowing Amount	$ 250,000,000		$ 250,000,000
Carrying Value	$ 246,943,000		$ 246,943,000	$ 246,609,000
Interest Rate	4.21%		4.21%	4.21%
Debt issuance rate		98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount	$ 400,000,000		$ 400,000,000
Carrying Value	$ 395,531,000		$ 395,531,000	$ 0
Interest Rate	3.28%		3.28%	0.00%
Debt issuance rate	99.77%

DEBT (Debt Issuance Costs) (Det

DEBT (Debt Issuance Costs) (Details) - Ares Management L.P $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs	$ 5,255
Debt issuance costs incurred	1,217
Amortization of debt issuance costs	(626)
Unamortized debt issuance costs	5,846
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs	1,102
Debt issuance costs incurred	3,586
Amortization of debt issuance costs	(146)
Unamortized debt issuance costs	$ 4,542

DEBT (Loan Obligations of the C

DEBT (Loan Obligations of the Consolidated CLOs) (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
DEBT
Fair Value of Loan Obligations		$ 9,228,687	$ 7,973,748
Investments in CLO warehouse
DEBT
Loan Obligations		10,069,961	8,188,214
Fair Value of Loan Obligations		9,228,687	7,973,748
Senior secured notes \| Investments in CLO warehouse
DEBT
Loan Obligations		9,528,637	7,738,337
Fair Value of Loan Obligations		$ 9,003,995	7,700,038
Weighted Average Remaining Maturity In Years	11 years	10 years 6 months
Debt instrument face amount		$ 9,500,000
Weighted average interest rate (as a percent)		2.42%
Subordinated notes / preferred shares \| Investments in CLO warehouse
DEBT
Loan Obligations		$ 541,324	449,877
Fair Value of Loan Obligations		$ 224,692	$ 273,710
Weighted Average Remaining Maturity In Years	11 years	10 years 7 months 6 days
Debt instrument face amount		$ 541,300

DEBT (Credit Facilities of the

DEBT (Credit Facilities of the Consolidated Funds) (Details) - Consolidated Funds - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
DEBT
Total borrowings of Consolidated Funds	$ 167,037	$ 107,244
Credit Facility Maturing 3/5/2021
DEBT
Maximum borrowing capacity	71,500
Outstanding Loan	$ 71,500	$ 71,500
Effective Rate	1.59%	3.14%
Credit Facility Maturing 6/30/2021
DEBT
Maximum borrowing capacity	$ 112,365
Outstanding Loan	$ 63,663	$ 0
Effective Rate	1.00%
Interest rate	0.00%	0.00%
Credit Facility Maturing 6/30/2021 \| EURIBOR
DEBT
Interest rate spread	1.00%	1.00%
Credit Facility Maturing 1/1/2023
DEBT
Maximum borrowing capacity	$ 18,000
Outstanding Loan	$ 17,909	$ 17,550
Effective Rate	1.95%	3.44%
Credit Facility Maturing 7/15/2028
DEBT
Maximum borrowing capacity	$ 75,000
Outstanding Loan	$ 13,500	$ 17,000
Effective Rate	4.16%	4.75%
Revolving Term Loan
DEBT
Maximum borrowing capacity	$ 1,900
Outstanding Loan	$ 465	$ 1,194
Effective Rate	8.03%	7.70%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 632,400,000	$ 387,400,000
Performance Income
Carried interest, contingent repayment obligations		0
Performance Income
Performance Income
Performance income subject to potential clawback provision	271,900,000	233,400,000
Performance income subject to potential claw back provision that are reimbursable by professionals	$ 208,400,000	$ 175,100,000

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Leases: Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 164,521
Finance lease obligations	1,349
Accumulated amortization	$ 800	$ 600
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	us-gaap:OtherAssets
Finance Lease, Liability, Statement of Financial Position [Extensible List]	us-gaap:AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
Ares Management L.P
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 140,041	143,406
Finance lease assets	1,630	1,787
Total lease assets	141,671	145,193
Operating lease liabilities	164,521	168,817
Finance lease obligations	1,349	1,651
Total lease liabilities	$ 165,870	$ 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 7,805	$ 7,211	$ 15,437	$ 14,149
Amortization of finance lease assets	125	78	219	105
Interest on finance lease liabilities	11	8	22	21
Total lease expense	$ 7,941	$ 7,297	$ 15,678	$ 14,275

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES (Leases: Other Information) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows for operating leases	$ 16,055	$ 15,313
Operating cash flows for finance leases	42	52
Financing cash flows for finance leases	366	264
Leased assets obtained in exchange for new finance lease liabilities	0	114
Leased assets obtained in exchange for new operating lease liabilities	$ 9,647	$ 47,866

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES (Leases: Lease Term and Discount Rate) (Details)	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms, operating lease	6 years 1 month 6 days	6 years 6 months
Weighted-average remaining lease terms, finance lease	3 years 1 month 6 days	3 years 3 months 18 days
Weighted-average discount rate, operating lease	3.97%	4.00%
Weighted-average discount rate, finance lease	3.26%	3.39%

COMMITMENTS AND CONTINGENCIES_7

COMMITMENTS AND CONTINGENCIES (Leases: Maturity of Lease Liabilities) (Details) $ in Thousands	Jun. 30, 2020USD ($)
Operating Leases
2020	$ 15,264
2021	30,316
2022	31,497
2023	28,016
2024	25,184
After 2024	55,531
Total future payments	185,808
Less: interest	21,287
Operating lease liabilities	164,521
Finance Leases
2020	102
2021	516
2022	485
2023	158
2024	156
After 2024	6
Total future payments	1,423
Less: interest	74
Total lease liabilities	$ 1,349

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	3 Months Ended		6 Months Ended
RELATED PARTY TRANSACTIONS (Details) - USD ($)	Jun. 30, 2019	Jun. 30, 2017	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
ARCC \| American Capital Ltd.
Due to affiliates:
Maximum fees waived	$ 10,000,000	$ 10,000,000	$ 20,000,000
Consolidated Funds
Due from affiliates:
Due from affiliates				$ 7,201,000	$ 6,192,000
Due to affiliates:
Due to affiliates				0	0
Consolidated Funds \| Affiliated entity
Due from affiliates:
Due from affiliates				7,201,000	6,192,000
Ares Management L.P
Due from affiliates:
Due from affiliates				258,126,000	268,099,000
Due to affiliates:
Due to affiliates				61,025,000	71,445,000
Ares Management L.P \| Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds				204,249,000	203,554,000
Payments made on behalf of and amounts due from non-consolidated funds and employees				53,877,000	64,545,000
Due to affiliates:
Management fee rebate payable to non-consolidated funds				2,580,000	2,420,000
Management fees received in advance				5,714,000	3,012,000
Tax receivable agreement liability				36,443,000	26,542,000
Undistributed carried interest and incentive fees				8,450,000	28,086,000
Payments made by non-consolidated funds on behalf of and payable by the Company				$ 7,838,000	$ 11,385,000

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Income tax expense	$ 24,421	$ 9,505	$ 3,805	$ 23,889
Deferred tax assets, net	$ 70,200		$ 70,200		$ 46,400

EARNINGS PER SHARE (Antidilutiv

EARNINGS PER SHARE (Antidilutive) (Details) - shares	3 Months Ended		6 Months Ended
EARNINGS PER SHARE (Antidilutive) (Details) - shares	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
AOG
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	115,103,668	116,831,583	0	116,913,353
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	616	0	0	59

EARNINGS PER SHARE (Computation

EARNINGS PER SHARE (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 16, 2020	Mar. 17, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic
Net income attributable to Ares Management Corporation Class A common stockholders			$ 50,946	$ 26,714	$ 14,485	$ 66,238
Distributions on unvested restricted units			(2,667)	(1,886)	(4,955)	(3,693)
Net income available to Class A common stockholders			48,279	24,828	9,530	$ 62,545
Basic weighted-average shares of Class A common stock (in shares)						104,054,035
Distributions on unvested restricted units			0	0	(4,955)	$ 0
Net income attributable to Ares Management Corporation Class A common stockholders			$ 50,946	$ 26,714	$ 9,530	$ 66,238
Diluted
Dividend declared and paid per Class A common stock (in dollar per share)	$ 0.40	$ 0.40
Class A common stock
Basic
Basic weighted-average shares of Class A common stock (in shares)			133,639,194	105,188,966	126,002,867	104,054,035
Basic earnings per share of Class A common stock (in dollars per share)			$ 0.36	$ 0.24	$ 0.08	$ 0.60
Diluted
Diluted weighted-average shares of Class A common stock (in shares)			146,904,357	116,603,887	126,002,867	113,657,864
Diluted earnings per share of Class A common stock (in dollars per share)			$ 0.35	$ 0.23	$ 0.08	$ 0.58
Dividend declared and paid per Class A common stock (in dollar per share)			$ 0.40	$ 0.32	$ 0.80	$ 0.64
Restricted units
Diluted
Effect of dilutive shares (in shares)			8,135,584	7,212,754	0	6,349,061
Options
Diluted
Effect of dilutive shares (in shares)			5,129,579	4,202,167	0	3,254,768

EQUITY COMPENSATION (Equity Inc

EQUITY COMPENSATION (Equity Incentive Plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jan. 01, 2019
Equity compensation
Equity compensation expenses	$ 28,683	$ 24,029	$ 61,240	$ 51,581
Restricted units
Equity compensation
Equity compensation expenses	28,386	21,783	56,768	44,796
Restricted units with a market condition
Equity compensation
Equity compensation expenses	297	901	4,429	1,791
Options
Equity compensation
Equity compensation expenses	0	1,157	43	4,258
Phantom shares
Equity compensation
Equity compensation expenses	$ 0	$ 188	$ 0	$ 736
Ares Management L.P
Equity compensation
Total number of shares available for grant under the Equity Incentive Plan (in shares)	34,114,071		34,114,071		37,528,029

EQUITY COMPENSATION (Restricted

EQUITY COMPENSATION (Restricted Units) (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 16, 2020	Mar. 17, 2020	Jun. 30, 2020	Jun. 30, 2020
Equity compensation
Dividend declared and paid per share of Class A common stock (in dollar per share)	$ 0.40	$ 0.40
Distribution equivalents made to holders			$ 6.5	$ 12.9
Restricted units
Units
Balance at the beginning of the period (in units or shares)				16,810,473
Granted (in units)				3,653,779
Vested (in units)				(3,945,510)
Forfeited (in units)				(216,209)
Balance at the end of the period (in units or shares)			16,302,533	16,302,533
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)				$ 20.07
Granted (in dollars per share)				36.47
Vested (in dollars per share)				19.22
Forfeited (in dollars per share)				21.73
Balance at the end of the period (in dollars per share)			$ 23.92	$ 23.92
Unrecognized compensation expenses			$ 275.4	$ 275.4
Weighted average period of compensation expense expected to be recognized				3 years 1 month 6 days
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	6 Months Ended
	Jun. 30, 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	$ 2.8
Weighted average period of compensation expense expected to be recognized	2 years 4 months 24 days

EQUITY COMPENSATION (Options) (

EQUITY COMPENSATION (Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Options
Exercised (in units)	(3,599,504)
Options
Options
Balance at the beginning of the period (in units)	13,426,870
Granted (in units)	0
Exercised (in units)	(3,747,461)
Expired (in units)	0
Forfeited (in units)	0
Balance at the end of the period (in units)	9,679,409	13,426,870
Exercisable at the end of the period (in units)	9,679,409
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)	18.99
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	$ 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 3 months 18 days
Expected to vest at the end of the period	3 years 9 months 18 days
Exercisable at the end of the period	3 years 9 months 18 days
Aggregate Intrinsic Value
Beginning balance	$ 200,497	$ 224,260
Ending balance	200,497	$ 224,260
Exercisable	200,497
Stock option exercises	71,200
Tax benefits of exercises	$ 8,700

EQUITY (Common Stock) (Details)

EQUITY (Common Stock) (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Feb. 29, 2020	Dec. 31, 2019	Feb. 28, 2019
Class of Stock [Line Items]
Stock repurchased		$ 10,449,000
Proceeds from sale of shares	$ 383,800,000
Fees related to stock issuance	$ 700,000
Increase (Decrease) in Stockholders' Equity
Balance (in shares)			115,243,029
Issuance of stock (in shares)			127,330,160
Stock option exercises (in shares)			3,599,504
Vesting of restricted stock awards, net of shares withheld for tax (shares)			2,586,232
Balance (in shares)			250,135,347
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
Stock repurchased (shares)				400,000
Stock repurchased				$ 10,400,000
Increase (Decrease) in Stockholders' Equity
Balance (in shares)			115,242,028
Issuance of stock (in shares)			12,130,540
Stock option exercises (in shares)			3,599,504
Vesting of restricted stock awards, net of shares withheld for tax (shares)			2,586,232
Balance (in shares)			135,335,943
Common stock, shares authorized (in shares)			1,500,000,000			1,500,000,000
Class A common stock \| AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)			1,777,639
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
Common stock, shares authorized (in shares)			1,000			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)			114,798,404
Common stock, shares authorized (in shares)			499,999,000			499,999,000
Class C common stock \| AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units (in shares)			(401,217)
Common Stock
Increase (Decrease) in Stockholders' Equity
Common stock, shares authorized (in shares)			500,000,000			500,000,000

EQUITY (Common Stock Offering)

EQUITY (Common Stock Offering) (Details) - shares	3 Months Ended		6 Months Ended
EQUITY (Common Stock Offering) (Details) - shares	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Class of Stock [Line Items]
AOG Units (in units)	250,134,347		250,134,347		231,883,861
AOG
Class of Stock [Line Items]
Direct Ownership Interest	100.00%		100.00%		100.00%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG Units (in units)	114,798,404		114,798,404		116,641,833
Daily Average Ownership			47.87%	52.91%
Ares Owners Holdings, L.P. \| AOG
Class of Stock [Line Items]
Direct Ownership Interest	45.89%		45.89%		50.30%
Daily Average Ownership	46.27%	52.62%
AOG
Class of Stock [Line Items]
AOG Units (in units)	135,335,943		135,335,943		115,242,028
Daily Average Ownership			52.13%	47.09%
AOG \| AOG
Class of Stock [Line Items]
Direct Ownership Interest	54.11%		54.11%		49.70%
Daily Average Ownership	53.73%	47.38%

EQUITY (Preferred Stock) (Detai

EQUITY (Preferred Stock) (Details) - $ / shares	6 Months Ended
EQUITY (Preferred Stock) (Details) - $ / shares	Jun. 30, 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment reporting
Total revenues	$ 602,758	$ 384,822	$ 616,167	$ 862,019
Operating segment
Segment reporting
Fee related earnings	149,949	130,890	300,784	255,455
Performance income—realized	44,625	35,994	196,395	104,567
Performance related compensation—realized	(37,044)	(25,229)	(155,037)	(74,446)
Realized net investment income (loss)	11,107	6,940	24,878	21,325
Realized income	(168,637)	(148,595)	(367,020)	(306,901)
OMG
Segment reporting
Compensation and benefits	(36,939)	(33,994)	(73,365)	(66,655)
General, administrative and other expenses	(16,053)	(19,874)	(37,358)	(40,506)
Fee related earnings	(52,992)	(53,868)	(110,723)	(107,161)
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income	0	0	0	0
Investment income (loss)—realized	0	0	(5,698)	0
Interest and other investment income (expense) —realized	(253)	(17)	(85)	(2)
Interest expense	(144)	(399)	(1,121)	(795)
Realized net investment income (loss)	(397)	(416)	(6,904)	(797)
Realized income	(53,389)	(54,284)	(117,627)	(107,958)
Total
Segment reporting
Compensation and benefits	(148,565)	(132,178)	(287,925)	(255,667)
General, administrative and other expenses	(36,288)	(41,690)	(81,474)	(83,016)
Fee related earnings	96,957	77,022	190,061	148,294
Performance income—realized	44,625	35,994	196,395	104,567
Performance related compensation—realized	(37,044)	(25,229)	(155,037)	(74,446)
Realized net performance income	7,581	10,765	41,358	30,121
Investment income (loss)—realized	9,009	2,266	15,228	17,540
Interest and other investment income (expense) —realized	7,783	10,051	14,134	14,370
Interest expense	(6,082)	(5,793)	(11,388)	(11,382)
Realized net investment income (loss)	10,710	6,524	17,974	20,528
Realized income	115,248	94,311	249,393	198,943
Ares Management L.P
Segment reporting
Total revenues	602,758	384,822	616,167	862,019
Compensation and benefits	(185,131)	(162,170)	(365,215)	(319,016)
General, administrative and other expenses	(58,084)	(65,416)	(120,415)	(116,603)
Ares Management L.P \| Affiliated entity \| ARCC
Segment reporting
Management fees, part I fees	41,306	39,157	85,229	77,550
Ares Management L.P \| Operating segment
Segment reporting
Compensation and benefits	(111,626)	(98,184)	(214,560)	(189,012)
General, administrative and other expenses	(20,235)	(21,816)	(44,116)	(42,510)
Fee related earnings	149,949	130,890	300,784	255,455
Performance income—realized	44,625	35,994	196,395	104,567
Performance related compensation—realized	(37,044)	(25,229)	(155,037)	(74,446)
Realized net performance income	7,581	10,765	41,358	30,121
Investment income (loss)—realized	9,009	2,266	20,926	17,540
Interest and other investment income (expense) —realized	8,036	10,068	14,219	14,372
Interest expense	(5,938)	(5,394)	(10,267)	(10,587)
Realized net investment income (loss)	11,107	6,940	24,878	21,325
Realized income	168,637	148,595	367,020	306,901
Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Compensation and benefits	(76,765)	(64,965)	(147,690)	(125,313)
General, administrative and other expenses	(12,524)	(13,381)	(27,837)	(26,886)
Fee related earnings	115,600	97,940	229,857	190,119
Performance income—realized	0	15,959	9,016	37,884
Performance related compensation—realized	(112)	(9,564)	(8,011)	(22,227)
Realized net performance income	(112)	6,395	1,005	15,657
Investment income (loss)—realized	0	(310)	(843)	548
Interest and other investment income (expense) —realized	6,629	4,631	11,204	7,536
Interest expense	(2,336)	(1,908)	(4,051)	(3,807)
Realized net investment income (loss)	4,293	2,413	6,310	4,277
Realized income	119,781	106,748	237,172	210,053
Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Compensation and benefits	(22,126)	(21,291)	(41,722)	(42,487)
General, administrative and other expenses	(4,448)	(4,912)	(10,081)	(8,969)
Fee related earnings	26,852	25,959	53,890	52,102
Performance income—realized	44,318	18,369	160,472	62,492
Performance related compensation—realized	(36,741)	(14,696)	(129,665)	(49,993)
Realized net performance income	7,577	3,673	30,807	12,499
Investment income (loss)—realized	8,045	1,030	19,515	11,966
Interest and other investment income (expense) —realized	487	3,318	1,299	3,612
Interest expense	(2,247)	(2,436)	(3,890)	(4,611)
Realized net investment income (loss)	6,285	1,912	16,924	10,967
Realized income	40,714	31,544	101,621	75,568
Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Compensation and benefits	(12,735)	(11,928)	(25,148)	(21,212)
General, administrative and other expenses	(3,263)	(3,523)	(6,198)	(6,655)
Fee related earnings	7,497	6,991	17,037	13,234
Performance income—realized	307	1,666	26,907	4,191
Performance related compensation—realized	(191)	(969)	(17,361)	(2,226)
Realized net performance income	116	697	9,546	1,965
Investment income (loss)—realized	964	1,546	2,254	5,026
Interest and other investment income (expense) —realized	920	2,119	1,716	3,224
Interest expense	(1,355)	(1,050)	(2,326)	(2,169)
Realized net investment income (loss)	529	2,615	1,644	6,081
Realized income	8,142	10,303	28,227	21,280
Management fees \| OMG
Segment reporting
Total revenues	0	0	0	0
Management fees \| Total
Segment reporting
Total revenues	277,672	246,279	551,450	479,291
Management fees \| Ares Management L.P
Segment reporting
Total revenues	266,867	237,846	530,716	462,505
Management fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	277,672	246,279	551,450	479,291
Management fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	200,788	172,347	398,225	335,313
Management fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	53,396	52,162	105,553	103,558
Management fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	23,488	21,770	47,672	40,420
Other fees \| OMG
Segment reporting
Total revenues	0	0	0	0
Other fees \| Total
Segment reporting
Total revenues	4,138	4,611	8,010	7,686
Other fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	4,138	4,611	8,010	7,686
Other fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	4,101	3,939	7,159	7,005
Other fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	30	0	140	0
Other fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	$ 7	$ 672	$ 711	$ 681

SEGMENT REPORTING (Revenue, Exp

SEGMENT REPORTING (Revenue, Expenses and Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment revenues
Total revenues	$ 602,758	$ 384,822	$ 616,167	$ 862,019
Total segment revenues	326,435	286,884	755,855	591,544
Segment expenses
Total expenses	483,567	335,701	565,526	704,808
Segment other income
Total other income (expense)	121,906	35,262	(105,957)	63,132
Operating segment
Segment revenues
Performance income—realized	44,625	35,994	196,395	104,567
Segment expenses
Total performance related compensation - realized	37,044	25,229	155,037	74,446
Ares Management L.P
Segment revenues
Total revenues	602,758	384,822	616,167	862,019
Segment expenses
Compensation and benefits	185,131	162,170	365,215	319,016
General, administrative and other expenses	58,084	65,416	120,415	116,603
Ares Management L.P \| ARCC \| Affiliated entity
Segment other income
Management fees, part I fees	41,306	39,157	85,229	77,550
Ares Management L.P \| Management fees
Segment revenues
Total revenues	266,867	237,846	530,716	462,505
Ares Management L.P \| Operating segment
Segment revenues
Performance income—realized	44,625	35,994	196,395	104,567
Total segment revenues	326,435	286,884	755,855	591,544
Segment expenses
Compensation and benefits	111,626	98,184	214,560	189,012
General, administrative and other expenses	20,235	21,816	44,116	42,510
Total performance related compensation - realized	37,044	25,229	155,037	74,446
Total expenses	168,905	145,229	413,713	305,968
Segment other income
Investment income—realized	9,009	2,266	20,926	17,540
Interest and other investment income—realized	8,036	10,068	14,219	14,372
Interest expense	(5,938)	(5,394)	(10,267)	(10,587)
Total other income (expense)	11,107	6,940	24,878	21,325
Ares Management L.P \| Operating segment \| Management fees
Segment revenues
Total revenues	277,672	246,279	551,450	479,291
Ares Management L.P \| Operating segment \| Other fees
Segment revenues
Total revenues	$ 4,138	$ 4,611	$ 8,010	$ 7,686

SEGMENT REPORTING (Revenue Reco

SEGMENT REPORTING (Revenue Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenue adjustment
Total revenues	$ 602,758	$ 384,822	$ 616,167	$ 862,019
Principal investment income	(11,107)	(6,940)	(24,878)	(21,325)
Total segment revenue	326,435	286,884	755,855	591,544
Ares Management L.P
Revenue adjustment
Total revenues	602,758	384,822	616,167	862,019
Operating segment \| Ares Management L.P
Revenue adjustment
Performance (income) loss-unrealized	(257,303)	(98,662)	130,354	(245,237)
Total segment revenue	326,435	286,884	755,855	591,544
Reconciling items
Revenue adjustment
Principal investment income	(32,957)	(1,579)	43,031	(31,471)
Total segment revenue	(276,323)	(97,938)	139,688	(270,475)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Revenue adjustment
Total segment revenue	(720)	(289)	(1,485)	(343)
Reconciling items \| Performance income reclass
Revenue adjustment
Performance fee reclass	(1,656)	(26)	(3,373)	580
Management fees \| Ares Management L.P
Revenue adjustment
Total revenues	266,867	237,846	530,716	462,505
Management fees \| Operating segment \| Ares Management L.P
Revenue adjustment
Total revenues	277,672	246,279	551,450	479,291
Management fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total segment revenue	11,380	8,735	21,882	17,148
Incentive fees \| Ares Management L.P
Revenue adjustment
Total revenues	331	10,220	(2,918)	27,035
Incentive fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	(25)	4,750	(70)	5,184
Administrative, transaction and other fees
Revenue adjustment
Total revenues	0	0	0
Administrative, transaction and other fees \| Ares Management L.P
Revenue adjustment
Total revenues	8,637	11,200	19,045	20,871
Administrative, transaction and other fees \| Reconciling items
Revenue adjustment
Total revenues	(8,838)	(6,602)	(18,499)	(13,204)
Administrative, transaction and other fees \| Consolidated Funds \| Reconciling items
Revenue adjustment
Total revenues	4,484	0	7,801	0
Principal investment income (loss) \| Ares Management L.P
Revenue adjustment
Total revenues	23,645	5,844	(3,078)	34,603
Principal investment income (loss) \| Reconciling items
Revenue adjustment
Principal investment income	$ (23,645)	$ (5,844)	$ 3,078	$ (34,603)

SEGMENT REPORTING (Expenses) (D

SEGMENT REPORTING (Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	$ 483,567	$ 335,701	$ 565,526	$ 704,808
Equity compensation expense	28,683	24,029	61,240	51,581
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Transaction support expense	3,188	4,207	6,325	5,980
Equity compensation expense	28,683	24,029	61,240	51,581
Deferred placement fees	10,320	12,432	15,735	12,953
Depreciation and amortization expense	6,319	5,221	11,861	11,045
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	168,905	145,229	413,713	305,968
Performance related compensation-unrealized	(200,064)	(67,459)	85,828	(174,762)
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	483,567	335,701	565,526	704,808
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	(314,662)	(190,472)	(151,813)	(398,840)
Administrative fees	(8,838)	(6,602)	(18,499)	(13,204)
Transaction support expense	(2,841)	(4,207)	(5,956)	(5,980)
Equity compensation expense	(28,683)	(24,029)	(61,240)	(51,581)
Deferred placement fees	(10,320)	(12,432)	(15,735)	(12,953)
Depreciation and amortization expense	(6,319)	(5,221)	(11,861)	(11,045)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	(1,361)	(1,227)	(2,940)	(2,173)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(14,601)	(28,912)	(32,500)	(42,313)
Expenses of Consolidated Funds eliminated in consolidation	11,357	13,485	21,813	22,332
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	$ 52,992	$ 53,868	$ 110,723	$ 107,161

SEGMENT REPORTING (Other Income

SEGMENT REPORTING (Other Income (Expense)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ 121,906	$ 35,262	$ (105,957)	$ 63,132
Principal investment income (loss)	11,107	6,940	24,878	21,325
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) loss from Consolidated Funds eliminated in consolidation, net	2,181	4,797	7,645	300
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	27,683	(2,990)	(72,950)	8,215
Other expense, net	0	(2)	0	(1)
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	11,107	6,940	24,878	21,325
Investment (income) loss—unrealized	(23,704)	7,618	81,890	(8,565)
Interest and other investment (income) loss—unrealized	(3,979)	(4,628)	(8,940)	350
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	121,906	35,262	(105,957)	63,132
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	(110,799)	(28,322)	130,835	(41,807)
Principal investment income (loss)	32,957	1,579	(43,031)	31,471
Other expense, net	347	2	369	1
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	(4,391)	(5)	15,292	(21)
Reconciling items \| Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance fee reclass	1,656	26	3,373	(580)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) loss from Consolidated Funds added in consolidation, net	(109,394)	(33,008)	88,851	(64,215)
Eliminations \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) loss from Consolidated Funds eliminated in consolidation, net	(4,189)	282	(8,008)	(90)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ (102)	$ (188)	$ 1,039	$ (158)

SEGMENT REPORTING (Reconciliati

SEGMENT REPORTING (Reconciliation of Income Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Economic net income
Income (loss) before taxes	$ 241,097	$ 84,383	$ (55,316)	$ 220,343
Adjustments:
Equity compensation expense	28,683	24,029	61,240	51,581
Consolidated Funds
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations	85,186	8,346	(81,220)	25,970
Total investment income - realized	(116,314)	(102,206)	(229,539)	(195,390)
Operating segment
Economic net income
Income (loss) before taxes	241,097	84,383	(55,316)	220,343
Adjustments:
Depreciation and amortization expense	6,319	5,221	11,861	11,045
Equity compensation expense	28,683	24,029	61,240	51,581
Transaction support expense	3,188	4,207	6,325	5,980
Deferred placement fees	10,320	12,432	15,735	12,953
Other expense, net	0	2	0	1
Total performance (income) loss-unrealized	(257,303)	(98,662)	130,354	(245,237)
Total performance related compensation - unrealized	200,064	67,459	(85,828)	174,762
Total investment (income) loss-unrealized	(27,683)	2,990	72,950	(8,215)
Realized income	168,637	148,595	367,020	306,901
Total performance income - realized	(44,625)	(35,994)	(196,395)	(104,567)
Total performance related compensation - realized	37,044	25,229	155,037	74,446
Total investment income - realized	(11,107)	(6,940)	(24,878)	(21,325)
Fee related earnings	149,949	130,890	300,784	255,455
Operating segment \| Consolidated Funds
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(85,188)	(8,079)	81,190	(25,124)
OMG
Adjustments:
OMG expense, net	52,890	53,680	111,762	107,003
Realized income	53,389	54,284	117,627	107,958
Total performance income - realized	0	0	0	0
Total performance related compensation - realized	0	0	0	0
Total investment income - realized	397	416	6,904	797
Fee related earnings	(52,992)	(53,868)	(110,723)	(107,161)
Subsidiaries \| Operating segment
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations	$ (3,750)	$ 933	$ 16,747	$ 1,809

CONSOLIDATION (Variable Interes

CONSOLIDATION (Variable Interest Entities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 13,719,957		$ 13,719,957		$ 12,014,196
Liabilities of consolidated VIEs	11,716,209		11,716,209		10,155,598
Investments in CLO warehouse
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	79,500		79,500		104,700
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests	85,186	$ 8,346	(81,220)	$ 25,970
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	252,564		252,564		260,520
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	151,144		151,144		181,856
Consolidated VIEs \| Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	10,575,113		10,575,113		9,454,572
Liabilities of consolidated VIEs	$ 9,960,904		$ 9,960,904		$ 8,679,869

CONSOLIDATION (Balance Sheet) (

CONSOLIDATION (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Assets
Total assets	$ 13,719,957		$ 12,014,196
Liabilities
Operating lease liabilities	164,521
Total liabilities	11,716,209		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 June 30, 2020 and December 31, 2019)	298,761		298,761
Additional paid-in-capital	800,077		525,244
Retained earnings	(145,045)		(50,820)
Accumulated other comprehensive loss, net of tax	(11,237)		(6,047)
Total stockholders' equity	945,057		768,290
Total equity	2,003,748	$ 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	$ 13,719,957		$ 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)	250,135,347		115,243,029
Class A common stock
Stockholders' Equity
Common stock	$ 1,353		$ 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)	135,335,943		115,242,028
Common stock, shares outstanding (in shares)	135,335,943		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	$ 1,148		$ 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)	114,798,404		1
Common stock, shares outstanding (in shares)	114,798,404		1
Eliminations
Assets
Total assets	$ (163,044)		$ (193,557)
Liabilities
Total liabilities	(55,036)		(36,874)
Commitments and contingencies
Stockholders' Equity
Total equity	(108,008)		(156,683)
Total liabilities, non-controlling interests and equity	(163,044)		(193,557)
Consolidated Funds
Assets
Cash and cash equivalents	258,400		606,321
Investments, at fair value	10,005,632		8,727,947
Due from affiliates	7,201		6,192
Other assets	35,642		30,081
Receivable for securities sold	276,692		88,809
Liabilities
Accounts payable, accrued expenses and other liabilities	60,975		61,857
Due to affiliates	0		0
Payable for securities purchased	449,169		500,146
CLO loan obligations, at fair value	9,228,687		7,973,748
Fund borrowings	167,037		107,244
Non-controlling interest in Consolidated Funds	506,201		618,020
Consolidated Funds \| Reportable legal entity
Assets
Cash and cash equivalents	258,400		606,321
Investments, at fair value	9,997,178		8,723,169
Due from affiliates	7,201		6,192
Other assets	35,642		30,081
Receivable for securities sold	276,692		88,809
Total assets	10,575,113		9,454,572
Liabilities
Accounts payable, accrued expenses and other liabilities	60,975		61,857
Due to affiliates	11,900		11,700
Payable for securities purchased	449,169		500,146
CLO loan obligations, at fair value	9,271,823		7,998,922
Fund borrowings	167,037		107,244
Total liabilities	9,960,904		8,679,869
Commitments and contingencies
Non-controlling interest in Consolidated Funds	614,209		774,703
Stockholders' Equity
Total equity	614,209		774,703
Total liabilities, non-controlling interests and equity	10,575,113		9,454,572
Consolidated Funds \| Eliminations
Assets
Cash and cash equivalents	0		0
Investments, at fair value	8,454		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	(11,900)		(11,700)
Payable for securities purchased	0		0
CLO loan obligations, at fair value	(43,136)		(25,174)
Fund borrowings	0		0
Non-controlling interest in Consolidated Funds	(108,008)		(156,683)
AOG
Liabilities
Non-controlling interest in Ares Operating Group entities	552,490		472,288
AOG \| Reportable legal entity
Liabilities
Non-controlling interest in Ares Operating Group entities	552,490		472,288
AOG \| Eliminations
Liabilities
Non-controlling interest in Ares Operating Group entities	0		0
Ares Management L.P
Assets
Cash and cash equivalents	890,040		138,384
Investments, at fair value	1,479,487		1,663,664
Due from affiliates	258,126		268,099
Other assets	368,696		341,293
Right-of-use operating lease assets	140,041		143,406
Liabilities
Accounts payable, accrued expenses and other liabilities	104,017		88,173
Accrued compensation	123,123		37,795
Due to affiliates	61,025		71,445
Performance related compensation payable	715,181		829,764
Debt obligations	642,474		316,609
Operating lease liabilities	164,521		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 June 30, 2020 and December 31, 2019)	298,761		298,761
Additional paid-in-capital	800,077		525,244
Retained earnings	(145,045)		(50,820)
Accumulated other comprehensive loss, net of tax	(11,237)		(6,047)
Total stockholders' equity	945,057		768,290
Ares Management L.P \| Class A common stock
Stockholders' Equity
Common stock	1,353		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	1,148		0
Ares Management L.P \| Reportable legal entity
Assets
Cash and cash equivalents	890,040		138,384
Investments, at fair value	1,630,631		1,845,520
Due from affiliates	278,480		282,197
Other assets	368,696		343,674
Right-of-use operating lease assets	140,041		143,406
Total assets	3,307,888		2,753,181
Liabilities
Accounts payable, accrued expenses and other liabilities	104,017		88,173
Accrued compensation	123,123		37,795
Due to affiliates	61,025		71,445
Performance related compensation payable	715,181		829,764
Debt obligations	642,474		316,609
Operating lease liabilities	164,521		168,817
Total liabilities	1,810,341		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 June 30, 2020 and December 31, 2019)	298,761		298,761
Additional paid-in-capital	800,077		525,244
Retained earnings	(145,045)		(50,820)
Accumulated other comprehensive loss, net of tax	(11,237)		(6,047)
Total stockholders' equity	945,057		768,290
Total equity	1,497,547		1,240,578
Total liabilities, non-controlling interests and equity	3,307,888		2,753,181
Ares Management L.P \| Reportable legal entity \| Class A common stock
Stockholders' Equity
Common stock	1,353		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	1,148		0
Ares Management L.P \| Eliminations
Assets
Cash and cash equivalents	0		0
Investments, at fair value	(151,144)		(181,856)
Due from affiliates	(20,354)		(14,098)
Other assets	0		(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 June 30, 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

CONSOLIDATION (Income Statement

CONSOLIDATION (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues
Total revenues	$ 602,758				$ 384,822		$ 616,167	$ 862,019
Expenses
Total expenses	483,567				335,701		565,526	704,808
Other income (expense)
Total other income (expense)	121,906				35,262		(105,957)	63,132
Income (loss) before taxes	241,097				84,383		(55,316)	220,343
Income tax expense (benefit)	24,421				9,505		3,805	23,889
Net income (loss)	216,676	$ (275,797)	$ 84,475	$ 91,875	74,878	$ 121,576	(59,121)	196,454
Net income attributable to Ares Management Corporation	56,371				32,139		25,335	77,088
Less: Series A Preferred Stock dividends paid	5,425				5,425		10,850	10,850
Net income attributable to Ares Management Corporation Class A common stockholders	50,946				26,714		14,485	66,238
Reportable legal entity
Other income (expense)
Net income (loss)							(121,381)	170,484
Eliminations
Revenues
Total revenues	(25,151)				(9,220)		10,340	(19,200)
Expenses
Compensation and benefits	0				0		0	0
Performance related compensation	0				0		0	0
General, administrative and other expenses	0				0		0	0
Total expenses	(11,357)				(13,485)		(21,813)	(22,332)
Other income (expense)
Net realized and unrealized gains (losses) on investments	(7,742)				(406)		19,919	(1,354)
Interest and dividend income	(1,920)				(672)		(2,732)	(1,152)
Other income, net	(294)				(281)		208	90
Total other income (expense)	4,189				(282)		8,008	90
Income (loss) before taxes	(9,605)				3,983		40,161	3,222
Income tax expense (benefit)	0				0		0	0
Net income (loss)	(9,605)				3,983		40,161	3,222
Less: Series A Preferred Stock dividends paid	0				0		0	0
Net income attributable to Ares Management Corporation Class A common stockholders	0				0		0	0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	3,244				15,427		10,687	19,981
Other income (expense)
Net realized and unrealized gains (losses) on investments	83,522				(116)		(171,239)	4,248
Interest expense	(76,297)				(68,005)		(156,538)	(132,917)
Interest and other income of Consolidated Funds	116,314				102,206		229,539	195,390
Net income attributable to non-controlling interests	85,186				8,346		(81,220)	25,970
Consolidated Funds \| Reportable legal entity
Expenses
Expenses of Consolidated Funds	14,601				28,912		32,500	42,313
Total expenses	14,601				28,912		32,500	42,313
Other income (expense)
Net realized and unrealized gains (losses) on investments	71,497				(486)		(158,676)	3,262
Interest expense	(78,417)				(68,712)		(159,714)	(134,437)
Interest and other income of Consolidated Funds	116,314				102,206		229,539	195,390
Total other income (expense)	109,394				33,008		(88,851)	64,215
Income (loss) before taxes	94,793				4,096		(121,351)	21,902
Income tax expense (benefit)	2				(267)		30	(846)
Net income (loss)	94,791				4,363		(121,381)	22,748
Net income attributable to non-controlling interests	94,791				4,363		(121,381)	22,748
Consolidated Funds \| Eliminations
Expenses
Expenses of Consolidated Funds	(11,357)				(13,485)		(21,813)	(22,332)
Other income (expense)
Net realized and unrealized gains (losses) on investments	12,025				370		(12,563)	986
Interest expense	2,120				707		3,176	1,520
Interest and other income of Consolidated Funds	0				0		0	0
Net income attributable to non-controlling interests	(9,605)				3,983		40,161	3,222
AOG
Other income (expense)
Net income attributable to non-controlling interests	75,119				34,393		(3,236)	93,396
AOG \| Reportable legal entity
Other income (expense)
Net income attributable to non-controlling interests	75,119				34,393		(3,236)	93,396
AOG \| Eliminations
Other income (expense)
Net income attributable to non-controlling interests	0				0		0	0
Ares Management L.P
Revenues
Total revenues	602,758				384,822		616,167	862,019
Expenses
Compensation and benefits	185,131				162,170		365,215	319,016
Performance related compensation	237,108				92,688		69,209	249,208
General, administrative and other expenses	58,084				65,416		120,415	116,603
Other income (expense)
Net realized and unrealized gains (losses) on investments	290				521		(7,744)	3,997
Interest and dividend income	1,978				1,652		3,768	3,496
Interest expense	(6,082)				(5,793)		(11,388)	(11,382)
Other income, net	2,181				4,797		7,645	300
Ares Management L.P \| Affiliated entity \| ARCC
Other income (expense)
Management fees, part I fees	41,306				39,157		85,229	77,550
Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	627,909				394,042		605,827	881,219
Expenses
Compensation and benefits	185,131				162,170		365,215	319,016
Performance related compensation	237,108				92,688		69,209	249,208
General, administrative and other expenses	58,084				65,416		120,415	116,603
Total expenses	480,323				320,274		554,839	684,827
Other income (expense)
Net realized and unrealized gains (losses) on investments	8,032				927		(27,663)	5,351
Interest and dividend income	3,898				2,324		6,500	4,648
Interest expense	(6,082)				(5,793)		(11,388)	(11,382)
Other income, net	2,475				5,078		7,437	210
Total other income (expense)	8,323				2,536		(25,114)	(1,173)
Income (loss) before taxes	155,909				76,304		25,874	195,219
Income tax expense (benefit)	24,419				9,772		3,775	24,735
Net income (loss)	131,490				66,532		22,099	170,484
Net income attributable to Ares Management Corporation	56,371				32,139		25,335	77,088
Less: Series A Preferred Stock dividends paid	5,425				5,425		10,850	10,850
Net income attributable to Ares Management Corporation Class A common stockholders	50,946				26,714		14,485	66,238
Management fees \| Eliminations
Revenues
Total revenues	(11,380)				(8,735)		(21,882)	(17,148)
Management fees \| Ares Management L.P
Revenues
Total revenues	266,867				237,846		530,716	462,505
Management fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	278,247				246,581		552,598	479,653
Carried interest allocation
Revenues
Total revenues							72,402
Carried interest allocation \| Eliminations
Revenues
Total revenues	0				0		0	0
Carried interest allocation \| Ares Management L.P
Revenues
Total revenues	303,278				119,712		72,402	317,005
Carried interest allocation \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	303,278				119,712		72,402	317,005
Incentive fees \| Eliminations
Revenues
Total revenues	25				(4,750)		70	(5,184)
Incentive fees \| Ares Management L.P
Revenues
Total revenues	331				10,220		(2,918)	27,035
Incentive fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	306				14,970		(2,988)	32,219
Principal investment income (loss) \| Eliminations
Revenues
Total revenues	(9,312)				4,265		39,953	3,132
Principal investment income (loss) \| Ares Management L.P
Revenues
Total revenues	23,645				5,844		(3,078)	34,603
Principal investment income (loss) \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	32,957				1,579		(43,031)	31,471
Administrative, transaction and other fees
Revenues
Total revenues	0				0		0
Administrative, transaction and other fees \| Eliminations
Revenues
Total revenues	(4,484)				0		(7,801)	0
Administrative, transaction and other fees \| Ares Management L.P
Revenues
Total revenues	8,637				11,200		19,045	20,871
Administrative, transaction and other fees \| Ares Management L.P \| Reportable legal entity
Revenues
Total revenues	$ 13,121				$ 11,200		$ 26,846	$ 20,871

CONSOLIDATION (Cash Flow Statem

CONSOLIDATION (Cash Flow Statement) (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 216,676	$ (275,797)	$ 84,475	$ 91,875	$ 74,878	$ 121,576	$ (59,121)	$ 196,454
Net cash used in operating activities							(150,839)	(1,291,312)
Cash flows from investing activities:
Net cash used in investing activities							(43,924)	(5,653)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities							962,230	1,445,125
Effect of exchange rate changes							(15,811)	(11,187)
Net change in cash and cash equivalents							751,656	136,973
Cash and cash equivalents, beginning of period		138,384		247,220			138,384
Cash and cash equivalents, end of period	890,040		138,384		247,220		890,040	247,220
Reportable legal entity
Cash flows from operating activities:
Net income (loss)							(121,381)	170,484
Net cash used in operating activities							(822,410)	195,046
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net								(5,653)
Net cash used in investing activities								(5,653)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities								(44,551)
Effect of exchange rate changes								(7,869)
Net change in cash and cash equivalents								136,973
Cash and cash equivalents, beginning of period				247,220		110,247		110,247
Cash and cash equivalents, end of period					247,220			247,220
Eliminations
Cash flows from operating activities:
Net income (loss)	(9,605)				3,983		40,161	3,222
Net cash used in operating activities							340,500	106,893
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities							7,421	(98,577)
Effect of exchange rate changes							0	0
Net change in cash and cash equivalents							347,921	8,316
Cash and cash equivalents, beginning of period		(606,321)		(376,328)		(384,644)	(606,321)	(384,644)
Cash and cash equivalents, end of period	(258,400)		(606,321)		(376,328)		(258,400)	(376,328)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities							(496,873)	(1,360,106)
Cash flows due to changes in operating assets and liabilities							161,345	(162,950)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds							123,695	115,499
Distributions to non-controlling interests in Consolidated Funds							(150,329)	(30,955)
Borrowings under loan obligations by Consolidated Funds							608,355	1,934,087
Repayments under loan obligations by Consolidated Funds							(87,689)	(528,955)
Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Net income (loss)	94,791				4,363		(121,381)	22,748
Adjustments to reconcile net income (loss) to net cash used in operating activities							(510,528)	(1,444,622)
Cash flows due to changes in operating assets and liabilities							(190,501)	(171,377)
Net cash used in operating activities								(1,593,251)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds							138,700	223,520
Distributions to non-controlling interests in Consolidated Funds							(172,755)	(35,149)
Borrowings under loan obligations by Consolidated Funds							608,355	1,938,858
Repayments under loan obligations by Consolidated Funds							(87,689)	(538,976)
Net cash provided by financing activities							486,611	1,588,253
Effect of exchange rate changes							(12,122)	(3,318)
Net change in cash and cash equivalents							(347,921)	(8,316)
Cash and cash equivalents, beginning of period		606,321		376,328		384,644	606,321	384,644
Cash and cash equivalents, end of period	258,400		606,321		376,328		258,400	376,328
Consolidated Funds \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities							13,655	84,516
Cash flows due to changes in operating assets and liabilities							351,846	8,427
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds							(15,005)	(108,021)
Distributions to non-controlling interests in Consolidated Funds							22,426	4,194
Borrowings under loan obligations by Consolidated Funds								(4,771)
Repayments under loan obligations by Consolidated Funds								10,021
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities							128,836	48,114
Cash flows due to changes in operating assets and liabilities							114,974	(12,824)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net							(8,080)	(5,653)
Acquisitions		(35,800)					(35,844)	0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock							383,154	0
Proceeds from credit facility							790,000	235,000
Proceeds from senior notes							399,084	0
Repayments of credit facility							(860,000)	(150,000)
Dividends and distributions							(224,407)	(152,364)
Series A Preferred Stock dividends							(10,850)	(10,850)
Repurchases of Class A common stock							0	(10,449)
Stock option exercises							67,441	78,794
Taxes paid related to net share settlement of equity awards							(74,335)	(31,424)
Other financing activities							(1,889)	(3,258)
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period		138,384		$ 247,220		$ 110,247	138,384	110,247
Cash and cash equivalents, end of period	890,040		138,384		247,220		890,040	247,220
Ares Management L.P \| Reportable legal entity
Cash flows from operating activities:
Net income (loss)	131,490				$ 66,532		22,099	170,484
Adjustments to reconcile net income (loss) to net cash used in operating activities							197,873	37,274
Cash flows due to changes in operating assets and liabilities							111,099	(12,712)
Net cash used in operating activities							331,071
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net							(8,080)
Acquisitions							(35,844)
Net cash used in investing activities							(43,924)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock							383,154
Proceeds from credit facility							790,000	235,000
Proceeds from senior notes							399,084
Repayments of credit facility							(860,000)	(150,000)
Dividends and distributions							(224,407)	(152,364)
Series A Preferred Stock dividends							(10,850)	(10,850)
Repurchases of Class A common stock								(10,449)
Stock option exercises							67,441	78,794
Taxes paid related to net share settlement of equity awards							(74,335)	(31,424)
Other financing activities							(1,889)	(3,258)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities							468,198
Effect of exchange rate changes							(3,689)
Net change in cash and cash equivalents							751,656
Cash and cash equivalents, beginning of period		$ 138,384					138,384
Cash and cash equivalents, end of period	$ 890,040		$ 138,384				890,040
Ares Management L.P \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income (loss) to net cash used in operating activities							(69,037)	10,840
Cash flows due to changes in operating assets and liabilities							$ 3,875	$ (112)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event	1 Months Ended
SUBSEQUENT EVENTS (Details) - Subsequent event	Jul. 31, 2020$ / shares
Subsequent events
Quarterly distribution declared (in dollars per unit)	$ 0.40
Preferred equity quarterly distribution (in dollars per unit)	$ 0.4375