Ares Management (ARES) 10-Q5 Nov 212021 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2021	Oct. 29, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-36429
Entity Registrant Name	ARES MANAGEMENT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0962035
Entity Address, Address Line One	2000 Avenue of the Stars
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	201-4100
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	ARES
Security Exchange Name	NYSE
Entity 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
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001176948
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		167,613,551
Non- voting Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,489,911
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,000
Class C Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		118,803,257

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets
Intangible assets, net	$ 798,690			$ 222,088
Total assets	19,934,398			15,168,992
Liabilities
Operating lease liabilities	214,681
Total liabilities	15,295,223			12,596,852
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	0			298,761
Additional paid-in-capital	1,881,913			1,043,669
Retained earnings	(128,981)			(151,824)
Accumulated other comprehensive income (loss), net of tax	(2,571)			483
Total stockholders' equity	1,753,260			1,193,685
Total equity	3,540,526	$ 3,441,115	$ 2,420,568	2,471,774	$ 2,370,881	$ 2,003,748	$ 1,975,596	$ 1,858,598
Total liabilities, redeemable interest, non-controlling interests and equity	19,934,398			15,168,992
Class A Common Stock
Stockholders' Equity
Common stock	1,676			1,472
Non- voting Common Stock
Stockholders' Equity
Common stock	35			0
Class B Common Stock
Stockholders' Equity
Common stock	0			0
Class C Common Stock
Stockholders' Equity
Common stock	1,188			1,124
Consolidated Funds
Assets
Cash and cash equivalents	1,581,433			522,377
U.S. Treasury securities, at fair value	1,000,165			0
Investments, at fair value	10,360,854			10,877,097
Due from affiliates	9,059			17,172
Receivable for securities sold	187,230			121,225
Other assets	47,806			35,502
Liabilities
Accounts payable, accrued expenses and other liabilities	89,685			46,824
Due to affiliates	0			0
Payable for securities purchased	863,007			514,946
CLO loan obligations, at fair value	10,174,794			9,958,076
Fund borrowings	99,240			121,909
Redeemable interest	1,000,000	916,824	930,924	0
Non-controlling interests in Consolidated Funds	464,400			539,720
Ares Operating Group
Liabilities
Redeemable interest	98,649	$ 100,031	$ 99,808	100,366
Non-controlling interests in Ares Operating Group entities	1,322,866			738,369
Ares Management L.P
Assets
Cash and cash equivalents	295,704			539,812
Investments (includes accrued carried interest of $2,625,319 and $1,145,853 at September 30, 2021 and December 31, 2020, respectively)	3,322,665			1,682,759
Due from affiliates	493,411			405,887
Other assets	1,006,870			590,332
Intangible assets, net	1,452,690			222,087
Right-of-use operating lease assets	176,511			154,742
Liabilities
Accounts payable, accrued expenses and other liabilities	208,141			115,289
Accrued compensation	309,569			103,010
Due to affiliates	202,438			100,186
Performance related compensation payable	1,895,343			813,378
Debt obligations	1,238,325			642,998
Operating lease liabilities	214,681			180,236
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	0			298,761
Additional paid-in-capital	1,881,913			1,043,669
Retained earnings	(128,981)			(151,824)
Accumulated other comprehensive income (loss), net of tax	(2,571)			483
Total stockholders' equity	1,753,260			1,193,685
Ares Management L.P \| Class A Common Stock
Stockholders' Equity
Common stock	1,676			1,472
Ares Management L.P \| Non- voting Common Stock
Stockholders' Equity
Common stock	35
Ares Management L.P \| Class B Common Stock
Stockholders' Equity
Common stock	0			0
Ares Management L.P \| Class C Common Stock
Stockholders' Equity
Common stock	$ 1,188			$ 1,124

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Preferred stock, shares issued (in shares)	0	12,400,000
Preferred stock, shares outstanding (in shares)	0	12,400,000
Common stock, shares outstanding (in shares)	289,875,333	259,631,180
Class A Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	167,581,165	147,182,562
Common stock, shares outstanding (in shares)	167,581,165	147,182,562
Non- voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	0
Common stock, shares outstanding (in shares)	3,489,911	0
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	499,999,000	499,999,000
Common stock, shares issued (in shares)	118,803,257	112,447,618
Common stock, shares outstanding (in shares)	118,803,257	112,447,618
Ares Management L.P \| Carried interest
Equity method investments:	$ 2,625,319	$ 1,145,853

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Total revenues	$ 948,719	$ 489,866	$ 2,901,926	$ 1,106,033
Expenses
Compensation and benefits	335,569		837,108
Performance related compensation	331,141		1,208,954
General, administrative and other expenses	134,453		285,471
Total expenses	813,267	392,580	2,363,108	958,106
Other income (expense)
Net realized and unrealized gains (losses) on investments	8,334		18,744
Interest and dividend income	1,376		6,818
Interest expense	(11,523)		(25,125)
Other income, net	36,654		30,686
Total other income (expense)	111,536	62,355	218,011	(43,602)
Income (loss) before taxes	246,988	159,641	756,829	104,325
Income tax expense	30,275	18,314	104,487	22,119
Net income (loss)	216,713	141,327	652,342	82,206
Net income attributable to Ares Management Corporation	84,726	47,545	284,748	72,880
Less: Series A Preferred Stock dividends paid	0	5,425	10,850	16,275
Less: Series A Preferred Stock redemption premium	0	0	11,239	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 84,726	$ 42,120	$ 262,659	$ 56,605
Class A Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.49	$ 0.27	$ 1.55	$ 0.37
Diluted (in dollars per share)	$ 0.45	$ 0.27	$ 1.48	$ 0.37
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	168,931,621	143,466,209	161,071,151	131,866,471
Diluted (in shares)	186,522,157	158,122,563	177,143,438	131,866,471
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 12,104	$ 6,019	$ 31,575	$ 16,706
Other income (expense)
Net realized and unrealized gains (losses) on investments	34,245	17,971	44,720	(153,268)
Interest expense	(61,578)	(66,322)	(191,577)	(222,860)
Interest and other income of Consolidated Funds	104,028	116,581	333,745	346,120
Less: Net income (loss) attributable to non-controlling interests	47,370	42,627	102,255	(38,593)
Ares Operating Group
Other income (expense)
Net income (loss)	169,343	98,700	550,087	120,799
Less: Net income (loss) attributable to non-controlling interests	84,293	52,162	264,646	48,926
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	324	(1,007)	693	(1,007)
Ares Management L.P
Revenues
Total revenues	948,719	489,866	2,901,926	1,106,033
Expenses
Compensation and benefits	335,569	194,267	837,108	559,482
Performance related compensation	331,141	122,356	1,208,954	191,565
General, administrative and other expenses	134,453	69,938	285,471	190,353
Other income (expense)
Net realized and unrealized gains (losses) on investments	8,334	(2,607)	18,744	(10,351)
Interest and dividend income	1,376	1,344	6,818	5,112
Interest expense	(11,523)	(6,815)	(25,125)	(18,203)
Other income, net	36,654	2,203	30,686	9,848
Management fees
Revenues
Total revenues	448,262		1,135,821
Management fees \| Ares Management L.P
Revenues
Total revenues	448,262	292,434	1,135,821	823,150
Carried interest allocation
Revenues
Total revenues	460,651		1,610,707
Carried interest allocation \| Ares Management L.P
Revenues
Total revenues	460,651	168,978	1,610,707	241,380
Incentive fees
Revenues
Total revenues	696		19,420
Incentive fees \| Ares Management L.P
Revenues
Total revenues	696	7,194	19,420	4,276
Principal investment income
Revenues
Total revenues	14,250		86,477
Principal investment income \| Ares Management L.P
Revenues
Total revenues	14,250	11,408	86,477	8,330
Administrative, transaction and other fees
Revenues
Total revenues	24,860		49,501
Administrative, transaction and other fees \| Ares Management L.P
Revenues
Total revenues	$ 24,860	$ 9,852	$ 49,501	$ 28,897

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Net income	$ 216,713	$ 141,327	$ 652,342	$ 82,206
Other comprehensive income:
Foreign currency translation adjustments, net of tax	(11,324)	16,893	(18,439)	5,372
Total comprehensive income	205,389	158,220	633,903	87,578
Ares Management L.P
Other comprehensive income:
Comprehensive income attributable to Ares Management Corporation	81,459	51,995	281,694	72,140
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	42,015	50,300	89,784	(32,478)
Ares Operating Group
Net income	169,343	98,700	550,087	120,799
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	81,947	56,290	262,492	48,281
Less: Comprehensive loss attributable to redeemable interest	$ (32)	$ (365)	$ (67)	$ (365)

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Non-Controlling interestAres Operating Group	Non-Controlling interestConsolidated Funds	Series A Preferred StockPreferred Stock	Class A Common StockCommon Stock	Non- voting Common StockCommon Stock	Class C Common StockCommon Stock
Beginning balance at Dec. 31, 2019	$ 1,858,598	$ 525,244	$ (50,820)	$ (6,047)	$ 472,288	$ 618,020	$ 298,761	$ 1,152		$ 0
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)	(196,670)			122,551			40
Issuances of common stock	383,334	382,061						121		1,152
Capital contributions	175,277				42,012	133,265
Dividends/Distributions	(125,755)		(51,090)		(55,748)	(13,492)	(5,425)
Net income (loss)	(275,797)		(36,461)		(78,355)	(166,406)	5,425
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	19,540						11
Ending balance at Mar. 31, 2020	1,975,596	746,595	(138,371)	(10,849)	514,166	562,818	298,761	1,324		1,152
Increase (Decrease) in Stockholders' Equity
Consolidation and deconsolidation of funds, net	1,475					1,475
Changes in ownership interests and related tax benefits	94	(9,702)			9,796			4		(4)
Expenses incurred upon issuance of common stock	(181)	(181)
Capital contributions	(9,341)				229	(9,570)
Dividends/Distributions	(259,831)		(57,620)		(59,949)	(136,837)	(5,425)
Net income (loss)	216,676		50,946		75,119	85,186	5,425
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	47,865						25
Ending balance at Jun. 30, 2020	2,003,748	800,077	(145,045)	(11,237)	552,490	506,201	298,761	1,353		1,148
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(3,751)	(122,555)			118,804			2		(2)
Issuances of common stock	305,338	305,261						77
Capital contributions	499	481				18
Dividends/Distributions	(135,393)		(61,159)		(49,391)	(19,418)	(5,425)
Net income (loss)	142,334		42,120		52,162	42,627	5,425
Currency translation adjustment, net of tax	16,251			4,450	4,128	7,673
Equity compensation	30,337	16,921			13,416
Stock option exercises	11,518	11,512						6
Ending balance at Sep. 30, 2020	2,370,881	1,011,697	(164,084)	(6,787)	691,609	537,101	298,761	1,438		1,146
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(21,409)	508			(21,922)			27		(22)
Issuances of common stock	1	1
Capital contributions	11,275				2,558	8,717
Dividends/Distributions	(199,008)		(61,577)		(50,246)	(81,760)	(5,425)
Net income (loss)	242,248		73,837		96,308	66,678	5,425
Currency translation adjustment, net of tax	22,460			7,270	6,206	8,984
Equity compensation	31,409	17,553			13,856
Stock option exercises	13,917	13,910						7
Ending balance at Dec. 31, 2020	2,471,774	1,043,669	(151,824)	483	738,369	539,720	298,761	1,472	$ 0	1,124
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(86,139)	(41,686)			(44,477)			26		(2)
Capital contributions	11,011					11,011
Dividends/Distributions	(186,022)		(74,684)		(67,084)	(38,829)	(5,425)
Net income (loss)	164,278		52,953		56,042	49,858	5,425
Currency translation adjustment, net of tax	(9,983)			(545)	(366)	(9,072)
Equity compensation	55,649	31,752			23,897
Ending balance at Mar. 31, 2021	2,420,568	1,033,735	(173,555)	(62)	706,381	552,688	298,761	1,498	0	1,122
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(22,016)	(165,886)			143,867			3		0
Issuances of common stock	827,430	827,273						122	35
Capital contributions	352,643				317,595	34,994				54
Redemption of preferred stock	(310,000)						(310,000)
Dividends/Distributions	(185,295)		(82,825)		(63,585)	(33,460)	(5,425)
Net income (loss)	270,982		124,980		124,311	5,027	16,664
Currency translation adjustment, net of tax	3,272			758	558	1,956
Equity compensation	69,504	41,003			28,501
Stock option exercises	14,027	14,019						8
Ending balance at Jun. 30, 2021	3,441,115	1,750,144	(131,400)	696	1,257,628	561,205	0	1,631	35	1,176
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(107,650)	79,787			(187,454)			38		(21)
Capital contributions	85,138				211,444	(126,339)				33
Dividends/Distributions	(162,871)		(82,307)		(68,083)	(12,481)
Net income (loss)	216,389		84,726		84,293	47,370
Currency translation adjustment, net of tax	(10,968)			(3,267)	(2,346)	(5,355)
Equity compensation	65,991	38,607			27,384
Stock option exercises	13,382	13,375						7
Ending balance at Sep. 30, 2021	$ 3,540,526	$ 1,881,913	$ (128,981)	$ (2,571)	$ 1,322,866	$ 464,400	$ 0	$ 1,676	$ 35	$ 1,188

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 652,342	$ 82,206
Net cash provided by (used in) operating activities	(1,843,751)	12,462
Cash flows from investing activities:
Net cash used in investing activities	(1,072,578)	(126,437)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	2,692,984	827,550
Effect of exchange rate changes	(20,763)	16,793
Net change in cash and cash equivalents	(244,108)	730,368
Cash and cash equivalents, beginning of period	539,812
Cash and cash equivalents, end of period	295,704	868,752
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with acquisitions	511,069	305,338
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	(1,688,085)	(766,399)
Cash flows due to changes in operating assets and liabilities	(729,703)	366,367
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	919,666	123,713
Distributions to non-controlling interests in Consolidated Funds	(84,770)	(169,747)
Borrowings under loan obligations by Consolidated Funds	1,456,887	618,207
Repayments under loan obligations by Consolidated Funds	(74,909)	(104,794)
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	71,133	184,586
Cash flows due to changes in operating assets and liabilities	(149,438)	145,702
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,152)	(8,608)
Acquisitions, net of cash acquired	(1,057,426)	(117,829)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	827,430	383,154
Proceeds from Credit Facility	468,000	790,000
Proceeds from issuance of senior and subordinated notes	450,000	399,084
Repayments of Credit Facility	(318,000)	(860,000)
Dividends and distributions	(438,568)	(334,957)
Series A Preferred Stock dividends	(10,850)	(16,275)
Redemption of Series A Preferred Stock	(310,000)	0
Stock option exercises	27,409	78,959
Taxes paid related to net share settlement of equity awards	(221,287)	(75,657)
Other financing activities	1,976	(4,137)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	539,812	138,384
Cash and cash equivalents, end of period	$ 295,704	$ 868,752

ORGANIZATION

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Estate, Secondary Solutions and Strategic Initiatives. Information about segments should be read together with “Note 15. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying 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. On April 1, 2021, the Company completed an internal reorganization (the “Reorganization”) that simplified the organizational structure and merged Ares Offshore and Ares Investments with Ares Holdings. As a result of the Reorganization, Ares Holdings became the sole entity in the Ares Operating Group. The Company and its wholly owned subsidiaries manages or controls certain entities that have been consolidated in the accompanying financials statements as described in “Note 2. Summary of Significant Accounting Policies.” These entities include Ares funds, co-investment entities, collateralized loan obligations or funds (collectively “CLOs”) and a special purpose acquisition company (“SPAC”) (collectively, the “Consolidated Funds”). In February 2021, the Company’s first sponsored SPAC, Ares Acquisition Corporation (NYSE: AAC) (“AAC”), consummated its initial public offering that raised capital of $1.0 billion. Prior to the completion of a business combination, the sponsor, a wholly owned subsidiary of the Company, owns the majority of the Class B ordinary shares outstanding of AAC, and consolidates AAC under the voting interest model. Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying consolidated financial statements; however, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to Stockholders' Equity. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable in the Consolidated Statements of Cash Flows. Redeemable Interest and Non-Controlling Interests in Ares Operating Group Entities The non-controlling interests in AOG entities represent a component of equity and net income attributable to the owners of the Ares Operating Group Units (“AOG Units”) that are not held directly or indirectly by the Company. These owners consist predominantly of Ares Owners Holdings L.P. but also include other strategic distribution partnerships with whom the Company has established joint ventures. 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. On February 21, 2020, the Company completed its acquisition (“Crestline 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. 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2021
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, 2020 filed with the Securities and Exchange Commission (“SEC”). As of September 30, 2021, the impact of the outbreak of the novel coronavirus (“COVID-19”) pandemic continues to unfold. As a result, management's estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period. The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation. The Company has reclassified certain prior period amounts to conform to the current year presentation. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition, including the fair value of certain elements of contingent consideration, is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase consideration is recognized as a bargain purchase gain. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. U.S. Treasury Securities, at Fair Value U.S. Treasury securities, at fair value represents U.S. Treasury bills that were purchased with funds raised through the initial public offering of AAC, a consolidated SPAC that is presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust agreement. The U.S. Treasury bills have original maturities greater than three months when purchased and therefore are recorded at fair value. Interest income received on such securities is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds in the Condensed Consolidated Statements of Operations. Any remaining change in fair value of such securities, that is not recognized as interest income, is recognized in net realized and unrealized gains (losses) on investments of Consolidated Funds in the Condensed Consolidated Statements of Operations. Redeemable Interest in Consolidated Funds Redeemable interest in Consolidated Funds represent the Class A ordinary shares issued by AAC that are redeemable for cash by the public shareholders in the event that AAC does not complete a business combination or tender offer associated with stockholder approval provisions. The class A ordinary shareholders have redemption rights that are considered to be outside of AAC’s control. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount. At September 30, 2021, all 100,000,000 Class A ordinary shares of AAC were classified outside of permanent equity. 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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) , to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020 but no later than December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	9 Months Ended
BUSINESS COMBINATIONS	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	3. BUSINESS COMBINATIONS Acquisition of Landmark Partners, LLC (collectively with its subsidiaries, “Landmark”) On June 2, 2021, a subsidiary of the Company completed the acquisition of 100% of the equity interests of Landmark, a subsidiary of BrightSphere Investment Group Inc. (NYSE: BSIG) and Landmark Investment Holdings L.P., in accordance with the purchase agreement entered into on March 30, 2021 (the “Landmark Acquisition”). As a result of the Landmark Acquisition, the Company expanded into the secondaries market with Landmark’s focus of managing private equity, real estate and infrastructure secondaries funds. Following the completion of the Landmark Acquisition, the results of Landmark are included in a newly created Secondary Solutions Group segment. The acquisition date fair value of the consideration transferred totaled $1.1 billion, which consisted of the following: Cash $ 803,829 Equity (1) 299,640 Total $ 1,103,469 (1) 5,419,413 AOG Units were issued in connection with the Landmark Acquisition and increased Ares Owners Holdings L.P.’s ownership interest in the AOG entities. The following is a summary of the fair values of assets acquired and liabilities assumed for the Landmark Acquisition as of June 2, 2021, based upon third party valuations of certain intangible assets. The fair value of assets acquired and liabilities assumed are estimated to be: Cash $ 25,685 Other tangible assets 23,411 Intangible assets: Management contracts 425,880 Client relationships 197,160 Trade name 86,200 Total intangible assets 709,240 Total identifiable assets acquired 758,336 Accounts payable, accrued expenses and other liabilities 72,532 Net identifiable assets acquired 685,804 Goodwill 417,665 Net assets acquired $ 1,103,469 The Company incurred $4.9 million of acquisition related costs that were expensed and reported within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. The carrying value of goodwill associated with Landmark was $417.7 million as of the acquisition date and is entirely allocated to the Secondary Solutions Group segment. The goodwill is attributable primarily to expected synergies and the assembled workforce of Landmark. In connection with the Landmark Acquisition, the Company allocated $425.9 million, $197.2 million and $86.2 million of the purchase price to the fair value of the management contracts, client relationships and trade name, respectively. The acquired management contracts and client relationships had a weighted average amortization period as of the acquisition date of 7.4 years and 11.8 years, respectively. The trade name was determined to have an indefinite useful life at the time of the Landmark Acquisition and is not subject to amortization as the Company intends Landmark to continue to operate under its brand name into perpetuity. Landmark’s revenues and net income of $54.0 million and $26.8 million, respectively, are included in the Company’s Consolidated Statements of Operations for the period from June 2, 2021 through September 30, 2021. Supplemental information of the Company’s consolidated results on an unaudited pro forma basis, as if the Landmark Acquisition had been consummated as of January 1, 2020, is as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Total revenues $ 948,719 $ 527,105 $ 2,966,540 $ 1,214,989 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 87,542 $ 37,570 $ 257,361 $ 41,263 The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable. These results are not necessarily indicative of the Company’s consolidated financial condition or statements of operations in future periods or the results that actually would have been realized had the Company and Landmark been a combined entity during the periods presented. These pro forma amounts have been calculated after applying the following adjustments that were directly attributable to the Landmark Acquisition: • adjustments to include the impact of the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2020, together with the consequential tax effects; • adjustments to include the AOG Units issued as consideration for the Landmark Acquisition, as if they were issued on January 1, 2020, and the resulting change in ownership attributable to Ares Management Corporation; • adjustments to reflect the pro-rata economic ownership attributable to Ares Management Corporation; • adjustments to reflect the tax effects of the Landmark Acquisition and the related adjustments as if Landmark had been included in the Company’s results as of January 1, 2020; and • adjustments to include Landmark Acquisition related transaction costs in earnings for the nine months ended September 30, 2020. Purchase of Landmark GP Interests The Company acquired an ownership interest in Landmark Partners XVI - GP, L.P. and Landmark Real Estate Fund VIII – GP, L.P. (collectively referred to as the “Landmark GP Entities”). The ownership interest entitles the Company to 60% of the capital interests and a portion of the carried interest in Landmark Equity Partners XVI L.P., Landmark Real Estate Partners VIII L.P. and certain related co-investment vehicles. The Company’s control over Landmark GP Entities also results in the Company consolidating investments and financial results that are attributable to ownership interests that were retained by former Landmark owners. The economic rights retained by the former Landmark owners attributable to these interests are reflected as non-controlling interests in the AOG entities. Acquisition of Black Creek Group On July 1, 2021, a subsidiary of the Company completed the acquisition of 100% of the equity interests of Black Creek Group’s U.S. real estate investment advisory and distribution business (“Black Creek”) in accordance with the purchase agreement entered into on May 20, 2021 (the “Black Creek Acquisition”). Black Creek is a leading real estate investment management firm that operates in core and core-plus real estate strategies across two non-traded Real Estate Investment Trusts (“REITs”) and various institutional fund vehicles. Following the completion of the Black Creek Acquisition, the results of Black Creek are included within the Real Estate Group segment. In connection with the Black Creek Acquisition, the Company recorded a bargain purchase gain of $42.3 million that has been presented within other income (expense), net in the Condensed Consolidated Statements of Operations. The bargain purchase gain resulted from the fair value of the identifiable tangible and intangible assets acquired exceeding the purchase consideration. The purchase agreement with Black Creek contains provisions obligating the Company to make a payment upon the achievement of certain revenue targets to certain senior professionals and advisors that is excluded from purchase consideration as it is subject to continued and future service. See “Note 9. Commitments and Contingencies” for a further description of this contingency.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	4. GOODWILL AND INTANGIBLE ASSETS Intangible Assets, Net The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets: Weighted Average Amortization Period as of September 30, 2021 As of September 30, As of December 31, 2021 2020 Management contracts 6.5 years $ 641,737 $ 210,857 Client relationships 11.2 years 229,501 25,141 Trade name 8.7 years 11,079 11,079 Finite-lived intangible assets 882,317 247,077 Foreign currency translation 1,530 3,093 Total finite-lived intangible assets 883,847 250,170 Less: accumulated amortization (85,157) (28,082) Finite-lived intangible assets, net 798,690 222,088 Management contracts 567,800 — Trade name 86,200 — Indefinite-lived intangible assets 654,000 — Intangible assets, net $ 1,452,690 $ 222,088 In connection with the Black Creek Acquisition, the Company allocated $576.2 million and $7.2 million of the purchase consideration to the fair value of management contracts and client relationships, respectively. Certain management contracts were determined to have indefinite useful lives at the time of the Black Creek Acquisition and are not subject to amortization. The remaining management contracts and client relationships had a weighted average amortization period as of the acquisition date of 6.1 years and 12.0 years, respectively. Amortization expense associated with intangible assets was $32.8 million and $11.1 million for the three months ended September 30, 2021 and 2020, respectively, and $60.7 million and $13.7 million for the nine months ended September 30, 2021 and 2020 and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the third quarter of 2021, the Company accelerated the amortization of a collateral management contract due to the redemption of that CLO and removed $3.4 million of intangible assets that were fully amortized. Goodwill The following table summarizes the carrying value of goodwill that is included within other assets in the Condensed Consolidated Statements of Financial Condition: Credit Group Private Real Secondary Solutions Group Strategic Initiatives Total Balance as of December 31, 2020 $ 32,196 $ 58,600 $ 53,120 $ — $ 227,131 $ 371,047 Acquisitions — — — 417,665 — 417,665 Foreign currency translation — — 219 (16) (1,165) (962) Balance as of September 30, 2021 $ 32,196 $ 58,600 $ 53,339 $ 417,649 $ 225,966 $ 787,750 There was no impairment of goodwill recorded during the nine months ended September 30, 2021 and 2020. The impact of foreign currency translation is reflected within other comprehensive income.

INVESTMENTS

INVESTMENTS	9 Months Ended
INVESTMENTS	Sep. 30, 2021
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	5. INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Equity method investments: Equity method private investment partnership interests - principal (1) $ 492,482 $ 366,471 14.8 % 21.8 % Equity method - carried interest (1) 2,625,319 1,145,853 79.0 68.1 Equity method private investment partnership interests and other (held at fair value) (1) 117,015 92,196 3.5 5.5 Equity method private investment partnership interests and other (1) 32,132 23,883 1.0 1.4 Total equity method investments 3,266,948 1,628,403 98.3 96.8 Collateralized loan obligations (2) 32,724 31,766 1.0 1.9 Other fixed income 21,583 21,583 0.6 1.3 Collateralized loan obligations and other fixed income, at fair value 54,307 53,349 1.6 3.2 Common stock, at fair value 1,410 1,007 0.1 0.1 Total investments $ 3,322,665 $ 1,682,759 (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 September 30, 2021 and December 31, 2020, includes $3.2 million and $3.4 million, respectively, of collateralized loan obligations that are attributable to the 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 nine months ended September 30, 2021 and 2020, no individual equity method investment held by the Company met the significance criteria. The Company recognized net gains related to its equity method investments of $18.9 million and $8.9 million for the three months ended September 30, 2021 and 2020, respectively, and net gains of $99.3 million and $1.8 million for the nine months ended September 30, 2021 and 2020, respectively. The net gains were included within principal investment income, net realized and unrealized gains (losses) on investments, and interest and dividend income within the 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, 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 September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Fixed income investments: Bonds $ 434,226 $ 397,494 3.9 % 3.6% Loans 9,389,769 10,012,948 82.6 92.1 U.S. Treasury securities 1,000,165 — 8.8 — Investments in CLO warehouse 28,500 — 0.3 — Total fixed income investments 10,852,660 10,410,442 95.6 95.7 Equity securities 264,202 227,031 2.3 2.1 Partnership interests 244,157 239,624 2.1 2.2 Total investments, at fair value $ 11,361,019 $ 10,877,097 As of September 30, 2021, the SPAC’s investment in U.S. Treasury bills exceeded 5.0% of the Company’s total assets. The U.S. Treasury bills mature in November 2021 and have an interest yield of approximately 0.06%. At December 31, 2020, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total assets.

FAIR VALUE

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 30, 2021
Fair Value Disclosures [Abstract]
FAIR VALUE	6. FAIR VALUE Fair Value Measurements GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I —Quoted prices in active markets for identical instruments. • Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest 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. Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a Monte Carlo simulation model. The model considers a range of assumptions including historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management's own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. The fair value of the Company's contingent consideration liabilities are classified as Level III. Liabilities recorded in connection with the Company’s contingent consideration are included within accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income (expense), net in the Condensed Consolidated Statements of Operations. Fair Value of Financial Instruments Held by the Company and Consolidated Funds The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2021: 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 $ — $ — $ 54,307 $ — $ 54,307 Common stock and other equity securities — 1,410 108,397 — 109,807 Partnership interests — — 2,575 6,043 8,618 Total investments, at fair value — 1,410 165,279 6,043 172,732 Derivatives-foreign exchange contracts and interest rate contracts — 4,361 — — 4,361 Total assets, at fair value $ — $ 5,771 $ 165,279 $ 6,043 $ 177,093 Liabilities, at fair value Derivatives-foreign exchange contracts — (265) — — (265) Contingent consideration — — (41,413) — (41,413) Total liabilities, at fair value $ — $ (265) $ (41,413) $ — $ (41,678) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 406,253 $ 27,973 $ — $ 434,226 Loans — 9,015,066 374,703 — 9,389,769 U.S. Treasury securities 1,000,165 — — — 1,000,165 Investments in CLO warehouse — 28,500 — — 28,500 Total fixed income investments 1,000,165 9,449,819 402,676 — 10,852,660 Equity securities 3,366 1,590 259,246 — 264,202 Partnership interests — — 237,558 6,599 244,157 Total investments, at fair value $ 1,003,531 $ 9,451,409 $ 899,480 $ 6,599 $ 11,361,019 Derivatives: Asset swaps-other — — 325 — 325 Total derivative assets, at fair value — — 325 — 325 Total assets, at fair value $ 1,003,531 $ 9,451,409 $ 899,805 $ 6,599 $ 11,361,344 Liabilities, at fair value Derivatives: Warrants $ (17,000) $ — $ — $ — $ (17,000) Asset swaps-other — — (1,513) — (1,513) Total derivative liabilities, at fair value (17,000) — (1,513) — (18,513) Loan obligations of CLOs — (10,174,794) — — (10,174,794) Total liabilities, at fair value $ (17,000) $ (10,174,794) $ (1,513) $ — $ (10,193,307) The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31,2020: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 53,349 $ — $ 53,349 Common stock and other equity securities — 1,007 88,412 — 89,419 Partnership interests — — 2,575 1,209 3,784 Total investments, at fair value — 1,007 144,336 1,209 146,552 Derivatives-foreign exchange contracts — 1,440 — — 1,440 Total assets, at fair value $ — $ 2,447 $ 144,336 $ 1,209 $ 147,992 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (1,565) $ — $ — $ (1,565) Total liabilities, at fair value $ — $ (1,565) $ — $ — $ (1,565) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 397,485 $ 9 $ — $ 397,494 Loans — 9,470,651 542,297 — 10,012,948 Total fixed income investments — 9,868,136 542,306 — 10,410,442 Equity securities 5,749 239 221,043 — 227,031 Partnership interests — — 231,857 7,767 239,624 Total investments, at fair value 5,749 9,868,375 995,206 7,767 10,877,097 Derivatives: Asset swaps-other — — 1,104 — 1,104 Total assets, at fair value $ 5,749 $ 9,868,375 $ 996,310 $ 7,767 $ 10,878,201 Liabilities, at fair value Derivatives: Asset swaps-other $ — $ — $ (44) $ — $ (44) Loan obligations of CLOs — (9,958,076) — — (9,958,076) Total liabilities, at fair value $ — $ (9,958,076) $ (44) $ — $ (9,958,120) The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2021: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 107,240 $ 55,840 $ 2,575 $ — $ 165,655 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) — 708 — — 708 Sales/settlements (2) — (2,904) — — (2,904) Realized and unrealized appreciation (depreciation), net 1,157 663 — (7,213) (5,393) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 1,157 $ 675 $ — $ (7,213) $ (5,381) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 229,300 $ 455,426 $ 255,278 $ (1,658) $ 938,346 Transfer in — 18,792 — — 18,792 Transfer out — (209,282) — — (209,282) Purchases (1) 27,346 219,180 — — 246,526 Sales/settlements (2) (313) (88,584) (30,000) 625 (118,272) Amortized discounts/premiums — 394 — — 394 Realized and unrealized appreciation (depreciation), net 2,913 6,750 12,280 (155) 21,788 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,912 $ 1,607 $ 12,280 $ (63) $ 16,736 (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 September 30, 2020: Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 67,355 $ 2,575 $ 84,634 Transfer in due to changes in consolidation 72,967 — — 72,967 Purchases (1) — 5,983 — 5,983 Sales/settlements (2) — (899) — (899) Realized and unrealized appreciation (depreciation), net (1,746) 3,175 — 1,429 Balance, end of period $ 85,925 $ 75,614 $ 2,575 $ 164,114 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (1,746) $ 3,175 $ — $ 1,429 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 42,259 $ 586,287 $ 312,636 $ 1,402 $ 942,584 Transfer in — 96,671 — — 96,671 Transfer out — (230,326) — — (230,326) Purchases (1) 150 118,558 — — 118,708 Sales/settlements (2) (25) (73,010) (2,000) 705 (74,330) Amortized discounts/premiums — (135) — 140 5 Realized and unrealized appreciation (depreciation), net 828 15,836 (1,402) (393) 14,869 Balance, end of period $ 43,212 $ 513,881 $ 309,234 $ 1,854 $ 868,181 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 878 $ 13,690 $ (1,402) $ (604) $ 12,562 (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 nine months ended September 30, 2021: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (12,120) — — (12,120) Realized and unrealized appreciation (depreciation), net 707 3,766 — (7,213) (2,740) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 707 $ 2,315 $ — $ (7,213) $ (4,191) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,305 $ 231,857 $ 1,060 $ 996,265 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 47,818 — — 50,013 Transfer out (33) (216,177) — — (216,210) Purchases (1) 36,201 437,426 13,000 — 486,627 Sales/settlements (2) (876) (371,006) (32,000) 301 (403,581) Amortized discounts/premiums 1 1,464 — — 1,465 Realized and unrealized appreciation (depreciation), net 872 10,172 24,701 (2,549) 33,196 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 790 $ 2,700 $ 24,701 $ (1,670) $ 26,521 (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 nine months ended September 30, 2020: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 69,183 $ 35,192 $ 119,079 Transfer in due to changes in consolidation 72,967 3,686 — 76,653 Purchases (1) — 7,285 — 7,285 Sales/settlements (2) — (1,587) (32,430) (34,017) Realized and unrealized depreciation, net (1,746) (2,953) (187) (4,886) Balance, end of period $ 85,925 $ 75,614 $ 2,575 $ 164,114 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (1,746) $ (1,917) $ 5,511 $ 1,848 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 85,988 $ 339,136 $ 296,012 $ (4,106) $ 717,030 Transfer in (out) due to changes in consolidation (635) 392,672 — — 392,037 Transfer in — 146,839 — — 146,839 Transfer out — (350,078) — — (350,078) Purchases (1) 551 256,514 64,000 — 321,065 Sales/settlements (2) (714) (249,027) (58,000) 813 (306,928) Amortized discounts/premiums — 777 — 291 1,068 Realized and unrealized appreciation (depreciation), net (41,978) (22,952) 7,222 4,856 (52,852) Balance, end of period $ 43,212 $ 513,881 $ 309,234 $ 1,854 $ 868,181 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (41,930) $ (25,701) $ 7,222 $ 4,439 $ (55,970) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of September 30, 2021: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 14,704 Transaction price (1) N/A N/A N/A 46,765 Discounted cash flow Discount Rates 14.0% - 20.0% 15.3% 46,928 Market approach Multiple of Book Value 1.5x N/A Partnership interests 2,575 Other N/A N/A N/A Collateralized loan obligations 32,724 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 21,583 Other N/A N/A N/A Total assets $ 165,279 Liabilities Contingent consideration $ (8,600) Monte Carlo simulation Discount Rates 8% N/A Volatility 17% N/A $ (32,813) Other N/A N/A N/A Total liabilities $ (41,413) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 896 Market approach EBITDA multiple (2) 1.8x - 83.3x 15.3x 14 Broker quotes and/or 3rd party pricing services N/A N/A N/A 258,336 Transaction price (1) N/A N/A N/A Partnership interest 237,558 Discounted cash flow Discount rate 22.4% 22.4% Fixed income securities 261,064 Broker quotes and/or 3rd party pricing services N/A N/A N/A 98,055 Income approach Yield 1.8%-54.7% 6.5% 14,791 Transaction price N/A N/A N/A 28,766 Other N/A N/A N/A Derivative instruments 325 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 899,805 Liabilities Derivative instruments $ (1,513) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,513) (1) Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2020: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 14,704 Transaction price (1) N/A N/A 32,905 Discounted Cash Flow Discount Rates 14.0% - 20.0% 40,803 Market Approach Multiple of Book Value 1.6x Partnership interests 2,575 Other N/A N/A Collateralized loan obligations 31,766 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 21,583 Other N/A N/A Total $ 144,336 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 438 Market approach EBITDA multiple (2) 2.9x - 19.5x 13.4x 32,528 Other Net income multiple 30.0x 30.0x Illiquidity discount 25.0% 25.0% 33 Broker quotes and/or 3rd party pricing services N/A N/A N/A 188,044 Transaction price (1) N/A N/A N/A Partnership interests 231,857 Discounted cash flow Discount rate 23.8% 23.8% Fixed income securities 384,419 Broker quotes and/or 3rd party pricing services N/A N/A N/A 6,605 Market approach EBITDA multiple (2) 6.5x - 7.8x 6.9x 122,962 Income approach Yield 2.7% - 48.1% 7.9% 28,320 Other N/A N/A N/A Derivative instruments 1,104 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 996,310 Liabilities Derivative instruments $ (44) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (44) (1) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS	Sep. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	7. DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against 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 September 30, 2021 As of December 31, 2020 Assets Liabilities Assets Liabilities The Company Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Foreign exchange contracts $ 81,008 $ 4,352 $ 9,868 $ 265 $ 30,040 $ 1,440 $ 39,362 $ 1,565 Interest rate contracts 18,455 9 — — — — — — Total derivatives, at fair value (2) $ 99,463 $ 4,361 $ 9,868 $ 265 $ 30,040 $ 1,440 $ 39,362 $ 1,565 As of September 30, 2021 As of December 31, 2020 Assets Liabilities Assets Liabilities Consolidated Funds Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Warrants $ — $ — $ 230,000 $ 17,000 $ — $ — $ — $ — Asset swap - other 44,521 325 39,701 1,513 7,600 1,104 540 44 Total derivatives, at fair value (3) $ 44,521 $ 325 $ 269,701 $ 18,513 $ 7,600 $ 1,104 $ 540 $ 44 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of September 30, 2021 and December 31, 2020, the Company had the right to, but elected not to, offset $0.3 million and $1.6 million of its derivative liabilities. (3) As of September 30, 2021 and December 31, 2020, the Consolidated Funds offset $0.3 million and $0.4 million of their derivative assets and liabilities, respectively.

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2021
Debt Disclosure [Abstract]
DEBT	8. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of September 30, 2021 As of December 31, 2020 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolver 3/31/2026 N/A $ 150,000 1.13% $ — —% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 247,802 4.21 247,285 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,045 3.28 395,713 3.28 2051 Subordinated Notes (4) 6/30/2021 6/30/2051 450,000 444,478 4.13 — — Total debt obligations $ 1,238,325 $ 642,998 (1) The AOG entities are borrowers under the Credit Facility, which provides a $1.090 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. On March 31, 2021, the Company amended the Credit Facility to, among other things, extend the maturity date from March 2025 to March 2026. As of September 30, 2021, base rate loans bear interest calculated based on the base rate plus 0.125% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.125%. The unused commitment fee is 0.10% per annum. There is a base rate and LIBOR floor of zero. (2) The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes. (3) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes. (4) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company, at 100.00% of par with interest paid semi-annually at a fixed-rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five As of September 30, 2021, the Company and its subsidiaries were in compliance with all covenants under the debt obligations. The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the 2024 and 2030 Senior Notes (the “Senior Notes”) and 2051 Subordinated Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included in other assets in the Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense in the Condensed Consolidated Statements of Operations. The following table presents the activity of the Company's debt issuance costs: Credit Facility Senior Subordinated Notes Unamortized debt issuance costs as of December 31, 2020 $ 5,232 $ 4,283 $ — Debt issuance costs incurred 1,282 — 5,568 Amortization of debt issuance costs (929) (446) (46) Unamortized debt issuance costs as of September 30, 2021 $ 5,585 $ 3,837 $ 5,522 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 September 30, 2021 As of December 31, 2020 Loan Fair Value of Weighted Loan Fair Value of Loan Obligations Weighted Senior secured notes (1) $ 9,577,725 $ 9,561,079 9.5 $ 9,796,442 $ 9,665,804 10.1 Subordinated notes (2) 723,567 613,715 8.3 482,391 292,272 10.2 Total loan obligations of Consolidated CLOs $ 10,301,292 $ 10,174,794 $ 10,278,833 $ 9,958,076 (1) Original borrowings under the senior secured notes totaled $9.6 billion, with various maturity dates ranging from September 2026 to July 2034. The weighted average interest rate as of September 30, 2021 was 1.96%. (2) Original borrowings under the subordinated notes totaled $723.6 million, with various maturity dates ranging from September 2026 to July 2034. 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 September 30, 2021 and December 31, 2020, the Consolidated Funds were in compliance with all covenants under such credit facilities. The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding: As of September 30, 2021 As of December 31, 2020 Consolidated Funds' Debt Facilities Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 3/4/2022 $ 71,500 $ 71,500 1.59% $ 71,500 1.59% 7/1/2023 18,000 17,740 1.63 17,909 1.75 1/15/2022 (2) — — — 32,500 2.75 7/23/2024 75,000 10,000 2.65 N/A N/A 9/24/2026 150,000 — N/A N/A N/A Total borrowings of Consolidated Funds $ 99,240 $ 121,909 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) On July 23, 2021, the credit facility was terminated at the Consolidated Fund’s discretion.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the Condensed Consolidated Statements of Financial Condition. As of September 30, 2021, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Commitments As of September 30, 2021 and December 31, 2020, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $732.8 million and $784.2 million, respectively. Contingent Liabilities In connection with the Landmark Acquisition, the Company established a management incentive program (the “Landmark MIP”) with certain professionals of Landmark. The Landmark MIP represents a contingent liability not to exceed $300.0 million and is based on the achievement of fundraising targets for certain Landmark funds during a measurement period. The Company expects to settle this liability with a combination of 15% cash and 85% equity awards. Expense associated with the cash component is recognized ratably over the measurement period, which will end on the earlier of the final fundraising date or December 31, 2022. Expense associated with the equity component is recognized ratably over the service period, which will continue for four years beyond the measurement period end date. The Landmark MIP is remeasured each period with incremental changes in fair value included within compensation and benefits expense within the Condensed Consolidated Statements of Operations. At the measurement period end date, the cash component will be paid and restricted units for the balance of the Landmark MIP will be granted at fair value. The unpaid liability at the measurement period end date will be reclassified from liability to additional paid-in-capital and any difference between the fair value of the Landmark MIP at the measurement period end date and the previously recorded compensation expense will be recognized over the remaining four year service period as equity-based compensation expense. As of September 30, 2021, the fair value of the contingent liability was estimated to be $236.0 million. Compensation expense of $14.7 million and $19.3 million for the three months ended September 30, 2021 and for the period from June 2, 2021 through September 30, 2021, respectively, was recorded in the Condensed Consolidated Statements of Operations. The purchase agreement with Black Creek contains provisions obligating the Company to make payments in an aggregate amount not to exceed $275.0 million to certain senior professionals and advisors upon the achievement of certain revenue targets through a measurement period no later than December 31, 2024. Because these future payments require continued service through the measurement period, this consideration is accounted for as compensation expense instead of as purchase consideration. The fair value of this contingent liability is remeasured at each reporting date with compensation expense recorded ratably over the service period, which is the Black Creek Acquisition date through the measurement period end date. As of September 30, 2021, the fair value of the contingent liability was $206.7 million and the Company recorded a contingent liability of $13.5 million within accrued compensation in the Consolidated Statements of Financial Condition. For the three months ended September 30 2021, compensation expense of $13.5 million was recorded within compensation and benefits expense within the Condensed Consolidated Statements of Operations. The purchase agreement with Black Creek also contains a provision obligating the Company to make a payment to the sellers equal to 50% of the performance income realized for certain Black Creek funds for the year ended December 31, 2021. The fair value of this contingent obligation as of the acquisition date was $28.6 million. The contingent obligation is subject to remeasurement until settlement and changes in fair value from the acquisition date are recorded within other income (expense), net within the Condensed Consolidated Statements of Operations. As of September 30, 2021, the fair value of the contingent obligation was $32.8 million and recorded within due to affiliates within the Consolidated Statements of Financial Condition. Performance Income Performance income is affected by changes in the fair values of the underlying investments in the funds that are advised by the Company. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest. Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company's funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations. Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has recognized more performance income than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund. At September 30, 2021 and December 31, 2020, 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 $202.3 million and $326.4 million, respectively, of which approximately $158.0 million and $252.4 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 September 30, 2021 and December 31, 2020, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows. Leases The Company leases office space and certain office equipment. The Company's leases have remaining lease terms of one As of September 30, As of December 31, Classification 2021 2020 Operating lease assets Right-of-use operating lease assets $ 176,511 $ 154,742 Finance lease assets Other assets (1) 1,164 1,386 Total lease assets $ 177,675 $ 156,128 Operating lease liabilities Operating lease liabilities $ 214,681 $ 180,236 Finance lease obligations Accounts payable, accrued expenses and other liabilities 977 1,273 Total lease liabilities $ 215,658 $ 181,509 (1) Finance lease assets are recorded net of accumulated amortization of $1.4 million and $1.0 million as of September 30, 2021 and December 31, 2020, respectively. Maturity of lease liabilities Operating Leases Finance Leases 2021 $ 10,591 $ 73 2022 41,989 598 2023 38,277 164 2024 36,579 162 2025 36,251 11 After 2025 66,683 — Total future payments 230,370 1,008 Less: interest 15,689 31 Total lease liabilities $ 214,681 $ 977 Three months ended September 30, Nine months ended September 30, Classification 2021 2020 2021 2020 Operating lease expense General, administrative and other expenses $ 9,697 $ 7,701 $ 27,203 $ 23,138 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 154 127 408 346 Interest on finance lease liabilities Interest expense 7 11 24 33 Total lease expense $ 9,858 $ 7,839 $ 27,635 $ 23,517 Nine months ended September 30, Other information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 26,704 $ 23,098 Operating cash flows for finance leases 34 48 Financing cash flows for finance leases 463 412 Leased assets obtained in exchange for new finance lease liabilities 189 — Leased assets obtained in exchange for new operating lease liabilities 55,461 12,477 As of September 30, As of December 31, Lease term and discount rate 2021 2020 Weighted-average remaining lease terms (in years): Operating leases 6.1 6.0 Finance leases 2.1 2.6 Weighted-average discount rate: Operating leases 2.97 % 3.59 % Finance leases 2.91 % 3.26 %

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. 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, which is predominantly due from affiliated funds, is presented separately within investments in the Condensed Consolidated Statements of Financial Condition. The Company has investment management agreements with the Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds. The Company also has entered into agreements to be reimbursed for its expenses incurred 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. As a result of the Black Creek Acquisition, the Company is party to agreements with each Black Creek fund to provide various services, such as administration, acquisition, development and property management, among others. Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management fees or performance income. Performance income 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 September 30, As of December 31, 2021 2020 Due from affiliates: Management fees receivable from non-consolidated funds $ 347,078 $ 308,581 Incentive fee receivable from non-consolidated funds 579 21,495 Payments made on behalf of and amounts due from non-consolidated funds and employees 145,754 75,811 Due from affiliates—Company $ 493,411 $ 405,887 Amounts due from portfolio companies and non-consolidated funds $ 9,059 $ 17,172 Due from affiliates—Consolidated Funds $ 9,059 $ 17,172 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 7,959 $ 4,808 Tax receivable agreement liability 97,698 62,505 Undistributed carried interest and incentive fees 64,675 27,322 Payments made by non-consolidated funds on behalf of and payable by the Company 32,106 5,551 Due to affiliates—Company $ 202,438 $ 100,186 Due from Ares Funds and Portfolio Companies In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	11. 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 nine months ended September 30, 2021, the Company recorded income tax expense of $30.3 million and $104.5 million. For the three and nine months ended September 30, 2020, the Company recorded income tax expense of $18.3 million and $22.1 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 nine months ended September 30, 2021 and 2020, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate. The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of September 30, 2021 and December 31, 2020, the Company recorded a net deferred tax asset of $29.9 million and $70.0 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 exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years prior to 2017. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s condensed consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE For the three and nine months ended September 30, 2021, the Company had Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes. Additional information on the issuance of the non-voting common stock is discussed in “Note 14. Equity and Redeemable Interests.” Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock method. For the three and nine months ended September 30, 2021 and the three months ended September 30, 2020, the treasury stock method was the more dilutive method. For the nine months ended September 30, 2020, the two-class method was the more dilutive method. The computation of diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 excludes the following restricted units and AOG units, as their effect would have been anti-dilutive: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Restricted units 450 572 167 — AOG Units 119,855,724 114,726,173 115,394,058 — The following table presents the computation of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Basic earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 84,726 $ 42,120 $ 262,659 $ 56,605 Distributions on unvested restricted units (1,440) (2,757) (8,142) (7,715) Undistributed earnings allocable to participating unvested restricted units (306) — (2,858) — Net income available to Class A and non-voting common stockholders $ 82,980 $ 39,363 $ 251,659 $ 48,890 Basic weighted-average shares of Class A and non-voting common stock 168,931,621 143,466,209 161,071,151 131,866,471 Basic earnings per share of Class A and non-voting common stock $ 0.49 $ 0.27 $ 1.55 $ 0.37 Diluted earnings per share of Class A and non-voting common stock: Net income available to Class A and non-voting common stockholders $ 84,726 $ 42,120 $ 262,659 $ 56,605 Distributions on unvested restricted units — — — (7,715) Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 84,726 $ 42,120 $ 262,659 $ 48,890 Effect of dilutive shares: Restricted units 12,273,068 9,762,645 10,807,242 — Options 5,317,468 4,893,709 5,265,045 — Diluted weighted-average shares of Class A and non-voting common stock 186,522,157 158,122,563 177,143,438 131,866,471 Diluted earnings per share of Class A and non-voting common stock $ 0.45 $ 0.27 $ 1.48 $ 0.37 Dividend declared and paid per Class A and non-voting common stock $ 0.47 $ 0.40 $ 1.41 $ 1.20

EQUITY COMPENSATION

EQUITY COMPENSATION	9 Months Ended
EQUITY COMPENSATION	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
EQUITY COMPENSATION	13. EQUITY COMPENSATION Equity Incentive Plan Equity-based compensation is granted under the Company's 2014 Equity Incentive Plan (as amended, the "Equity Incentive Plan"). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2021, the total number of shares available for issuance under the Equity Incentive Plan reset to 44,510,451 shares and as of September 30, 2021, 38,972,964 shares remain available for issuance. Generally, unvested restricted units are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs. Equity-based compensation expense, net of forfeitures, recorded by the Company is included in the following table: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Restricted units $ 36,390 $ 30,036 $ 127,219 $ 86,804 Restricted units with a market condition 29,601 300 63,925 4,729 Options — — — 43 Equity-based compensation expense $ 65,991 $ 30,336 $ 191,144 $ 91,576 Restricted Units Each restricted unit represents an unfunded, unsecured right of the holder to receive a share of the Company's Class A common stock on a specific date. The restricted units generally vest and are settled in shares of Class A common stock either (i) at a rate of one-third per year, beginning on the third anniversary of the grant date, (ii) in their entirety on the fifth anniversary of the grant date, (iii) at a rate of one quarter per year, beginning on the second anniversary of the grant date or the holder's employment commencement date, or (iv) at a rate of one third per year, beginning on the first anniversary of the grant date in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment or retirement eligibility provisions). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award. Restricted units are delivered net of the holder's payroll related taxes upon vesting. For the nine months ended September 30, 2021, 8.2 million restricted units vested and 4.4 million shares of Class A common stock were delivered to the holders. For the nine months ended September 30, 2020, 4.7 million restricted units vested and 2.6 million shares of Class A common stock were delivered to the holders. The holders of restricted units, other than awards that have not yet been issued as described in the subsequent sections, generally have the right to receive as current compensation an amount in cash equal to (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). During the nine months ended September 30, 2021, the Company declared dividends of $0.47 per share to Class A common stockholders at the close of business on March 17, 2021, June 16, 2021 and September 16, 2021. For the three and nine months ended September 30, 2021, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $6.4 million and $21.7 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. During the first quarter of 2021, in addition to grants awarded in 2021, the Company approved the future grant of restricted units to certain senior executives in each of 2022, 2023 and 2024, subject to the holder’s continued employment and acceleration in certain instances. The vesting period of these awards are at a rate of 25% per year, beginning on the second anniversary of the grant date. Given that these future restricted units have been communicated to the recipient, the Company accounts for these awards as if they have been granted and recognizes the compensation expense on a straight-line basis over the service period. The restricted units that have been approved and communicated but not yet granted are not eligible to receive a Dividend Equivalent until the grant date. The following table presents unvested restricted units' activity: Restricted Units Weighted Average Balance - January 1, 2021 16,299,664 $ 24.30 Granted 9,667,989 46.16 Vested (6,278,948) 20.70 Forfeited (1,255,502) 30.48 Balance - September 30, 2021 18,433,203 $ 36.33 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $504.8 million as of September 30, 2021 and is expected to be recognized over the remaining weighted average period of 3.5 years. Performance-Based Restricted Unit Awards with a Market Condition During the first quarter of 2021, the Company granted certain restricted units with a vesting condition contingent upon the volume-weighted, average closing price of the Company’s Class A common stock meeting or exceeding a stated price for 30 consecutive calendar days on or prior to January 22, 2029, referred to as the market condition. 537,500 restricted units with a market condition of $55.00 per share (“Tranche I”), 537,500 restricted units with a market condition of $60.00 per share (“Tranche II”), 537,500 restricted units with a market condition of $65.00 per share (“Tranche III”) and 537,500 restricted units with a market condition of $75.00 per share (“Tranche IV”) were granted. Vesting is also generally subject to continued employment at the time such market condition is achieved, subject to certain exceptions upon certain qualifying terminations of employment. Under the terms of the awards, if the target price of the applicable market condition is not achieved by the close of business on January 22, 2029, the unvested market condition awards will be automatically canceled and forfeited for no consideration. Restricted units subject to a market condition are not eligible to receive a Dividend Equivalent. The grant date fair values for Tranche I, Tranche II, Tranche III and Tranche IV awards were $37.28, $34.47, $31.92 and $27.75 per unit, respectively, based on a probability distributed Monte-Carlo simulation. Due to the existence of the market condition, the vesting period for the awards is not explicit, and as such, compensation expense is recognized on a straight-line basis over the median vesting period derived from the positive iterations of the Monte Carlo simulation where the market condition was achieved. The median vesting period is 0.7 years, 1.2 years, 1.6 years and 2.3 years for Tranche I, Tranche II, Tranche III and Tranche IV, respectively. Below is a summary of the significant assumptions used to estimate the grant date fair value of market condition awards: Closing price of the Company's common shares as of valuation date $45.76 Risk-free interest rate 0.88% Volatility 35.0% Dividend yield 3.5% Cost of equity 10.0% The following table presents the market condition awards' activity: Market Condition Awards Units Weighted Average Balance - January 1, 2021 — $ — Granted 2,150,000 32.86 Vested (1,925,000) 33.21 Forfeited (225,000) 29.84 Balance - September 30, 2021 — $ — During the nine months ended September 30, 2021, the market-priced vesting condition was met for all four tranches of the market condition awards and resulted in the acceleration of $43.4 million of compensation expense. Tranche I was met during the second quarter of 2021 and Tranche II, III and IV were met during the third quarter of 2021, and the compensation expense was accelerated during each of the quarters of $14.0 million and $29.4 million, respectively. Options A summary of options activity during the nine months ended September 30, 2021 is presented below: Options Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Balance - January 1, 2021 8,312,203 $ 18.99 3.4 $ 233,251 Granted — — — — Exercised (1,489,789) 18.94 — — Expired — — — — Forfeited — — — — Balance - September 30, 2021 6,822,414 $ 19.00 2.6 $ 374,073 Exercisable at September 30, 2021 6,822,414 $ 19.00 2.6 $ 374,073

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	9 Months Ended
EQUITY AND REDEEMABLE INTEREST	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
EQUITY AND REDEEMABLE INTEREST	14. EQUITY AND REDEEMABLE INTEREST Common Stock The Company's common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. Sumitomo Mitsui Banking Corporation (“SMBC”) is the sole holder of the non-voting common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock. In February 2021, the Company's board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $150 million of shares of Class A common stock. Under the program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. The program is scheduled to expire in February 2022. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the nine months ended September 30, 2021 and 2020, the Company did not repurchase any shares as part of the stock repurchase program. On April 5, 2021, the Company entered into a Share Purchase Agreement (the “Purchase Agreement”) with SMBC. Pursuant to the Purchase Agreement, the Company agreed to issue and sell to SMBC approximately $250.0 million of the Company’s common stock (consisting of 3,489,911 shares of non-voting common stock and 1,234,200 shares of Class A common stock) at a price per share equal to the public offering price of Class A common stock being offered pursuant to the Offering (as defined below), less underwriting discounts and commissions (the “Private Placement”). The Private Placement closed on April 8, 2021 and resulted in gross proceeds to the Company of approximately $250.0 million before deducting offering expenses. On April 6, 2021, the Company entered into an underwriting agreement pursuant to which the Company agreed to issue and sell 10,925,000 shares of the Class A common stock (including 1,425,000 shares of Class A common stock sold pursuant to the exercise of the underwriters' option to purchase additional shares of Class A common stock) (collectively, the “Offering”). The Offering closed on April 8, 2021 and resulted in gross proceeds to the Company of approximately $578.2 million before deducting offering expenses. Offering expenses for the Private Placement and Offering amounted to approximately $0.7 million. The expenses have been recorded as a reduction in the proceeds received and are presented on a net basis together with issuances of common stock in additional paid-in-capital within the Condensed Consolidated Statements of Changes in Equity. The following table presents the changes in each class of common stock: Class A Common Stock Non-Voting Common Stock Class B Common Stock Class C Common Stock Total Balance - January 1, 2021 147,182,562 — 1,000 112,447,618 259,631,180 Issuance of stock (1) 12,159,200 3,489,911 — 8,744,296 24,393,407 Exchanges of AOG Units 2,330,367 — — (2,330,367) — Redemptions of AOG Units — — — (58,290) (58,290) Stock option exercises, net of shares withheld for tax 1,460,388 — — — 1,460,388 Vesting of restricted stock awards, net of shares withheld for tax 4,448,648 — — — 4,448,648 Balance - September 30, 2021 167,581,165 3,489,911 1,000 118,803,257 289,875,333 (1) Issuances of Class C Common stock corresponds with increases in Ares Owners Holdings L.P.’s ownership interest in the AOG entities. The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities: Daily Average Ownership As of September 30, 2021 As of December 31, 2020 Three months ended September 30, Nine months ended September 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2021 2020 2021 2020 Ares Management Corporation 171,071,076 59.02 % 147,182,562 56.69 % 58.50 % 55.57 % 58.26 % 53.33 % Ares Owners Holdings, L.P. 118,803,257 40.98 112,447,618 43.31 41.50 44.43 41.74 46.67 Total 289,874,333 100.00 % 259,630,180 100.00 % Preferred Stock As of December 31, 2020, the Company had 12,400,000 shares of the Series A Preferred Stock outstanding. As and if declared by the Company’s board of directors, dividends on the Series A Preferred Stock are payable quarterly at a rate per annum equal to 7.00%. The Series A Preferred Stock could be redeemed at the Company’s option, in whole or in part, at any time on or after June 30, 2021, at a price per share of $25.00. On June 30, 2021 (the “Redemption Date”), the Company redeemed all shares of the Series A Preferred Stock outstanding at a redemption price per share of $25.00. The redemption price did not include any accrued dividends as the Redemption Date occurred on the dividend payment date. On the Redemption Date, the Company paid $310.0 million for the redemption of the Series A Preferred Stock and $5.4 million for the previously announced dividend of $0.4375 per share. The excess of the redemption price over the carrying value of the Series A Preferred Stock of approximately $11.2 million relates to the original issuance costs and is presented as a reduction to net income available to common stockholders and to non-controlling interests in AOG entities within the Condensed Consolidated Statements of Operations. Redeemable Interest The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities: Total Balance - January 1, 2021 $ 100,366 Net income 32 Currency translation adjustment, net of tax (590) Balance- March 31, 2021 $ 99,808 Net income $ 337 Currency translation adjustment, net of tax 186 Distribution (300) Balance- June 30, 2021 $ 100,031 Net income $ 324 Currency translation adjustment, net of tax (356) Distribution (1,350) Balance- September 30, 2021 $ 98,649 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance - January 1, 2021 $ — Redemption value 930,924 Balance- March 31, 2021 $ 930,924 Change in redemption value (14,100) Balance- June 30, 2021 $ 916,824 Change in redemption value 83,176 Balance- September 30, 2021 $ 1,000,000

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
SEGMENT REPORTING	Sep. 30, 2021
Segment Reporting [Abstract]
SEGMENT REPORTING	15. 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 targets first lien secured debt, with a secondary focus on second lien secured loans and subordinated and other 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 allowing us to tactically allocate between multiple asset classes in various market conditions. The alternative credit strategy seeks to capitalize on asset-focused investment opportunities that fall outside of traditional, well-defined markets such as corporate debt, real estate and private equity. The alternative credit strategy emphasizes downside protection and capital preservation through a focus on investments that tend to share the following key attributes: asset security, covenants, structural protections and cash flow velocity. The direct lending strategy is one of the largest self-originating direct lenders to the U.S. and European markets and has a multi-channel origination strategy designed to address a broad set of investment opportunities in the middle market. The direct lending team 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 subordinated debt, generally in a first lien position), second lien senior secured loans, subordinated debt, preferred equity and non-control equity co-investments in private middle market companies. U.S. direct lending activities are managed through a publicly traded business development company, ARCC, as well as through private commingled funds and separately managed accounts (“SMAs”). Private Equity Group: The Private Equity Group manages investment strategies broadly categorizes its investment activities into three strategies: Corporate Private Equity, Special Opportunities and Infrastructure and Power. In the Corporate Private Equity strategy, the Company targets four principal transactions types: prudently leveraged control buyouts, growth equity, rescue/deleveraging capital and distressed buyouts/discounted debt accumulation together with the broad resources of potential investment opportunities. This flexible capital approach, together with the broad resources of the Ares platform, widens our universe of potential investment opportunities and allows us to remain active in different markets and to be highly selective in making investments across various market environments. In the Special Opportunities strategy, the Company employs a flexible capital strategy to target non-control positions across a broad spectrum of stressed, distressed and opportunistic situations. The Infrastructure and Power strategy targets value-added approach that seeks to source and structure essential infrastructure assets with strong downside protection and potential for capital appreciation throughout the climate infrastructure, natural gas generation, and energy transportation sectors. Real Estate Group : The Real Estate Group manages comprehensive real estate equity and debt strategies, focusing on activities categorized as core, value-add, and opportunistic. Real Estate equity strategies involve high-quality properties and locations and de-risked developments with an opportunity to create value through repositioning, lease-up, re-tenanting, redevelopment, and/or complex recapitalizations. The group targets assets located in liquid markets with diversified economies in order to deliver compelling, risk-adjusted returns through a combination of asset selectivity and disciplined portfolio management. The U.S. core investment activities focus on the acquisition of assets secured by long-term cash flows and durable tenancy diversified across geographies and end-user industries. The core strategy encompasses industrial, multifamily, office, necessity-based retail, and other property types across major metropolitan economies. The value-add investment activities focus on acquiring underperforming, income-producing, institutional-quality assets that can be improved through select value-creation initiatives across the U.S. and Europe. The opportunistic activities focus on capitalizing on distressed and special situations, repositioning underperforming assets and undertaking select development and redevelopment projects across the U.S. and Europe. Additionally, the Ares Real Estate Group has specialized operating and investment capabilities specifically in the industrial sector through its vertically integrated operating platform. The Company’s debt strategies leverage the Real Estate Group’s diverse sources of capital to directly originate and invest in a wide range of financing opportunities in the U.S. In addition to managing private commingled funds and SMAs investing in equity and debt strategies, the Real Estate Group also makes investments through Black Creek Diversified Property Fund, Inc. (“DPF”) and Black Creek Industrial REIT IV, Inc. (“BCI IV”), its non-traded REITs, and ACRE, a publicly traded commercial mortgage REIT. Secondary Solutions Group : The Secondary Solutions Group was formed during the second quarter of 2021 in connection with the Landmark Acquisition. The Secondary Solutions Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate and infrastructure. The Company acquires interests across a range of partnership vehicles, including funds, multi-asset portfolios and single asset joint ventures. Each strategy focuses on recapitalizing and restructuring the funds, including transactions that can address pending fund maturity, strategy change or the need for additional equity capital. The private equity secondaries strategy targets opportunities in non-competitive channels and makes investments in durable, performing assets with attractive capital structures. In the real estate secondaries strategy, the Company seeks broad diversification by property sector and geography and to drive investment results through underwriting, transaction structuring and portfolio construction. In the infrastructure secondaries strategy, the Company focuses on achieving diversification through a portfolio that provides inflation protection and exposure to uncorrelated assets. Strategic Initiatives: The Company began reflecting the Strategic Initiatives category beginning in the third quarter of 2020. It represents an all other category that includes operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets including Ares SSG, Ares Insurance Solutions (“AIS”) and AAC. The OMG consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy, relationship management and distribution. The OMG includes Ares Wealth Management Solutions (“WMS”) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of the Company’s investment companies and partnerships, which reimburse the OMG for expenses equal to the costs of services provided. The OMG’s revenues and expenses are not allocated to the Company’s reportable segments but the Company does consider the cost structure of the OMG when evaluating its financial performance. Segment Profit Measures: These measures supplement and should be considered in addition to, and not in lieu of, the 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 income before taxes by excluding (a) operating results of the Consolidated Funds, (b) depreciation and amortization expense, (c) the effects of changes arising from corporate actions, (d) unrealized gains and losses related to performance income and investment performance and (e) certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. 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 tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended September 30, 2021 Credit Group Private Equity Group Real Secondary Solutions Group Strategic Initiatives Total OMG Total Management fees $ 271,591 $ 69,591 $ 55,160 $ 41,064 16,544 $ 453,950 $ — $ 453,950 Other fees 5,798 370 3,681 — 2 9,851 3,446 13,297 Compensation and benefits (86,502) (26,773) (29,160) (11,955) (5,316) (159,706) (66,107) (225,813) General, administrative and other expenses (14,930) (6,238) (5,420) (2,593) (1,774) (30,955) (28,142) (59,097) Fee related earnings 175,957 36,950 24,261 26,516 9,456 273,140 (90,803) 182,337 Performance income—realized 6,332 34,316 4,693 — — 45,341 — 45,341 Performance related compensation—realized (3,079) (27,483) (3,166) — — (33,728) — (33,728) Realized net performance income 3,253 6,833 1,527 — — 11,613 — 11,613 Investment income—realized 618 2,020 1,699 — 1,025 5,362 — 5,362 Interest and other investment income (expense)—realized 4,716 4,861 918 699 163 11,357 (270) 11,087 Interest expense (2,392) (2,726) (1,683) (427) (4,135) (11,363) (160) (11,523) Realized net investment income (loss) 2,942 4,155 934 272 (2,947) 5,356 (430) 4,926 Realized income $ 182,152 $ 47,938 $ 26,722 $ 26,788 $ 6,509 $ 290,109 $ (91,233) $ 198,876 Three months ended September 30, 2020 Credit Group Private Equity Group Real Secondary Solutions Group Strategic Initiatives Total OMG Total Management fees $ 208,371 $ 54,653 $ 23,787 $ — $ 13,320 $ 300,131 $ — $ 300,131 Other fees 4,898 2 5 — 6 4,911 — 4,911 Compensation and benefits (74,373) (21,224) (13,011) — (4,241) (112,849) (41,551) (154,400) General, administrative and other expenses (13,789) (6,002) (2,987) — (1,514) (24,292) (19,519) (43,811) Fee related earnings 125,107 27,429 7,794 — 7,571 167,901 (61,070) 106,831 Performance income—realized 7,069 115,997 199 — — 123,265 — 123,265 Performance related compensation—realized (4,131) (93,284) (123) — — (97,538) — (97,538) Realized net performance income 2,938 22,713 76 — — 25,727 — 25,727 Investment income—realized — 16,351 486 — — 16,837 — 16,837 Interest and other investment income (expense)—realized 1,962 1,065 1,308 — (4) 4,331 (503) 3,828 Interest expense (2,340) (2,216) (1,389) — (729) (6,674) (141) (6,815) Realized net investment income (loss) (378) 15,200 405 — (733) 14,494 (644) 13,850 Realized income $ 127,667 $ 65,342 $ 8,275 $ — $ 6,838 $ 208,122 $ (61,714) $ 146,408 Nine months ended September 30, 2021 Credit Group Private Equity Group Real Secondary Solutions Group Strategic Initiatives Total OMG Total Management fees $ 764,702 $ 171,019 $ 115,602 $ 53,962 $ 48,963 $ 1,154,248 $ — $ 1,154,248 Other fees 18,494 726 4,604 — 82 23,906 3,446 27,352 Compensation and benefits (252,783) (73,534) (60,767) (16,244) (15,440) (418,768) (158,943) (577,711) General, administrative and other expenses (37,716) (17,499) (12,064) (3,452) (5,580) (76,311) (69,872) (146,183) Fee related earnings 492,697 80,712 47,375 34,266 28,025 683,075 (225,369) 457,706 Performance income—realized 78,255 159,479 12,255 — — 249,989 — 249,989 Performance related compensation—realized (49,433) (127,706) (8,167) — — (185,306) — (185,306) Realized net performance income 28,822 31,773 4,088 — — 64,683 — 64,683 Investment income—realized 1,858 5,308 4,182 — 1,347 12,695 — 12,695 Interest and other investment income—realized 14,354 10,716 3,892 701 2,824 32,487 170 32,657 Interest expense (5,372) (6,032) (3,930) (432) (8,962) (24,728) (397) (25,125) Realized net investment income (loss) 10,840 9,992 4,144 269 (4,791) 20,454 (227) 20,227 Realized income $ 532,359 $ 122,477 $ 55,607 $ 34,535 $ 23,234 $ 768,212 $ (225,596) $ 542,616 Nine months ended September 30, 2020 Credit Group Private Equity Group Real Estate Group Secondary Solutions Group Strategic Initiatives Total OMG Total Management fees $ 606,596 $ 160,206 $ 71,459 $ — $ 13,320 $ 851,581 $ — $ 851,581 Other fees 12,057 142 716 — 6 12,921 — 12,921 Compensation and benefits (222,063) (62,946) (38,159) — (4,241) (327,409) (114,916) (442,325) General, administrative and other expenses (41,626) (16,083) (9,185) — (1,514) (68,408) (56,877) (125,285) Fee related earnings 354,964 81,319 24,831 — 7,571 468,685 (171,793) 296,892 Performance income—realized 16,085 276,469 27,106 — — 319,660 — 319,660 Performance related compensation—realized (12,142) (222,949) (17,484) — — (252,575) — (252,575) Realized net performance income 3,943 53,520 9,622 — — 67,085 — 67,085 Investment income (loss)—realized (843) 35,866 2,740 — — 37,763 (5,698) 32,065 Interest and other investment income (expense)—realized 13,166 2,364 3,024 — (4) 18,550 (588) 17,962 Interest expense (6,391) (6,106) (3,715) — (729) (16,941) (1,262) (18,203) Realized net investment income (loss) 5,932 32,124 2,049 — (733) 39,372 (7,548) 31,824 Realized income $ 364,839 $ 166,963 $ 36,502 $ — $ 6,838 $ 575,142 $ (179,341) $ 395,801 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Segment revenues Management fees $ 453,950 $ 300,131 $ 1,154,248 $ 851,581 Other fees 9,851 4,911 23,906 12,921 Performance income—realized 45,341 123,265 249,989 319,660 Total segment revenues $ 509,142 $ 428,307 $ 1,428,143 $ 1,184,162 Segment expenses Compensation and benefits $ 159,706 $ 112,849 $ 418,768 $ 327,409 General, administrative and other expenses 30,955 24,292 76,311 68,408 Performance related compensation—realized 33,728 97,538 185,306 252,575 Total segment expenses $ 224,389 $ 234,679 $ 680,385 $ 648,392 Segment realized net investment income Investment income—realized $ 5,362 $ 16,837 $ 12,695 $ 37,763 Interest and other investment income —realized 11,357 4,331 32,487 18,550 Interest expense (11,363) (6,674) (24,728) (16,941) Total segment realized net investment income $ 5,356 $ 14,494 $ 20,454 $ 39,372 The following table reconciles the Company's consolidated revenues to segment revenue: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Total consolidated revenue $ 948,719 $ 489,866 $ 2,901,926 $ 1,106,033 Performance (income) loss—unrealized (415,317) (52,488) (1,381,697) 77,866 Management fees of Consolidated Funds eliminated in consolidation 11,051 11,719 33,416 33,601 Incentive fees of Consolidated Funds eliminated in consolidation — — 1,528 (70) Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 4,264 4,448 13,157 12,249 Administrative fees (1) (15,632) (9,216) (34,754) (27,715) OMG revenue (3,446) — (3,446) — Performance income (loss) reclass (2) 680 (291) 1,285 (3,664) Principal investment income, net of eliminations (14,250) (11,408) (86,477) (8,330) Net income of non-controlling interests in consolidated subsidiaries (6,927) (4,323) (16,795) (5,808) Total consolidation adjustments and reconciling items (439,577) (61,559) (1,473,783) 78,129 Total segment revenue $ 509,142 $ 428,307 $ 1,428,143 $ 1,184,162 (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Total consolidated expenses $ 813,267 $ 392,580 $ 2,363,108 $ 958,106 Performance related compensation-unrealized (296,044) (24,818) (1,022,393) 61,010 Expenses of Consolidated Funds added in consolidation (23,206) (17,737) (66,653) (50,237) Expenses of Consolidated Funds eliminated in consolidation 11,102 11,718 35,078 33,531 Administrative fees (1) (15,632) (9,216) (34,754) (27,715) OMG expenses (94,249) (61,070) (228,815) (171,793) Acquisition and merger-related expense (754) (3,474) (18,364) (9,430) Equity compensation expense (65,991) (30,336) (191,144) (91,576) Acquisition-related compensation expense (2) (28,194) — (32,824) — Deferred placement fees (32,413) (2,942) (33,740) (18,677) Depreciation and amortization expense (36,668) (14,336) (71,742) (26,197) Expense of non-controlling interests in consolidated subsidiaries (6,829) (5,690) (17,372) (8,630) Total consolidation adjustments and reconciling items (588,878) (157,901) (1,682,723) (309,714) Total segment expenses $ 224,389 $ 234,679 $ 680,385 $ 648,392 (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) Represents compensation expense associated with contingent obligations recorded in connection with the Landmark Acquisition and the Black Creek Acquisition and is presented in compensation and benefits in the Company’s Condensed Consolidated Statements of Operations. The following table reconciles the Company's consolidated other income to segment realized net investment income: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Total consolidated other income (expense) $ 111,536 $ 62,355 $ 218,011 $ (43,602) Investment (income) loss—unrealized (3,609) 1,479 (60,588) 83,369 Interest and other investment (income) loss—unrealized (1,405) (1,390) 3,057 (10,330) Other (income) loss from Consolidated Funds added in consolidation, net (76,287) (68,132) (178,195) 20,719 Other expense from Consolidated Funds eliminated in consolidation, net (4,973) (3,470) (13,783) (11,478) OMG other (income) expense 37 (1,820) 646 (781) Performance (income) loss reclass (1) (680) 291 (1,285) 3,664 Principal investment income (loss) 20,719 18,080 96,448 (24,951) Other (income) expense, net (34,812) 9,534 (34,666) 9,903 Other (income) loss of non-controlling interests in consolidated subsidiaries (5,170) (2,433) (9,191) 12,859 Total consolidation adjustments and reconciling items (106,180) (47,861) (197,557) 82,974 Total segment realized net investment income $ 5,356 $ 14,494 $ 20,454 $ 39,372 (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Income before taxes $ 246,988 $ 159,641 $ 756,829 $ 104,325 Adjustments: Depreciation and amortization expense 36,668 14,336 71,742 26,197 Equity compensation expense 65,991 30,336 191,144 91,576 Acquisition-related compensation expense (1) 28,194 — 32,824 — Acquisition and merger-related expense 7,967 3,490 26,188 9,815 Deferred placement fees 32,413 2,942 33,740 18,677 OMG expense, net 90,840 59,250 226,015 171,012 Other (income) expense, net (42,025) 9,518 (42,490) 9,518 Net (income) expense of non-controlling interests in consolidated subsidiaries (5,268) (1,066) (8,614) 15,681 (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (47,372) (42,744) (102,331) 38,446 Total performance (income) loss—unrealized (415,317) (52,488) (1,381,697) 77,866 Total performance related compensation—unrealized 296,044 24,818 1,022,393 (61,010) Total investment (income) loss—unrealized (5,014) 89 (57,531) 73,039 Realized income 290,109 208,122 768,212 575,142 Total performance income—realized (45,341) (123,265) (249,989) (319,660) Total performance related compensation—realized 33,728 97,538 185,306 252,575 Total investment income—realized (5,356) (14,494) (20,454) (39,372) Fee related earnings $ 273,140 $ 167,901 $ 683,075 $ 468,685 (1) Represents compensation expense associated with contingent obligations recorded in connection with the Landmark Acquisition and the Black Creek Acquisition and is presented in compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.

CONSOLIDATION

CONSOLIDATION	9 Months Ended
CONSOLIDATION	Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	16. 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 September 30, As of December 31, 2021 2020 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs (1) $ 340,988 $ 224,203 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs (1) 478,164 391,963 Assets of consolidated VIEs 12,190,617 11,580,003 Liabilities of consolidated VIEs 11,238,928 10,716,438 (1) As of September 30, 2021 and December 31, 2020, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $104.4 million and $107.7 million, respectively. Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ 38,597 $ 42,627 $ 84,285 $ (38,593) 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 September 30, 2021 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 295,704 $ — $ — $ 295,704 Investments (includes $2,625,319 of accrued carried interest) 3,804,023 — (481,358) 3,322,665 Due from affiliates 517,504 — (24,093) 493,411 Other assets 1,006,870 — — 1,006,870 Intangible assets, net 1,452,690 — — 1,452,690 Right-of-use operating lease assets 176,511 — — 176,511 Assets of Consolidated Funds Cash and cash equivalents — 1,581,433 — 1,581,433 U.S. Treasury securities, at fair value — 1,000,165 — 1,000,165 Investments, at fair value — 10,356,640 4,214 10,360,854 Due from affiliates — 19,089 (10,030) 9,059 Receivable for securities sold — 187,230 — 187,230 Other assets — 47,806 — 47,806 Total assets $ 7,253,302 $ 13,192,363 $ (511,267) $ 19,934,398 Liabilities Accounts payable, accrued expenses and other liabilities $ 218,171 $ — $ (10,030) $ 208,141 Accrued compensation 309,569 — — 309,569 Due to affiliates 202,438 — — 202,438 Performance related compensation payable 1,895,343 — — 1,895,343 Debt obligations 1,238,325 — — 1,238,325 Operating lease liabilities 214,681 — — 214,681 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 102,883 (13,198) 89,685 Due to affiliates — 19,880 (19,880) — Payable for securities purchased — 863,007 — 863,007 CLO loan obligations, at fair value — 10,220,040 (45,246) 10,174,794 Fund borrowings — 99,240 — 99,240 Total liabilities 4,078,527 11,305,050 (88,354) 15,295,223 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,000,000 — 1,000,000 Redeemable interest in Ares Operating Group entities 98,649 — — 98,649 Non-controlling interest in Consolidated Funds — 887,313 (422,913) 464,400 Non-controlling interest in Ares Operating Group entities 1,322,866 — — 1,322,866 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero shares issued and outstanding) — — — — Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (167,581,165 shares issued and outstanding) 1,676 — — 1,676 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,803,257 shares issued and outstanding) 1,188 — — 1,188 Additional paid-in-capital 1,881,913 — — 1,881,913 Retained earnings (128,981) — — (128,981) Accumulated other comprehensive loss, net of tax (2,571) — — (2,571) Total stockholders' equity 1,753,260 — — 1,753,260 Total equity 3,076,126 887,313 (422,913) 3,540,526 Total liabilities, redeemable interest, non-controlling interests and equity $ 7,253,302 $ 13,192,363 $ (511,267) $ 19,934,398 As of December 31, 2020 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 539,812 $ — $ — $ 539,812 Investments (includes $1,145,853 of accrued carried interest) 2,064,517 — (381,758) 1,682,759 Due from affiliates 426,021 — (20,134) 405,887 Other assets 590,543 — (211) 590,332 Intangible assets, net 222,087 — — 222,087 Right-of-use operating lease assets 154,742 — — 154,742 Assets of Consolidated Funds Cash and cash equivalents — 522,377 — 522,377 Investments, at fair value — 10,873,522 3,575 10,877,097 Due from affiliates — 27,377 (10,205) 17,172 Receivable for securities sold — 121,225 — 121,225 Other assets — 35,502 — 35,502 Total assets $ 3,997,722 $ 11,580,003 $ (408,733) $ 15,168,992 Liabilities Accounts payable, accrued expenses and other liabilities $ 125,494 $ — $ (10,205) $ 115,289 Accrued compensation 103,010 — — 103,010 Due to affiliates 100,186 — — 100,186 Performance related compensation payable 813,378 — — 813,378 Debt obligations 642,998 — — 642,998 Operating lease liabilities 180,236 — — 180,236 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 46,824 — 46,824 Due to affiliates — 16,770 (16,770) — Payable for securities purchased — 514,946 — 514,946 CLO loan obligations — 10,015,989 (57,913) 9,958,076 Fund borrowings — 121,909 — 121,909 Total liabilities 1,965,302 10,716,438 (84,888) 12,596,852 Commitments and contingencies Redeemable interest in Ares Operating Group entities 100,366 — — 100,366 Non-controlling interest in Consolidated Funds — 863,565 (323,845) 539,720 Non-controlling interest in Ares Operating Group entities 738,369 — — 738,369 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (147,182,562 shares issued and outstanding) 1,472 — — 1,472 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (112,447,618 share issued and outstanding) 1,124 — — 1,124 Additional paid-in-capital 1,043,669 — — 1,043,669 Retained earnings (151,824) — — (151,824) Accumulated other comprehensive income, net of tax 483 — — 483 Total stockholders' equity 1,193,685 — — 1,193,685 Total equity 1,932,054 863,565 (323,845) 2,471,774 Total liabilities, redeemable interest, non-controlling interests and equity $ 3,997,722 $ 11,580,003 $ (408,733) $ 15,168,992 Three months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 459,313 $ — $ (11,051) $ 448,262 Carried interest allocation 460,651 — — 460,651 Incentive fees 696 — — 696 Principal investment income 20,719 — (6,469) 14,250 Administrative, transaction and other fees 29,124 — (4,264) 24,860 Total revenues 970,503 — (21,784) 948,719 Expenses Compensation and benefits 335,569 — — 335,569 Performance related compensation 331,141 — — 331,141 General, administrative and other expense 134,453 — — 134,453 Expenses of the Consolidated Funds — 23,206 (11,102) 12,104 Total expenses 801,163 23,206 (11,102) 813,267 Other income (expense) Net realized and unrealized gains on investments 2,759 — 5,575 8,334 Interest and dividend income 2,702 — (1,326) 1,376 Interest expense (11,523) — — (11,523) Other income, net 36,338 — 316 36,654 Net realized and unrealized gains on investments of the Consolidated Funds — 36,695 (2,450) 34,245 Interest and other income of the Consolidated Funds — 104,344 (316) 104,028 Interest expense of the Consolidated Funds — (64,752) 3,174 (61,578) Total other income 30,276 76,287 4,973 111,536 Income before taxes 199,616 53,081 (5,709) 246,988 Income tax expense 30,273 2 — 30,275 Net income 169,343 53,079 (5,709) 216,713 Less: Net income attributable to non-controlling interests in Consolidated Funds — 53,079 (5,709) 47,370 Net income attributable to Ares Operating Group entities 169,343 — — 169,343 Less: Net income attributable to redeemable interest in Ares Operating Group entities 324 — — 324 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 84,293 — — 84,293 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 84,726 $ — $ — $ 84,726 Three months ended September 30, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 304,153 $ — $ (11,719) $ 292,434 Carried interest allocation 168,978 — — 168,978 Incentive fees 7,194 — — 7,194 Principal investment income 18,080 — (6,672) 11,408 Administrative, transaction and other fees 14,300 — (4,448) 9,852 Total revenues 512,705 — (22,839) 489,866 Expenses Compensation and benefits 194,267 — — 194,267 Performance related compensation 122,356 — — 122,356 General, administrative and other expense 69,938 — — 69,938 Expenses of the Consolidated Funds — 17,737 (11,718) 6,019 Total expenses 386,561 17,737 (11,718) 392,580 Other income (expense) Net realized and unrealized gains (losses) on investments 2,303 — (4,910) (2,607) Interest and dividend income 1,602 — (258) 1,344 Interest expense (6,815) — — (6,815) Other income (expense), net (6,337) — 8,540 2,203 Net realized and unrealized gains on investments of the Consolidated Funds — 9,850 8,121 17,971 Interest and other income of the Consolidated Funds — 126,100 (9,519) 116,581 Interest expense of the Consolidated Funds — (67,818) 1,496 (66,322) Total other income (expense) (9,247) 68,132 3,470 62,355 Income before taxes 116,897 50,395 (7,651) 159,641 Income tax expense 18,197 117 — 18,314 Net income 98,700 50,278 (7,651) 141,327 Less: Net income attributable to non-controlling interests in Consolidated Funds — 50,278 (7,651) 42,627 Net income attributable to Ares Operating Group entities 98,700 — — 98,700 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,007) — — (1,007) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 52,162 — — 52,162 Net income attributable to Ares Management Corporation 47,545 — — 47,545 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 42,120 $ — $ — $ 42,120 Nine months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,169,237 $ — $ (33,416) $ 1,135,821 Carried interest allocation 1,610,707 — — 1,610,707 Incentive fees 20,948 — (1,528) 19,420 Principal investment income 96,448 — (9,971) 86,477 Administrative, transaction and other fees 62,658 — (13,157) 49,501 Total revenues 2,959,998 — (58,072) 2,901,926 Expenses Compensation and benefits 837,108 — — 837,108 Performance related compensation 1,208,954 — — 1,208,954 General, administrative and other expense 285,471 — — 285,471 Expenses of the Consolidated Funds — 66,653 (35,078) 31,575 Total expenses 2,331,533 66,653 (35,078) 2,363,108 Other income (expense) Net realized and unrealized gains on investments 10,602 — 8,142 18,744 Interest and dividend income 9,695 — (2,877) 6,818 Interest expense (25,125) — — (25,125) Other income, net 30,861 — (175) 30,686 Net realized and unrealized gains on investments of the Consolidated Funds — 46,541 (1,821) 44,720 Interest and other income of the Consolidated Funds — 333,570 175 333,745 Interest expense of the Consolidated Funds — (201,916) 10,339 (191,577) Total other income 26,033 178,195 13,783 218,011 Income before taxes 654,498 111,542 (9,211) 756,829 Income tax expense 104,411 76 — 104,487 Net income 550,087 111,466 (9,211) 652,342 Less: Net income attributable to non-controlling interests in Consolidated Funds — 111,466 (9,211) 102,255 Net income attributable to Ares Operating Group entities 550,087 — — 550,087 Less: Net income attributable to redeemable interest in Ares Operating Group entities 693 — — 693 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 264,646 — — 264,646 Net income attributable to Ares Management Corporation 284,748 — — 284,748 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Less: Series A Preferred Stock redemption premium 11,239 — — 11,239 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 262,659 $ — $ — $ 262,659 Nine months ended September 30, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 856,751 $ — $ (33,601) $ 823,150 Carried interest allocation 241,380 — — 241,380 Incentive fees 4,206 — 70 4,276 Principal investment income (loss) (24,951) — 33,281 8,330 Administrative, transaction and other fees 41,146 — (12,249) 28,897 Total revenues 1,118,532 — (12,499) 1,106,033 Expenses Compensation and benefits 559,482 — — 559,482 Performance related compensation 191,565 — — 191,565 General, administrative and other expense 190,353 — — 190,353 Expenses of the Consolidated Funds — 50,237 (33,531) 16,706 Total expenses 941,400 50,237 (33,531) 958,106 Other income (expense) Net realized and unrealized losses on investments (25,360) — 15,009 (10,351) Interest and dividend income 8,102 — (2,990) 5,112 Interest expense (18,203) — — (18,203) Other income, net 1,100 — 8,748 9,848 Net realized and unrealized losses on investments of the Consolidated Funds — (148,826) (4,442) (153,268) Interest and other income of the Consolidated Funds — 355,639 (9,519) 346,120 Interest expense of the Consolidated Funds — (227,532) 4,672 (222,860) Total other expense (34,361) (20,719) 11,478 (43,602) Income (loss) before taxes 142,771 (70,956) 32,510 104,325 Income tax expense 21,972 147 — 22,119 Net income (loss) 120,799 (71,103) 32,510 82,206 Less: Net loss attributable to non-controlling interests in Consolidated Funds — (71,103) 32,510 (38,593) Net income attributable to Ares Operating Group entities 120,799 — — 120,799 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,007) — — (1,007) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 48,926 — — 48,926 Net income attributable to Ares Management Corporation 72,880 — — 72,880 Less: Series A Preferred Stock dividends paid 16,275 — — 16,275 Net income attributable to Ares Management Corporation Class A common stockholders $ 56,605 $ — $ — $ 56,605 Nine months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 550,087 $ 111,466 $ (9,211) $ 652,342 Adjustments to reconcile net income to net cash provided by (used in) operating activities (28,467) — 99,600 71,133 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (1,697,529) 9,444 (1,688,085) Cash flows due to changes in operating assets and liabilities (153,361) — 3,923 (149,438) Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds — 343,253 (1,072,956) (729,703) Net cash provided by (used in) operating activities 368,259 (1,242,810) (969,200) (1,843,751) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (15,152) — — (15,152) Acquisitions, net of cash acquired (1,057,426) — — (1,057,426) Net cash used in investing activities (1,072,578) — — (1,072,578) Cash flows from financing activities: Net proceeds from issuance of Class A and non-voting common stock 827,430 — — 827,430 Proceeds from Credit Facility 468,000 — — 468,000 Proceeds from subordinated notes 450,000 — — 450,000 Repayments of Credit Facility (318,000) — — (318,000) Dividends and distributions (438,568) — — (438,568) Series A Preferred Stock dividends (10,850) — — (10,850) Redemption of Series A Preferred Stock (310,000) — — (310,000) Stock option exercises 27,409 — — 27,409 Taxes paid related to net share settlement of equity awards (221,287) — — (221,287) Other financing activities 1,976 — — 1,976 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 1,027,454 (107,788) 919,666 Distributions to non-controlling interests in Consolidated Funds — (102,701) 17,931 (84,770) Borrowings under loan obligations by Consolidated Funds — 1,456,887 — 1,456,887 Repayments under loan obligations by Consolidated Funds — (74,909) — (74,909) Net cash provided by financing activities 476,110 2,306,731 (89,857) 2,692,984 Effect of exchange rate changes (15,899) (4,864) — (20,763) Net change in cash and cash equivalents (244,108) 1,059,057 (1,059,057) (244,108) Cash and cash equivalents, beginning of period 539,812 522,377 (522,377) 539,812 Cash and cash equivalents, end of period $ 295,704 $ 1,581,434 $ (1,581,434) $ 295,704 Supplemental disclosure of non-cash financing activities: Issuance of AOG Units in connection with acquisitions $ 511,069 $ — $ — $ 511,069 Nine months ended September 30, 2020 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ 120,799 $ (71,103) $ 32,510 $ 82,206 Adjustments to reconcile net income to net cash provided by operating activities 207,358 — (22,772) 184,586 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (733,607) (32,792) (766,399) Cash flows due to changes in operating assets and liabilities 152,691 — (6,989) 145,702 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 105,992 260,375 366,367 Net cash provided by (used in) operating activities 480,848 (698,718) 230,332 12,462 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (8,608) — — (8,608) Cash paid for asset acquisition (117,829) — — (117,829) Net cash used in investing activities (126,437) — — (126,437) Cash flows from financing activities: 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 (334,957) — — (334,957) Series A Preferred Stock dividends (16,275) — — (16,275) Stock option exercises 78,959 — — 78,959 Taxes paid related to net share settlement of equity awards (75,657) — — (75,657) Other financing activities (4,137) — — (4,137) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 138,760 (15,047) 123,713 Distributions to non-controlling interests in Consolidated Funds — (195,598) 25,851 (169,747) Borrowings under loan obligations by Consolidated Funds — 618,207 — 618,207 Repayments under loan obligations by Consolidated Funds — (104,794) — (104,794) Net cash provided by financing activities 360,171 456,575 10,804 827,550 Effect of exchange rate changes 15,786 1,007 — 16,793 Net change in cash and cash equivalents 730,368 (241,137) 241,137 730,368 Cash and cash equivalents, beginning of period 138,384 606,321 (606,321) 138,384 Cash and cash equivalents, end of period $ 868,752 $ 365,185 $ (365,185) $ 868,752 Supplemental disclosure of non-cash financing activities Issuance of Class A common stock in connection with acquisitions $ 305,388 $ — $ — $ 305,338

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after September 30, 2021 through the date the condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure:

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of Presentation	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, 2020 filed with the Securities and Exchange Commission (“SEC”). As of September 30, 2021, the impact of the outbreak of the novel coronavirus (“COVID-19”) pandemic continues to unfold. As a result, management's estimates and assumptions may be subject to a higher degree of variability and volatility that may result in material differences from the current period. The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition, including the fair value of certain elements of contingent consideration, is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase consideration is recognized as a bargain purchase gain. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
U.S. Treasury Securities, at Fair Value	U.S. Treasury Securities, at Fair Value U.S. Treasury securities, at fair value represents U.S. Treasury bills that were purchased with funds raised through the initial public offering of AAC, a consolidated SPAC that is presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust agreement. The U.S. Treasury bills have original maturities greater than three months when purchased and therefore are recorded at fair value. Interest income received on such securities is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds in the
Redeemable Interest in Consolidated Funds	Redeemable Interest in Consolidated FundsRedeemable interest in Consolidated Funds represent the Class A ordinary shares issued by AAC that are redeemable for cash by the public shareholders in the event that AAC does not complete a business combination or tender offer associated with stockholder approval provisions. The class A ordinary shareholders have redemption rights that are considered to be outside of AAC’s control. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount.
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 March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) , to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020 but no later than December 31, 2022. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2022, except for hedging transactions as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.
Fair Value Measurements	GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I —Quoted prices in active markets for identical instruments. • Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest 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. Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a Monte Carlo simulation model. The model considers a range of assumptions including historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management's own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. The fair value of the

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	9 Months Ended
BUSINESS COMBINATIONS (Tables)	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions Fair Value Consideration Transferred	The acquisition date fair value of the consideration transferred totaled $1.1 billion, which consisted of the following: Cash $ 803,829 Equity (1) 299,640 Total $ 1,103,469 (1) 5,419,413 AOG Units were issued in connection with the Landmark Acquisition and increased Ares Owners Holdings L.P.’s ownership interest in the AOG entities.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The fair value of assets acquired and liabilities assumed are estimated to be: Cash $ 25,685 Other tangible assets 23,411 Intangible assets: Management contracts 425,880 Client relationships 197,160 Trade name 86,200 Total intangible assets 709,240 Total identifiable assets acquired 758,336 Accounts payable, accrued expenses and other liabilities 72,532 Net identifiable assets acquired 685,804 Goodwill 417,665 Net assets acquired $ 1,103,469
Schedule of Business Acquisition, Pro Forma Information	Supplemental information of the Company’s consolidated results on an unaudited pro forma basis, as if the Landmark Acquisition had been consummated as of January 1, 2020, is as follows: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Total revenues $ 948,719 $ 527,105 $ 2,966,540 $ 1,214,989 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 87,542 $ 37,570 $ 257,361 $ 41,263

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Value for the Company's Intangible Assets	The following table summarizes the carrying value, net of accumulated amortization, of the Company's intangible assets: Weighted Average Amortization Period as of September 30, 2021 As of September 30, As of December 31, 2021 2020 Management contracts 6.5 years $ 641,737 $ 210,857 Client relationships 11.2 years 229,501 25,141 Trade name 8.7 years 11,079 11,079 Finite-lived intangible assets 882,317 247,077 Foreign currency translation 1,530 3,093 Total finite-lived intangible assets 883,847 250,170 Less: accumulated amortization (85,157) (28,082) Finite-lived intangible assets, net 798,690 222,088 Management contracts 567,800 — Trade name 86,200 — Indefinite-lived intangible assets 654,000 — Intangible assets, net $ 1,452,690 $ 222,088
Schedule of Goodwill Rollforward	The following table summarizes the carrying value of goodwill that is included within other assets in the Condensed Consolidated Statements of Financial Condition: Credit Group Private Real Secondary Solutions Group Strategic Initiatives Total Balance as of December 31, 2020 $ 32,196 $ 58,600 $ 53,120 $ — $ 227,131 $ 371,047 Acquisitions — — — 417,665 — 417,665 Foreign currency translation — — 219 (16) (1,165) (962) Balance as of September 30, 2021 $ 32,196 $ 58,600 $ 53,339 $ 417,649 $ 225,966 $ 787,750

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
INVESTMENTS (Tables)	Sep. 30, 2021
Investments in and Advances to Affiliates [Abstract]
Summary of Investments Held	The Company’s investments are comprised of the following: Percentage of total investments September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Equity method investments: Equity method private investment partnership interests - principal (1) $ 492,482 $ 366,471 14.8 % 21.8 % Equity method - carried interest (1) 2,625,319 1,145,853 79.0 68.1 Equity method private investment partnership interests and other (held at fair value) (1) 117,015 92,196 3.5 5.5 Equity method private investment partnership interests and other (1) 32,132 23,883 1.0 1.4 Total equity method investments 3,266,948 1,628,403 98.3 96.8 Collateralized loan obligations (2) 32,724 31,766 1.0 1.9 Other fixed income 21,583 21,583 0.6 1.3 Collateralized loan obligations and other fixed income, at fair value 54,307 53,349 1.6 3.2 Common stock, at fair value 1,410 1,007 0.1 0.1 Total investments $ 3,322,665 $ 1,682,759 (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 September 30, 2021 and December 31, 2020, includes $3.2 million and $3.4 million, respectively, of collateralized loan obligations that are attributable to the Class B Membership Interests. Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of September 30, December 31, September 30, December 31, 2021 2020 2021 2020 Fixed income investments: Bonds $ 434,226 $ 397,494 3.9 % 3.6% Loans 9,389,769 10,012,948 82.6 92.1 U.S. Treasury securities 1,000,165 — 8.8 — Investments in CLO warehouse 28,500 — 0.3 — Total fixed income investments 10,852,660 10,410,442 95.6 95.7 Equity securities 264,202 227,031 2.3 2.1 Partnership interests 244,157 239,624 2.1 2.2 Total investments, at fair value $ 11,361,019 $ 10,877,097

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Summary of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels	The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of September 30, 2021: 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 $ — $ — $ 54,307 $ — $ 54,307 Common stock and other equity securities — 1,410 108,397 — 109,807 Partnership interests — — 2,575 6,043 8,618 Total investments, at fair value — 1,410 165,279 6,043 172,732 Derivatives-foreign exchange contracts and interest rate contracts — 4,361 — — 4,361 Total assets, at fair value $ — $ 5,771 $ 165,279 $ 6,043 $ 177,093 Liabilities, at fair value Derivatives-foreign exchange contracts — (265) — — (265) Contingent consideration — — (41,413) — (41,413) Total liabilities, at fair value $ — $ (265) $ (41,413) $ — $ (41,678) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 406,253 $ 27,973 $ — $ 434,226 Loans — 9,015,066 374,703 — 9,389,769 U.S. Treasury securities 1,000,165 — — — 1,000,165 Investments in CLO warehouse — 28,500 — — 28,500 Total fixed income investments 1,000,165 9,449,819 402,676 — 10,852,660 Equity securities 3,366 1,590 259,246 — 264,202 Partnership interests — — 237,558 6,599 244,157 Total investments, at fair value $ 1,003,531 $ 9,451,409 $ 899,480 $ 6,599 $ 11,361,019 Derivatives: Asset swaps-other — — 325 — 325 Total derivative assets, at fair value — — 325 — 325 Total assets, at fair value $ 1,003,531 $ 9,451,409 $ 899,805 $ 6,599 $ 11,361,344 Liabilities, at fair value Derivatives: Warrants $ (17,000) $ — $ — $ — $ (17,000) Asset swaps-other — — (1,513) — (1,513) Total derivative liabilities, at fair value (17,000) — (1,513) — (18,513) Loan obligations of CLOs — (10,174,794) — — (10,174,794) Total liabilities, at fair value $ (17,000) $ (10,174,794) $ (1,513) $ — $ (10,193,307) The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31,2020: Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 53,349 $ — $ 53,349 Common stock and other equity securities — 1,007 88,412 — 89,419 Partnership interests — — 2,575 1,209 3,784 Total investments, at fair value — 1,007 144,336 1,209 146,552 Derivatives-foreign exchange contracts — 1,440 — — 1,440 Total assets, at fair value $ — $ 2,447 $ 144,336 $ 1,209 $ 147,992 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (1,565) $ — $ — $ (1,565) Total liabilities, at fair value $ — $ (1,565) $ — $ — $ (1,565) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 397,485 $ 9 $ — $ 397,494 Loans — 9,470,651 542,297 — 10,012,948 Total fixed income investments — 9,868,136 542,306 — 10,410,442 Equity securities 5,749 239 221,043 — 227,031 Partnership interests — — 231,857 7,767 239,624 Total investments, at fair value 5,749 9,868,375 995,206 7,767 10,877,097 Derivatives: Asset swaps-other — — 1,104 — 1,104 Total assets, at fair value $ 5,749 $ 9,868,375 $ 996,310 $ 7,767 $ 10,878,201 Liabilities, at fair value Derivatives: Asset swaps-other $ — $ — $ (44) $ — $ (44) Loan obligations of CLOs — (9,958,076) — — (9,958,076) Total liabilities, at fair value $ — $ (9,958,076) $ (44) $ — $ (9,958,120)
Summary of Changes in the Fair Value of the Level III Investments, Assets	The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2021: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 107,240 $ 55,840 $ 2,575 $ — $ 165,655 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) — 708 — — 708 Sales/settlements (2) — (2,904) — — (2,904) Realized and unrealized appreciation (depreciation), net 1,157 663 — (7,213) (5,393) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 1,157 $ 675 $ — $ (7,213) $ (5,381) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 229,300 $ 455,426 $ 255,278 $ (1,658) $ 938,346 Transfer in — 18,792 — — 18,792 Transfer out — (209,282) — — (209,282) Purchases (1) 27,346 219,180 — — 246,526 Sales/settlements (2) (313) (88,584) (30,000) 625 (118,272) Amortized discounts/premiums — 394 — — 394 Realized and unrealized appreciation (depreciation), net 2,913 6,750 12,280 (155) 21,788 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,912 $ 1,607 $ 12,280 $ (63) $ 16,736 (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 September 30, 2020: Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 67,355 $ 2,575 $ 84,634 Transfer in due to changes in consolidation 72,967 — — 72,967 Purchases (1) — 5,983 — 5,983 Sales/settlements (2) — (899) — (899) Realized and unrealized appreciation (depreciation), net (1,746) 3,175 — 1,429 Balance, end of period $ 85,925 $ 75,614 $ 2,575 $ 164,114 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (1,746) $ 3,175 $ — $ 1,429 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 42,259 $ 586,287 $ 312,636 $ 1,402 $ 942,584 Transfer in — 96,671 — — 96,671 Transfer out — (230,326) — — (230,326) Purchases (1) 150 118,558 — — 118,708 Sales/settlements (2) (25) (73,010) (2,000) 705 (74,330) Amortized discounts/premiums — (135) — 140 5 Realized and unrealized appreciation (depreciation), net 828 15,836 (1,402) (393) 14,869 Balance, end of period $ 43,212 $ 513,881 $ 309,234 $ 1,854 $ 868,181 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 878 $ 13,690 $ (1,402) $ (604) $ 12,562 (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 nine months ended September 30, 2021: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (12,120) — — (12,120) Realized and unrealized appreciation (depreciation), net 707 3,766 — (7,213) (2,740) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 707 $ 2,315 $ — $ (7,213) $ (4,191) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,305 $ 231,857 $ 1,060 $ 996,265 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 47,818 — — 50,013 Transfer out (33) (216,177) — — (216,210) Purchases (1) 36,201 437,426 13,000 — 486,627 Sales/settlements (2) (876) (371,006) (32,000) 301 (403,581) Amortized discounts/premiums 1 1,464 — — 1,465 Realized and unrealized appreciation (depreciation), net 872 10,172 24,701 (2,549) 33,196 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 790 $ 2,700 $ 24,701 $ (1,670) $ 26,521 (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 nine months ended September 30, 2020: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 69,183 $ 35,192 $ 119,079 Transfer in due to changes in consolidation 72,967 3,686 — 76,653 Purchases (1) — 7,285 — 7,285 Sales/settlements (2) — (1,587) (32,430) (34,017) Realized and unrealized depreciation, net (1,746) (2,953) (187) (4,886) Balance, end of period $ 85,925 $ 75,614 $ 2,575 $ 164,114 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (1,746) $ (1,917) $ 5,511 $ 1,848 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 85,988 $ 339,136 $ 296,012 $ (4,106) $ 717,030 Transfer in (out) due to changes in consolidation (635) 392,672 — — 392,037 Transfer in — 146,839 — — 146,839 Transfer out — (350,078) — — (350,078) Purchases (1) 551 256,514 64,000 — 321,065 Sales/settlements (2) (714) (249,027) (58,000) 813 (306,928) Amortized discounts/premiums — 777 — 291 1,068 Realized and unrealized appreciation (depreciation), net (41,978) (22,952) 7,222 4,856 (52,852) Balance, end of period $ 43,212 $ 513,881 $ 309,234 $ 1,854 $ 868,181 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (41,930) $ (25,701) $ 7,222 $ 4,439 $ (55,970) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Summary of Changes in the Fair Value of the Level III Investments, Liabilities	The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended September 30, 2021: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 107,240 $ 55,840 $ 2,575 $ — $ 165,655 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) — 708 — — 708 Sales/settlements (2) — (2,904) — — (2,904) Realized and unrealized appreciation (depreciation), net 1,157 663 — (7,213) (5,393) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 1,157 $ 675 $ — $ (7,213) $ (5,381) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 229,300 $ 455,426 $ 255,278 $ (1,658) $ 938,346 Transfer in — 18,792 — — 18,792 Transfer out — (209,282) — — (209,282) Purchases (1) 27,346 219,180 — — 246,526 Sales/settlements (2) (313) (88,584) (30,000) 625 (118,272) Amortized discounts/premiums — 394 — — 394 Realized and unrealized appreciation (depreciation), net 2,913 6,750 12,280 (155) 21,788 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,912 $ 1,607 $ 12,280 $ (63) $ 16,736 (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 September 30, 2020: Level III Assets of the Company Equity Securities Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 67,355 $ 2,575 $ 84,634 Transfer in due to changes in consolidation 72,967 — — 72,967 Purchases (1) — 5,983 — 5,983 Sales/settlements (2) — (899) — (899) Realized and unrealized appreciation (depreciation), net (1,746) 3,175 — 1,429 Balance, end of period $ 85,925 $ 75,614 $ 2,575 $ 164,114 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (1,746) $ 3,175 $ — $ 1,429 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 42,259 $ 586,287 $ 312,636 $ 1,402 $ 942,584 Transfer in — 96,671 — — 96,671 Transfer out — (230,326) — — (230,326) Purchases (1) 150 118,558 — — 118,708 Sales/settlements (2) (25) (73,010) (2,000) 705 (74,330) Amortized discounts/premiums — (135) — 140 5 Realized and unrealized appreciation (depreciation), net 828 15,836 (1,402) (393) 14,869 Balance, end of period $ 43,212 $ 513,881 $ 309,234 $ 1,854 $ 868,181 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 878 $ 13,690 $ (1,402) $ (604) $ 12,562 (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 nine months ended September 30, 2021: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (12,120) — — (12,120) Realized and unrealized appreciation (depreciation), net 707 3,766 — (7,213) (2,740) Balance, end of period $ 108,397 $ 54,307 $ 2,575 $ (41,413) $ 123,866 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 707 $ 2,315 $ — $ (7,213) $ (4,191) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,305 $ 231,857 $ 1,060 $ 996,265 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 47,818 — — 50,013 Transfer out (33) (216,177) — — (216,210) Purchases (1) 36,201 437,426 13,000 — 486,627 Sales/settlements (2) (876) (371,006) (32,000) 301 (403,581) Amortized discounts/premiums 1 1,464 — — 1,465 Realized and unrealized appreciation (depreciation), net 872 10,172 24,701 (2,549) 33,196 Balance, end of period $ 259,246 $ 402,676 $ 237,558 $ (1,188) $ 898,292 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 790 $ 2,700 $ 24,701 $ (1,670) $ 26,521 (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 nine months ended September 30, 2020: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Total Balance, beginning of period $ 14,704 $ 69,183 $ 35,192 $ 119,079 Transfer in due to changes in consolidation 72,967 3,686 — 76,653 Purchases (1) — 7,285 — 7,285 Sales/settlements (2) — (1,587) (32,430) (34,017) Realized and unrealized depreciation, net (1,746) (2,953) (187) (4,886) Balance, end of period $ 85,925 $ 75,614 $ 2,575 $ 164,114 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (1,746) $ (1,917) $ 5,511 $ 1,848 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 85,988 $ 339,136 $ 296,012 $ (4,106) $ 717,030 Transfer in (out) due to changes in consolidation (635) 392,672 — — 392,037 Transfer in — 146,839 — — 146,839 Transfer out — (350,078) — — (350,078) Purchases (1) 551 256,514 64,000 — 321,065 Sales/settlements (2) (714) (249,027) (58,000) 813 (306,928) Amortized discounts/premiums — 777 — 291 1,068 Realized and unrealized appreciation (depreciation), net (41,978) (22,952) 7,222 4,856 (52,852) Balance, end of period $ 43,212 $ 513,881 $ 309,234 $ 1,854 $ 868,181 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (41,930) $ (25,701) $ 7,222 $ 4,439 $ (55,970) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Summary of Quantitative Inputs and Assumptions used for Level III Inputs	The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of September 30, 2021: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 14,704 Transaction price (1) N/A N/A N/A 46,765 Discounted cash flow Discount Rates 14.0% - 20.0% 15.3% 46,928 Market approach Multiple of Book Value 1.5x N/A Partnership interests 2,575 Other N/A N/A N/A Collateralized loan obligations 32,724 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 21,583 Other N/A N/A N/A Total assets $ 165,279 Liabilities Contingent consideration $ (8,600) Monte Carlo simulation Discount Rates 8% N/A Volatility 17% N/A $ (32,813) Other N/A N/A N/A Total liabilities $ (41,413) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 896 Market approach EBITDA multiple (2) 1.8x - 83.3x 15.3x 14 Broker quotes and/or 3rd party pricing services N/A N/A N/A 258,336 Transaction price (1) N/A N/A N/A Partnership interest 237,558 Discounted cash flow Discount rate 22.4% 22.4% Fixed income securities 261,064 Broker quotes and/or 3rd party pricing services N/A N/A N/A 98,055 Income approach Yield 1.8%-54.7% 6.5% 14,791 Transaction price N/A N/A N/A 28,766 Other N/A N/A N/A Derivative instruments 325 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 899,805 Liabilities Derivative instruments $ (1,513) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,513) (1) Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2020: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 14,704 Transaction price (1) N/A N/A 32,905 Discounted Cash Flow Discount Rates 14.0% - 20.0% 40,803 Market Approach Multiple of Book Value 1.6x Partnership interests 2,575 Other N/A N/A Collateralized loan obligations 31,766 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 21,583 Other N/A N/A Total $ 144,336 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 438 Market approach EBITDA multiple (2) 2.9x - 19.5x 13.4x 32,528 Other Net income multiple 30.0x 30.0x Illiquidity discount 25.0% 25.0% 33 Broker quotes and/or 3rd party pricing services N/A N/A N/A 188,044 Transaction price (1) N/A N/A N/A Partnership interests 231,857 Discounted cash flow Discount rate 23.8% 23.8% Fixed income securities 384,419 Broker quotes and/or 3rd party pricing services N/A N/A N/A 6,605 Market approach EBITDA multiple (2) 6.5x - 7.8x 6.9x 122,962 Income approach Yield 2.7% - 48.1% 7.9% 28,320 Other N/A N/A N/A Derivative instruments 1,104 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 996,310 Liabilities Derivative instruments $ (44) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (44) (1) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	Sep. 30, 2021
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 September 30, 2021 As of December 31, 2020 Assets Liabilities Assets Liabilities The Company Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Foreign exchange contracts $ 81,008 $ 4,352 $ 9,868 $ 265 $ 30,040 $ 1,440 $ 39,362 $ 1,565 Interest rate contracts 18,455 9 — — — — — — Total derivatives, at fair value (2) $ 99,463 $ 4,361 $ 9,868 $ 265 $ 30,040 $ 1,440 $ 39,362 $ 1,565 As of September 30, 2021 As of December 31, 2020 Assets Liabilities Assets Liabilities Consolidated Funds Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Notional (1) Fair Value Warrants $ — $ — $ 230,000 $ 17,000 $ — $ — $ — $ — Asset swap - other 44,521 325 39,701 1,513 7,600 1,104 540 44 Total derivatives, at fair value (3) $ 44,521 $ 325 $ 269,701 $ 18,513 $ 7,600 $ 1,104 $ 540 $ 44 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of September 30, 2021 and December 31, 2020, the Company had the right to, but elected not to, offset $0.3 million and $1.6 million of its derivative liabilities. (3) As of September 30, 2021 and December 31, 2020, the Consolidated Funds offset $0.3 million and $0.4 million of their derivative assets and liabilities, respectively.

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of September 30, 2021 As of December 31, 2020 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolver 3/31/2026 N/A $ 150,000 1.13% $ — —% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 247,802 4.21 247,285 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,045 3.28 395,713 3.28 2051 Subordinated Notes (4) 6/30/2021 6/30/2051 450,000 444,478 4.13 — — Total debt obligations $ 1,238,325 $ 642,998 (1) The AOG entities are borrowers under the Credit Facility, which provides a $1.090 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. On March 31, 2021, the Company amended the Credit Facility to, among other things, extend the maturity date from March 2025 to March 2026. As of September 30, 2021, base rate loans bear interest calculated based on the base rate plus 0.125% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.125%. The unused commitment fee is 0.10% per annum. There is a base rate and LIBOR floor of zero. (2) The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes. (3) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes. (4) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company, at 100.00% of par with interest paid semi-annually at a fixed-rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five The following table presents the activity of the Company's debt issuance costs: Credit Facility Senior Subordinated Notes Unamortized debt issuance costs as of December 31, 2020 $ 5,232 $ 4,283 $ — Debt issuance costs incurred 1,282 — 5,568 Amortization of debt issuance costs (929) (446) (46) Unamortized debt issuance costs as of September 30, 2021 $ 5,585 $ 3,837 $ 5,522 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of September 30, 2021 As of December 31, 2020 Loan Fair Value of Weighted Loan Fair Value of Loan Obligations Weighted Senior secured notes (1) $ 9,577,725 $ 9,561,079 9.5 $ 9,796,442 $ 9,665,804 10.1 Subordinated notes (2) 723,567 613,715 8.3 482,391 292,272 10.2 Total loan obligations of Consolidated CLOs $ 10,301,292 $ 10,174,794 $ 10,278,833 $ 9,958,076 (1) Original borrowings under the senior secured notes totaled $9.6 billion, with various maturity dates ranging from September 2026 to July 2034. The weighted average interest rate as of September 30, 2021 was 1.96%. (2) Original borrowings under the subordinated notes totaled $723.6 million, with various maturity dates ranging from September 2026 to July 2034. 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 September 30, 2021 As of December 31, 2020 Consolidated Funds' Debt Facilities Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 3/4/2022 $ 71,500 $ 71,500 1.59% $ 71,500 1.59% 7/1/2023 18,000 17,740 1.63 17,909 1.75 1/15/2022 (2) — — — 32,500 2.75 7/23/2024 75,000 10,000 2.65 N/A N/A 9/24/2026 150,000 — N/A N/A N/A Total borrowings of Consolidated Funds $ 99,240 $ 121,909 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) On July 23, 2021, the credit facility was terminated at the Consolidated Fund’s discretion.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease	The tables below present certain supplemental quantitative disclosures regarding the Company's leases: As of September 30, As of December 31, Classification 2021 2020 Operating lease assets Right-of-use operating lease assets $ 176,511 $ 154,742 Finance lease assets Other assets (1) 1,164 1,386 Total lease assets $ 177,675 $ 156,128 Operating lease liabilities Operating lease liabilities $ 214,681 $ 180,236 Finance lease obligations Accounts payable, accrued expenses and other liabilities 977 1,273 Total lease liabilities $ 215,658 $ 181,509 (1) Finance lease assets are recorded net of accumulated amortization of $1.4 million and $1.0 million as of September 30, 2021 and December 31, 2020, respectively. Three months ended September 30, Nine months ended September 30, Classification 2021 2020 2021 2020 Operating lease expense General, administrative and other expenses $ 9,697 $ 7,701 $ 27,203 $ 23,138 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 154 127 408 346 Interest on finance lease liabilities Interest expense 7 11 24 33 Total lease expense $ 9,858 $ 7,839 $ 27,635 $ 23,517 Nine months ended September 30, Other information 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 26,704 $ 23,098 Operating cash flows for finance leases 34 48 Financing cash flows for finance leases 463 412 Leased assets obtained in exchange for new finance lease liabilities 189 — Leased assets obtained in exchange for new operating lease liabilities 55,461 12,477 As of September 30, As of December 31, Lease term and discount rate 2021 2020 Weighted-average remaining lease terms (in years): Operating leases 6.1 6.0 Finance leases 2.1 2.6 Weighted-average discount rate: Operating leases 2.97 % 3.59 % Finance leases 2.91 % 3.26 %
Operating Lease, Liability, Maturity	Maturity of lease liabilities Operating Leases Finance Leases 2021 $ 10,591 $ 73 2022 41,989 598 2023 38,277 164 2024 36,579 162 2025 36,251 11 After 2025 66,683 — Total future payments 230,370 1,008 Less: interest 15,689 31 Total lease liabilities $ 214,681 $ 977
Finance Lease, Liability, Maturity	Maturity of lease liabilities Operating Leases Finance Leases 2021 $ 10,591 $ 73 2022 41,989 598 2023 38,277 164 2024 36,579 162 2025 36,251 11 After 2025 66,683 — Total future payments 230,370 1,008 Less: interest 15,689 31 Total lease liabilities $ 214,681 $ 977

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 30, 2021
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 September 30, As of December 31, 2021 2020 Due from affiliates: Management fees receivable from non-consolidated funds $ 347,078 $ 308,581 Incentive fee receivable from non-consolidated funds 579 21,495 Payments made on behalf of and amounts due from non-consolidated funds and employees 145,754 75,811 Due from affiliates—Company $ 493,411 $ 405,887 Amounts due from portfolio companies and non-consolidated funds $ 9,059 $ 17,172 Due from affiliates—Consolidated Funds $ 9,059 $ 17,172 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 7,959 $ 4,808 Tax receivable agreement liability 97,698 62,505 Undistributed carried interest and incentive fees 64,675 27,322 Payments made by non-consolidated funds on behalf of and payable by the Company 32,106 5,551 Due to affiliates—Company $ 202,438 $ 100,186

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Earnings per Common Unit	The computation of diluted earnings per share for the three and nine months ended September 30, 2021 and 2020 excludes the following restricted units and AOG units, as their effect would have been anti-dilutive: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Restricted units 450 572 167 — AOG Units 119,855,724 114,726,173 115,394,058 —
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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Basic earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 84,726 $ 42,120 $ 262,659 $ 56,605 Distributions on unvested restricted units (1,440) (2,757) (8,142) (7,715) Undistributed earnings allocable to participating unvested restricted units (306) — (2,858) — Net income available to Class A and non-voting common stockholders $ 82,980 $ 39,363 $ 251,659 $ 48,890 Basic weighted-average shares of Class A and non-voting common stock 168,931,621 143,466,209 161,071,151 131,866,471 Basic earnings per share of Class A and non-voting common stock $ 0.49 $ 0.27 $ 1.55 $ 0.37 Diluted earnings per share of Class A and non-voting common stock: Net income available to Class A and non-voting common stockholders $ 84,726 $ 42,120 $ 262,659 $ 56,605 Distributions on unvested restricted units — — — (7,715) Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 84,726 $ 42,120 $ 262,659 $ 48,890 Effect of dilutive shares: Restricted units 12,273,068 9,762,645 10,807,242 — Options 5,317,468 4,893,709 5,265,045 — Diluted weighted-average shares of Class A and non-voting common stock 186,522,157 158,122,563 177,143,438 131,866,471 Diluted earnings per share of Class A and non-voting common stock $ 0.45 $ 0.27 $ 1.48 $ 0.37 Dividend declared and paid per Class A and non-voting common stock $ 0.47 $ 0.40 $ 1.41 $ 1.20

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	9 Months Ended
EQUITY COMPENSATION (Tables)	Sep. 30, 2021
Share-based Payment Arrangement [Abstract]
Schedule of Equity-based Compensation Expense, Net of Assumed Forfeitures	Equity-based compensation expense, net of forfeitures, recorded by the Company is included in the following table: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Restricted units $ 36,390 $ 30,036 $ 127,219 $ 86,804 Restricted units with a market condition 29,601 300 63,925 4,729 Options — — — 43 Equity-based compensation expense $ 65,991 $ 30,336 $ 191,144 $ 91,576
Summary of Unvested Restricted Units' Activity	The following table presents unvested restricted units' activity: Restricted Units Weighted Average Balance - January 1, 2021 16,299,664 $ 24.30 Granted 9,667,989 46.16 Vested (6,278,948) 20.70 Forfeited (1,255,502) 30.48 Balance - September 30, 2021 18,433,203 $ 36.33 The following table presents the market condition awards' activity: Market Condition Awards Units Weighted Average Balance - January 1, 2021 — $ — Granted 2,150,000 32.86 Vested (1,925,000) 33.21 Forfeited (225,000) 29.84 Balance - September 30, 2021 — $ —
Schedule of Weighted Average Assumptions used for Fair Value	Below is a summary of the significant assumptions used to estimate the grant date fair value of market condition awards: Closing price of the Company's common shares as of valuation date $45.76 Risk-free interest rate 0.88% Volatility 35.0% Dividend yield 3.5% Cost of equity 10.0%
Summary of Unvested Options Activity	A summary of options activity during the nine months ended September 30, 2021 is presented below: Options Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Balance - January 1, 2021 8,312,203 $ 18.99 3.4 $ 233,251 Granted — — — — Exercised (1,489,789) 18.94 — — Expired — — — — Forfeited — — — — Balance - September 30, 2021 6,822,414 $ 19.00 2.6 $ 374,073 Exercisable at September 30, 2021 6,822,414 $ 19.00 2.6 $ 374,073

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	9 Months Ended
EQUITY AND REDEEMABLE INTEREST (Tables)	Sep. 30, 2021
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	The following table presents the changes in each class of common stock: Class A Common Stock Non-Voting Common Stock Class B Common Stock Class C Common Stock Total Balance - January 1, 2021 147,182,562 — 1,000 112,447,618 259,631,180 Issuance of stock (1) 12,159,200 3,489,911 — 8,744,296 24,393,407 Exchanges of AOG Units 2,330,367 — — (2,330,367) — Redemptions of AOG Units — — — (58,290) (58,290) Stock option exercises, net of shares withheld for tax 1,460,388 — — — 1,460,388 Vesting of restricted stock awards, net of shares withheld for tax 4,448,648 — — — 4,448,648 Balance - September 30, 2021 167,581,165 3,489,911 1,000 118,803,257 289,875,333 (1) Issuances of Class C Common stock corresponds with increases in Ares Owners Holdings L.P.’s ownership interest in the AOG entities.
Schedule of Ownership Interests	The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities: Daily Average Ownership As of September 30, 2021 As of December 31, 2020 Three months ended September 30, Nine months ended September 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2021 2020 2021 2020 Ares Management Corporation 171,071,076 59.02 % 147,182,562 56.69 % 58.50 % 55.57 % 58.26 % 53.33 % Ares Owners Holdings, L.P. 118,803,257 40.98 112,447,618 43.31 41.50 44.43 41.74 46.67 Total 289,874,333 100.00 % 259,630,180 100.00 %
Schedule of Redeemable Interests	Redeemable Interest The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities: Total Balance - January 1, 2021 $ 100,366 Net income 32 Currency translation adjustment, net of tax (590) Balance- March 31, 2021 $ 99,808 Net income $ 337 Currency translation adjustment, net of tax 186 Distribution (300) Balance- June 30, 2021 $ 100,031 Net income $ 324 Currency translation adjustment, net of tax (356) Distribution (1,350) Balance- September 30, 2021 $ 98,649 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance - January 1, 2021 $ — Redemption value 930,924 Balance- March 31, 2021 $ 930,924 Change in redemption value (14,100) Balance- June 30, 2021 $ 916,824 Change in redemption value 83,176 Balance- September 30, 2021 $ 1,000,000

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
SEGMENT REPORTING (Tables)	Sep. 30, 2021
Segment Reporting [Abstract]
Schedule of Financial Results for Company's Operating Segments, as well as the OMG	The following tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended September 30, 2021 Credit Group Private Equity Group Real Secondary Solutions Group Strategic Initiatives Total OMG Total Management fees $ 271,591 $ 69,591 $ 55,160 $ 41,064 16,544 $ 453,950 $ — $ 453,950 Other fees 5,798 370 3,681 — 2 9,851 3,446 13,297 Compensation and benefits (86,502) (26,773) (29,160) (11,955) (5,316) (159,706) (66,107) (225,813) General, administrative and other expenses (14,930) (6,238) (5,420) (2,593) (1,774) (30,955) (28,142) (59,097) Fee related earnings 175,957 36,950 24,261 26,516 9,456 273,140 (90,803) 182,337 Performance income—realized 6,332 34,316 4,693 — — 45,341 — 45,341 Performance related compensation—realized (3,079) (27,483) (3,166) — — (33,728) — (33,728) Realized net performance income 3,253 6,833 1,527 — — 11,613 — 11,613 Investment income—realized 618 2,020 1,699 — 1,025 5,362 — 5,362 Interest and other investment income (expense)—realized 4,716 4,861 918 699 163 11,357 (270) 11,087 Interest expense (2,392) (2,726) (1,683) (427) (4,135) (11,363) (160) (11,523) Realized net investment income (loss) 2,942 4,155 934 272 (2,947) 5,356 (430) 4,926 Realized income $ 182,152 $ 47,938 $ 26,722 $ 26,788 $ 6,509 $ 290,109 $ (91,233) $ 198,876 Three months ended September 30, 2020 Credit Group Private Equity Group Real Secondary Solutions Group Strategic Initiatives Total OMG Total Management fees $ 208,371 $ 54,653 $ 23,787 $ — $ 13,320 $ 300,131 $ — $ 300,131 Other fees 4,898 2 5 — 6 4,911 — 4,911 Compensation and benefits (74,373) (21,224) (13,011) — (4,241) (112,849) (41,551) (154,400) General, administrative and other expenses (13,789) (6,002) (2,987) — (1,514) (24,292) (19,519) (43,811) Fee related earnings 125,107 27,429 7,794 — 7,571 167,901 (61,070) 106,831 Performance income—realized 7,069 115,997 199 — — 123,265 — 123,265 Performance related compensation—realized (4,131) (93,284) (123) — — (97,538) — (97,538) Realized net performance income 2,938 22,713 76 — — 25,727 — 25,727 Investment income—realized — 16,351 486 — — 16,837 — 16,837 Interest and other investment income (expense)—realized 1,962 1,065 1,308 — (4) 4,331 (503) 3,828 Interest expense (2,340) (2,216) (1,389) — (729) (6,674) (141) (6,815) Realized net investment income (loss) (378) 15,200 405 — (733) 14,494 (644) 13,850 Realized income $ 127,667 $ 65,342 $ 8,275 $ — $ 6,838 $ 208,122 $ (61,714) $ 146,408 Nine months ended September 30, 2021 Credit Group Private Equity Group Real Secondary Solutions Group Strategic Initiatives Total OMG Total Management fees $ 764,702 $ 171,019 $ 115,602 $ 53,962 $ 48,963 $ 1,154,248 $ — $ 1,154,248 Other fees 18,494 726 4,604 — 82 23,906 3,446 27,352 Compensation and benefits (252,783) (73,534) (60,767) (16,244) (15,440) (418,768) (158,943) (577,711) General, administrative and other expenses (37,716) (17,499) (12,064) (3,452) (5,580) (76,311) (69,872) (146,183) Fee related earnings 492,697 80,712 47,375 34,266 28,025 683,075 (225,369) 457,706 Performance income—realized 78,255 159,479 12,255 — — 249,989 — 249,989 Performance related compensation—realized (49,433) (127,706) (8,167) — — (185,306) — (185,306) Realized net performance income 28,822 31,773 4,088 — — 64,683 — 64,683 Investment income—realized 1,858 5,308 4,182 — 1,347 12,695 — 12,695 Interest and other investment income—realized 14,354 10,716 3,892 701 2,824 32,487 170 32,657 Interest expense (5,372) (6,032) (3,930) (432) (8,962) (24,728) (397) (25,125) Realized net investment income (loss) 10,840 9,992 4,144 269 (4,791) 20,454 (227) 20,227 Realized income $ 532,359 $ 122,477 $ 55,607 $ 34,535 $ 23,234 $ 768,212 $ (225,596) $ 542,616 Nine months ended September 30, 2020 Credit Group Private Equity Group Real Estate Group Secondary Solutions Group Strategic Initiatives Total OMG Total Management fees $ 606,596 $ 160,206 $ 71,459 $ — $ 13,320 $ 851,581 $ — $ 851,581 Other fees 12,057 142 716 — 6 12,921 — 12,921 Compensation and benefits (222,063) (62,946) (38,159) — (4,241) (327,409) (114,916) (442,325) General, administrative and other expenses (41,626) (16,083) (9,185) — (1,514) (68,408) (56,877) (125,285) Fee related earnings 354,964 81,319 24,831 — 7,571 468,685 (171,793) 296,892 Performance income—realized 16,085 276,469 27,106 — — 319,660 — 319,660 Performance related compensation—realized (12,142) (222,949) (17,484) — — (252,575) — (252,575) Realized net performance income 3,943 53,520 9,622 — — 67,085 — 67,085 Investment income (loss)—realized (843) 35,866 2,740 — — 37,763 (5,698) 32,065 Interest and other investment income (expense)—realized 13,166 2,364 3,024 — (4) 18,550 (588) 17,962 Interest expense (6,391) (6,106) (3,715) — (729) (16,941) (1,262) (18,203) Realized net investment income (loss) 5,932 32,124 2,049 — (733) 39,372 (7,548) 31,824 Realized income $ 364,839 $ 166,963 $ 36,502 $ — $ 6,838 $ 575,142 $ (179,341) $ 395,801
Schedule of Segment’ Revenue, Expenses and Realized Net Investment Income	The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Segment revenues Management fees $ 453,950 $ 300,131 $ 1,154,248 $ 851,581 Other fees 9,851 4,911 23,906 12,921 Performance income—realized 45,341 123,265 249,989 319,660 Total segment revenues $ 509,142 $ 428,307 $ 1,428,143 $ 1,184,162 Segment expenses Compensation and benefits $ 159,706 $ 112,849 $ 418,768 $ 327,409 General, administrative and other expenses 30,955 24,292 76,311 68,408 Performance related compensation—realized 33,728 97,538 185,306 252,575 Total segment expenses $ 224,389 $ 234,679 $ 680,385 $ 648,392 Segment realized net investment income Investment income—realized $ 5,362 $ 16,837 $ 12,695 $ 37,763 Interest and other investment income —realized 11,357 4,331 32,487 18,550 Interest expense (11,363) (6,674) (24,728) (16,941) Total segment realized net investment income $ 5,356 $ 14,494 $ 20,454 $ 39,372
Schedule of Segment Revenues Components	The following table reconciles the Company's consolidated revenues to segment revenue: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Total consolidated revenue $ 948,719 $ 489,866 $ 2,901,926 $ 1,106,033 Performance (income) loss—unrealized (415,317) (52,488) (1,381,697) 77,866 Management fees of Consolidated Funds eliminated in consolidation 11,051 11,719 33,416 33,601 Incentive fees of Consolidated Funds eliminated in consolidation — — 1,528 (70) Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 4,264 4,448 13,157 12,249 Administrative fees (1) (15,632) (9,216) (34,754) (27,715) OMG revenue (3,446) — (3,446) — Performance income (loss) reclass (2) 680 (291) 1,285 (3,664) Principal investment income, net of eliminations (14,250) (11,408) (86,477) (8,330) Net income of non-controlling interests in consolidated subsidiaries (6,927) (4,323) (16,795) (5,808) Total consolidation adjustments and reconciling items (439,577) (61,559) (1,473,783) 78,129 Total segment revenue $ 509,142 $ 428,307 $ 1,428,143 $ 1,184,162 (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Total consolidated expenses $ 813,267 $ 392,580 $ 2,363,108 $ 958,106 Performance related compensation-unrealized (296,044) (24,818) (1,022,393) 61,010 Expenses of Consolidated Funds added in consolidation (23,206) (17,737) (66,653) (50,237) Expenses of Consolidated Funds eliminated in consolidation 11,102 11,718 35,078 33,531 Administrative fees (1) (15,632) (9,216) (34,754) (27,715) OMG expenses (94,249) (61,070) (228,815) (171,793) Acquisition and merger-related expense (754) (3,474) (18,364) (9,430) Equity compensation expense (65,991) (30,336) (191,144) (91,576) Acquisition-related compensation expense (2) (28,194) — (32,824) — Deferred placement fees (32,413) (2,942) (33,740) (18,677) Depreciation and amortization expense (36,668) (14,336) (71,742) (26,197) Expense of non-controlling interests in consolidated subsidiaries (6,829) (5,690) (17,372) (8,630) Total consolidation adjustments and reconciling items (588,878) (157,901) (1,682,723) (309,714) Total segment expenses $ 224,389 $ 234,679 $ 680,385 $ 648,392 (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) Represents compensation expense associated with contingent obligations recorded in connection with the Landmark Acquisition and the Black Creek Acquisition and is presented in compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.
Schedule of Segment Other Income (Expense) Components	The following table reconciles the Company's consolidated other income to segment realized net investment income: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Total consolidated other income (expense) $ 111,536 $ 62,355 $ 218,011 $ (43,602) Investment (income) loss—unrealized (3,609) 1,479 (60,588) 83,369 Interest and other investment (income) loss—unrealized (1,405) (1,390) 3,057 (10,330) Other (income) loss from Consolidated Funds added in consolidation, net (76,287) (68,132) (178,195) 20,719 Other expense from Consolidated Funds eliminated in consolidation, net (4,973) (3,470) (13,783) (11,478) OMG other (income) expense 37 (1,820) 646 (781) Performance (income) loss reclass (1) (680) 291 (1,285) 3,664 Principal investment income (loss) 20,719 18,080 96,448 (24,951) Other (income) expense, net (34,812) 9,534 (34,666) 9,903 Other (income) loss of non-controlling interests in consolidated subsidiaries (5,170) (2,433) (9,191) 12,859 Total consolidation adjustments and reconciling items (106,180) (47,861) (197,557) 82,974 Total segment realized net investment income $ 5,356 $ 14,494 $ 20,454 $ 39,372 (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 September 30, Nine months ended September 30, 2021 2020 2021 2020 Income before taxes $ 246,988 $ 159,641 $ 756,829 $ 104,325 Adjustments: Depreciation and amortization expense 36,668 14,336 71,742 26,197 Equity compensation expense 65,991 30,336 191,144 91,576 Acquisition-related compensation expense (1) 28,194 — 32,824 — Acquisition and merger-related expense 7,967 3,490 26,188 9,815 Deferred placement fees 32,413 2,942 33,740 18,677 OMG expense, net 90,840 59,250 226,015 171,012 Other (income) expense, net (42,025) 9,518 (42,490) 9,518 Net (income) expense of non-controlling interests in consolidated subsidiaries (5,268) (1,066) (8,614) 15,681 (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (47,372) (42,744) (102,331) 38,446 Total performance (income) loss—unrealized (415,317) (52,488) (1,381,697) 77,866 Total performance related compensation—unrealized 296,044 24,818 1,022,393 (61,010) Total investment (income) loss—unrealized (5,014) 89 (57,531) 73,039 Realized income 290,109 208,122 768,212 575,142 Total performance income—realized (45,341) (123,265) (249,989) (319,660) Total performance related compensation—realized 33,728 97,538 185,306 252,575 Total investment income—realized (5,356) (14,494) (20,454) (39,372) Fee related earnings $ 273,140 $ 167,901 $ 683,075 $ 468,685 (1) Represents compensation expense associated with contingent obligations recorded in connection with the Landmark Acquisition and the Black Creek Acquisition and is presented in compensation and benefits in the Company’s Condensed Consolidated Statements of Operations.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	9 Months Ended
CONSOLIDATION (Tables)	Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]
Schedule of Interest in VIEs	The Company's interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of September 30, As of December 31, 2021 2020 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs (1) $ 340,988 $ 224,203 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs (1) 478,164 391,963 Assets of consolidated VIEs 12,190,617 11,580,003 Liabilities of consolidated VIEs 11,238,928 10,716,438 (1) As of September 30, 2021 and December 31, 2020, the Company's maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs that are managed and totaled $104.4 million and $107.7 million, respectively. Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ 38,597 $ 42,627 $ 84,285 $ (38,593)
Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition, results from operations and cash flows: As of September 30, 2021 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 295,704 $ — $ — $ 295,704 Investments (includes $2,625,319 of accrued carried interest) 3,804,023 — (481,358) 3,322,665 Due from affiliates 517,504 — (24,093) 493,411 Other assets 1,006,870 — — 1,006,870 Intangible assets, net 1,452,690 — — 1,452,690 Right-of-use operating lease assets 176,511 — — 176,511 Assets of Consolidated Funds Cash and cash equivalents — 1,581,433 — 1,581,433 U.S. Treasury securities, at fair value — 1,000,165 — 1,000,165 Investments, at fair value — 10,356,640 4,214 10,360,854 Due from affiliates — 19,089 (10,030) 9,059 Receivable for securities sold — 187,230 — 187,230 Other assets — 47,806 — 47,806 Total assets $ 7,253,302 $ 13,192,363 $ (511,267) $ 19,934,398 Liabilities Accounts payable, accrued expenses and other liabilities $ 218,171 $ — $ (10,030) $ 208,141 Accrued compensation 309,569 — — 309,569 Due to affiliates 202,438 — — 202,438 Performance related compensation payable 1,895,343 — — 1,895,343 Debt obligations 1,238,325 — — 1,238,325 Operating lease liabilities 214,681 — — 214,681 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 102,883 (13,198) 89,685 Due to affiliates — 19,880 (19,880) — Payable for securities purchased — 863,007 — 863,007 CLO loan obligations, at fair value — 10,220,040 (45,246) 10,174,794 Fund borrowings — 99,240 — 99,240 Total liabilities 4,078,527 11,305,050 (88,354) 15,295,223 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,000,000 — 1,000,000 Redeemable interest in Ares Operating Group entities 98,649 — — 98,649 Non-controlling interest in Consolidated Funds — 887,313 (422,913) 464,400 Non-controlling interest in Ares Operating Group entities 1,322,866 — — 1,322,866 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero shares issued and outstanding) — — — — Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (167,581,165 shares issued and outstanding) 1,676 — — 1,676 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,803,257 shares issued and outstanding) 1,188 — — 1,188 Additional paid-in-capital 1,881,913 — — 1,881,913 Retained earnings (128,981) — — (128,981) Accumulated other comprehensive loss, net of tax (2,571) — — (2,571) Total stockholders' equity 1,753,260 — — 1,753,260 Total equity 3,076,126 887,313 (422,913) 3,540,526 Total liabilities, redeemable interest, non-controlling interests and equity $ 7,253,302 $ 13,192,363 $ (511,267) $ 19,934,398 As of December 31, 2020 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 539,812 $ — $ — $ 539,812 Investments (includes $1,145,853 of accrued carried interest) 2,064,517 — (381,758) 1,682,759 Due from affiliates 426,021 — (20,134) 405,887 Other assets 590,543 — (211) 590,332 Intangible assets, net 222,087 — — 222,087 Right-of-use operating lease assets 154,742 — — 154,742 Assets of Consolidated Funds Cash and cash equivalents — 522,377 — 522,377 Investments, at fair value — 10,873,522 3,575 10,877,097 Due from affiliates — 27,377 (10,205) 17,172 Receivable for securities sold — 121,225 — 121,225 Other assets — 35,502 — 35,502 Total assets $ 3,997,722 $ 11,580,003 $ (408,733) $ 15,168,992 Liabilities Accounts payable, accrued expenses and other liabilities $ 125,494 $ — $ (10,205) $ 115,289 Accrued compensation 103,010 — — 103,010 Due to affiliates 100,186 — — 100,186 Performance related compensation payable 813,378 — — 813,378 Debt obligations 642,998 — — 642,998 Operating lease liabilities 180,236 — — 180,236 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 46,824 — 46,824 Due to affiliates — 16,770 (16,770) — Payable for securities purchased — 514,946 — 514,946 CLO loan obligations — 10,015,989 (57,913) 9,958,076 Fund borrowings — 121,909 — 121,909 Total liabilities 1,965,302 10,716,438 (84,888) 12,596,852 Commitments and contingencies Redeemable interest in Ares Operating Group entities 100,366 — — 100,366 Non-controlling interest in Consolidated Funds — 863,565 (323,845) 539,720 Non-controlling interest in Ares Operating Group entities 738,369 — — 738,369 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (147,182,562 shares issued and outstanding) 1,472 — — 1,472 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (112,447,618 share issued and outstanding) 1,124 — — 1,124 Additional paid-in-capital 1,043,669 — — 1,043,669 Retained earnings (151,824) — — (151,824) Accumulated other comprehensive income, net of tax 483 — — 483 Total stockholders' equity 1,193,685 — — 1,193,685 Total equity 1,932,054 863,565 (323,845) 2,471,774 Total liabilities, redeemable interest, non-controlling interests and equity $ 3,997,722 $ 11,580,003 $ (408,733) $ 15,168,992
Schedule of Results from Operations	Three months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 459,313 $ — $ (11,051) $ 448,262 Carried interest allocation 460,651 — — 460,651 Incentive fees 696 — — 696 Principal investment income 20,719 — (6,469) 14,250 Administrative, transaction and other fees 29,124 — (4,264) 24,860 Total revenues 970,503 — (21,784) 948,719 Expenses Compensation and benefits 335,569 — — 335,569 Performance related compensation 331,141 — — 331,141 General, administrative and other expense 134,453 — — 134,453 Expenses of the Consolidated Funds — 23,206 (11,102) 12,104 Total expenses 801,163 23,206 (11,102) 813,267 Other income (expense) Net realized and unrealized gains on investments 2,759 — 5,575 8,334 Interest and dividend income 2,702 — (1,326) 1,376 Interest expense (11,523) — — (11,523) Other income, net 36,338 — 316 36,654 Net realized and unrealized gains on investments of the Consolidated Funds — 36,695 (2,450) 34,245 Interest and other income of the Consolidated Funds — 104,344 (316) 104,028 Interest expense of the Consolidated Funds — (64,752) 3,174 (61,578) Total other income 30,276 76,287 4,973 111,536 Income before taxes 199,616 53,081 (5,709) 246,988 Income tax expense 30,273 2 — 30,275 Net income 169,343 53,079 (5,709) 216,713 Less: Net income attributable to non-controlling interests in Consolidated Funds — 53,079 (5,709) 47,370 Net income attributable to Ares Operating Group entities 169,343 — — 169,343 Less: Net income attributable to redeemable interest in Ares Operating Group entities 324 — — 324 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 84,293 — — 84,293 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 84,726 $ — $ — $ 84,726 Three months ended September 30, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 304,153 $ — $ (11,719) $ 292,434 Carried interest allocation 168,978 — — 168,978 Incentive fees 7,194 — — 7,194 Principal investment income 18,080 — (6,672) 11,408 Administrative, transaction and other fees 14,300 — (4,448) 9,852 Total revenues 512,705 — (22,839) 489,866 Expenses Compensation and benefits 194,267 — — 194,267 Performance related compensation 122,356 — — 122,356 General, administrative and other expense 69,938 — — 69,938 Expenses of the Consolidated Funds — 17,737 (11,718) 6,019 Total expenses 386,561 17,737 (11,718) 392,580 Other income (expense) Net realized and unrealized gains (losses) on investments 2,303 — (4,910) (2,607) Interest and dividend income 1,602 — (258) 1,344 Interest expense (6,815) — — (6,815) Other income (expense), net (6,337) — 8,540 2,203 Net realized and unrealized gains on investments of the Consolidated Funds — 9,850 8,121 17,971 Interest and other income of the Consolidated Funds — 126,100 (9,519) 116,581 Interest expense of the Consolidated Funds — (67,818) 1,496 (66,322) Total other income (expense) (9,247) 68,132 3,470 62,355 Income before taxes 116,897 50,395 (7,651) 159,641 Income tax expense 18,197 117 — 18,314 Net income 98,700 50,278 (7,651) 141,327 Less: Net income attributable to non-controlling interests in Consolidated Funds — 50,278 (7,651) 42,627 Net income attributable to Ares Operating Group entities 98,700 — — 98,700 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,007) — — (1,007) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 52,162 — — 52,162 Net income attributable to Ares Management Corporation 47,545 — — 47,545 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 42,120 $ — $ — $ 42,120 Nine months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,169,237 $ — $ (33,416) $ 1,135,821 Carried interest allocation 1,610,707 — — 1,610,707 Incentive fees 20,948 — (1,528) 19,420 Principal investment income 96,448 — (9,971) 86,477 Administrative, transaction and other fees 62,658 — (13,157) 49,501 Total revenues 2,959,998 — (58,072) 2,901,926 Expenses Compensation and benefits 837,108 — — 837,108 Performance related compensation 1,208,954 — — 1,208,954 General, administrative and other expense 285,471 — — 285,471 Expenses of the Consolidated Funds — 66,653 (35,078) 31,575 Total expenses 2,331,533 66,653 (35,078) 2,363,108 Other income (expense) Net realized and unrealized gains on investments 10,602 — 8,142 18,744 Interest and dividend income 9,695 — (2,877) 6,818 Interest expense (25,125) — — (25,125) Other income, net 30,861 — (175) 30,686 Net realized and unrealized gains on investments of the Consolidated Funds — 46,541 (1,821) 44,720 Interest and other income of the Consolidated Funds — 333,570 175 333,745 Interest expense of the Consolidated Funds — (201,916) 10,339 (191,577) Total other income 26,033 178,195 13,783 218,011 Income before taxes 654,498 111,542 (9,211) 756,829 Income tax expense 104,411 76 — 104,487 Net income 550,087 111,466 (9,211) 652,342 Less: Net income attributable to non-controlling interests in Consolidated Funds — 111,466 (9,211) 102,255 Net income attributable to Ares Operating Group entities 550,087 — — 550,087 Less: Net income attributable to redeemable interest in Ares Operating Group entities 693 — — 693 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 264,646 — — 264,646 Net income attributable to Ares Management Corporation 284,748 — — 284,748 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Less: Series A Preferred Stock redemption premium 11,239 — — 11,239 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 262,659 $ — $ — $ 262,659 Nine months ended September 30, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 856,751 $ — $ (33,601) $ 823,150 Carried interest allocation 241,380 — — 241,380 Incentive fees 4,206 — 70 4,276 Principal investment income (loss) (24,951) — 33,281 8,330 Administrative, transaction and other fees 41,146 — (12,249) 28,897 Total revenues 1,118,532 — (12,499) 1,106,033 Expenses Compensation and benefits 559,482 — — 559,482 Performance related compensation 191,565 — — 191,565 General, administrative and other expense 190,353 — — 190,353 Expenses of the Consolidated Funds — 50,237 (33,531) 16,706 Total expenses 941,400 50,237 (33,531) 958,106 Other income (expense) Net realized and unrealized losses on investments (25,360) — 15,009 (10,351) Interest and dividend income 8,102 — (2,990) 5,112 Interest expense (18,203) — — (18,203) Other income, net 1,100 — 8,748 9,848 Net realized and unrealized losses on investments of the Consolidated Funds — (148,826) (4,442) (153,268) Interest and other income of the Consolidated Funds — 355,639 (9,519) 346,120 Interest expense of the Consolidated Funds — (227,532) 4,672 (222,860) Total other expense (34,361) (20,719) 11,478 (43,602) Income (loss) before taxes 142,771 (70,956) 32,510 104,325 Income tax expense 21,972 147 — 22,119 Net income (loss) 120,799 (71,103) 32,510 82,206 Less: Net loss attributable to non-controlling interests in Consolidated Funds — (71,103) 32,510 (38,593) Net income attributable to Ares Operating Group entities 120,799 — — 120,799 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,007) — — (1,007) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 48,926 — — 48,926 Net income attributable to Ares Management Corporation 72,880 — — 72,880 Less: Series A Preferred Stock dividends paid 16,275 — — 16,275 Net income attributable to Ares Management Corporation Class A common stockholders $ 56,605 $ — $ — $ 56,605
Schedule of Cash Flows	Nine months ended September 30, 2021 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 550,087 $ 111,466 $ (9,211) $ 652,342 Adjustments to reconcile net income to net cash provided by (used in) operating activities (28,467) — 99,600 71,133 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (1,697,529) 9,444 (1,688,085) Cash flows due to changes in operating assets and liabilities (153,361) — 3,923 (149,438) Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds — 343,253 (1,072,956) (729,703) Net cash provided by (used in) operating activities 368,259 (1,242,810) (969,200) (1,843,751) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (15,152) — — (15,152) Acquisitions, net of cash acquired (1,057,426) — — (1,057,426) Net cash used in investing activities (1,072,578) — — (1,072,578) Cash flows from financing activities: Net proceeds from issuance of Class A and non-voting common stock 827,430 — — 827,430 Proceeds from Credit Facility 468,000 — — 468,000 Proceeds from subordinated notes 450,000 — — 450,000 Repayments of Credit Facility (318,000) — — (318,000) Dividends and distributions (438,568) — — (438,568) Series A Preferred Stock dividends (10,850) — — (10,850) Redemption of Series A Preferred Stock (310,000) — — (310,000) Stock option exercises 27,409 — — 27,409 Taxes paid related to net share settlement of equity awards (221,287) — — (221,287) Other financing activities 1,976 — — 1,976 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 1,027,454 (107,788) 919,666 Distributions to non-controlling interests in Consolidated Funds — (102,701) 17,931 (84,770) Borrowings under loan obligations by Consolidated Funds — 1,456,887 — 1,456,887 Repayments under loan obligations by Consolidated Funds — (74,909) — (74,909) Net cash provided by financing activities 476,110 2,306,731 (89,857) 2,692,984 Effect of exchange rate changes (15,899) (4,864) — (20,763) Net change in cash and cash equivalents (244,108) 1,059,057 (1,059,057) (244,108) Cash and cash equivalents, beginning of period 539,812 522,377 (522,377) 539,812 Cash and cash equivalents, end of period $ 295,704 $ 1,581,434 $ (1,581,434) $ 295,704 Supplemental disclosure of non-cash financing activities: Issuance of AOG Units in connection with acquisitions $ 511,069 $ — $ — $ 511,069 Nine months ended September 30, 2020 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income (loss) $ 120,799 $ (71,103) $ 32,510 $ 82,206 Adjustments to reconcile net income to net cash provided by operating activities 207,358 — (22,772) 184,586 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (733,607) (32,792) (766,399) Cash flows due to changes in operating assets and liabilities 152,691 — (6,989) 145,702 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 105,992 260,375 366,367 Net cash provided by (used in) operating activities 480,848 (698,718) 230,332 12,462 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (8,608) — — (8,608) Cash paid for asset acquisition (117,829) — — (117,829) Net cash used in investing activities (126,437) — — (126,437) Cash flows from financing activities: 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 (334,957) — — (334,957) Series A Preferred Stock dividends (16,275) — — (16,275) Stock option exercises 78,959 — — 78,959 Taxes paid related to net share settlement of equity awards (75,657) — — (75,657) Other financing activities (4,137) — — (4,137) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 138,760 (15,047) 123,713 Distributions to non-controlling interests in Consolidated Funds — (195,598) 25,851 (169,747) Borrowings under loan obligations by Consolidated Funds — 618,207 — 618,207 Repayments under loan obligations by Consolidated Funds — (104,794) — (104,794) Net cash provided by financing activities 360,171 456,575 10,804 827,550 Effect of exchange rate changes 15,786 1,007 — 16,793 Net change in cash and cash equivalents 730,368 (241,137) 241,137 730,368 Cash and cash equivalents, beginning of period 138,384 606,321 (606,321) 138,384 Cash and cash equivalents, end of period $ 868,752 $ 365,185 $ (365,185) $ 868,752 Supplemental disclosure of non-cash financing activities Issuance of Class A common stock in connection with acquisitions $ 305,388 $ — $ — $ 305,338

ORGANIZATION (Details)

ORGANIZATION (Details) $ in Billions	1 Months Ended
ORGANIZATION (Details) $ in Billions	Feb. 28, 2021USD ($)	Feb. 21, 2020contract
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from IPO \| $	$ 1
Number of collateral management contracts acquired \| contract		7

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - shares	Sep. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	289,875,333	259,631,180
Class A Common Stock
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	167,581,165	147,182,562
Class A Common Stock \| Ares Acquisition Corporation
Class of Stock [Line Items]
Common stock, shares outstanding (in shares)	100,000,000

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Jun. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 4,900
Goodwill		$ 417,700	$ 787,750		$ 787,750	$ 787,750		$ 371,047
Total revenues					54,000
Net income					$ 26,800
Landmark Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage		100.00%
Business combination, consideration transferred		$ 1,103,469
Goodwill		417,665
Total revenues			948,719	$ 527,105		2,966,540	$ 1,214,989
Net income			$ 87,542	$ 37,570		$ 257,361	$ 41,263
Landmark Acquisition \| Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 425,900
Acquired finite lived intangible assets useful life		7 years 4 months 24 days
Landmark Acquisition \| Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 197,200
Acquired finite lived intangible assets useful life		11 years 9 months 18 days
Landmark Acquisition \| Trade name
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 86,200
Landmark Partners XVI - GP
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage		60.00%
Black Creek Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage	100.00%
Bargain purchase gain	$ 42,300
Black Creek Acquisition \| Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense	$ 576,200
Acquired finite lived intangible assets useful life	6 years 1 month 6 days
Black Creek Acquisition \| Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense	$ 7,200
Acquired finite lived intangible assets useful life	12 years

BUSINESS COMBINATIONS - Acquisi

BUSINESS COMBINATIONS - Acquisition Date Fair Value (Details) - Landmark Acquisition $ in Thousands	Jun. 02, 2021USD ($)shares
Asset Acquisition [Line Items]
Cash	$ 803,829
Equity	299,640
Total	$ 1,103,469
Ares Operating Group
Asset Acquisition [Line Items]
Equity interest issued or issuable (in shares) \| shares	5,419,413

BUSINESS COMBINATIONS - Fair Va

BUSINESS COMBINATIONS - Fair Value of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Jun. 02, 2021	Dec. 31, 2020
Intangible assets:
Goodwill	$ 787,750	$ 417,700	$ 371,047
Landmark Acquisition
Asset Acquisition [Line Items]
Cash		25,685
Other tangible assets		23,411
Intangible assets:
Total intangible assets		709,240
Total identifiable assets acquired		758,336
Accounts payable, accrued expenses and other liabilities		72,532
Net identifiable assets acquired		685,804
Goodwill		417,665
Net assets acquired		1,103,469
Landmark Acquisition \| Management contracts
Intangible assets:
Total intangible assets		425,880
Landmark Acquisition \| Client relationships
Intangible assets:
Total intangible assets		197,160
Landmark Acquisition \| Trade name
Intangible assets:
Total intangible assets		$ 86,200

BUSINESS COMBINATIONS - Supplem

BUSINESS COMBINATIONS - Supplemental Information on Unaudited Pro Forma (Details) - USD ($) $ in Thousands	3 Months Ended		4 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues			$ 54,000
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders			$ 26,800
Landmark Acquisition
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues	$ 948,719	$ 527,105		$ 2,966,540	$ 1,214,989
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 87,542	$ 37,570		$ 257,361	$ 41,263

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 882,317	$ 247,077
Foreign currency translation	1,530	3,093
Total finite-lived intangible assets	883,847	250,170
Less: accumulated amortization	(85,157)	(28,082)
Finite-lived intangible assets, net	798,690	222,088
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	654,000	0
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	1,452,690	222,088
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	0
Trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 86,200	0
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	6 years 6 months
Finite-lived intangible assets	$ 641,737	210,857
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	11 years 2 months 12 days
Finite-lived intangible assets	$ 229,501	25,141
Trade name
Finite-lived intangible assets, net
Weighted average amortization period	8 years 8 months 12 days
Finite-lived intangible assets	$ 11,079	$ 11,079

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	Jul. 01, 2021	Jun. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense		$ 4,900,000
Goodwill impairment					$ 0	$ 0
Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Fully-amortized intangibles, amount removed during the period				$ 3,400,000
General, administrative and other expense
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense			$ 32,800,000	$ 11,100,000	$ 60,700,000	$ 13,700,000
Black Creek Acquisition \| Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 576,200,000
Acquired finite lived intangible assets useful life	6 years 1 month 6 days
Black Creek Acquisition \| Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 7,200,000
Acquired finite lived intangible assets useful life	12 years

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 371,047
Acquisitions	417,665
Foreign currency translation	(962)
Goodwill, ending balance	787,750
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196
Acquisitions	0
Foreign currency translation	0
Goodwill, ending balance	32,196
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance	58,600
Acquisitions	0
Foreign currency translation	0
Goodwill, ending balance	58,600
Real Estate Group
Goodwill [Roll Forward]
Goodwill, beginning balance	53,120
Acquisitions	0
Foreign currency translation	219
Goodwill, ending balance	53,339
Secondary Solutions Group
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Acquisitions	417,665
Foreign currency translation	(16)
Goodwill, ending balance	417,649
Strategic Initiatives
Goodwill [Roll Forward]
Goodwill, beginning balance	227,131
Acquisitions	0
Foreign currency translation	(1,165)
Goodwill, ending balance	$ 225,966

INVESTMENTS - Fair Value Invest

INVESTMENTS - Fair Value Investments, excluding Equity Method Investments Held at Fair Value (Details) - Ares Management L.P - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments
Partnership interests	$ 8,618	$ 3,784
Collateralized loan obligations	32,724	31,766
Other fixed income	172,732	146,552
Common stock, at fair value	109,807	89,419
Total investments	$ 3,322,665	$ 1,682,759
Percentage of total investments	1.00%	1.90%
Crestline Denali Class B Interests
Investments
Collateralized loan obligations	$ 3,200	$ 3,400
Partnership Interests
Investments
Equity method investments:	$ 3,266,948	$ 1,628,403
Percentage of total investments	98.30%	96.80%
Other fixed income
Investments
Other fixed income	$ 21,583	$ 21,583
Percentage of total investments	0.60%	1.30%
Collateralized loan obligations and other fixed income, at fair value
Investments
Collateralized loan obligations	$ 54,307	$ 53,349
Percentage of total investments	1.60%	3.20%
Common stock, at fair value
Investments
Common stock, at fair value	$ 1,410	$ 1,007
Percentage of total investments	0.10%	0.10%
Partnership Interests
Investments
Equity method investments:	$ 492,482	$ 366,471
Percentage of total investments	14.80%	21.80%
Equity method - carried interest
Investments
Equity method investments:	$ 2,625,319	$ 1,145,853
Percentage of total investments	79.00%	68.10%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 117,015	$ 92,196
Percentage of total investments	3.50%	5.50%
Equity method private investment partnership interests and other
Investments
Partnership interests	$ 32,132	$ 23,883
Percentage of total investments	1.00%	1.40%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Investments in and Advances to Affiliates [Abstract]
Equity method investments gains	$ 18.9	$ 8.9	$ 99.3	$ 1.8

INVESTMENTS - Investments of th

INVESTMENTS - Investments of the Consolidated Funds (Details) - Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Investments
Total investments, at fair value	$ 11,361,019	$ 10,877,097
Percent of total assets	5.00%	5.00%
Percentage of interest yield	0.06%
Fixed income investments:
Investments
Total investments, at fair value	$ 10,852,660	$ 10,410,442
Percentage of total investments	95.60%	95.70%
Fixed income investments: \| Bonds
Investments
Total investments, at fair value	$ 434,226	$ 397,494
Percentage of total investments	3.90%	3.60%
Fixed income investments: \| Loans
Investments
Total investments, at fair value	$ 9,389,769	$ 10,012,948
Percentage of total investments	82.60%	92.10%
Fixed income investments: \| U.S. Treasury securities
Investments
Total investments, at fair value	$ 1,000,165	$ 0
Percentage of total investments	8.80%	0.00%
Fixed income investments: \| Investments in CLO warehouse
Investments
Total investments, at fair value	$ 28,500	$ 0
Percentage of total investments	0.30%	0.00%
Equity securities
Investments
Total investments, at fair value	$ 264,202	$ 227,031
Percentage of total investments	2.30%	2.10%
Partnership interests
Investments
Total investments, at fair value	$ 244,157	$ 239,624
Percentage of total investments	2.10%	2.20%

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 10,852,660	$ 10,410,442
Common stock and other equity securities	264,202	227,031
Partnership interests	244,157	239,624
Total investments, at fair value	11,361,019	10,877,097
Total derivative assets, at fair value	325
Total assets, at fair value	11,361,344	10,878,201
Liabilities, at fair value
Derivative liabilities	(18,513)
Loan obligations of CLOs	(10,174,794)	(9,958,076)
Total liabilities, at fair value	(10,193,307)	(9,958,120)
Consolidated Funds \| Asset swaps-other
Assets, at fair value
Total derivative assets, at fair value	325	1,104
Liabilities, at fair value
Derivative liabilities	(1,513)	(44)
Consolidated Funds \| Warrants
Liabilities, at fair value
Derivative liabilities	(17,000)
Consolidated Funds \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	28,500
Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	434,226	397,494
Consolidated Funds \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,389,769	10,012,948
Consolidated Funds \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	1,000,165
Consolidated Funds \| Level I
Assets, at fair value
Collateralized loan obligations and other fixed income	1,000,165	0
Common stock and other equity securities	3,366	5,749
Partnership interests	0	0
Total investments, at fair value	1,003,531	5,749
Total derivative assets, at fair value	0
Total assets, at fair value	1,003,531	5,749
Liabilities, at fair value
Derivative liabilities	(17,000)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(17,000)	0
Consolidated Funds \| Level I \| Asset swaps-other
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level I \| Warrants
Liabilities, at fair value
Derivative liabilities	(17,000)
Consolidated Funds \| Level I \| Collateralized loan obligations and other fixed income, at fair value
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 I \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	1,000,165
Consolidated Funds \| Level II
Assets, at fair value
Collateralized loan obligations and other fixed income	9,449,819	9,868,136
Common stock and other equity securities	1,590	239
Partnership interests	0	0
Total investments, at fair value	9,451,409	9,868,375
Total derivative assets, at fair value	0
Total assets, at fair value	9,451,409	9,868,375
Liabilities, at fair value
Derivative liabilities	0
Loan obligations of CLOs	(10,174,794)	(9,958,076)
Total liabilities, at fair value	(10,174,794)	(9,958,076)
Consolidated Funds \| Level II \| Asset swaps-other
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Level II \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Level II \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	28,500
Consolidated Funds \| Level II \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	406,253	397,485
Consolidated Funds \| Level II \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,015,066	9,470,651
Consolidated Funds \| Level II \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Consolidated Funds \| Level III
Assets, at fair value
Collateralized loan obligations and other fixed income	402,676	542,306
Common stock and other equity securities	259,246	221,043
Partnership interests	237,558	231,857
Total investments, at fair value	899,480	995,206
Total derivative assets, at fair value	325
Total assets, at fair value	899,805	996,310
Liabilities, at fair value
Derivative liabilities	(1,513)	(44)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(1,513)	(44)
Consolidated Funds \| Level III \| Asset swaps-other
Assets, at fair value
Total derivative assets, at fair value	325	1,104
Liabilities, at fair value
Derivative liabilities	(1,513)	(44)
Consolidated Funds \| Level III \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Level III \| Collateralized loan obligations and other fixed income, at fair value
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	27,973	9
Consolidated Funds \| Level III \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	374,703	542,297
Consolidated Funds \| Level III \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Consolidated Funds \| Investments Measured at NAV
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Common stock and other equity securities	0	0
Partnership interests	6,599	7,767
Total investments, at fair value	6,599	7,767
Total derivative assets, at fair value	0
Total assets, at fair value	6,599	7,767
Liabilities, at fair value
Derivative liabilities	0
Loan obligations of CLOs	0	0
Total liabilities, at fair value	0	0
Consolidated Funds \| Investments Measured at NAV \| Asset swaps-other
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds \| Investments Measured at NAV \| Warrants
Liabilities, at fair value
Derivative liabilities	0
Consolidated Funds \| Investments Measured at NAV \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Consolidated Funds \| Investments Measured at NAV \| Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Investments Measured at NAV \| Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds \| Investments Measured at NAV \| U.S. Treasury securities
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	109,807	89,419
Partnership interests	8,618	3,784
Total investments, at fair value	172,732	146,552
Total assets, at fair value	177,093	147,992
Liabilities, at fair value
Derivative liabilities		(1,565)
Contingent consideration	(41,413)
Total liabilities, at fair value	(41,678)	(1,565)
Ares Management L.P \| Derivatives-foreign exchange contracts and interest rate contracts
Assets, at fair value
Total derivative assets, at fair value	4,361
Ares Management L.P \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		1,440
Liabilities, at fair value
Derivative liabilities	(265)
Ares Management L.P \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	54,307	53,349
Ares Management L.P \| Level I
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	0	0
Total assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration	0
Total liabilities, at fair value	0	0
Ares Management L.P \| Level I \| Derivatives-foreign exchange contracts and interest rate contracts
Assets, at fair value
Total derivative assets, at fair value	0
Ares Management L.P \| Level I \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level I \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P \| Level II
Assets, at fair value
Common stock and other equity securities	1,410	1,007
Partnership interests	0	0
Total investments, at fair value	1,410	1,007
Total assets, at fair value	5,771	2,447
Liabilities, at fair value
Derivative liabilities		(1,565)
Contingent consideration	0
Total liabilities, at fair value	(265)	(1,565)
Ares Management L.P \| Level II \| Derivatives-foreign exchange contracts and interest rate contracts
Assets, at fair value
Total derivative assets, at fair value	4,361
Ares Management L.P \| Level II \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		1,440
Liabilities, at fair value
Derivative liabilities	(265)
Ares Management L.P \| Level II \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P \| Level III
Assets, at fair value
Common stock and other equity securities	108,397	88,412
Partnership interests	2,575	2,575
Total investments, at fair value	165,279	144,336
Total assets, at fair value	165,279	144,336
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration	(41,413)
Total liabilities, at fair value	(41,413)	0
Ares Management L.P \| Level III \| Derivatives-foreign exchange contracts and interest rate contracts
Assets, at fair value
Total derivative assets, at fair value	0
Ares Management L.P \| Level III \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Level III \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	54,307	53,349
Ares Management L.P \| Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	6,043	1,209
Total investments, at fair value	6,043	1,209
Total assets, at fair value	6,043	1,209
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration	0
Total liabilities, at fair value	0	0
Ares Management L.P \| Investments Measured at NAV \| Derivatives-foreign exchange contracts and interest rate contracts
Assets, at fair value
Total derivative assets, at fair value	0
Ares Management L.P \| Investments Measured at NAV \| Derivatives-foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value		0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P \| Investments Measured at NAV \| Collateralized loan obligations and other fixed income, at fair value
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 0	$ 0

FAIR VALUE - Changes in Fair Va

FAIR VALUE - Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 938,346	$ 942,584	$ 996,265	$ 717,030
Transfer in (out) due to changes in consolidation			(49,483)	392,037
Transfer in	18,792	96,671	50,013	146,839
Transfer out	(209,282)	(230,326)	(216,210)	(350,078)
Purchases	246,526	118,708	486,627	321,065
Sales/settlements	(118,272)	(74,330)	(403,581)	(306,928)
Amortized discounts/premiums	394	5	1,465	1,068
Realized and unrealized appreciation (depreciation), net	21,788	14,869	33,196	(52,852)
Balance, end of period	898,292	868,181	898,292	868,181
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	16,736	12,562	26,521	(55,970)
Consolidated Funds \| Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	229,300	42,259	221,043	85,988
Transfer in (out) due to changes in consolidation			(157)	(635)
Transfer in	0	0	2,195	0
Transfer out	0	0	(33)	0
Purchases	27,346	150	36,201	551
Sales/settlements	(313)	(25)	(876)	(714)
Amortized discounts/premiums	0	0	1	0
Realized and unrealized appreciation (depreciation), net	2,913	828	872	(41,978)
Balance, end of period	259,246	43,212	259,246	43,212
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	2,912	878	790	(41,930)
Consolidated Funds \| Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	455,426	586,287	542,305	339,136
Transfer in (out) due to changes in consolidation			(49,326)	392,672
Transfer in	18,792	96,671	47,818	146,839
Transfer out	(209,282)	(230,326)	(216,177)	(350,078)
Purchases	219,180	118,558	437,426	256,514
Sales/settlements	(88,584)	(73,010)	(371,006)	(249,027)
Amortized discounts/premiums	394	(135)	1,464	777
Realized and unrealized appreciation (depreciation), net	6,750	15,836	10,172	(22,952)
Balance, end of period	402,676	513,881	402,676	513,881
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,607	13,690	2,700	(25,701)
Consolidated Funds \| Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	255,278	312,636	231,857	296,012
Transfer in (out) due to changes in consolidation			0	0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	0	0	13,000	64,000
Sales/settlements	(30,000)	(2,000)	(32,000)	(58,000)
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	12,280	(1,402)	24,701	7,222
Balance, end of period	237,558	309,234	237,558	309,234
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	12,280	(1,402)	24,701	7,222
Consolidated Funds \| Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(1,658)	1,402	1,060	(4,106)
Transfer in (out) due to changes in consolidation			0	0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	0	0	0	0
Sales/settlements	625	705	301	813
Amortized discounts/premiums	0	140	0	291
Realized and unrealized appreciation (depreciation), net	(155)	(393)	(2,549)	4,856
Balance, end of period	(1,188)	1,854	(1,188)	1,854
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(63)	(604)	(1,670)	4,439
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	165,655	84,634	144,336	119,079
Transfer in (out) due to changes in consolidation		72,967	7,623	76,653
Established in connection with acquisition	(34,200)		(34,200)
Purchases	708	5,983	20,967	7,285
Sales/settlements	(2,904)	(899)	(12,120)	(34,017)
Realized and unrealized appreciation (depreciation), net	(5,393)	1,429	(2,740)	(4,886)
Balance, end of period	123,866	164,114	123,866	164,114
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(5,381)	(1,429)	(4,191)	1,848
Ares Management L.P \| Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period	0		0
Transfer in due to changes in consolidation			0
Established in connection with acquisition	(34,200)		(34,200)
Purchases	0		0
Sales/settlements	0		0
Realized and unrealized appreciation (depreciation), net	(7,213)		(7,213)
Balance, end of period	(41,413)		(41,413)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(7,213)		(7,213)
Ares Management L.P \| Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	107,240	14,704	88,412	14,704
Transfer in (out) due to changes in consolidation		72,967	0	72,967
Established in connection with acquisition	0		0
Purchases	0	0	19,278	0
Sales/settlements	0	0	0	0
Realized and unrealized appreciation (depreciation), net	1,157	(1,746)	707	(1,746)
Balance, end of period	108,397	85,925	108,397	85,925
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,157	1,746	707	(1,746)
Ares Management L.P \| Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	55,840	67,355	53,349	69,183
Transfer in (out) due to changes in consolidation		0	7,623	3,686
Established in connection with acquisition	0		0
Purchases	708	5,983	1,689	7,285
Sales/settlements	(2,904)	(899)	(12,120)	(1,587)
Realized and unrealized appreciation (depreciation), net	663	3,175	3,766	(2,953)
Balance, end of period	54,307	75,614	54,307	75,614
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	675	(3,175)	2,315	(1,917)
Ares Management L.P \| Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	2,575	2,575	2,575	35,192
Transfer in (out) due to changes in consolidation		0	0	0
Established in connection with acquisition	0		0
Purchases	0	0	0	0
Sales/settlements	0	0	0	(32,430)
Realized and unrealized appreciation (depreciation), net	0	0	0	(187)
Balance, end of period	2,575	2,575	2,575	2,575
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 0	$ 0	$ 0	$ 5,511

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) $ in Thousands	Sep. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Consolidated Funds
Assets
Equity securities	$ 264,202	$ 227,031
Partnership interests	244,157	239,624
Collateralized loan obligations	10,174,794	9,958,076
Other fixed income	10,852,660	10,410,442
Derivative instruments	325
Total derivative assets, at fair value	11,361,344	10,878,201
Liabilities
Derivative instruments	(18,513)
Total liabilities, at fair value	(10,193,307)	(9,958,120)
Consolidated Funds \| Level III
Assets
Equity securities	259,246	221,043
Partnership interests	237,558	231,857
Collateralized loan obligations	0	0
Other fixed income	402,676	542,306
Derivative instruments	325
Total derivative assets, at fair value	899,805	996,310
Liabilities
Derivative instruments	(1,513)	(44)
Total liabilities, at fair value	(1,513)	$ (44)
Consolidated Funds \| Level III \| Discount Rates
Significant Unobservable Input(s)
Partnership interest		0.238
Consolidated Funds \| Level III \| Discount Rates \| Weighted Average
Significant Unobservable Input(s)
Partnership interest		0.238
Consolidated Funds \| Level III \| Illiquidity discount
Significant Unobservable Input(s)
Equity securities		0.250
Consolidated Funds \| Level III \| Illiquidity discount \| Weighted Average
Significant Unobservable Input(s)
Equity securities		0.250
Consolidated Funds \| Level III \| Transaction price
Assets
Equity securities	258,336	$ 188,044
Other fixed income	14,791
Consolidated Funds \| Level III \| Discounted Cash Flow
Assets
Partnership interests	$ 237,558	231,857
Consolidated Funds \| Level III \| Discounted Cash Flow \| Discount Rates
Significant Unobservable Input(s)
Partnership interest	0.224
Consolidated Funds \| Level III \| Discounted Cash Flow \| Discount Rates \| Weighted Average
Significant Unobservable Input(s)
Partnership interest	0.224
Consolidated Funds \| Level III \| Market Approach
Assets
Equity securities	$ 896	438
Other fixed income		$ 6,605
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Minimum
Significant Unobservable Input(s)
Equity securities	1.8	2.9
Fixed income securities		6.5
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Maximum
Significant Unobservable Input(s)
Equity securities	83.3	19.5
Fixed income securities		7.8
Consolidated Funds \| Level III \| Market Approach \| EBITDA multiple \| Weighted Average
Significant Unobservable Input(s)
Equity securities	15.3	13.4
Fixed income securities		6.9
Consolidated Funds \| Level III \| Other
Assets
Equity securities		$ 32,528
Other fixed income	$ 28,766	$ 28,320
Consolidated Funds \| Level III \| Other \| Net income multiple
Significant Unobservable Input(s)
Equity securities		30
Consolidated Funds \| Level III \| Other \| Net income multiple \| Weighted Average
Significant Unobservable Input(s)
Equity securities		30
Consolidated Funds \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Equity securities	14	$ 33
Other fixed income	261,064	384,419
Derivative instruments	325	1,104
Liabilities
Derivative instruments	(1,513)
Consolidated Funds \| Level III \| Income approach
Assets
Other fixed income	$ 98,055	$ 122,962
Consolidated Funds \| Level III \| Income approach \| Yield \| Minimum
Significant Unobservable Input(s)
Fixed income securities	1.8	0.027
Consolidated Funds \| Level III \| Income approach \| Yield \| Maximum
Significant Unobservable Input(s)
Fixed income securities	54.7	0.481
Consolidated Funds \| Level III \| Income approach \| Yield \| Weighted Average
Significant Unobservable Input(s)
Fixed income securities	6.5	0.079
Ares Management L.P
Assets
Equity securities	$ 109,807	$ 89,419
Partnership interests	8,618	3,784
Total derivative assets, at fair value	177,093	147,992
Liabilities
Contingent consideration	(41,413)
Derivative instruments		(1,565)
Total liabilities, at fair value	(41,678)	(1,565)
Ares Management L.P \| Level III
Assets
Equity securities	108,397	88,412
Partnership interests	2,575	2,575
Total derivative assets, at fair value	165,279	144,336
Liabilities
Contingent consideration	(41,413)
Derivative instruments		0
Total liabilities, at fair value	(41,413)	0
Ares Management L.P \| Level III \| Transaction price
Assets
Equity securities	14,704	14,704
Ares Management L.P \| Level III \| Discounted Cash Flow
Assets
Equity securities	$ 46,765	$ 32,905
Ares Management L.P \| Level III \| Discounted Cash Flow \| Discount Rates \| Minimum
Significant Unobservable Input(s)
Equity securities	0.140	0.140
Ares Management L.P \| Level III \| Discounted Cash Flow \| Discount Rates \| Maximum
Significant Unobservable Input(s)
Equity securities	0.200	0.200
Ares Management L.P \| Level III \| Discounted Cash Flow \| Discount Rates \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.153
Ares Management L.P \| Level III \| Market Approach
Assets
Equity securities	$ 46,928	$ 40,803
Ares Management L.P \| Level III \| Market Approach \| Multiple of Book Value
Significant Unobservable Input(s)
Equity securities	1.5	1.6
Ares Management L.P \| Level III \| Other
Assets
Partnership interests	$ 2,575	$ 2,575
Other fixed income	21,583	21,583
Liabilities
Contingent consideration	(32,813)
Ares Management L.P \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	32,724	$ 31,766
Ares Management L.P \| Level III \| Monte Carlo simulation
Liabilities
Contingent consideration	$ (8,600)
Ares Management L.P \| Level III \| Monte Carlo simulation \| Discount Rates
Significant Unobservable Input(s)
Contingent consideration	8
Ares Management L.P \| Level III \| Monte Carlo simulation \| Volatility
Significant Unobservable Input(s)
Contingent consideration	0.17

FAIR VALUE - Investments Using

FAIR VALUE - Investments Using NAV per Share (Details) - Investments Measured at NAV - Non-core investments - USD ($)	Sep. 30, 2021	Dec. 31, 2020
FAIR VALUE
Fair value	$ 6,000,000	$ 1,200,000
Unfunded commitments	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Consolidated Funds
Assets
Notional amount, assets	$ 44,521	$ 7,600
Fair Value	325	1,104
Liabilities
Notional amount, liabilities	269,701	540
Fair Value	18,513	44
Derivative liability, amount offset	(300)	(400)
Derivative asset, amount offset	300	400
Consolidated Funds \| Warrants
Assets
Notional amount, assets	0	0
Fair Value	0	0
Liabilities
Notional amount, liabilities	230,000	0
Fair Value	17,000	0
Consolidated Funds \| Asset swap - other
Assets
Notional amount, assets	44,521	7,600
Fair Value	325	1,104
Liabilities
Notional amount, liabilities	39,701	540
Fair Value	1,513	44
Ares Management L.P
Assets
Notional amount, assets	99,463	30,040
Fair Value	4,361	1,440
Liabilities
Notional amount, liabilities	9,868	39,362
Fair Value	265	1,565
Derivative liability, amount offset	(300)	(1,600)
Ares Management L.P \| Foreign exchange contracts
Assets
Notional amount, assets	81,008	30,040
Fair Value	4,352	1,440
Liabilities
Notional amount, liabilities	9,868	39,362
Fair Value	265	1,565
Ares Management L.P \| Interest rate contracts
Assets
Notional amount, assets	18,455	0
Fair Value	9	0
Liabilities
Notional amount, liabilities	0	0
Fair Value	$ 0	$ 0

DEBT - Debt Obligations (Detail

DEBT - Debt Obligations (Details) - Ares Management L.P - USD ($)	1 Months Ended			9 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Sep. 30, 2021	Dec. 31, 2020
DEBT
Carrying Value				$ 1,238,325,000	$ 642,998,000
US Treasury
DEBT
Interest rate	3.237%
Debt term	5 years
Credit Facility
DEBT
Carrying Value				$ 150,000,000	$ 0
Interest Rate				1.13%	0.00%
Maximum borrowing capacity				$ 1,090,000,000
Unused commitment fees				0.10%
Interest rate				0.00%
Credit Facility \| Base rate
DEBT
Interest rate spread				0.125%
Credit Facility \| LIBOR
DEBT
Interest rate spread				1.125%
Senior Notes 2024
DEBT
Original Borrowing Amount				$ 250,000,000
Carrying Value				$ 247,802,000	$ 247,285,000
Interest Rate				4.21%	4.21%
Debt issuance rate			98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount				$ 400,000,000
Carrying Value				$ 396,045,000	$ 395,713,000
Interest Rate				3.28%	3.28%
Debt issuance rate		99.77%
Subordinated Notes 2051
DEBT
Original Borrowing Amount				$ 450,000,000
Carrying Value				$ 444,478,000	$ 0
Interest Rate				4.13%	0.00%
Interest rate	4.125%
Debt issuance rate	100.00%

DEBT - Debt Issuance Costs (Det

DEBT - Debt Issuance Costs (Details) - Ares Management L.P $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 5,232
Debt issuance costs incurred	1,282
Amortization of debt issuance costs	(929)
Unamortized debt issuance costs, ending balance	5,585
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	4,283
Debt issuance costs incurred	0
Amortization of debt issuance costs	(446)
Unamortized debt issuance costs, ending balance	3,837
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	0
Debt issuance costs incurred	5,568
Amortization of debt issuance costs	(46)
Unamortized debt issuance costs, ending balance	$ 5,522

DEBT - Loan Obligations of the

DEBT - Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
DEBT
Fair Value of Loan Obligations	$ 10,174,794	$ 9,958,076
Loan obligations of Consolidated CLOs
DEBT
Loan Obligations	10,301,292	10,278,833
Fair Value of Loan Obligations	10,174,794	9,958,076
Senior secured notes \| Loan obligations of Consolidated CLOs
DEBT
Loan Obligations	9,577,725	9,796,442
Fair Value of Loan Obligations	$ 9,561,079	$ 9,665,804
Weighted Average Remaining Maturity In Years	9 years 6 months	10 years 1 month 6 days
Debt instrument face amount	$ 9,600,000
Weighted average interest rate	1.96%
Subordinated notes \| Loan obligations of Consolidated CLOs
DEBT
Loan Obligations	$ 723,567	$ 482,391
Fair Value of Loan Obligations	$ 613,715	$ 292,272
Weighted Average Remaining Maturity In Years	8 years 3 months 18 days	10 years 2 months 12 days
Debt instrument face amount	$ 723,600

DEBT - Credit Facilities of the

DEBT - Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds - USD ($)	Sep. 30, 2021	Dec. 31, 2020
DEBT
Total borrowings of Consolidated Funds	$ 99,240,000	$ 121,909,000
Credit Facility Maturing 3/4/2022
DEBT
Maximum borrowing capacity	71,500,000
Outstanding loan	$ 71,500,000	$ 71,500,000
Effective Rate	1.59%	1.59%
Credit Facility Maturing 7/1/2023
DEBT
Maximum borrowing capacity	$ 18,000,000
Outstanding loan	$ 17,740,000	$ 17,909,000
Effective Rate	1.63%	1.75%
Credit Facility Maturing 1/15/2022
DEBT
Maximum borrowing capacity	$ 0
Outstanding loan	$ 0	$ 32,500,000
Effective Rate	0.00%	2.75%
Credit Facility Maturing 7/23/2024
DEBT
Maximum borrowing capacity	$ 75,000,000
Outstanding loan	$ 10,000,000
Effective Rate	2.65%
Credit Facility Maturing 9/24/2026
DEBT
Maximum borrowing capacity	$ 150,000,000
Outstanding loan	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($)	3 Months Ended	4 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2021	Jul. 01, 2021	Dec. 31, 2020
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 732,800,000	$ 732,800,000	$ 732,800,000		$ 784,200,000
Performance Income
Carried interest, contingent repayment obligations	0	0	0		0
Performance income
Performance Income
Performance income subject to potential clawback provision	202,300,000	202,300,000	202,300,000		326,400,000
Performance income subject to potential claw back provision that are reimbursable by professionals	158,000,000	158,000,000	158,000,000		$ 252,400,000
Landmark Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	300,000,000	300,000,000	$ 300,000,000
Business combination, percentage			15.00%
Business combination equity awards percentage			85.00%
Vesting period			4 years
Estimated fair value of the contingent consideration liability	236,000,000	236,000,000	$ 236,000,000
Compensation expense	14,700,000	19,300,000
Black Creek Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	275,000,000	275,000,000	275,000,000
Compensation expense	13,500,000
Fair value of contingent liability	206,700,000	206,700,000	206,700,000
Contingent consideration	32,800,000	32,800,000	32,800,000	$ 28,600,000
Payment percentage of performance income obligation				50.00%
Black Creek Acquisition \| Accrued Compensation
COMMITMENTS AND CONTINGENCIES
Contingent consideration	$ 13,500,000	$ 13,500,000	$ 13,500,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Leases: Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 214,681
Finance lease obligations	977
Accumulated amortization	$ 1,400	$ 1,000
Finance lease assets [Extensible List]	Other assets
Finance lease, liability [Extensible List]	Accounts Payable and Accrued Liabilities
Ares Management L.P
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 176,511	154,742
Finance lease assets	1,164	1,386
Total lease assets	177,675	156,128
Operating lease liabilities	214,681	180,236
Finance lease obligations	977	1,273
Total lease liabilities	$ 215,658	$ 181,509
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	12 years

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Leases: Maturity of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2021USD ($)
Operating Leases
2021	$ 10,591
2022	41,989
2023	38,277
2024	36,579
2025	36,251
After 2025	66,683
Total future payments	230,370
Less: interest	15,689
Operating lease liabilities	214,681
Finance Leases
2021	73
2022	598
2023	164
2024	162
2025	11
After 2025	0
Total future payments	1,008
Less: interest	31
Total lease liabilities	$ 977

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Leases: Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 9,697	$ 7,701	$ 27,203	$ 23,138
Amortization of finance lease assets	154	127	408	346
Interest on finance lease liabilities	7	11	24	33
Total lease expense	$ 9,858	$ 7,839	$ 27,635	$ 23,517

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Leases: Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 26,704	$ 23,098
Operating cash flows for finance leases	34	48
Financing cash flows for finance leases	463	412
Leased assets obtained in exchange for new finance lease liabilities	189	0
Leased assets obtained in exchange for new operating lease liabilities	$ 55,461	$ 12,477

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - Leases: Lease Term and Discount Rate (Details)	Sep. 30, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms, operating lease	6 years 1 month 6 days	6 years
Weighted-average remaining lease terms, finance lease	2 years 1 month 6 days	2 years 7 months 6 days
Weighted-average discount rate, operating lease	2.97%	3.59%
Weighted-average discount rate, finance lease	2.91%	3.26%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 9,059	$ 17,172
Due to affiliates:
Due to affiliates—Company	0	0
Consolidated Funds \| Affiliated entity
Due from affiliates:
Due from affiliates	9,059	17,172
Ares Management L.P
Due from affiliates:
Due from affiliates	493,411	405,887
Due to affiliates:
Due to affiliates—Company	202,438	100,186
Ares Management L.P \| Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds	347,078	308,581
Incentive fee receivable from non-consolidated funds	579	21,495
Payments made on behalf of and amounts due from non-consolidated funds and employees	145,754	75,811
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	7,959	4,808
Tax receivable agreement liability	97,698	62,505
Undistributed carried interest and incentive fees	64,675	27,322
Payments made by non-consolidated funds on behalf of and payable by the Company	$ 32,106	$ 5,551

INCOME TAXES - (Details)

INCOME TAXES - (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
INCOME TAXES - (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense	$ 30,275	$ 18,314	$ 104,487	$ 22,119
Deferred tax asset	$ 29,900		$ 29,900		$ 70,000

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive (Details) - shares	3 Months Ended		9 Months Ended
EARNINGS PER SHARE - Antidilutive (Details) - shares	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
AOG
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	119,855,724	114,726,173	115,394,058	0
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	450	572	167	0

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 16, 2021	Jun. 16, 2021	Mar. 17, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Basic earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders				$ 84,726	$ 42,120	$ 262,659	$ 56,605
Distributions on unvested restricted units				(1,440)	(2,757)	(8,142)	(7,715)
Undistributed earnings allocable to participating unvested restricted units				(306)	0	(2,858)	0
Net income available to Class A and non-voting common stockholders				82,980	39,363	251,659	48,890
Diluted earnings per share of Class A and non-voting common stock:
Net income available to Class A and non-voting common stockholders				84,726	42,120	262,659	56,605
Distributions on unvested restricted units				0	0	0	(7,715)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders				$ 84,726	$ 42,120	$ 262,659	$ 48,890
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.47	$ 0.47	$ 0.47
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)				12,273,068	9,762,645	10,807,242	0
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)				5,317,468	4,893,709	5,265,045	0
Class A Common Stock
Basic earnings per share of Class A and non-voting common stock:
Basic weighted-average shares of Class A and non-voting common stock (in shares)				168,931,621	143,466,209	161,071,151	131,866,471
Basic earnings per share of Class A and non-voting common stock (in dollars per share)				$ 0.49	$ 0.27	$ 1.55	$ 0.37
Diluted earnings per share of Class A and non-voting common stock:
Diluted weighted-average shares of Class A and non-voting common stock (in shares)				186,522,157	158,122,563	177,143,438	131,866,471
Diluted earnings per share of Class A and non-voting common stock (in dollars per share)				$ 0.45	$ 0.27	$ 1.48	$ 0.37
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)				$ 0.47	$ 0.40	$ 1.41	$ 1.20

EQUITY COMPENSATION - Equity In

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jan. 01, 2021
Equity compensation
Equity-based compensation expense	$ 65,991	$ 30,336	$ 191,144	$ 91,576
Restricted units
Equity compensation
Equity-based compensation expense	36,390	30,036	127,219	86,804
Restricted units with a market condition
Equity compensation
Equity-based compensation expense	29,601	300	63,925	4,729
Options
Equity compensation
Equity-based compensation expense	$ 0	$ 0	$ 0	$ 43
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	38,972,964		38,972,964		44,510,451

EQUITY COMPENSATION - Restricte

EQUITY COMPENSATION - Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions	Sep. 16, 2021	Jun. 16, 2021	Mar. 17, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Equity compensation
Dividend declared and paid per class A common stock (in dollars per share)	$ 0.47	$ 0.47	$ 0.47
Distribution equivalents made to holders				$ 6.4		$ 21.7
Class A Common Stock
Equity compensation
Shares delivered in period						4,400,000	2,600,000
Dividend declared and paid per class A common stock (in dollars per share)				$ 0.47	$ 0.40	$ 1.41	$ 1.20
Restricted units
Equity compensation
Shares delivered in period						8,200,000	4,700,000
Restricted Units
Balance at the beginning of the period (in shares)						16,299,664
Granted (in shares)						9,667,989
Vested (in shares)						(6,278,948)
Forfeited (in shares)						(1,255,502)
Balance at the end of the period (in shares)				18,433,203		18,433,203
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share)						$ 24.30
Granted (in dollars per share)						46.16
Vested (in dollars per share)						20.70
Forfeited (in dollars per share)						30.48
Balance at the end of the period (in dollars per share)				$ 36.33		$ 36.33
Unrecognized compensation expenses				$ 504.8		$ 504.8
Weighted average period of compensation expense expected to be recognized						3 years 6 months
Restricted units \| Third Anniversary of Grant Date
Equity compensation
Annual award vesting percentage						33.33%
Restricted units \| First Anniversary of Grant Date
Equity compensation
Annual award vesting percentage						25.00%
Restricted units \| First Anniversary
Equity compensation
Annual award vesting percentage						33.33%
Restricted units \| Senior executives
Equity compensation
Annual award vesting percentage						25.00%

EQUITY COMPENSATION - Performan

EQUITY COMPENSATION - Performance-Based Restricted Unit Awards with a Market Condition (Details) - Restricted units with a market condition - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 31, 2021	Mar. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020
Equity compensation
Granted restricted unit consecutive calendar days		30 days
Granted (in shares)			2,150,000
Weighted average grant date fair value (in dollars per share)			$ 0		$ 0
Fair Value
Closing price of the Company's common shares as of valuation date (in dollars per share)			$ 45.76
Risk-free interest rate			0.88%
Volatility			35.00%
Dividend yield			3.50%
Cost of equity			10.00%
Market Condition Awards Units
Balance at the beginning of the period (in shares)	0	0	0
Granted (in shares)			2,150,000
Vested (in shares)			(1,925,000)
Forfeited (in shares)			(225,000)
Balance at the end of the period (in shares)			0
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)			$ 0		$ 0
Granted (in dollars per share)			32.86
Vested (in dollars per share)			33.21
Forfeited (in dollars per share)			$ 29.84
Share-based compensation expense			$ 43.4
Tranche I
Equity compensation
Granted (in shares)		537,500
Weighted average price of shares purchased (in dollars per share)		$ 55
Weighted average grant date fair value (in dollars per share)	$ 37.28
Vesting period	8 months 12 days
Market Condition Awards Units
Granted (in shares)		537,500
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)	$ 37.28
Unrecognized compensation expenses				$ 14
Tranche II
Equity compensation
Granted (in shares)		537,500
Weighted average price of shares purchased (in dollars per share)		$ 60
Weighted average grant date fair value (in dollars per share)	$ 34.47
Vesting period	1 year 2 months 12 days
Market Condition Awards Units
Granted (in shares)		537,500
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)	$ 34.47
Unrecognized compensation expenses			29.4
Tranche III
Equity compensation
Granted (in shares)		537,500
Weighted average price of shares purchased (in dollars per share)		$ 65
Weighted average grant date fair value (in dollars per share)	$ 31.92
Vesting period	1 year 7 months 6 days
Market Condition Awards Units
Granted (in shares)		537,500
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)	$ 31.92
Unrecognized compensation expenses			29.4
Tranche IV
Equity compensation
Granted (in shares)		537,500
Weighted average price of shares purchased (in dollars per share)		$ 75
Weighted average grant date fair value (in dollars per share)	$ 27.75
Vesting period	2 years 3 months 18 days
Market Condition Awards Units
Granted (in shares)		537,500
Weighted Average Grant Date Fair Value Per Unit
Weighted average grant date fair value (in dollars per share)	$ 27.75
Unrecognized compensation expenses			$ 29.4

EQUITY COMPENSATION - Summary O

EQUITY COMPENSATION - Summary Of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Options
Exercised (in shares)	(1,460,388)
Aggregate Intrinsic Value
Net cash proceeds from exercises of stock options	$ 27,400
Options
Options
Balance at the beginning of the period (in shares)	8,312,203
Granted (in shares)	0
Exercised (in shares)	(1,489,789)
Expired (in shares)	0
Forfeited (in shares)	0
Balance at the end of the period (in shares)	6,822,414	8,312,203
Exercisable at the end of the period (in shares)	6,822,414
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per shares)	$ 18.99
Granted (in dollars per shares)	0
Exercised (in dollars per shares)	18.94
Expired (in dollars per shares)	0
Forfeited (in dollars per shares)	0
Balance at the end of the period (in dollars per shares)	19	$ 18.99
Exercisable at the end of the period (in dollars per shares)	$ 19
Weighted Average Remaining Life (in years)
Weighted average remaining life	2 years 7 months 6 days	3 years 4 months 24 days
Exercisable at the end of the period	2 years 7 months 6 days
Aggregate Intrinsic Value
Beginning balance	$ 374,073	$ 233,251
Ending balance	374,073	$ 233,251
Exercisable	374,073
Employee Stock
Aggregate Intrinsic Value
Tax benefits of exercises	$ 9,600

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($)	Apr. 08, 2021	Apr. 06, 2021	Apr. 05, 2021	Sep. 30, 2021	Feb. 28, 2021	Dec. 31, 2020	Sep. 30, 2020
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				259,631,180
Issuance of stock (in shares)				24,393,407
Stock option exercises, net of shares withheld for tax (in shares)				1,460,388
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				4,448,648
Ending balance (in shares)				289,875,333
Private Placement
Class of Stock [Line Items]
Proceeds from sale of shares			$ 250,000,000
Proceeds from issuance of stock	$ 250,000,000
Underwritten
Class of Stock [Line Items]
Proceeds from issuance of stock	578,200,000
Fees related to stock issuance	$ 700,000
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				0
Redemptions of AOG Units (in shares)				(58,290)
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Authorized amount					$ 150,000,000
Stock repurchase program, number of shares repurchased (in shares)				0			0
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				147,182,562
Issuance of stock (in shares)				12,159,200
Stock option exercises, net of shares withheld for tax (in shares)				1,460,388
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				4,448,648
Ending balance (in shares)				167,581,165
Class A Common Stock \| Private Placement
Class of Stock [Line Items]
Number of shares sold (in shares)			1,234,200
Class A Common Stock \| Underwritten
Class of Stock [Line Items]
Number of shares sold (in shares)		10,925,000
Number of shares sold to underwriters (in shares)		1,425,000
Class A Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				2,330,367
Redemptions of AOG Units (in shares)				0
Non- voting Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01		0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				0
Issuance of stock (in shares)				3,489,911
Stock option exercises, net of shares withheld for tax (in shares)				0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				0
Ending balance (in shares)				3,489,911
Non- voting Common Stock \| Private Placement
Class of Stock [Line Items]
Number of shares sold (in shares)			3,489,911
Non- voting Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				0
Redemptions of AOG Units (in shares)				0
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01		0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				1,000
Issuance of stock (in shares)				0
Stock option exercises, net of shares withheld for tax (in shares)				0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				0
Ending balance (in shares)				1,000
Class B Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				0
Redemptions of AOG Units (in shares)				0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01		$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				112,447,618
Issuance of stock (in shares)				8,744,296
Stock option exercises, net of shares withheld for tax (in shares)				0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				0
Ending balance (in shares)				118,803,257
Class C Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)				(2,330,367)
Redemptions of AOG Units (in shares)				(58,290)

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Class of Stock [Line Items]
AOG units (in shares)	289,874,333		289,874,333		259,630,180
Ares Operating Group
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 shares)	118,803,257		118,803,257		112,447,618
Ares Owners Holdings, L.P. \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	40.98%		40.98%		43.31%
Daily Average Ownership	41.50%	44.43%	41.74%	46.67%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	171,071,076		171,071,076		147,182,562
Ares Operating Group \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	59.02%		59.02%		56.69%
Daily Average Ownership	58.50%	55.57%	58.26%	53.33%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Preferred Stock (Details) - Series A Preferred Stock - USD ($) $ / shares in Units, $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Class of Stock [Line Items]
Dividend rate, percentage		7.00%
Redemption price (in dollars per share)	$ 25
Dividends, preferred stock, cash	$ 310
Preferred dividends in arrears value	$ 5.4
Preferred stock dividends per share declared (in dollars per share)	$ 0.4375
Fees related to stock issuance	$ 11.2
Preferred Equity
Class of Stock [Line Items]
Partners' capital (in shares)		12,400,000

EQUITY AND REDEEMABLE INTERES_5

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 100,031	$ 99,808	$ 100,366
Net income	324	337	32
Currency translation adjustment, net of tax	(356)	186	(590)
Distribution	(1,350)	(300)
Ending balance	98,649	100,031	99,808
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	916,824	930,924	0
Change in redemption value	83,176	(14,100)	930,924
Ending balance	$ 1,000,000	$ 916,824	$ 930,924

SEGMENT REPORTING - Operating S

SEGMENT REPORTING - Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment reporting
Total revenues	$ 948,719	$ 489,866	$ 2,901,926	$ 1,106,033
Compensation and benefits	(335,569)		(837,108)
General, administrative and other expenses	(134,453)		(285,471)
Operating segment
Segment reporting
Fee related earnings	(273,140)	(167,901)	(683,075)	(468,685)
Performance income—realized	45,341	123,265	249,989	319,660
Performance related compensation—realized	(33,728)	(97,538)	(185,306)	(252,575)
Realized net investment income (loss)	5,356	14,494	20,454	39,372
Realized income (loss)	(290,109)	(208,122)	(768,212)	(575,142)
OMG
Segment reporting
Total revenues	(3,446)	0	(3,446)	0
Compensation and benefits	(66,107)	(41,551)	(158,943)	(114,916)
General, administrative and other expenses	(28,142)	(19,519)	(69,872)	(56,877)
Fee related earnings	(90,803)	(61,070)	(225,369)	(171,793)
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	0	(5,698)
Interest and other investment income (expense)—realized	(270)	(503)	170	(588)
Interest expense	(160)	(141)	(397)	(1,262)
Realized net investment income (loss)	(430)	(644)	(227)	(7,548)
Realized income (loss)	(91,233)	(61,714)	(225,596)	(179,341)
Total
Segment reporting
Compensation and benefits	(225,813)	(154,400)	(577,711)	(442,325)
General, administrative and other expenses	(59,097)	(43,811)	(146,183)	(125,285)
Fee related earnings	182,337	106,831	457,706	296,892
Performance income—realized	45,341	123,265	249,989	319,660
Performance related compensation—realized	(33,728)	(97,538)	(185,306)	(252,575)
Realized net performance income	11,613	25,727	64,683	67,085
Investment income (loss)—realized	5,362	16,837	12,695	32,065
Interest and other investment income (expense)—realized	11,087	3,828	32,657	17,962
Interest expense	(11,523)	(6,815)	(25,125)	(18,203)
Realized net investment income (loss)	4,926	13,850	20,227	31,824
Realized income (loss)	198,876	146,408	542,616	395,801
Ares Management L.P
Segment reporting
Total revenues	948,719	489,866	2,901,926	1,106,033
Compensation and benefits	(335,569)	(194,267)	(837,108)	(559,482)
General, administrative and other expenses	(134,453)	(69,938)	(285,471)	(190,353)
Ares Management L.P \| Operating segment
Segment reporting
Compensation and benefits	(159,706)	(112,849)	(418,768)	(327,409)
General, administrative and other expenses	(30,955)	(24,292)	(76,311)	(68,408)
Fee related earnings	273,140	167,901	683,075	468,685
Performance income—realized	45,341	123,265	249,989	319,660
Performance related compensation—realized	(33,728)	(97,538)	(185,306)	(252,575)
Realized net performance income	11,613	25,727	64,683	67,085
Investment income (loss)—realized	5,362	16,837	12,695	37,763
Interest and other investment income (expense)—realized	11,357	4,331	32,487	18,550
Interest expense	(11,363)	(6,674)	(24,728)	(16,941)
Realized net investment income (loss)	5,356	14,494	20,454	39,372
Realized income (loss)	290,109	208,122	768,212	575,142
Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Compensation and benefits	(86,502)	(74,373)	(252,783)	(222,063)
General, administrative and other expenses	(14,930)	(13,789)	(37,716)	(41,626)
Fee related earnings	175,957	125,107	492,697	354,964
Performance income—realized	6,332	7,069	78,255	16,085
Performance related compensation—realized	(3,079)	(4,131)	(49,433)	(12,142)
Realized net performance income	3,253	2,938	28,822	3,943
Investment income (loss)—realized	618	0	1,858	(843)
Interest and other investment income (expense)—realized	4,716	1,962	14,354	13,166
Interest expense	(2,392)	(2,340)	(5,372)	(6,391)
Realized net investment income (loss)	2,942	(378)	10,840	5,932
Realized income (loss)	182,152	127,667	532,359	364,839
Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Compensation and benefits	(26,773)	(21,224)	(73,534)	(62,946)
General, administrative and other expenses	(6,238)	(6,002)	(17,499)	(16,083)
Fee related earnings	36,950	27,429	80,712	81,319
Performance income—realized	34,316	115,997	159,479	276,469
Performance related compensation—realized	(27,483)	(93,284)	(127,706)	(222,949)
Realized net performance income	6,833	22,713	31,773	53,520
Investment income (loss)—realized	2,020	16,351	5,308	35,866
Interest and other investment income (expense)—realized	4,861	1,065	10,716	2,364
Interest expense	(2,726)	(2,216)	(6,032)	(6,106)
Realized net investment income (loss)	4,155	15,200	9,992	32,124
Realized income (loss)	47,938	65,342	122,477	166,963
Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Compensation and benefits	(29,160)	(13,011)	(60,767)	(38,159)
General, administrative and other expenses	(5,420)	(2,987)	(12,064)	(9,185)
Fee related earnings	24,261	7,794	47,375	24,831
Performance income—realized	4,693	199	12,255	27,106
Performance related compensation—realized	(3,166)	(123)	(8,167)	(17,484)
Realized net performance income	1,527	76	4,088	9,622
Investment income (loss)—realized	1,699	486	4,182	2,740
Interest and other investment income (expense)—realized	918	1,308	3,892	3,024
Interest expense	(1,683)	(1,389)	(3,930)	(3,715)
Realized net investment income (loss)	934	405	4,144	2,049
Realized income (loss)	26,722	8,275	55,607	36,502
Ares Management L.P \| Operating segment \| Secondary Solutions Group
Segment reporting
Compensation and benefits	(11,955)	0	(16,244)	0
General, administrative and other expenses	(2,593)	0	(3,452)	0
Fee related earnings	26,516	0	34,266	0
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	0	0
Interest and other investment income (expense)—realized	699	0	701	0
Interest expense	(427)	0	(432)	0
Realized net investment income (loss)	272	0	269	0
Realized income (loss)	26,788	0	34,535	0
Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Compensation and benefits	(5,316)	(4,241)	(15,440)	(4,241)
General, administrative and other expenses	(1,774)	(1,514)	(5,580)	(1,514)
Fee related earnings	9,456	7,571	28,025	7,571
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	1,025	0	1,347	0
Interest and other investment income (expense)—realized	163	(4)	2,824	(4)
Interest expense	(4,135)	(729)	(8,962)	(729)
Realized net investment income (loss)	(2,947)	(733)	(4,791)	(733)
Realized income (loss)	6,509	6,838	23,234	6,838
Management fees
Segment reporting
Total revenues	448,262		1,135,821
Management fees \| OMG
Segment reporting
Total revenues	0	0	0	0
Management fees \| Total
Segment reporting
Total revenues	453,950	300,131	1,154,248	851,581
Management fees \| Ares Management L.P
Segment reporting
Total revenues	448,262	292,434	1,135,821	823,150
Management fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	453,950	300,131	1,154,248	851,581
Management fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	271,591	208,371	764,702	606,596
Management fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	69,591	54,653	171,019	160,206
Management fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	55,160	23,787	115,602	71,459
Management fees \| Ares Management L.P \| Operating segment \| Secondary Solutions Group
Segment reporting
Total revenues	41,064	0	53,962	0
Management fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	16,544	13,320	48,963	13,320
Other fees \| OMG
Segment reporting
Total revenues	3,446	0	3,446	0
Other fees \| Total
Segment reporting
Total revenues	13,297	4,911	27,352	12,921
Other fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	9,851	4,911	23,906	12,921
Other fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	5,798	4,898	18,494	12,057
Other fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	370	2	726	142
Other fees \| Ares Management L.P \| Operating segment \| Real Estate Group
Segment reporting
Total revenues	3,681	5	4,604	716
Other fees \| Ares Management L.P \| Operating segment \| Secondary Solutions Group
Segment reporting
Total revenues	0	0	0	0
Other fees \| Ares Management L.P \| Operating segment \| Strategic Initiatives
Segment reporting
Total revenues	$ 2	$ 6	$ 82	$ 6

SEGMENT REPORTING - Revenue, Ex

SEGMENT REPORTING - Revenue, Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment revenues
Total revenues	$ 948,719	$ 489,866	$ 2,901,926	$ 1,106,033
Total segment revenues	509,142	428,307	1,428,143	1,184,162
Segment expenses
Compensation and benefits	335,569		837,108
General, administrative and other expenses	134,453		285,471
Total expenses	813,267	392,580	2,363,108	958,106
Segment other income
Total other income (expense)	111,536	62,355	218,011	(43,602)
Management fees
Segment revenues
Total revenues	448,262		1,135,821
Operating segment
Segment revenues
Performance income—realized	45,341	123,265	249,989	319,660
Segment expenses
Total performance related compensation—realized	33,728	97,538	185,306	252,575
Ares Management L.P
Segment revenues
Total revenues	948,719	489,866	2,901,926	1,106,033
Segment expenses
Compensation and benefits	335,569	194,267	837,108	559,482
General, administrative and other expenses	134,453	69,938	285,471	190,353
Ares Management L.P \| Management fees
Segment revenues
Total revenues	448,262	292,434	1,135,821	823,150
Ares Management L.P \| Operating segment
Segment revenues
Performance income—realized	45,341	123,265	249,989	319,660
Total segment revenues	509,142	428,307	1,428,143	1,184,162
Segment expenses
Compensation and benefits	159,706	112,849	418,768	327,409
General, administrative and other expenses	30,955	24,292	76,311	68,408
Total performance related compensation—realized	33,728	97,538	185,306	252,575
Total expenses	224,389	234,679	680,385	648,392
Segment other income
Investment income—realized	5,362	16,837	12,695	37,763
Interest and other investment income—realized	11,357	4,331	32,487	18,550
Interest expense	(11,363)	(6,674)	(24,728)	(16,941)
Total other income (expense)	5,356	14,494	20,454	39,372
Ares Management L.P \| Operating segment \| Management fees
Segment revenues
Total revenues	453,950	300,131	1,154,248	851,581
Ares Management L.P \| Operating segment \| Other fees
Segment revenues
Total revenues	$ 9,851	$ 4,911	$ 23,906	$ 12,921

SEGMENT REPORTING - Revenue Rec

SEGMENT REPORTING - Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenue adjustment
Total revenues	$ 948,719	$ 489,866	$ 2,901,926	$ 1,106,033
Principal investment income, net of eliminations	(5,356)	(14,494)	(20,454)	(39,372)
Total segment revenue	509,142	428,307	1,428,143	1,184,162
Ares Management L.P
Revenue adjustment
Total revenues	948,719	489,866	2,901,926	1,106,033
Operating segment \| Ares Management L.P
Revenue adjustment
Performance (income) loss—unrealized	(415,317)	(52,488)	(1,381,697)	77,866
Total segment revenue	509,142	428,307	1,428,143	1,184,162
Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	(20,719)	(18,080)	(96,448)	24,951
Total segment revenue	(439,577)	(61,559)	(1,473,783)	78,129
Reconciling items \| Non-Controlling interest \| Subsidiaries
Revenue adjustment
Total segment revenue	(6,927)	(4,323)	(16,795)	(5,808)
Reconciling items \| Performance income reclass
Revenue adjustment
Performance income (loss) reclass	680	(291)	1,285	(3,664)
OMG
Revenue adjustment
Total revenues	(3,446)	0	(3,446)	0
Management fees
Revenue adjustment
Total revenues	448,262		1,135,821
Management fees \| Ares Management L.P
Revenue adjustment
Total revenues	448,262	292,434	1,135,821	823,150
Management fees \| Operating segment \| Ares Management L.P
Revenue adjustment
Total revenues	453,950	300,131	1,154,248	851,581
Management fees \| OMG
Revenue adjustment
Total revenues	0	0	0	0
Management fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total segment revenue	11,051	11,719	33,416	33,601
Incentive fees
Revenue adjustment
Total revenues	696		19,420
Incentive fees \| Ares Management L.P
Revenue adjustment
Total revenues	696	7,194	19,420	4,276
Incentive fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	0	0	1,528	(70)
Administrative, transaction and other fees
Revenue adjustment
Total revenues	24,860		49,501
Administrative, transaction and other fees \| Ares Management L.P
Revenue adjustment
Total revenues	24,860	9,852	49,501	28,897
Administrative, transaction and other fees \| Reconciling items
Revenue adjustment
Total revenues	(15,632)	(9,216)	(34,754)	(27,715)
Administrative, transaction and other fees \| Consolidated Funds \| Reconciling items
Revenue adjustment
Total revenues	4,264	4,448	13,157	12,249
Principal investment income
Revenue adjustment
Total revenues	14,250		86,477
Principal investment income \| Ares Management L.P
Revenue adjustment
Total revenues	14,250	11,408	86,477	8,330
Principal investment income \| Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	$ (14,250)	$ (11,408)	$ (86,477)	$ (8,330)

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	Jun. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		$ 813,267	$ 392,580	$ 2,363,108	$ 958,106
Acquisition and merger-related expense	$ 4,900
Equity compensation expense		65,991	30,336	191,144	91,576
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense		7,967	3,490	26,188	9,815
Equity compensation expense		65,991	30,336	191,144	91,576
Acquisition-related compensation expense		(28,194)	0	(32,824)	0
Deferred placement fees		32,413	2,942	33,740	18,677
Depreciation and amortization expense		36,668	14,336	71,742	26,197
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		224,389	234,679	680,385	648,392
Performance related compensation-unrealized		(296,044)	(24,818)	(1,022,393)	61,010
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		813,267	392,580	2,363,108	958,106
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		(588,878)	(157,901)	(1,682,723)	(309,714)
Administrative fees		(15,632)	(9,216)	(34,754)	(27,715)
Acquisition and merger-related expense		(754)	(3,474)	(18,364)	(9,430)
Equity compensation expense		(65,991)	(30,336)	(191,144)	(91,576)
Acquisition-related compensation expense		(28,194)	0	(32,824)	0
Deferred placement fees		(32,413)	(2,942)	(33,740)	(18,677)
Depreciation and amortization expense		(36,668)	(14,336)	(71,742)	(26,197)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		(6,829)	(5,690)	(17,372)	(8,630)
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation		(23,206)	(17,737)	(66,653)	(50,237)
Expenses of Consolidated Funds eliminated in consolidation		11,102	11,718	35,078	33,531
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses		$ 94,249	$ 61,070	$ 228,815	$ 171,793

SEGMENT REPORTING - Other Incom

SEGMENT REPORTING - Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ 111,536	$ 62,355	$ 218,011	$ (43,602)
Other income, net	36,654		30,686
Principal investment income (loss)	5,356	14,494	20,454	39,372
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net	36,654	2,203	30,686	9,848
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total investment (income) loss—unrealized	(5,014)	89	(57,531)	73,039
Other (income) expense, net	42,025	(9,518)	42,490	(9,518)
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	5,356	14,494	20,454	39,372
Total investment (income) loss—unrealized	(3,609)	1,479	(60,588)	83,369
Interest and other investment (income) loss—unrealized	(1,405)	(1,390)	3,057	(10,330)
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	111,536	62,355	218,011	(43,602)
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	(106,180)	(47,861)	(197,557)	82,974
Principal investment income (loss)	20,719	18,080	96,448	(24,951)
Other (income) expense, net	(34,812)	9,534	(34,666)	9,903
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	(5,170)	(2,433)	(9,191)	12,859
Reconciling items \| Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance (income) loss reclass	(680)	291	(1,285)	3,664
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) loss from Consolidated Funds added in consolidation, net	(76,287)	(68,132)	(178,195)	20,719
Eliminations \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net	(4,973)	(3,470)	(13,783)	(11,478)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ (37)	$ 1,820	$ (646)	$ 781

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Income Before Taxes (Details) - USD ($) $ in Thousands	Jun. 02, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Economic net income
Income before taxes		$ 246,988	$ 159,641	$ 756,829	$ 104,325
Adjustments:
Equity compensation expense		65,991	30,336	191,144	91,576
Acquisition and merger-related expense	$ 4,900
Consolidated Funds
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations		47,370	42,627	102,255	(38,593)
Total investment income—realized		(104,028)	(116,581)	(333,745)	(346,120)
Operating segment
Economic net income
Income before taxes		246,988	159,641	756,829	104,325
Adjustments:
Depreciation and amortization expense		36,668	14,336	71,742	26,197
Equity compensation expense		65,991	30,336	191,144	91,576
Acquisition-related compensation expense		28,194	0	32,824	0
Acquisition and merger-related expense		7,967	3,490	26,188	9,815
Deferred placement fees		32,413	2,942	33,740	18,677
Other (income) expense, net		(42,025)	9,518	(42,490)	9,518
Total performance (income) loss—unrealized		(415,317)	(52,488)	(1,381,697)	77,866
Total performance related compensation—unrealized		296,044	24,818	1,022,393	(61,010)
Total investment (income) loss—unrealized		(5,014)	89	(57,531)	73,039
Realized income		290,109	208,122	768,212	575,142
Total performance income—realized		(45,341)	(123,265)	(249,989)	(319,660)
Total performance related compensation—realized		33,728	97,538	185,306	252,575
Total investment income—realized		(5,356)	(14,494)	(20,454)	(39,372)
Fee related earnings		273,140	167,901	683,075	468,685
Operating segment \| Consolidated Funds
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations		(47,372)	(42,744)	(102,331)	38,446
OMG
Adjustments:
OMG expense, net		90,840	59,250	226,015	171,012
Realized income		91,233	61,714	225,596	179,341
Total performance income—realized		0	0	0	0
Total performance related compensation—realized		0	0	0	0
Total investment income—realized		430	644	227	7,548
Fee related earnings		90,803	61,070	225,369	171,793
Subsidiaries \| Operating segment
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations		$ (5,268)	$ (1,066)	$ (8,614)	$ 15,681

CONSOLIDATION - Variable Intere

CONSOLIDATION - Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 19,934,398		$ 19,934,398		$ 15,168,992
Liabilities of consolidated VIEs	15,295,223		15,295,223		12,596,852
Collateralized loan obligations and other fixed income, at fair value
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	104,400		104,400		107,700
Consolidated Funds
Variable Interest Entity [Line Items]
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	47,370	$ 42,627	102,255	$ (38,593)
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	340,988		340,988		224,203
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	478,164		478,164		391,963
Consolidated VIEs \| Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	12,190,617		12,190,617		11,580,003
Liabilities of consolidated VIEs	11,238,928		11,238,928		$ 10,716,438
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	$ 38,597	$ 42,627	$ 84,285	$ (38,593)

CONSOLIDATION - Balance Sheet (

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Assets
Intangible assets, net	$ 798,690			$ 222,088
Total assets	19,934,398			15,168,992
Liabilities
Operating lease liabilities	214,681
Total liabilities	15,295,223			12,596,852
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	0			298,761
Additional paid-in-capital	1,881,913			1,043,669
Retained earnings	(128,981)			(151,824)
Accumulated other comprehensive loss, net of tax	(2,571)			483
Total stockholders' equity	1,753,260			1,193,685
Total equity	3,540,526	$ 3,441,115	$ 2,420,568	2,471,774	$ 2,370,881	$ 2,003,748	$ 1,975,596	$ 1,858,598
Total liabilities, redeemable interest, non-controlling interests and equity	$ 19,934,398			$ 15,168,992
Preferred stock, par value (in dollars per share)	$ 0.01			$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000			1,000,000,000
Preferred stock, shares issued (in shares)	0			12,400,000
Preferred stock, shares outstanding (in shares)	0			12,400,000
Common stock, shares outstanding (in shares)	289,875,333			259,631,180
Class A Common Stock
Stockholders' Equity
Common stock	$ 1,676			$ 1,472
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000			1,500,000,000
Common stock, shares issued (in shares)	167,581,165			147,182,562
Common stock, shares outstanding (in shares)	167,581,165			147,182,562
Non- voting Common Stock
Stockholders' Equity
Common stock	$ 35			$ 0
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	500,000,000			500,000,000
Common stock, shares issued (in shares)	3,489,911			0
Common stock, shares outstanding (in shares)	3,489,911			0
Class B Common Stock
Stockholders' Equity
Common stock	$ 0			$ 0
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	1,000			1,000
Common stock, shares issued (in shares)	1,000			1,000
Common stock, shares outstanding (in shares)	1,000			1,000
Class C Common Stock
Stockholders' Equity
Common stock	$ 1,188			$ 1,124
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	499,999,000			499,999,000
Common stock, shares issued (in shares)	118,803,257			112,447,618
Common stock, shares outstanding (in shares)	118,803,257			112,447,618
Eliminations
Assets
Total assets	$ (511,267)			$ (408,733)
Liabilities
Total liabilities	(88,354)			(84,888)
Commitments and contingencies
Stockholders' Equity
Total equity	(422,913)			(323,845)
Total liabilities, redeemable interest, non-controlling interests and equity	(511,267)			(408,733)
Consolidated Funds
Assets
Cash and cash equivalents	1,581,433			522,377
U.S. Treasury securities, at fair value	1,000,165			0
Investments, at fair value	10,360,854			10,877,097
Due from affiliates	9,059			17,172
Receivable for securities sold	187,230			121,225
Other assets	47,806			35,502
Liabilities
Accounts payable, accrued expenses and other liabilities	89,685			46,824
Due to affiliates	0			0
Payable for securities purchased	863,007			514,946
CLO loan obligations, at fair value	10,174,794			9,958,076
Fund borrowings	99,240			121,909
Redeemable interest	1,000,000	916,824	930,924	0
Non-controlling interests in Consolidated Funds	464,400			539,720
Consolidated Funds \| Reportable legal entity
Assets
Cash and cash equivalents	1,581,433			522,377
U.S. Treasury securities, at fair value	1,000,165
Investments, at fair value	10,356,640			10,873,522
Due from affiliates	19,089			27,377
Receivable for securities sold	187,230			121,225
Other assets	47,806			35,502
Total assets	13,192,363			11,580,003
Liabilities
Accounts payable, accrued expenses and other liabilities	102,883			46,824
Due to affiliates	19,880			16,770
Payable for securities purchased	863,007			514,946
CLO loan obligations, at fair value	10,220,040			10,015,989
Fund borrowings	99,240			121,909
Total liabilities	11,305,050			10,716,438
Commitments and contingencies
Redeemable interest	1,000,000
Non-controlling interests in Consolidated Funds	887,313			863,565
Stockholders' Equity
Total equity	887,313			863,565
Total liabilities, redeemable interest, non-controlling interests and equity	13,192,363			11,580,003
Consolidated Funds \| Eliminations
Assets
Investments, at fair value	4,214			3,575
Due from affiliates	(10,030)			(10,205)
Liabilities
Accounts payable, accrued expenses and other liabilities	(13,198)
Due to affiliates	(19,880)			(16,770)
CLO loan obligations, at fair value	(45,246)			(57,913)
Non-controlling interests in Consolidated Funds	(422,913)			(323,845)
Ares Operating Group
Liabilities
Redeemable interest	98,649	$ 100,031	$ 99,808	100,366
Non-controlling interests in Ares Operating Group entities	1,322,866			738,369
Ares Operating Group \| Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	1,322,866			738,369
Ares Management L.P
Assets
Cash and cash equivalents	295,704			539,812
Total investments	3,322,665			1,682,759
Due from affiliates	493,411			405,887
Other assets	1,006,870			590,332
Intangible assets, net	1,452,690			222,087
Right-of-use operating lease assets	176,511			154,742
Liabilities
Accounts payable, accrued expenses and other liabilities	208,141			115,289
Accrued compensation	309,569			103,010
Due to affiliates	202,438			100,186
Performance related compensation payable	1,895,343			813,378
Debt obligations	1,238,325			642,998
Operating lease liabilities	214,681			180,236
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	0			298,761
Additional paid-in-capital	1,881,913			1,043,669
Retained earnings	(128,981)			(151,824)
Accumulated other comprehensive loss, net of tax	(2,571)			483
Total stockholders' equity	1,753,260			1,193,685
Ares Management L.P \| Carried interest
Stockholders' Equity
Equity method investments:	2,625,319			1,145,853
Ares Management L.P \| Class A Common Stock
Stockholders' Equity
Common stock	1,676			1,472
Ares Management L.P \| Non- voting Common Stock
Stockholders' Equity
Common stock	35
Ares Management L.P \| Class B Common Stock
Stockholders' Equity
Common stock	0			0
Ares Management L.P \| Class C Common Stock
Stockholders' Equity
Common stock	1,188			1,124
Ares Management L.P \| Reportable legal entity
Assets
Cash and cash equivalents	295,704			539,812
Total investments	3,804,023			2,064,517
Due from affiliates	517,504			426,021
Other assets	1,006,870			590,543
Intangible assets, net	1,452,690			222,087
Right-of-use operating lease assets	176,511			154,742
Total assets	7,253,302			3,997,722
Liabilities
Accounts payable, accrued expenses and other liabilities	218,171			125,494
Accrued compensation	309,569			103,010
Due to affiliates	202,438			100,186
Performance related compensation payable	1,895,343			813,378
Debt obligations	1,238,325			642,998
Operating lease liabilities	214,681			180,236
Total liabilities	4,078,527			1,965,302
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (zero and 12,400,000 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively)	0			298,761
Additional paid-in-capital	1,881,913			1,043,669
Retained earnings	(128,981)			(151,824)
Accumulated other comprehensive loss, net of tax	(2,571)			483
Total stockholders' equity	1,753,260			1,193,685
Total equity	3,076,126			1,932,054
Total liabilities, redeemable interest, non-controlling interests and equity	7,253,302			3,997,722
Ares Management L.P \| Reportable legal entity \| Class A Common Stock
Stockholders' Equity
Common stock	1,676			1,472
Ares Management L.P \| Reportable legal entity \| Non- voting Common Stock
Stockholders' Equity
Common stock	35
Ares Management L.P \| Reportable legal entity \| Class B Common Stock
Stockholders' Equity
Common stock	0
Ares Management L.P \| Reportable legal entity \| Class C Common Stock
Stockholders' Equity
Common stock	1,188			1,124
Ares Management L.P \| Eliminations
Assets
Total investments	(481,358)			(381,758)
Due from affiliates	(24,093)			(20,134)
Other assets				(211)
Liabilities
Accounts payable, accrued expenses and other liabilities	(10,030)			(10,205)
Ares Management L.P \| Ares Operating Group \| Reportable legal entity
Liabilities
Redeemable interest	$ 98,649			$ 100,366

CONSOLIDATION - Income Statemen

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues
Total revenues	$ 948,719	$ 489,866	$ 2,901,926	$ 1,106,033
Expenses
Compensation and benefits	335,569		837,108
Performance related compensation	331,141		1,208,954
General, administrative and other expenses	134,453		285,471
Total expenses	813,267	392,580	2,363,108	958,106
Other income (expense)
Net realized and unrealized gains (losses) on investments	8,334		18,744
Interest and dividend income	1,376		6,818
Interest expense	(11,523)		(25,125)
Other income (expense), net	36,654		30,686
Total other income (expense)	111,536	62,355	218,011	(43,602)
Income (loss) before taxes	246,988	159,641	756,829	104,325
Income tax expense	30,275	18,314	104,487	22,119
Net income (loss)	216,713	141,327	652,342	82,206
Net income attributable to Ares Management Corporation	84,726	47,545	284,748	72,880
Less: Series A Preferred Stock dividends paid	0	5,425	10,850	16,275
Less: Series A Preferred Stock redemption premium	0	0	11,239	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	84,726	42,120	262,659	56,605
Eliminations
Revenues
Total revenues	(21,784)	(22,839)	(58,072)	(12,499)
Expenses
Compensation and benefits	0	0
Performance related compensation	0	0
General, administrative and other expenses	0	0
Total expenses	(11,102)	(11,718)	(35,078)	(33,531)
Other income (expense)
Net realized and unrealized gains (losses) on investments	5,575	(4,910)	8,142	15,009
Interest and dividend income	(1,326)	(258)	(2,877)	(2,990)
Other income (expense), net	316	8,540	(175)	8,748
Total other income (expense)	4,973	3,470	13,783	11,478
Income (loss) before taxes	(5,709)	(7,651)	(9,211)	32,510
Income tax expense	0	0
Net income (loss)	(5,709)	(7,651)	(9,211)	32,510
Less: Series A Preferred Stock dividends paid		0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0	0	0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	12,104	6,019	31,575	16,706
Other income (expense)
Net realized and unrealized gains (losses) on investments	34,245	17,971	44,720	(153,268)
Interest expense	(61,578)	(66,322)	(191,577)	(222,860)
Interest and other income of Consolidated Funds	104,028	116,581	333,745	346,120
Less: Net income (loss) attributable to non-controlling interests	47,370	42,627	102,255	(38,593)
Consolidated Funds \| Reportable legal entity
Revenues
Total revenues	0	0	0	0
Expenses
Expenses of Consolidated Funds	23,206	17,737	66,653	50,237
Total expenses	23,206	17,737	66,653	50,237
Other income (expense)
Net realized and unrealized gains (losses) on investments	36,695	9,850	46,541	(148,826)
Interest expense	(64,752)	(67,818)	(201,916)	(227,532)
Interest and other income of Consolidated Funds	104,344	126,100	333,570	355,639
Total other income (expense)	76,287	68,132	178,195	(20,719)
Income (loss) before taxes	53,081	50,395	111,542	(70,956)
Income tax expense	2	117	76	147
Net income (loss)	53,079	50,278	111,466	(71,103)
Less: Net income (loss) attributable to non-controlling interests	53,079	50,278	111,466	(71,103)
Consolidated Funds \| Eliminations
Expenses
Expenses of Consolidated Funds	(11,102)	(11,718)	(35,078)	(33,531)
Other income (expense)
Net realized and unrealized gains (losses) on investments	(2,450)	8,121	(1,821)	(4,442)
Interest expense	3,174	1,496	10,339	4,672
Interest and other income of Consolidated Funds	(316)	(9,519)	175	(9,519)
Less: Net income (loss) attributable to non-controlling interests	(5,709)	(7,651)	(9,211)	32,510
Ares Operating Group
Other income (expense)
Net income (loss)	169,343	98,700	550,087	120,799
Less: Net income (loss) attributable to non-controlling interests	84,293	52,162	264,646	48,926
Less: Net income (loss) attributable to redeemable interest	324	(1,007)	693	(1,007)
Ares Operating Group \| Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests				48,926
Ares Operating Group \| Eliminations
Other income (expense)
Net income (loss)	0
Less: Net income (loss) attributable to non-controlling interests		0
Consolidated Company Entities
Revenues
Total revenues	948,719	489,866	2,901,926	1,106,033
Expenses
Compensation and benefits	335,569	194,267	837,108	559,482
Performance related compensation	331,141	122,356	1,208,954	191,565
General, administrative and other expenses	134,453	69,938	285,471	190,353
Other income (expense)
Net realized and unrealized gains (losses) on investments	8,334	(2,607)	18,744	(10,351)
Interest and dividend income	1,376	1,344	6,818	5,112
Interest expense	(11,523)	(6,815)	(25,125)	(18,203)
Other income (expense), net	36,654	2,203	30,686	9,848
Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	970,503	512,705	2,959,998	1,118,532
Expenses
Compensation and benefits	335,569	194,267	837,108	559,482
Performance related compensation	331,141	122,356	1,208,954	191,565
General, administrative and other expenses	134,453	69,938	285,471	190,353
Total expenses	801,163	386,561	2,331,533	941,400
Other income (expense)
Net realized and unrealized gains (losses) on investments	2,759	2,303	10,602	(25,360)
Interest and dividend income	2,702	1,602	9,695	8,102
Interest expense	(11,523)	(6,815)	(25,125)	(18,203)
Other income (expense), net	36,338	(6,337)	30,861	1,100
Total other income (expense)	30,276	(9,247)	26,033	(34,361)
Income (loss) before taxes	199,616	116,897	654,498	142,771
Income tax expense	30,273	18,197	104,411	21,972
Net income (loss)	169,343	98,700	550,087	120,799
Net income attributable to Ares Management Corporation		47,545	284,748	72,880
Less: Series A Preferred Stock dividends paid		5,425	10,850	16,275
Less: Series A Preferred Stock redemption premium			11,239
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	84,726	42,120	262,659	56,605
Consolidated Company Entities \| Consolidated Funds \| Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests				0
Consolidated Company Entities \| Ares Operating Group \| Reportable legal entity
Other income (expense)
Net income (loss)	169,343	98,700	550,087	120,799
Less: Net income (loss) attributable to non-controlling interests	84,293	52,162	264,646
Less: Net income (loss) attributable to redeemable interest	324	(1,007)	693	(1,007)
Management fees
Revenues
Total revenues	448,262		1,135,821
Management fees \| Eliminations
Revenues
Total revenues	(11,051)	(11,719)	(33,416)	(33,601)
Management fees \| Consolidated Company Entities
Revenues
Total revenues	448,262	292,434	1,135,821	823,150
Management fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	459,313	304,153	1,169,237	856,751
Carried interest allocation
Revenues
Total revenues	460,651		1,610,707
Carried interest allocation \| Eliminations
Revenues
Total revenues	0	0
Carried interest allocation \| Consolidated Company Entities
Revenues
Total revenues	460,651	168,978	1,610,707	241,380
Carried interest allocation \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	460,651	168,978	1,610,707	241,380
Incentive fees
Revenues
Total revenues	696		19,420
Incentive fees \| Eliminations
Revenues
Total revenues	0	0	(1,528)	70
Incentive fees \| Consolidated Company Entities
Revenues
Total revenues	696	7,194	19,420	4,276
Incentive fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	696	7,194	20,948	4,206
Principal investment income
Revenues
Total revenues	14,250		86,477
Principal investment income \| Eliminations
Revenues
Total revenues	(6,469)	(6,672)	(9,971)	33,281
Principal investment income \| Consolidated Company Entities
Revenues
Total revenues	14,250	11,408	86,477	8,330
Principal investment income \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	20,719	18,080	96,448	(24,951)
Administrative, transaction and other fees
Revenues
Total revenues	24,860		49,501
Administrative, transaction and other fees \| Eliminations
Revenues
Total revenues	(4,264)	(4,448)	(13,157)	(12,249)
Administrative, transaction and other fees \| Consolidated Company Entities
Revenues
Total revenues	24,860	9,852	49,501	28,897
Administrative, transaction and other fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	$ 29,124	$ 14,300	$ 62,658	$ 41,146

CONSOLIDATION - Cash Flow State

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities:
Net income	$ 216,713	$ 141,327	$ 652,342	$ 82,206
Net cash provided by (used in) operating activities			(1,843,751)	12,462
Cash flows from investing activities:
Net cash used in investing activities			(1,072,578)	(126,437)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities			2,692,984	827,550
Effect of exchange rate changes			(20,763)	16,793
Net change in cash and cash equivalents			(244,108)	730,368
Cash and cash equivalents, beginning of period			539,812
Cash and cash equivalents, end of period	295,704	868,752	295,704	868,752
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with acquisitions			511,069	305,338
Reportable legal entity
Cash flows from financing activities:
Proceeds from issuance of senior and subordinated notes				399,084
Redemption of Series A Preferred Stock			(310,000)
Eliminations
Cash flows from operating activities:
Net income	(5,709)	(7,651)	(9,211)	32,510
Net cash provided by (used in) operating activities			(969,200)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities			(89,857)	10,804
Effect of exchange rate changes			0	0
Net change in cash and cash equivalents			(1,059,057)	241,137
Cash and cash equivalents, beginning of period			(522,377)	(606,321)
Cash and cash equivalents, end of period	(1,581,434)	(365,185)	(1,581,434)	(365,185)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(1,688,085)	(766,399)
Cash flows due to changes in operating assets and liabilities			(729,703)	366,367
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			919,666	123,713
Distributions to non-controlling interests in Consolidated Funds			(84,770)	(169,747)
Borrowings under loan obligations by Consolidated Funds			1,456,887	618,207
Repayments under loan obligations by Consolidated Funds			(74,909)	(104,794)
Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Net income	53,079	50,278	111,466	(71,103)
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(1,697,529)	(733,607)
Cash flows due to changes in operating assets and liabilities			343,253	105,992
Net cash provided by (used in) operating activities			(1,242,810)	(698,718)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			1,027,454	138,760
Distributions to non-controlling interests in Consolidated Funds			(102,701)	(195,598)
Borrowings under loan obligations by Consolidated Funds			1,456,887	618,207
Repayments under loan obligations by Consolidated Funds			(74,909)	(104,794)
Net cash provided by financing activities			2,306,731	456,575
Effect of exchange rate changes			(4,864)	1,007
Net change in cash and cash equivalents			1,059,057	(241,137)
Cash and cash equivalents, beginning of period			522,377	606,321
Cash and cash equivalents, end of period	1,581,434	365,185	1,581,434	365,185
Consolidated Funds \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			9,444	(32,792)
Cash flows due to changes in operating assets and liabilities			(1,072,956)	260,375
Net cash provided by (used in) operating activities				230,332
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			(107,788)	(15,047)
Distributions to non-controlling interests in Consolidated Funds			17,931	25,851
Borrowings under loan obligations by Consolidated Funds				0
Repayments under loan obligations by Consolidated Funds				0
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			71,133	184,586
Cash flows due to changes in operating assets and liabilities			(149,438)	145,702
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(15,152)	(8,608)
Acquisitions, net of cash acquired			(1,057,426)	(117,829)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock			827,430	383,154
Proceeds from Credit Facility			468,000	790,000
Proceeds from issuance of senior and subordinated notes			450,000	399,084
Repayments of Credit Facility			(318,000)	(860,000)
Dividends and distributions			(438,568)	(334,957)
Series A Preferred Stock dividends			(10,850)	(16,275)
Redemption of Series A Preferred Stock			(310,000)	0
Stock option exercises			27,409	78,959
Taxes paid related to net share settlement of equity awards			(221,287)	(75,657)
Other financing activities			1,976	(4,137)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period			539,812	138,384
Cash and cash equivalents, end of period	295,704	868,752	295,704	868,752
Ares Management L.P \| Reportable legal entity
Cash flows from operating activities:
Net income	169,343	98,700	550,087	120,799
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(28,467)	207,358
Cash flows due to changes in operating assets and liabilities			(153,361)	152,691
Net cash provided by (used in) operating activities			368,259	480,848
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(15,152)	(8,608)
Acquisitions, net of cash acquired			(1,057,426)	(117,829)
Net cash used in investing activities			(1,072,578)	(126,437)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock			827,430	383,154
Proceeds from Credit Facility			468,000	790,000
Proceeds from issuance of senior and subordinated notes			450,000
Repayments of Credit Facility			(318,000)	(860,000)
Dividends and distributions			(438,568)	(334,957)
Series A Preferred Stock dividends			(10,850)	(16,275)
Stock option exercises			27,409	78,959
Taxes paid related to net share settlement of equity awards			(221,287)	(75,657)
Other financing activities			1,976	(4,137)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities			476,110	360,171
Effect of exchange rate changes			(15,899)	15,786
Net change in cash and cash equivalents			(244,108)	730,368
Cash and cash equivalents, beginning of period			539,812	138,384
Cash and cash equivalents, end of period	$ 295,704	$ 868,752	295,704	868,752
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with acquisitions			511,069	305,388
Ares Management L.P \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			99,600	(22,772)
Cash flows due to changes in operating assets and liabilities			$ 3,923	$ (6,989)

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended
SUBSEQUENT EVENTS (Details)	Oct. 31, 2021$ / shares
Subsequent event
Subsequent events
Quarterly distribution declared (in dollars per share)	$ 0.47