Ares Management (ARES) 10-Q8 Nov 242024 Q3 Quarterly reportFinancial data

Company Profile

Cover Page

Cover Page - shares	9 Months Ended
Cover Page - shares	Sep. 30, 2024	Nov. 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
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	1800 Avenue of the Stars
Entity Address, Address Line Two	Suite 1400
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	201-4100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001176948
Current Fiscal Year End Date	--12-31
Class A common stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	ARES
Security Exchange Name	NYSE
6.75% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	6.75% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share
Trading Symbol	ARES.PRB
Security Exchange Name	NYSE
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		198,390,128
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		111,175,156

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets
Intangible assets, net	$ 402,176	$ 490,695
Goodwill	1,133,074	1,123,976
Total assets	24,522,650	24,730,500
Liabilities
Operating lease liabilities	535,686
Total liabilities	18,643,116	19,709,151
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,856,893	2,391,036
Accumulated deficit	(792,398)	(495,083)
Accumulated other comprehensive income (loss), net of tax	8,450	(5,630)
Total stockholders’ equity	2,076,075	1,893,399
Total equity	5,310,269	4,474,313
Total liabilities, redeemable interest, non-controlling interests and equity	24,522,650	24,730,500
Class A Common Stock
Stockholders’ Equity
Common stock	1,983	1,871
Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Class C Common Stock
Stockholders’ Equity
Common stock	1,112	1,170
Consolidated Entity, Excluding VIE, Including Parent
Assets
Total assets	24,522,650	24,730,500
Liabilities
Total liabilities	18,643,116	19,709,151
Ares Management L.P
Assets
Cash and cash equivalents	350,138	348,274
Investments (includes accrued carried interest of $3,486,892 and $3,413,007 as of September 30, 2024 and December 31, 2023, respectively)	4,692,520	4,624,932
Due from affiliates	870,779	896,746
Other assets	641,120	429,979
Right-of-use operating lease assets	426,483	249,326
Intangible assets, net	969,976	1,058,495
Goodwill	1,133,074	1,123,976
Liabilities
Accounts payable, accrued expenses and other liabilities	328,883	233,884
Accrued compensation	401,035	287,259
Due to affiliates	416,041	240,254
Performance related compensation payable	2,518,898	2,514,610
Debt obligations	2,542,358	2,965,480
Operating lease liabilities	535,686	319,572
Redeemable interest	25,111	24,098
Non-controlling interests in Ares Operating Group entities	1,285,248	1,322,469
Stockholders’ Equity
Additional paid-in-capital	2,856,893	2,391,036
Accumulated deficit	(792,398)	(495,083)
Accumulated other comprehensive income (loss), net of tax	8,450	(5,630)
Total stockholders’ equity	2,076,075	1,893,399
Ares Management L.P \| Class A Common Stock
Stockholders’ Equity
Common stock	1,983	1,871
Ares Management L.P \| Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Ares Management L.P \| Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Ares Management L.P \| Class C Common Stock
Stockholders’ Equity
Common stock	1,112	1,170
Consolidated Entity, Excluding VIE
Assets
Cash and cash equivalents	1,315,914	1,149,511
Other assets	91,819	100,823
Investments held in trust account	544,254	523,038
Investments, at fair value	13,310,098	14,078,549
Receivable for securities sold	176,475	146,851
Liabilities
Accounts payable, accrued expenses and other liabilities	179,928	189,523
Due to affiliates	0	3,554
Payable for securities purchased	377,026	484,117
CLO loan obligations, at fair value	11,070,261	12,345,657
Fund borrowings	273,000	125,241
Redeemable interest	544,154	522,938
Non-controlling interests in Ares Operating Group entities	$ 1,948,946	$ 1,258,445

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Common stock, shares outstanding (in shares)	313,000,741	307,585,576
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)	198,334,674	187,069,907
Common stock, shares outstanding (in shares)	198,334,674	187,069,907
Non-voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	3,489,911
Common stock, shares outstanding (in shares)	3,489,911	3,489,911
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	499,999,000	499,999,000
Common stock, shares issued (in shares)	111,175,156	117,024,758
Common stock, shares outstanding (in shares)	111,175,156	117,024,758
Ares Management L.P
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Ares Management L.P \| Carried interest
Equity method investments:	$ 3,486,892	$ 3,413,007
Consolidated Entity, Excluding VIE
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 1,129,739	$ 671,255	$ 2,625,784	$ 2,577,903
Expenses
Compensation and benefits	435,876	367,502	1,268,685	1,095,833
Performance related compensation	219,697	(25,448)	140,180	401,990
General, administrative and other expenses	197,019	211,842	537,379	501,340
Expenses of Consolidated Funds	2,295	7,064	11,680
Total expenses	854,887	560,960	1,957,924	2,027,334
Other income (expense)
Total other income, net	52,254	116,577	207,619	299,394
Income before taxes	327,106	226,872	875,479	849,963
Income tax expense	46,453	29,898	114,760	113,418
Net income	280,653	196,974	760,719	736,545
Less: Net income attributable to non-controlling interests in Consolidated Funds	64,241	80,289	236,446
Net income (loss)	216,412	116,685	524,273	561,882
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	1,319	758	1,005
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	96,633	54,104	236,843
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	118,460	61,823	286,425	$ 300,376
Weighted-average shares of Class A and non-voting common stock:
Diluted (in shares)				182,757,955
Class A Common Stock and Non-Voting Common Stock
Other income (expense)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 118,460	$ 61,823	$ 286,425	$ 300,376
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.55	$ 0.30	$ 1.31	$ 1.54
Diluted (in dollars per share)	$ 0.55	$ 0.30	$ 1.31	$ 1.54
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	200,724,068	186,218,638	196,526,832	182,757,955
Diluted (in shares)	200,724,068	186,218,638	196,526,832	182,757,955
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 2,295	$ 7,064	$ 11,680	$ 28,171
Other income (expense)
Net realized and unrealized gains on investments	64,831	79,591	192,778	188,717
Interest expense	(201,199)	(201,363)	(626,678)	(540,954)
Interest and other income of Consolidated Funds	234,681	255,600	732,316	712,992
Less: Net income attributable to non-controlling interests in Consolidated Funds	64,241	80,289	236,446	174,663
Ares Operating Group
Other income (expense)
Net realized and unrealized gains on investments	(5,074)	(1,770)	13,781	5,226
Interest and dividend income	7,553	4,752	19,952	11,281
Interest expense	(29,733)	(25,975)	(105,057)	(76,800)
Other income (expense), net	(18,805)	5,742	(19,473)	(1,068)
Net income (loss)	216,412	116,685	524,273	561,882
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	1,319	758	1,005	(332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	96,633	54,104	236,843	261,838
Management fees
Revenues
Total revenues	753,597	637,517	2,162,970	1,853,304
Carried interest allocation
Revenues
Total revenues	277,651	(28,126)	194,006	541,828
Incentive fees
Revenues
Total revenues	48,638	16,454	105,039	33,327
Principal investment income
Revenues
Total revenues	8,036	9,339	44,547	38,985
Administrative, transaction and other fees
Revenues
Total revenues	$ 41,817	$ 36,071	$ 119,222	$ 110,459

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income	$ 280,653	$ 196,974	$ 760,719	$ 736,545
Foreign currency translation adjustments, net of tax	37,167	(23,984)	23,608	(21,780)
Total comprehensive income	317,820	172,990	784,327	714,765
Consolidated Funds
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds	70,798	68,976	237,476	157,055
Ares Operating Group
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	1,933	659	1,315	(738)
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities	107,698	49,110	245,031	260,351
Ares Management Corporation \| Ares Management L.P
Comprehensive income attributable to Ares Management Corporation	$ 137,391	$ 54,245	$ 300,505	$ 298,097

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling interest Ares Operating Group	Non-Controlling interest Consolidated Funds	Class A Common Stock Common Stock	Non-voting Common Stock Common Stock	Class C Common Stock Common Stock
Beginning balance at Dec. 31, 2022	$ 3,798,618	$ 1,970,754	$ (369,475)	$ (14,986)	$ 1,135,023	$ 1,074,356	$ 1,739	$ 35	$ 1,172
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	46,128	(36,777)			87,541	(4,689)	19		34
Issuances of common stock	115,364	115,350					14
Capital contributions	94,757				1,172	93,585
Dividends/distributions	(269,682)		(145,386)		(103,363)	(20,933)
Net income	209,140		94,039		88,408	26,693
Currency translation adjustment, net of tax	6,787			2,641	1,756	2,390
Equity compensation	69,078	41,541			27,537
Stock option exercises	9,180	9,175					5
Ending balance at Mar. 31, 2023	4,079,370	2,100,043	(420,822)	(12,345)	1,238,074	1,171,402	1,777	35	1,206
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(326,965)	(151)			(4,086)	(322,729)	10		(9)
Issuances of common stock	737	737
Capital contributions	79,703				1,071	78,632
Dividends/distributions	(273,861)		(149,218)		(109,651)	(14,992)
Net income	331,521		144,514		119,326	67,681
Currency translation adjustment, net of tax	(4,276)			2,658	1,751	(8,685)
Equity compensation	62,281	37,609			24,672
Stock option exercises	43,960	43,935					25
Ending balance at Jun. 30, 2023	3,992,470	2,182,173	(425,526)	(9,687)	1,271,157	971,309	1,812	35	1,197
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(6,531)	15,435			(14,757)	(7,210)	17		(16)
Capital contributions	41,526				148	41,378
Dividends/distributions	(270,604)		(151,648)		(97,936)	(21,020)
Net income	196,216		61,823		54,104	80,289
Currency translation adjustment, net of tax	(23,885)			(7,578)	(4,994)	(11,313)
Equity compensation	61,976	37,856			24,120
Stock option exercises	27,286	27,271					15
Ending balance at Sep. 30, 2023	4,018,454	2,262,735	(515,351)	(17,265)	1,231,842	1,053,433	1,844	35	1,181
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	6,845	(39,262)			25,258	20,847	13		(11)
Issuances of common stock	123,444	123,432					12
Capital contributions	108,086				1,496	106,590
Dividends/distributions	(314,764)		(153,682)		(116,899)	(44,183)
Net income	422,989		173,950		149,406	99,633
Currency translation adjustment, net of tax	41,270			11,635	7,510	22,125
Equity compensation	62,456	38,600			23,856
Stock option exercises	5,533	5,531					2
Ending balance at Dec. 31, 2023	4,474,313	2,391,036	(495,083)	(5,630)	1,322,469	1,258,445	1,871	35	1,170
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(114,305)	(62,709)			(103,599)	51,984	39		(20)
Issuances of common stock	7,724				7,723				1
Capital contributions	169,707				1,034	168,673
Dividends/distributions	(346,652)		(190,504)		(129,240)	(26,908)
Net income	203,742		73,027		63,999	66,716
Currency translation adjustment, net of tax	(11,390)			(4,850)	(2,932)	(3,608)
Equity compensation	92,422	57,600			34,822
Stock option exercises	1,511	1,510					1
Ending balance at Mar. 31, 2024	4,477,072	2,387,437	(612,560)	(10,480)	1,194,276	1,515,302	1,911	35	1,151
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(7,678)	(75,616)			103,129	(35,192)	19		(18)
Issuances of common stock	354,395	354,368					27
Capital contributions	343,206				269	342,937
Dividends/distributions	(332,910)		(195,234)		(116,980)	(20,696)
Net income	276,638		94,938		76,211	105,489
Currency translation adjustment, net of tax	(1,865)			(1)	55	(1,919)
Equity compensation	88,232	55,791			32,441
Ending balance at Jun. 30, 2024	5,197,090	2,721,980	(712,856)	(10,481)	1,289,401	1,905,921	1,957	35	1,133
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(8,117)	27,103			(3,663)	(31,559)	23		(21)
Issuances of common stock	52,841	52,838					3
Capital contributions	32,953				269	32,684
Dividends/distributions	(365,998)		(198,002)		(139,098)	(28,898)
Net income	279,334		118,460		96,633	64,241
Currency translation adjustment, net of tax	36,553			18,931	11,065	6,557
Equity compensation	85,613	54,972			30,641
Ending balance at Sep. 30, 2024	$ 5,310,269	$ 2,856,893	$ (792,398)	$ 8,450	$ 1,285,248	$ 1,948,946	$ 1,983	$ 35	$ 1,112

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 760,719	$ 736,545
Net cash provided by operating activities	1,983,536	326,791
Cash flows from investing activities:
Net cash used in investing activities	(95,886)	(44,177)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash used in financing activities	(1,909,755)	(341,603)
Effect of exchange rate changes	23,969	(19,171)
Net change in cash and cash equivalents	1,864	(78,160)
Cash and cash equivalents, beginning of period	348,274
Cash and cash equivalents, end of period	350,138	311,827
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities	7,724	116,101
Issuance of common stock in connection with settlement of management incentive program	0	245,647
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	835,340	(948,908)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds	(300,009)	91,314
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	544,294	735,944
Distributions to non-controlling interests in Consolidated Funds	(76,502)	(56,945)
Redemptions of redeemable interests in Consolidated Funds	0	(553,718)
Borrowings under loan obligations by Consolidated Funds	323,540	549,664
Repayments under loan obligations by Consolidated Funds	(1,504,344)	(257,370)
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	429,097	312,180
Cash flows due to changes in operating assets and liabilities	258,389	135,660
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(82,203)	(44,177)
Acquisitions	(13,683)	0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	407,236	0
Proceeds from Credit Facility	970,000	735,000
Repayments of Credit Facility	(1,395,000)	(670,000)
Dividends and distributions	(969,360)	(760,085)
Stock option exercises	1,511	80,426
Taxes paid related to net share settlement of equity awards	(211,615)	(145,421)
Other financing activities	485	902
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	348,274	389,987
Cash and cash equivalents, end of period	$ 350,138	$ 311,827

ORGANIZATION

ORGANIZATION	9 Months Ended
ORGANIZATION	Sep. 30, 2024
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, Real Assets, Private Equity and Secondaries . Information about segments should be read together with “Note 13. Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various funds and managed accounts within each investment group (the “Ares Funds”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying unaudited financial statements include the condensed consolidated results of the Company and its subsidiaries. The Company is a holding company that operates and controls all of the businesses and affairs of and conducts all of its material business activities through Ares Holdings, L.P. (“Ares Holdings”). Ares Holdings represents all the activities of the “Ares Operating Group” or “AOG” and may be referred to interchangeably. The Company, indirectly through its wholly owned subsidiary, Ares Holdco LLC, is the general partner of the Ares Operating Group entity. The Company manages or controls certain entities that have been consolidated in the accompanying financial statements as described in “Note 2. Summary of Significant Accounting Policies.” These entities include Ares funds, co-investment vehicles, collateralized loan obligations or funds (collectively “CLOs”) and special purpose acquisition companies (“SPACs”) (collectively, the “Consolidated Funds”). Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying unaudited condensed consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to its stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable within the Condensed Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“U.S.”) (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The unaudited 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 unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited 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 unaudited 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, 2023 filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts and activities of the Ares Operating Group entities (“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. 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 unaudited condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the Company’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for the Company’s fiscal year ending December 31, 2024 and for the Company’s interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of disaggregated income taxes paid in both U.S. and foreign jurisdictions, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s fiscal year ending December 31, 2025. Early adoption is permitted and the amendments in this update should be applied on a prospective basis, though retrospective adoption is permitted. The Company is currently evaluating the impact of this guidance.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	3. GOODWILL AND INTANGIBLE ASSETS Intangible Assets, Net The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets: Weighted Average Amortization Period (in years) as of September 30, 2024 As of September 30, As of December 31, 2024 2023 Management contracts 3.9 $ 563,675 $ 604,242 Client relationships 7.8 200,920 200,920 Other 0.1 500 500 Finite-lived intangible assets 765,095 805,662 Foreign currency translation 2,615 1,126 Total finite-lived intangible assets 767,710 806,788 Less: accumulated amortization (365,534) (316,093) Finite-lived intangible assets, net 402,176 490,695 Indefinite-lived management contracts 567,800 567,800 Intangible assets, net $ 969,976 $ 1,058,495 During the three and nine months ended September 30, 2024, the Company recorded a non-cash impairment charge of $8.9 million to the fair value of management contracts of certain funds within the Credit Group, Real Assets Group and Secondaries Group. The primary indicator of impairment was the lower than expected future fee revenue generated from these funds. During the three and nine months ended September 30, 2023, the Company recorded non-cash impairment charges of $65.7 million and $78.6 million, respectively, primarily related to the value of client relationships from the acquisition of Landmark Partners, LLC (the “Landmark Acquisition”). The primary indicator of impairment was the lower than expected fee paying assets under management in a private equity secondaries fund from existing investors as of the date of the Landmark Acquisition. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $28.9 million and $31.0 million for the three months ended September 30, 2024 and 2023, respectively, and $87.1 million and $95.0 million for the nine months ended September 30, 2024 and 2023, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2024, the Company removed $47.5 million of fully-amortized management contracts. Goodwill The following table summarizes the carrying value of the Company’s goodwill: Credit Group Real Assets Group Private Equity Group Secondaries Group Total Balance as of December 31, 2023 $ 256,679 $ 277,205 $ 172,462 $ 417,630 $ 1,123,976 Acquisitions — 6,710 685 — 7,395 Reallocation 55,658 — (55,658) — — Foreign currency translation 1,694 — — 9 1,703 Balance as of September 30, 2024 $ 314,031 $ 283,915 $ 117,489 $ 417,639 $ 1,133,074 In connection with the segment reorganization of the former special opportunities strategy as described in “Note 13. Segment Reporting,” the Company had an associated change in its reporting units and reallocated goodwill of $55.7 million from the Private Equity Group to the Credit Group using a relative fair value allocation approach in the first quarter of 2024. There was no impairment of goodwill recorded during the three and nine months ended September 30, 2024 and 2023. The impact of foreign currency translation is reflected within other comprehensive income within the Condensed Consolidated Statements of Comprehensive Income.

INVESTMENTS

INVESTMENTS	9 Months Ended
INVESTMENTS	Sep. 30, 2024
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	4. INVESTMENTS The following table summarizes the Company’s investments: As of Percentage of total investments as of September 30, December 31, September 30, December 31, 2024 2023 2024 2023 Equity method investments: Equity method - carried interest $ 3,486,892 $ 3,413,007 74.4% 73.8% Equity method private investment partnership interests - principal 555,390 535,292 11.8 11.6 Equity method private investment partnership interests and other (held at fair value) 379,408 418,778 8.1 9.0 Equity method private investment partnership interests and other 58,215 44,989 1.2 1.0 Total equity method investments 4,479,905 4,412,066 95.5 95.4 Collateralized loan obligations 20,601 20,799 0.4 0.4 Fixed income securities 89,392 105,495 1.9 2.3 Collateralized loan obligations and fixed income securities, at fair value 109,993 126,294 2.3 2.7 Common stock, at fair value 102,622 86,572 2.2 1.9 Total investments $ 4,692,520 $ 4,624,932 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, 2024 and 2023, no individual equity method investment held by the Company met the significance criteria. The following table presents the Company’s other income, net from its equity method investments, which 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: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Total other income, net related to equity method investments $ 8,093 $ 1,845 $ 51,633 $ 34,900 With respect to the Company’s equity method investments, the material assets are expected to generate either long term capital appreciation and/or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets. The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains (losses) on investments within the Condensed Consolidated Statements of Operations: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Equity method private investment partnership interests and other (held at fair value) $ (5,542) $ (7,462) $ (3,494) $ (1,426) Investments of the Consolidated Funds The following table summarizes investments held in the Consolidated Funds: Fair Value as of Percentage of total investments as of September 30, December 31, September 30, December 31, 2024 2023 2024 2023 Fixed income investments: Loans and securitization vehicles $ 9,120,015 $ 10,616,458 65.8% 72.7% Money market funds and U.S. treasury securities 544,254 523,038 3.9 3.6 Bonds 486,781 578,949 3.5 4.0 Total fixed income investments 10,151,050 11,718,445 73.2 80.3 Partnership interests 1,934,868 1,642,489 14.0 11.2 Equity securities 1,768,434 1,240,653 12.8 8.5 Total investments, at fair value $ 13,854,352 $ 14,601,587 As of September 30, 2024 and December 31, 2023, no

FAIR VALUE

FAIR VALUE	9 Months Ended
FAIR VALUE	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	5. FAIR VALUE 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, 2024: Financial Instruments of the Company Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Common stock and other equity securities $ — $ 102,622 $ 377,087 $ — $ 479,709 Collateralized loan obligations and fixed income securities — — 109,993 — 109,993 Partnership interests — — — 2,321 2,321 Total investments, at fair value — 102,622 487,080 2,321 592,023 Derivatives-foreign currency forward contracts — 752 — — 752 Total assets, at fair value $ — $ 103,374 $ 487,080 $ 2,321 $ 592,775 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (3,162) $ — $ — $ (3,162) Total liabilities, at fair value $ — $ (3,162) $ — $ — $ (3,162) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Fixed income investments: Loans and securitization vehicles $ — $ 8,362,059 $ 757,956 $ — $ 9,120,015 Money market funds and U.S. treasury securities 544,254 — — — 544,254 Bonds — 486,781 — — 486,781 Total fixed income investments 544,254 8,848,840 757,956 — 10,151,050 Partnership interests — — — 1,934,868 1,934,868 Equity securities 33,709 3,162 1,731,563 — 1,768,434 Total investments, at fair value 577,963 8,852,002 2,489,519 1,934,868 13,854,352 Derivatives-foreign currency forward contracts — 5,904 — — 5,904 Total assets, at fair value $ 577,963 $ 8,857,906 $ 2,489,519 $ 1,934,868 $ 13,860,256 Liabilities, at fair value Loan obligations of CLOs $ — $ (11,070,261) $ — $ — $ (11,070,261) Derivatives: Foreign currency forward contracts — (6,056) — — (6,056) Asset swaps — — (1,903) — (1,903) Total derivative liabilities, at fair value — (6,056) (1,903) — (7,959) Total liabilities, at fair value $ — $ (11,076,317) $ (1,903) $ — $ (11,078,220) The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2023: Financial Instruments of the Company Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Common stock and other equity securities $ — $ 86,572 $ 412,491 $ — $ 499,063 Collateralized loan obligations and fixed income securities — — 126,294 — 126,294 Partnership interests — — — 6,287 6,287 Total investments, at fair value — 86,572 538,785 6,287 631,644 Derivatives-foreign currency forward contracts — 1,129 — — 1,129 Total assets, at fair value $ — $ 87,701 $ 538,785 $ 6,287 $ 632,773 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (2,645) $ — $ — $ (2,645) Total liabilities, at fair value $ — $ (2,645) $ — $ — $ (2,645) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Fixed income investments: Loans and securitization vehicles $ — $ 9,879,915 $ 736,543 $ — $ 10,616,458 Bonds — 575,379 3,570 — 578,949 Money market funds and U.S. treasury securities 523,038 — — — 523,038 Total fixed income investments 523,038 10,455,294 740,113 — 11,718,445 Partnership interests — — — 1,642,489 1,642,489 Equity securities 47,503 2,750 1,190,400 — 1,240,653 Total investments, at fair value 570,541 10,458,044 1,930,513 1,642,489 14,601,587 Derivatives-foreign currency forward contracts — 9,126 — — 9,126 Total assets, at fair value $ 570,541 $ 10,467,170 $ 1,930,513 $ 1,642,489 $ 14,610,713 Liabilities, at fair value Loan obligations of CLOs $ — $ (12,345,657) $ — $ — $ (12,345,657) Derivatives: Foreign currency forward contracts — (9,491) — — (9,491) Asset swaps — — (1,291) — (1,291) Total derivative liabilities, at fair value — (9,491) (1,291) — (10,782) Total liabilities, at fair value $ — $ (12,355,148) $ (1,291) $ — $ (12,356,439) The following tables set forth a summary of changes in the fair value of the Level III measurements: Level III Assets of the Company Equity Securities Fixed Income Total Balance as of June 30, 2024 $ 379,443 $ 92,374 $ 471,817 Purchases (1) 859 18,240 19,099 Sales/settlements (2) 1,093 (2,430) (1,337) Realized and unrealized appreciation (depreciation), net (4,308) 1,809 (2,499) Balance as of September 30, 2024 $ 377,087 $ 109,993 $ 487,080 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (5,041) $ 2,218 $ (2,823) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of June 30, 2024 $ 1,586,854 $ 803,497 $ (1,615) $ 2,388,736 Transfer in — 143,738 — 143,738 Transfer out (508) (227,541) — (228,049) Purchases (1) 136,313 250,554 — 386,867 Sales/settlements (2) (111) (213,489) — (213,600) Realized and unrealized appreciation (depreciation), net 9,015 1,197 (288) 9,924 Balance as of September 30, 2024 $ 1,731,563 $ 757,956 $ (1,903) $ 2,487,616 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 9,300 $ (425) $ (222) $ 8,653 (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. Level III Assets and Liabilities of the Company Equity Securities Fixed Income Total Balance as of June 30, 2023 $ 165,371 $ 73,777 $ 239,148 Purchases (1) 7 1,499 1,506 Sales/settlements (2) (350) (1,047) (1,397) Realized and unrealized appreciation (depreciation), net (10,116) 986 (9,130) Balance as of September 30, 2023 $ 154,912 $ 75,215 $ 230,127 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (10,116) $ 986 $ (9,130) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of June 30, 2023 $ 1,066,065 $ 648,131 $ (2,693) $ 1,711,503 Transfer in 848 63,379 — 64,227 Transfer out (36,064) (149,624) — (185,688) Purchases (1) 65,220 150,370 26 215,616 Sales/settlements (2) (2,364) (165,177) — (167,541) Realized and unrealized appreciation, net 17,888 4,949 522 23,359 Balance as of September 30, 2023 $ 1,111,593 $ 552,028 $ (2,145) $ 1,661,476 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 17,950 $ (23,157) $ 426 $ (4,781) (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. Level III Assets of the Company Equity Securities Fixed Income Total Balance as of December 31, 2023 $ 412,491 $ 126,294 $ 538,785 Transfer in — 60,917 60,917 Transfer out (37,587) — (37,587) Purchases (1) 2,539 283,913 286,452 Sales/settlements (2) (1,478) (362,164) (363,642) Realized and unrealized appreciation, net 1,122 1,033 2,155 Balance as of September 30, 2024 $ 377,087 $ 109,993 $ 487,080 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (1,260) $ 1,975 $ 715 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of December 31, 2023 $ 1,190,400 $ 740,113 $ (1,291) $ 1,929,222 Transfer in — 199,112 — 199,112 Transfer out (35) (305,887) — (305,922) Purchases (1) 482,424 711,190 114 1,193,728 Sales/settlements (2) (111) (585,977) — (586,088) Realized and unrealized appreciation (depreciation), net 58,885 (595) (726) 57,564 Balance as of September 30, 2024 $ 1,731,563 $ 757,956 $ (1,903) $ 2,487,616 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 60,995 $ (2,921) $ (664) $ 57,410 (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. Level III Assets of the Company Equity Securities Fixed Income Total Balance as of December 31, 2022 $ 121,785 $ 76,934 $ 198,719 Purchases (1) 38,267 3,465 41,732 Sales/settlements (2) (1,186) (3,424) (4,610) Realized and unrealized depreciation, net (3,954) (1,760) (5,714) Balance as of September 30, 2023 $ 154,912 $ 75,215 $ 230,127 Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date $ (4,167) $ (1,547) $ (5,714) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of December 31, 2022 $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Transfer out due to changes in consolidation (2,076) (4,563) (374,049) — (380,688) Transfer in — 192,359 — — 192,359 Transfer out (36,681) (553,638) — — (590,319) Purchases (1) 295,030 484,574 49,000 — 828,604 Sales/settlements (2) (2,490) (451,426) (48,889) (122) (502,927) Realized and unrealized appreciation, net 126,930 15,054 5,283 1,533 148,800 Balance as of September 30, 2023 $ 1,111,593 $ 552,028 $ — $ (2,145) $ 1,661,476 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 127,001 $ (15,704) $ — $ 1,283 $ 112,580 (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, 2024: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 123,859 Market approach Multiple of book value 1.4x - 1.5x 1.4x 112,565 Discounted cash flow Discount rate 18.5% - 30.0% 25.0% 100,000 Market approach Yield 8.0% 8.0% 7,220 Market approach Earnings multiple 15.4x 15.4x 33,444 Other N/A N/A N/A Fixed income investments 88,542 Market approach Yield 10.0% - 12.0% 11.0% 20,601 Broker quotes and/or 3rd party pricing services N/A N/A N/A 849 Other N/A N/A N/A Total assets $ 487,080 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 914,196 Discounted cash flow Discount rate 10.0% - 18.7% 13.0% 793,106 Market approach Multiple of book value 1.0x - 1.7x 1.4x 22,636 Market approach EBITDA multiple (1) 1.0x - 34.6x 14.4x 871 Transaction price (2) N/A N/A N/A 754 Other N/A N/A N/A Fixed income investments 502,042 Broker quotes and/or 3rd party pricing services N/A N/A N/A 253,514 Market approach Yield 6.0% - 23.2% 10.3% 2,363 Market approach EBITDA multiple (1) 5.0x - 34.6x 10.8x 37 Other N/A N/A N/A Total assets $ 2,489,519 Liabilities Derivative instruments $ (1,903) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,903) (1) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. (2) 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. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 154,460 Discounted cash flow Discount rate 20.0% - 30.0% 25.0% 118,846 Market approach Multiple of book value 1.3x - 1.6x 1.5x 100,000 Transaction price (1) N/A N/A N/A 6,447 Market approach Enterprise value / Earnings multiple 15.4x 15.4x 32,738 Other N/A N/A N/A Fixed income investments 83,000 Transaction price (1) N/A N/A N/A 20,799 Broker quotes and/or 3rd party pricing services N/A N/A N/A 22,495 Other N/A N/A N/A Total assets $ 538,785 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 648,581 Discounted cash flow Discount rate 10.0% - 16.0% 13.0% 537,733 Market approach Multiple of book value 1.0x - 1.7x 1.3x 3,909 Market approach EBITDA multiple (2) 4.5x - 32.4x 8.9x 177 Other N/A N/A N/A Fixed income investments 548,264 Broker quotes and/or 3rd party pricing services N/A N/A N/A 188,322 Market approach Yield 8.3% - 24.1% 12.2% 2,974 Market approach EBITDA multiple (2) 4.5x - 32.4x 9.0x 104 Discounted cash flow Discount rate 12.3% 12.3% 449 Other N/A N/A N/A Total assets $ 1,930,513 Liabilities Derivative instruments $ (1,291) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,291) (1) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“NAV”) per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control. The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share: As of September 30, 2024 As of December 31, 2023 Investments (held at fair value) $ 1,934,868 $ 1,642,489 Unfunded commitments 1,000,749 738,621

DEBT

DEBT	9 Months Ended
DEBT	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	6. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of September 30, 2024 As of December 31, 2023 Debt Origination Date Maturity Original Borrowing Amount Carrying Value Interest Rate Carrying Value Interest Rate Credit Facility (1) Revolving 3/31/2029 N/A $ 470,000 5.90% $ 895,000 6.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 249,990 4.21 249,427 4.21 2028 Senior Notes (3) 11/10/2023 11/10/2028 500,000 495,401 6.42 494,863 6.42 2030 Senior Notes (4) 6/15/2020 6/15/2030 400,000 397,388 3.28 397,050 3.28 2052 Senior Notes (5) 1/21/2022 2/1/2052 500,000 484,500 3.77 484,199 3.77 2051 Subordinated Notes (6) 6/30/2021 6/30/2051 450,000 445,079 4.13 444,941 4.13 Total debt obligations $ 2,542,358 $ 2,965,480 (1) On March 28, 2024, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.325 billion to $1.400 billion, with an accordion feature of $600.0 million, and extend the maturity date from March 2027 to March 2029. Ares Holdings is the borrower under the Credit Facility. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance (“ESG”)-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 30, 2024, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. Due to the achievement of ESG-related targets, the Company’s base rate and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2025. (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. On October 8, 2024 the Company repaid the 2024 Senior Notes at maturity. (3) The 2028 Senior Notes were issued in November 2023 by the Company, at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the 2028 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2028 Senior Notes. (4) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Senior Notes. (5) The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Senior Notes. (6) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five As of September 30, 2024, the Company and its subsidiaries were in compliance with all covenants under the debt obligations. The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the 2024, 2028, 2030 and 2052 Senior Notes (the “Senior Notes”) and 2051 Subordinated Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included within other assets within the Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense within the Condensed Consolidated Statements of Operations. The following table presents the activity of the Company’s debt issuance costs: Credit Facility Senior Notes Subordinated Notes Unamortized debt issuance costs as of December 31, 2023 $ 4,213 $ 11,784 $ 5,059 Debt issuance costs incurred 1,832 292 — Amortization of debt issuance costs (901) (1,282) (138) Unamortized debt issuance costs as of September 30, 2024 $ 5,144 $ 10,794 $ 4,921 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, 2024 As of December 31, 2023 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 10,328,010 6.64% 7.9 $ 11,606,289 6.64% 8.2 Subordinated notes (1) 742,251 N/A 5.8 739,368 N/A 6.9 Total loan obligations of Consolidated CLOs $ 11,070,261 $ 12,345,657 (1) The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to 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 net assets of the Consolidated Funds or 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, 2024 and December 31, 2023, the Consolidated Funds were in compliance with all covenants under such credit facilities. The Consolidated Funds had the following revolving bank credit facilities outstanding: As of September 30, 2024 As of December 31, 2023 Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 7/1/2024 $ 18,000 (2) N/A N/A $ 15,241 6.88% 9/25/2025 150,000 $ 121,000 8.00% N/A N/A 9/24/2026 150,000 — — — N/A 6/26/2027 200,000 152,000 8.15 110,000 8.29 9/12/2027 54,000 — — — N/A Total borrowings of Consolidated Funds $ 273,000 $ 125,241 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) Represents a credit facility of a Consolidated Fund that was repaid on maturity date. The amount represents the total capacity as of December 31, 2023.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
COMMITMENTS AND CONTINGENCIES	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	7. COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded within the Condensed Consolidated Statements of Financial Condition. As of September 30, 2024, 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, 2024 and December 31, 2023, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $1,178.4 million and $1,030.6 million, respectively. Guarantees The Company has entered into agreements with financial institutions to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund. As of September 30, 2024 and December 31, 2023, the Company’s maximum exposure to losses from guarantees was $1.1 million and $122.3 million, respectively. Contingent Liabilities The Company acquired the investment management business and related operating entities collectively doing business as Crescent Point Capital (“Crescent Point”) (the “Crescent Point Acquisition”) during the fourth quarter of 2023. In connection with the Crescent Point Acquisition, the Company established a management incentive program (the “Crescent Point MIP”) with certain professionals. The Crescent Point MIP represents a contingent liability not to exceed $75.0 million and is based on the achievement of revenue targets from the fundraising of a future private equity fund during the measurement period. The Company expects to settle the liability with a combination of 33% cash and 67% equity awards. Expense associated with the cash and equity components are recognized ratably over the measurement period, which represents the service period and will end on the final fundraising date for the fund. The Crescent Point MIP is remeasured each period with incremental changes in fair value included within compensation and benefits expense within the Condensed Consolidated Statements of Operations. Following the measurement period end date, the cash component will be paid and the equity component will be settled with shares of the Company’s Class A common stock and granted at fair value. As of September 30, 2024 and December 31, 2023, the contingent liability was $75.0 million. As of September 30, 2024 and December 31, 2023, the Company has recorded $20.0 million and $5.0 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense of $5.0 million and $15.0 million for the three and nine months ended September 30, 2024, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations. In connection with the acquisition of AMP Capital’s infrastructure debt platform (the “Infrastructure Debt Acquisition”) during the first quarter of 2022, the Company established a management incentive program (the “Infrastructure Debt MIP”) with certain professionals. The Infrastructure Debt MIP represents a contingent liability not to exceed $48.5 million and is based on the achievement of revenue targets from the fundraising of certain infrastructure debt funds during the measurement periods. The Company expects to settle each portion of the liability with a combination of 15% cash and 85% equity awards. Expense associated with the cash components are recognized ratably over the respective measurement periods, which will end on the final fundraising date for each of the infrastructure debt funds included in the Infrastructure Debt MIP agreement. Expense associated with the equity component is recognized ratably over the service periods, which will continue for four years beyond each of the measurement period end dates. The Infrastructure Debt MIP is remeasured each period with incremental changes in value included within compensation and benefits expense within the Condensed Consolidated Statements of Operations. Following each of the measurement period end dates, the cash component will be paid and restricted units for the portion of the Infrastructure Debt MIP award earned will be granted at fair value. The unpaid liability at the respective measurement period end dates will be reclassified from liability to additional paid-in-capital and any difference between the Infrastructure Debt MIP award earned at the respective measurement period end date and the previously recorded compensation expense will be recognized over the remaining four year service period as equity-based compensation expense. The revenue target was achieved for one of the infrastructure debt funds during the fourth quarter of 2022 and the associated liability for this portion of the award was settled during the first quarter of 2023. As of September 30, 2024, the maximum contingent liability associated with the remaining Infrastructure Debt MIP was $15.0 million. As of September 30, 2024 and December 31, 2023, the contingent liability was $13.6 million. As of September 30, 2024 and December 31, 2023, the Company has recorded $5.8 million and $4.4 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense associated with the remaining Infrastructure Debt MIP of $0.4 million and $0.6 million for the three months ended September 30, 2024 and 2023, respectively, and $1.4 million and $1.8 million for the nine months ended September 30, 2024 and 2023, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations. Carried Interest Carried interest is affected by changes in the fair values of the underlying investments in the funds that are advised by the Company. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest. Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company’s funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations. Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has recognized more carried interest than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund. As of September 30, 2024 and December 31, 2023, if the Company assumed all existing investments were worthless, the amount of carried interest subject to potential repayment, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $70.0 million and $78.5 million, respectively, of which approximately $47.8 million and $54.5 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such carried interest. Management believes the possibility of all of the investments becoming worthless is remote. As of September 30, 2024 and December 31, 2023, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows. Leases The Company leases primarily consists of operating leases for office space and certain office equipment. The Company’s leases have remaining lease terms of one Maturity of operating lease liabilities As of September 30, 2024 2024 $ 11,646 2025 57,292 2026 55,053 2027 45,612 2028 58,612 Thereafter 592,526 Total future payments 820,741 Less: interest 285,055 Total operating lease liabilities $ 535,686 Three months ended September 30, Nine months ended September 30, Classification within general, administrative and other expenses 2024 2023 2024 2023 Operating lease expense $ 16,920 $ 10,135 $ 47,505 $ 32,434 Nine months ended September 30, Supplemental information on the measurement of operating lease liabilities 2024 2023 Operating cash flows for operating leases $ 41,740 $ 32,733 Leased assets obtained in exchange for new operating lease liabilities 210,551 166,941 As of September 30, As of December 31, Lease term and discount rate 2024 2023 Weighted-average remaining lease terms (in years) 13.2 8.4 Weighted-average discount rate 5.6% 4.3%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
RELATED PARTY TRANSACTIONS	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. RELATED PARTY TRANSACTIONS Substantially all of the Company’s revenue is earned from its affiliates. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that accrued carried interest, which is predominantly due from affiliated funds, is presented separately within investments within 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 is reimbursed for expenses incurred in providing administrative services to certain related parties, including publicly-traded and non-traded vehicles. In addition, certain private funds pay administrative fees based on invested capital. The Company is also party to agreements with certain funds which pay fees to the Company to provide various property-related services, such as acquisition, development and property management as well as fees for the sale and distribution of fund shares in non-traded vehicles. Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares Funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management fees, carried interest or incentive fees. Carried interest and incentive fees from the funds can be distributed to professionals or their related entities on a current basis, subject, in the case of carried interest programs, to repayment by the subsidiary of the Company that acts as general partner of the relevant fund in the event that certain specified return thresholds are not ultimately achieved. The professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several, and not joint, and are limited to distributions received by the relevant recipient. The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of September 30, As of December 31, 2024 2023 Due from affiliates: Management fees receivable from non-consolidated funds $ 596,288 $ 560,629 Incentive fee receivable from non-consolidated funds 46,388 159,098 Payments made on behalf of and amounts due from non-consolidated funds and employees 228,103 177,019 Due from affiliates—Company $ 870,779 $ 896,746 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 9,159 $ 9,585 Tax receivable agreement liability 353,899 191,299 Carried interest and incentive fees payable 45,361 33,374 Payments made by non-consolidated funds on behalf of and payable by the Company 7,622 5,996 Due to affiliates—Company $ 416,041 $ 240,254 Amounts due to portfolio companies and non-consolidated funds $ — $ 3,554 Due to affiliates—Consolidated Funds $ — $ 3,554 Due from and Due to Ares Funds and Portfolio Companies In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Conversely, Consolidated Funds and non-consolidated funds may pay certain expenses that are reimbursed by the Company. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies.

INCOME TAXES

INCOME TAXES	9 Months Ended
INCOME TAXES	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	9. 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. The following table presents the income tax expense for the period: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Income tax expense $ 46,453 $ 29,898 $ 114,760 $ 113,418 The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment vehicles that are consolidated in the Company’s unaudited condensed consolidated financial statements. For the three and nine months ended September 30, 2024 and 2023, 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, 2024 and December 31, 2023, the Company recorded a net deferred tax asset of $203.3 million and $21.5 million, respectively, within other assets within the Condensed Consolidated Statements of Financial Condition. As of September 30, 2024, a deferred tax liability of $6.8 million was recorded and presented as a liability for the Consolidated Funds within accounts payable, accrued expenses and other liabilities within 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 generally no longer subject to corporate income tax audits by taxing authorities for any years prior to 2020. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s unaudited condensed consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
EARNINGS PER SHARE	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	10. EARNINGS PER SHARE The Company has Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes. Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock method. For three and nine months ended September 30, 2024 and 2023, the two-class method was the more dilutive method. The following table presents the computation of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 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 $ 118,460 $ 61,823 $ 286,425 $ 300,376 Dividends declared and paid on Class A and non-voting common stock (187,696) (144,623) (553,867) (425,263) Distributions on unvested restricted units (7,829) (5,337) (22,692) (15,969) Dividends in excess of earnings available to Class A and non-voting common stockholders $ (77,065) $ (88,137) $ (290,134) $ (140,856) Basic weighted-average shares of Class A and non-voting common stock 200,724,068 186,218,638 196,526,832 182,757,955 Dividends in excess of earnings per share of Class A and non-voting common stock $ (0.38) $ (0.47) $ (1.48) $ (0.77) Dividend declared and paid per Class A and non-voting common stock 0.93 0.77 2.79 2.31 Basic earnings per share of Class A and non-voting common stock $ 0.55 $ 0.30 $ 1.31 $ 1.54 Diluted earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 118,460 $ 61,823 $ 286,425 $ 300,376 Distributions on unvested restricted units (7,829) (5,337) (22,692) (15,969) Net income available to Class A and non-voting common stockholders $ 110,631 $ 56,486 $ 263,733 $ 284,407 Diluted weighted-average shares of Class A and non-voting common stock 200,724,068 186,218,638 196,526,832 182,757,955 Diluted earnings per share of Class A and non-voting common stock $ 0.55 $ 0.30 $ 1.31 $ 1.54

EQUITY COMPENSATION

EQUITY COMPENSATION	9 Months Ended
EQUITY COMPENSATION	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	11. EQUITY COMPENSATION Equity Incentive Plan Equity-based compensation is granted under the Company’s 2023 Equity Incentive Plan (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, 2024, the total number of shares available for issuance under the Equity Incentive Plan reset to 69,122,318 shares and as of September 30, 2024, 62,694,495 shares remained available for issuance. Generally, unvested restricted units are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs. Equity-based compensation expense, net of forfeitures, recorded by the Company for restricted units is presented in the following table: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Restricted units $ 85,613 $ 61,976 $ 266,267 $ 193,509 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 at a rate of either: (i) one-third per year, beginning on the third anniversary of the grant date; (ii) one-quarter per year, beginning on the second anniversary of the grant date or the holder’s employment commencement date; or (iii) 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, 2024, 4.0 million restricted units vested and 2.2 million shares of Class A common stock were delivered to the holders. For the nine months ended September 30, 2023, 3.6 million restricted units vested and 2.1 million shares of Class A common stock were delivered to the holders. The holders of restricted units, other than awards that have not yet been issued as described in the subsequent sections, generally have the right to receive as current compensation an amount in cash equal to: (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). When units are forfeited, the cumulative amount of Dividend Equivalents previously paid is reclassified to compensation and benefits expense within the Condensed Consolidated Statements of Operations. The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the nine months ended September 30, 2024: Record Date Dividends Per Share Dividend Equivalents Paid March 15, 2024 $ 0.93 $ 16,294 June 14, 2024 0.93 16,008 September 16, 2024 0.93 16,242 During the first quarter of 2024, the Company approved the future grant of restricted units to certain senior executives in each of 2025 and 2026, subject to the holder’s continued employment and acceleration in certain instances. These restricted awards vest before July 1, 2029, at a rate of either: (i) one-quarter per year, beginning on the first anniversary of the grant date; or (ii) one-third per year, beginning on the first 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 as of December 31, 2023 17,359,829 $ 59.20 Granted 5,087,137 124.08 Vested (3,961,789) 51.98 Forfeited (386,314) 85.07 Balance as of September 30, 2024 18,098,863 $ 78.45 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $984.1 million as of September 30, 2024 and is expected to be recognized over the remaining weighted average period of 3.6 years. Options Upon exercise, each option entitles the holders to purchase from the Company one share of Class A common stock at the stated exercise price. A summary of options activity during the nine months ended September 30, 2024 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value Balance as of December 31, 2023 79,524 $ 19.00 0.3 $ 7,946 Exercised (79,524) 19.00 — — Balance as of September 30, 2024 — $ — 0.0 $ — Exercisable as of September 30, 2024 — $ — 0.0 $ —

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	9 Months Ended
EQUITY AND REDEEMABLE INTEREST	Sep. 30, 2024
Stockholders' Equity Note [Abstract]
EQUITY AND REDEEMABLE INTEREST	12. 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. 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. In January 2024, 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 March 2025. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the nine months ended September 30, 2024 and 2023, the Company did not repurchase any shares as part of the stock repurchase program. The Company entered into an underwriting agreement pursuant to which the Company agreed to issue and sell 2,650,000 shares of Class A common stock in June 2024 and an additional 397,500 shares of Class A common stock following the subsequent exercise of the underwriters’ 30-day option to purchase additional shares in July 2024 (the “Offering”). The Offering resulted in net proceeds of approximately $407.2 million (after deducting underwriting discounts and offering expenses). The following table presents the changes in each class of common stock: Class A Common Stock Non-Voting Common Stock Class B Common Stock Class C Common Stock Total Balance as of December 31, 2023 187,069,907 3,489,911 1,000 117,024,758 307,585,576 Issuances of common stock (1) 3,047,500 — — 63,179 3,110,679 Exchanges of common stock 5,912,781 — — (5,912,781) — Stock option exercises 79,524 — — — 79,524 Vesting of restricted stock awards, net of shares withheld for tax 2,224,962 — — — 2,224,962 Balance as of September 30, 2024 198,334,674 3,489,911 1,000 111,175,156 313,000,741 (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 Ares Operating Group Units (“AOG Units”) and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities: Daily Average Ownership As of September 30, 2024 As of December 31, 2023 Three months ended September 30, Nine months ended September 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2024 2023 2024 2023 Ares Management Corporation 201,824,585 64.48 % 190,559,818 61.95 % 64.14 % 61.03 % 63.23 % 60.52 % Ares Owners Holdings, L.P. 111,175,156 35.52 117,024,758 38.05 35.86 38.97 36.77 39.48 Total 312,999,741 100.00 % 307,584,576 100.00 % Redeemable Interest The following table summarizes the activities associated with the redeemable interest in AOG entities: Total Balance as of December 31, 2022 $ 93,129 Changes in ownership interests and related tax benefits (66,506) Net loss (1,824) Currency translation adjustment, net of tax (148) Equity compensation 174 Distributions (2,883) Balance as of March 31, 2023 21,942 Net income 734 Currency translation adjustment, net of tax (159) Balance as of June 30, 2023 22,517 Net income 758 Currency translation adjustment, net of tax (99) Balance as of September 30, 2023 23,176 Net income 558 Currency translation adjustment, net of tax 364 Balance as of December 31, 2023 24,098 Net income 73 Currency translation adjustment, net of tax (257) Distributions (302) Balance as of March 31, 2024 23,612 Net loss (387) Currency translation adjustment, net of tax (47) Balance as of June 30, 2024 23,178 Net income 1,319 Currency translation adjustment, net of tax 614 Balance as of September 30, 2024 $ 25,111 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance as of December 31, 2022 $ 1,013,282 Change in redemption value 10,504 Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”) (538,985) Balance as of March 31, 2023 484,801 Gross proceeds from the initial public offering of Ares Acquisition Corporation II (NYSE: AACT) (“AAC II”) 500,000 Change in redemption value 15,948 Balance as of June 30, 2023 1,000,749 Change in redemption value 16,571 Redemptions from Class A ordinary shares of AAC I (14,733) Balance as of September 30, 2023 1,002,587 Change in redemption value 12,507 Redemptions from Class A ordinary shares of AAC I (492,156) Balance as of December 31, 2023 522,938 Change in redemption value 6,849 Balance as of March 31, 2024 529,787 Change in redemption value 6,959 Balance as of June 30, 2024 536,746 Change in redemption value 7,408 Balance as of September 30, 2024 $ 544,154 As of September 30, 2024 and December 31, 2023, 50,000,000 of AAC II Class A ordinary shares are presented at the redemption amount within mezzanine equity within the Condensed Consolidated Statements of Financial Condition.

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
SEGMENT REPORTING	Sep. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	13. SEGMENT REPORTING The Company operates through its distinct operating segments. On January 1, 2024, the Company changed its segment composition. The special opportunities strategy, historically part of the Private Equity Group, is now referred to as opportunistic credit and is presented within the Credit Group. The Company has modified historical results to conform with its current presentation. The Company operating segments are summarized below: Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, opportunistic credit, direct lending and Asia-Pacific (“APAC”) credit. Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments. Private Equity Group : The Private Equity Group broadly categorizes its investment strategies as corporate private equity and APAC private equity. Secondaries Group : The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit. Other : Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually do not meet reporting thresholds. These results include activities from: (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development; and (ii) the SPACs sponsored by the Company, among others. The Operations Management Group (the “OMG”) consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy, relationship management and distribution. The OMG includes Ares Wealth Management Solutions, LLC (“AWMS”) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of the Company’s managed funds and vehicles, which reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to the Company’s operating segments but the Company does consider the financial results of the OMG when evaluating its financial performance. 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 and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes net performance income, investment income from Ares Funds and adjusts for certain other items that the Company believes are not indicative of its core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and eligible to be received on a recurring basis and not dependent on realization events from the underlying investments. Realized income (“RI”) is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding: (i) operating results of the Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusts for certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed in advance in accordance with GAAP. For periods in which the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. Management believes RI is a more appropriate metric to evaluate the Company’s current business operations. Management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds. Total assets by segments is not disclosed because such information is not used by the Company’s chief operating decision maker in evaluating the segments. The following tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended September 30, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 557,450 $ 105,733 $ 34,621 $ 48,084 $ 11,374 $ 757,262 $ — $ 757,262 Fee related performance revenues 41,761 — — 2,508 — 44,269 — 44,269 Other fees 10,520 7,263 372 58 114 18,327 5,253 23,580 Compensation and benefits (179,987) (42,360) (13,877) (14,432) (7,245) (257,901) (102,112) (360,013) General, administrative and other expenses (41,046) (14,118) (4,576) (8,464) (1,459) (69,663) (56,124) (125,787) Fee related earnings 388,698 56,518 16,540 27,754 2,784 492,294 (152,983) 339,311 Performance income—realized 6,192 15,441 475 — — 22,108 — 22,108 Performance related compensation—realized (3,451) (9,403) (380) — — (13,234) — (13,234) Realized net performance income 2,741 6,038 95 — — 8,874 — 8,874 Investment income—realized 916 2,003 197 — 732 3,848 — 3,848 Interest and other investment income—realized 7,083 1,971 333 96 6,477 15,960 496 16,456 Interest expense (7,625) (4,511) (4,862) (2,191) (10,409) (29,598) (135) (29,733) Realized net investment income (loss) 374 (537) (4,332) (2,095) (3,200) (9,790) 361 (9,429) Realized income $ 391,813 $ 62,019 $ 12,303 $ 25,659 $ (416) $ 491,378 $ (152,622) $ 338,756 Three months ended September 30, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 470,609 $ 92,754 $ 29,799 $ 42,949 $ 7,538 $ 643,649 $ — $ 643,649 Fee related performance revenues 44 — — 2,168 — 2,212 — 2,212 Other fees 7,202 6,308 430 8 83 14,031 5,717 19,748 Compensation and benefits (131,172) (37,608) (13,145) (16,066) (3,233) (201,224) (90,347) (291,571) General, administrative and other expenses (28,093) (10,318) (3,470) (4,541) (924) (47,346) (52,460) (99,806) Fee related earnings 318,590 51,136 13,614 24,518 3,464 411,322 (137,090) 274,232 Performance income—realized 12,223 5,589 (15) — — 17,797 — 17,797 Performance related compensation—realized (7,181) (3,338) 15 — — (10,504) — (10,504) Realized net performance income 5,042 2,251 — — — 7,293 — 7,293 Investment income (loss)—realized 1,475 (875) (4,631) — — (4,031) — (4,031) Interest and other investment income—realized 5,601 3,148 214 552 3,305 12,820 114 12,934 Interest expense (5,825) (3,985) (4,313) (2,020) (9,809) (25,952) (23) (25,975) Realized net investment income (loss) 1,251 (1,712) (8,730) (1,468) (6,504) (17,163) 91 (17,072) Realized income $ 324,883 $ 51,675 $ 4,884 $ 23,050 $ (3,040) $ 401,452 $ (136,999) $ 264,453 Nine months ended September 30, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,603,080 $ 299,156 $ 103,126 $ 140,650 $ 30,726 $ 2,176,738 $ — $ 2,176,738 Fee related performance revenues 48,920 — — 20,633 — 69,553 — 69,553 Other fees 30,912 18,783 1,258 116 396 51,465 15,066 66,531 Compensation and benefits (457,494) (119,403) (42,737) (47,971) (17,937) (685,542) (294,639) (980,181) General, administrative and other expenses (116,022) (43,857) (15,282) (26,428) (5,041) (206,630) (160,514) (367,144) Fee related earnings 1,109,396 154,679 46,365 87,000 8,144 1,405,584 (440,087) 965,497 Performance income—realized 121,214 24,324 9,032 361 — 154,931 — 154,931 Performance related compensation—realized (73,127) (15,134) (7,235) 110 — (95,386) — (95,386) Realized net performance income 48,087 9,190 1,797 471 — 59,545 — 59,545 Investment income (loss)—realized (1) 1,671 505 — 2,382 4,557 — 4,557 Interest and other investment income—realized 23,609 1,280 794 454 38,803 64,940 1,588 66,528 Interest expense (25,412) (17,189) (16,519) (7,467) (38,190) (104,777) (280) (105,057) Realized net investment income (loss) (1,804) (14,238) (15,220) (7,013) 2,995 (35,280) 1,308 (33,972) Realized income $ 1,155,679 $ 149,631 $ 32,942 $ 80,458 $ 11,139 $ 1,429,849 $ (438,779) $ 991,070 Nine months ended September 30, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,349,434 $ 285,463 $ 89,461 $ 124,597 $ 19,065 $ 1,868,020 $ — $ 1,868,020 Fee related performance revenues 866 334 — 5,737 — 6,937 — 6,937 Other fees 25,810 24,616 1,245 13 268 51,952 18,205 70,157 Compensation and benefits (382,929) (116,232) (43,184) (46,101) (9,759) (598,205) (261,325) (859,530) General, administrative and other expenses (82,345) (33,465) (11,556) (12,984) (2,120) (142,470) (148,099) (290,569) Fee related earnings 910,836 160,716 35,966 71,262 7,454 1,186,234 (391,219) 795,015 Performance income—realized 106,162 14,412 63,534 5,460 — 189,568 — 189,568 Performance related compensation—realized (68,792) (8,764) (51,238) (4,678) — (133,472) — (133,472) Realized net performance income 37,370 5,648 12,296 782 — 56,096 — 56,096 Investment income (loss)—realized 19,546 (4,196) (1,668) — 170 13,852 — 13,852 Interest and other investment income—realized 21,058 7,362 571 1,959 11,492 42,442 350 42,792 Interest expense (23,072) (11,987) (14,237) (6,776) (20,668) (76,740) (60) (76,800) Realized net investment income (loss) 17,532 (8,821) (15,334) (4,817) (9,006) (20,446) 290 (20,156) Realized income $ 965,738 $ 157,543 $ 32,928 $ 67,227 $ (1,552) $ 1,221,884 $ (390,929) $ 830,955 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Segment revenues Management fees $ 757,262 $ 643,649 $ 2,176,738 $ 1,868,020 Fee related performance revenues 44,269 2,212 69,553 6,937 Other fees 18,327 14,031 51,465 51,952 Performance income—realized 22,108 17,797 154,931 189,568 Total segment revenues $ 841,966 $ 677,689 $ 2,452,687 $ 2,116,477 Segment expenses Compensation and benefits $ 257,901 $ 201,224 $ 685,542 $ 598,205 General, administrative and other expenses 69,663 47,346 206,630 142,470 Performance related compensation—realized 13,234 10,504 95,386 133,472 Total segment expenses $ 340,798 $ 259,074 $ 987,558 $ 874,147 Segment realized net investment income (loss) Investment income (loss)—realized $ 3,848 $ (4,031) $ 4,557 $ 13,852 Interest and other investment income —realized 15,960 12,820 64,940 42,442 Interest expense (29,598) (25,952) (104,777) (76,740) Total segment realized net investment loss $ (9,790) $ (17,163) $ (35,280) $ (20,446) The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Total consolidated revenue $ 1,129,739 $ 671,255 $ 2,625,784 $ 2,577,903 Performance (income) loss—unrealized (263,553) 31,400 (95,759) (384,533) Management fees of Consolidated Funds eliminated in consolidation 11,660 12,181 36,115 35,787 Performance income of Consolidated Funds eliminated in consolidation 1,032 1,874 18,484 9,365 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 128 83 409 7,061 Administrative fees (1) (18,093) (16,154) (52,201) (46,692) OMG revenue (5,252) (5,717) (15,066) (18,205) Principal investment income, net of eliminations (8,036) (9,339) (44,547) (38,985) Net revenue of non-controlling interests in consolidated subsidiaries (5,659) (7,894) (20,532) (25,224) Total consolidation adjustments and reconciling items (287,773) 6,434 (173,097) (461,426) Total segment revenue $ 841,966 $ 677,689 $ 2,452,687 $ 2,116,477 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. The following table reconciles the Company’s consolidated expenses to segment expenses: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Total consolidated expenses $ 854,887 $ 560,960 $ 1,957,924 $ 2,027,334 Performance related compensation-unrealized (180,174) 38,650 (8,478) (261,996) Expenses of Consolidated Funds added in consolidation (14,083) (19,329) (48,200) (64,365) Expenses of Consolidated Funds eliminated in consolidation 11,355 12,297 36,520 36,600 Administrative fees (1) (18,093) (16,154) (52,201) (46,321) OMG expenses (158,236) (142,807) (455,153) (409,424) Acquisition and merger-related expense (25,166) (2,414) (39,394) (10,126) Equity compensation expense (85,613) (61,976) (266,267) (193,335) Acquisition-related compensation expense (2) (5,435) (589) (16,374) (1,831) Placement fee adjustment 4,485 (944) (825) 6,032 Depreciation and amortization expense (46,005) (105,524) (118,900) (194,174) Expense of non-controlling interests in consolidated subsidiaries 2,876 (3,096) (1,094) (14,247) Total consolidation adjustments and reconciling items (514,089) (301,886) (970,366) (1,153,187) Total segment expenses $ 340,798 $ 259,074 $ 987,558 $ 874,147 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents contingent obligations (“earnouts”) resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations. The following table reconciles the Company’s consolidated other income to segment realized net investment income (loss): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Total consolidated other income $ 52,254 $ 116,577 $ 207,619 $ 299,394 Investment (income) loss—unrealized (4,950) (31,246) 13,836 (104,170) Interest and other investment (income) loss—unrealized 15,258 (5,720) 15,093 (1,202) Other income, net from Consolidated Funds added in consolidation (87,804) (125,857) (276,107) (335,708) Other expense, net from Consolidated Funds eliminated in consolidation 194 (383) (137) (15,326) OMG other (income) expense (220) (591) (1,002) 1,213 Principal investment income 14,101 29,980 12,038 130,679 Other (income) expense, net 3,389 286 (7,910) 589 Other (income) loss of non-controlling interests in consolidated subsidiaries (2,012) (209) 1,290 4,085 Total consolidation adjustments and reconciling items (62,044) (133,740) (242,899) (319,840) Total segment realized net investment loss $ (9,790) $ (17,163) $ (35,280) $ (20,446) 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, 2024 2023 2024 2023 Income before taxes $ 327,106 $ 226,872 $ 875,479 $ 849,963 Adjustments: Depreciation and amortization expense 46,005 105,524 118,900 194,174 Equity compensation expense 85,612 61,976 266,267 192,964 Acquisition-related compensation expense (1) 5,435 589 16,374 1,831 Acquisition and merger-related expense 25,166 2,414 39,394 10,126 Placement fee adjustment (4,485) 944 825 (6,032) OMG expense, net 152,763 136,499 439,085 392,432 Other (income) expense, net 3,389 286 (7,910) 589 Income before taxes of non-controlling interests in consolidated subsidiaries (10,544) (5,007) (18,148) (6,892) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (65,998) (84,429) (242,065) (179,362) Total performance (income) loss—unrealized (263,553) 31,400 (95,759) (384,533) Total performance related compensation—unrealized 180,174 (38,650) 8,478 261,996 Total investment (income) loss—unrealized 10,308 (36,966) 28,929 (105,372) Realized income 491,378 401,452 1,429,849 1,221,884 Total performance income—realized (22,108) (17,797) (154,931) (189,568) Total performance related compensation—realized 13,234 10,504 95,386 133,472 Total investment loss—realized 9,790 17,163 35,280 20,446 Fee related earnings $ 492,294 $ 411,322 $ 1,405,584 $ 1,186,234 (1) Represents earnouts resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.

CONSOLIDATION

CONSOLIDATION	9 Months Ended
CONSOLIDATION	Sep. 30, 2024
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	14. CONSOLIDATION Deconsolidation of Funds Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (i) such funds have been liquidated or dissolved; or (ii) the Company is no longer deemed to be the primary beneficiary of the variable interest entities (“VIEs”) as it no longer has a significant economic interest. During the nine months ended September 30, 2024, the Company did not deconsolidate any entity. During the nine months ended September 30, 2023, one private fund experienced a significant change in ownership that resulted in deconsolidation of the entity. Investments in Consolidated Variable Interest Entities The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company’s interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to its direct investments in these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value. The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows: As of September 30, As of December 31, 2024 2023 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 384,552 $ 503,376 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 784,102 910,600 Assets of consolidated VIEs 14,892,869 15,484,962 Liabilities of consolidated VIEs 12,180,936 13,409,257 (1) As of September 30, 2024 and December 31, 2023, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of the Company’s capital interest in CLOs and totaled $96.1 million and $83.1 million, respectively. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net income attributable to non-controlling interests related to consolidated VIEs $ 57,289 $ 66,526 $ 216,614 $ 165,118 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, 2024 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 350,138 $ — $ — $ 350,138 Investments (includes $3,486,892 of accrued carried interest) 5,517,542 — (825,022) 4,692,520 Due from affiliates 1,048,857 — (178,078) 870,779 Other assets 641,120 — — 641,120 Right-of-use operating lease assets 426,483 — — 426,483 Intangible assets, net 969,976 — — 969,976 Goodwill 1,133,074 — — 1,133,074 Assets of Consolidated Funds Cash and cash equivalents — 1,315,914 — 1,315,914 Investments held in trust account — 544,254 — 544,254 Investments, at fair value — 13,310,098 — 13,310,098 Receivable for securities sold — 176,475 — 176,475 Other assets — 91,819 — 91,819 Total assets $ 10,087,190 $ 15,438,560 $ (1,003,100) $ 24,522,650 Liabilities Accounts payable, accrued expenses and other liabilities $ 329,181 $ — $ (298) $ 328,883 Accrued compensation 401,035 — — 401,035 Due to affiliates 415,608 — 433 416,041 Performance related compensation payable 2,518,898 — — 2,518,898 Debt obligations 2,542,358 — — 2,542,358 Operating lease liabilities 535,686 — — 535,686 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 179,928 — 179,928 Due to affiliates — 177,508 (177,508) — Payable for securities purchased — 377,026 — 377,026 CLO loan obligations, at fair value — 11,196,594 (126,333) 11,070,261 Fund borrowings — 273,000 — 273,000 Total liabilities 6,742,766 12,204,056 (303,706) 18,643,116 Commitments and contingencies Redeemable interest in Consolidated Funds — 544,154 — 544,154 Redeemable interest in Ares Operating Group entities 25,111 — — 25,111 Non-controlling interest in Consolidated Funds — 2,690,350 (741,404) 1,948,946 Non-controlling interest in Ares Operating Group entities 1,270,326 — 14,922 1,285,248 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (198,334,674 shares issued and outstanding) 1,983 — — 1,983 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 (111,175,156 shares issued and outstanding) 1,112 — — 1,112 Additional paid-in-capital 2,829,805 — 27,088 2,856,893 Accumulated deficit (792,398) — — (792,398) Accumulated other comprehensive loss, net of tax 8,450 — — 8,450 Total stockholders’ equity 2,048,987 — 27,088 2,076,075 Total equity 3,319,313 2,690,350 (699,394) 5,310,269 Total liabilities, redeemable interest, non-controlling interests and equity $ 10,087,190 $ 15,438,560 $ (1,003,100) $ 24,522,650 As of December 31, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 348,274 $ — $ — $ 348,274 Investments (includes $3,413,007 of accrued carried interest) 5,546,209 — (921,277) 4,624,932 Due from affiliates 1,068,089 — (171,343) 896,746 Other assets 429,979 — — 429,979 Right-of-use operating lease assets 249,326 — — 249,326 Intangible assets, net 1,058,495 — — 1,058,495 Goodwill 1,123,976 — — 1,123,976 Assets of Consolidated Funds Cash and cash equivalents — 1,149,511 — 1,149,511 Investments held in trust account — 523,038 — 523,038 Investments, at fair value — 14,078,549 — 14,078,549 Receivable for securities sold — 146,851 — 146,851 Other assets — 112,466 (11,643) 100,823 Total assets $ 9,824,348 $ 16,010,415 $ (1,104,263) $ 24,730,500 Liabilities Accounts payable, accrued expenses and other liabilities $ 245,526 $ — $ (11,642) $ 233,884 Accrued compensation 287,259 — — 287,259 Due to affiliates 240,254 — — 240,254 Performance related compensation payable 2,514,610 — — 2,514,610 Debt obligations 2,965,480 — — 2,965,480 Operating lease liabilities 319,572 — — 319,572 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 189,523 — 189,523 Due to affiliates — 174,897 (171,343) 3,554 Payable for securities purchased — 484,117 — 484,117 CLO loan obligations, at fair value — 12,458,266 (112,609) 12,345,657 Fund borrowings — 125,241 — 125,241 Total liabilities 6,572,701 13,432,044 (295,594) 19,709,151 Commitments and contingencies Redeemable interest in Consolidated Funds — 522,938 — 522,938 Redeemable interest in Ares Operating Group entities 24,098 — — 24,098 Non-controlling interest in Consolidated Funds — 2,055,433 (796,988) 1,258,445 Non-controlling interest in Ares Operating Group entities 1,326,913 — (4,444) 1,322,469 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding) 1,871 — — 1,871 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized ($1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (117,024,758 shares issued and outstanding) 1,170 — — 1,170 Additional paid-in-capital 2,398,273 — (7,237) 2,391,036 Accumulated deficit (495,083) — — (495,083) Accumulated other comprehensive loss, net of tax (5,630) — — (5,630) Total stockholders’ equity 1,900,636 — (7,237) 1,893,399 Total equity 3,227,549 2,055,433 (808,669) 4,474,313 Total liabilities, redeemable interest, non-controlling interests and equity $ 9,824,348 $ 16,010,415 $ (1,104,263) $ 24,730,500 Three months ended September 30, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 765,257 $ — $ (11,660) $ 753,597 Carried interest allocation 278,683 — (1,032) 277,651 Incentive fees 48,638 — — 48,638 Principal investment income 14,100 — (6,064) 8,036 Administrative, transaction and other fees 41,945 — (128) 41,817 Total revenues 1,148,623 — (18,884) 1,129,739 Expenses Compensation and benefits 435,876 — — 435,876 Performance related compensation 219,697 — — 219,697 General, administrative and other expense 196,586 — 433 197,019 Expenses of the Consolidated Funds — 14,083 (11,788) 2,295 Total expenses 852,159 14,083 (11,355) 854,887 Other income (expense) Net realized and unrealized gains (losses) on investments 3,034 — (8,108) (5,074) Interest and dividend income 9,809 — (2,256) 7,553 Interest expense (29,733) — — (29,733) Other expense, net (18,466) — (339) (18,805) Net realized and unrealized gains on investments of the Consolidated Funds — 55,015 9,816 64,831 Interest and other income of the Consolidated Funds — 234,351 330 234,681 Interest expense of the Consolidated Funds — (201,562) 363 (201,199) Total other income (expense), net (35,356) 87,804 (194) 52,254 Income before taxes 261,108 73,721 (7,723) 327,106 Income tax expense 44,696 1,757 — 46,453 Net income 216,412 71,964 (7,723) 280,653 Less: Net income attributable to non-controlling interests in Consolidated Funds — 71,964 (7,723) 64,241 Net income attributable to Ares Operating Group entities 216,412 — — 216,412 Less: Net income attributable to redeemable interest in Ares Operating Group entities 1,319 — — 1,319 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 96,633 — — 96,633 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 118,460 $ — $ — $ 118,460 Three months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 649,698 $ — $ (12,181) $ 637,517 Carried interest allocation (26,252) — (1,874) (28,126) Incentive fees 16,454 — — 16,454 Principal investment income 29,980 — (20,641) 9,339 Administrative, transaction and other fees 36,154 — (83) 36,071 Total revenues 706,034 — (34,779) 671,255 Expenses Compensation and benefits 367,502 — — 367,502 Performance related compensation (25,448) — — (25,448) General, administrative and other expense 211,874 — (32) 211,842 Expenses of the Consolidated Funds — 19,329 (12,265) 7,064 Total expenses 553,928 19,329 (12,297) 560,960 Other income (expense) Net realized and unrealized gains (losses) on investments 4,209 — (5,979) (1,770) Interest and dividend income 6,574 — (1,822) 4,752 Interest expense (25,975) — — (25,975) Other income, net 5,529 — 213 5,742 Net realized and unrealized gains on investments of the Consolidated Funds — 71,666 7,925 79,591 Interest and other income of the Consolidated Funds — 255,813 (213) 255,600 Interest expense of the Consolidated Funds — (201,622) 259 (201,363) Total other income (expense), net (9,663) 125,857 383 116,577 Income before taxes 142,443 106,528 (22,099) 226,872 Income tax expense 25,758 4,140 — 29,898 Net income 116,685 102,388 (22,099) 196,974 Less: Net income attributable to non-controlling interests in Consolidated Funds — 102,388 (22,099) 80,289 Net income attributable to Ares Operating Group entities 116,685 — — 116,685 Less: Net income attributable to redeemable interest in Ares Operating Group entities 758 — — 758 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 54,104 — — 54,104 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 61,823 $ — $ — $ 61,823 Nine months ended September 30, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,199,085 $ — $ (36,115) $ 2,162,970 Carried interest allocation 212,493 — (18,487) 194,006 Incentive fees 105,036 — 3 105,039 Principal investment income 12,038 — 32,509 44,547 Administrative, transaction and other fees 119,631 — (409) 119,222 Total revenues 2,648,283 — (22,499) 2,625,784 Expenses Compensation and benefits 1,268,685 — — 1,268,685 Performance related compensation 140,180 — — 140,180 General, administrative and other expense 537,379 — — 537,379 Expenses of the Consolidated Funds — 48,200 (36,520) 11,680 Total expenses 1,946,244 48,200 (36,520) 1,957,924 Other income (expense) Net realized and unrealized gains on investments 28,390 — (14,609) 13,781 Interest and dividend income 27,953 — (8,001) 19,952 Interest expense (105,057) — — (105,057) Other expense, net (19,911) — 438 (19,473) Net realized and unrealized gains on investments of the Consolidated Funds — 173,486 19,292 192,778 Interest and other income of the Consolidated Funds — 732,316 — 732,316 Interest expense of the Consolidated Funds — (629,695) 3,017 (626,678) Total other income (expense), net (68,625) 276,107 137 207,619 Income before taxes 633,414 227,907 14,158 875,479 Income tax expense 109,141 5,619 — 114,760 Net income 524,273 222,288 14,158 760,719 Less: Net income attributable to non-controlling interests in Consolidated Funds — 222,288 14,158 236,446 Net income attributable to Ares Operating Group entities 524,273 — — 524,273 Less: Net income attributable to redeemable interest in Ares Operating Group entities 1,005 — — 1,005 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 236,843 — — 236,843 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 286,425 $ — $ — $ 286,425 Nine months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,889,091 $ — $ (35,787) $ 1,853,304 Carried interest allocation 551,055 — (9,227) 541,828 Incentive fees 33,465 — (138) 33,327 Principal investment income 130,679 — (91,694) 38,985 Administrative, transaction and other fees 117,520 — (7,061) 110,459 Total revenues 2,721,810 — (143,907) 2,577,903 Expenses Compensation and benefits 1,095,833 — — 1,095,833 Performance related compensation 401,990 — — 401,990 General, administrative and other expense 501,746 — (406) 501,340 Expenses of the Consolidated Funds — 64,365 (36,194) 28,171 Total expenses 1,999,569 64,365 (36,600) 2,027,334 Other income (expense) Net realized and unrealized gains on investments 7,506 — (2,280) 5,226 Interest and dividend income 19,237 — (7,956) 11,281 Interest expense (76,800) — — (76,800) Other expense, net (1,583) — 515 (1,068) Net realized and unrealized gains on investments of the Consolidated Funds — 165,885 22,832 188,717 Interest and other income of the Consolidated Funds — 713,507 (515) 712,992 Interest expense of the Consolidated Funds — (543,684) 2,730 (540,954) Total other income (expense), net (51,640) 335,708 15,326 299,394 Income before taxes 670,601 271,343 (91,981) 849,963 Income tax expense 108,719 4,699 — 113,418 Net income 561,882 266,644 (91,981) 736,545 Less: Net income attributable to non-controlling interests in Consolidated Funds — 266,644 (91,981) 174,663 Net income attributable to Ares Operating Group entities 561,882 — — 561,882 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (332) — — (332) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 261,838 — — 261,838 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 300,376 $ — $ — $ 300,376 Nine months ended September 30, 2024 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 524,273 $ 222,288 $ 14,158 $ 760,719 Adjustments to reconcile net income to net cash provided by operating activities 543,839 — (114,742) 429,097 Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds — 854,632 (19,292) 835,340 Cash flows due to changes in operating assets and liabilities 221,389 — 37,000 258,389 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (121,365) (178,644) (300,009) Net cash provided by operating activities 1,289,501 955,555 (261,520) 1,983,536 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (82,203) — — (82,203) Acquisitions (13,683) — — (13,683) Net cash used in investing activities (95,886) — — (95,886) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 407,236 — — 407,236 Proceeds from Credit Facility 970,000 — — 970,000 Repayments of Credit Facility (1,395,000) — — (1,395,000) Dividends and distributions (969,360) — — (969,360) Stock option exercises 1,511 — — 1,511 Taxes paid related to net share settlement of equity awards (211,615) — — (211,615) Other financing activities 485 — — 485 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 473,091 71,203 544,294 Distributions to non-controlling interests in Consolidated Funds — (100,416) 23,914 (76,502) Borrowings under loan obligations by Consolidated Funds — 323,540 — 323,540 Repayments under loan obligations by Consolidated Funds — (1,504,344) — (1,504,344) Net cash used in financing activities (1,196,743) (808,129) 95,117 (1,909,755) Effect of exchange rate changes 4,992 18,977 — 23,969 Net change in cash and cash equivalents 1,864 166,403 (166,403) 1,864 Cash and cash equivalents, beginning of period 348,274 1,149,511 (1,149,511) 348,274 Cash and cash equivalents, end of period $ 350,138 $ 1,315,914 $ (1,315,914) $ 350,138 Supplemental disclosure of non-cash financing activities: Issuance of common stock in connection with acquisition-related activities $ 7,724 $ — $ — $ 7,724 Nine months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 561,882 $ 266,644 $ (91,981) $ 736,545 Adjustments to reconcile net income to net cash provided by (used in) operating activities 23,920 — 288,260 312,180 Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds — (926,076) (22,832) (948,908) Cash flows due to changes in operating assets and liabilities 139,111 — (3,451) 135,660 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 228,877 (137,563) 91,314 Net cash provided by (used in) operating activities 724,913 (430,555) 32,433 326,791 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (44,177) — — (44,177) Net cash used in investing activities (44,177) — — (44,177) Cash flows from financing activities: Proceeds from Credit Facility 735,000 — — 735,000 Repayments of Credit Facility (670,000) — — (670,000) Dividends and distributions (760,085) — — (760,085) Stock option exercises 80,426 — — 80,426 Taxes paid related to net share settlement of equity awards (145,421) — — (145,421) Other financing activities 902 — — 902 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 944,485 (208,541) 735,944 Distributions to non-controlling interests in Consolidated Funds — (72,375) 15,430 (56,945) Redemptions of redeemable interests in Consolidated Funds — (553,718) — (553,718) Borrowings under loan obligations by Consolidated Funds — 549,664 — 549,664 Repayments under loan obligations by Consolidated Funds — (257,370) — (257,370) Net cash provided by (used in) financing activities (759,178) 610,686 (193,111) (341,603) Effect of exchange rate changes 282 (19,453) — (19,171) Net change in cash and cash equivalents (78,160) 160,678 (160,678) (78,160) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 311,827 $ 885,319 $ (885,319) $ 311,827 Supplemental disclosure of non-cash financing activities: Issuance of common stock in connection with acquisition-related activities $ 116,101 $ — $ — $ 116,101 Issuance of common stock in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
SUBSEQUENT EVENTS	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after September 30, 2024 through the date the unaudited condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure: In October 2024, the Company entered into a definitive agreement to acquire the international business of GLP Capital Partners Limited and certain of its affiliates, excluding its operations in Greater China (“GCP International”), and existing capital commitments to certain managed funds (such acquisition of GCP International and the capital commitments, the “GCP Acquisition”). The total initial consideration for the GCP Acquisition is approximately $3.7 billion, comprised of approximately $1.8 billion of cash consideration and approximately $1.9 billion of equity consideration, in each case subject to certain adjustments. The sellers are also eligible to additional variable consideration in the form of an earn-out provision not to exceed $1.5 billion. In October 2024, the Company issued 30,000,000 shares of its Series B mandatory convertible preferred stock, par value $0.01 per share (the “Series B Mandatory Convertible Preferred Stock”) (including 3,000,000 shares sold pursuant to the exercise in full of the underwriters’ option to purchase additional shares), for total proceeds of $1,462.5 million (after deducting underwriting discounts but before offering expenses). The Series B Mandatory Convertible Preferred Stock will accumulate dividends at a rate per annum equal to 6.75% on the liquidation preference thereof, and will be payable when, as and if declared by the Company’s board of directors, out of funds legally available for their payment to the extent paid in cash, quarterly in arrears on January 1, April 1, July 1 and October 1 of each year, beginning on January 1, 2025 and ending on, and including, October 1, 2027. In connection with this issuance, the Company amended and restated the limited partnership agreement for Ares Holdings to provide for preferred units with economic terms designed to mirror to those of the Series B Mandatory Convertible Preferred Stock. In October 2024, the Company issued $750.0 million in aggregate principal amount of 5.60% senior notes with a maturity date of October 2054 (the “2054 Senior Notes”). The 2054 Senior Notes bear interest at a rate of 5.60% per annum, paid semi-annually and accruing from October 11, 2024. In October 2024, the Company’s board of directors declared a quarterly dividend of $0.93 per share of Class A and non-voting common stock payable on December 31, 2024 to common stockholders of record at the close of business on December 17, 2024. In October 2024, the Company’s board of directors declared a quarterly dividend of $0.759375 per share of Series B Mandatory Convertible Preferred Stock payable on January 1, 2025 to preferred stockholders of record at the close of business on December 15, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended September 30, 2024, certain executive officers and directors of the Company or a vehicle controlled by them (each, a “Plan Participant”) entered into Rule 10b5-1 trading plan (a “Rule 10b5-1 Trading Plan”) to sell shares of the Company’s Class A common stock, in each case, subject to any applicable volume limitations. The table below provides certain information regarding each Plan Participant’s Rule 10b5-1 Trading Plan. Name and Title Plan Date Maximum Shares That May Be Sold Under the Plan Plan Expiration Date Bennett Rosenthal, Director, Co-Founder and Chairman of Private Equity Group August 16, 2024 250,000 May 15, 2025 David Kaplan, Director and Co-Founder August 16, 2024 250,000 May 15, 2025 R. Kipp deVeer, Director and Head of Credit Group September 6, 2024 (1) August 15, 2025 (1) Includes 300,000 shares of Class A common stock plus an undetermined number of shares of Class A common stock that may be sold resulting from the vesting and settlement of up to 175,000 restricted stock units less the amount of shares of Class A common stock that will be withheld to satisfy the payment of R. Kipp deVeer’s tax withholding obligations with respect to the settlement of such vested restricted stock units.
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Bennett Rosenthal [Member]
Trading Arrangements, by Individual
Name	Bennett Rosenthal
Title	Director, Co-Founder and Chairman of Private Equity Group
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2024
Expiration Date	May 15, 2025
Arrangement Duration	272 days
Aggregate Available	250,000	250,000
David Kaplan [Member]
Trading Arrangements, by Individual
Name	David Kaplan
Title	Director and Co-Founder
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2024
Expiration Date	May 15, 2025
Arrangement Duration	258 days
Aggregate Available	250,000	250,000
R. Kipp deVeer [Member]
Trading Arrangements, by Individual
Name	R. Kipp deVeer
Title	Director and Head of Credit Group
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 6, 2024
Expiration Date	August 15, 2025
Arrangement Duration	343 days
Aggregate Available	300,000	300,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“U.S.”) (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The unaudited 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 unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited 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 unaudited 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, 2023 filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts and activities of the Ares Operating Group entities (“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.
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 unaudited condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the Company’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for the Company’s fiscal year ending December 31, 2024 and for the Company’s interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of disaggregated income taxes paid in both U.S. and foreign jurisdictions, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s fiscal year ending December 31, 2025. Early adoption is permitted and the amendments in this update should be applied on a prospective basis, though retrospective adoption is permitted. The Company is currently evaluating the impact of this guidance.
Segment Reporting	The Company operates through its distinct operating segments. On January 1, 2024, the Company changed its segment composition. The special opportunities strategy, historically part of the Private Equity Group, is now referred to as opportunistic credit and is presented within the Credit Group. The Company has modified historical results to conform with its current presentation. The Company operating segments are summarized below: Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, opportunistic credit, direct lending and Asia-Pacific (“APAC”) credit. Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments. Private Equity Group : The Private Equity Group broadly categorizes its investment strategies as corporate private equity and APAC private equity. Secondaries Group : The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit. Other : Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually do not meet reporting thresholds. These results include activities from: (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development; and (ii) the SPACs sponsored by the Company, among others. The Operations Management Group (the “OMG”) consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, legal, compliance, human resources, strategy, relationship management and distribution. The OMG includes Ares Wealth Management Solutions, LLC (“AWMS”) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of the Company’s managed funds and vehicles, which reimburse the OMG for expenses either equal to the costs of services provided or as a percentage of invested capital. The OMG’s revenues and expenses are not allocated to the Company’s operating segments but the Company does consider the financial results of the OMG when evaluating its financial performance. 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 and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes net performance income, investment income from Ares Funds and adjusts for certain other items that the Company believes are not indicative of its core operating performance. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and eligible to be received on a recurring basis and not dependent on realization events from the underlying investments. Realized income (“RI”) is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from income before taxes by excluding: (i) operating results of the Consolidated Funds; (ii) depreciation and amortization expense; (iii) the effects of changes arising from corporate actions; (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance; and adjusts for certain other items that the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital activities, underwriting costs and expenses incurred in connection with corporate reorganization. Placement fee adjustment represents the net portion of either expense deferral or amortization of upfront fees to placement agents that is presented to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed in advance in accordance with GAAP. For periods in which the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. Management believes RI is a more appropriate metric to evaluate the Company’s current business operations.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
GOODWILL AND INTANGIBLE ASSETS (Tables)	Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Value for the Company's Intangible Assets	The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets: Weighted Average Amortization Period (in years) as of September 30, 2024 As of September 30, As of December 31, 2024 2023 Management contracts 3.9 $ 563,675 $ 604,242 Client relationships 7.8 200,920 200,920 Other 0.1 500 500 Finite-lived intangible assets 765,095 805,662 Foreign currency translation 2,615 1,126 Total finite-lived intangible assets 767,710 806,788 Less: accumulated amortization (365,534) (316,093) Finite-lived intangible assets, net 402,176 490,695 Indefinite-lived management contracts 567,800 567,800 Intangible assets, net $ 969,976 $ 1,058,495
Schedule of Goodwill Rollforward	The following table summarizes the carrying value of the Company’s goodwill: Credit Group Real Assets Group Private Equity Group Secondaries Group Total Balance as of December 31, 2023 $ 256,679 $ 277,205 $ 172,462 $ 417,630 $ 1,123,976 Acquisitions — 6,710 685 — 7,395 Reallocation 55,658 — (55,658) — — Foreign currency translation 1,694 — — 9 1,703 Balance as of September 30, 2024 $ 314,031 $ 283,915 $ 117,489 $ 417,639 $ 1,133,074

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
INVESTMENTS (Tables)	Sep. 30, 2024
Investments in and Advances to Affiliates [Abstract]
Schedule of Investments Held	The following table summarizes the Company’s investments: As of Percentage of total investments as of September 30, December 31, September 30, December 31, 2024 2023 2024 2023 Equity method investments: Equity method - carried interest $ 3,486,892 $ 3,413,007 74.4% 73.8% Equity method private investment partnership interests - principal 555,390 535,292 11.8 11.6 Equity method private investment partnership interests and other (held at fair value) 379,408 418,778 8.1 9.0 Equity method private investment partnership interests and other 58,215 44,989 1.2 1.0 Total equity method investments 4,479,905 4,412,066 95.5 95.4 Collateralized loan obligations 20,601 20,799 0.4 0.4 Fixed income securities 89,392 105,495 1.9 2.3 Collateralized loan obligations and fixed income securities, at fair value 109,993 126,294 2.3 2.7 Common stock, at fair value 102,622 86,572 2.2 1.9 Total investments $ 4,692,520 $ 4,624,932 The following table summarizes investments held in the Consolidated Funds: Fair Value as of Percentage of total investments as of September 30, December 31, September 30, December 31, 2024 2023 2024 2023 Fixed income investments: Loans and securitization vehicles $ 9,120,015 $ 10,616,458 65.8% 72.7% Money market funds and U.S. treasury securities 544,254 523,038 3.9 3.6 Bonds 486,781 578,949 3.5 4.0 Total fixed income investments 10,151,050 11,718,445 73.2 80.3 Partnership interests 1,934,868 1,642,489 14.0 11.2 Equity securities 1,768,434 1,240,653 12.8 8.5 Total investments, at fair value $ 13,854,352 $ 14,601,587
Schedule of Equity Method Investments	The following table presents the Company’s other income, net from its equity method investments, which 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: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Total other income, net related to equity method investments $ 8,093 $ 1,845 $ 51,633 $ 34,900 The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains (losses) on investments within the Condensed Consolidated Statements of Operations: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Equity method private investment partnership interests and other (held at fair value) $ (5,542) $ (7,462) $ (3,494) $ (1,426)

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
FAIR VALUE (Tables)	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule 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, 2024: Financial Instruments of the Company Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Common stock and other equity securities $ — $ 102,622 $ 377,087 $ — $ 479,709 Collateralized loan obligations and fixed income securities — — 109,993 — 109,993 Partnership interests — — — 2,321 2,321 Total investments, at fair value — 102,622 487,080 2,321 592,023 Derivatives-foreign currency forward contracts — 752 — — 752 Total assets, at fair value $ — $ 103,374 $ 487,080 $ 2,321 $ 592,775 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (3,162) $ — $ — $ (3,162) Total liabilities, at fair value $ — $ (3,162) $ — $ — $ (3,162) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Fixed income investments: Loans and securitization vehicles $ — $ 8,362,059 $ 757,956 $ — $ 9,120,015 Money market funds and U.S. treasury securities 544,254 — — — 544,254 Bonds — 486,781 — — 486,781 Total fixed income investments 544,254 8,848,840 757,956 — 10,151,050 Partnership interests — — — 1,934,868 1,934,868 Equity securities 33,709 3,162 1,731,563 — 1,768,434 Total investments, at fair value 577,963 8,852,002 2,489,519 1,934,868 13,854,352 Derivatives-foreign currency forward contracts — 5,904 — — 5,904 Total assets, at fair value $ 577,963 $ 8,857,906 $ 2,489,519 $ 1,934,868 $ 13,860,256 Liabilities, at fair value Loan obligations of CLOs $ — $ (11,070,261) $ — $ — $ (11,070,261) Derivatives: Foreign currency forward contracts — (6,056) — — (6,056) Asset swaps — — (1,903) — (1,903) Total derivative liabilities, at fair value — (6,056) (1,903) — (7,959) Total liabilities, at fair value $ — $ (11,076,317) $ (1,903) $ — $ (11,078,220) The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2023: Financial Instruments of the Company Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Common stock and other equity securities $ — $ 86,572 $ 412,491 $ — $ 499,063 Collateralized loan obligations and fixed income securities — — 126,294 — 126,294 Partnership interests — — — 6,287 6,287 Total investments, at fair value — 86,572 538,785 6,287 631,644 Derivatives-foreign currency forward contracts — 1,129 — — 1,129 Total assets, at fair value $ — $ 87,701 $ 538,785 $ 6,287 $ 632,773 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (2,645) $ — $ — $ (2,645) Total liabilities, at fair value $ — $ (2,645) $ — $ — $ (2,645) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Fixed income investments: Loans and securitization vehicles $ — $ 9,879,915 $ 736,543 $ — $ 10,616,458 Bonds — 575,379 3,570 — 578,949 Money market funds and U.S. treasury securities 523,038 — — — 523,038 Total fixed income investments 523,038 10,455,294 740,113 — 11,718,445 Partnership interests — — — 1,642,489 1,642,489 Equity securities 47,503 2,750 1,190,400 — 1,240,653 Total investments, at fair value 570,541 10,458,044 1,930,513 1,642,489 14,601,587 Derivatives-foreign currency forward contracts — 9,126 — — 9,126 Total assets, at fair value $ 570,541 $ 10,467,170 $ 1,930,513 $ 1,642,489 $ 14,610,713 Liabilities, at fair value Loan obligations of CLOs $ — $ (12,345,657) $ — $ — $ (12,345,657) Derivatives: Foreign currency forward contracts — (9,491) — — (9,491) Asset swaps — — (1,291) — (1,291) Total derivative liabilities, at fair value — (9,491) (1,291) — (10,782) Total liabilities, at fair value $ — $ (12,355,148) $ (1,291) $ — $ (12,356,439)
Schedule 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: Level III Assets of the Company Equity Securities Fixed Income Total Balance as of June 30, 2024 $ 379,443 $ 92,374 $ 471,817 Purchases (1) 859 18,240 19,099 Sales/settlements (2) 1,093 (2,430) (1,337) Realized and unrealized appreciation (depreciation), net (4,308) 1,809 (2,499) Balance as of September 30, 2024 $ 377,087 $ 109,993 $ 487,080 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (5,041) $ 2,218 $ (2,823) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of June 30, 2024 $ 1,586,854 $ 803,497 $ (1,615) $ 2,388,736 Transfer in — 143,738 — 143,738 Transfer out (508) (227,541) — (228,049) Purchases (1) 136,313 250,554 — 386,867 Sales/settlements (2) (111) (213,489) — (213,600) Realized and unrealized appreciation (depreciation), net 9,015 1,197 (288) 9,924 Balance as of September 30, 2024 $ 1,731,563 $ 757,956 $ (1,903) $ 2,487,616 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 9,300 $ (425) $ (222) $ 8,653 (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. Level III Assets and Liabilities of the Company Equity Securities Fixed Income Total Balance as of June 30, 2023 $ 165,371 $ 73,777 $ 239,148 Purchases (1) 7 1,499 1,506 Sales/settlements (2) (350) (1,047) (1,397) Realized and unrealized appreciation (depreciation), net (10,116) 986 (9,130) Balance as of September 30, 2023 $ 154,912 $ 75,215 $ 230,127 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (10,116) $ 986 $ (9,130) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of June 30, 2023 $ 1,066,065 $ 648,131 $ (2,693) $ 1,711,503 Transfer in 848 63,379 — 64,227 Transfer out (36,064) (149,624) — (185,688) Purchases (1) 65,220 150,370 26 215,616 Sales/settlements (2) (2,364) (165,177) — (167,541) Realized and unrealized appreciation, net 17,888 4,949 522 23,359 Balance as of September 30, 2023 $ 1,111,593 $ 552,028 $ (2,145) $ 1,661,476 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 17,950 $ (23,157) $ 426 $ (4,781) (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. Level III Assets of the Company Equity Securities Fixed Income Total Balance as of December 31, 2023 $ 412,491 $ 126,294 $ 538,785 Transfer in — 60,917 60,917 Transfer out (37,587) — (37,587) Purchases (1) 2,539 283,913 286,452 Sales/settlements (2) (1,478) (362,164) (363,642) Realized and unrealized appreciation, net 1,122 1,033 2,155 Balance as of September 30, 2024 $ 377,087 $ 109,993 $ 487,080 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (1,260) $ 1,975 $ 715 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of December 31, 2023 $ 1,190,400 $ 740,113 $ (1,291) $ 1,929,222 Transfer in — 199,112 — 199,112 Transfer out (35) (305,887) — (305,922) Purchases (1) 482,424 711,190 114 1,193,728 Sales/settlements (2) (111) (585,977) — (586,088) Realized and unrealized appreciation (depreciation), net 58,885 (595) (726) 57,564 Balance as of September 30, 2024 $ 1,731,563 $ 757,956 $ (1,903) $ 2,487,616 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 60,995 $ (2,921) $ (664) $ 57,410 (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. Level III Assets of the Company Equity Securities Fixed Income Total Balance as of December 31, 2022 $ 121,785 $ 76,934 $ 198,719 Purchases (1) 38,267 3,465 41,732 Sales/settlements (2) (1,186) (3,424) (4,610) Realized and unrealized depreciation, net (3,954) (1,760) (5,714) Balance as of September 30, 2023 $ 154,912 $ 75,215 $ 230,127 Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date $ (4,167) $ (1,547) $ (5,714) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of December 31, 2022 $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Transfer out due to changes in consolidation (2,076) (4,563) (374,049) — (380,688) Transfer in — 192,359 — — 192,359 Transfer out (36,681) (553,638) — — (590,319) Purchases (1) 295,030 484,574 49,000 — 828,604 Sales/settlements (2) (2,490) (451,426) (48,889) (122) (502,927) Realized and unrealized appreciation, net 126,930 15,054 5,283 1,533 148,800 Balance as of September 30, 2023 $ 1,111,593 $ 552,028 $ — $ (2,145) $ 1,661,476 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 127,001 $ (15,704) $ — $ 1,283 $ 112,580 (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.
Schedule 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, 2024: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 123,859 Market approach Multiple of book value 1.4x - 1.5x 1.4x 112,565 Discounted cash flow Discount rate 18.5% - 30.0% 25.0% 100,000 Market approach Yield 8.0% 8.0% 7,220 Market approach Earnings multiple 15.4x 15.4x 33,444 Other N/A N/A N/A Fixed income investments 88,542 Market approach Yield 10.0% - 12.0% 11.0% 20,601 Broker quotes and/or 3rd party pricing services N/A N/A N/A 849 Other N/A N/A N/A Total assets $ 487,080 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 914,196 Discounted cash flow Discount rate 10.0% - 18.7% 13.0% 793,106 Market approach Multiple of book value 1.0x - 1.7x 1.4x 22,636 Market approach EBITDA multiple (1) 1.0x - 34.6x 14.4x 871 Transaction price (2) N/A N/A N/A 754 Other N/A N/A N/A Fixed income investments 502,042 Broker quotes and/or 3rd party pricing services N/A N/A N/A 253,514 Market approach Yield 6.0% - 23.2% 10.3% 2,363 Market approach EBITDA multiple (1) 5.0x - 34.6x 10.8x 37 Other N/A N/A N/A Total assets $ 2,489,519 Liabilities Derivative instruments $ (1,903) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,903) (1) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. (2) 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. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 154,460 Discounted cash flow Discount rate 20.0% - 30.0% 25.0% 118,846 Market approach Multiple of book value 1.3x - 1.6x 1.5x 100,000 Transaction price (1) N/A N/A N/A 6,447 Market approach Enterprise value / Earnings multiple 15.4x 15.4x 32,738 Other N/A N/A N/A Fixed income investments 83,000 Transaction price (1) N/A N/A N/A 20,799 Broker quotes and/or 3rd party pricing services N/A N/A N/A 22,495 Other N/A N/A N/A Total assets $ 538,785 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 648,581 Discounted cash flow Discount rate 10.0% - 16.0% 13.0% 537,733 Market approach Multiple of book value 1.0x - 1.7x 1.3x 3,909 Market approach EBITDA multiple (2) 4.5x - 32.4x 8.9x 177 Other N/A N/A N/A Fixed income investments 548,264 Broker quotes and/or 3rd party pricing services N/A N/A N/A 188,322 Market approach Yield 8.3% - 24.1% 12.2% 2,974 Market approach EBITDA multiple (2) 4.5x - 32.4x 9.0x 104 Discounted cash flow Discount rate 12.3% 12.3% 449 Other N/A N/A N/A Total assets $ 1,930,513 Liabilities Derivative instruments $ (1,291) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,291) (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.
Schedule of Investments and Unfunded Commitments Valued Using NAV per Share	The following table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share: As of September 30, 2024 As of December 31, 2023 Investments (held at fair value) $ 1,934,868 $ 1,642,489 Unfunded commitments 1,000,749 738,621

DEBT (Tables)

DEBT (Tables)	9 Months Ended
DEBT (Tables)	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of September 30, 2024 As of December 31, 2023 Debt Origination Date Maturity Original Borrowing Amount Carrying Value Interest Rate Carrying Value Interest Rate Credit Facility (1) Revolving 3/31/2029 N/A $ 470,000 5.90% $ 895,000 6.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 249,990 4.21 249,427 4.21 2028 Senior Notes (3) 11/10/2023 11/10/2028 500,000 495,401 6.42 494,863 6.42 2030 Senior Notes (4) 6/15/2020 6/15/2030 400,000 397,388 3.28 397,050 3.28 2052 Senior Notes (5) 1/21/2022 2/1/2052 500,000 484,500 3.77 484,199 3.77 2051 Subordinated Notes (6) 6/30/2021 6/30/2051 450,000 445,079 4.13 444,941 4.13 Total debt obligations $ 2,542,358 $ 2,965,480 (1) On March 28, 2024, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.325 billion to $1.400 billion, with an accordion feature of $600.0 million, and extend the maturity date from March 2027 to March 2029. Ares Holdings is the borrower under the Credit Facility. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“SOFR”) or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance (“ESG”)-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 30, 2024, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. Due to the achievement of ESG-related targets, the Company’s base rate and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2025. (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. On October 8, 2024 the Company repaid the 2024 Senior Notes at maturity. (3) The 2028 Senior Notes were issued in November 2023 by the Company, at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the 2028 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2028 Senior Notes. (4) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Senior Notes. (5) The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Senior Notes. (6) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five The following table presents the activity of the Company’s debt issuance costs: Credit Facility Senior Notes Subordinated Notes Unamortized debt issuance costs as of December 31, 2023 $ 4,213 $ 11,784 $ 5,059 Debt issuance costs incurred 1,832 292 — Amortization of debt issuance costs (901) (1,282) (138) Unamortized debt issuance costs as of September 30, 2024 $ 5,144 $ 10,794 $ 4,921 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of September 30, 2024 As of December 31, 2023 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 10,328,010 6.64% 7.9 $ 11,606,289 6.64% 8.2 Subordinated notes (1) 742,251 N/A 5.8 739,368 N/A 6.9 Total loan obligations of Consolidated CLOs $ 11,070,261 $ 12,345,657 (1) The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to the excess cash flows generated by each Consolidated CLO. The Consolidated Funds had the following revolving bank credit facilities outstanding: As of September 30, 2024 As of December 31, 2023 Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 7/1/2024 $ 18,000 (2) N/A N/A $ 15,241 6.88% 9/25/2025 150,000 $ 121,000 8.00% N/A N/A 9/24/2026 150,000 — — — N/A 6/26/2027 200,000 152,000 8.15 110,000 8.29 9/12/2027 54,000 — — — N/A Total borrowings of Consolidated Funds $ 273,000 $ 125,241 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) Represents a credit facility of a Consolidated Fund that was repaid on maturity date. The amount represents the total capacity as of December 31, 2023.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Tables)	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule of Operating Lease Maturities	The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases: Maturity of operating lease liabilities As of September 30, 2024 2024 $ 11,646 2025 57,292 2026 55,053 2027 45,612 2028 58,612 Thereafter 592,526 Total future payments 820,741 Less: interest 285,055 Total operating lease liabilities $ 535,686
Schedule Of Lease Cost	The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases: Three months ended September 30, Nine months ended September 30, Classification within general, administrative and other expenses 2024 2023 2024 2023 Operating lease expense $ 16,920 $ 10,135 $ 47,505 $ 32,434 Nine months ended September 30, Supplemental information on the measurement of operating lease liabilities 2024 2023 Operating cash flows for operating leases $ 41,740 $ 32,733 Leased assets obtained in exchange for new operating lease liabilities 210,551 166,941 As of September 30, As of December 31, Lease term and discount rate 2024 2023 Weighted-average remaining lease terms (in years) 13.2 8.4 Weighted-average discount rate 5.6% 4.3%

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
RELATED PARTY TRANSACTIONS (Tables)	Sep. 30, 2024
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, 2024 2023 Due from affiliates: Management fees receivable from non-consolidated funds $ 596,288 $ 560,629 Incentive fee receivable from non-consolidated funds 46,388 159,098 Payments made on behalf of and amounts due from non-consolidated funds and employees 228,103 177,019 Due from affiliates—Company $ 870,779 $ 896,746 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 9,159 $ 9,585 Tax receivable agreement liability 353,899 191,299 Carried interest and incentive fees payable 45,361 33,374 Payments made by non-consolidated funds on behalf of and payable by the Company 7,622 5,996 Due to affiliates—Company $ 416,041 $ 240,254 Amounts due to portfolio companies and non-consolidated funds $ — $ 3,554 Due to affiliates—Consolidated Funds $ — $ 3,554

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
INCOME TAXES (Tables)	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The following table presents the income tax expense for the period: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Income tax expense $ 46,453 $ 29,898 $ 114,760 $ 113,418

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
EARNINGS PER SHARE (Tables)	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of the Computation of Basic and Diluted Earnings per Common Share	The following table presents the computation of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 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 $ 118,460 $ 61,823 $ 286,425 $ 300,376 Dividends declared and paid on Class A and non-voting common stock (187,696) (144,623) (553,867) (425,263) Distributions on unvested restricted units (7,829) (5,337) (22,692) (15,969) Dividends in excess of earnings available to Class A and non-voting common stockholders $ (77,065) $ (88,137) $ (290,134) $ (140,856) Basic weighted-average shares of Class A and non-voting common stock 200,724,068 186,218,638 196,526,832 182,757,955 Dividends in excess of earnings per share of Class A and non-voting common stock $ (0.38) $ (0.47) $ (1.48) $ (0.77) Dividend declared and paid per Class A and non-voting common stock 0.93 0.77 2.79 2.31 Basic earnings per share of Class A and non-voting common stock $ 0.55 $ 0.30 $ 1.31 $ 1.54 Diluted earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 118,460 $ 61,823 $ 286,425 $ 300,376 Distributions on unvested restricted units (7,829) (5,337) (22,692) (15,969) Net income available to Class A and non-voting common stockholders $ 110,631 $ 56,486 $ 263,733 $ 284,407 Diluted weighted-average shares of Class A and non-voting common stock 200,724,068 186,218,638 196,526,832 182,757,955 Diluted earnings per share of Class A and non-voting common stock $ 0.55 $ 0.30 $ 1.31 $ 1.54

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	9 Months Ended
EQUITY COMPENSATION (Tables)	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-based Compensation Expense, Net of Forfeitures	Equity-based compensation expense, net of forfeitures, recorded by the Company for restricted units is presented in the following table: Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Restricted units $ 85,613 $ 61,976 $ 266,267 $ 193,509
Schedule of Dividends Declared and Paid	The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the nine months ended September 30, 2024: Record Date Dividends Per Share Dividend Equivalents Paid March 15, 2024 $ 0.93 $ 16,294 June 14, 2024 0.93 16,008 September 16, 2024 0.93 16,242
Schedule of Unvested Restricted Units Activity	The following table presents unvested restricted units’ activity: Restricted Units Weighted Average Balance as of December 31, 2023 17,359,829 $ 59.20 Granted 5,087,137 124.08 Vested (3,961,789) 51.98 Forfeited (386,314) 85.07 Balance as of September 30, 2024 18,098,863 $ 78.45
Schedule of Unvested Options Activity	A summary of options activity during the nine months ended September 30, 2024 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value Balance as of December 31, 2023 79,524 $ 19.00 0.3 $ 7,946 Exercised (79,524) 19.00 — — Balance as of September 30, 2024 — $ — 0.0 $ — Exercisable as of September 30, 2024 — $ — 0.0 $ —

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	9 Months Ended
EQUITY AND REDEEMABLE INTEREST (Tables)	Sep. 30, 2024
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 as of December 31, 2023 187,069,907 3,489,911 1,000 117,024,758 307,585,576 Issuances of common stock (1) 3,047,500 — — 63,179 3,110,679 Exchanges of common stock 5,912,781 — — (5,912,781) — Stock option exercises 79,524 — — — 79,524 Vesting of restricted stock awards, net of shares withheld for tax 2,224,962 — — — 2,224,962 Balance as of September 30, 2024 198,334,674 3,489,911 1,000 111,175,156 313,000,741 (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 Ares Operating Group Units (“AOG Units”) and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities: Daily Average Ownership As of September 30, 2024 As of December 31, 2023 Three months ended September 30, Nine months ended September 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2024 2023 2024 2023 Ares Management Corporation 201,824,585 64.48 % 190,559,818 61.95 % 64.14 % 61.03 % 63.23 % 60.52 % Ares Owners Holdings, L.P. 111,175,156 35.52 117,024,758 38.05 35.86 38.97 36.77 39.48 Total 312,999,741 100.00 % 307,584,576 100.00 %
Schedule of Redeemable Interests	The following table summarizes the activities associated with the redeemable interest in AOG entities: Total Balance as of December 31, 2022 $ 93,129 Changes in ownership interests and related tax benefits (66,506) Net loss (1,824) Currency translation adjustment, net of tax (148) Equity compensation 174 Distributions (2,883) Balance as of March 31, 2023 21,942 Net income 734 Currency translation adjustment, net of tax (159) Balance as of June 30, 2023 22,517 Net income 758 Currency translation adjustment, net of tax (99) Balance as of September 30, 2023 23,176 Net income 558 Currency translation adjustment, net of tax 364 Balance as of December 31, 2023 24,098 Net income 73 Currency translation adjustment, net of tax (257) Distributions (302) Balance as of March 31, 2024 23,612 Net loss (387) Currency translation adjustment, net of tax (47) Balance as of June 30, 2024 23,178 Net income 1,319 Currency translation adjustment, net of tax 614 Balance as of September 30, 2024 $ 25,111 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance as of December 31, 2022 $ 1,013,282 Change in redemption value 10,504 Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”) (538,985) Balance as of March 31, 2023 484,801 Gross proceeds from the initial public offering of Ares Acquisition Corporation II (NYSE: AACT) (“AAC II”) 500,000 Change in redemption value 15,948 Balance as of June 30, 2023 1,000,749 Change in redemption value 16,571 Redemptions from Class A ordinary shares of AAC I (14,733) Balance as of September 30, 2023 1,002,587 Change in redemption value 12,507 Redemptions from Class A ordinary shares of AAC I (492,156) Balance as of December 31, 2023 522,938 Change in redemption value 6,849 Balance as of March 31, 2024 529,787 Change in redemption value 6,959 Balance as of June 30, 2024 536,746 Change in redemption value 7,408 Balance as of September 30, 2024 $ 544,154

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
SEGMENT REPORTING (Tables)	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Results for Company's Operating Segments and OMG	The following tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended September 30, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 557,450 $ 105,733 $ 34,621 $ 48,084 $ 11,374 $ 757,262 $ — $ 757,262 Fee related performance revenues 41,761 — — 2,508 — 44,269 — 44,269 Other fees 10,520 7,263 372 58 114 18,327 5,253 23,580 Compensation and benefits (179,987) (42,360) (13,877) (14,432) (7,245) (257,901) (102,112) (360,013) General, administrative and other expenses (41,046) (14,118) (4,576) (8,464) (1,459) (69,663) (56,124) (125,787) Fee related earnings 388,698 56,518 16,540 27,754 2,784 492,294 (152,983) 339,311 Performance income—realized 6,192 15,441 475 — — 22,108 — 22,108 Performance related compensation—realized (3,451) (9,403) (380) — — (13,234) — (13,234) Realized net performance income 2,741 6,038 95 — — 8,874 — 8,874 Investment income—realized 916 2,003 197 — 732 3,848 — 3,848 Interest and other investment income—realized 7,083 1,971 333 96 6,477 15,960 496 16,456 Interest expense (7,625) (4,511) (4,862) (2,191) (10,409) (29,598) (135) (29,733) Realized net investment income (loss) 374 (537) (4,332) (2,095) (3,200) (9,790) 361 (9,429) Realized income $ 391,813 $ 62,019 $ 12,303 $ 25,659 $ (416) $ 491,378 $ (152,622) $ 338,756 Three months ended September 30, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 470,609 $ 92,754 $ 29,799 $ 42,949 $ 7,538 $ 643,649 $ — $ 643,649 Fee related performance revenues 44 — — 2,168 — 2,212 — 2,212 Other fees 7,202 6,308 430 8 83 14,031 5,717 19,748 Compensation and benefits (131,172) (37,608) (13,145) (16,066) (3,233) (201,224) (90,347) (291,571) General, administrative and other expenses (28,093) (10,318) (3,470) (4,541) (924) (47,346) (52,460) (99,806) Fee related earnings 318,590 51,136 13,614 24,518 3,464 411,322 (137,090) 274,232 Performance income—realized 12,223 5,589 (15) — — 17,797 — 17,797 Performance related compensation—realized (7,181) (3,338) 15 — — (10,504) — (10,504) Realized net performance income 5,042 2,251 — — — 7,293 — 7,293 Investment income (loss)—realized 1,475 (875) (4,631) — — (4,031) — (4,031) Interest and other investment income—realized 5,601 3,148 214 552 3,305 12,820 114 12,934 Interest expense (5,825) (3,985) (4,313) (2,020) (9,809) (25,952) (23) (25,975) Realized net investment income (loss) 1,251 (1,712) (8,730) (1,468) (6,504) (17,163) 91 (17,072) Realized income $ 324,883 $ 51,675 $ 4,884 $ 23,050 $ (3,040) $ 401,452 $ (136,999) $ 264,453 Nine months ended September 30, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,603,080 $ 299,156 $ 103,126 $ 140,650 $ 30,726 $ 2,176,738 $ — $ 2,176,738 Fee related performance revenues 48,920 — — 20,633 — 69,553 — 69,553 Other fees 30,912 18,783 1,258 116 396 51,465 15,066 66,531 Compensation and benefits (457,494) (119,403) (42,737) (47,971) (17,937) (685,542) (294,639) (980,181) General, administrative and other expenses (116,022) (43,857) (15,282) (26,428) (5,041) (206,630) (160,514) (367,144) Fee related earnings 1,109,396 154,679 46,365 87,000 8,144 1,405,584 (440,087) 965,497 Performance income—realized 121,214 24,324 9,032 361 — 154,931 — 154,931 Performance related compensation—realized (73,127) (15,134) (7,235) 110 — (95,386) — (95,386) Realized net performance income 48,087 9,190 1,797 471 — 59,545 — 59,545 Investment income (loss)—realized (1) 1,671 505 — 2,382 4,557 — 4,557 Interest and other investment income—realized 23,609 1,280 794 454 38,803 64,940 1,588 66,528 Interest expense (25,412) (17,189) (16,519) (7,467) (38,190) (104,777) (280) (105,057) Realized net investment income (loss) (1,804) (14,238) (15,220) (7,013) 2,995 (35,280) 1,308 (33,972) Realized income $ 1,155,679 $ 149,631 $ 32,942 $ 80,458 $ 11,139 $ 1,429,849 $ (438,779) $ 991,070 Nine months ended September 30, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,349,434 $ 285,463 $ 89,461 $ 124,597 $ 19,065 $ 1,868,020 $ — $ 1,868,020 Fee related performance revenues 866 334 — 5,737 — 6,937 — 6,937 Other fees 25,810 24,616 1,245 13 268 51,952 18,205 70,157 Compensation and benefits (382,929) (116,232) (43,184) (46,101) (9,759) (598,205) (261,325) (859,530) General, administrative and other expenses (82,345) (33,465) (11,556) (12,984) (2,120) (142,470) (148,099) (290,569) Fee related earnings 910,836 160,716 35,966 71,262 7,454 1,186,234 (391,219) 795,015 Performance income—realized 106,162 14,412 63,534 5,460 — 189,568 — 189,568 Performance related compensation—realized (68,792) (8,764) (51,238) (4,678) — (133,472) — (133,472) Realized net performance income 37,370 5,648 12,296 782 — 56,096 — 56,096 Investment income (loss)—realized 19,546 (4,196) (1,668) — 170 13,852 — 13,852 Interest and other investment income—realized 21,058 7,362 571 1,959 11,492 42,442 350 42,792 Interest expense (23,072) (11,987) (14,237) (6,776) (20,668) (76,740) (60) (76,800) Realized net investment income (loss) 17,532 (8,821) (15,334) (4,817) (9,006) (20,446) 290 (20,156) Realized income $ 965,738 $ 157,543 $ 32,928 $ 67,227 $ (1,552) $ 1,221,884 $ (390,929) $ 830,955
Schedule of Segment Revenue, Expenses and Realized Net Investment Income (Expense)	The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Segment revenues Management fees $ 757,262 $ 643,649 $ 2,176,738 $ 1,868,020 Fee related performance revenues 44,269 2,212 69,553 6,937 Other fees 18,327 14,031 51,465 51,952 Performance income—realized 22,108 17,797 154,931 189,568 Total segment revenues $ 841,966 $ 677,689 $ 2,452,687 $ 2,116,477 Segment expenses Compensation and benefits $ 257,901 $ 201,224 $ 685,542 $ 598,205 General, administrative and other expenses 69,663 47,346 206,630 142,470 Performance related compensation—realized 13,234 10,504 95,386 133,472 Total segment expenses $ 340,798 $ 259,074 $ 987,558 $ 874,147 Segment realized net investment income (loss) Investment income (loss)—realized $ 3,848 $ (4,031) $ 4,557 $ 13,852 Interest and other investment income —realized 15,960 12,820 64,940 42,442 Interest expense (29,598) (25,952) (104,777) (76,740) Total segment realized net investment loss $ (9,790) $ (17,163) $ (35,280) $ (20,446)
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, 2024 2023 2024 2023 Total consolidated revenue $ 1,129,739 $ 671,255 $ 2,625,784 $ 2,577,903 Performance (income) loss—unrealized (263,553) 31,400 (95,759) (384,533) Management fees of Consolidated Funds eliminated in consolidation 11,660 12,181 36,115 35,787 Performance income of Consolidated Funds eliminated in consolidation 1,032 1,874 18,484 9,365 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 128 83 409 7,061 Administrative fees (1) (18,093) (16,154) (52,201) (46,692) OMG revenue (5,252) (5,717) (15,066) (18,205) Principal investment income, net of eliminations (8,036) (9,339) (44,547) (38,985) Net revenue of non-controlling interests in consolidated subsidiaries (5,659) (7,894) (20,532) (25,224) Total consolidation adjustments and reconciling items (287,773) 6,434 (173,097) (461,426) Total segment revenue $ 841,966 $ 677,689 $ 2,452,687 $ 2,116,477 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
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, 2024 2023 2024 2023 Total consolidated expenses $ 854,887 $ 560,960 $ 1,957,924 $ 2,027,334 Performance related compensation-unrealized (180,174) 38,650 (8,478) (261,996) Expenses of Consolidated Funds added in consolidation (14,083) (19,329) (48,200) (64,365) Expenses of Consolidated Funds eliminated in consolidation 11,355 12,297 36,520 36,600 Administrative fees (1) (18,093) (16,154) (52,201) (46,321) OMG expenses (158,236) (142,807) (455,153) (409,424) Acquisition and merger-related expense (25,166) (2,414) (39,394) (10,126) Equity compensation expense (85,613) (61,976) (266,267) (193,335) Acquisition-related compensation expense (2) (5,435) (589) (16,374) (1,831) Placement fee adjustment 4,485 (944) (825) 6,032 Depreciation and amortization expense (46,005) (105,524) (118,900) (194,174) Expense of non-controlling interests in consolidated subsidiaries 2,876 (3,096) (1,094) (14,247) Total consolidation adjustments and reconciling items (514,089) (301,886) (970,366) (1,153,187) Total segment expenses $ 340,798 $ 259,074 $ 987,558 $ 874,147 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents contingent obligations (“earnouts”) resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.
Schedule of Segment Other Income Components	The following table reconciles the Company’s consolidated other income to segment realized net investment income (loss): Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Total consolidated other income $ 52,254 $ 116,577 $ 207,619 $ 299,394 Investment (income) loss—unrealized (4,950) (31,246) 13,836 (104,170) Interest and other investment (income) loss—unrealized 15,258 (5,720) 15,093 (1,202) Other income, net from Consolidated Funds added in consolidation (87,804) (125,857) (276,107) (335,708) Other expense, net from Consolidated Funds eliminated in consolidation 194 (383) (137) (15,326) OMG other (income) expense (220) (591) (1,002) 1,213 Principal investment income 14,101 29,980 12,038 130,679 Other (income) expense, net 3,389 286 (7,910) 589 Other (income) loss of non-controlling interests in consolidated subsidiaries (2,012) (209) 1,290 4,085 Total consolidation adjustments and reconciling items (62,044) (133,740) (242,899) (319,840) Total segment realized net investment loss $ (9,790) $ (17,163) $ (35,280) $ (20,446)
Schedule of 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, 2024 2023 2024 2023 Income before taxes $ 327,106 $ 226,872 $ 875,479 $ 849,963 Adjustments: Depreciation and amortization expense 46,005 105,524 118,900 194,174 Equity compensation expense 85,612 61,976 266,267 192,964 Acquisition-related compensation expense (1) 5,435 589 16,374 1,831 Acquisition and merger-related expense 25,166 2,414 39,394 10,126 Placement fee adjustment (4,485) 944 825 (6,032) OMG expense, net 152,763 136,499 439,085 392,432 Other (income) expense, net 3,389 286 (7,910) 589 Income before taxes of non-controlling interests in consolidated subsidiaries (10,544) (5,007) (18,148) (6,892) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (65,998) (84,429) (242,065) (179,362) Total performance (income) loss—unrealized (263,553) 31,400 (95,759) (384,533) Total performance related compensation—unrealized 180,174 (38,650) 8,478 261,996 Total investment (income) loss—unrealized 10,308 (36,966) 28,929 (105,372) Realized income 491,378 401,452 1,429,849 1,221,884 Total performance income—realized (22,108) (17,797) (154,931) (189,568) Total performance related compensation—realized 13,234 10,504 95,386 133,472 Total investment loss—realized 9,790 17,163 35,280 20,446 Fee related earnings $ 492,294 $ 411,322 $ 1,405,584 $ 1,186,234 (1) Represents earnouts resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	9 Months Ended
CONSOLIDATION (Tables)	Sep. 30, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule of Interest in VIEs	The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows: As of September 30, As of December 31, 2024 2023 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 384,552 $ 503,376 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 784,102 910,600 Assets of consolidated VIEs 14,892,869 15,484,962 Liabilities of consolidated VIEs 12,180,936 13,409,257 (1) As of September 30, 2024 and December 31, 2023, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of the Company’s capital interest in CLOs and totaled $96.1 million and $83.1 million, respectively. Three months ended September 30, Nine months ended September 30, 2024 2023 2024 2023 Net income attributable to non-controlling interests related to consolidated VIEs $ 57,289 $ 66,526 $ 216,614 $ 165,118
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, 2024 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 350,138 $ — $ — $ 350,138 Investments (includes $3,486,892 of accrued carried interest) 5,517,542 — (825,022) 4,692,520 Due from affiliates 1,048,857 — (178,078) 870,779 Other assets 641,120 — — 641,120 Right-of-use operating lease assets 426,483 — — 426,483 Intangible assets, net 969,976 — — 969,976 Goodwill 1,133,074 — — 1,133,074 Assets of Consolidated Funds Cash and cash equivalents — 1,315,914 — 1,315,914 Investments held in trust account — 544,254 — 544,254 Investments, at fair value — 13,310,098 — 13,310,098 Receivable for securities sold — 176,475 — 176,475 Other assets — 91,819 — 91,819 Total assets $ 10,087,190 $ 15,438,560 $ (1,003,100) $ 24,522,650 Liabilities Accounts payable, accrued expenses and other liabilities $ 329,181 $ — $ (298) $ 328,883 Accrued compensation 401,035 — — 401,035 Due to affiliates 415,608 — 433 416,041 Performance related compensation payable 2,518,898 — — 2,518,898 Debt obligations 2,542,358 — — 2,542,358 Operating lease liabilities 535,686 — — 535,686 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 179,928 — 179,928 Due to affiliates — 177,508 (177,508) — Payable for securities purchased — 377,026 — 377,026 CLO loan obligations, at fair value — 11,196,594 (126,333) 11,070,261 Fund borrowings — 273,000 — 273,000 Total liabilities 6,742,766 12,204,056 (303,706) 18,643,116 Commitments and contingencies Redeemable interest in Consolidated Funds — 544,154 — 544,154 Redeemable interest in Ares Operating Group entities 25,111 — — 25,111 Non-controlling interest in Consolidated Funds — 2,690,350 (741,404) 1,948,946 Non-controlling interest in Ares Operating Group entities 1,270,326 — 14,922 1,285,248 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (198,334,674 shares issued and outstanding) 1,983 — — 1,983 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 (111,175,156 shares issued and outstanding) 1,112 — — 1,112 Additional paid-in-capital 2,829,805 — 27,088 2,856,893 Accumulated deficit (792,398) — — (792,398) Accumulated other comprehensive loss, net of tax 8,450 — — 8,450 Total stockholders’ equity 2,048,987 — 27,088 2,076,075 Total equity 3,319,313 2,690,350 (699,394) 5,310,269 Total liabilities, redeemable interest, non-controlling interests and equity $ 10,087,190 $ 15,438,560 $ (1,003,100) $ 24,522,650 As of December 31, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 348,274 $ — $ — $ 348,274 Investments (includes $3,413,007 of accrued carried interest) 5,546,209 — (921,277) 4,624,932 Due from affiliates 1,068,089 — (171,343) 896,746 Other assets 429,979 — — 429,979 Right-of-use operating lease assets 249,326 — — 249,326 Intangible assets, net 1,058,495 — — 1,058,495 Goodwill 1,123,976 — — 1,123,976 Assets of Consolidated Funds Cash and cash equivalents — 1,149,511 — 1,149,511 Investments held in trust account — 523,038 — 523,038 Investments, at fair value — 14,078,549 — 14,078,549 Receivable for securities sold — 146,851 — 146,851 Other assets — 112,466 (11,643) 100,823 Total assets $ 9,824,348 $ 16,010,415 $ (1,104,263) $ 24,730,500 Liabilities Accounts payable, accrued expenses and other liabilities $ 245,526 $ — $ (11,642) $ 233,884 Accrued compensation 287,259 — — 287,259 Due to affiliates 240,254 — — 240,254 Performance related compensation payable 2,514,610 — — 2,514,610 Debt obligations 2,965,480 — — 2,965,480 Operating lease liabilities 319,572 — — 319,572 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 189,523 — 189,523 Due to affiliates — 174,897 (171,343) 3,554 Payable for securities purchased — 484,117 — 484,117 CLO loan obligations, at fair value — 12,458,266 (112,609) 12,345,657 Fund borrowings — 125,241 — 125,241 Total liabilities 6,572,701 13,432,044 (295,594) 19,709,151 Commitments and contingencies Redeemable interest in Consolidated Funds — 522,938 — 522,938 Redeemable interest in Ares Operating Group entities 24,098 — — 24,098 Non-controlling interest in Consolidated Funds — 2,055,433 (796,988) 1,258,445 Non-controlling interest in Ares Operating Group entities 1,326,913 — (4,444) 1,322,469 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding) 1,871 — — 1,871 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized ($1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (117,024,758 shares issued and outstanding) 1,170 — — 1,170 Additional paid-in-capital 2,398,273 — (7,237) 2,391,036 Accumulated deficit (495,083) — — (495,083) Accumulated other comprehensive loss, net of tax (5,630) — — (5,630) Total stockholders’ equity 1,900,636 — (7,237) 1,893,399 Total equity 3,227,549 2,055,433 (808,669) 4,474,313 Total liabilities, redeemable interest, non-controlling interests and equity $ 9,824,348 $ 16,010,415 $ (1,104,263) $ 24,730,500
Schedule of Results from Operations	Three months ended September 30, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 765,257 $ — $ (11,660) $ 753,597 Carried interest allocation 278,683 — (1,032) 277,651 Incentive fees 48,638 — — 48,638 Principal investment income 14,100 — (6,064) 8,036 Administrative, transaction and other fees 41,945 — (128) 41,817 Total revenues 1,148,623 — (18,884) 1,129,739 Expenses Compensation and benefits 435,876 — — 435,876 Performance related compensation 219,697 — — 219,697 General, administrative and other expense 196,586 — 433 197,019 Expenses of the Consolidated Funds — 14,083 (11,788) 2,295 Total expenses 852,159 14,083 (11,355) 854,887 Other income (expense) Net realized and unrealized gains (losses) on investments 3,034 — (8,108) (5,074) Interest and dividend income 9,809 — (2,256) 7,553 Interest expense (29,733) — — (29,733) Other expense, net (18,466) — (339) (18,805) Net realized and unrealized gains on investments of the Consolidated Funds — 55,015 9,816 64,831 Interest and other income of the Consolidated Funds — 234,351 330 234,681 Interest expense of the Consolidated Funds — (201,562) 363 (201,199) Total other income (expense), net (35,356) 87,804 (194) 52,254 Income before taxes 261,108 73,721 (7,723) 327,106 Income tax expense 44,696 1,757 — 46,453 Net income 216,412 71,964 (7,723) 280,653 Less: Net income attributable to non-controlling interests in Consolidated Funds — 71,964 (7,723) 64,241 Net income attributable to Ares Operating Group entities 216,412 — — 216,412 Less: Net income attributable to redeemable interest in Ares Operating Group entities 1,319 — — 1,319 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 96,633 — — 96,633 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 118,460 $ — $ — $ 118,460 Three months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 649,698 $ — $ (12,181) $ 637,517 Carried interest allocation (26,252) — (1,874) (28,126) Incentive fees 16,454 — — 16,454 Principal investment income 29,980 — (20,641) 9,339 Administrative, transaction and other fees 36,154 — (83) 36,071 Total revenues 706,034 — (34,779) 671,255 Expenses Compensation and benefits 367,502 — — 367,502 Performance related compensation (25,448) — — (25,448) General, administrative and other expense 211,874 — (32) 211,842 Expenses of the Consolidated Funds — 19,329 (12,265) 7,064 Total expenses 553,928 19,329 (12,297) 560,960 Other income (expense) Net realized and unrealized gains (losses) on investments 4,209 — (5,979) (1,770) Interest and dividend income 6,574 — (1,822) 4,752 Interest expense (25,975) — — (25,975) Other income, net 5,529 — 213 5,742 Net realized and unrealized gains on investments of the Consolidated Funds — 71,666 7,925 79,591 Interest and other income of the Consolidated Funds — 255,813 (213) 255,600 Interest expense of the Consolidated Funds — (201,622) 259 (201,363) Total other income (expense), net (9,663) 125,857 383 116,577 Income before taxes 142,443 106,528 (22,099) 226,872 Income tax expense 25,758 4,140 — 29,898 Net income 116,685 102,388 (22,099) 196,974 Less: Net income attributable to non-controlling interests in Consolidated Funds — 102,388 (22,099) 80,289 Net income attributable to Ares Operating Group entities 116,685 — — 116,685 Less: Net income attributable to redeemable interest in Ares Operating Group entities 758 — — 758 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 54,104 — — 54,104 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 61,823 $ — $ — $ 61,823 Nine months ended September 30, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,199,085 $ — $ (36,115) $ 2,162,970 Carried interest allocation 212,493 — (18,487) 194,006 Incentive fees 105,036 — 3 105,039 Principal investment income 12,038 — 32,509 44,547 Administrative, transaction and other fees 119,631 — (409) 119,222 Total revenues 2,648,283 — (22,499) 2,625,784 Expenses Compensation and benefits 1,268,685 — — 1,268,685 Performance related compensation 140,180 — — 140,180 General, administrative and other expense 537,379 — — 537,379 Expenses of the Consolidated Funds — 48,200 (36,520) 11,680 Total expenses 1,946,244 48,200 (36,520) 1,957,924 Other income (expense) Net realized and unrealized gains on investments 28,390 — (14,609) 13,781 Interest and dividend income 27,953 — (8,001) 19,952 Interest expense (105,057) — — (105,057) Other expense, net (19,911) — 438 (19,473) Net realized and unrealized gains on investments of the Consolidated Funds — 173,486 19,292 192,778 Interest and other income of the Consolidated Funds — 732,316 — 732,316 Interest expense of the Consolidated Funds — (629,695) 3,017 (626,678) Total other income (expense), net (68,625) 276,107 137 207,619 Income before taxes 633,414 227,907 14,158 875,479 Income tax expense 109,141 5,619 — 114,760 Net income 524,273 222,288 14,158 760,719 Less: Net income attributable to non-controlling interests in Consolidated Funds — 222,288 14,158 236,446 Net income attributable to Ares Operating Group entities 524,273 — — 524,273 Less: Net income attributable to redeemable interest in Ares Operating Group entities 1,005 — — 1,005 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 236,843 — — 236,843 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 286,425 $ — $ — $ 286,425 Nine months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,889,091 $ — $ (35,787) $ 1,853,304 Carried interest allocation 551,055 — (9,227) 541,828 Incentive fees 33,465 — (138) 33,327 Principal investment income 130,679 — (91,694) 38,985 Administrative, transaction and other fees 117,520 — (7,061) 110,459 Total revenues 2,721,810 — (143,907) 2,577,903 Expenses Compensation and benefits 1,095,833 — — 1,095,833 Performance related compensation 401,990 — — 401,990 General, administrative and other expense 501,746 — (406) 501,340 Expenses of the Consolidated Funds — 64,365 (36,194) 28,171 Total expenses 1,999,569 64,365 (36,600) 2,027,334 Other income (expense) Net realized and unrealized gains on investments 7,506 — (2,280) 5,226 Interest and dividend income 19,237 — (7,956) 11,281 Interest expense (76,800) — — (76,800) Other expense, net (1,583) — 515 (1,068) Net realized and unrealized gains on investments of the Consolidated Funds — 165,885 22,832 188,717 Interest and other income of the Consolidated Funds — 713,507 (515) 712,992 Interest expense of the Consolidated Funds — (543,684) 2,730 (540,954) Total other income (expense), net (51,640) 335,708 15,326 299,394 Income before taxes 670,601 271,343 (91,981) 849,963 Income tax expense 108,719 4,699 — 113,418 Net income 561,882 266,644 (91,981) 736,545 Less: Net income attributable to non-controlling interests in Consolidated Funds — 266,644 (91,981) 174,663 Net income attributable to Ares Operating Group entities 561,882 — — 561,882 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (332) — — (332) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 261,838 — — 261,838 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 300,376 $ — $ — $ 300,376
Schedule of Cash Flows	Nine months ended September 30, 2024 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 524,273 $ 222,288 $ 14,158 $ 760,719 Adjustments to reconcile net income to net cash provided by operating activities 543,839 — (114,742) 429,097 Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds — 854,632 (19,292) 835,340 Cash flows due to changes in operating assets and liabilities 221,389 — 37,000 258,389 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (121,365) (178,644) (300,009) Net cash provided by operating activities 1,289,501 955,555 (261,520) 1,983,536 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (82,203) — — (82,203) Acquisitions (13,683) — — (13,683) Net cash used in investing activities (95,886) — — (95,886) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 407,236 — — 407,236 Proceeds from Credit Facility 970,000 — — 970,000 Repayments of Credit Facility (1,395,000) — — (1,395,000) Dividends and distributions (969,360) — — (969,360) Stock option exercises 1,511 — — 1,511 Taxes paid related to net share settlement of equity awards (211,615) — — (211,615) Other financing activities 485 — — 485 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 473,091 71,203 544,294 Distributions to non-controlling interests in Consolidated Funds — (100,416) 23,914 (76,502) Borrowings under loan obligations by Consolidated Funds — 323,540 — 323,540 Repayments under loan obligations by Consolidated Funds — (1,504,344) — (1,504,344) Net cash used in financing activities (1,196,743) (808,129) 95,117 (1,909,755) Effect of exchange rate changes 4,992 18,977 — 23,969 Net change in cash and cash equivalents 1,864 166,403 (166,403) 1,864 Cash and cash equivalents, beginning of period 348,274 1,149,511 (1,149,511) 348,274 Cash and cash equivalents, end of period $ 350,138 $ 1,315,914 $ (1,315,914) $ 350,138 Supplemental disclosure of non-cash financing activities: Issuance of common stock in connection with acquisition-related activities $ 7,724 $ — $ — $ 7,724 Nine months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 561,882 $ 266,644 $ (91,981) $ 736,545 Adjustments to reconcile net income to net cash provided by (used in) operating activities 23,920 — 288,260 312,180 Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds — (926,076) (22,832) (948,908) Cash flows due to changes in operating assets and liabilities 139,111 — (3,451) 135,660 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 228,877 (137,563) 91,314 Net cash provided by (used in) operating activities 724,913 (430,555) 32,433 326,791 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (44,177) — — (44,177) Net cash used in investing activities (44,177) — — (44,177) Cash flows from financing activities: Proceeds from Credit Facility 735,000 — — 735,000 Repayments of Credit Facility (670,000) — — (670,000) Dividends and distributions (760,085) — — (760,085) Stock option exercises 80,426 — — 80,426 Taxes paid related to net share settlement of equity awards (145,421) — — (145,421) Other financing activities 902 — — 902 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 944,485 (208,541) 735,944 Distributions to non-controlling interests in Consolidated Funds — (72,375) 15,430 (56,945) Redemptions of redeemable interests in Consolidated Funds — (553,718) — (553,718) Borrowings under loan obligations by Consolidated Funds — 549,664 — 549,664 Repayments under loan obligations by Consolidated Funds — (257,370) — (257,370) Net cash provided by (used in) financing activities (759,178) 610,686 (193,111) (341,603) Effect of exchange rate changes 282 (19,453) — (19,171) Net change in cash and cash equivalents (78,160) 160,678 (160,678) (78,160) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 311,827 $ 885,319 $ (885,319) $ 311,827 Supplemental disclosure of non-cash financing activities: Issuance of common stock in connection with acquisition-related activities $ 116,101 $ — $ — $ 116,101 Issuance of common stock in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 765,095	$ 805,662
Foreign currency translation	2,615	1,126
Total finite-lived intangible assets	767,710	806,788
Less: accumulated amortization	(365,534)	(316,093)
Finite-lived intangible assets, net	402,176	490,695
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	969,976	1,058,495
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived management contracts	$ 567,800	567,800
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	3 years 10 months 24 days
Finite-lived intangible assets	$ 563,675	604,242
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	7 years 9 months 18 days
Finite-lived intangible assets	$ 200,920	200,920
Other
Finite-lived intangible assets, net
Weighted average amortization period	1 month 6 days
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 28,900,000		$ 31,000,000	$ 87,100,000	$ 95,000,000
Reallocation				0
Goodwill impairment	0		0	0	0
Secondaries Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation				0
From Private Equity Group To Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation		$ 55,700,000
Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Fully amortized intangibles, amount removed during the period				47,500,000
Management contracts \| Credit Group, Real Assets Group and Secondaries Group
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges	$ 8,900,000			$ 8,900,000
Client relationships \| Secondaries Group
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges			$ 65,700,000		$ 78,600,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,123,976
Acquisitions	7,395
Reallocation	0
Foreign currency translation	1,703
Goodwill, ending balance	1,133,074
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	256,679
Acquisitions	0
Reallocation	55,658
Foreign currency translation	1,694
Goodwill, ending balance	314,031
Real Assets Group
Goodwill [Roll Forward]
Goodwill, beginning balance	277,205
Acquisitions	6,710
Reallocation	0
Foreign currency translation	0
Goodwill, ending balance	283,915
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance	172,462
Acquisitions	685
Reallocation	(55,658)
Foreign currency translation	0
Goodwill, ending balance	117,489
Secondaries Group
Goodwill [Roll Forward]
Goodwill, beginning balance	417,630
Acquisitions	0
Reallocation	0
Foreign currency translation	9
Goodwill, ending balance	$ 417,639

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments
Equity method private investment partnership interests and other	$ 2,321	$ 6,287
Fixed income securities	592,023	631,644
Common stock, at fair value	479,709	499,063
Total investments	4,692,520	4,624,932
Partnership Interests
Investments
Equity method investments:	$ 4,479,905	$ 4,412,066
Percentage of total investments as of	95.50%	95.40%
Collateralized loan obligations and fixed income securities
Investments
Collateralized loan obligations	$ 109,993	$ 126,294
Percentage of total investments as of	2.30%	2.70%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 20,601	$ 20,799
Percentage of total investments as of	0.40%	0.40%
Fixed income securities
Investments
Fixed income securities	$ 89,392	$ 105,495
Percentage of total investments as of	1.90%	2.30%
Common stock, at fair value
Investments
Common stock, at fair value	$ 102,622	$ 86,572
Percentage of total investments as of	2.20%	1.90%
Equity method - carried interest
Investments
Equity method investments:	$ 3,486,892	$ 3,413,007
Percentage of total investments as of	74.40%	73.80%
Partnership Interests
Investments
Equity method investments:	$ 555,390	$ 535,292
Percentage of total investments as of	11.80%	11.60%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 379,408	$ 418,778
Percentage of total investments as of	8.10%	9%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 58,215	$ 44,989
Percentage of total investments as of	1.20%	1%

INVESTMENTS - Schedule of Equit

INVESTMENTS - Schedule of Equity Method Investments Net Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, All Other Investments [Abstract]
Total other income, net related to equity method investments	$ 8,093	$ 1,845	$ 51,633	$ 34,900

INVESTMENTS - Schedule of Equ_2

INVESTMENTS - Schedule of Equity Method Investment Held at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Equity method private investment partnership interests and other (held at fair value)	$ (5,542)	$ (7,462)	$ (3,494)	$ (1,426)

INVESTMENTS - Schedule of Inv_2

INVESTMENTS - Schedule of Investments of the Consolidated Funds (Details) - Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Investments
Total investments, at fair value	$ 13,854,352	$ 14,601,587
Fixed income investments:
Investments
Total investments, at fair value	$ 10,151,050	$ 11,718,445
Percentage of total investments	73.20%	80.30%
Fixed income investments: \| Loans and securitization vehicles
Investments
Total investments, at fair value	$ 9,120,015	$ 10,616,458
Percentage of total investments	65.80%	72.70%
Fixed income investments: \| Money market funds and U.S. treasury securities
Investments
Total investments, at fair value	$ 544,254	$ 523,038
Percentage of total investments	3.90%	3.60%
Fixed income investments: \| Bonds
Investments
Total investments, at fair value	$ 486,781	$ 578,949
Percentage of total investments	3.50%	4%
Partnership interests
Investments
Total investments, at fair value	$ 1,934,868	$ 1,642,489
Percentage of total investments	14%	11.20%
Equity securities
Investments
Total investments, at fair value	$ 1,768,434	$ 1,240,653
Percentage of total investments	12.80%	8.50%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	Sep. 30, 2024	Dec. 31, 2023
Consolidated Funds
Summary of Investment Holdings [Line Items]
Percent of total assets threshold	5%	5%

FAIR VALUE - Schedule of Assets

FAIR VALUE - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Consolidated Funds
Assets, at fair value
Common stock and other equity securities	$ 1,768,434	$ 1,240,653
Collateralized loan obligations and fixed income securities	10,151,050	11,718,445
Partnership interests	1,934,868	1,642,489
Total investments, at fair value	13,854,352	14,601,587
Total assets, at fair value	13,860,256	14,610,713
Liabilities, at fair value
Loan obligations of CLOs	(11,070,261)	(12,345,657)
Derivative liabilities	(7,959)	(10,782)
Total liabilities, at fair value	$ (11,078,220)	$ (12,356,439)
Derivative liability, statement of financial position	Liabilities	Liabilities
Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	$ 5,904	$ 9,126
Liabilities, at fair value
Derivative liabilities	(6,056)	(9,491)
Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	(1,903)	(1,291)
Consolidated Funds \| Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	9,120,015	10,616,458
Consolidated Funds \| Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	544,254	523,038
Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	486,781	578,949
Level I \| Consolidated Funds
Assets, at fair value
Common stock and other equity securities	33,709	47,503
Collateralized loan obligations and fixed income securities	544,254	523,038
Partnership interests	0	0
Total investments, at fair value	577,963	570,541
Total assets, at fair value	577,963	570,541
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	0	0
Total liabilities, at fair value	0	0
Level I \| Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Level I \| Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level I \| Consolidated Funds \| Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Level I \| Consolidated Funds \| Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	544,254	523,038
Level I \| Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Level II \| Consolidated Funds
Assets, at fair value
Common stock and other equity securities	3,162	2,750
Collateralized loan obligations and fixed income securities	8,848,840	10,455,294
Partnership interests	0	0
Total investments, at fair value	8,852,002	10,458,044
Total assets, at fair value	8,857,906	10,467,170
Liabilities, at fair value
Loan obligations of CLOs	(11,070,261)	(12,345,657)
Derivative liabilities	(6,056)	(9,491)
Total liabilities, at fair value	(11,076,317)	(12,355,148)
Level II \| Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	5,904	9,126
Liabilities, at fair value
Derivative liabilities	(6,056)	(9,491)
Level II \| Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level II \| Consolidated Funds \| Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	8,362,059	9,879,915
Level II \| Consolidated Funds \| Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Level II \| Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	486,781	575,379
Level III \| Consolidated Funds
Assets, at fair value
Common stock and other equity securities	1,731,563	1,190,400
Collateralized loan obligations and fixed income securities	757,956	740,113
Partnership interests	0	0
Total investments, at fair value	2,489,519	1,930,513
Total assets, at fair value	2,489,519	1,930,513
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	(1,903)	(1,291)
Total liabilities, at fair value	(1,903)	(1,291)
Level III \| Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Level III \| Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	(1,903)	(1,291)
Level III \| Consolidated Funds \| Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	757,956	736,543
Level III \| Consolidated Funds \| Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Level III \| Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	3,570
Investments Measured at NAV \| Consolidated Funds
Assets, at fair value
Common stock and other equity securities	0	0
Collateralized loan obligations and fixed income securities	0	0
Partnership interests	1,934,868	1,642,489
Total investments, at fair value	1,934,868	1,642,489
Total assets, at fair value	1,934,868	1,642,489
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	0	0
Total liabilities, at fair value	0	0
Investments Measured at NAV \| Consolidated Funds \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Investments Measured at NAV \| Consolidated Funds \| Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Investments Measured at NAV \| Consolidated Funds \| Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Investments Measured at NAV \| Consolidated Funds \| Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Investments Measured at NAV \| Consolidated Funds \| Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	479,709	499,063
Partnership interests	2,321	6,287
Total investments, at fair value	592,023	631,644
Total assets, at fair value	592,775	632,773
Liabilities, at fair value
Total liabilities, at fair value	(3,162)	(2,645)
Ares Management L.P \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	752	1,129
Liabilities, at fair value
Derivative liabilities	(3,162)	(2,645)
Ares Management L.P \| Collateralized loan obligations and fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	109,993	126,294
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
Total liabilities, at fair value	0	0
Ares Management L.P \| Level I \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Ares Management L.P \| Level I \| Collateralized loan obligations and fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P \| Level II
Assets, at fair value
Common stock and other equity securities	102,622	86,572
Partnership interests	0	0
Total investments, at fair value	102,622	86,572
Total assets, at fair value	103,374	87,701
Liabilities, at fair value
Total liabilities, at fair value	(3,162)	(2,645)
Ares Management L.P \| Level II \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	752	1,129
Liabilities, at fair value
Derivative liabilities	(3,162)	(2,645)
Ares Management L.P \| Level II \| Collateralized loan obligations and fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P \| Level III
Assets, at fair value
Common stock and other equity securities	377,087	412,491
Partnership interests	0	0
Total investments, at fair value	487,080	538,785
Total assets, at fair value	487,080	538,785
Liabilities, at fair value
Total liabilities, at fair value	0	0
Ares Management L.P \| Level III \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Ares Management L.P \| Level III \| Collateralized loan obligations and fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	109,993	126,294
Ares Management L.P \| Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	2,321	6,287
Total investments, at fair value	2,321	6,287
Total assets, at fair value	2,321	6,287
Liabilities, at fair value
Total liabilities, at fair value	0	0
Ares Management L.P \| Investments Measured at NAV \| Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Ares Management L.P \| Investments Measured at NAV \| Collateralized loan obligations and fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	$ 0	$ 0

FAIR VALUE - Schedule of Change

FAIR VALUE - Schedule of Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 2,388,736	$ 1,711,503	$ 1,929,222	$ 1,965,647
Transfer in (out) due to changes in consolidated				380,688
Transfer in	143,738	64,227	199,112	192,359
Transfer out	(228,049)	(185,688)	(305,922)	(590,319)
Purchases	386,867	215,616	1,193,728	828,604
Sales/settlements	(213,600)	(167,541)	(586,088)	(502,927)
Realized and unrealized appreciation (depreciation), net	9,924	23,359	57,564	148,800
Balance, end of period	2,487,616	1,661,476	2,487,616	1,661,476
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ 8,653	$ (4,781)	$ 57,410	$ 112,580
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments
Consolidated Funds \| Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,586,854	$ 1,066,065	$ 1,190,400	$ 730,880
Transfer in (out) due to changes in consolidated				2,076
Transfer in	0	848	0	0
Transfer out	(508)	(36,064)	(35)	(36,681)
Purchases	136,313	65,220	482,424	295,030
Sales/settlements	(111)	(2,364)	(111)	(2,490)
Realized and unrealized appreciation (depreciation), net	9,015	17,888	58,885	126,930
Balance, end of period	1,731,563	1,111,593	1,731,563	1,111,593
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	9,300	17,950	60,995	127,001
Consolidated Funds \| Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	803,497	648,131	740,113	869,668
Transfer in (out) due to changes in consolidated				4,563
Transfer in	143,738	63,379	199,112	192,359
Transfer out	(227,541)	(149,624)	(305,887)	(553,638)
Purchases	250,554	150,370	711,190	484,574
Sales/settlements	(213,489)	(165,177)	(585,977)	(451,426)
Realized and unrealized appreciation (depreciation), net	1,197	4,949	(595)	15,054
Balance, end of period	757,956	552,028	757,956	552,028
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(425)	(23,157)	(2,921)	(15,704)
Consolidated Funds \| Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(1,615)	(2,693)	(1,291)	(3,556)
Transfer in (out) due to changes in consolidated				0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	0	26	114	0
Sales/settlements	0	0	0	(122)
Realized and unrealized appreciation (depreciation), net	(288)	522	(726)	1,533
Balance, end of period	(1,903)	(2,145)	(1,903)	(2,145)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(222)	426	(664)	1,283
Consolidated Funds \| Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period				368,655
Transfer in (out) due to changes in consolidated				374,049
Transfer in				0
Transfer out				0
Purchases				49,000
Sales/settlements				(48,889)
Realized and unrealized appreciation (depreciation), net				5,283
Balance, end of period		0		0
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date				0
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	471,817	239,148	538,785	198,719
Transfer in			60,917
Transfer out			(37,587)
Purchases	19,099	1,506	286,452	41,732
Sales/settlements	(1,337)	(1,397)	(363,642)	(4,610)
Realized and unrealized appreciation (depreciation), net	(2,499)	(9,130)	2,155	(5,714)
Balance, end of period	487,080	230,127	487,080	230,127
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(2,823)	(9,130)	715	(5,714)
Ares Management L.P \| Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	379,443	165,371	412,491	121,785
Transfer in			0
Transfer out			(37,587)
Purchases	859	7	2,539	38,267
Sales/settlements	1,093	(350)	(1,478)	(1,186)
Realized and unrealized appreciation (depreciation), net	(4,308)	(10,116)	1,122	(3,954)
Balance, end of period	377,087	154,912	377,087	154,912
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(5,041)	(10,116)	(1,260)	(4,167)
Ares Management L.P \| Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	92,374	73,777	126,294	76,934
Transfer in			60,917
Transfer out			0
Purchases	18,240	1,499	283,913	3,465
Sales/settlements	(2,430)	(1,047)	(362,164)	(3,424)
Realized and unrealized appreciation (depreciation), net	1,809	986	1,033	(1,760)
Balance, end of period	109,993	75,215	109,993	75,215
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ 2,218	$ 986	$ 1,975	$ (1,547)

FAIR VALUE - Schedule of Quanti

FAIR VALUE - Schedule of Quantitative Inputs and Assumptions used for Level III Inputs (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Level III \| Discounted cash flow
Assets
Equity securities		$ 154,460
Level III \| Discounted cash flow \| Discount rate \| Minimum
Significant Unobservable Input(s)
Equity securities		20
Level III \| Discounted cash flow \| Discount rate \| Maximum
Significant Unobservable Input(s)
Equity securities		0.300
Level III \| Discounted cash flow \| Discount rate \| Weighted Average
Significant Unobservable Input(s)
Equity securities		25
Consolidated Funds
Assets
Equity securities	$ 1,768,434	$ 1,240,653
Fixed income investments	10,151,050	11,718,445
Total assets, at fair value	13,860,256	14,610,713
Liabilities
Derivative instruments	(7,959)	(10,782)
Total liabilities, at fair value	(11,078,220)	(12,356,439)
Consolidated Funds \| Level III
Assets
Equity securities	1,731,563	1,190,400
Fixed income investments	757,956	740,113
Total assets, at fair value	2,489,519	1,930,513
Liabilities
Derivative instruments	(1,903)	(1,291)
Total liabilities, at fair value	(1,903)	(1,291)
Consolidated Funds \| Level III \| Market approach \| Equity Securities One
Assets
Equity securities	793,106	537,733
Consolidated Funds \| Level III \| Market approach \| Equity Securities Two
Assets
Equity securities	22,636	3,909
Consolidated Funds \| Level III \| Market approach \| Fixed Income Investments One
Assets
Fixed income investments	253,514	188,322
Consolidated Funds \| Level III \| Market approach \| Fixed Income Investments Two
Assets
Fixed income investments	$ 2,363	$ 2,974
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Minimum \| Equity Securities One
Significant Unobservable Input(s)
Equity securities	1	1
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Maximum \| Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.7	1.7
Consolidated Funds \| Level III \| Market approach \| Multiple of book value \| Weighted Average \| Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.4	1.3
Consolidated Funds \| Level III \| Market approach \| Yield \| Minimum \| Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments	0.060	0.083
Consolidated Funds \| Level III \| Market approach \| Yield \| Maximum \| Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments	0.232	0.241
Consolidated Funds \| Level III \| Market approach \| Yield \| Weighted Average \| Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments	0.103	0.122
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Minimum \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities	1	4.5
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Minimum \| Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments	5	4.5
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Maximum \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities	34.6	32.4
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Maximum \| Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments	34.6	32.4
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Weighted Average \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities	14.4	8.9
Consolidated Funds \| Level III \| Market approach \| EBITDA multiple \| Weighted Average \| Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments	10.8	9
Consolidated Funds \| Level III \| Discounted cash flow
Assets
Equity securities	$ 914,196	$ 648,581
Fixed income investments		$ 104
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rate
Significant Unobservable Input(s)
Fixed income investments		0.123
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rate \| Minimum
Significant Unobservable Input(s)
Equity securities	0.100	0.100
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rate \| Maximum
Significant Unobservable Input(s)
Equity securities	0.187	0.160
Consolidated Funds \| Level III \| Discounted cash flow \| Discount rate \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.130	13
Fixed income investments		0.123
Consolidated Funds \| Level III \| Transaction Price
Assets
Equity securities	$ 871
Consolidated Funds \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Fixed income investments	502,042	$ 548,264
Liabilities
Derivative instruments	(1,903)	(1,291)
Consolidated Funds \| Level III \| Other
Assets
Equity securities	754	177
Fixed income investments	37	449
Ares Management L.P
Assets
Equity securities	479,709	499,063
Total assets, at fair value	592,775	632,773
Liabilities
Total liabilities, at fair value	(3,162)	(2,645)
Ares Management L.P \| Level III
Assets
Equity securities	377,087	412,491
Total assets, at fair value	487,080	538,785
Liabilities
Total liabilities, at fair value	0	0
Ares Management L.P \| Level III \| Market approach
Assets
Equity securities	100,000
Fixed income investments	88,542
Ares Management L.P \| Level III \| Market approach \| Equity Securities One
Assets
Equity securities	123,859	118,846
Ares Management L.P \| Level III \| Market approach \| Equity Securities Two
Assets
Equity securities	$ 7,220	$ 6,447
Ares Management L.P \| Level III \| Market approach \| Multiple of book value \| Minimum \| Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.4	1.3
Ares Management L.P \| Level III \| Market approach \| Multiple of book value \| Maximum \| Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.5	1.6
Ares Management L.P \| Level III \| Market approach \| Multiple of book value \| Weighted Average \| Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.4	1.5
Ares Management L.P \| Level III \| Market approach \| Yield
Significant Unobservable Input(s)
Equity securities	0.080
Ares Management L.P \| Level III \| Market approach \| Yield \| Minimum
Significant Unobservable Input(s)
Fixed income investments	0.100
Ares Management L.P \| Level III \| Market approach \| Yield \| Maximum
Significant Unobservable Input(s)
Fixed income investments	0.120
Ares Management L.P \| Level III \| Market approach \| Yield \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.080
Fixed income investments	0.110
Ares Management L.P \| Level III \| Market approach \| Earnings multiple \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities	15.4
Ares Management L.P \| Level III \| Market approach \| Earnings multiple \| Weighted Average \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities	15.4
Ares Management L.P \| Level III \| Market approach \| Enterprise value / Earnings multiple \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities		15.4
Ares Management L.P \| Level III \| Market approach \| Enterprise value / Earnings multiple \| Weighted Average \| Equity Securities Two
Significant Unobservable Input(s)
Equity securities		15.4
Ares Management L.P \| Level III \| Discounted cash flow
Assets
Equity securities	$ 112,565
Ares Management L.P \| Level III \| Discounted cash flow \| Discount rate \| Minimum
Significant Unobservable Input(s)
Equity securities	0.185
Ares Management L.P \| Level III \| Discounted cash flow \| Discount rate \| Maximum
Significant Unobservable Input(s)
Equity securities	0.300
Ares Management L.P \| Level III \| Discounted cash flow \| Discount rate \| Weighted Average
Significant Unobservable Input(s)
Equity securities	0.250
Ares Management L.P \| Level III \| Transaction Price
Assets
Equity securities		$ 100,000
Fixed income investments		83,000
Ares Management L.P \| Level III \| Broker quotes and/or 3rd party pricing services
Assets
Fixed income investments	$ 20,601	20,799
Ares Management L.P \| Level III \| Other
Assets
Equity securities	33,444	32,738
Fixed income investments	$ 849	$ 22,495

FAIR VALUE - Schedule of Invest

FAIR VALUE - Schedule of Investments Using NAV per Share (Details) - Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
FAIR VALUE
Investments (held at fair value)	$ 1,934,868	$ 1,642,489
Investments Measured at NAV
FAIR VALUE
Investments (held at fair value)	1,934,868	1,642,489
Investments Measured at NAV \| Non-core investments
FAIR VALUE
Investments (held at fair value)	1,934,868	1,642,489
Unfunded commitments	$ 1,000,749	$ 738,621

DEBT - Schedule of Debt Obligat

DEBT - Schedule of Debt Obligations (Details) - Ares Management L.P - USD ($) $ in Thousands	1 Months Ended					9 Months Ended	24 Months Ended
	Nov. 30, 2023	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Sep. 30, 2024	Jun. 30, 2025	Mar. 28, 2024	Mar. 27, 2024	Dec. 31, 2023
DEBT
Carrying Value						$ 2,542,358				$ 2,965,480
Credit Facility
DEBT
Carrying Value						$ 470,000				$ 895,000
Interest Rate						5.90%				6.37%
Unused commitment fees						0.10%
Credit Facility \| Forecast
DEBT
Interest rate spread							0.05%
Unused commitment fees							0.01%
Credit Facility \| Minimum
DEBT
Interest rate						0%
Credit Facility \| SOFR
DEBT
Interest rate spread						1%
Credit Facility \| Revolving Credit Facility
DEBT
Maximum borrowing capacity								$ 1,400,000
Credit Facility \| Revolving Credit Facility \| Line of Credit
DEBT
Maximum borrowing capacity								$ 600,000	$ 1,325,000
Senior Notes 2024
DEBT
Original Borrowing Amount						$ 250,000
Carrying Value						$ 249,990				$ 249,427
Interest Rate						4.21%				4.21%
Debt issuance rate					98.27%
Senior Notes 2028
DEBT
Original Borrowing Amount						$ 500,000
Carrying Value						$ 495,401				$ 494,863
Interest Rate						6.42%				6.42%
Debt issuance rate	99.80%
Senior Notes 2030
DEBT
Original Borrowing Amount						$ 400,000
Carrying Value						$ 397,388				$ 397,050
Interest Rate						3.28%				3.28%
Debt issuance rate				99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount						$ 500,000
Carrying Value						$ 484,500				$ 484,199
Interest Rate						3.77%				3.77%
Debt issuance rate		97.78%
Subordinated Notes 2051
DEBT
Original Borrowing Amount						$ 450,000
Carrying Value						$ 445,079				$ 444,941
Interest Rate						4.13%				4.13%
Interest rate			4.125%
Debt term			5 years
Subordinated Notes 2051 \| US Treasury
DEBT
Interest rate			3.237%

DEBT - Schedule of Debt Issuanc

DEBT - Schedule of Debt Issuance Costs (Details) - Ares Management L.P $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 4,213
Debt issuance costs incurred	1,832
Amortization of debt issuance costs	(901)
Unamortized debt issuance costs, ending balance	5,144
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	11,784
Debt issuance costs incurred	292
Amortization of debt issuance costs	(1,282)
Unamortized debt issuance costs, ending balance	10,794
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,059
Debt issuance costs incurred	0
Amortization of debt issuance costs	(138)
Unamortized debt issuance costs, ending balance	$ 4,921

DEBT - Schedule of Loan Obligat

DEBT - Schedule of Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds - Loan obligations of Consolidated CLOs - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
DEBT
Fair Value of Loan Obligations	$ 11,070,261	$ 12,345,657
Senior secured notes
DEBT
Fair Value of Loan Obligations	$ 10,328,010	$ 11,606,289
Weighted Average Interest Rate	6.64%	6.64%
Weighted Average Remaining Maturity (in years)	7 years 10 months 24 days	8 years 2 months 12 days
Subordinated notes
DEBT
Fair Value of Loan Obligations	$ 742,251	$ 739,368
Weighted Average Remaining Maturity (in years)	5 years 9 months 18 days	6 years 10 months 24 days

DEBT - Schedule of Credit Facil

DEBT - Schedule of Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
DEBT
Total borrowings of Consolidated Funds	$ 273,000	$ 125,241
Credit Facility Maturing 7/1/2024
DEBT
Total Capacity	18,000
Outstanding loan		$ 15,241
Effective Rate		6.88%
Credit Facility Maturing 9/25/2025
DEBT
Total Capacity	150,000
Outstanding loan	$ 121,000
Effective Rate	8%
Credit Facility Maturing 9/24/2026
DEBT
Total Capacity	$ 150,000
Outstanding loan	$ 0	$ 0
Effective Rate	0%
Credit Facility Maturing 6/26/2027
DEBT
Total Capacity	$ 200,000
Outstanding loan	$ 152,000	$ 110,000
Effective Rate	8.15%	8.29%
Credit Facility Maturing 9/12/2027
DEBT
Total Capacity	$ 54,000
Outstanding loan	$ 0	$ 0
Effective Rate	0%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	3 Months Ended			9 Months Ended
COMMITMENTS AND CONTINGENCIES - Narrative (Details)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2022 infrastructureDebtFund	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 1,178,400,000			$ 1,178,400,000		$ 1,030,600,000
Maximum exposure from guarantees	1,100,000			1,100,000		122,300,000
Carried interest, contingent repayment obligations	$ 0			$ 0		0
Minimum
COMMITMENTS AND CONTINGENCIES
Lease terms	1 year			1 year
Maximum
COMMITMENTS AND CONTINGENCIES
Lease terms	19 years			19 years
Performance income
COMMITMENTS AND CONTINGENCIES
Performance income subject to potential clawback provision	$ 70,000,000			$ 70,000,000		78,500,000
Performance income subject to potential claw back provision that are reimbursable by professionals	47,800,000			47,800,000		54,500,000
Crescent Point Capital
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	75,000,000			$ 75,000,000
Business combination, percentage				33%
Business combination equity awards percentage				67%
Contingent liability	75,000,000			$ 75,000,000		75,000,000
Management incentive program, amount accrued	20,000,000			20,000,000		5,000,000
Compensation expense	5,000,000			15,000,000
Infrastructure Debt Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	15,000,000			$ 15,000,000			$ 48,500,000
Business combination, percentage				15%
Business combination equity awards percentage				85%
Contingent liability	13,600,000			$ 13,600,000		13,600,000
Management incentive program, amount accrued	5,800,000			5,800,000		$ 4,400,000
Compensation expense	$ 400,000	$ 600,000		$ 1,400,000	$ 1,800,000
Recognition period				4 years
Infrastructure Debt Acquisition \| Revenue Target
COMMITMENTS AND CONTINGENCIES
Number of infrastructure debt funds revenue targets achieved \| infrastructureDebtFund			1

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2024 USD ($)
As of September 30, 2024
2024	$ 11,646
2025	57,292
2026	55,053
2027	45,612
2028	58,612
Thereafter	592,526
Total future payments	820,741
Less: interest	285,055
Total operating lease liabilities	$ 535,686

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Schedule of Classification of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 16,920	$ 10,135	$ 47,505	$ 32,434

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental information on the measurement of operating lease liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Supplemental information on the measurement of operating lease liabilities
Operating cash flows for operating leases	$ 41,740	$ 32,733
Leased assets obtained in exchange for new operating lease liabilities	$ 210,551	$ 166,941

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Term and Discount Rate (Details)	Sep. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms (in years)	13 years 2 months 12 days	8 years 4 months 24 days
Weighted-average discount rate	5.60%	4.30%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Consolidated Funds \| Affiliated entity
Due to affiliates:
Due to affiliates	$ 0	$ 3,554
Consolidated Funds \| Affiliated entity \| Amounts due to portfolio companies and non-consolidated funds
Due to affiliates:
Due to affiliates	0	3,554
Ares Management L.P
Due from affiliates:
Due from affiliates	870,779	896,746
Due to affiliates:
Due to affiliates	416,041	240,254
Ares Management L.P \| Affiliated entity
Due from affiliates:
Due from affiliates	870,779	896,746
Due to affiliates:
Due to affiliates	416,041	240,254
Ares Management L.P \| Affiliated entity \| Management fees receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	596,288	560,629
Ares Management L.P \| Affiliated entity \| Incentive fee receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	46,388	159,098
Ares Management L.P \| Affiliated entity \| Payments made on behalf of and amounts due from non-consolidated funds and employees
Due from affiliates:
Due from affiliates	228,103	177,019
Ares Management L.P \| Affiliated entity \| Management fee received in advance and rebates payable to non-consolidated funds
Due to affiliates:
Due to affiliates	9,159	9,585
Ares Management L.P \| Affiliated entity \| Tax receivable agreement liability
Due to affiliates:
Due to affiliates	353,899	191,299
Ares Management L.P \| Affiliated entity \| Carried interest and incentive fees payable
Due to affiliates:
Due to affiliates	45,361	33,374
Ares Management L.P \| Affiliated entity \| Payments made by non-consolidated funds on behalf of and payable by the Company
Due to affiliates:
Due to affiliates	$ 7,622	$ 5,996

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income tax expense	$ 46,453	$ 29,898	$ 114,760	$ 113,418

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Deferred tax asset	$ 203.3	$ 21.5
Consolidated Entity, Excluding VIE
Income Tax Contingency [Line Items]
Deferred tax liability, net	$ 6.8

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
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	$ 118,460			$ 61,823	$ 286,425	$ 300,376
Distributions on unvested restricted units	$ (7,829)			(5,337)	(22,692)	(15,969)
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.93	$ 0.93	$ 0.93
Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 118,460			61,823	286,425	300,376
Distributions on unvested restricted units	(7,829)			(5,337)	(22,692)	(15,969)
Net income available to Class A and non-voting common stockholders	110,631			56,486	263,733	$ 284,407
Diluted weighted-average shares of Class A and non-voting common stock (in shares)						182,757,955
Class A Common Stock and Non-Voting Common Stock
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	118,460			61,823	286,425	$ 300,376
Dividends declared and paid on Class A and non-voting common stock	(187,696)			(144,623)	(553,867)	(425,263)
Dividends in excess of earnings available to Class A and non-voting common stockholders	$ (77,065)			$ (88,137)	$ (290,134)	$ (140,856)
Basic weighted-average shares of Class A and non-voting common stock (in shares)	200,724,068			186,218,638	196,526,832	182,757,955
Dividends in excess of earnings per share of Class A and non-voting common stock (in dollars per share)	$ (0.38)			$ (0.47)	$ (1.48)	$ (0.77)
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	0.93			0.77	2.79	2.31
Basic earnings per share of Class A and non-voting common stock (in dollars per share)	$ 0.55			$ 0.30	$ 1.31	$ 1.54
Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 118,460			$ 61,823	$ 286,425	$ 300,376
Diluted weighted-average shares of Class A and non-voting common stock (in shares)	200,724,068			186,218,638	196,526,832	182,757,955
Diluted earnings per share of Class A and non-voting common stock (in dollars per share)	$ 0.55			$ 0.30	$ 1.31	$ 1.54

EQUITY COMPENSATION - Narrative

EQUITY COMPENSATION - Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Jan. 01, 2024
Equity compensation
Net cash proceeds from exercises of stock options	$ 1.5
Tax benefits of exercises	$ 1.4
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)	2,200,000	2,100,000
Restricted units
Equity compensation
Shares delivered in period (in shares)	4,000,000	3,600,000
Unrecognized compensation expenses	$ 984.1
Weighted average period of compensation expense expected to be recognized	3 years 7 months 6 days
Restricted units \| Tranche I
Equity compensation
Annual award vesting percentage	33.33%
Restricted units \| Tranche II
Equity compensation
Annual award vesting percentage	33.33%
Restricted units \| Tranche III
Equity compensation
Annual award vesting percentage	33.33%
Options
Equity compensation
Shares purchased (in shares)	1
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	62,694,495		69,122,318

EQUITY COMPENSATION - Equity In

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted units
Equity compensation
Equity compensation expense	$ 85,613	$ 61,976	$ 266,267	$ 193,509

EQUITY COMPENSATION - Schedule

EQUITY COMPENSATION - Schedule of Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Dividends per share (in dollars per shares)	$ 0.93	$ 0.93	$ 0.93
Dividend declared (in dollars per share)	$ 0.93	$ 0.93	$ 0.93
Dividend Equivalents Paid	$ 16,242	$ 16,008	$ 16,294

EQUITY COMPENSATION - Schedul_2

EQUITY COMPENSATION - Schedule of Unvested Restricted Units Activity (Details) - Restricted units	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Restricted Units
Balance at the beginning of the period (in shares) \| shares	17,359,829
Granted (in shares) \| shares	5,087,137
Vested (in shares) \| shares	(3,961,789)
Forfeited (in shares) \| shares	(386,314)
Balance at the end of the period (in shares) \| shares	18,098,863
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 59.20
Granted (in dollars per share) \| $ / shares	124.08
Vested (in dollars per share) \| $ / shares	51.98
Forfeited (in dollars per share) \| $ / shares	85.07
Balance at the end of the period (in dollars per share) \| $ / shares	$ 78.45

EQUITY COMPENSATION - Schedul_3

EQUITY COMPENSATION - Schedule of Unvested Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Options
Balance at the beginning of the period (in shares)	79,524
Exercised (in shares)	(79,524)
Balance at the end of the period (in shares)	0	79,524
Options, Exercisable at the end of the period (in shares)	0
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per shares)	$ 19
Exercised (in dollars per shares)	19
Balance at the end of the period (in dollars per shares)	0	$ 19
Weighted average exercise price, Exercisable at the end of the period (in dollars per shares)	$ 0
Weighted Average Remaining Life (in years)
Weighted average remaining life	0 years	3 months 18 days
Exercisable at the end of the period	0 years
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 0	$ 7,946
Exercisable	$ 0

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended	9 Months Ended
	Jul. 11, 2024	Jun. 12, 2024	Jul. 11, 2024	Sep. 30, 2024	Sep. 30, 2023	Jan. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				307,585,576
Exchanges of common stocks (in shares)				0
Stock option exercises (in shares)				79,524
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				2,224,962
Ending balance (in shares)				313,000,741
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)				3,110,679
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)				$ 0.01			$ 0.01
Authorized amount						$ 150
Repurchase of stock (in shares)				0	0
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)				187,069,907
Exchanges of common stocks (in shares)				5,912,781
Stock option exercises (in shares)				79,524
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				2,224,962
Ending balance (in shares)				198,334,674
Class A Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)				3,047,500
Class A Common Stock \| Underwritten
Class of Stock [Line Items]
Number of shares sold (in shares)	397,500	2,650,000
Option to purchase additional shares, number of days	30 days
Proceeds from issuance of stock			$ 407.2
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)				3,489,911
Exchanges of common stocks (in shares)				0
Stock option exercises (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 \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (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
Exchanges of common stocks (in shares)				0
Stock option exercises (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
Issuance of common stock (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)				117,024,758
Exchanges of common stocks (in shares)				(5,912,781)
Stock option exercises (in shares)				0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)				0
Ending balance (in shares)				111,175,156
Class C Common Stock \| Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)				63,179

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
AOG units (in shares)	312,999,741		312,999,741		307,584,576
Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	100%		100%		100%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG units (in shares)	111,175,156		111,175,156		117,024,758
Ares Owners Holdings, L.P. \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	35.52%		35.52%		38.05%
Daily Average Ownership	35.86%	38.97%	36.77%	39.48%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	201,824,585		201,824,585		190,559,818
Ares Operating Group \| Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	64.48%		64.48%		61.95%
Daily Average Ownership	64.14%	61.03%	63.23%	60.52%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 23,178	$ 23,612	$ 24,098	$ 23,176	$ 22,517	$ 21,942	$ 93,129
Changes in ownership interests and related tax benefits							(66,506)
Net income (loss)	1,319	(387)	73	558	758	734	(1,824)
Currency translation adjustment, net of tax	614	(47)	(257)	364	(99)	(159)	(148)
Equity compensation							174
Distributions			(302)				(2,883)
Ending balance	25,111	23,178	23,612	24,098	23,176	22,517	21,942
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	536,746	529,787	522,938	1,002,587	1,000,749	484,801	1,013,282
Change in redemption value	7,408	6,959	6,849	12,507	16,571	15,948	10,504
Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”)				(492,156)	(14,733)		(538,985)
Gross proceeds from the initial public offering of AAC II						500,000
Ending balance	$ 544,154	$ 536,746	$ 529,787	$ 522,938	$ 1,002,587	$ 1,000,749	$ 484,801
Ares Acquisition Corporation II \| Class A Common Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity, shares outstanding (in shares)	50,000,000			50,000,000

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Financial Results for Company's Operating Segments and OMG (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment reporting
Total revenues	$ 1,129,739	$ 671,255	$ 2,625,784	$ 2,577,903
Compensation and benefits	(435,876)	(367,502)	(1,268,685)	(1,095,833)
General, administrative and other expenses	197,019	211,842	537,379	501,340
Total
Segment reporting
Compensation and benefits	(360,013)	(291,571)	(980,181)	(859,530)
General, administrative and other expenses	125,787	99,806	367,144	290,569
Fee related earnings	339,311	274,232	965,497	795,015
Performance income—realized	22,108	17,797	154,931	189,568
Performance related compensation—realized	(13,234)	(10,504)	(95,386)	(133,472)
Realized net performance income	8,874	7,293	59,545	56,096
Investment income (loss)—realized	3,848	(4,031)	4,557	13,852
Interest and other investment income—realized	16,456	12,934	66,528	42,792
Interest expense	(29,733)	(25,975)	(105,057)	(76,800)
Realized net investment income (loss)	(9,429)	(17,072)	(33,972)	(20,156)
Realized income	338,756	264,453	991,070	830,955
Operating segment
Segment reporting
Fee related earnings	(492,294)	(411,322)	(1,405,584)	(1,186,234)
Performance income—realized	22,108	17,797	154,931	189,568
Performance related compensation—realized	(13,234)	(10,504)	(95,386)	(133,472)
Realized income	(491,378)	(401,452)	(1,429,849)	(1,221,884)
OMG
Segment reporting
Compensation and benefits	(102,112)	(90,347)	(294,639)	(261,325)
General, administrative and other expenses	56,124	52,460	160,514	148,099
Fee related earnings	(152,983)	(137,090)	(440,087)	(391,219)
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—realized	496	114	1,588	350
Interest expense	(135)	(23)	(280)	(60)
Realized net investment income (loss)	361	91	1,308	290
Realized income	(152,622)	(136,999)	(438,779)	(390,929)
Ares Management L.P
Segment reporting
Total revenues	1,129,739	671,255	2,625,784	2,577,903
Ares Management L.P \| Operating segment
Segment reporting
Compensation and benefits	(257,901)	(201,224)	(685,542)	(598,205)
General, administrative and other expenses	69,663	47,346	206,630	142,470
Fee related earnings	492,294	411,322	1,405,584	1,186,234
Performance income—realized	22,108	17,797	154,931	189,568
Performance related compensation—realized	(13,234)	(10,504)	(95,386)	(133,472)
Realized net performance income	8,874	7,293	59,545	56,096
Investment income (loss)—realized	3,848	(4,031)	4,557	13,852
Interest and other investment income—realized	15,960	12,820	64,940	42,442
Interest expense	(29,598)	(25,952)	(104,777)	(76,740)
Realized net investment income (loss)	(9,790)	(17,163)	(35,280)	(20,446)
Realized income	491,378	401,452	1,429,849	1,221,884
Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Compensation and benefits	(179,987)	(131,172)	(457,494)	(382,929)
General, administrative and other expenses	41,046	28,093	116,022	82,345
Fee related earnings	388,698	318,590	1,109,396	910,836
Performance income—realized	6,192	12,223	121,214	106,162
Performance related compensation—realized	(3,451)	(7,181)	(73,127)	(68,792)
Realized net performance income	2,741	5,042	48,087	37,370
Investment income (loss)—realized	916	1,475	(1)	19,546
Interest and other investment income—realized	7,083	5,601	23,609	21,058
Interest expense	(7,625)	(5,825)	(25,412)	(23,072)
Realized net investment income (loss)	374	1,251	(1,804)	17,532
Realized income	391,813	324,883	1,155,679	965,738
Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Compensation and benefits	(42,360)	(37,608)	(119,403)	(116,232)
General, administrative and other expenses	14,118	10,318	43,857	33,465
Fee related earnings	56,518	51,136	154,679	160,716
Performance income—realized	15,441	5,589	24,324	14,412
Performance related compensation—realized	(9,403)	(3,338)	(15,134)	(8,764)
Realized net performance income	6,038	2,251	9,190	5,648
Investment income (loss)—realized	2,003	(875)	1,671	(4,196)
Interest and other investment income—realized	1,971	3,148	1,280	7,362
Interest expense	(4,511)	(3,985)	(17,189)	(11,987)
Realized net investment income (loss)	(537)	(1,712)	(14,238)	(8,821)
Realized income	62,019	51,675	149,631	157,543
Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Compensation and benefits	(13,877)	(13,145)	(42,737)	(43,184)
General, administrative and other expenses	4,576	3,470	15,282	11,556
Fee related earnings	16,540	13,614	46,365	35,966
Performance income—realized	475	(15)	9,032	63,534
Performance related compensation—realized	(380)	15	(7,235)	(51,238)
Realized net performance income	95	0	1,797	12,296
Investment income (loss)—realized	197	(4,631)	505	(1,668)
Interest and other investment income—realized	333	214	794	571
Interest expense	(4,862)	(4,313)	(16,519)	(14,237)
Realized net investment income (loss)	(4,332)	(8,730)	(15,220)	(15,334)
Realized income	12,303	4,884	32,942	32,928
Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Compensation and benefits	(14,432)	(16,066)	(47,971)	(46,101)
General, administrative and other expenses	8,464	4,541	26,428	12,984
Fee related earnings	27,754	24,518	87,000	71,262
Performance income—realized	0	0	361	5,460
Performance related compensation—realized	0	0	110	(4,678)
Realized net performance income	0	0	471	782
Investment income (loss)—realized	0	0	0	0
Interest and other investment income—realized	96	552	454	1,959
Interest expense	(2,191)	(2,020)	(7,467)	(6,776)
Realized net investment income (loss)	(2,095)	(1,468)	(7,013)	(4,817)
Realized income	25,659	23,050	80,458	67,227
Ares Management L.P \| Operating segment \| Other
Segment reporting
Compensation and benefits	(7,245)	(3,233)	(17,937)	(9,759)
General, administrative and other expenses	1,459	924	5,041	2,120
Fee related earnings	2,784	3,464	8,144	7,454
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	732	0	2,382	170
Interest and other investment income—realized	6,477	3,305	38,803	11,492
Interest expense	(10,409)	(9,809)	(38,190)	(20,668)
Realized net investment income (loss)	(3,200)	(6,504)	2,995	(9,006)
Realized income	(416)	(3,040)	11,139	(1,552)
Management fees
Segment reporting
Total revenues	753,597	637,517	2,162,970	1,853,304
Management fees \| Total
Segment reporting
Total revenues	757,262	643,649	2,176,738	1,868,020
Management fees \| OMG
Segment reporting
Total revenues	0	0	0	0
Management fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	757,262	643,649	2,176,738	1,868,020
Management fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	557,450	470,609	1,603,080	1,349,434
Management fees \| Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Total revenues	105,733	92,754	299,156	285,463
Management fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	34,621	29,799	103,126	89,461
Management fees \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	48,084	42,949	140,650	124,597
Management fees \| Ares Management L.P \| Operating segment \| Other
Segment reporting
Total revenues	11,374	7,538	30,726	19,065
Fee related performance revenues
Segment reporting
Total revenues	44,269	2,212
Fee related performance revenues \| Total
Segment reporting
Total revenues			69,553	6,937
Fee related performance revenues \| OMG
Segment reporting
Total revenues	0	0	0	0
Fee related performance revenues \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	44,269	2,212	69,553	6,937
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	41,761	44	48,920	866
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Total revenues	0	0	0	334
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	0	0	0	0
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	2,508	2,168	20,633	5,737
Fee related performance revenues \| Ares Management L.P \| Operating segment \| Other
Segment reporting
Total revenues	0	0	0	0
Other fees \| Total
Segment reporting
Total revenues	23,580	19,748	66,531	70,157
Other fees \| OMG
Segment reporting
Total revenues	5,253	5,717	15,066	18,205
Other fees \| Ares Management L.P \| Operating segment
Segment reporting
Total revenues	18,327	14,031	51,465	51,952
Other fees \| Ares Management L.P \| Operating segment \| Credit Group
Segment reporting
Total revenues	10,520	7,202	30,912	25,810
Other fees \| Ares Management L.P \| Operating segment \| Real Assets Group
Segment reporting
Total revenues	7,263	6,308	18,783	24,616
Other fees \| Ares Management L.P \| Operating segment \| Private Equity Group
Segment reporting
Total revenues	372	430	1,258	1,245
Other fees \| Ares Management L.P \| Operating segment \| Secondaries Group
Segment reporting
Total revenues	58	8	116	13
Other fees \| Ares Management L.P \| Operating segment \| Other
Segment reporting
Total revenues	$ 114	$ 83	$ 396	$ 268

SEGMENT REPORTING - Schedule _2

SEGMENT REPORTING - Schedule of Segment Revenue Expenses and Realized Net Investment Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment revenues
Total revenues	$ 1,129,739	$ 671,255	$ 2,625,784	$ 2,577,903
Total segment revenues	841,966	677,689	2,452,687	2,116,477
Segment expenses
Compensation and benefits	435,876	367,502	1,268,685	1,095,833
General, administrative and other expenses	197,019	211,842	537,379	501,340
Total expenses	854,887	560,960	1,957,924	2,027,334
Segment realized net investment loss
Total other income, net	52,254	116,577	207,619	299,394
Management fees
Segment revenues
Total revenues	753,597	637,517	2,162,970	1,853,304
Fee related performance revenues
Segment revenues
Total revenues	44,269	2,212
Operating segment
Segment revenues
Performance income—realized	22,108	17,797	154,931	189,568
Segment expenses
Performance related compensation—realized	13,234	10,504	95,386	133,472
Ares Management L.P
Segment revenues
Total revenues	1,129,739	671,255	2,625,784	2,577,903
Ares Management L.P \| Operating segment
Segment revenues
Performance income—realized	22,108	17,797	154,931	189,568
Total segment revenues	841,966	677,689	2,452,687	2,116,477
Segment expenses
Compensation and benefits	257,901	201,224	685,542	598,205
General, administrative and other expenses	69,663	47,346	206,630	142,470
Performance related compensation—realized	13,234	10,504	95,386	133,472
Total expenses	340,798	259,074	987,558	874,147
Segment realized net investment loss
Investment income (loss)—realized	3,848	(4,031)	4,557	13,852
Interest and other investment income —realized	15,960	12,820	64,940	42,442
Interest expense	(29,598)	(25,952)	(104,777)	(76,740)
Total other income, net	(9,790)	(17,163)	(35,280)	(20,446)
Ares Management L.P \| Operating segment \| Management fees
Segment revenues
Total revenues	757,262	643,649	2,176,738	1,868,020
Ares Management L.P \| Operating segment \| Fee related performance revenues
Segment revenues
Total revenues	44,269	2,212	69,553	6,937
Ares Management L.P \| Operating segment \| Other fees
Segment revenues
Total revenues	$ 18,327	$ 14,031	$ 51,465	$ 51,952

SEGMENT REPORTING - Schedule _3

SEGMENT REPORTING - Schedule of Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue adjustment
Total revenues	$ 1,129,739	$ 671,255	$ 2,625,784	$ 2,577,903
Total segment revenue	841,966	677,689	2,452,687	2,116,477
Ares Management L.P
Revenue adjustment
Total revenues	1,129,739	671,255	2,625,784	2,577,903
Operating segment \| Ares Management L.P
Revenue adjustment
Performance (income) loss—unrealized	(263,553)	31,400	(95,759)	(384,533)
Total segment revenue	841,966	677,689	2,452,687	2,116,477
Reconciling items
Revenue adjustment
Total segment revenue	(287,773)	6,434	(173,097)	(461,426)
Principal investment income, net of eliminations	(14,101)	(29,980)	(12,038)	(130,679)
Reconciling items \| Non-Controlling interest \| Subsidiaries
Revenue adjustment
Total segment revenue	(5,659)	(7,894)	(20,532)	(25,224)
OMG
Revenue adjustment
OMG revenue	(5,252)	(5,717)	(15,066)	(18,205)
Consolidated Funds
Revenue adjustment
OMG revenue	64,831	79,591	192,778	188,717
Management fees
Revenue adjustment
Total revenues	753,597	637,517	2,162,970	1,853,304
Management fees \| Operating segment \| Ares Management L.P
Revenue adjustment
Total revenues	757,262	643,649	2,176,738	1,868,020
Management fees \| OMG
Revenue adjustment
Total revenues	0	0	0	0
Management fees \| Consolidated Funds \| Eliminations
Revenue adjustment
Total segment revenue	11,660	12,181	36,115	35,787
Carried interest
Revenue adjustment
Total revenues	277,651	(28,126)	194,006	541,828
Carried interest \| Consolidated Funds \| Eliminations
Revenue adjustment
Total revenues	1,032	1,874	18,484	9,365
Administrative, transaction and other fees
Revenue adjustment
Total revenues	41,817	36,071	119,222	110,459
Administrative, transaction and other fees \| Reconciling items
Revenue adjustment
Total revenues	(18,093)	(16,154)	(52,201)	(46,692)
Administrative, transaction and other fees \| Consolidated Funds \| Reconciling items
Revenue adjustment
Total revenues	128	83	409	7,061
Principal investment income
Revenue adjustment
Total revenues	8,036	9,339	44,547	38,985
Principal investment income \| Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	$ (8,036)	$ (9,339)	$ (44,547)	$ (38,985)

SEGMENT REPORTING - Schedule _4

SEGMENT REPORTING - Schedule of Segment Expenses Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	$ 854,887	$ 560,960	$ 1,957,924	$ 2,027,334
Depreciation and amortization expense	28,900	31,000	87,100	95,000
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(25,166)	(2,414)	(39,394)	(10,126)
Equity-based compensation expense	(85,612)	(61,976)	(266,267)	(192,964)
Acquisition-related compensation expense	(5,435)	(589)	(16,374)	(1,831)
Placement fee adjustment	(4,485)	944	825	(6,032)
Depreciation and amortization expense	46,005	105,524	118,900	194,174
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	340,798	259,074	987,558	874,147
Performance related compensation-unrealized	(180,174)	38,650	(8,478)	(261,996)
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	854,887	560,960	1,957,924	2,027,334
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	514,089	301,886	970,366	1,153,187
Administrative fees	(18,093)	(16,154)	(52,201)	(46,321)
Acquisition and merger-related expense	(25,166)	(2,414)	(39,394)	(10,126)
Equity-based compensation expense	(85,613)	(61,976)	(266,267)	(193,335)
Acquisition-related compensation expense	(5,435)	(589)	(16,374)	(1,831)
Placement fee adjustment	4,485	(944)	(825)	6,032
Depreciation and amortization expense	(46,005)	(105,524)	(118,900)	(194,174)
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	(2,876)	3,096	1,094	14,247
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(14,083)	(19,329)	(48,200)	(64,365)
Expenses of Consolidated Funds eliminated in consolidation	11,355	12,297	36,520	36,600
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	$ 158,236	$ 142,807	$ 455,153	$ 409,424

SEGMENT REPORTING - Schedule _5

SEGMENT REPORTING - Schedule of Segment Other Income Components (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 52,254	$ 116,577	$ 207,619	$ 299,394
Total segment realized net investment loss	(9,790)	(17,163)	(35,280)	(20,446)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	10,308	(36,966)	28,929	(105,372)
Other (income) expense, net	(3,389)	(286)	7,910	(589)
Operating segment \| Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(9,790)	(17,163)	(35,280)	(20,446)
Investment (income) loss—unrealized	(4,950)	(31,246)	13,836	(104,170)
Interest and other investment (income) loss—unrealized	15,258	(5,720)	15,093	(1,202)
Operating segment \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	52,254	116,577	207,619	299,394
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(62,044)	(133,740)	(242,899)	(319,840)
Principal investment income	14,101	29,980	12,038	130,679
Other (income) expense, net	3,389	286	(7,910)	589
Reconciling items \| Subsidiaries \| Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(2,012)	(209)	1,290	4,085
Reconciling items \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net from Consolidated Funds added in consolidation	(87,804)	(125,857)	(276,107)	(335,708)
Eliminations \| Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other expense, net from Consolidated Funds eliminated in consolidation	194	(383)	(137)	(15,326)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 220	$ 591	$ 1,002	$ (1,213)

SEGMENT REPORTING - Schedule _6

SEGMENT REPORTING - Schedule of Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Adjustments:
Depreciation and amortization expense	$ 28,900	$ 31,000	$ 87,100	$ 95,000
Consolidated Funds
Adjustments:
Total investment loss—realized	(234,681)	(255,600)	(732,316)	(712,992)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income before taxes	327,106	226,872	875,479	849,963
Adjustments:
Depreciation and amortization expense	46,005	105,524	118,900	194,174
Equity compensation expense	85,612	61,976	266,267	192,964
Acquisition-related compensation expense	5,435	589	16,374	1,831
Acquisition and merger-related expense	25,166	2,414	39,394	10,126
Placement fee adjustment	(4,485)	944	825	(6,032)
Other (income) expense, net	3,389	286	(7,910)	589
Total performance (income) loss—unrealized	(263,553)	31,400	(95,759)	(384,533)
Total performance related compensation—unrealized	180,174	(38,650)	8,478	261,996
Investment (income) loss—unrealized	10,308	(36,966)	28,929	(105,372)
Realized income	491,378	401,452	1,429,849	1,221,884
Total performance income—realized	(22,108)	(17,797)	(154,931)	(189,568)
Total performance related compensation—realized	13,234	10,504	95,386	133,472
Total investment loss—realized	9,790	17,163	35,280	20,446
Fee related earnings	492,294	411,322	1,405,584	1,186,234
Operating segment \| Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(65,998)	(84,429)	(242,065)	(179,362)
Operating segment \| Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(10,544)	(5,007)	(18,148)	(6,892)
OMG
Adjustments:
OMG expense, net	152,763	136,499	439,085	392,432
Realized income	152,622	136,999	438,779	390,929
Total performance income—realized	0	0	0	0
Total performance related compensation—realized	0	0	0	0
Fee related earnings	$ 152,983	$ 137,090	$ 440,087	$ 391,219

CONSOLIDATION - Schedule of Int

CONSOLIDATION - Schedule of Interest in VIEs (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 24,522,650		$ 24,522,650		$ 24,730,500
Liabilities of consolidated VIEs	18,643,116		18,643,116		19,709,151
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	96,100		96,100		83,100
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	384,552		384,552		503,376
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	784,102		784,102		910,600
Consolidated VIEs \| Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	14,892,869		14,892,869		15,484,962
Liabilities of consolidated VIEs	12,180,936		12,180,936		$ 13,409,257
Net income attributable to non-controlling interests related to consolidated VIEs	$ 57,289	$ 66,526	$ 216,614	$ 165,118

CONSOLIDATION - Schedule of Con

CONSOLIDATION - Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Intangible assets, net	$ 402,176			$ 490,695
Goodwill	1,133,074			1,123,976
Total assets	24,522,650			24,730,500
Liabilities
Operating lease liabilities	535,686
Total liabilities	18,643,116			19,709,151
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,856,893			2,391,036
Accumulated deficit	(792,398)			(495,083)
Accumulated other comprehensive income (loss), net of tax	8,450			(5,630)
Total stockholders’ equity	2,076,075			1,893,399
Total equity	5,310,269	$ 5,197,090	$ 4,477,072	4,474,313	$ 4,018,454	$ 3,992,470	$ 4,079,370	$ 3,798,618
Total liabilities, redeemable interest, non-controlling interests and equity	$ 24,522,650			$ 24,730,500
Common stock, shares outstanding (in shares)	313,000,741			307,585,576
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,983			$ 1,871
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)	198,334,674			187,069,907
Common stock, shares outstanding (in shares)	198,334,674			187,069,907
Non-voting Common Stock
Stockholders’ Equity
Common stock	$ 35			$ 35
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	500,000,000			500,000,000
Common stock, shares issued (in shares)	3,489,911			3,489,911
Common stock, shares outstanding (in shares)	3,489,911			3,489,911
Class B Common Stock
Stockholders’ Equity
Common stock	$ 0			$ 0
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Common stock, shares authorized (in shares)	1,000			1,000
Common stock, shares issued (in shares)	1,000			1,000
Common stock, shares outstanding (in shares)	1,000			1,000
Class C Common Stock
Stockholders’ Equity
Common stock	$ 1,112			$ 1,170
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)	111,175,156			117,024,758
Common stock, shares outstanding (in shares)	111,175,156			117,024,758
Eliminations
Assets
Total assets	$ (1,003,100)			$ (1,104,263)
Liabilities
Total liabilities	(303,706)			(295,594)
Commitments and contingencies
Stockholders’ Equity
Total equity	(699,394)			(808,669)
Total liabilities, redeemable interest, non-controlling interests and equity	(1,003,100)			(1,104,263)
Ares Management L.P
Assets
Cash and cash equivalents	350,138			348,274
Investments (includes $3,486,892 of accrued carried interest)	4,692,520			4,624,932
Due from affiliates	870,779			896,746
Other assets	641,120			429,979
Right-of-use operating lease assets	426,483			249,326
Intangible assets, net	969,976			1,058,495
Goodwill	$ 1,133,074			$ 1,123,976
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity			Affiliated entity
Liabilities
Accounts payable, accrued expenses and other liabilities	$ 328,883			$ 233,884
Accrued compensation	401,035			287,259
Due to affiliates	416,041			240,254
Performance related compensation payable	2,518,898			2,514,610
Debt obligations	2,542,358			2,965,480
Operating lease liabilities	$ 535,686			$ 319,572
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity			Affiliated entity
Redeemable interest	$ 25,111			$ 24,098
Non-controlling interests in Ares Operating Group entities	1,285,248			1,322,469
Stockholders’ Equity
Additional paid-in-capital	2,856,893			2,391,036
Accumulated deficit	(792,398)			(495,083)
Accumulated other comprehensive income (loss), net of tax	8,450			(5,630)
Total stockholders’ equity	2,076,075			1,893,399
Ares Management L.P \| Class A Common Stock
Stockholders’ Equity
Common stock	1,983			1,871
Ares Management L.P \| Non-voting Common Stock
Stockholders’ Equity
Common stock	35			35
Ares Management L.P \| Class B Common Stock
Stockholders’ Equity
Common stock	0			0
Ares Management L.P \| Class C Common Stock
Stockholders’ Equity
Common stock	1,112			1,170
Ares Management L.P \| Carried interest
Stockholders’ Equity
Equity method investments:	3,486,892			3,413,007
Ares Management L.P \| Reportable legal entity
Assets
Cash and cash equivalents	350,138			348,274
Investments (includes $3,486,892 of accrued carried interest)	5,517,542			5,546,209
Due from affiliates	1,048,857			1,068,089
Other assets	641,120			429,979
Right-of-use operating lease assets	426,483			249,326
Intangible assets, net	969,976			1,058,495
Goodwill	1,133,074			1,123,976
Total assets	10,087,190			9,824,348
Liabilities
Accounts payable, accrued expenses and other liabilities	329,181			245,526
Accrued compensation	401,035			287,259
Due to affiliates	415,608			240,254
Performance related compensation payable	2,518,898			2,514,610
Debt obligations	2,542,358			2,965,480
Operating lease liabilities	535,686			319,572
Total liabilities	6,742,766			6,572,701
Commitments and contingencies
Redeemable interest	25,111			24,098
Non-controlling interests in Ares Operating Group entities	1,270,326			1,326,913
Stockholders’ Equity
Additional paid-in-capital	2,829,805			2,398,273
Accumulated deficit	(792,398)			(495,083)
Accumulated other comprehensive income (loss), net of tax	8,450			(5,630)
Total stockholders’ equity	2,048,987			1,900,636
Total equity	3,319,313			3,227,549
Total liabilities, redeemable interest, non-controlling interests and equity	10,087,190			9,824,348
Ares Management L.P \| Reportable legal entity \| Class A Common Stock
Stockholders’ Equity
Common stock	1,983			1,871
Ares Management L.P \| Reportable legal entity \| Non-voting Common Stock
Stockholders’ Equity
Common stock	35			35
Ares Management L.P \| Reportable legal entity \| Class B Common Stock
Stockholders’ Equity
Common stock	0
Ares Management L.P \| Reportable legal entity \| Class C Common Stock
Stockholders’ Equity
Common stock	1,112			1,170
Ares Management L.P \| Eliminations
Assets
Investments (includes $3,486,892 of accrued carried interest)	(825,022)			(921,277)
Due from affiliates	(178,078)			(171,343)
Liabilities
Accounts payable, accrued expenses and other liabilities	(298)			(11,642)
Due to affiliates	433
Non-controlling interests in Ares Operating Group entities	14,922			(4,444)
Stockholders’ Equity
Additional paid-in-capital	27,088			(7,237)
Total stockholders’ equity	27,088			(7,237)
Consolidated Entity, Excluding VIE
Assets
Cash and cash equivalents	1,315,914			1,149,511
Other assets	91,819			100,823
Investments held in trust account	544,254			523,038
Investments, at fair value	13,310,098			14,078,549
Receivable for securities sold	176,475			146,851
Liabilities
Accounts payable, accrued expenses and other liabilities	179,928			189,523
Due to affiliates	0			3,554
Payable for securities purchased	377,026			484,117
CLO loan obligations, at fair value	11,070,261			12,345,657
Fund borrowings	$ 273,000			$ 125,241
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity			Affiliated entity
Redeemable interest	$ 544,154			$ 522,938
Non-controlling interests in Ares Operating Group entities	1,948,946			1,258,445
Consolidated Entity, Excluding VIE \| Reportable legal entity
Assets
Cash and cash equivalents	1,315,914			1,149,511
Other assets	91,819			112,466
Investments held in trust account	544,254			523,038
Investments, at fair value	13,310,098			14,078,549
Receivable for securities sold	176,475			146,851
Total assets	15,438,560			16,010,415
Liabilities
Accounts payable, accrued expenses and other liabilities	179,928			189,523
Due to affiliates	177,508			174,897
Payable for securities purchased	377,026			484,117
CLO loan obligations, at fair value	11,196,594			12,458,266
Fund borrowings	273,000			125,241
Total liabilities	12,204,056			13,432,044
Commitments and contingencies
Redeemable interest	544,154			522,938
Non-controlling interests in Ares Operating Group entities	2,690,350			2,055,433
Stockholders’ Equity
Total equity	2,690,350			2,055,433
Total liabilities, redeemable interest, non-controlling interests and equity	15,438,560			16,010,415
Consolidated Entity, Excluding VIE \| Eliminations
Assets
Other assets	0			(11,643)
Investments, at fair value	0
Liabilities
Due to affiliates	(177,508)			(171,343)
CLO loan obligations, at fair value	(126,333)			(112,609)
Non-controlling interests in Ares Operating Group entities	$ (741,404)			$ (796,988)

CONSOLIDATION - Schedule of Res

CONSOLIDATION - Schedule of Results from Operations (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues
Total revenues	$ 1,129,739	$ 671,255	$ 2,625,784	$ 2,577,903
Expenses
Compensation and benefits	435,876	367,502	1,268,685	1,095,833
Performance related compensation	219,697	(25,448)	140,180	401,990
General, administrative and other expenses	(197,019)	(211,842)	(537,379)	(501,340)
Expenses of Consolidated Funds	2,295	7,064	11,680
Total expenses	854,887	560,960	1,957,924	2,027,334
Other income (expense)
Total other income, net	52,254	116,577	207,619	299,394
Income before taxes	327,106	226,872	875,479	849,963
Income tax expense	46,453	29,898	114,760	113,418
Net income	280,653	196,974	760,719	736,545
Less: Net income attributable to non-controlling interests in Consolidated Funds	64,241	80,289	236,446
Net income (loss)	216,412	116,685	524,273	561,882
Less: Net income (loss) attributable to redeemable interest	1,319	758	1,005
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	96,633	54,104	236,843
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	118,460	61,823	286,425	300,376
Eliminations
Revenues
Total revenues	(18,884)	(34,779)	(22,499)	(143,907)
Expenses
General, administrative and other expenses	433	32		406
Expenses of Consolidated Funds	(11,788)	(12,265)	(36,520)
Total expenses	(11,355)	(12,297)	(36,520)	(36,600)
Other income (expense)
Total other income, net	(194)	383	137	15,326
Income before taxes	(7,723)	(22,099)	14,158	(91,981)
Net income	(7,723)	(22,099)	14,158	(91,981)
Less: Net income attributable to non-controlling interests in Consolidated Funds	(7,723)	(22,099)	14,158
Net income (loss)	0	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0	0	0
Ares Operating Group
Other income (expense)
Net realized and unrealized gains (losses) from investments	(5,074)	(1,770)	13,781	5,226
Interest and dividend income	7,553	4,752	19,952	11,281
Interest expense	(29,733)	(25,975)	(105,057)	(76,800)
Other income (expense), net	(18,805)	5,742	(19,473)	(1,068)
Net income (loss)	216,412	116,685	524,273	561,882
Less: Net income (loss) attributable to redeemable interest	1,319	758	1,005	(332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	96,633	54,104	236,843	261,838
Ares Operating Group \| Eliminations
Other income (expense)
Net realized and unrealized gains (losses) from investments	(8,108)	(5,979)	(14,609)	(2,280)
Interest and dividend income	(2,256)	(1,822)	(8,001)	(7,956)
Other income (expense), net	(339)	213	438	515
Consolidated Funds
Expenses
Expenses of Consolidated Funds	2,295	7,064	11,680	28,171
Other income (expense)
Net realized and unrealized gains (losses) from investments	64,831	79,591	192,778	188,717
Interest expense	(201,199)	(201,363)	(626,678)	(540,954)
Interest and other income of Consolidated Funds	234,681	255,600	732,316	712,992
Less: Net income attributable to non-controlling interests in Consolidated Funds	64,241	80,289	236,446	174,663
Consolidated Funds \| Eliminations
Expenses
Expenses of Consolidated Funds				(36,194)
Other income (expense)
Net realized and unrealized gains (losses) from investments	9,816	7,925	19,292	22,832
Interest expense	363	259	3,017	2,730
Interest and other income of Consolidated Funds	330	(213)		(515)
Less: Net income attributable to non-controlling interests in Consolidated Funds				(91,981)
Consolidated Company Entities
Revenues
Total revenues	1,129,739	671,255	2,625,784	2,577,903
Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	1,148,623	706,034	2,648,283	2,721,810
Expenses
Compensation and benefits	435,876	367,502	1,268,685	1,095,833
Performance related compensation	219,697	(25,448)	140,180	401,990
General, administrative and other expenses	(196,586)	(211,874)	(537,379)	(501,746)
Total expenses	852,159	553,928	1,946,244	1,999,569
Other income (expense)
Total other income, net	(35,356)	(9,663)	(68,625)	(51,640)
Income before taxes	261,108	142,443	633,414	670,601
Income tax expense	44,696	25,758	109,141	108,719
Net income	216,412	116,685	524,273	561,882
Net income (loss)	216,412	116,685	524,273	561,882
Less: Net income (loss) attributable to redeemable interest	1,319	758	1,005	(332)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	96,633	54,104	236,843	261,838
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	118,460	61,823	286,425	300,376
Consolidated Company Entities \| Ares Operating Group \| Reportable legal entity
Other income (expense)
Net realized and unrealized gains (losses) from investments	3,034	4,209	28,390	7,506
Interest and dividend income	9,809	6,574	27,953	19,237
Interest expense	(29,733)	(25,975)	(105,057)	(76,800)
Other income (expense), net	(18,466)	5,529	(19,911)	(1,583)
Consolidated Entity, Excluding VIE \| Reportable legal entity
Revenues
Total revenues	0	0	0	0
Expenses
Expenses of Consolidated Funds	14,083	19,329	48,200
Total expenses	14,083	19,329	48,200	64,365
Other income (expense)
Total other income, net	87,804	125,857	276,107	335,708
Income before taxes	73,721	106,528	227,907	271,343
Income tax expense	1,757	4,140	5,619	4,699
Net income	71,964	102,388	222,288	266,644
Less: Net income attributable to non-controlling interests in Consolidated Funds	71,964	102,388	222,288
Consolidated Entity, Excluding VIE \| Consolidated Funds \| Reportable legal entity
Expenses
Expenses of Consolidated Funds				64,365
Other income (expense)
Net realized and unrealized gains (losses) from investments	55,015	71,666	173,486	165,885
Interest expense	(201,562)	(201,622)	(629,695)	(543,684)
Interest and other income of Consolidated Funds	234,351	255,813	732,316	713,507
Less: Net income attributable to non-controlling interests in Consolidated Funds				266,644
Management fees
Revenues
Total revenues	753,597	637,517	2,162,970	1,853,304
Management fees \| Eliminations
Revenues
Total revenues	(11,660)	(12,181)	(36,115)	(35,787)
Management fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	765,257	649,698	2,199,085	1,889,091
Carried interest allocation
Revenues
Total revenues	277,651	(28,126)	194,006	541,828
Carried interest allocation \| Eliminations
Revenues
Total revenues	(1,032)	(1,874)	(18,487)	(9,227)
Carried interest allocation \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	278,683	(26,252)	212,493	551,055
Incentive fees
Revenues
Total revenues	48,638	16,454	105,039	33,327
Incentive fees \| Eliminations
Revenues
Total revenues			3	(138)
Incentive fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	48,638	16,454	105,036	33,465
Principal investment income (loss)
Revenues
Total revenues	8,036	9,339	44,547	38,985
Principal investment income (loss) \| Eliminations
Revenues
Total revenues	(6,064)	(20,641)	32,509	(91,694)
Principal investment income (loss) \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	14,100	29,980	12,038	130,679
Administrative, transaction and other fees
Revenues
Total revenues	41,817	36,071	119,222	110,459
Administrative, transaction and other fees \| Eliminations
Revenues
Total revenues	(128)	(83)	(409)	(7,061)
Administrative, transaction and other fees \| Consolidated Company Entities \| Reportable legal entity
Revenues
Total revenues	$ 41,945	$ 36,154	$ 119,631	$ 117,520

CONSOLIDATION - Schedule of Cas

CONSOLIDATION - Schedule of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 280,653	$ 196,974	$ 760,719	$ 736,545
Net cash provided by operating activities			1,983,536	326,791
Cash flows from investing activities:
Net cash used in investing activities			(95,886)	(44,177)
Allocable to non-controlling interests in Consolidated Funds:
Net cash used in financing activities			(1,909,755)	(341,603)
Effect of exchange rate changes			23,969	(19,171)
Net change in cash and cash equivalents			1,864	(78,160)
Cash and cash equivalents, beginning of period			348,274
Cash and cash equivalents, end of period	350,138	311,827	350,138	311,827
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities			7,724	116,101
Issuance of common stock in connection with settlement of management incentive program			0	245,647
Eliminations
Cash flows from operating activities:
Net income	(7,723)	(22,099)	14,158	(91,981)
Net cash provided by operating activities			(261,520)	32,433
Allocable to non-controlling interests in Consolidated Funds:
Net cash used in financing activities			95,117	(193,111)
Effect of exchange rate changes			0
Net change in cash and cash equivalents			(166,403)	(160,678)
Cash and cash equivalents, beginning of period			(1,149,511)	(724,641)
Cash and cash equivalents, end of period	(1,315,914)	(885,319)	(1,315,914)	(885,319)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			835,340	(948,908)
Change in cash and cash equivalents held at Consolidated Funds			(300,009)	91,314
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			544,294	735,944
Distributions to non-controlling interests in Consolidated Funds			(76,502)	(56,945)
Redemptions of redeemable interests in Consolidated Funds			0	(553,718)
Borrowings under loan obligations by Consolidated Funds			323,540	549,664
Repayments under loan obligations by Consolidated Funds			(1,504,344)	(257,370)
Consolidated Funds \| Reportable legal entity
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			854,632	(926,076)
Change in cash and cash equivalents held at Consolidated Funds			(121,365)	228,877
Net cash provided by operating activities			955,555	(430,555)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			473,091	944,485
Distributions to non-controlling interests in Consolidated Funds			(100,416)	(72,375)
Redemptions of redeemable interests in Consolidated Funds				(553,718)
Borrowings under loan obligations by Consolidated Funds			323,540	549,664
Repayments under loan obligations by Consolidated Funds			(1,504,344)	(257,370)
Net cash used in financing activities			(808,129)	610,686
Effect of exchange rate changes			18,977	(19,453)
Net change in cash and cash equivalents			166,403	160,678
Cash and cash equivalents, beginning of period			1,149,511	724,641
Cash and cash equivalents, end of period	1,315,914	885,319	1,315,914	885,319
Consolidated Funds \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			(19,292)	(22,832)
Change in cash and cash equivalents held at Consolidated Funds			(178,644)	(137,563)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			(71,203)	(208,541)
Distributions to non-controlling interests in Consolidated Funds			23,914	15,430
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			429,097	312,180
Cash flows due to changes in operating assets and liabilities			258,389	135,660
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(82,203)	(44,177)
Acquisitions			(13,683)	0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock			407,236	0
Proceeds from Credit Facility			970,000	735,000
Repayments of Credit Facility			(1,395,000)	(670,000)
Dividends and distributions			(969,360)	(760,085)
Stock option exercises			1,511	80,426
Taxes paid related to net share settlement of equity awards			(211,615)	(145,421)
Other financing activities			485	902
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period			348,274	389,987
Cash and cash equivalents, end of period	350,138	311,827	350,138	311,827
Ares Management L.P \| Reportable legal entity
Cash flows from operating activities:
Net income	216,412	116,685	524,273	561,882
Adjustments to reconcile net income to net cash provided by operating activities			543,839	23,920
Cash flows due to changes in operating assets and liabilities			221,389	139,111
Net cash provided by operating activities			1,289,501	724,913
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(82,203)	(44,177)
Acquisitions			(13,683)
Net cash used in investing activities			(95,886)	(44,177)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock			407,236
Proceeds from Credit Facility			970,000	735,000
Repayments of Credit Facility			(1,395,000)	(670,000)
Dividends and distributions			(969,360)	(760,085)
Stock option exercises			1,511	80,426
Taxes paid related to net share settlement of equity awards			(211,615)	(145,421)
Other financing activities			485	902
Allocable to non-controlling interests in Consolidated Funds:
Net cash used in financing activities			(1,196,743)	(759,178)
Effect of exchange rate changes			4,992	282
Net change in cash and cash equivalents			1,864	(78,160)
Cash and cash equivalents, beginning of period			348,274	389,987
Cash and cash equivalents, end of period	$ 350,138	$ 311,827	350,138	311,827
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities			7,724	116,101
Ares Management L.P \| Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			(114,742)	288,260
Cash flows due to changes in operating assets and liabilities			$ 37,000	(3,451)
Ares Management L.P \| Ares Operating Group \| Reportable legal entity
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with settlement of management incentive program				$ 245,647

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended	3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Oct. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Subsequent events
Dividend declared (in dollars per share)		$ 0.93	$ 0.93	$ 0.93
Dividends payable per share (in dollars per shares)		$ 0.93	$ 0.93	$ 0.93
Series B Convertible Preferred Stock \| Forecast \| Underwriters' Option
Subsequent events
Number of shares sold (in shares)	3,000,000
Subsequent event \| Senior Notes 2054 \| Senior secured notes
Subsequent events
Debt instrument face amount	$ 750,000,000
Interest rate	5.60%
Subsequent event \| Series B Convertible Preferred Stock
Subsequent events
Issuance of common stock (in shares)	30,000,000
Preferred stock, par value (in dollars per share)	$ 0.01
Proceeds from issuance of preferred stock	$ 1,462,500,000
Dividend rate, percentage	6.75%
Dividends payable per share (in dollars per shares)	$ 0.759375
Preferred stock dividends per share declared (in dollars per share)	0.759375
Subsequent event \| Non-voting Common Stock
Subsequent events
Dividend declared (in dollars per share)	0.93
Dividends payable per share (in dollars per shares)	0.93
Subsequent event \| Class A Common Stock
Subsequent events
Dividend declared (in dollars per share)	0.93
Dividends payable per share (in dollars per shares)	$ 0.93
Subsequent event \| GCP International
Subsequent events
Business combination, consideration transferred	$ 3,700,000,000
Payments to acquire businesses, gross	1,800,000,000
Equity consideration transferred	1,900,000,000
Subsequent event \| GCP International \| Maximum
Subsequent events
Earn-out provision	$ 1,500,000,000