Ares Management (ARES) 10-Q 12 Nov 14 2014 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2014	Nov. 11, 2014
Document and Entity Information	'	'
Entity Registrant Name	'ARES MANAGEMENT LP	'
Entity Central Index Key	'0001176948	'
Document Type	'10-Q	'
Document Period End Date	30-Sep-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	80,667,664
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Financial Condition (Parent Company, USD $)	Sep. 30, 2014	Dec. 31, 2013	Dec. 31, 2013
In Thousands, unless otherwise specified			Predecessor
Assets	'	'	'
Cash and cash equivalents	$75,087	$89,802	$89,802
Restricted cash and cash equivalents	18,525	13,344	13,344
Investments, at fair value	155,568	89,438	89,438
Performance fees receivable	180,791	137,682	137,682
Derivative assets, at fair value	7,789	1,164	1,164
Due from affiliates	133,486	108,920	108,920
Intangible assets, net	46,993	68,742	68,742
Goodwill	85,679	58,159	58,159
Other assets	70,784	73,600	73,600
Liabilities	'	'	'
Debt obligations	163,912	153,119	153,119
Accounts payable, accrued expenses and other liabilities	85,289	67,486	67,486
Deferred tax liabilities, net	22,689	21,002	21,002
Performance fee compensation payable	360,230	295,978	295,978
Equity compensation put option liability	20,000	'	'
Derivative liabilities, at fair value	858	2,907	2,907
Accrued compensation	118,461	132,917	132,917
Due to affiliates	16,893	32,690	32,690
Commitments and contingencies	'	'	'
Controlling interest in Ares Management, L.P.:	'	'	'
Total equity	$5,665,029	'	$6,540,544

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Financial Condition (Parenthetical)	Sep. 30, 2014	Dec. 31, 2013
		Predecessor
Partners' Capital units issued (in units)	80,667,664	0
Partners' Capital units outstanding (in units)	80,667,664	0

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		5 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Revenues	'	'	'	'	'
Total revenues	$175,161	$135,877	'	$440,407	$332,716
Expenses	'	'	'	'	'
Total expenses	203,337	237,037	'	646,569	559,897
Other income (expense)	'	'	'	'	'
Total other income (expense)	-48,709	512,147	'	595,441	755,330
Income (loss) before taxes	-76,885	410,987	'	389,279	528,149
Income tax expense (benefit)	2,399	4,790	'	971	35,552
Net income (loss)	-79,284	406,197	'	388,308	492,597
Net income (loss)	13,971	'	31,815	31,815	'
Net income (loss) attributable to Ares Management, L.P. per common unit	'	'	'	'	'
Basic (in dollars per unit)	$0.17	'	$0.40	$0.40	'
Diluted (in dollars per unit)	$0.17	'	$0.39	$0.39	'
Weighted-average common units	'	'	'	'	'
Basic (in units)	80,667,664	'	80,171,855	80,171,855	'
Diluted (in units)	81,363,978	'	80,818,072	80,818,072	'
Predecessor	'	'	'	'	'
Revenues	'	'	'	'	'
Total revenues	'	135,877	'	'	332,716
Expenses	'	'	'	'	'
Total expenses	'	237,037	'	'	559,897
Other income (expense)	'	'	'	'	'
Total other income (expense)	'	512,147	'	'	755,330
Income (loss) before taxes	'	410,987	'	'	528,149
Income tax expense (benefit)	'	4,790	'	'	35,552
Net income (loss)	'	406,197	'	'	492,597
Net income (loss)	'	55,758	'	'	117,149
Parent Company	'	'	'	'	'
Revenues	'	'	'	'	'
Management fees (includes ARCC Part I Fees of $31,156, $85,140 and $32,014, $81,511 for the three and nine months ended September 30, 2014 and 2013, respectively)	127,464	108,851	'	352,439	269,057
Performance fees	41,885	20,544	'	69,274	48,867
Other fees	5,812	6,482	'	18,694	14,792
Expenses	'	'	'	'	'
Compensation and benefits	100,928	93,307	'	347,591	240,841
Performance fee compensation	33,263	64,130	'	125,948	123,087
General, administrative and other expenses	41,737	56,492	'	119,972	99,138
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	652	2,714	'	7,673	5,463
Interest expense	-1,565	-2,575	'	-5,241	-7,365
Other income (expense), net	-1,609	-202	'	-4,847	-55
Net realized gain (loss) on investments	1,725	-529	'	474	232
Net change in unrealized appreciation (depreciation) on investments	11,113	1,859	'	24,962	-996
Parent Company | Predecessor	'	'	'	'	'
Revenues	'	'	'	'	'
Management fees (includes ARCC Part I Fees of $31,156, $85,140 and $32,014, $81,511 for the three and nine months ended September 30, 2014 and 2013, respectively)	'	108,851	'	'	269,057
Performance fees	'	20,544	'	'	48,867
Other fees	'	6,482	'	'	14,792
Expenses	'	'	'	'	'
Compensation and benefits	'	93,307	'	'	240,841
Performance fee compensation	'	64,130	'	'	123,087
General, administrative and other expenses	'	56,492	'	'	99,138
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	'	2,714	'	'	5,463
Interest expense	'	-2,575	'	'	-7,365
Other income (expense), net	'	-202	'	'	-55
Net realized gain (loss) on investments	'	-529	'	'	232
Net change in unrealized appreciation (depreciation) on investments	'	1,859	'	'	-996
Consolidated Funds	'	'	'	'	'
Expenses	'	'	'	'	'
Consolidated Funds expenses	27,409	23,108	'	53,058	96,831
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	189,600	331,488	'	738,283	945,018
Interest expense	-215,524	-103,814	'	-564,307	-336,786
Net realized gain (loss) on investments	-30,972	22,125	'	71,833	88,996
Net change in unrealized appreciation (depreciation) on investments	-2,129	261,081	'	326,611	60,823
Less: Net income (loss) attributable to non-controlling interests	-96,675	292,925	'	261,597	239,661
Less: Net income (loss) attributable to redeemable interests	-23,694	44,657	'	26,767	106,954
Consolidated Funds | Predecessor	'	'	'	'	'
Expenses	'	'	'	'	'
Consolidated Funds expenses	'	23,108	'	'	96,831
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	'	331,488	'	'	945,018
Interest expense	'	-103,814	'	'	-336,786
Net realized gain (loss) on investments	'	22,125	'	'	88,996
Net change in unrealized appreciation (depreciation) on investments	'	261,081	'	'	60,823
Less: Net income (loss) attributable to non-controlling interests	'	292,925	'	'	239,661
Less: Net income (loss) attributable to redeemable interests	'	44,657	'	'	106,954
Ares Operating Group entities	'	'	'	'	'
Other income (expense)	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests	26,923	12,895	'	67,556	28,011
Less: Net income (loss) attributable to redeemable interests	191	-38	'	573	822
Ares Operating Group entities | Predecessor	'	'	'	'	'
Other income (expense)	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests	'	12,895	'	'	28,011
Less: Net income (loss) attributable to redeemable interests	'	($38)	'	'	$822

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Operations (Parenthetical) (Affiliated entity, ARCC, USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Management fees, part I fees	$31,156	$32,014	$85,140	$81,511
Predecessor	'	'	'	'
Management fees, part I fees	'	$32,014	'	$81,511

Condensed_Consolidated_Stateme4

Condensed Consolidated Statements of Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Net income (loss)	($79,284)	$406,197	$388,308	$492,597
Predecessor	'	'	'	'
Net income (loss)	'	406,197	'	492,597
Parent Company	'	'	'	'
Other comprehensive income (loss):	'	'	'	'
Foreign currency translation adjustments	-27,441	'	-25,855	'
Total comprehensive income (loss)	-106,725	'	362,453	'
Comprehensive income (loss)	12,171	'	30,629	'
Parent Company | Predecessor	'	'	'	'
Other comprehensive income (loss):	'	'	'	'
Foreign currency translation adjustments	'	15,090	'	11,548
Total comprehensive income (loss)	'	421,287	'	504,145
Comprehensive income (loss)	'	46,524	'	109,402
Consolidated Funds	'	'	'	'
Other comprehensive income (loss):	'	'	'	'
Less: comprehensive income (loss) attributable to non-controlling interests	-119,394	'	237,229	'
Less: comprehensive income (loss) attributable to redeemable interests	-23,694	'	26,767	'
Consolidated Funds | Predecessor	'	'	'	'
Other comprehensive income (loss):	'	'	'	'
Less: comprehensive income (loss) attributable to non-controlling interests	'	308,935	'	252,022
Less: comprehensive income (loss) attributable to redeemable interests	'	44,750	'	106,071
Ares Operating Group entities	'	'	'	'
Other comprehensive income (loss):	'	'	'	'
Less: comprehensive income (loss) attributable to non-controlling interests	24,021	'	67,256	'
Less: comprehensive income (loss) attributable to redeemable interests	171	'	572	'
Ares Operating Group entities | Predecessor	'	'	'	'
Other comprehensive income (loss):	'	'	'	'
Less: comprehensive income (loss) attributable to non-controlling interests	'	21,095	'	35,829
Less: comprehensive income (loss) attributable to redeemable interests	'	($17)	'	$821

Condensed_Consolidated_Stateme5

Condensed Consolidated Statements of Changes in Equity (USD $)

Total

Predecessor

Non-Controlling interest

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

In Thousands, unless otherwise specified

Predecessor

Partners' Capital

Partners' Capital

Members' Equity

Common Stock

Additional Paid in Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

Non-Controlling interest

Non-Controlling interest

Non-Controlling interest

Non-Controlling interest

Equity Appropriated for Consolidated Funds

Equity Appropriated for Consolidated Funds

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Balance at Dec. 31, 2013

$6,540,544

$6,540,544

'

'

$6,540,544

'

'

$321,891

$0

$338,375

($135,573)

'

$985

'

$167,731

'

$5,691,874

'

$155,261

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Relinquished with deconsolidation of funds

'

'

'

'

-354,737

'

'

'

'

'

'

'

'

'

'

'

-354,737

'

'

Contributions

'

'

'

'

126,265

'

'

'

'

'

'

'

'

'

'

'

126,265

'

'

Distributions

'

'

'

'

-967,255

'

'

-132,286

'

-42,622

'

'

'

'

-50,442

'

-741,905

'

'

Net income

'

'

'

'

246,874

'

'

28,064

'

'

-21,966

'

'

'

3,247

'

287,942

'

-50,413

Currency translation adjustment

'

'

'

'

565

'

'

'

'

'

'

'

1,255

'

404

'

-412

'

-682

Equity compensation

'

'

'

'

51,189

'

'

-368

'

39,078

'

'

'

'

12,479

'

'

'

'

Tandem award compensation adjustment

'

'

'

'

7,200

'

'

1,570

'

5,371

-983

'

'

'

1,242

'

'

'

'

Net effect of Reorganization, including contributions of Ares Operating Group units for 69,078,234 common units

'

'

332,575

'

'

'

204,877

-218,871

'

-340,202

158,522

'

-2,240

'

197,914

'

'

'

'

Balance at Apr. 30, 2014

'

'

'

5,650,645

5,650,645

204,877

'

'

'

'

'

'

'

332,575

332,575

5,009,027

5,009,027

104,166

104,166

Increase (Decrease) in Stockholders' Equity

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance of 11,589,430 common units, net of underwriters' discount

'

'

'

209,189

'

209,189

'

'

'

'

'

'

'

'

'

'

'

'

'

Issuance costs

'

'

-17,480

-28,326

'

-10,846

'

'

'

'

'

'

'

-17,480

'

'

'

'

'

Allocation of contributions in excess of the carrying value of the net assets (dilution)

'

'

128,536

-910

'

-129,446

'

'

'

'

'

'

'

128,536

'

'

'

'

'

Contributions

'

'

'

135,774

'

'

'

'

'

'

'

'

'

'

'

135,774

'

'

'

Distributions

'

'

-30,050

-399,999

'

-14,520

'

'

'

'

'

'

'

-30,050

'

-355,429

'

'

'

Net income

'

'

'

114,094

'

31,815

'

'

'

'

'

'

'

58,211

'

174,078

'

-150,010

'

Currency translation adjustment

'

'

'

-26,415

'

'

'

'

'

'

'

-1,182

'

-1,959

'

-19,591

'

-3,683

'

Equity compensation

'

'

6,775

10,977

'

4,202

'

'

'

'

'

'

'

6,775

'

'

'

'

'

Balance at Sep. 30, 2014

$5,665,029

'

'

$5,665,029

'

$295,271

'

'

'

'

'

($1,182)

'

$476,608

'

$4,943,859

'

($49,527)

'

Condensed_Consolidated_Stateme6

Condensed Consolidated Statements of Changes in Equity (Parenthetical)	4 Months Ended
	Apr. 30, 2014
	Ares Operating Group entities
Issuance of common units in connection with the reorganization (in units)	69,078,234

Condensed_Consolidated_Stateme7

Condensed Consolidated Statements of Cash Flows (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
		Predecessor	Parent Company	Parent Company	Consolidated Funds	Consolidated Funds
				Predecessor		Predecessor
Cash flows from operating activities:	'	'	'	'	'	'
Net income	$388,308	$492,597	'	'	'	'
Adjustments to reconcile net income to net cash provided by operating activities:	'	'	'	'	'	'
Equity compensation expense	'	'	75,088	21,377	'	'
Depreciation and amortization	'	'	28,156	38,572	'	'
Net realized (gain) loss on investments	'	'	-474	-232	-71,833	-88,996
Net change in unrealized (appreciation) depreciation on investments	'	'	-24,962	996	-326,611	-60,823
Other non-cash amounts	'	'	2,937	-19	'	'
Investments purchased	'	'	-45,252	-48,793	-7,777,968	-10,874,950
Cash proceeds from sale of investments	'	'	11,686	153	8,717,586	12,281,210
Allocable to non-controlling interests in Consolidated Funds:	'	'	'	'	'	'
Receipt of non-cash interest income and dividends from investments	'	'	-7,673	-5,463	-738,283	-945,018
Amortization on debt and investments	'	'	'	'	-13,561	-48,230
Cash flows due to changes in operating assets and liabilities:	'	'	'	'	'	'
Net change in restricted cash	'	'	-5,181	-640	'	'
Net change in performance fees receivable and payable	'	'	24,309	29,585	'	'
Net change in due from and due to affiliates	'	'	-42,442	15,588	'	'
Net change in other assets	'	'	5,613	3,687	'	'
Net change in accrued compensation and benefits	'	'	-15,377	73,003	'	'
Net change in accounts payable, accrued expenses and other liabilities	'	'	16,776	-12,485	'	'
Net change in deferred taxes	'	'	1,687	-286	'	'
Allocable to non-controlling interest in Consolidated Funds:	'	'	'	'	'	'
Change in cash and cash equivalents held at Consolidated Funds	'	'	'	'	284,507	-485,286
Cash relinquished with deconsolidation of Consolidated Funds	'	'	'	'	-40,292	'
Change in other assets and receivables held at Consolidated Funds	'	'	'	'	209,295	-810,480
Change in other liabilities and payables held at Consolidated Funds	'	'	'	'	188,438	91,320
Net cash provided by operating activities	1,537,654	586,846	'	'	'	'
Cash flows from investing activities:	'	'	'	'	'	'
Acquisitions, net of cash acquired	'	'	-60,000	-50,317	'	'
Purchase of furniture, equipment and leasehold improvements, net	'	'	-14,499	-11,464	'	'
Net cash used in investing activities	-74,499	-61,781	'	'	'	'
Financing activities:	'	'	'	'	'	'
Proceeds from issuance of common units in IPO	'	'	209,189	'	'	'
Issuance cost	'	'	-28,450	'	'	'
Proceeds from credit facility	'	'	224,000	117,200	'	'
Repayments of credit facility	'	'	-195,250	-124,000	'	'
Repayments of term notes	'	'	-11,000	-26,000	'	'
Repayments of promissory notes	'	'	-6,956	'	'	'
Contributions	'	'	'	245,191	'	'
Distributions	'	'	-271,428	-264,088	'	'
Allocable to non-controlling interest in Consolidated Funds:	'	'	'	'	'	'
Contributions from non-controlling interest holders in Consolidated Funds	'	'	'	'	292,447	548,588
Distributions to non-controlling interest holders in Consolidated Funds	'	'	'	'	-1,185,058	-1,678,622
Proceeds from debt issuance	'	'	'	'	3,339,125	4,323,073
Repayments of debt obligations	'	'	'	'	-3,839,320	-3,523,669
Net cash used in financing activities	-1,472,701	-382,327	'	'	'	'
Effect of exchange rate changes and translation	'	'	-5,169	12,167	'	'
Net increase (decrease) in cash and cash equivalents	'	'	-14,715	154,905	'	'
Cash and cash equivalents, beginning of period	'	'	89,802	68,457	1,638,003	'
Cash and cash equivalents, end of period	'	'	75,087	223,362	1,368,144	'
Supplemental information:	'	'	'	'	'	'
Cash paid during the period for interest	'	'	3,790	4,982	164,493	119,063
Cash paid during the period for income taxes	'	'	13,349	15,709	16,640	'
Non Cash increase in assets and liabilities:	'	'	'	'	'	'
Stock issuance in connection with business combination	'	$21,785	'	'	'	'

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2014
ORGANIZATION AND BASIS OF PRESENTATION	'
ORGANIZATION AND BASIS OF PRESENTATION	'
	1. ORGANIZATION AND BASIS OF PRESENTATION
	Ares Management, L.P. is a leading global alternative asset management firm that operates four distinct but complementary investment groups: the Tradable Credit Group, the Direct Lending Group, the Private Equity Group and the Real Estate Group. Information about segments should be read together with Note 15, "Segment Reporting." Subsidiaries of Ares Management LLC ("AM LLC") serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the "Ares Funds"), which are generally organized as pass-through entities for income tax purposes. Such subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. Ares Management, L.P. is a Delaware limited partnership formed on November 15, 2013. Ares is managed and operated by its general partner, Ares Management GP LLC. Unless the context requires otherwise, references to "Ares" or the "Company" refer to Ares Management, L.P. together with its subsidiaries.
	The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information. These statements and notes have not been audited, exclude some of the disclosures required for annual audited financial statements and should be read in conjunction with the audited combined and consolidated financial statements and notes for the year ended December 31, 2013, included in the Company final prospectus dated May 1, 2014 and filed on May 5, 2014 with the Securities and Exchange Commission in accordance with Rule 424(b) of the Securities Act of 1933. The operating results presented for interim periods are not indicative of the results that may be expected for any other interim period or for the entire year. In the opinion of management, the condensed consolidated financial statements reflect all adjustments, consisting of normal recurring accruals, which are necessary for the fair presentation of the financial condition and results of operations for the interim periods presented.
	The accompanying financial statements include (1) the results of the Company subsequent to the Reorganization as described below and (2) prior to the Reorganization, the condensed consolidated results of two affiliated entities, Ares Holdings Inc. ("AHI") and Ares Investments LLC ("AI"), which directly or indirectly hold controlling interests in AM LLC and Ares Investments Holdings LLC ("AIH LLC"), as well as their wholly owned subsidiaries (collectively, the "Predecessor"). Prior to the Reorganization, Ares Partners Management Company LLC ("APMC") directed the operations of AHI and AI through its controlling ownership interest of approximately 50.1% and 70.3%, respectively, in each entity. The remaining ownership of AHI and AI was shared among various minority, non-controlling strategic investment partners.
	In addition, certain Ares-affiliated funds, related co-investment entities and collateralized loan obligations ("CLOs") (collectively, the "Consolidated Funds") managed by AM LLC and its wholly owned subsidiaries have been consolidated in the accompanying financial statements for the periods presented pursuant to generally accepted accounting principles ("GAAP") as described in Note 2, "Summary of Significant Accounting Policies." Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows of the Company; however, the Consolidated Funds results included herein have no direct effect on the net income attributable to controlling interests or on total controlling equity. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in Consolidated Funds and as equity appropriated for Consolidated Funds in the accompanying condensed consolidated financial statements.
	Reorganization
	Pursuant to a reorganization effectuated in connection with the initial public offering of the Company's common units ("IPO"), on May 1, 2014 the Company became a holding partnership, and the Company's sole assets became equity interests through wholly owned subsidiary entities in Ares Holdings Inc., Ares Domestic Holdings Inc. ("Domestic Holdings"), Ares Offshore Holdings, Ltd., Ares Investments LLC and Ares Real Estate Holdings LLC. The Company, either directly or through direct subsidiaries, is the general partner of each of the Ares Operating Group entities, and operates and controls all of the businesses and affairs of the Ares Operating Group.
	Additionally, on May 1, 2014, in connection with the IPO, Ares Holdings LLC was converted into a limited partnership, Ares Holdings L.P. ("Ares Holdings"), and Ares Investments LLC was converted into a limited partnership, Ares Investments L.P. ("Ares Investments"). In addition, the Company formed Ares Domestic Holdings L.P. ("Ares Domestic"), Ares Offshore Holdings L.P. ("Ares Offshore") and Ares Real Estate Holdings L.P. ("Ares Real Estate"). Ares Holdings, Ares Domestic, Ares Offshore, Ares Investments and Ares Real Estate are collectively referred to as the "Ares Operating Group."
	In exchange for its interest in the Company, prior to the consummation of the IPO, Ares Owners Holdings L.P. transferred to the Company its interests in each of AHI, Domestic Holdings, Ares Offshore Holdings, Ltd., Ares Real Estate Holdings LLC and a portion of its interest in Ares Investments. Similarly, ADIA contributed its direct interest in AHI to its affiliate, AREC Holdings Ltd., a Cayman Islands exempted company ("AREC"), and subsequently, in exchange for its interest in the Company, AREC transferred to the Company its interest in each of AHI, Ares Domestic, Ares Offshore, Ares Investments and Ares Real Estate. As a result of the foregoing, Ares Owners Holdings L.P. holds 34,540,079 common units in the Company and AREC holds 34,538,155 common units in the Company. Following the foregoing exchanges, Ares Owners Holding L.P. retained a 59.21% direct interest, or 118,421,766 partnership units in each of the Ares Operating Group entities (collectively, the "Ares Operating Group Units" or "AOG Units"), in each of the Ares Operating Group entities. AREC has no direct interest in the Ares Operating Group entities. An affiliate of Alleghany Corporation ("Alleghany") owns a 6.25% direct interest, or 12,500,000 AOG Units, in each of the Ares Operating Group entities.
	These collective actions are referred to herein as the "Reorganization".
	Initial Public Offering
	On May 7, 2014, the Company issued 11,363,636 common units in the IPO at the price of $19.00 per common unit. In addition, on June 4, 2014 the Company issued an additional 225,794 common units at $19.00 per common unit pursuant to the partial exercise by the underwriters of their overallotment option. Total proceeds from the IPO, including from the partial exercise by the underwriters of their overallotment option, net of underwriting discounts, were $209.2 million. The holders of AOG Units, subject to any applicable transfer restrictions and other provisions, may up to four times each year from and after the second anniversary of the date of the closing of the IPO exchange their AOG Units for common units on a one-for-one basis (provided that Alleghany may exchange up to half of its AOG Units from and after the first anniversary of the IPO).
	Following the consummation of the IPO, including the partial exercise by the underwriters of their overallotment option, assuming no exchange of AOG Units for common units, Ares Owners Holdings L.P. holds a 42.82% direct interest in the Company, AREC holds a 42.82% direct interest in the Company and the public holds a 14.37% direct interest in the Company.
	Following the consummation of the IPO, including the partial exercise by the underwriters of their overallotment option, Ares Owners Holdings L.P. holds a 72.29% direct and indirect interest in the Ares Operating Group, an affiliate of Alleghany holds a 5.91% direct interest in the Ares Operating Group, AREC holds a 16.32% indirect interest in the Ares Operating Group and the public holds a 5.48% indirect interest in the Ares Operating Group.
	The Company conducts all of its material business activities through the Ares Operating Group. Following the IPO, the Company consolidates the financial results of the Ares Operating Group entities, their consolidated subsidiaries and certain Consolidated Funds.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Certain accounting policies have been excluded from these notes to the condensed consolidated financial statements as there have been no significant changes to such accounting policies since the Company filed its audited financial statements for the year ended December 31, 2013. For further information about these accounting policies, refer to the Company's prospectus dated May 1, 2014, filed with the SEC in accordance with Rule 424(b) of the Securities Act of 1933 on May 5, 2014.
	Principles of Consolidation
	The Company consolidates those entities in which it has a direct and indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity, including Ares-affiliates and affiliated funds and co-investment entities for which the Company is the general partner and is presumed to have control and (b) entities that the Company concludes are variable interest entities ("VIEs"), including limited partnerships in which the Company has a nominal economic interest and CLOs for which the Company is deemed to be the primary beneficiary.
	With respect to the Consolidated Funds, which typically represent limited partnerships and single member limited liability companies, the Company earns a fixed management fee based on invested capital or a derivation thereof, and a performance fee based upon the investment returns in excess of a stated benchmark or hurdle rate. The Company, as the general partner of various funds, generally has operational discretion and control, and limited partners have no substantive rights to impact ongoing governance and operating activities of the fund. Such a fund is required to be consolidated unless the Company has a less than significant level of equity at risk. The fund is typically considered a VIE as described below, to the extent that the Company's equity at risk is less than significant in a given fund and it has no obligation to fund any future losses. In these cases, the fund investors are generally deemed to be the primary beneficiaries, and the Company does not consolidate the fund. In cases where the Company's equity at risk is deemed to be significant, the fund is generally not considered to be a VIE, and the Company will generally consolidate the fund unless the limited partners are granted substantive rights to remove the general partner or liquidate the fund. These rights are known as kick-out rights.
	Variable Interest Model
	The Company consolidates entities that are determined to be VIEs where the Company is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity's business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation rules, which were revised effective January 1, 2010, require an analysis to determine whether (i) an entity in which the Company holds a variable interest is a VIE and (ii) the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give the Company a controlling financial interest. The consolidation rules may be deferred for VIEs if the VIE and the reporting entity's interest in VIE meet deferral conditions set forth in FASB Accounting Standards Codification ("ASC") 810-10-65-2. Certain limited partnerships meet the deferral conditions if: (a) the limited partnerships generally have all the attributes of an investment company, (b) the Company does not have the obligation to fund losses of the limited partnership and (c) the limited partnership is not a securitization, asset-backed financing entity or qualifying special purpose vehicle. Where a VIE qualifies for the deferral of the consolidation rules, the analysis is based on consolidation rules prior to January 1, 2010. These rules require an analysis to determine (i) whether an entity in which the Company holds a variable interest is a VIE and (ii) whether the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees) would be expected to absorb a majority of the variability of the entity. Under either guideline, the Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders the conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively; however, if the primary beneficiary is not readily determinable, a quantitative assessment may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties' equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity, (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and (6) estimating cash flows in evaluating which member within the equity group absorbs a majority of the expected losses and hence would be deemed the primary beneficiary.
	As of September 30, 2014 and December 31, 2013, assets of consolidated VIEs reflected in the Condensed Consolidated Statements of Financial Condition were $21.4 billion and $14.2 billion, respectively, and are presented within "Assets of Consolidated Funds." As of September 30, 2014 and December 31, 2013, liabilities of consolidated VIEs reflected in the Condensed Consolidated Statements of Financial Condition were $14.7 billion and $13.1 billion, respectively, and are presented within "Liabilities of Consolidated Funds." The holders of the consolidated VIEs' liabilities do not have recourse to the Company other than to the assets of the consolidated VIEs. The assets and liabilities of the consolidated VIEs are comprised primarily of investment securities and loan obligations, respectively. All significant inter-company transactions and balances have been eliminated in consolidation.
	Certain funds that have historically been consolidated in the financial statements are no longer consolidated because, as of the reporting period, they were: (a) liquidated or dissolved, (b) the Company no longer holds a majority voting interest or (c) the Company is no longer deemed to be the primary beneficiary of the VIEs as it has no economic interest, no obligation to absorb losses and no rights to receive benefits from the VIEs.
	Equity Appropriated for Consolidated Funds
	As of September 30, 2014 and December 31, 2013, the Company consolidated 31 and 35 CLOs, respectively. CLOs are investment vehicles created for the sole purpose of issuing collateralized loan obligations. Upon consolidation, the Company elected the fair value option for eligible liabilities to mitigate accounting mismatches between the carrying value of the assets and liabilities. The Company accounts for the excess in fair value of assets over liabilities upon initial consolidation of funds as an increase in equity appropriated for Consolidated Funds.
	The loan obligations issued by the CLOs are backed by diversified collateral asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company earns management fees, including, in some cases, senior and subordinated management fees, and in some cases, contingent performance fees. In cases where the Company earns fees from a fund that it consolidates with the CLOs, those fees have been eliminated as intercompany transactions. At September 30, 2014 and December 31, 2013, the Company held $70.0 million and $64.2 million of investments in these CLOs, respectively, which represents its maximum exposure to loss. The maximum exposure to loss represents the Company's total investment in these entities. The Company's holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes which are repaid based on available cash flows subject to priority of payments under each Consolidated CLO's governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO.
	Investments in Non-Consolidated Variable Interest Entities
	The Company holds interests in certain VIEs that are not consolidated because the Company is not deemed the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests and fixed fee arrangements. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. There is no difference between the carrying value and fair value as investments in the non-consolidated VIEs are fair valued. The Company's interests and the Consolidated Funds' interests in these non-consolidated VIEs and their respective maximum exposure to loss relating to non-consolidated VIEs are as follows:
		As of September 30,		As of December 31,
		2014		2013
	Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs	$	19,497	$	12,366
	Maximum exposure to loss attributable to Consolidated Funds' investments in non-consolidated VIEs	$	5,442	$	96,223
	Basis of Accounting
	The accompanying condensed consolidated financial statements are prepared in accordance with GAAP. Management has determined that the Company's Consolidated Funds are investment companies under GAAP for the purposes of financial reporting based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provides investment management services and the Consolidated Funds' business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, GAAP for an investment company requires investments to be recorded at fair value and the unrealized appreciation (depreciation) in an investment's fair value is recognized on a current basis in the Condensed Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these condensed consolidated financial statements, the Company has retained the specialized accounting guidance for the Consolidated Funds under GAAP.
	All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values in the Company's Condensed Consolidated Statements of Financial Condition. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Company's Condensed Consolidated Statements of Financial Condition as equity appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non-controlling interests in Consolidated Funds in the Condensed Consolidated Statements of Operations and equity appropriated for Consolidated Funds in the Condensed Consolidated Statements of Financial Condition.
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. These assumptions and estimates require management to exercise judgment in the process of applying the Company's accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fee revenue and performance fee compensation involve a higher degree of judgment and complexity, and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results could differ from these estimates and such differences could be material. Certain comparative amounts for prior periods have been reclassified to conform to the current year's presentation.
	Investments
	Investments include (a) fair value investments held by the Company and Consolidated Funds and (b) investments in loans receivable held by Consolidated Funds.
	The Company has retained the specialized investment company accounting guidance under GAAP with respect to principally all of its investments. Thus, the consolidated investments are reflected in the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on investments in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e. the exit price).
	Investments in loans receivable are recorded at the outstanding unpaid principal balance less any allowance for loan losses. Interest income is recognized in the period earned to the extent that such amounts are expected to be collected. In general, interest is not accrued on investments in loans receivable when principal or interest payments are 90 days past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid in accordance with the terms of the loan agreement and, in management's judgment, are likely to remain current. The Company may make exceptions to this if the loan has sufficient collateral value and is in the process of collection.
	The Company records an allowance for loan losses based on management's judgment of the estimated potential credit impairment in the portfolio of loans receivable at an aggregate level. As part of this analysis, the Company reviews a number of factors for specific borrowers including the estimated value of any underlying collateral, compliance with financial covenants, the operating capabilities and financial trends of the borrowers, as well as overall current economic conditions affecting specific borrowers and the portfolio as a whole.
	Goodwill and Intangible Assets
	The Company's finite-lived intangible assets consist of contractual rights to earn future management fees and performance fees from investment funds it acquires. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 1 to 10 years. Finite-lived intangible assets arise from the Company's acquisition of management contracts, which provide the right to receive future fee income. The purchase price is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expense in the Combined and Consolidated Statements of Operations.
	The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company uses a two-step process to evaluate impairment. The first step compares the estimated undiscounted future cash flow attributable to the intangible asset being evaluated with its carrying amount. The second step, used to measure the amount of potential impairment, compares the fair value of the intangible asset with its carrying amount.
	Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying value, the Company will use a two-step process to evaluate impairment. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. The second step, used to measure the amount of any potential impairment, compares the implied fair value of the reporting unit with the carrying amount of goodwill.
	The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amounts. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company's interpretation of current economic indicators and market valuations, and assumptions about the Company's strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.
	Goodwill is not amortized and is not deductible for income tax purposes. There have been no impairments of goodwill recorded as of September 30, 2014.
	Equity-Based Compensation
	The Company recognizes expense related to equity-based compensation transactions in which it receives employee services in exchange for (a) equity instruments of the Company or (b) liabilities that are based on the fair value of the Company's equity instruments.
	Equity-based compensation expense represents expenses associated with the following:
	(a)
	granting of: (i) direct and indirect profit interests; (ii) put options to sell certain interests at a minimum value; (iii) purchase (or call) options to acquire additional membership interests; and (iv) restricted units, options and phantom units granted under Ares Management, L.P. 2014 Equity Incentive Plan ("Equity Incentive Plan");
	(b)
	conversion of and acceleration in vesting of certain existing interests.
	Equity-based compensation expense is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in partners' capital. Fair value of the restricted units and phantom units was determined to be the prior day's closing price of common units. Certain restricted units are subject to a lock up provision that expires on the fifth anniversary of the IPO. The Company used Finnerty's average strike-price put option model to estimate the discount associated with this lack of marketability. The Company estimated the fair value of the options as of the grant date using Black-Scholes option pricing model.
	The Company is required to estimate the equity-based awards that management ultimately expect to vest and to reduce equity-based compensation expense for the effects of estimated forfeitures of awards over the expense recognition period. The rate of future forfeitures is estimated based upon historical experience. Actual forfeitures in the future may differ. Equity-based compensation expense is adjusted, as necessary, for actual forfeitures so as to reflect expenses only for the portion of the award that ultimately vests. Management considers on a quarterly basis whether there have been any significant changes in facts and circumstances that would affect the expected forfeiture rate.
	The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of stock-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax returns are recorded as adjustments to partners' capital. If the tax deduction is less than the deferred tax asset, the calculated shortfall reduces the pool of excess tax benefits. If the pool of excess tax benefits is reduced to zero, then subsequent shortfalls would increase the income tax expense.
	Equity-based compensation expense is presented within compensation and benefits in the Condensed Consolidated Statements of Operations.
	Business Combinations
	The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the fair value of each asset acquired and liability assumed as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Acquisition-related costs in connection with a business combination are expensed as incurred.
	Non-Controlling Interests in Ares Operating Group Entities
	Following the Reorganization, non-controlling interests in Ares Operating Group entities represent a component of equity and net income attributable to the owners of AOG Units that are not held by Ares Management, L.P. These interests are adjusted for contributions to and distributions from Ares Operating Group entities during the reporting period and are allocated income from the Ares Operating Group entities based on their historical ownership percentage for the proportional number of days in the reporting period.
	For the periods presented prior to the Reorganization, non-controlling interests in Ares Operating Group entities represent equity interests and net income attributable to various minority non-control oriented strategic investment partners, which were reflected as non-controlling interests in the Predecessor's historical results, as well as net income attributable to controlling interest in the predecessor. The net income attributable to controlling interest in the Predecessor, from January 1, 2014 to April 30, 2014, is presented as net income attributable to non-controlling interest in Ares Operating Group Entities.
	Income Taxes
	A substantial portion of the Company's earnings flow through to owners of the Company without being subject to entity level income taxes. Consequently, a significant portion of the Company's earnings reflects no provision for income taxes except those for foreign, city and local income taxes incurred at the entity level. A portion of the Company's operations is held through AHI and Domestic Holdings, which are U.S. corporations for tax purposes. Their income is subject to U.S. federal, state and local income taxes and certain of their foreign subsidiaries are subject to foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). A provision for corporate level income taxes imposed on AHI's and Domestic Holdings' earnings is included in the Company's tax provision. The Company's tax provision also includes entity level income taxes incurred by certain affiliated funds and co-investment entities that are consolidated in these financial statements.
	Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reflected on a net basis in the Condensed Consolidated Statements of Financial Condition.
	The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits ("UTBs") is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. The Company recognizes both accrued interest and penalties, where appropriate, related to UTBs in general, administrative and other expenses.
	Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.
	Income Allocation
	Income (loss) before taxes is allocated based on each partner's average daily ownership of the Ares Operating Group entities for each period presented. The net income attributable to Ares Management, L.P. for the nine months ended September 30, 2014, represents its average daily ownership of 37.95% from May 1, the IPO effective date, to September 30, 2014.
	Financial Instruments
	The Company considered cash and cash equivalents, securities, receivables, equity-method investments, accounts payable, accrued expenses, other liabilities, debt obligations and assets and liabilities of the Consolidated Funds to be its financial instruments. The carrying amounts reported in the Condensed Consolidated Statements of Financial Condition for these financial instruments equal or closely approximate their fair values.
	Earnings Per Common Unit
	Basic earnings per common unit are computed by dividing income available to common unitholders by the weighted-average number of common units outstanding during the period. Income available to common unitholders represents net income applicable to Ares Management, L.P.
	Diluted earnings per unit is computed by dividing income available to common unitholders by the weighted-average number of common units outstanding during the period, increased to include the number of additional common units that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire units, unvested restricted units and AOG Units exchangeable for common units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per unit by application of the treasury stock method.
	Under the treasury stock method, if the average market price of a common unit increases above the option's exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding common units. The dilutive effect of awards is directly correlated with the fair value of the common units. However, the awards may be anti-dilutive when the market price of the underlying unit exceeds the option's exercise price. This result is possible because the compensation expense attributed to future services but not yet recognized is included as a component of the assumed proceeds upon exercise.
Recent Accounting Pronouncements
In June 2013, FASB issued guidance to clarify the characteristics of an investment company and to provide guidance for assessing whether an entity is an investment company. Consistent with existing guidance for investment companies, all investments are to be measured at fair value including non-controlling ownership interests in other investment companies. There are no changes to the current requirements relating to the retention of specialized accounting in the consolidated financial statements of a non-investment company parent. The guidance is effective for interim and annual periods beginning after December 15, 2013. The Company adopted this guidance as of January 1, 2014, and the adoption did not have a material impact on its financial statements.
In July 2013, FASB issued guidance to eliminate the diversity in practice on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. Under the new guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carry forward, with exceptions as defined. The guidance does not require new recurring disclosures. The guidance applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists at the reporting date. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company adopted this guidance as of January 1, 2014, and the adoption did not have a material impact on its financial statements.
In May 2014, the FASB issued guidance for recognizing revenue from contracts with customers. The guidance in this update supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition." Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company continues to evaluate the impact this guidance will have on its financial statements.
In June 2014, FASB issued guidance to bring clarification to the accounting for share-based payment awards that require a specific performance target to be achieved in order for the award to vest even after the requisite service period. Under the new guidance, performance targets that could affect vesting and be achieved after the requisite service period will be treated as a performance condition and should not be reflected in estimating the fair value of the award at grant date. Compensation expense should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation expense attributable to the period(s) for which the requisite service has already been rendered. The guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early application is permitted. The Company does not believe this guidance will have a material impact on its financial statements.
In August 2014, the FASB issued guidance to provide an alternative to fair value measurement for measuring the financial assets and the financial liabilities of a collateralized financing entity that is consolidated under Topic 810, "Consolidation." The guidance in this update was issued to address the fact that the fair value of a collateralized financing entity's financial assets may differ from the fair value of its financial liabilities even though the financial liabilities have recourse only to the financial assets. Under the new guidance, a reporting entity can elect to measure both the financial assets and the financial liabilities of that collateralized financing entity in its condensed consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The amendments are effective for annual reporting periods, including interim periods within those reporting periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The Company continues to evaluate the impact this guidance will have on its condensed consolidated financial statements.
In August 2014, the FASB issued guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern. For each reporting period, management will be required to evaluate whether conditions or events exist that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. The amendments are effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements.

GOODWILL_AND_INTANGIBLE_ASSETS

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2014
GOODWILL AND INTANGIBLE ASSETS	'
GOODWILL AND INTANGIBLE ASSETS	'
	3. GOODWILL AND INTANGIBLE ASSETS
	Business Combinations
	In June 2014, AM LLC acquired for $60.0 million in cash and $2.0 million of contingent consideration i) Keltic Financial Services LLC ("Keltic"), a commercial finance company headquartered in New York that provides asset based loans to small and middle market companies; and ii) the net assets of Keltic Financial Partners II, to which Keltic acted as the general partner. The Company allocated $38.0 million of the purchase price to the fair value of the acquired net assets, which were effectively contributed to ACF Finco I L.P., a limited partnership managed by a subsidiary of the Company. The remaining $24.0 million of the purchase price was recorded as goodwill, which may be modified subject to evaluating all provisions of the agreement. The financial results of ACF Finco I L.P. are included within the condensed consolidated financial statements presented herein.
	During the nine months ended September 30, 2014, the Company evaluated two leases assumed in connection with its acquisition of AREA Management Holdings, LLC ("AREA"). Based upon the existing terms of the acquired leases, the Company determined that the lease payments were in excess of current market conditions. The Company recorded an unfavorable lease liability of $3.6 million with a corresponding increase to goodwill. The unfavorable lease liability represents the discounted cash flows associated with the difference between the contractual lease payments and market-based lease payments. The unfavorable lease liability is amortized on a straight-line basis over the term of the lease agreements. The Company recorded unfavorable lease amortization of $0.4 million and $1.5 million for the three and nine months ended September 30, 2014, respectively, that is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. The Company did not record any unfavorable lease amortization for the three and nine months ended September 30, 2013.
	In connection with the termination of certain management contracts within the Tradable Credit Group and Real Estate Group, the Company accelerated amortization expense by $0.3 million and $4.2 million for the three and nine months ended September 30, 2014, respectively, to remove the remaining carrying value of certain intangibles. During the nine months ended September 30, 2013, the Company recorded an impairment of $17.7 million to reduce the carrying value of the intangible assets within the Tradable Credit Group to their estimated fair value based on a reduction in expected future cash flows of the contracts due to changes in the estimated useful lives and discount rate.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2014
INVESTMENTS	'
INVESTMENTS	'
	4. INVESTMENTS
	Investments are accounted for at fair value in accordance with the investment company guidance.
	The Company's investments are presented below:
		Fair value at					Fair value as a
							percentage of total
							investments at
		September 30,		December 31,			September 30,			December 31,
		2014		2013			2014			2013
	Private Investment Partnership Interests:
	AREA European Property Enhancement Program L.P.	$	1,716	$	1,735			1.1	%		1.9	%
	AREA Sponsor Holdings LLC		38,089		31,560			24.5	%		35.4	%
	Ares Capital Europe II (D), L.P.		13,715		—			8.8	%		—
	Ares Capital Europe II (E), L.P.		28		—			0	%		—
	Ares Corporate Opportunities Fund, L.P.(1)		901		1,009			0.6	%		1.1	%
	Ares Corporate Opportunities Fund IV, L.P.		17,190		—			11	%		—
	Ares Credit Strategies Fund II, L.P.		616		1,998			0.4	%		2.2	%
	Ares Credit Strategies Fund III, L.P.		19		—			0	%		—
	Ares Enhanced Loan Investment Strategy IX, L.P.		—		512			0	%		0.6	%
	Ares European Credit Strategies Fund (C) L.P.		477		301			0.3	%		0.3	%
	Ares European Real Estate Fund IV L.P.		510		—			0.3	%		—
	Ares Multi-Strategy Credit Fund V (H), L.P.		1,072		1,022			0.7	%		1.1	%
	Ares Special Situations Fund I-B, L.P.		3		—			0	%		—
	Ares Special Situations Fund III, L.P.		26,310		24,253			16.9	%		27.2	%
	Ares SSF Riopelle, L.P.		4,247		—			2.7	%		—
	Ares Strategic Investment Partners, L.P.		77		—			0	%		—
	Ares Strategic Investment Partners III, L.P.		2,733		2,714			1.8	%		3	%
	Ares Strategic Real Estate Program—HHC, LLC		1,253		1,227			0.8	%		1.4	%
	Resolution Life L.P.		45,348		21,846			29.2	%		24.4	%
	Total private investment partnership interests (cost: $121,105 and $68,580 at September 30, 2014 and December 31, 2013, respectively)		154,304		88,177			99.1	%		98.6	%
	Common Stock:
	Ares Multi-Strategy Credit Fund, Inc.		87		89			0.1	%		0.1	%
	Total common stock (cost: $100 and $100 at September 30, 2014 and December 31, 2013, respectively)		87		89			0.1	%		0.1	%
	Corporate Bonds:
	Ares Commercial Real Estate Corporation Convertible Senior Notes		1,177		1,172			0.8	%		1.3	%
	Total corporate bond (cost: $1,150 and $1,150, at September 30, 2014 and December 31, 2013, respectively)		1,177		1,172			0.8	%		1.3	%
	Total fair value investments (cost: $122,355 and $69,830 at September 30, 2014 and December 31, 2013, respectively)	$	155,568	$	89,438			100	%		100	%
	-1
	Security represents the sole investment held by ACOF Co-Investors LLC.
	Investments held in the Consolidated Funds are summarized below:
		Fair value at					Fair value as a
							percentage of total
							investments at
		September 30,		December 31,			September 30,			December 31,
		2014		2013			2014			2013
	United States:
	Fixed income securities:
	Consumer discretionary	$	3,146,108	$	4,146,611			16.3	%		20	%
	Consumer staples		155,265		338,735			0.8	%		1.6	%
	Energy		506,836		535,857			2.6	%		2.6	%
	Financials		579,538		544,879			3	%		2.6	%
	Healthcare, education and childcare		1,071,758		1,176,418			5.5	%		5.6	%
	Industrials		1,744,115		2,038,390			9.1	%		9.8	%
	Information technology		640,941		542,377			3.3	%		2.6	%
	Materials		443,423		463,864			2.3	%		2.2	%
	Telecommunication services		1,250,454		1,153,691			6.4	%		5.5	%
	Utilities		255,684		222,410			1.3	%		1.1	%
	Total fixed income securities (cost: $9,922,821 and $11,071,982, at September 30, 2014 and December 31, 2013, respectively)		9,794,122		11,163,232			50.6	%		53.6	%
	Equity securities:
	Consumer discretionary		2,729,895		2,464,520			14.2	%		11.9	%
	Consumer staples		414,046		201,059			2.1	%		1	%
	Energy		186,485		193,946			1	%		1	%
	Financials		7,239		6,172			0	%		0	%
	Healthcare, education and childcare		428,770		296,817			2.2	%		1.5	%
Industrials		119,561		134,544			0.6	%		0.6	%
Materials		—		31			0	%		0	%
Partnership and LLC interests		69,047		41,001			0.4	%		0.2	%
Telecommunication services		15,792		51,921			0.1	%		0.2	%
Total equity securities (cost: $3,026,364 and $2,733,448 at September 30, 2014 and December 31, 2013, respectively)		3,970,835		3,390,011			20.6	%		16.4	%
	Fair value at					Fair value as a
						percentage of total
						investments at
	September 30,		December 31,			September 30,			December 31,
	2014		2013			2014			2013
Europe:
Fixed income securities:
Consumer discretionary		1,206,396		1,858,364			6.2	%		8.9	%
Consumer staples		249,540		175,440			1.3	%		0.8	%
Energy		24,547		4,906			0.1	%		0	%
Financials		349,054		322,355			1.8	%		1.5	%
Healthcare, education and childcare		331,718		410,726			1.7	%		2	%
Industrials		511,300		485,243			2.6	%		2.3	%
Information technology		188,339		140,976			1	%		0.7	%
Materials		295,788		328,867			1.5	%		1.6	%
Telecommunication services		827,797		944,800			4.3	%		4.5	%
Utilities		2,603		37,001			0	%		0.2	%
Total fixed income securities (cost: $4,066,285 and $4,747,808 at September 30, 2014 and December 31, 2013, respectively)		3,987,082		4,708,678			20.5	%		22.5	%
Equity securities:
Consumer discretionary		3,259		10,686			0	%		0.1	%
Consumer staples		797		668			0	%		0	%
Financials		—		—			0	%		0	%
Healthcare, education and childcare		28,874		28,607			0.1	%		0.1	%
Industrials		79		8,595			0	%		0	%
Materials		—		773			—			0	%
Partnership and LLC interests		17,853		—			0.1	%		—
Telecommunication services		5,064		1,524			0	%		0	%
Total equity securities (cost: $98,982 and $83,277 at September 30, 2014 and December 31, 2013, respectively)		55,926		50,853			0.2	%		0.2	%
Asia and other:
Fixed income securities:
Consumer discretionary		80,154		43,538			0.4	%		0.2	%
Financials		510,546		456,463			2.6	%		2.2	%
Healthcare, education and childcare		43,501		14,556			0.2	%		0.1	%
Information technology		—		22,012			0	%		0.1	%
Materials		—		15,885			0	%		0.1	%
Telecommunication services		22,717		81,978			0.1	%		0.4	%
Total fixed income securities (cost: $579,469 and $593,188, at September 30, 2014 and December 31, 2013, respectively)		656,918		634,432			3.3	%		3.1	%
Equity securities:
Consumer discretionary		94,889		—			0.5	%		0	%
Consumer staples		74,222		77,572			0.4	%		0.4	%
Healthcare, education and childcare		33,610		23,493			0.2	%		0.1	%
Materials		52,947		52,947			0.3	%		0.3	%
Partnership and LLC interests		11,949		—			0.1	%		0	%
Utilities		9,621		4,724			0	%		0	%
Total equity securities (cost: $182,893 and $135,631 at September 30, 2014 and December 31, 2013, respectively)		277,238		158,736			1.5	%		0.8	%
	Fair value at					Fair value as a
						percentage of total
						investments at
	September 30,		December 31,			September 30,			December 31,
	2014		2013			2014			2013
Canada:
Fixed income securities:
Consumer discretionary		119,808		121,132			0.6	%		0.6	%
Energy		86,235		87,469			0.4	%		0.4	%
Healthcare, education and childcare		79,202		104,464			0.4	%		0.5	%
Industrials		42,057		16,331			0.2	%		0.1	%
Materials		8,154		—			0	%		0	%
Telecommunication services		118,289		142,374			0.6	%		0.7	%
Total fixed income securities (cost: $461,278 and $480,231at September 30, 2014 and December 31, 2013, respectively)		453,745		471,770			2.2	%		2.3	%
Equity securities:
Consumer discretionary		639		892			0	%		0	%
Energy		10,237		51,187			0.1	%		0.2	%
Total equity securities (cost: $73,034 and $75,256 at September 30, 2014 and December 31, 2013, respectively)		10,876		52,079			0.1	%		0.2	%
Australia:
Fixed income securities:
Consumer discretionary		—		203			0	%		0	%
Energy		62,895		—			0.3	%		0	%
Industrials		41,879		99,376			0.2	%		0.5	%
Utilities		91,700		68,513			0.5	%		0.3	%
Total fixed income securities (cost: $200,337 and $169,831 at September 30, 2014 and December 31, 2013, respectively)		196,474		168,092			1	%		0.8	%
Equity Securities:
Telecommunication services		8,623		16,102			0	%		0.1	%
Utilities		5,495		9,353			0	%		0	%
Total equity securities (cost: $22,233 and $30,140 at September 30, 2014 and December 31, 2013, respectively)		14,118		25,455			0	%		0.1	%
Total fixed income securities		15,088,341		17,146,204			77.6	%		82.3	%
Total equity securities		4,328,993		3,677,134			22.4	%		17.7	%
Total investments, at fair value	$	19,417,334	$	20,823,338			100	%		100	%
Securities sold short, at fair value	$	—	$	(1,633	)
At September 30, 2014 and December 31, 2013, no single issuer or investment, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company's total consolidated net assets.

FAIR_VALUE

FAIR VALUE	9 Months Ended
	Sep. 30, 2014
FAIR VALUE	'
FAIR VALUE	'
	5. FAIR VALUE
	GAAP establishes a hierarchal disclosure framework which prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally will have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value.
	Financial assets and liabilities measured and reported at fair value are classified as follows:
	•
	Level I—Quoted unadjusted prices for identical instruments in active markets to which the Company has access at the date of measurement.
	•
	Level II—Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are directly or indirectly observable. Level II inputs include prices in markets for which there are few transactions, prices that are not current, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates.
	•
	Level III—Model-derived valuations for which one or more significant inputs are unobservable. These inputs reflect the Company's assessment of the assumptions that market participants use to value the investment based on the best available information.
	In some instances, an instrument may fall into different levels of the fair value hierarchy. In such instances, the instrument's level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company's assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period.
	Investment / Liability Valuations
	The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment.
	CLO loan obligations:    The Company has elected the fair value option to measure the CLO loan obligations at fair value as the Company has determined that measurement of the loan obligations issued by the CLOs at fair value better correlates with the value of the assets held by the CLOs, which are held to provide the cash flows for the note obligations.
	The fair value of CLO liabilities is estimated based on various valuation models of third-party pricing services as well as internal models. The valuation models generally utilize discounted cash flows and take into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, the characteristics and condition of the underlying collateral, comparable yields for similar securities and recent trading activity. These securities are classified as Level III.
	Corporate debt, bonds, bank loans, securities sold short and derivative instruments:    The fair value of corporate debt, bonds, bank loans, securities sold short and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified within Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If the pricing services are only able to obtain a single broker quote or utilize a pricing model, such securities will be classified as Level III. If the pricing services are unable to provide prices, the Company will attempt to obtain one or more broker quotes directly from a dealer, price such securities at the last bid price obtained and classify such securities as Level III.
	Equity and equity-related securities:    Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II.
	Partnership interests:    In accordance with ASU 2009-12, Investments in Certain Entities that Calculate Net Asset Value per Share (or its Equivalent), the Company generally values its investments using the net asset value ("NAV") per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. Such valuations are classified as Level II to the extent the investments are currently redeemable; if the investments are subject to a lock-up period, they are classified as Level III.
	Certain investments of the Company and the Consolidated Funds are valued at NAV per share of the fund. In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. However, as of September 30, 2014 and December 31, 2013, the Company believes that NAV per share represents the fair value of the investments.
	The substantial majority of the Company's private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interest other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. Investors in open-ended and evergreen funds generally have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods ranging from one month to three years. In addition, separately managed investment vehicles for a single fund investor may allow such investors to terminate the fund at the discretion of the investor pursuant to the terms of the applicable constituent documents of such vehicle.
	In the absence of observable market prices, the Company values Level III investments using consistent valuation methodologies, typically market- or income-based approaches. The main inputs into the Company's valuation model for Level III securities include earnings multiples (based on the historical earnings of the issuer) and discounted cash flows. The Company may also consider original transaction price, recent transactions in the same or similar instruments, completed third-party transactions in comparable instruments and other liquidity, credit and market risk factors. The quarterly valuation process for Level III investments begins with each investment or loan being valued by the investment or valuation teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the investment team and other senior managers. All Level III investment values are ultimately approved by the valuation committees and designated investment professionals. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted. In connection with this process, the Company evaluates changes in fair value measurements from period to period for reasonableness, considering items such as industry trends, general economic and market conditions and factors specific to the investment.
	Certain Level III assets are valued using prices obtained from brokers or pricing vendors. The Company obtains an average of one to two broker non-binding quotes. The Company seeks to obtain at least one quote directly from a broker making a market for the asset and one price from a pricing vendor for each security or similar securities. These investments are classified as Level III because the quoted prices may be indicative in nature for securities that are in an inactive market, may be for similar securities or may require adjustment for investment-specific factors or restrictions. Generally, the Company does not adjust any of the prices received from these sources but material prices are reviewed against the Company's valuation models with a limited exception for securities that are deemed to have no value. The Company evaluates the prices obtained from brokers and pricing vendors based on available market information, including trading activity of the subject or similar securities or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company may also perform back-testing of valuation information obtained from brokers and pricing vendors against actual prices received in transactions to validate pricing discrepancies. In addition to on-going monitoring and back-testing, the Company performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process and to ensure compliance with required accounting disclosures.
	Fair Value of Financial Instruments Held by the Company and Consolidated Funds
	The tables below summarize the valuation of investments and other financial instruments by fair value hierarchy levels for the Company and Consolidated Funds as of September 30, 2014:
	Investments of the Company
		Level I			Level II			Level III			Total
	Investments, at fair value
	Equity securities	$	87		$	—		$	—		$	87
	Bonds		—			1,177			—			1,177
	Partnership interests		—			—			154,304			154,304
	Total investments, at fair value		87			1,177			154,304			155,568
	Derivative assets, at fair value
	Forward foreign currency contracts		—			6,270			—			6,270
	Purchased option contracts		—			1,519			—			1,519
	Total derivative assets, at fair value		—			7,789			—			7,789
	Total	$	87		$	8,966		$	154,304		$	163,357
	Derivative liabilities, at fair value
	Interest rate contracts	$	—		$	(858	)	$	—		$	(858	)
	Total derivative liabilities, at fair value	$	—		$	(858	)	$	—		$	(858	)
	Investments of Consolidated Funds
		Level I			Level II			Level III			Total
	Investments, at fair value
	Equity securities	$	590,615		$	484,195		$	3,153,914		$	4,228,724
	Bonds		—			1,255,124			624,184			1,879,308
	Loans		—			11,907,215			723,879			12,631,094
	Collateralized loan obligations		—			—			577,939			577,939
	Partnership interests		—			—			98,849			98,849
	Other		18			253			1,149			1,420
	Total investments, at fair value		590,633			13,646,787			5,179,914			19,417,334
	Derivative assets, at fair value
	Credit contracts		—			178			—			178
	Foreign exchange contracts		—			2,233			—			2,233
	Other		—			1,357			1,746			3,103
	Total derivative assets, at fair value		—			3,768			1,746			5,514
	Total	$	590,633		$	13,650,555		$	5,181,660		$	19,422,848
	Derivative liabilities, at fair value
	Forward foreign currency contracts	$	—		$	(6,549	)	$	—		$	(6,549	)
	Credit contracts		—			(26,295	)		—			(26,295	)
	Interest rate swaps		—			(198	)		—			(198	)
	Other		—			—			(15,967	)		(15,967	)
	Total derivative liabilities, at fair value		—			(33,042	)		(15,967	)		(49,009	)
	Loan obligations of CLOs(1)		—			—			(12,003,797	)		(12,003,797	)
	Total	$	—		$	(33,042	)	$	(12,019,764	)	$	(12,052,806	)
	-1
Ares Enhanced Loan Investment Strategy II, Ltd. has not elected to fair value its loan obligation and is therefore carried at cost of $627.
The tables below summarize the valuation of investments and other financial instruments by fair value hierarchy levels for the Company and Consolidated Funds as of December 31, 2013:
Investments of the Company
	Level I			Level II			Level III			Total
Investments, at fair value
Equity securities	$	89		$	—		$	—		$	89
Bonds		—			1,172			—			1,172
Partnership interests		—			—			88,177			88,177
Total investments, at fair value		89			1,172			88,177			89,438
Derivative assets, at fair value
Forward foreign currency contracts		—			247			—			247
Purchased option contracts		—			917			—			917
Total derivative assets, at fair value		—			1,164			—			1,164
Total	$	89		$	2,336		$	88,177		$	90,602
Derivative liabilities, at fair value
Forward foreign currency contracts	$	—		$	(1,653	)	$	—		$	(1,653	)
Interest rate contracts		—			(1,254	)		—			(1,254	)
Total derivative liabilities, at fair value	$	—		$	(2,907	)	$	—		$	(2,907	)
Investments of Consolidated Funds
	Level I			Level II			Level III			Total
Investments, at fair value
Equity securities	$	166,535		$	482,568		$	2,958,232		$	3,607,335
Bonds		—			1,576,942			2,052,984			3,629,926
Loans		—			11,868,584			1,058,635			12,927,219
Collateralized loan obligations		—			65,405			515,534			580,939
Partnership interests		—			—			41,001			41,001
Other		—			34,546			2,372			36,918
Total investments, at fair value		166,535			14,028,045			6,628,758			20,823,338
Derivative assets, at fair value
Interest rate contracts		—			8			—			8
Credit contracts		—			2,651			—			2,651
Equity contracts		—			179			—			179
Foreign exchange contracts		—			8,652			—			8,652
Other financial instruments		—			—			3,135			3,135
Total derivative assets, at fair value		—			11,490			3,135			14,625
Total	$	166,535		$	14,039,535		$	6,631,893		$	20,837,963
Derivative liabilities, at fair value
Forward foreign currency contracts	$	—		$	(38,594	)	$	(899	)	$	(39,493	)
Written options		—			(34	)		—			(34	)
Credit contracts		—			(25,754	)		(1,633	)		(27,387	)
Interest rate swaps		—			(3,703	)		(371	)		(4,074	)
Other financial instruments		—			(175	)		(3,952	)		(4,127	)
Total derivative liabilities, at fair value		—			(68,260	)		(6,855	)		(75,115	)
Loan obligations of CLOs(1)		—			—			(11,534,956	)		(11,534,956	)
Securities sold short, at fair value		—			(1,633	)		—			(1,633	)
Total	$	—		$	(69,893	)	$	(11,541,811	)	$	(11,611,704	)
-1
Ares Enhanced Loan Investment Strategy II, Ltd. has not elected to fair value its loan obligation and is therefore carried at cost of $239,201.
The following tables set forth a summary of changes in the fair value of the Level III investments for the three months ended September 30, 2014:
Investments of the Company	Partnership Interests
Balance, beginning of period	$	137,185
Transfer in		8,326
Purchases(1)		12,650
Sales(2)		21,937
Realized and unrealized appreciation (depreciation), net		(25,794	)
Balance, end of period	$	154,304
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	709
Investments of Consolidated Funds	Equity Securities			Fixed Income			Partnership			Other			Total
							Interests			Financial
										Instruments
Balance, beginning of period	$	3,385,380		$	1,948,826		$	47,327		$	(13,202	)	$	5,368,331
Transfer in		5,850			286,663			10,387			—			302,900
Transfer out		(265,323	)		(361,316	)		(9,434	)		—			(636,073	)
Purchases(1)		32,369			285,935			44,526			11,631			374,461
Sales(2)		(3,383	)		(201,384	)		(298	)		(5,314	)		(210,379	)
Accrued discounts/premiums		4,153			5,142			—			—			9,295
Realized and unrealized appreciation (depreciation), net		(5,133	)		(37,863	)		6,341			(6,187	)		(42,842	)
Balance, end of period	$	3,153,913		$	1,926,003		$	98,849		$	(13,072	)	$	5,165,693
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	(4,419	)	$	(22,500	)	$	6,340		$	(13,770	)	$	(34,349	)
-1
Purchases include paid-in-kind interest and securities received in connection with restructurings.
-2
Sales include paid-in-kind interest, principal redemptions and securities disposed of in connection with restructurings.
The following tables set forth a summary of changes in the fair value of the Level III investments for the three months ended September 30, 2013:
Investments of the Company	Partnership Interests
Balance, beginning of period	$	24,944
Purchases(1)		46,837
Sales(2)		(21	)
Realized and unrealized appreciation (depreciation), net		6,249
Balance, end of period	$	78,009
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	6,231
Investments of Consolidated Funds	Equity Securities			Fixed Income			Partnership			Other			Total
							Interests			Financial
										Instruments
Balance, beginning of period	$	2,232,164		$	3,726,136		$	6,105		$	19,420		$	5,983,825
Transfer in		10,166			220,208			—			—			230,374
Transfer out		—			(297,154	)		—			—			(297,154	)
Purchases(1)		162,209			212,787			16,187						391,183
Sales(2)		(23,214	)		(779,041	)		—			(9,777	)		(812,032	)
Accrued discounts/premiums		—			2,309			—			—			2,309
Realized and unrealized appreciation (depreciation), net		149,784			117,893			884			(7,401	)		261,160
Balance, end of period	$	2,531,109		$	3,203,138		$	23,176		$	2,242		$	5,759,665
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	75,181		$	110,038		$	—		$	(3,614	)	$	181,605
-1
Purchases include paid-in-kind interest and securities received in connection with restructurings.
-2
Sales include paid-in-kind interest, principal redemptions and securities disposed of in connection with restructurings.
The following tables set forth a summary of changes in the fair value of the Level III investments for the nine months ended September 30, 2014:
Investments of the Company	Partnership Interests
Balance, beginning of period	$	88,177
Investment in deconsolidated fund(3)		9,951
Transfer in		8,326
Purchases(1)		79,646
Sales(2)		(44,400	)
Realized and unrealized appreciation (depreciation), net		12,604
Balance, end of period	$	154,304
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	10,546
Investments of Consolidated Funds	Equity Securities			Fixed Income			Partnership			Other			Total
							Interests			Financial
										Instruments
Balance, beginning of period	$	2,958,232		$	3,627,153		$	41,001		$	(1,348	)	$	6,625,038
Deconsolidation of funds(3)		(140	)		(378,397	)		8,292			—			(370,245	)
Transfer in		—			169,383			—			48			169,431
Transfer out		(310,821	)		(246,073	)		(8,326	)		—			(565,220	)
Purchases(1)		544,997			46,177			49,172			22,582			662,928
Sales(2)		(178,526	)		(1,282,240	)		(366	)		(19,740	)		(1,480,872	)
Accrued discounts/premiums		5,607			14,061			—			1			19,669
Realized and unrealized appreciation (depreciation), net		134,564			(24,061	)		9,076			(14,615	)		104,964
Balance, end of period	$	3,153,913		$	1,926,003		$	98,849		$	(13,072	)	$	5,165,693
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	163,305		$	(3,791	)	$	8,402		$	(19,283	)	$	148,633
-1
Purchases include paid-in-kind interest and securities received in connection with restructurings.
-2
Sales include paid-in-kind interest, principal redemptions and securities disposed of in connection with restructurings.
-3
Represents investment in Consolidated Fund that was deconsolidated during the period. Balance was previously eliminated upon consolidation and not reported as Level III investment.
The following tables set forth a summary of changes in the fair value of the Level III investments for the nine months ended September 30, 2013:
Investments of the Company	Fixed Income			Partnership Interests			Total
Balance, beginning of period	$	1,170		$	21,695		$	22,865
Transfer out		(1,170	)		—			(1,170	)
Purchases(1)		—			48,189			48,189
Sales(2)		—			(201	)		(201	)
Realized and unrealized appreciation, net		—			8,326			8,326
Balance, end of period	$	—		$	78,009		$	78,009
Changes in unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	—		$	8,298		$	8,298
Investments of Consolidated Funds	Equity Securities			Fixed Income			Partnership			Other			Total
							Interests			Financial
										Instruments
Balance, beginning of period	$	1,978,138		$	3,891,212		$	35,416		$	5,202		$	5,909,968
Transfer in		74,572			217,083			—			—			291,655
Transfer out		—			(315,237	)		—			—			(315,237	)
Purchases(1)		262,711			844,521			16,326			—			1,123,558
Sales(2)		(33,677	)		(1,400,131	)		(29,239	)		(34,633	)		(1,497,680	)
Accrued discounts/premiums		—			17,724			—			87			17,811
Realized and unrealized appreciation (depreciation), net		249,365			(52,034	)		673			31,586			229,590
Balance, end of period	$	2,531,109		$	3,203,138		$	23,176		$	2,242		$	5,759,665
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	166,661		$	(34,601	)	$	673		$	(8,031	)	$	124,702
-1
Purchases include paid-in-kind interest and securities received in connection with restructurings.
-2
Sales include paid-in-kind interest, principal redemptions and securities disposed of in connection with restructurings.
Total realized and unrealized appreciation (depreciation) recorded for the Company's Level III investments are included in net realized gain (loss) on investments and net change in unrealized appreciation (depreciation) on investments in the Condensed Consolidated Statements of Operations, respectively.
Total realized and unrealized appreciation (depreciation) recorded for the Consolidated Funds' Level III investments are included in net realized gain (loss) on investments of Consolidated Funds and net change in unrealized appreciation (depreciation) on investments of Consolidated Funds in the Condensed Consolidated Statements of Operations, respectively.
The Company recognizes transfers between the levels as of the beginning of the period. Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service. For the nine months ended September 30, 2014 transfers from Level I to Level II included $15.4 million of restricted common stock received in exchange for an exchange-traded common equity investment upon the exercise of warrants and transfers from Level II to Level I included $13.7 million due to the removal of a restriction on the same security.
The following table sets forth a summary of changes in the fair value of the Level III investments for the CLO loan obligations for the nine months ended September 30, 2014 and the year ended December 31, 2013:
	For the Nine Months			For the Year Ended
	Ended September 30, 2014			December 31, 2013
Balance, beginning of period	$	11,534,956		$	9,422,570
Equity appropriated for Consolidated Funds		2,524,312			3,309,986
Borrowings		87,140			79,859
Paydowns		(1,694,089	)		(1,511,971	)
Realized and unrealized gains, net		(448,522	)		234,512
Balance, end of period	$	12,003,797		$	11,534,956
The following tables summarize the quantitative inputs and assumptions used for the Company's Level III inputs as of September 30, 2014:
Investments	Fair			Valuation Technique(s)		Unobservable		Range
	Value					Input(s)
Assets
Partnership interests	$	154,304		NAV		N/A		N/A
Total	$	154,304
The following tables summarize the quantitative inputs and assumptions used for the Consolidated Funds' Level III inputs as of September 30, 2014:
Investments	Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range		Weighted
										Average
Assets
Equity securities
Consumer discretionary	$	3,259		EV market multiple analysis		EBITDA multiple		6.5x		6.5x
		1,035		Discounted cash flow		Yield to worst		14.5% - 15.4%		15.00%
		223,682		Market approach (comparable companies)		Book value multiple		1.8x - 2.0x		1.9x
		1,978,392		Market approach (comparable companies)		EBITDA multiple		7.0x - 15.0x		10.8x
		1,524		Market approach (comparable companies)		Option Pricing		N/A		N/A
		896		Other		Future distribution estimates		N/A		N/A
		1,467		Other		Volume weighted average price / illiquidity discount		15.00%		15.00%
		45,950		Recent transaction price(1)		N/A		N/A		N/A
		3,943		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Consumer staples		797		EV market multiple analysis		EBITDA multiple		7.9x		7.9x
		16,500		Market approach (comparable companies)		EBITDA multiple		7.0x		7.0x
		44,801		Market approach (comparable companies)		Net income multiple		9.0x		9.0x
Energy		144,602		Recent transaction price(1)		N/A		N/A		N/A
		10,237		Other		N/A		N/A		N/A
		5,000		Option Pricing Model		Volatility		N/A		N/A
Financials		7,239		EV market multiple analysis		EBITDA multiple		10.5x		10.5x
Healthcare, education, and childcare		28,874		EV market multiple analysis		EBITDA multiple		7.8x - 20.0x		13.5x
		427,686		Market approach (comparable companies)		EBITDA multiple		8.0x - 13.0x		11.3x
		33,610		Market approach (comparable companies)		Net income multiple		35.0x		35.0x
Industrials		79		Recent transaction price(1)		N/A		N/A		N/A
		119,496		Market approach (comparable companies)		EBITDA multiple		8.0x - 14.1x		10.3x
Materials		52,947		Market approach (comparable companies)		Net income multiple		8.0x - 10.0x		9.0x
Telecommunication services		446		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		554		EV market multiple analysis		EBITDA multiple		7.3x		7.3x
Fixed Income securities
Consumer discretionary		212,177		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		18,484		EV market multiple analysis		EBITDA multiple		6.5x - 14.3x		8.2x
		6,189		Income approach (other)		Yield		60.00%		60.00%
		118,761		Market approach (comparable companies)		Book value multiple		1.8x - 2.0x		1.9x
		15,400		Market approach (comparable companies)		EBITDA multiple		7.5x		7.5x
		86,524		Yield analysis		Market yield		2.5% - 18.7%		13.20%
Consumer staples		490		Discounted cash flow		Other		20.00%		20.00%
		782		Market approach (comparable companies)		EBITDA multiple		6.5x		6.5x
Energy		9,336		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		18,025		Recent transaction price(1)		N/A		N/A		N/A
Financials		528,306		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		3,159		Discounted cash flow		Discount rate and Cumulative Loss Rate		16.6%, 9.8%		16.6%, 9.8%
		75,920		Discounted cash flow		Discount rate,		10.9%,		10.9%,
						Constant default rate,		2.0%,		2.0%,
						Recovery rate,		75.0%,		75.0%,
						prepayment rate		20%		20%
		220,166		Yield analysis		Market yield		10.50%		10.50%
		9,772		Recent transaction price(1)		N/A		N/A		N/A
Healthcare, education, and childcare		47,802		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		5,792		EV market multiple analysis		EBITDA multiple		20.0x		20.0x
		54,335		Yield analysis		Market yield		5.0% - 10.0%		8.00%
Industrials		69,702		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		5,835		Market approach (comparable companies)		Illiquidity premium		2.50%		2.50%
		4,460		Income approach (other)		Yield		4.7% - 5.0%		4.90%
		31,984		Market approach (comparable companies)		EBITDA multiple		9.4x - 14.1x		11.8x
		40,978		Yield analysis		Market yield		2.5% - 13.5%		9.30%
		5,173		Recent transaction price(1)		N/A		N/A		N/A
Information technology		39,025		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Materials		130,571		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		16,302		Market approach (comparable companies)		EBITDA multiple		6.8x - 17.2x		10.5x
		731		Market approach (comparable companies)		Recovery rate		2.50%		2.50%
Telecommunication services		150,719		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Partnership and LLC interests		98,849		NAV		N/A		N/A		N/A
Other
Healthcare, education, and childcare		1,084		Market approach (comparable companies)		EBITDA multiple		8.3x - 9.3x		8.8x
Industrials		65		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Derivative instruments of Consolidated Funds		1,746		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Total assets	$	5,181,660
Liabilities
Loans payable of Consolidated Funds:
Fixed income	$	11,865,286		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		138,511		Market approach (other)		Other		N/A		N/A
Derivatives instruments of Consolidated Funds		15,967		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Total liabilities	$	12,019,764
-1
Recent transaction price consists of securities purchased or restructured within the last nine months. The Company has determined that there has been 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 Level III inputs as of December 31, 2013:
Investments	Fair			Valuation Technique(s)		Unobservable		Range
	Value					Input(s)
Assets
Partnership interests	$	88,177		NAV		N/A		N/A
Total	$	88,177
The following tables summarize the quantitative inputs and assumptions used for the Consolidated Funds' Level III inputs as of December 31, 2013:
Investments	Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range		Weighted
										Average
Assets
Equity securities
Consumer discretionary	$	13,044		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		6,146		EV market multiple analysis		EBITDA multiple		6.2x - 18.0x			9.3x
		246,227		Market approach (comparable companies)		Book value multiple		1.5x - 1.8x			1.6x
		1,162,641		Market approach (comparable companies)		EBITDA multiple		7.5x - 15.0x			10.6x
		42,080		Market approach (comparable companies)		Net income multiple		9.6x			9.6x
		1,114		Market approach (comparable companies)		Yield to worst		5.00%			5	%
		1,557		Market approach (other)		Other		N/A			N/A
		1,729		Other		Other		N/A			N/A
		8,466		Other		Volume weighted average price		25.2x			25.2x
		1,418		Other		Volume weighted average price / illiquidity discount		25.2x / 15%			25.2x / 15	%
		505,270		Recent transaction price(1)		N/A		N/A			N/A
Consumer staples		668		EV market multiple analysis		EBITDA multiple		7.9x			7.9x
		201,059		Market approach (comparable companies)		EBITDA multiple		6.0x - 8.5x			7.5x
		25,000		Recent transaction price(1)		N/A		N/A			N/A
Energy		119,344		Market approach (comparable companies)		EBITDA multiple		1.0x - 1.4x			1.2x
		58,987		Other		Other		N/A			N/A
Financials		6,172		EV market multiple analysis		EBITDA multiple		10.5x			10.5x
Healthcare, education, and childcare		28,607		EV market multiple analysis		EBITDA multiple		7.8x - 43.7x			10.9x
		296,817		Market approach (comparable companies)		EBITDA multiple		8.0x - 12.0x			10.5x
		23,493		Market approach (comparable companies)		Net income multiple		20.0x - 25.0x			22.5x
Industrials		8,595		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		130,478		Market approach (comparable companies)		EBITDA multiple		8.0x - 14.5x			10.3x
Materials		773		EV market multiple analysis		EBITDA multiple		6.0x			6.0x
		52,947		Market approach (comparable companies)		Net income multiple		8.0x - 10.0x			9.0x
Telecommunication services		957		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		566		EV market multiple analysis		EBITDA multiple		6.9x			6.9x
Utilities		14,077		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Fixed Income
Consumer discretionary		287,572		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		394,891		Discounted cash flow		Yield to maturity		7.0% - 10.0%			8.5	%
		18,383		EV market multiple analysis		EBITDA multiple		6.2x - 18.0x			8.0x
		4,565		Income approach (other)		Yield		17.90%			17.9	%
		5,366		Income approach (other)		Yield to worst		4.8% - 5.8%			5.3	%
		113,305		Market approach (comparable companies)		Book value multiple		1.5x - 1.8x			1.6x
		406,854		Market approach (comparable companies)		EBITDA multiple		8.0x 10.5x			9.2x
		9,730		Recent transaction price(1)		N/A		N/A			N/A
		623,437		Yield analysis		Market yield		2.5% - 13.0%			9.2	%
Consumer staples		469		Discounted cash flow		Other		20.00%			20	%
		4,032		Income approach (other)		Yield		4.40%			4.4	%
Energy		112,362		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		7,327		Recent transaction price(1)		N/A		N/A			N/A
Financials		561,569		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		942		Discounted cash flow		Weighted average collection rate		N/A			N/A
		13,177		EV market multiple analysis		EBITDA multiple		2.4x			2.4x
		214,719		Yield analysis		Market yield		2.8% - 13.5%			9.3	%
Healthcare, education, and childcare		100,868		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		5,919		EV market multiple analysis		EBITDA multiple		7.8x - 43.7x			10.9x
		3,916		Income approach (other)		Discount rate		4.1% - 4.2%			4.2	%
		146,983		Yield analysis		Market yield		6.0% - 10.0%			7.7	%
Industrials		89,817		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		17,894		Income approach (other)		Yield		4.4% - 5.8%			4.6	%
		30,579		Market approach (comparable companies)		EBITDA multiple		9.7x - 14.5x			12.1x
		4,760		Market approach (comparable companies)		Illiquidity premium		2.0% - 2.5%			2.3	%
		53,194		Yield analysis		Market yield		2.5% - 12.8%			9.6	%
Information technology		51,357		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		6,851		Recent transaction price(1)		N/A		N/A			N/A
		38,317		Yield analysis		Market yield		5.3% - 14.0%			11.5	%
Materials		39,743		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		20,259		Discounted cash flow		Discount rate		13.00%			13	%
		14,056		Market approach (comparable companies)		EBITDA multiple		6.0x - 10.0x			9.0x
		54,714		Yield analysis		Market yield		6.0% - 13.0%			7.7	%
Telecommunication services		112,901		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		52,989		Yield analysis		Market yield		8.80%			8.8	%
Utilities		3,336		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Partnership and LLC interests		41,001		NAV		N/A		N/A			N/A
Other		2,372		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Derivative instruments of Consolidated Funds		3,135		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Total assets	$	6,631,893
Liabilities
Loans payable of Consolidated Funds:
Fixed income	$	10,931,836		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		41,920		Discounted cash flow		Discount Rate		10.70%			10.7	%
		561,200		Market approach (other)		Other		N/A			N/A
Derivatives instruments of Consolidated Funds		6,855		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Total liabilities	$	11,541,811
-1
Recent transaction price consists of securities purchased or restructured within the last nine months. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.
The significant unobservable inputs used in the fair value measurement of the Company's investments in equity securities include earnings before interest, tax, depreciation and amortization ("EBITDA"), book value, and net income multiples. Significant increase (decrease) in EBITDA, book value, or net income multiples in isolation would result in a significantly higher (lower) fair value measurement.
The significant unobservable inputs used in the fair value measurement of the Company's investments in fixed income securities are EBITDA and book value multiples, discount rates, prepayment rates, recovery rates, and market yields. Significant increases (decreases) in EBITDA and book value multiples and recovery rates, would result in a significantly higher (lower) fair value measurement. Significant increases (decreases) in prepayment rates and market yields would result in lower (higher) fair value measurements.
The significant unobservable inputs used in the fair value measurement of the Company's loans payable are discount rates, default rates, prepayment rates and other. Significant increases (decreases) in discount rates or default rates in isolation would result in a significantly lower (higher) fair value measurement.
For investments valued using NAV per share, a summary of fair value by segment along with the remaining unfunded commitment and any redemption restriction of such investments as of September 30, 2014 is presented below:
Strategy	Fair Value			Unfunded			Redemption
				Commitments			Restriction
Direct Lending Group	$	26,803		$	22,261			(1)(3)
Real Estate Group		41,568			36,627			-1
Tradable Credit Group		97,645			81,864			(1)(2)(3)
Private Equity Group		87,137			121,457			-1
Totals	$	253,153		$	262,209
For investments valued using NAV per share, a summary of fair value by segment along with the remaining unfunded commitment and any redemption restriction of such investments as of December 31, 2013 is presented below:
Strategy	Fair Value			Unfunded			Redemption
				Commitments			Restriction
Direct Lending Group	$	2,298		$	1,045			-3
Real Estate Group		34,521			9,734			-1
Tradable Credit Group		50,349			145,818			(1)(2)(3)
Private Equity Group		42,010			156,966			-1
Totals	$	129,178		$	313,563
-1
Certain funds within these strategies are closed-ended and generally do not permit investors to redeem their interests. Distributions are received as the underlying investments are liquidated.
-2
Certain funds within these strategies are open-ended and subject to a lock-up period of nine months after the closing date, after which an investor has the right to withdraw its capital. Distributions are received as the underlying investments are liquidated.
-3
Certain funds within these strategies are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of the investor. Distributions are received as the underlying investments are liquidated.

LOANS_HELD_AS_INVESTMENTS

LOANS HELD AS INVESTMENTS	9 Months Ended
	Sep. 30, 2014
LOANS HELD AS INVESTMENTS	'
LOANS HELD AS INVESTMENTS	'
	6. LOANS HELD AS INVESTMENTS
	Fair Value Disclosure of Financial Instruments Reported at Cost
	The following tables present the estimated fair value and carrying value of the Company's Consolidated Funds carried at cost, less an allowance for loan losses aggregated by the level in the fair value hierarchy as of September 30, 2014:
		Level I			Level II		Level III		Total		Carrying
											Value
	Loans held for investments	$	—		$	—	$	79,538	$	79,538	$	77,308
	A summary of activity in loans held as investments is presented below:
	Balance at acquisition date (June 3, 2014)	$	—
	Loan acquisition and origination		154,036
	Allowance for loan losses		(2,230	)
	Principal repayment		(67,718	)
	Balance as of June 30, 2014	$	84,088
	Loan acquisition and origination	$	215,292
	Principal repayment		(222,072	)
	Balance as of September 30, 2014	$	77,308
	The Company determines the fair value estimates of investments in loans receivable for fair value disclosures primarily using external valuation specialists. These valuation specialists take into account various factors including the estimated value of any underlying collateral, the borrower's financial performance as well as various qualitative factors.
	A summary of the changes in the allowance for loan losses is presented below:
	Balance at acquisition date (June 3, 2014)	$	—
	Increase in allowance for loan losses		2,230
	Balance as of June 30, 2014	$	2,230
	Increase in allowance for loan losses	$	—
	Balance as of September 30, 2014	$	2,230

DERIVATIVE_FINANCIAL_INSTRUMEN

DERIVATIVE FINANCIAL INSTRUMENTS	9 Months Ended
	Sep. 30, 2014
DERIVATIVE FINANCIAL INSTRUMENTS	'
DERIVATIVE FINANCIAL INSTRUMENTS	'
	7. DERIVATIVE FINANCIAL INSTRUMENTS
	In the normal course of business, the Company and the Consolidated Funds use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments held by these funds do not qualify for hedge accounting under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition. In accordance with ASC 815, changes in the fair value of derivative instruments are included in net change in unrealized gain (loss) on investments in the Condensed Consolidated Statements of Operations. The Company does not designate its derivatives as hedging instruments in accordance with ASC 815.
	The Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations; the primary risks managed by using derivative instruments are credit risk and foreign exchange risk. The Company's derivative instruments include warrants, currency options, purchased options, interest rate swaps and credit default swaps and forward contracts.
	By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company's counterparty credit risk is equal to the amount reported as a derivative asset in the Condensed Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate.
	To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Condensed Consolidated Statements of Financial Condition, with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds present derivative and other financial instruments, and any related cash collateral amounts, on both a gross and a net basis. This election is generally determined at management's discretion on a fund by fund basis. The Company has retained each fund's presentation upon consolidation.
	Certain Consolidated Funds have entered into transactions where cash collateral is received and/or pledged with the counterparty. Generally, the collateral practices are governed within each agreement entered into between the Consolidated Funds and the respective counterparty. These agreements specify how the collateral will be handled between the two parties, and the terms of the agreements may dictate that the derivatives be marked to market on a daily basis (or other specified period) and that any collateral needs be met by posting collateral based upon certain financial thresholds and/or upon certain dates, after any applicable minimum thresholds are met. The collateral may also be required to be held in segregated accounts with a custodian in compliance with the terms of the agreements.
	Qualitative Disclosures of Derivative Financial Instruments
	Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as a net change in unrealized appreciation (depreciation) on investments. Upon settlement of the instrument, the Company records net realized gain (loss) on investments in the Condensed Consolidated Statements of Operations.
	Following is a description of the significant derivative instruments utilized by the Company and the Consolidated Funds during the reporting periods.
	Forward Foreign Currency Contracts
	The Company and the Consolidated Funds enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risk on their non-U.S. dollar denominated cash flow. When entering into a forward currency contract, the Company agrees to receive and/or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Condensed Consolidated Statements of Financial Condition. The Company bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. In addition, the potential inability of the counterparties to meet the terms of their contracts poses a risk to the Company.
	Interest Rate Swaps
	The Company and the Consolidated Funds enter into interest rate swap contracts to mitigate their interest rate risk exposure to higher floating interest rates. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in two interest rates, applied to the notional principal amount for a specified period. The payment flows are generally netted, with the difference being paid by one party to the other. The interest rate swap contracts effectively mitigate the Company's exposure to interest rate risk by converting a portion of the Company's floating-rate debt to a fixed-rate basis.
	Credit Default Swaps
	The Consolidated Funds enter into credit default swap contracts for investment purposes and to manage credit risk. As a seller in a credit default swap contract, a Consolidated Fund is required to pay the notional or other agreed-upon value to the counterparty in the event of a default by a third party, either a U.S. or foreign corporate issuer (or an index of U.S. or foreign corporate issuers), on the referenced debt obligation. In return, the Consolidated Fund receives from the counterparty a periodic stream of payments over the term of the contract, provided that no event of default has occurred, and has no payment obligations.
	The Consolidated Funds may also purchase credit default swap contracts to mitigate the risk of default by debt securities held. In these cases, the Consolidated Fund functions as the counterparty referenced in the preceding paragraph. As a purchaser of a credit default swap contract, the Consolidated Fund receives the notional or other agreed upon value from the counterparty in the event of default by a third party, either a U.S. or foreign corporate issuer (or an index of U.S. or foreign corporate issuers) on the referenced debt obligation. In return, the Consolidated Fund makes periodic payments to the counterparty over the term of the contract provided no event of default has occurred.
	Entering into credit default swaps exposes the Consolidated Funds to credit, market and documentation risk in excess of the related amounts recognized in the Condensed Consolidated Statements of Financial Condition. Such risks involve the possibility that there will be no liquid market for these agreements, that the counterparty to the agreements may default on its obligations to perform or disagree as to the meaning of the contractual terms in the agreements, and that there will be unfavorable changes in net interest rates.
	Quantitative Disclosures of Derivative Financial Instruments
	The following tables identify the fair value and notional amounts of derivative contracts by major product type on a gross basis for the Company and the Consolidated Funds as of September 30, 2014 and December 31, 2013. These amounts may be offset (to the extent that there is a legal right to offset) and presented on a net basis in derivative assets or derivative liabilities in the Condensed Consolidated Statements of Financial Condition:
		As of September 30, 2014
								Liabilities
		Assets
											Fair Value
	The Company	Notional(1)			Fair Value			Notional(1)
	Interest rate contracts	$	—		$	—		$	250,000		$	858
	Foreign exchange contracts		165,729			7,789			—			—
	Total derivatives, at fair value	$	165,729		$	7,789		$	250,000		$	858
		As of September 30, 2014
		Assets						Liabilities
	Consolidated Funds	Notional(1)			Fair Value			Notional(1)			Fair Value
	Interest rate contracts	$	34,000		$	—		$	33,000		$	198
	Credit contracts		—			178			16,400			26,295
	Foreign exchange contracts		39,399			2,233			178,435			6,549
	Other financial instruments		6,969			3,103			108,270			15,967
	Total derivatives, at fair value		80,368			5,514			336,105			49,009
	Warrants—equity(2)		84,678			1,419			—			—
	TOTAL	$	165,046		$	6,933		$	336,105		$	49,009
	-1
	Represents the total contractual amount of derivative assets and liabilities outstanding.
	-2
	The fair value of warrants is included within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.
		As of December 31, 2013
		Assets						Liabilities
	The Company	Notional(1)			Fair Value			Notional(1)			Fair Value
	Interest rate contracts	$	—		$	—		$	250,000		$	1,254
	Foreign exchange contracts		66,733			1,164			76,419			1,653
	Total derivatives, at fair value	$	66,733		$	1,164		$	326,419		$	2,907
		As of December 31, 2013
		Assets						Liabilities
	Consolidated Funds	Notional(1)			Fair Value			Notional(1)			Fair Value
	Interest rate contracts	$	70,000		$	8		$	623,225		$	3,878
	Credit contracts		25,437			4,489			537,921			28,385
	Equity contracts		50			179			—			—
	Foreign exchange contracts		211,324			8,653			813,997			38,631
	Other financial instruments		6,174			1,296			83,662			4,221
	Total derivatives, at fair value		312,985			14,625			2,058,805			75,115
	Warrants—equity(2)		68,253			46,802			—			—
	TOTAL	$	381,238		$	61,427		$	2,058,805		$	75,115
	-1
	Represents the total contractual amount of derivative assets and liabilities outstanding.
	-2
	The fair value of warrants is included within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.
	The following tables present a summary of net realized gain (loss) and unrealized appreciation (depreciation) on derivative instruments for the three and nine months ended September 30, 2014 and 2013, and the corresponding line item where these changes are presented within the Condensed Consolidated Statements of Operations:
	For the Three Months Ended September 30, 2014
The Company	Interest Rate			Foreign			Total
	Contracts			Exchange
				Contracts
Net realized gain (loss) on investments
Swaps	$	(345	)	$	—		$	(345	)
Foreign currency forward contracts		—			1,074			1,074
Net realized gain (loss) on investments	$	(345	)	$	1,074		$	729
Net change in unrealized appreciation (depreciation) on investments
Purchased options	$	—		$	751		$	751
Swaps		561			—			561
Foreign currency forward contracts		—			6,104			6,104
Total net change in unrealized appreciation (depreciation) on investments	$	561		$	6,855		$	7,416
	For the Three Months Ended September 30, 2014
Consolidated Funds	Interest Rate			Credit			Equity			Foreign			Other			Total
	Contracts			Contracts			Contracts			Exchange
										Contracts
Net realized gain (loss) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	(2,292	)	$	7		$	—		$	(2,285	)
Written options		—			—			—			(7	)		—			(7	)
Swaps		27			918			—			—			(4,732	)		(3,787	)
Interest rate caps/floor		277			—			—			—			—			277
Warrants(1)		—			—			751			—			—			751
Foreign currency forward contracts		—			—			—			45			—			45
Total net realized gain (loss) on investments of Consolidated Funds	$	304		$	918		$	(1,541	)	$	45		$	(4,732	)	$	(5,006	)
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	574		$	1,170		$	118		$	1,862
Swaps		1,114			3,356			—			520			(829	)		4,161
Interest rate caps/floor		276			—			(233	)		—			—			43
Warrants(1)		—			—			(731	)		—			—			(731	)
Foreign currency forward contracts		—			—			(2,646	)		(1,590	)		533			(3,703	)
Total net change in unrealized appreciation (depreciation) on investments of Consolidated Funds	$	1,390		$	3,356		$	(3,036	)	$	100		$	(178	)	$	1,632
-1
Realized and unrealized gains (losses) on warrants are also reflected in the changes presented within the investment, at fair value.
	For the Three Months Ended September 30, 2013
The Company	Interest Rate			Foreign			Total
	Contracts			Exchange
				Contracts
Net realized gain (loss) on investments
Swaps	$	(319	)	$	—		$	(319	)
Foreign currency forward contracts		—			(280	)		(280	)
Net realized gain (loss) on investments	$	(319	)	$	(280	)	$	(599	)
Net change in unrealized appreciation (depreciation) on investments
Purchased options	$	—		$	(431	)	$	(431	)
Swaps		(713	)		—			(713	)
Foreign currency forward contracts		—			(3,219	)		(3,219	)
Total net change in unrealized appreciation (depreciation) on investments	$	(713	)	$	(3,650	)	$	(4,363	)
	For the Three Months Ended September 30, 2013
Consolidated Funds	Interest Rate			Credit			Equity			Foreign			Other			Total
	Contracts			Contracts			Contracts			Exchange
										Contracts
Net realized gain (loss) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	(379	)	$	27		$	—		$	(352	)
Written options		—			—			—			2,828			—			2828
Swaps		(16,614	)		6,467			(33,279	)		24,272			695			(18,459	)
Interest rate caps/floor		(879	)		—			—			—			—			(879	)
Warrants(1)		—			—			(2,705	)		—			—			(2,705	)
Foreign currency forward contracts		—			—			—			17,722			—			17,722
Total net realized gain (loss) on investments of Consolidated Funds	$	(17,493	)	$	6,467		$	(36,363	)	$	44,849		$	695		$	(1,845	)
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	(783	)	$	(1,930	)	$	171		$	(2,542	)
Written options		—			—			—			(122	)		—			(122	)
Swaps		(13,558	)		6,090			(6,511	)		(15,669	)		1,122			(28,526	)
Interest rate caps/floor		257			—			—			(234	)		—			23
Warrants(1)		—			—			12,313			—			—			12,313
Foreign currency forward contracts		—			—			—			(13,940	)		—			(13,940	)
Total net change in unrealized appreciation (depreciation) on investments of Consolidated Funds	$	(13,301	)	$	6,090		$	5,019		$	(31,895	)	$	1,293		$	(32,794	)
-1
Realized and unrealized gains (losses) on warrants are also reflected in the changes presented within the investment, at fair value.
	For the Nine Months Ended September 30, 2014
The Company	Interest Rate			Foreign			Total
	Contracts			Exchange
				Contracts
Net realized gain (loss) on investments
Swaps	$	(1,027	)	$	—		$	(1,027	)
Foreign currency forward contracts		—			(1,449	)		(1,449	)
Net realized gain (loss) on investments	$	(1,027	)	$	(1,449	)	$	(2,476	)
Net change in unrealized appreciation (depreciation) on investments
Purchased options	$	—		$	692		$	692
Swaps		396			—			396
Foreign currency forward contracts		—			7,587			7,587
Total net change in unrealized appreciation (depreciation) on investments	$	396		$	8,279		$	8,675
	For the Nine Months Ended September 30, 2014
Consolidated Funds	Interest Rate			Credit			Equity			Foreign			Other			Total
	Contracts			Contracts			Contracts			Exchange
										Contracts
Net realized gain (loss) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	(7,455	)	$	347		$	—		$	(7,108	)
Written options		—			—			—			(123	)		—			(123	)
Swaps		(482	)		(16,779	)		—						(2,265	)		(19,526	)
Interest rate caps/floor		276			—			—			—			—			276
Warrants(1)		—			—			3,456			—			—			3,456
Foreign currency forward contracts		—			—			—			(17,935	)		—			(17,935	)
Total net realized gain (loss) on investments of Consolidated Funds	$	(206	)	$	(16,779	)	$	(3,999	)	$	(17,711	)	$	(2,265	)	$	(40,960	)
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	946		$	(285	)	$	(67	)	$	594
Written options		—			—			—			(402	)		—			(402	)
Swaps		1,565			4,150			—			518			(1,299	)		4,934
Interest rate caps/floor		269			—			—			—			—			269
Warrants(1)		—			—			(13,044	)		—			—			(13,044	)
Foreign currency forward contracts		—			—			(2,646	)		12,350			534			10,238
Total net change in unrealized appreciation (depreciation) on investments of Consolidated Funds	$	1,834		$	4,150		$	(14,744	)	$	12,181		$	(832	)	$	2,589
-1
Realized and unrealized gains (losses) on warrants are also reflected in the changes presented within the investment, at fair value.
	For the Nine Months Ended September 30, 2013
The Company	Interest Rate			Foreign			Total
	Contracts			Exchange
				Contracts
Net realized loss on investments
Swaps	$	(922	)	$	—		$	(922	)
Foreign currency forward contracts		—			1,051			1,051
Net realized loss on investments	$	(922	)	$	1,051		$	129
Net change in unrealized appreciation (depreciation) on investments
Purchased options	$	—		$	(354	)	$	(354	)
Swaps		1,117			—			1,117
Foreign currency forward contracts		—			(1,805	)		(1,805	)
Total net change in unrealized appreciation (depreciation) on investments	$	1,117		$	(2,159	)	$	(1,042	)
	For the Nine Months Ended September 30, 2013
Consolidated Funds	Interest Rate			Credit			Equity			Foreign			Other			Total
	Contracts			Contracts			Contracts			Exchange
										Contracts
Net realized gain (loss) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	(5,541	)	$	367		$	—		$	(5,174	)
Written options		—			—			—			2,712			—			2,712
Swaps		(17,123	)		(11,230	)		(33,279	)		24,272			3,162			(34,198	)
Interest rate caps/floor		(879	)		—			—			—			—			(879	)
Warrants(1)		—			—			—			—			—			—
Foreign currency forward contracts		—			—			—			(258	)		—			(258	)
Total net realized gain (loss) on investments of Consolidated Funds	$	(18,002	)	$	(11,230	)	$	(38,820	)	$	27,093		$	3,162		$	(37,797	)
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	(411	)	$	(3,385	)	$	(14	)	$	(3,810	)
Written options		—			—			—			(524	)		—			(524	)
Swaps		(13,107	)		6,884			(6,511	)		(15,671	)		652			(27,753	)
Interest rate caps/floor		249			—			—			—			—			249
Warrants(1)		—			—			—			—			—			—
Foreign currency forward contracts		—			—			—			—			—			—
Total net change in unrealized appreciation (depreciation) on investments of Consolidated Funds	$	(12,858	)	$	6,884		$	(6,922	)	$	(19,580	)	$	638		$	(31,838	)
-1
Realized and unrealized gains (losses) on warrants are also reflected in the changes presented within the investment, at fair value footnote.
The table below sets forth the rights of setoff and related arrangements associated with the Company's derivative and other financial instruments as of September 30, 2014 and December 31, 2013. The column titled "Gross Amounts Not Offset in the Statement of Financial Position" in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Condensed Consolidated Statements of Financial Condition.
Derivative and Other Instruments of the Company as of September 30, 2014
										Gross
										Amounts
										Not Offset
										in the
										Statement
										of Financial
	Gross Amounts									Position
	of
	Recognized Assets
	(Liabilities)			Gross Amounts			Net Amounts of			Financial			Net Amount
				Offset in Assets			Assets (Liabilities)			Instruments
				(Liabilities)			Presented
Assets:
Derivatives	$	3,771		$	(4,018	)	$	7,789		$	—		$	7,789
Total		3,771			(4,018	)		7,789			—			7,789
Liabilities:
Derivatives		3,160			4,018			(858	)		—			(858	)
Total		3,160			4,018			(858	)		—			(858	)
Grand Total	$	6,931		$	—		$	6,931		$	—		$	6,931
Derivative and Other Instruments of the Company as of December 31, 2013
										Gross
										Amounts
										Not Offset
										in the
										Statement
										of Financial
	Gross Amounts									Position
	of
	Recognized Assets
	(Liabilities)			Gross Amounts			Net Amounts of			Financial			Net Amount
				Offset in Assets			Assets (Liabilities)			Instruments
				(Liabilities)			Presented
Assets:
Derivatives	$	1,164		$	—		$	1,164		$	338		$	826
Total		1,164			—			1,164			338			826
Liabilities:
Derivatives		(2,907	)		—			(2,907	)		(338	)		(2,569	)
Total		(2,907	)		—			(2,907	)		(338	)		(2,569	)
Grand Total	$	(1,743	)	$	—		$	(1,743	)	$	—		$	(1,743	)
The table below sets forth the rights of setoff and related arrangements associated with the Consolidated Funds' derivative and other financial instruments as of September 30, 2014 and December 31, 2013. The column titled "Gross Amounts Not Offset in the Statement of Financial Position" in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Condensed Consolidated Statements of Financial Condition.
Derivative and Other Instruments of the Consolidated Funds as of September 30, 2014
										Gross Amounts Not Offset
										in the Statement of
	Gross Amounts									Financial Position
	of
	Recognized Assets
	(Liabilities)			Gross Amounts			Net Amounts of			Financial			Cash Collateral			Net Amount
				Offset in Assets			Assets (Liabilities)			Instruments			Received
				(Liabilities)			Presented						(Pledged)
Assets:
Derivatives	$	15,746		$	10,232		$	5,514		$	1,544		$	(737	)	$	4,707
Total		15,746			10,232			5,514			1,544			(737	)		4,707
Liabilities:
Derivatives		(59,241	)		(10,232	)		(49,009	)		(1,544	)		(25,035	)		(22,430	)
Total		(59,241	)		(10,232	)		(49,009	)		(1,544	)		(25,035	)		(22,430	)
Grand Total	$	(43,495	)	$	—		$	(43,495	)	$	—		$	(25,772	)	$	(17,723	)
Derivative and Other Instruments of the Consolidated Funds as of December 31, 2013
										Gross Amounts Not Offset
										in the Statement of
	Gross Amounts									Financial Position
	of
	Recognized Assets
	(Liabilities)			Gross Amounts			Net Amounts of			Financial			Cash Collateral			Net Amount
				Offset in Assets			Assets (Liabilities)			Instruments			Received
				(Liabilities)			Presented						(Pledged)
Assets:
Derivatives	$	27,081		$	12,456		$	14,625		$	9,642		$	4,675		$	308
Reverse repurchase, securities borrowing, and similar arrangements(1)		1,695			—			1,695			—			—			1,695
Total		28,776			12,456			16,320			9,642			4,675			2,003
Liabilities:
Derivatives		(87,571	)		(12,456	)		(75,115	)		(9,642	)		(42,903	)		(22,570	)
Total		(87,571	)		(12,456	)		(75,115	)		(9,642	)		(42,903	)		(22,570	)
Grand Total	$	(58,795	)	$	—		$	(58,795	)	$	—		$	(38,228	)	$	(20,567	)
-1
Included within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.

DEBT

DEBT	9 Months Ended
	Sep. 30, 2014
DEBT	'
DEBT	'
	8. DEBT
	Debt represents the (a) credit facility of the Company, (b) term note of AHI, which was paid off prior to the Reorganization (c) promissory notes issued in connection with an acquisition, (d) loan obligations of the consolidated CLOs and (e) credit facilities of the Consolidated Funds. The Company has elected to measure the loan obligations of the consolidated CLOs at fair value and reflect the credit facilities of the Company and Consolidated Funds at cost.
	Credit Facility of the Company
	Effective May 7, 2014, the Company's credit facility was amended and restated to provide a $1.03 billion revolving line of credit. Under the amended credit facility, the Ares Operating Group entities replaced AM LLC and AIH LLC as borrowers, who became guarantors along with the Company, and the credit facility's maturity was extended to April 30, 2019. Consistent with the credit facility prior to amendment, interest rates are dependent upon corporate credit ratings. For the periods presented through June 27, 2014, base rate loans bear interest calculated based on the base rate plus 0.75% and the LIBOR rate loans bear interest calculated based on LIBOR rate plus 1.75%. Unused commitment fees are payable at a rate of 0.25% per annum. The Company repaid $163.3 million of outstanding borrowings under the credit facility from proceeds of the IPO on May 7, 2014.
	On June 27, 2014, the Company's corporate credit rating improved, resulting in a reduction of 0.25% in both base rate and LIBOR margins. Base rate loans now bear interest calculated based on the base rate plus 0.50% and the LIBOR rate loans now bear interest calculated based on LIBOR rate plus 1.50%. Unused commitment fees were reduced to a rate of 0.20% per annum.
	As of September 30, 2014 and December 31, 2013, the Company had $150.0 million and $121.3 million, respectively, outstanding under its credit facility that are presented as debt obligations on the Condensed Consolidated Statements of Financial Condition. Interest expense of $1.1 million and $1.8 million incurred for the three months ended September 30, 2014 and 2013, respectively, and $3.7 million and $5.2 million for the nine months ended September 30, 2014 and 2013, respectively, is included in interest expense in the Condensed Consolidated Statements of Operations.
	Term Note of AHI
	On December 18, 2012, AHI borrowed $55.0 million under a term note with a financial institution. Interest was paid quarterly and accrued at the Company's option, at a rate of LIBOR plus 1.75% or Prime Rate plus 0.75% per annum. Principal was payable in seven consecutive quarterly installments with increasing principal payments, commencing on January 15, 2013 and continuing up to and including June 15, 2014. The Company repaid this term note on March 20, 2014; therefore, no balance was outstanding as of September 30, 2014. As of December 31, 2013, the principal outstanding under this term note was $11.0 million. The term note was secured by account balances on deposit with the same financial institution. AHI remained in compliance with all provisions of the term note. There was no interest expense for the three months ended September 30, 2014, and $0.3 million for the three months ended September 30, 2013. Interest expense of $0.1 million and $1.1 million for the nine months ended September 30, 2014 and 2013, respectively, is included in the Condensed Consolidated Statements of Operations.
	Promissory Notes of the Company
	On July 1, 2013, in connection with the AREA acquisition, the Company entered into two promissory notes in the principal amounts of $13.7 million and $7.2 million, with two former AREA partners. The maturity date of the notes is July 1, 2016. Beginning on July 1, 2014, the notes will be repaid in three equal annual principal payments of approximately $4.6 million and $2.4 million, respectively. Interest accrues at a per annum rate equal to LIBOR plus 4.00%. As of September 30, 2014, an aggregate of $13.9 million was outstanding under the two notes, presented as debt obligations in the Condensed Consolidated Statements of Financial Condition. Interest expense of $0.1 million and $0.6 million for the three month and nine months ended September 30, 2014, respectively, is included in the Condensed Consolidated Statements of Operations.
	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. Several of the Consolidated CLOs issued preferred shares representing the subordinated interests that are mandatorily redeemable upon the maturity dates of the senior secured loan obligations. As a result, these shares have been classified as liabilities and are included in CLO loan obligations in the Condensed Consolidated Statements of Financial Condition.
	As of September 30, 2014 and December 31, 2013, the following loan obligations were outstanding and classified as liabilities:
		As of September 30, 2014
		Loan		Market Value of		Weighted Average
		Obligations		Loan Obligations		Remaining
						Maturity In Years
	Senior secured notes(1)	$	11,463,341	$	10,989,409		9.17
	Subordinated notes / preferred shares(2)		1,548,017		920,136		9.61
	Total loan obligations of Consolidated CLOs		13,011,358		11,909,545
	Type of Facility	Total Facility		Loan		Market Value of			Effective			Commitment			Maturity
		(Capacity)		Obligations		Loan Obligations			Rate			Fee			Date
	Revolvers of Consolidated CLOs
	Revolving credit line	$	46,934	$	46,934	$	46,794			0.49	%		0.17	%		4/16/21
	Revolving credit line		48,510		48,510		48,085			0.43	%		0.17	%		10/11/21
	Total revolvers of Consolidated CLOs				95,444		94,879
	Total notes payable and credit facilities of Consolidated CLOs			$	13,106,802	$	12,004,424
	-1
	Weighted average interest rate of 2.69%.
	-2
	The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.
		As of December 31, 2013
		Loan		Market Value of		Weighted Average
		Obligations		Loan Obligations		Remaining
						Maturity In Years
	Senior secured notes(1)	$	10,967,524	$	10,679,878		8.92
	Subordinated notes / preferred shares(2)		1,325,446		962,098		8.64
	Total loan obligations of Consolidated CLOs		12,292,970		11,641,976
	Type of Facility	Total Facility		Loan		Market Value of			Effective			Commitment			Maturity
		(Capacity)		Obligations		Loan Obligations			Rate			Fee			Date
	Revolvers of Consolidated CLOs
	Revolving credit line	$	48,949	$	48,949	$	48,119			0.43	%		0.17	%		4/16/21
	Revolving credit line		1,035		1,035		1,034			0.51	%		0.19	%		2/24/18
	Revolving credit line		23,567		23,567		23,351			0.52	%		0.18	%		3/12/18
	Revolving credit line		48,510		48,510		46,812			0.45	%		0.17	%		10/11/21
	Revolving credit line		12,865		12,865		12,865			0.52	%		0.14	%		1/26/20
	Total revolvers of Consolidated CLOs				134,926		132,181
	Total notes payable and credit facilities of Consolidated CLOs			$	12,427,896	$	11,774,157
	-1
	Weighted average interest rate of 2.36%.
	-2
	The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.
	Loan obligations of the Consolidated CLOs are collateralized by the assets held by the Consolidated CLOs, consisting of cash and cash equivalents, corporate loans, corporate bonds and other securities. The assets of one Consolidated CLO may not be used to satisfy the liabilities of another Consolidated CLO. Loan obligations of the Consolidated CLOs include floating rate notes, deferrable floating rate notes, revolving lines of credit, and subordinated notes. Amounts borrowed under the notes are repaid based on available cash flows subject to priority of payments under each Consolidated CLO's governing documents. The Company has elected to apply the fair value option to all of the loan obligations of the Consolidated CLOs, with the exception of the loan obligation of Ares Enhanced Loan Investment Strategy II, Ltd., which is carried at cost as the Company has retained the Consolidated CLO's presentation as a result of investor preference.
	Credit Facilities of the Consolidated Funds
	Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the unfunded capital commitments of the Consolidated Funds' limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments, and portfolio asset dispositions. The obligations of these entities have no recourse to the Company. As of September 30, 2014 and December 31, 2013, the Consolidated Funds were in compliance with all financial and non-financial covenants under such credit facilities.
	The Consolidated Funds had the following revolving bank credit facilities and term loans outstanding as of September 30, 2014:
	Type of Facility	Total Facility		Outstanding		Effective		Commitment		Maturity
		(Capacity)		Loan(1)		Rate		Fee		Date
	Short-term borrowings of Consolidated Funds
	Credit facility	$	25,000	$	—	LIBOR + 1.75%		0.30%			6/6/15
	Credit facility		25,000		—	LIBOR + 2.00%		0.30%			6/30/15
	Total short-term borrowings of Consolidated Funds				—
	Long-term borrowings of Consolidated Funds
Credit facility		150,000		40,500	LIBOR + 2.25%		0.25%			6/4/18
Notes payable		16,400		16,400	LIBOR + 2.20%		N/A			10/15/15
Notes payable		1,500,000		772,744	LIBOR + 1.65%		0.75%			9/19/18
Total long-term borrowings of Consolidated Funds				829,644
Total borrowings of Consolidated Funds			$	829,644
-1
The market values of the long term notes approximate the current carrying value that is tied to the LIBOR rate.
The Consolidated Funds had the following revolving bank credit facilities and term loans outstanding as of December 31, 2013:
Type of Facility	Total Facility		Outstanding		Effective		Commitment		Maturity
	(Capacity)		Loan(1)(3)		Rate		Fee		Date
Short-term borrowings of Consolidated Funds
Credit facility	$	40,000	$	—	LIBOR + 1.75%		0.25%			6/6/14
Credit facility		116,841		—	LIBOR + 2.00%		0.38%			6/13/14
Credit facility		100,000		—	LIBOR + 2.00%		0.75%			6/30/14
Credit facility		35,000		35,000	LIBOR + 0.50%		0.50%			7/19/14
Term loan payable		1,805,000		1,137,526	-2		0.50%			7/19/14
Total short-term borrowings of Consolidated Funds				1,172,526
Long-term borrowings of Consolidated Funds
Credit facility	£	186,290		308,477	LIBOR + 1.85%		N/A			1/15/16
Credit facility	$	532,350		532,350	LIBOR + 2.20%		N/A			10/15/15
Credit facility	€	200,000		—	LIBOR + 3.00%		0.38%			8/16/19
Notes payable	$	46,733		16,644	1.93%		N/A			9/19/15
Notes payable		114,048		40,601	1.93%		N/A			9/19/15
Total long-term borrowings of Consolidated Funds				898,072
Total borrowings of Consolidated Funds			$	2,070,598
-1
The market values of the long term notes approximate the current carrying value that is tied to the LIBOR rate.
-2
Rate depends on the tranche of each note held. The rates during the period ranged from One Month LIBOR +0.35% to Three Month LIBOR +0.90%.
-3
For loan maintained in a foreign currency, outstanding loan balances are converted and reported into U.S. dollars at the spot rate at each reporting date.
Loan Obligations of the Consolidated Mezzanine Debt Funds
Loan obligations of consolidated mezzanine debt funds represent amounts due to holders of debt securities issued by Ares Institutional Loan Fund B.V. (the "AILF Master Fund"), a Netherlands limited liability company. The AILF Master Fund issued Class A, Class B and Class C participating notes that have equal rights and privileges, except with respect to management fees and the performance fee that are applicable to only the Class A participating notes. These participating notes are redeemable debt instruments that do not have a stated interest rate or fixed maturity date. The AILF Master Fund may cause any holders to redeem all or any portion of such notes at any time upon at least five days prior written notice for any reason or no reason. A participating note holder may withdraw all or some of its notes as of the last business day of each calendar month by providing at least 30 days prior written notice. The holders of these participating notes have the right to receive the AILF Master Fund's first gains and the obligation to absorb the AILF Master Fund's first losses. As of September 30, 2014 and December 31, 2013, outstanding loan obligations of the consolidated mezzanine debt funds were $329.7 million and $323.2 million, respectively, and are presented as mezzanine debt in the Condensed Consolidated Statements of Financial Condition. The residual interests of the consolidated mezzanine debt funds are carried at cost plus accrued interest. The mezzanine funds are collateralized by all of the assets of the AILF Master Fund with no recourse to the Company.

REDEEMABLE_AND_NONCONTROLLING_

REDEEMABLE AND NON-CONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 2014
REDEEMABLE AND NON-CONTROLLING INTERESTS	'
REDEEMABLE AND NON-CONTROLLING INTERESTS	'
	9. REDEEMABLE AND NON-CONTROLLING INTERESTS
	The following table sets forth a summary of changes in the redeemable interests in Ares Operating Group Entities and redeemable interest in Consolidated Funds as of the nine months ended September 30, 2014 and the year ended December 31, 2013:
		As of			As of
		September 30,			December 31,
		2014			2013
	Redeemable interests in Consolidated Funds
	Redeemable non-controlling interests in Consolidated Funds, beginning of period	$	1,093,770		$	1,100,108
	Net income attributable to redeemable, non-controlling interests in Consolidated Funds		33,455			137,924
	Contributions from redeemable, non-controlling interests in Consolidated Funds		30,408			—
	Distributions to redeemable, non-controlling interests in Consolidated Funds		(61,534	)		(143,378	)
	Currency translation adjustment attributable to redeemable, non-controlling interests in Consolidated Funds		—			(884	)
	Equity Balance Post—Reorganization	$	1,096,099		$	1,093,770
	Net income attributable to redeemable, non-controlling interests in Consolidated Funds		(6,688	)		—
	Contributions from redeemable, non-controlling interests in Consolidated Funds		—			—
	Distributions to redeemable, non-controlling interests in Consolidated Funds		(26,190	)		—
	Ending Balance	$	1,063,221		$	1,093,770
		As of September 30,			As of December 31,
		2014			2013
	Redeemable interests in Ares Operating Group Entities
	Redeemable interests in Ares Operating Group Entities, beginning of period	$	40,751		$	30,488
	Net income attributable to redeemable interests in Ares Operating Group Entities		164			2,451
	Contributions from redeemable interests in Ares Operating Group Entities		—			3,712
	Distributions to redeemable interests in Ares Operating Group Entities		(1,313	)		(4,641	)
	Currency translation adjustment attributable to redeemable interests in Ares Operating Group Entities		9			13
	Revaluation of redeemable interest		—			8,437
	Equity compensation		234			291
	Tandem award compensation adjustment		(15,898	)		—
	Equity Balance Post—Reorganization	$	23,947		$	40,751
	Issuance cost		(124	)		—
	Net income attributable to redeemable interests in Ares Operating Group Entities		409			—
	Currency translation adjustment attributable to redeemable interests in Ares Operating Group Entities		(10	)		—
	Distributions		(195	)
	Equity compensation		48			—
	Allocation of contributions in excess of the carrying value of the net assets (dilution)		910			—
	Ending Balance	$	24,985		$	40,751
	The following table sets forth a summary of changes in the non-controlling interest in Ares Operating Group Entities for the nine months ended September 30, 2014:
		Non-controlling interest in Predecessor
																				Total Non-
																				Controlling
																				Interest in Ares
																				Operating
		Members'			Common			Additional			Retained			Accumulated			Non-Controlling			Group Entities
		Equity			Stock			Paid in			Earnings			Other			interest in Ares
					(B shares)			Capital						Comprehensive			Operating
														Income (Loss)			Group Entities
	Balance at December 31, 2013	$	109,992		$	0		$	57,842		$	(417	)	$	314		$	—		$	167,731
	Distributions		(46,534	)		—			(3,908	)		—			—			—			(50,442	)
	Net income		6,836			—			—			(3,589	)		—			—			3,247
	Currency translation adjustment					—			—			—			404			—			404
	Equity compensation		3,346			—			9,133			—			—			—			12,479
	Tandem award compensation adjustment		864			—			608			(230	)		—			—			1,242
	Net effect of Reorganization, including contribution of AOG Units for common units		(74,504	)		(0	)		(63,675	)		4,236			(718	)		332,575			197,914
	Equity Balance Post—Reorganization		—			—			—			—			—			332,575			332,575
	Issuance costs		—			—			—			—			—			(17,480	)		(17,480	)
	Allocation of contributions in excess of the carrying value of the net assets (dilution)		—			—			—			—			—			128,536			128,536
	Distributions		—			—			—			—			—			(30,050	)		(30,050	)
	Net income		—			—			—			—			—			58,211			58,211
	Equity compensation		—			—			—			—			—			6,775			6,775
	Currency translation adjustment		—			—			—			—			—			(1,959	)		(1,959	)
		$	—		$	—		$	—		$	—		$	—		$	476,608		$	476,608

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2014
COMMITMENTS AND CONTINGENCIES	'
COMMITMENTS AND CONTINGENCIES	'
	10. COMMITMENTS AND CONTINGENCIES
	Guarantees
	The Company assumed a guarantee of a mortgage associated with an office space in New York City in connection with the AREA Acquisition. The guarantee, dated March 20, 2008, is for the benefit of a Germany-based commercial property lender in connection with a $21.5 million loan provided to an affiliate of the Company. As of April 30, 2014, the Company was released of its guarantee and no longer bears any obligations for the mortgage.
	On July 30, 2014, AM LLC agreed to provide credit support to a new $75 million credit facility, (the "Guaranteed Facility") entered into by a wholly owned subsidiary of Ares Commercial Real Estate Corporation (NYSE: ACRE) ("ACRE") with a national banking association. AM LLC is the parent entity to ACRE's external manager. In connection with the facility, AM LLC agreed to purchase all loans and other obligations, outstanding under the Guaranteed Facility at a price equal to 100% of the outstanding balance (i) upon an acceleration or certain events of default by ACRE under the Guaranteed Facility or (ii) among other things, in the event that AM LLC's corporate credit rating is downgraded to below investment grade. ACRE will pay AM LLC a credit support fee of 1.50% per annum times the average amount of the loans outstanding under the Guaranteed Facility, payable monthly, and reimburse AM LLC for its out-of-pocket costs and expenses in connection with the transaction. In addition to the credit support fee, ACRE pledged to AM LLC its ownership interest in its principal lending holding entity to support the $75 million revolving credit facility. The Company's maximum exposure to loss shall not exceed $75 million plus accrued interest. As of September 30, 2014, the Company recorded $1.3 million as a receivable in connection with the credit support that is based on the present value of discounted expected cash flows. This receivable is included in due from affiliates in the Condensed Consolidated Statements of Financial Condition.
	In connection with providing credit support, the Company also recorded the fair value of this guarantee in the amount of $1.6 million within accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition for the period ended September 30, 2014. The fair value of this guarantee was determined by an independent third-party valuation firm using a market-based approach and a discounted cash flow model using a discount rate of 1.97% as the primary input. As of September 30, 2014, the total outstanding balance under the Guaranteed Facility was $55.0 million. The Company believes the likelihood of default by the ACRE subsidiary to be remote. The Company recognized $0.3 million in connection with the guarantee for the three and nine months ended September 30, 2014, which is included in other income (expense), net in the Condensed Consolidated Statements of Operations.
	Performance Fees
	Performance fees from certain limited partnerships are subject to reversal in the event that the funds incur future losses. The reversal is limited to the extent of the cumulative performance fees received to date. If all of the existing investments became worthless, the amount of cumulative revenues that had been received by the Company would be returned less the income taxes paid thereon. Management believes the possibility of all of the investments becoming worthless is remote. The Company may be liable to repay certain limited partnerships for previously received performance fees. This obligation is generally referred to as a clawback. At September 30, 2014 and December 31, 2013, if the Company assumed all existing investments were valued at $0, the amount of performance fees subject to potential clawback, net of tax, which may differ from the recognition of revenue, would have been approximately $297.9 million and $346.4 million, respectively, of which approximately $241.7 million and $280.5 million, respectively, is reimbursable to the Company by certain professionals. If the funds were liquidated at their then current fair values as of September 30, 2014 and December 31, 2013, there would be no event of clawback. For all periods presented, the Company did not accrue any expense or record a liability associated with the clawback obligation.

RELATED_PARTY_TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2014
RELATED PARTY TRANSACTIONS	'
RELATED PARTY TRANSACTIONS	'
	11. RELATED PARTY TRANSACTIONS
	Substantially all of the Company's revenue is earned from its affiliates, including management fees, performance fees, administrative expense reimbursements and service fees. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that performance fees receivable, which are entirely due from affiliated funds, are presented separately within the Condensed Consolidated Statements of Financial Condition.
	The Company has investment management agreements with various funds and accounts that it manages. In accordance with these agreements, the Consolidated Funds bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Consolidated Funds. In addition, the Company has agreements to provide administrative services to various entities.
	The Company also has entered into agreements to provide administrative services which are eligible for reimbursement from related parties, including Ares Capital Corporation (Nasdaq: ARCC) ("ARCC"), ACRE, Ares Dynamic Credit Allocation Fund, Inc. (NYSE: ARDC), Ares Multi-Strategy Credit Fund, Inc. (NYSE: ARMF), Ivy Hill Asset Management, L.P., European Senior Secured Loan Programme S.à.r.l., and ACF FinCo I L.P.
	Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management or performance fees.
	Performance fees from the funds can be distributed to professionals on a current basis, subject 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 comprised of the following:
		As of September 30,		As of December 31,
		2014		2013
	Due from affiliates:
	Management fees receivable from non-consolidated funds	$	109,241	$	91,917
	Payments made on behalf of and amounts due from non-consolidated funds		24,245		17,003
	Due from affiliates—Company	$	133,486	$	108,920
	Amounts due from non-consolidated funds	$	11,104	$	2,010
	Due from affiliates—Consolidated Funds	$	11,104	$	2,010
	Due to affiliates:
	Management fee rebate payable to non-consolidated funds	$	13,248	$	28,715
	Payments made by non-consolidated funds on behalf of and amounts due from the Company		3,645		3,975
	Due to affiliates—Company	$	16,893	$	32,690
	Amounts due to non-consolidated funds	$	2,514	$	2,695
	Due to affiliates—Consolidated Funds	$	2,514	$	2,695
	Due from Ares Funds and Portfolio Companies
	In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional travel and other costs associated with particular portfolio company holdings, are reimbursed by the portfolio companies.

INCOME_TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2014
INCOME TAXES	'
INCOME TAXES	'
	12. INCOME TAXES
	A substantial portion of the Company's earnings flow through to owners of the Company without being subject to entity level income taxes. Consequently, a significant portion of the Company's earnings reflects no provision for income taxes except those for foreign, city and local income taxes incurred at the entity level. A portion of the Company's operations is held through AHI and Domestic Holdings, which are U.S. corporations for tax purposes. Their income is subject to U.S. federal, state and local income taxes and certain of its foreign subsidiaries are subject to foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). A provision for corporate level income taxes imposed on AHI's and Domestic Holdings' earnings is included in the Company's tax provision. The Company's tax provision also includes entity level income taxes incurred by certain affiliated funds and co-investment entities that are consolidated in these financial statements. The Company had $2.4 million and $4.8 million income tax expense for the three months ended September 30, 2014 and 2013, respectively, and $0.9 million and $35.6 million income tax expense for the nine months ended September 30, 2014 and 2013, respectively.
	The Company's effective income tax rate is dependent on many factors, including the estimated nature of many amounts and the mix of revenues and expenses between U.S. corporate subsidiaries that are subject to income taxes and those subsidiaries that are not. Additionally, the Company's effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment entities that are consolidated in these financial statements. Consequently, the effective income tax rate is subject to significant variation from period to period.
	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 federal, state, local and foreign tax regulators. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years before 2010. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company's condensed consolidated financial statements.

EARNINGS_PER_COMMON_UNIT

EARNINGS PER COMMON UNIT	9 Months Ended
	Sep. 30, 2014
EARNINGS PER COMMON UNIT	'
EARNINGS PER COMMON UNIT	'
	13. EARNINGS PER COMMON UNIT
	Prior to the Reorganization and the IPO in May 2014, the Company's businesses were conducted through multiple operating businesses rather than a single holding entity. As such, there was no single capital structure upon which to calculate historical earnings per common unit information. Accordingly, earnings per common unit information has not been presented for historical periods prior to the IPO.
	Basic earnings per common unit is computed by dividing income available to common unitholders by the weighted-average number of common units outstanding during the period. Diluted earnings per common unit is computed under the treasury stock method.
	Holders of AOG Units may exchange their AOG Units for common units on a one for one basis after the second anniversary of the date of the closing of the IPO (provided that Alleghany may exchange up to half of its AOG Units from and after the first anniversary of the IPO), subject to any applicable transfer restrictions and other provisions. The Company applies the "if-converted" method to determine the dilutive weighted-average partnership units represented by these contingently issuable common units, assuming September 30, 2014 represents the end of contingency period.
	The Company has excluded 130,921,766 AOG Units from the calculation of diluted earnings per common unit for the period presented since the exchange of these units would proportionally increase Ares Management, L.P.'s interest in the Ares Operating Group and would have an anti-dilutive effect on earnings per common unit as a result of certain tax benefits Ares Management, L.P. is assumed to receive upon the exchange.
	The treasury stock method is used to calculate incremental units on potentially dilutive common units resulting from options and unvested restricted units granted under the 2014 Equity Incentive Plan. Potentially dilutive securities representing an incremental 4,132,369 restricted units and 24,706,793 options for the three months ended September 30, 2014, and 4,182,466 restricted units and 24,706,793 options for the period from May 1, 2014 to September 30, 2014 were excluded from the computation of diluted earnings per common unit for the period because their effect would have been antidilutive.
	The following table presents the computation of basic and diluted earnings per common unit:
		Three months ended				May 1, 2014 through
		September 30, 2014				September 30, 2014
	(Dollars in thousands, except per unit amounts)	Basic		Diluted		Basic		Diluted
	Net income attributable to Ares Management, L.P.	$	13,971	$	13,971	$	31,815	$	31,815
	Net income available to common unitholders	$	13,971	$	13,971	$	31,815	$	31,815
	Basic weighted-average common units		80,667,664		80,667,664		80,171,855		80,171,855
	Effect of dilutive units:
	Restricted units		—		696,314		—		646,217
	Options		—		—		—		—
	Contingently issuable common units		—		—		—		—
	Diluted weighted-average common units		80,667,664		81,363,978		80,171,855		80,818,072
	Earnings per common unit	$	0.17	$	0.17	$	0.4	$	0.39

EQUITY_COMPENSATION

EQUITY COMPENSATION	9 Months Ended
	Sep. 30, 2014
EQUITY COMPENSATION	'
EQUITY COMPENSATION	'
	14. EQUITY COMPENSATION
	Prior to the IPO, the Company historically issued various profit interests and membership interests to pools of certain professionals that provide for the participation in the profits of APMC and/or proceeds of certain capital events. Unless otherwise stated, the grant date fair value of each award or respective membership interest was determined by an independent third-party valuation firm. These awards are referred to as Ares Employee Participation ("AEP") plans and are described below:
	Ares Employee Participation LLC ("AEP") Interests
	AEP I and AEP II Profit Interests—AEP I Profit Interests represent a 3.3% profit interest in APMC and AEP II Profit Interests represent an aggregate of 4.64% profit interest in APMC, issued to a pool of professionals to participate in the profits of APMC and proceeds of certain capital events. The AEP I Profit Interest and AEP II Profit Interest vest over five years from the grant dates, subject to the professionals' continuous service with the Company through vesting dates.
	Exchanged AEP Awards—Represents (a) a 2% indirect membership interest in each of AMH LLC and AIH LLC and (b) a 2.2% profit interest to participate in the proceeds of certain capital events (collectively, "Exchanged AEP Awards"). The Exchanged AEP Awards vest over 17 months from the grant date, subject to the professional's continuous service with the Company through the vesting date.
	AEP IV and AEP VI—Represent awards that vest on the occurrence of (a) a sale, exchange or other transfer of the business of Ares that is not in the ordinary course of business or to another controlled affiliate of Ares or (b) any other similar transaction deemed a capital event in the sole discretion of the manager of the awards ("Capital Event"). The holders of the awards will be entitled to newly issued partnership interests as a result of the Capital Event. The occurrence of a Capital Event is considered a performance condition. Since Capital Events are defined at the discretion of the manager and represent events for which external factors and uncertainties make it difficult to establish a probability of occurrence prior to the consummation date or effective date, the Company had not deemed a Capital Events to be probable until consummated or effective. As such, the Company had not recorded compensation expenses in connection with these awards as no Capital Event occurred prior to May 1, 2014.
	Indicus—Represents (a) a 0.5% membership interest in each of Ares Holdings LLC ("AH LLC") and AI (the "Indicus Membership Interest") and (b) a right to receive a 1.14% profit interest to participate in the proceeds of certain capital events (the "Indicus Profit Interest") issued in connection with the Indicus acquisition to the principals who sold their interests in Indicus (the "Indicus Partners").
	The Indicus Membership Interest vests over five years from the Indicus acquisition date, subject to the Indicus Partners' continuous employment or service with the Company through such date. The Indicus Membership Interest is subject to certain forfeiture provisions and the Indicus Partners have a right to exercise a put option during the six-month period ending on August 16, 2016. If all of the Indicus Partners were to exercise their put options, the aggregate settlement amount would be $20.0 million as of September 30, 2014.
	The grant date fair value of the equity compensation put option feature associated with the Indicus Membership Interest was determined using an option pricing model utilizing a five-year term, a risk-free rate of 0.91%, a strike price of $20.0 million and an expected volatility of 45.5%.
	The grant date fair value of the Indicus Profit Interest was $5.5 million as determined using the Black-Scholes option pricing model utilizing a seven-year term, a risk-free rate of 0.4%, a minimum strike price of $46.0 million and an expected volatility of 47.6%. This fair value was fixed as of the grant date and was being expensed ratably over the three years vesting period. The Indicus Profit Interest is automatically cancelled on the seventh anniversary of the Indicus acquisition.
	AREA Membership Interest—Represents 1.2% membership interest ("AREA Membership Interest") issued by the Company to a group of former AREA partners who joined the Company in connection with the acquisition of AREA on July 1, 2013. The AREA Membership Interest will be generally 50% vested on the first anniversary of issuance and 100% vested on the second anniversary of issuance. The fair value of these awards was determined using a recent market transaction at the time of determination.
	The following summarizes the grant date fair value associated with each equity award issued prior to May 1, 2014, as well as the expense recognized for each period presented:
					Equity Compensation Expenses
					Recognized, Net of Forfeitures									Unrecognized
														Compensation
					Three Months				Nine Months					Expenses
					ended				ended
		Grant Date Fair			September 30,				September 30,					April 30,
		Value			2014		2013		2014			2013		2014
	AEP I Profit Interest	$	38,400		$	—	$	—	$	—		$	—	$	—
	AEP II Profit Interests		33,423			—		1,504		14,714			4,512		12,709
	AEP IV Profit Interests		10,657			—		—		10,657			—		10,657
	AEP VI Profit Interests		9,047			—		—		9,047			—		9,047
	Exchanged AEP Awards		68,607			—		3,236		—			9,708		—
	Indicus
	—		20,700			—		1,167		11,913			3,448		10,532
	Membership Interest
	—		5,464			—		455		(3,871	)		1,366		—
	Profit Interest
	AREA Membership Interest		25,381			—		2,343		20,678			2,343		17,555
	Total	$	211,679		$	—	$	8,705	$	63,138		$	21,377	$	60,500
	Conversion and Vesting of AEP awards
	On May 1, 2014, in connection with the Reorganization, certain existing interests held by APMC, on behalf of certain of the Company's co-founders and senior professionals under AEP plans, that represent less than a full equity interest in the Predecessors were converted into AOG Units and were immediately vested and expensed in full. There was no change in the fair value of these converted interests as a result of the acceleration in vesting; however, the Indicus Profit Interest was cancelled. In connection with this cancellation, the Company reversed expense of $4.3 million. As a result, the Company recognized one-time compensation expense of $56.2 million related to vesting and cancellation of these awards in the nine months ended September 30, 2014.
	Ares Management, L.P. 2014 Equity Incentive Plan
	In connection with the IPO, the board of directors of the general partner of Ares Management, L.P. (the "Board") adopted the Equity Incentive Plan. Under the Equity Incentive Plan, the Company granted options to acquire 24,835,227 common units, 4,936,051 restricted units to be settled in common units and 686,395 phantom common units to be settled in cash.
	Equity-based compensation expense, net of assumed forfeitures is included in the following table:
		Three Months			For the period from
		Ended September 30,			May 1, 2014 through
		2014			September 30, 2014
	Restricted units	$	3,130		$	4,889
	Options		3,905			6,136
	Phantom units		485			924
	Equity-based compensation expense	$	7,520		$	11,949
	Restricted Units
	Each restricted unit represents an unfunded, unsecured right of the holder to receive a common unit on the vesting dates. The restricted units currently vest either i) at a rate of one-third per year, beginning on the third anniversary of the grant date, or ii) in their entirety on the fifth anniversary of the grant date. Compensation expense associated with restricted units is being recognized on a straight-line basis over the service period of the respective grant.
	The holders of restricted units have the right to receive as current compensation an amount in cash equal to (i) the amount of any distribution paid with respect to a common unit multiplied by (ii) the number of unvested restricted units held at the time such distributions are declared ("Distribution Equivalent"). The Board declared a quarterly distribution of $0.18 per common unit to common unitholders of record at the close of business on August 25, 2014. For the three months ended September 30, 2014, Distribution Equivalents were made to the holders of restricted units of $0.9 million, which is in compensation and benefits in the Condensed Consolidated Statements of Operations.
	The following table presents unvested restricted units' activity during the period from May 1, 2014 through September 30, 2014:
		Restricted Units			Weighted Average
					Grant Date Fair
					Value Per Unit
	Balance—May 1, 2014		—		$	—
	Granted—IPO		4,936,051			16.13
	Granted—Post-IPO		—			—
	Vested		—			—
	Forfeited		(107,368	)		16.13
	Balance—September 30, 2014		4,828,683		$	16.13
	No restricted units were vested during the period from May 1, 2014 through September 30, 2014. The total compensation expense expected to be recognized in all future periods associated with the restricted units, considering assumed annual forfeitures of 7.00%, is approximately $54.9 million at September 30, 2014, which is expected to be recognized over the remaining weighted average period of 4.58 years.
	Options
	Each option entitles the holders to purchase from the Company, upon exercise thereof, one common unit at the stated exercise price. The term of the options is generally ten years from the grant date. The options vest at a rate of one-third per year, beginning on the third anniversary of the grant date. Compensation expense associated with these options is being recognized on a straight-line basis during the service period of the respective grant. As of September 30, 2014, there was $68.4 million of total unrecognized compensation expense, net of assumed annual forfeitures of 7.00%, that is expected to be recognized over the remaining weighted average period of 4.58 years.
	A summary of unvested options activity during the period from May 1, 2014 through September 30, 2014 is presented below:
		Options			Weighted Average		Weighted Average		Aggregate
					Exercise Price		Remaining Life		Intrinsic
							(in years)		Value
Balance—May 1, 2014		—		$	—		—
Granted—IPO		24,835,227			19		9.58
Vested		—			—		—
Forfeited or expired		(128,434	)		19		—
Balance—September 30, 2014		24,706,793		$	19		9.58
Exercisable at September 30, 2014		—		$	—		—	$	—
Expected to vest after September 30, 2014		18,611,689		$	19		9.58	$	—
Aggregate intrinsic value represents the value of the Company's closing unit price on the last trading day of the period in excess of the weighted average exercise price multiplied by the number of options exercisable or expected to vest. As of September 30, 2014, the Company's closing unit price is lower than the weighted average exercise price of the options exercisable or expected to vest. As a result, the options are out of the money and have no intrinsic value.
The fair value of each option granted during the period from May 1 to September 30, 2014 is measured on the date of grant using the Black-Scholes option-pricing model and the following weighted average assumptions:
Risk-free interest rate	2.06% to 2.22%
Weighted average expected dividend yield	5.00%
Expected volatility factor(a)	34.00% to 35.00%
Expected life in years	6.92 to 7.00
(a)
Expected volatility is based on comparable companies using daily stock prices.
The fair value of an award is affected by the Company's unit price on the date of grant as well as other assumptions including the estimated volatility of the Company's unit price over the term of the awards and the estimated period of time that management expects employees to hold their unit options. The estimated period of time that management expects employees to hold their options was estimated as the midpoint between the vesting date and maturity date.
Phantom Units
Each phantom unit represents an unfunded, unsecured right of the holder to receive an amount in cash per phantom unit equal to the average closing price of a common unit for the 15 trading days immediately prior to, and the 15 trading days immediately following, the vesting dates. The phantom units will vest in equal installments over five years at the anniversaries of the initial public offering date. The phantom units are accounted for as liability awards with compensation expense being recognized based on a straight line basis based on the number of units expected to vest during the service period. Forfeitures will reduce the expenses in the period in which the forfeiture occurs.
A summary of unvested phantom units' activity during the period from May 1, 2014 through September 30, 2014 is presented below:
	Phantom Units			Weighted Average
				Grant Date Fair
				Value Per Unit
Balance May 1, 2014		—		$	—
Granted—IPO		686,395			19
Vested		—			—
Forfeited		(52,313	)		—
Balance September 30, 2014		634,082		$	19
No phantom units were vested during the period from May 1, 2014 through September 30, 2014. Forfeitures are accounted for on an actual basis. As of September 30, 2014, there was $11.1 million of unrecognized compensation expense, in relation to phantom units outstanding that is expected to be recognized over a weighted average period of 4.58 years. For the period from May 1, 2014 to September 30, 2014, no cash was paid to settle phantom units. The fair value of the awards is remeasured at each reporting period and was $17.50 per unit as of September 30, 2014.
Unvested phantom units, restricted units and options are forfeited upon any termination of employment; provided that, with respect to certain restricted units and options, if a participant's employment is terminated between the first and second year after grant by the Company without "cause," or as a result of a participant's death or disability, 11% of the award will vest and if the participant's employment is so terminated between the second and third year after grant, 22% of the award will vest.
The Company records deferred tax assets for equity-based compensation awards, based on the amount of equity-based compensation expense recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a future tax deduction. In addition, differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax returns are recorded as adjustments to partners' capital. If the tax deduction is less than the deferred tax asset, the calculated shortfall reduces the pool of excess tax benefits. If the pool of excess tax benefits is reduced to zero, then subsequent shortfalls would increase the income tax expense.

SEGMENT_REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 30, 2014
SEGMENT REPORTING	'
SEGMENT REPORTING	'
	15. SEGMENT REPORTING
	The Company conducts its alternative asset management business through four operating segments:
	•
	Tradable Credit Group:  The Company's Tradable Credit Group is a participant in the tradable, non-investment grade corporate credit markets with approximately $32.6 billion of assets under management as of September 30, 2014. The group manages various types of investment funds, ranging from commingled and separately managed accounts for institutional investors to publicly traded vehicles and sub-advised funds for retail investors. While each of the group's approximately 70 funds is tailored to specific investment objectives, mandates can be broadly categorized between long-only credit and alternative credit investment strategies. Long-only credit funds primarily seek to outperform the corresponding performing bank loan or high yield market indices. Alternative credit funds primarily seek to deliver compelling absolute risk-adjusted returns relative to publicly traded stocks, hedge funds, distressed funds, bank loans, high yield bonds or other investment types.
	•
	Direct Lending Group:  The Company's Direct Lending Group is a self-originating direct lender to the U.S. and European markets, with approximately $28.0 billion of assets under management across over 35 funds or investment vehicles as of September 30, 2014. The group provides one-stop financing solutions to small-to-medium sized companies, which the Company believes are increasingly underserved by traditional lenders. The group launched its inaugural vehicle dedicated to direct lending, ARCC, ten years ago as a business development company. In 2007, the group extended its direct lending capabilities into Europe and raised its first dedicated fund. The group generates fees from approximately 35 funds that include separately managed accounts for large institutional investors seeking tailored investment solutions, commingled funds and joint venture lending programs with affiliates of General Electric Company.
	•
	Private Equity Group:  The Company's Private Equity Group has approximately $10.0 billion of assets under management as of September 30, 2014. The group focuses on majority or shared-control investments in businesses with strong franchises and attractive growth opportunities in North America and Europe, as well as growth equity opportunities in China. The group manages five private equity commingled funds.
	•
	Real Estate Group:  The Company's Real Estate Group manages comprehensive public and private equity and debt strategies, with approximately $9.1 billion of assets under management as of September 30, 2014. The group focuses on lending and investing assets that have been under-managed or need repositioning in their markets. The group provides investors access to its capabilities through its publicly traded commercial mortgage REIT, ACRE, focused on direct lending on properties owned by commercial real estate sponsors and operators, U.S. and European real estate private equity commingled funds, separately managed accounts and other fund types.
	The Company established an Operations Management Group (the "OMG") that consists of five independent, 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, business development, legal/compliance and human resources. Additionally, the OMG provides services to certain of the Company's investment companies and partnerships, which reimburse the OMG for expenses equal to the costs of services provided. The Company's clients seek to partner with investment management firms that not only have compelling investment track records across multiple investment products but also possess seasoned infrastructure support functions. As such, significant investments have been made to develop the OMG. The Company has successfully launched new business lines, integrated acquired businesses into the operations and created scale within the OMG to support a much larger platform in the future. The OMG's expenses are not allocated to the Company's four reportable segments but the Company does consider the cost structure of the OMG when evaluating its financial performance.
	Economic net income ("ENI") is a key performance indicator used in the alternative asset management industry. ENI represents net income excluding (a) income tax expense, (b) operating results of Consolidated Funds, (c) depreciation expense, (d) the effects of changes arising from corporate actions and (e) certain other items that the Company does not believe are indicative of its core performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with acquisitions and capital transactions, placement fees and underwriting costs and expenses incurred in connection with corporate reorganization. The Company believes the exclusion of these items provides investors with a meaningful indication of the Company's core operating performance. ENI is evaluated regularly by management as a decision tool for deployment of resources and assess performances of each of the business segments. The Company believes that reporting ENI is helpful in understanding its business and that investors should review the same supplemental non-GAAP financial measures that management uses to analyze the segment performance. 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 a component of ENI and is used to assess the ability of the business to cover direct base compensation and operating expenses from total management fees. FRE differs from income before taxes computed in accordance with GAAP as it adjusts for the items included in the calculation of ENI and excludes performance fees, performance fee compensation and investment income from Consolidated Funds and certain other items.
	Performance related earnings ("PRE") is a measure used to assess the Company's investment performance and its ability to cover performance fee compensation from performance fees and total investment income. PRE differs from income before taxes computed in accordance with GAAP as it only includes performance fees, performance fee compensation and total investment and other income (expense) earned from Consolidated Funds and non-consolidated funds.
	Distributable earnings ("DE") is a pre-income tax measure that is used to assess amounts potentially available for distributions to stakeholders. Distributable earnings is calculated as the sum of FRE, realized performance fees, realized performance fee compensation and realized net investment and other income, and further adjusts for expenses arising from transaction costs associated with acquisitions, placement fees, underwriting costs, expenses incurred in connection with corporate reorganization and depreciation. Distributable earnings differs from income (loss) before taxes computed in accordance with GAAP as it is presented before giving effect to unrealized performance fees, unrealized performance fee compensation, unrealized net investment income, amortization of intangibles, equity compensation expense and is further adjusted by certain items described in the reconciling table (d) following our segment results.
	Management makes operating decisions and assesses the performance of each of the Company's business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds.
	The following table presents the financial results for the Company's operating segments, as well as the OMG, for the three months ended September 30, 2014:
		Private			Direct			Tradable			Real			Total			OMG			Total
		Equity			Lending			Credit			Estate			Segments						Stand
		Group			Group			Group			Group									Alone
	Management fees
	Recurring fees (includes, in the case of the Direct Lending Group, $31,156 of ARCC Part I Fees)	$	22,386		$	68,953		$	37,038		$	25,299		$	153,676		$	—		$	153,676
	Previously deferred fees		—			—			—			—			—			—			—
	Total management fees		22,386			68,953			37,038			25,299			153,676			—			153,676
	Administrative fees and other income		(137	)		108			3			1,333			1,307			5,261			6,568
	Compensation and benefits		(8,638	)		(34,815	)		(10,813	)		(12,092	)		(66,358	)		(27,050	)		(93,408	)
	General, administrative and other expenses		(1,872	)		(3,684	)		(2,741	)		(3,311	)		(11,608	)		(14,005	)		(25,613	)
	Fee related earnings (loss)		11,739			30,562			23,487			11,229			77,017			(35,794	)		41,223
	Performance fees—realized		5,075			—			31,599			799			37,473			—			37,473
	Performance fees—unrealized		35,106			14,148			(44,526	)		477			5,205			—			5,205
	Performance fee compensation—realized		(4,058	)		(10	)		(6,973	)		—			(11,041	)		—			(11,041	)
	Performance fee compensation—unrealized		(27,307	)		(8,349	)		13,476			(42	)		(22,222	)		—			(22,222	)
	Net performance fees		8,816			5,789			(6,424	)		1,234			9,415			—			9,415
	Investment income (loss)—realized		1,269			430			6,868			413			8,980			—			8,980
	Investment income (loss)—unrealized		9,081			3,888			(3,225	)		460			10,204			—			10,204
	Interest, dividend and other investment income		1,312			175			2,222			89			3,798			—			3,798
	Interest expense		(630	)		(221	)		(447	)		(267	)		(1,565	)		—			(1,565	)
	Net investment income (loss)		11,032			4,272			5,418			695			21,417			—			21,417
	Performance related earnings (loss)		19,848			10,061			(1,006	)		1,929			30,832			—			30,832
	Economic net income (loss)	$	31,587		$	40,623		$	22,481		$	13,158		$	107,849		$	(35,794	)	$	72,055
	Distributable earnings (loss)	$	14,145		$	30,288		$	54,185		$	3,773		$	102,391		$	(37,067	)	$	65,324
	Total assets	$	594,350		$	260,060		$	531,158		$	192,772		$	1,578,340		$	9,629		$	1,587,969
	The following table presents the financial results for the Company's operating segments, as well as the OMG, as of and for the three months ended September 30, 2013:
		Private			Direct			Tradable			Real			Total			OMG			Total
		Equity			Lending			Credit			Estate			Segments						Stand
		Group			Group			Group			Group									Alone
	Management fees
	Recurring fees (includes, in the case of the Direct Lending Group, $32,014 of ARCC Part I Fees)	$	24,089		$	65,596		$	33,463		$	17,578		$	140,726		$	—		$	140,726
	Previously deferred fees		—			—			13,893			—			13,893			—			13,893
	Total management fees		24,089			65,596			47,356			17,578			154,619			—			154,619
	Administrative fees and other income		229			83			25			1,522			1,859			4,388			6,246
	Compensation and benefits		(7,489	)		(34,050	)		(9,475	)		(10,050	)		(61,064	)		(22,788	)		(83,852	)
	General, administrative and other expenses		(3,213	)		(2,710	)		(3,229	)		(4,435	)		(13,587	)		(11,351	)		(24,938	)
	Fee related earnings (loss)		13,616			28,919			34,677			4,615			81,827			(29,751	)		52,076
	Performance fees—realized		17,361			—			22,130			—			39,492			—			39,492
	Performance fees—unrealized		38,752			10,258			14,580			2,784			66,374			—			66,374
	Performance fee compensation—realized		(13,844	)		—			(2,194	)		—			(16,037	)		—			(16,037	)
	Performance fee compensation—unrealized		(30,324	)		(6,071	)		(11,698	)		—			(48,093	)		—			(48,093	)
	Net performance fees		11,945			4,187			22,818			2,784			41,734			—			41,734
	Investment income (loss)—realized		163			(357	)		16,341			(27	)		16,120			—			16,120
	Investment income (loss)—unrealized		5,880			2,677			(6,438	)		1,574			3,693			—			3,693
	Interest, dividend and other investment income		1,930			1,092			2,093			534			5,649			—			5,649
	Interest expense		(867	)		(682	)		(512	)		(514	)		(2,575	)		—			(2,575	)
Net investment income (loss)		7,106			2,730			11,484			1,567			22,887			—			22,887
Performance related earnings (loss)		19,051			6,917			34,302			4,351			64,621			—			64,621
Economic net income (loss)	$	32,667		$	35,836		$	68,979		$	8,966		$	146,448		$	(29,751	)	$	116,697
Distributable earnings (loss)	$	17,760		$	28,735		$	71,449		$	(1,146	)	$	116,798		$	(30,113	)	$	86,685
Total assets	$	446,958		$	267,780		$	697,305		$	220,176		$	1,632,219		$	9,363		$	1,641,582
The following table presents the financial results for the Company's operating segments, as well as the OMG, as of and for the nine months ended September 30, 2014:
	Private			Direct			Tradable			Real			Total			OMG			Total
	Equity			Lending			Credit			Estate			Segments						Stand
	Group			Group			Group			Group									Alone
Management fees
Recurring fees (includes, in the case of the Direct Lending Group, $85,140 of ARCC Part I Fees)	$	68,192		$	199,963		$	106,802		$	61,983		$	436,940		$	—		$	436,940
Previously deferred fees		—			—			—			—			—			—			—
Total management fees		68,192			199,963			106,802			61,983			436,940			—			436,940
Administrative fees and other income		33			474			53			4,119			4,679			15,326			20,009
Compensation and benefits		(24,720	)		(99,780	)		(32,071	)		(35,265	)		(191,836	)		(80,668	)		(272,504	)
General, administrative and other expenses		(6,609	)		(7,843	)		(10,333	)		(11,911	)		(36,696	)		(40,524	)		(77,220	)
Fee related earnings (loss)		36,896			92,814			64,451			18,926			213,087			(105,866	)		107,225
Performance fees—realized		22,775			39			66,094			799			89,707			—			89,707
Performance fees—unrealized		98,450			20,040			(42,635	)		11,152			87,007			—			87,007
Performance fee compensation—realized		(18,220	)		(38	)		(28,465	)		—			(46,723	)		—			(46,723	)
Performance fee compensation—unrealized		(77,044	)		(11,874	)		10,301			(608	)		(79,225	)		—			(79,225	)
Net performance fees		25,961			8,167			5,295			11,343			50,766			—			50,766
Investment income (loss)—realized		5,048			(1,102	)		31,453			842			36,241			—			36,241
Investment income (loss)—unrealized		36,096			5,627			(18,625	)		233			23,331			—			23,331
Interest, dividend and other investment income		4,679			418			6,801			286			12,184			—			12,184
Interest expense		(2,037	)		(857	)		(1,377	)		(970	)		(5,241	)		—			(5,241	)
Net investment income (loss)		43,786			4,086			18,252			391			66,515			—			66,515
Performance related earnings (loss)		69,747			12,253			23,547			11,734			117,281			—			117,281
Economic net income (loss)	$	106,643		$	105,067		$	87,998		$	30,660		$	330,372		$	(105,866	)	$	224,506
Distributable earnings (loss)	$	47,780		$	89,501		$	133,741		$	7,615		$	278,637		$	(110,419	)	$	168,218
Total assets	$	594,350		$	260,060		$	531,158		$	192,772		$	1,578,340		$	9,629		$	1,587,969
The following table presents the financial results for the Company's operating segments, as well as the OMG, as of and for the nine months ended September 30, 2013:
	Private			Direct			Tradable			Real			Total			OMG			Total
	Equity			Lending			Credit			Estate			Segments						Stand
	Group			Group			Group			Group									Alone
Management fees
Recurring fees (includes, in the case of the Direct Lending Group, $81,511 of ARCC Part I Fees)	$	70,719		$	173,297		$	94,887		$	22,534		$	361,437		$	—		$	361,437
Previously deferred fees		—			—			15,032			—			15,032			—			15,032
Total management fees		70,719			173,297			109,919			22,534			376,469			—			376,469
Administrative fees and other income		502			248			79			1,536			2,365			12,865			15,228
Compensation and benefits		(21,091	)		(90,568	)		(26,829	)		(17,251	)		(155,739	)		(61,475	)		(217,214	)
General, administrative and other expenses		(8,467	)		(6,771	)		(9,192	)		(6,860	)		(31,290	)		(25,519	)		(56,809	)
Fee related earnings (loss)		41,663			76,206			73,977			(41	)		191,805			(74,129	)		117,676
Performance fees—realized		66,127			—			53,816			—			119,943			—			119,943
Performance fees—unrealized		16,200			10,657			44,365			2,784			74,006			—			74,006
Performance fee compensation—realized		(52,901	)		37			(13,502	)		—			(66,366	)		—			(66,366	)
Performance fee compensation—unrealized		(12,052	)		(6,368	)		(38,302	)		—			(56,721	)		—			(56,721	)
Net performance fees		17,374			4,326			46,377			2,784			70,861			—			70,861
Investment income (loss)—realized		4,665			1,122			49,331			(107	)		55,011			—			55,011
Investment income (loss)—unrealized		2,046			1,794			(18,346	)		(5,520	)		(20,026	)		—			(20,026	)
Interest, dividend and other investment income		4,570			3,447			2,914			1,631			12,559			—			12,559
Interest expense		(2,686	)		(1,947	)		(1,797	)		(936	)		(7,365	)		—			(7,365	)
Net investment income (loss)		8,595			4,416			32,102			(4,932	)		40,181			—			40,181
Performance related earnings (loss)		25,969			8,742		$	78,479			(2,148	)		111,042			—			111,042
Economic net income (loss)	$	67,632		$	84,948		$	152,456		$	(2,189	)	$	302,847		$	(74,129	)	$	228,718
Distributable earnings (loss)	$	59,832		$	76,781		$	162,400		$	(6,563	)	$	292,450		$	(75,206	)	$	217,244
Total assets	$	446,959		$	267,780		$	697,305		$	220,176		$	1,632,219		$	9,363		$	1,641,582
The following reconciliations contain rounded values that are presented elsewhere within the financial statements. Consequently, the sum of certain values may not match the totals presented herein.
	For the Three Months Ended September 30, 2014
	Total			Consolidation			Consolidated
	Segments			Adjustments			Results
				and Reconciling Items
Revenues	$	197,661	-1	$	-22,500	(a)	$	175,161
Expenses		111,228	-2		92,109	(b)		203,337
Other income		21,419	-3		-70,128	(c)		(48,709	)
Economic net income / Income before taxes		107,849			-184,734	(d)		(76,885	)
Total assets		1,578,340			20,436,895	(e)		22,015,235
	For the Three Months Ended September 30, 2013
	Total			Consolidation			Consolidated
	Segments			Adjustments			Results
				and Reconciling Items
Revenues	$	262,343	-1	$	-126,466	(a)	$	135,877
Expenses		138,782	-2		98,255	(b)		237,037
Other income		22,887	-3		489,260	(c)		512,147
Economic net income / Income before taxes		146,448			264,539	(d)		410,987
Total assets		1,632,219			23,509,929	(e)		25,142,148
	For the Nine Months Ended September 30, 2014
	Total			Consolidation			Consolidated
	Segments			Adjustments			Results
				and Reconciling Items
Revenues	$	618,333	-1	$	-177,926	(a)	$	440,407
Expenses		354,478	-2		292,091	(b)		646,569
Other income		66,515	-3		528,926	(c)		595,441
Economic net income / Income before taxes		330,372			58,907	(d)		389,279
Total assets		1,578,340			20,436,895	(e)		22,015,235
	For the Nine Months Ended September 30, 2013
	Total			Consolidation			Consolidated
	Segments			Adjustments			Results
				and Reconciling Items
Revenues	$	572,783	-1	$	-240,067	(a)	$	332,716
Expenses		310,117	-2		249,780	(b)		559,897
Other income		40,181	-3		715,149	(c)		755,330
Economic net income / Income before taxes		302,847			225,302	(d)		528,149
Total assets		1,632,219			23,509,929	(e)		25,142,148
-1
Segment revenues consist of management fees, administrative fees and other income, as well as realized and unrealized performance fees.
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Management fees	$	153,676		$	154,619		$	436,940		$	376,469
Administrative fees and other income		1,307			1,859			4,679			2,365
Performance fees—realized		37,473			39,492			89,707			119,943
Performance fees—unrealized		5,205			66,374			87,007			74,006
Total segment revenue	$	197,661		$	262,343		$	618,333		$	572,783
-2
Segment expenses consist of compensation and benefits, and general, administrative and other expenses, as well as realized and unrealized performance fee expenses.
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Compensation and benefits	$	66,358		$	61,064		$	191,836		$	155,739
General, administrative and other expenses		11,608			13,587			36,696			31,290
Performance fee compensation—realized		11,041			16,037			46,723			66,366
Performance fee compensation—unrealized		22,222			48,093			79,225			56,721
Total segment expense	$	111,228		$	138,782		$	354,478		$	310,117
-3
Segment other income consists of realized and unrealized investment income and expenses, interest and other income and interest expenses.
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Investment income (loss)—realized	$	8,980		$	16,120		$	36,241		$	55,011
Investment income (loss)—unrealized		10,204			3,693			23,331			(20,026	)
Interest, dividend and other investment income		3,798			5,649			12,184			12,559
Interest expense		(1,565	)		(2,575	)		(5,241	)		(7,365	)
Net investment income	$	21,419		$	22,887		$	66,515		$	40,181
(a)
The revenues adjustment principally represents management and performance fees earned from Consolidated Funds which were eliminated in consolidation to arrive at Ares consolidated revenues.
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Consolidated Fund income eliminated in consolidation	$	(26,555	)	$	(128,069	)	$	(182,319	)	$	(250,146	)
Administrative fees and other income attributable to OMG		5,261			4,388			15,326			12,865
Performance fees—Realized reclass(1)		(800	)		(2,783	)		(800	)		(2,783	)
Performance fees—Unrealized reclass(1)		(406	)		—			(10,137	)		—
Total consolidated adjustments and reconciling items	$	(22,500	)	$	(126,466	)	$	(177,926	)	$	(240,067	)
-1
Related to performance fees for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within other income (expense) in the Company's Condensed Consolidated Statements of Operations.
(b)
The expenses adjustment represents the addition of expenses of the Consolidated Funds to the Ares unconsolidated expenses, depreciation expense, equity-based compensation and expenses associated with acquisitions and corporate actions necessary to arrive at Ares consolidated expenses.
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Consolidated Fund expenses added in consolidation	$	53,685		$	85,803		$	144,014		$	242,461
Consolidated Fund expenses eliminated in consolidation		(26,276	)		(62,695	)		(90,956	)		(145,630	)
OMG expenses		41,055			34,139			121,192			86,994
Acquisition related expenses		4,871			6,019			7,584			8,836
Equity compensation expense		7,521			8,705			75,088			21,377
Income tax expenses(1)		—			120			—			461
Placement fees and underwriting costs		3,267			1,027			7,825			2,600
Amortization of intangibles		6,143			23,515			21,692			28,113
Depreciation expense		1,844			1,622			5,651			4,569
Total consolidation adjustments and reconciling items	$	92,109		$	98,255		$	292,091		$	249,780
-1
Relates to income taxes paid by subsidiary operating entities included in general, administrative and other expenses.
(c)
The other income adjustment represents the addition of net investment income (loss) and net interest income (expense) to arrive at Ares consolidated other income.
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Consolidated Funds other income added in consolidation, net	$	(55,422	)	$	504,101		$	572,490		$	746,281
Other income from Consolidated Funds eliminated in consolidation, net		(12,645	)		(17,621	)		(51,240	)		(33,913	)
Performance fees—realized reclass(1)		800			2,783			800			2,783
Performance fees—unrealized reclass(1)		406			—			10,137			—
Loss on disposal of fixed assets		(2,937	)		—			(2,937	)		—
Non-cash other expense		(324	)		—			(324	)		—
Total consolidation adjustments and reconciling items	$	(70,128	)	$	489,260		$	528,926		$	715,149
-1
Related to performance fees for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within other (income) expense in the Company's Condensed Consolidated Statements of Operations.
(d)
The reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to economic net income, to fee related earnings, to performance related earnings and to distributable earnings consists of the following:
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Economic net income
Income (loss) before taxes	$	(76,885	)	$	410,987		$	389,279		$	528,149
Adjustments
Amortization of intangibles		6,143			23,515			21,692			28,113
Depreciation expense		1,844			1,622			5,651			4,569
Equity compensation expenses		7,521			8,705			75,088			21,377
Income tax expense(1)		—			120			—			461
Acquisition-related expenses		4,871			6,019			7,584			8,836
Placement fees and underwriting costs		3,267			1,027			7,825			2,600
OMG expenses, net		35,794			29,751			105,866			74,129
Loss on fixed asset disposal		2,937			—			2,937			—
Non-cash other expense		324			—			324			—
Income (loss) of non-controlling interests in Consolidated Funds		120,369			(337,582	)		(288,364	)		(346,615	)
Income tax expense (benefit) of non-controlling interests in Consolidated Funds		1,662			2,278			2,492			(18,776	)
Total consolidation adjustments and reconciling items		184,734			(264,539	)		(58,907	)		(225,302	)
Economic net income	$	107,849		$	146,448		$	330,372		$	302,847
Fee related earnings
Income (loss) before taxes	$	(76,885	)	$	410,987		$	389,279		$	528,149
Adjustments
Amortization of intangibles		6,143			23,515			21,692			28,113
Depreciation expense		1,844			1,622			5,651			4,569
Equity compensation expenses		7,521			8,705			75,088			21,377
Income tax expense(1)		—			120			—			461
Acquisition-related expenses		4,871			6,019			7,584			8,836
Placement fees and underwriting costs		3,267			1,027			7,825			2,600
OMG expenses, net		35,794			29,751			105,866			74,129
Loss on fixed asset disposal		2,937			—			2,937			—
Non-cash other expense		324			—			324			—
Income (loss) of non-controlling interests in Consolidated Funds		120,369			(337,582	)		(288,364	)		(346,615	)
Income tax (expense) benefit of non-controlling interests in Consolidated Funds		1,662			2,278			2,492			(18,776	)
Total consolidation adjustments and reconciling items		184,734			(264,539	)		(58,907	)		(225,302	)
Economic net income		107,849			146,448			330,372			302,847
Total performance fees income—realized		(37,473	)		(39,492	)		(89,707	)		(119,943	)
Total performance fees income—unrealized		(5,205	)		(66,374	)		(87,007	)		(74,006	)
Total performance fee compensation—realized		11,041			16,037			46,723			66,366
Total performance fee compensation—unrealized		22,222			48,093			79,225			56,721
Net investment income		(21,417	)		(22,887	)		(66,515	)		(40,181	)
Fee related earnings	$	77,017		$	81,827		$	213,087		$	191,805
Management fees	$	153,676		$	154,619		$	436,940		$	376,469
Administrative fees and other income		1,307			1,859			4,679			2,365
Compensation and benefits		(66,358	)		(61,064	)		(191,836	)		(155,739	)
General, administrative and other expenses		(11,608	)		(13,587	)		(36,696	)		(31,290	)
Fee related earnings	$	77,017		$	81,827		$	213,087		$	191,805
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Performance related earnings:
Income (loss) before taxes	$	(76,885	)	$	410,987		$	389,279		$	528,149
Adjustments
Amortization of intangibles		6,143			23,515			21,692			28,113
Depreciation expense		1,844			1,622			5,651			4,569
Equity compensation expenses		7,521			8,705			75,088			21,377
Income tax expense(1)		—			120			—			461
Acquisition-related expenses		4,871			6,019			7,584			8,836
Placement fees and underwriting costs		3,267			1,027			7,825			2,600
OMG expenses, net		35,794			29,751			105,866			74,129
Loss on fixed asset disposal		2,937			—			2,937			—
Non-cash other expense		324			—			324			—
Income (loss) of non-controlling interests in Consolidated Funds		120,369			(337,582	)		(288,364	)		(346,615	)
Income tax expense (benefit) of non-controlling interests in Consolidated Funds		1,662			2,278			2,492			(18,776	)
Economic net income		107,849			146,448			330,372			302,847
Total management fees	$	(153,676	)	$	(154,619	)	$	(436,940	)	$	(376,469	)
Administrative fees and other income		(1,307	)		(1,859	)		(4,679	)		(2,365	)
Compensation and benefits		66,358			61,064			191,836			155,739
General, administrative and other expenses		11,608			13,587			36,696			31,290
Performance related earnings (loss)	$	30,832		$	64,621		$	117,281			111,042
Total performance fees—realized	$	37,473			39,492		$	89,707		$	119,943
Total performance fees—unrealized		5,205			66,374			87,007			74,006
Total performance fee compensation—realized		(11,041	)		(16,037	)		(46,723	)		(66,366	)
Total performance fee compensation—unrealized		(22,222	)		(48,093	)		(79,225	)		(56,721	)
Net investment income (loss)		21,417			22,887			66,515			40,181
Performance related earnings (loss)	$	30,832		$	64,621		$	117,281			111,042
-1
Relates to income taxes paid by subsidiary operating entities included in general, administrative and other expenses.
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Distributable Earnings
Income (loss) before taxes	$	(76,885	)	$	410,987		$	389,279		$	528,149
Adjustments
Amortization of intangibles		6,143			23,515			21,692			28,113
Equity compensation expenses		7,521			8,705			75,088			21,377
OMG distributable loss(1)		37,067			30,113			110,419			75,206
Non-cash acquisition-related expenses		—			750			—			2,250
Taxes paid(2)		(625	)		—			(1,180	)		—
Non-cash other expense		324			—			324			—
Income (loss) of non-controlling interests in Consolidated Funds		120,369			(337,582	)		(288,364	)		(346,615	)
Income tax (expense) benefit of non-controlling interests in Consolidated Funds		1,662			2,278			2,492			(18,776	)
Unrealized performance fees		(5,205	)		(66,374	)		(87,007	)		(74,006	)
Unrealized performance fee compensation		22,222			48,093			79,225			56,721
Unrealized investment and other loss		(10,204	)		(3,693	)		(23,331	)		20,026
Distributable Earnings	$	102,391		$	116,798		$	278,637		$	292,450
Fee related earnings	$	77,017		$	81,827		$	213,087		$	191,805
Performance fees—realized		37,473			39,492			89,707			119,943
Performance fee compensation—realized		(11,041	)		(16,037	)		(46,723	)		(66,366	)
Investment and other income realized, net		11,215			19,194			43,184			60,207
Net performance related earnings—realized		37,647			42,647			86,168			113,784
Less:
One-time acquisition costs(3)		(4,871	)		(5,269	)		(5,507	)		(6,586	)
Income tax expense(4)		(228	)		(120	)		(572	)		(461	)
Placement fees and underwriting costs		(3,267	)		(1,027	)		(7,825	)		(2,600	)
Non-cash depreciation and amortization(5)		(3,904	)		(1,260	)		(6,715	)		(3,492	)
Distributable earnings	$	102,391		$	116,798		$	278,637		$	292,450
-1
Represents OMG distributable earnings which includes depreciation expense.
-2
Represents current tax expense of subsidiary operating entities.
-3
One-time acquisition costs are reduced by the amounts attributable to OMG, equal to $2,077 for the nine months ended September 30, 2014.
-4
Represents current tax expense of subsidiary operating entities. Taxes attributable to OMG equal $399 and $608 for the three and nine months ended September 30, 2014, respectively.
-5
Depreciation and amortization includes loss on disposal of assets, and is reduced by the amounts attributed to OMG equal to $874 and $362 for the three months ended September 30, 2014 and 2014, respectively and $1,872 and $1,077 for the nine month ended September 30, 2014 and 2013, respectively.
(e)
The reconciliation of total segment assets to total assets reported in the Condensed Consolidated Statements of Financial Condition consists of the following:
	September 30,			September 30,
	2014			2013
Total assets from Consolidated Funds eliminated in consolidation	$	(814,279	)	$	(827,007	)
Total assets from Consolidated Funds added in consolidation		21,241,545			24,327,573
OMG assets		9,629			9,363
Total consolidation adjustments and reconciling items	$	20,436,895		$	23,509,929

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2014
SUBSEQUENT EVENTS	'
SUBSEQUENT EVENTS	'
	16. SUBSEQUENT EVENTS
	In November 2014, the Board declared a quarterly distribution of $0.24 per common unit to common unitholders of record at the close of business on November 24, 2014, payable on December 4, 2014.
	On October 8, 2014, Ares Finance Co. LLC, a subsidiary of the Company, issued $250 million aggregate principal amount of 4.0% senior notes due October 8, 2024 at 98.268% of face amount. The notes are fully and unconditionally guaranteed by the Company, AHI, Domestic Holdings, Ares Real Estate Holdings LLC, Ares Holdings, Ares Domestic Holdings, Ares Investments, Ares Real Estate Holdings, AM LLC and AIH LLC. Interest is payable semi-annually on April 8 and October 8 each year, commencing on April 8, 2015. The notes may be redeemed prior to maturity in whole at any time or in part from time to time at the Company's option at a redemption price equal to the greater of 100% of the principal amount to be redeemed and a "make-whole" redemption price, in either case, plus accrued and unpaid interest, if any, to, but excluding, the redemption date; however, the issuer is not required to pay any "make-whole" on or after July 8, 2024. The net proceeds from this issuance were used to pay down the outstanding balance of $150.0 million under the Company's revolving credit facility, and $13.9 million of promissory notes.
	On October 30, 2014, a subsidiary of the Company executed a definitive agreement to acquire Energy Investors Funds ("EIF"), an asset manager in the energy infrastructure industry with approximately $4 billion of assets under management across EIF's four commingled funds and related co-investment vehicles. The initial closing consideration is being financed primarily with cash, including a portion of the proceeds from the 4.0% senior notes, and with equity interests in the Company. The transaction is expected to close by the end of 2014, subject to regulatory approval, investor consents and other customary closing conditions.

CONSOLIDATING_SCHEDULES

CONSOLIDATING SCHEDULES	9 Months Ended
	Sep. 30, 2014
CONSOLIDATING SCHEDULES	'
CONSOLIDATING SCHEDULES	'
	17. CONSOLIDATING SCHEDULES
	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition as of September 30, 2014 and December 31, 2013, and results from operations for the three and nine months ended September 30, 2014 and 2013.
		As of September 30, 2014
		Consolidated			Consolidated			Eliminations			Consolidated
		Company			Funds
		Entities
	Assets
	Cash and cash equivalents	$	75,087		$	—		$	—		$	75,087
	Restricted cash and cash equivalents		18,525			—			—			18,525
	Investments, at fair value		603,358			—			(447,790	)		155,568
	Performance fees receivable		526,763			—			(345,972	)		180,791
	Derivative assets, at fair value		7,789			—			—			7,789
	Due from affiliates		152,894			—			(19,408	)		133,486
	Intangible assets, net		46,993			—			—			46,993
	Goodwill		85,679			—			—			85,679
	Other assets		70,881			—			(97	)		70,784
	Assets of Consolidated Funds
	Cash and cash equivalents		—			1,368,144			—			1,368,144
	Investments, at fair value		—			19,417,334			—			19,417,334
	Loans held for investment, net		—			77,308			—			77,308
	Due from affiliates		—			12,116			(1,012	)		11,104
	Dividends and interest receivable		—			82,202			—			82,202
	Receivable for securities sold		—			265,334			—			265,334
	Derivative assets, at fair value		—			5,514			—			5,514
	Other assets		—			13,593			—			13,593
	Total assets	$	1,587,969		$	21,241,545		$	(814,279	)	$	22,015,235
	Liabilities
	Debt obligations	$	163,912		$	—		$	—		$	163,912
	Accounts payable, accrued expenses and other liabilities		86,783			—			(1,494	)		85,289
	Deferred tax liability, net		22,689			—			—			22,689
	Performance fee compensation payable		360,230			—			—			360,230
	Equity compensation put option liability		20,000			—			—			20,000
	Derivative liabilities, at fair value		858			—			—			858
	Accrued compensation		118,461			—			—			118,461
	Due to affiliates		19,358			—			(2,465	)		16,893
	Liabilities of Consolidated Funds
	Accounts payable, accrued expenses and other liabilities		—			76,550			(253	)		76,297
	Payable for securities purchased		—			1,158,321			—			1,158,321
	Derivative liabilities, at fair value		—			49,009			—			49,009
	Due to affiliates		—			63,625			(61,111	)		2,514
	Deferred tax liability, net		—			23,761			—			23,761
	CLO loan obligations		—			12,074,426			(70,002	)		12,004,424
	Fund borrowings		—			829,644			—			829,644
	Mezzanine debt		—			329,698			—			329,698
	Total liabilities		792,291			14,605,034			(135,325	)		15,262,000
	Commitments and contingencies
	Redeemable interest in Consolidated Funds		—			1,063,221			—			1,063,221
	Redeemable interest in Ares Operating Group entities		24,985			—			—			24,985
	Non-controlling interest in Consolidated Funds:		—			—			—			—
	Non-controlling interest in Consolidated Funds		—			5,622,810			(678,951	)		4,943,859
	Equity appropriated for Consolidated Funds		—			(49,527	)		—			(49,527	)
	Non-controlling interest in Consolidated Funds		—			5,573,283			(678,951	)		4,894,332
	Non-controlling interest in Ares Operating Group Entities		476,608			—			—			476,608
	Controlling interest in Ares Management, L.P.:
	Partners' Capital (80,667,664 units issued and outstanding)		295,271			—			—			295,271
	Accumulated other comprehensive gain		(1,182	)		—			—			(1,182	)
	Total controlling interest in Ares Management, L.P		294,089			—			—			294,089
	Total equity		770,697			5,573,283			(678,951	)		5,665,029
	Total liabilities, redeemable interests, non-controlling interests and equity	$	1,587,973		$	21,241,538		$	(814,276	)	$	22,015,235
		As of December 31, 2013
		Consolidated			Consolidated			Eliminations			Consolidated
		Company			Funds
		Entities
Assets
Cash and cash equivalents	$	89,802		$	—		$	—		$	89,802
Restricted cash and cash equivalents		13,344			—			—			13,344
Investments, at fair value		504,291			—			(414,853	)		89,438
Performance fees receivable		481,751			—			(344,069	)		137,682
Derivative assets, at fair value		1,164			—			—			1,164
Due from affiliates		130,625			—			(21,705	)		108,920
Intangible assets, net		68,742			—			—			68,742
Goodwill		58,159			—			—			58,159
Other assets		96,904			—			(23,304	)		73,600
Assets of Consolidated Funds
Cash and cash equivalents		—			1,638,003			—			1,638,003
Investments, at fair value		—			20,823,338			—			20,823,338
Due from affiliates		—			2,010			—			2,010
Dividends and interest receivable		—			133,158			—			133,158
Receivable for securities sold		—			427,871			—			427,871
Derivative assets, at fair value		—			14,625			—			14,625
Other assets		—			27,505			(1,977	)		25,528
Total assets	$	1,444,782		$	23,066,510		$	(805,908	)	$	23,705,384
Liabilities
Debt obligations	$	153,119		$	—		$	—		$	153,119
Accounts payable, accrued expenses and other liabilities		69,550			—			(2,064	)		67,486
Deferred tax liability, net		21,002			—			—			21,002
Performance fee compensation payable		295,978			—			—			295,978
Derivative liabilities, at fair value		2,907			—			—			2,907
Accrued compensation		132,917			—			—			132,917
Due to affiliates		35,149			—			(2,459	)		32,690
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities		—			95,839			—			95,839
Payable for securities purchased		—			945,115			—			945,115
Derivative liabilities, at fair value		—			75,115			—			75,115
Due to affiliates		—			92,211			(89,516	)		2,695
Securities sold short, at fair value		—			1,633			—			1,633
Deferred tax liability, net		—			35,904			—			35,904
CLO loan obligations		—			11,838,396			(64,239	)		11,774,157
Fund borrowings		—			2,070,598			—			2,070,598
Mezzanine debt		—			323,164			—			323,164
Total liabilities		710,622			15,477,975			(158,278	)		16,030,319
Commitments and contingencies
Redeemable interest in Consolidated Funds		—			1,093,770			—			1,093,770
Redeemable interest in Ares Operating Group entities		40,751			—			—			40,751
Non-controlling interest in Consolidated Funds:
Non-controlling interest in Consolidated Funds		—			6,339,504			(647,630	)		5,691,874
Equity appropriated for Consolidated Funds		—			155,261			—			155,261
Non-controlling interest in Consolidated Funds		—			6,494,765			(647,630	)		5,847,135
Non-controlling interest in Ares Operating Group Entities		167,731			—			—			167,731
Members' equity and common stock of Predecessor		525,678			—			—			525,678
Total equity		693,409			6,494,765			(647,630	)		6,540,544
Total liabilities, redeemable interests, non-controlling interests and equity	$	1,444,782		$	23,066,510		$	(805,908	)	$	23,705,384
	For the Three Months Ended September 30, 2014
	Consolidated			Consolidated			Eliminations			Consolidated
	Company			Funds
	Entities
Revenues
Management fees (includes ARCC Part I Fees of $31,156)	$	153,676		$	—		$	(26,212	)	$	127,464
Performance fees		41,472			—			413			41,885
Other fees		6,568			—			(756	)		5,812
Total revenues		201,716			—			(26,555	)		175,161
Expenses
Compensation and benefits		100,928			—			—			100,928
Performance fee compensation		33,263			—			—			33,263
General, administrative and other expense		41,737			—			—			41,737
Consolidated Fund expenses					53,685			(26,276	)		27,409
Total expenses		175,928			53,685			(26,276	)		203,337
Other income (expense)
Interest, dividend and other investment income		2,365			—			(1,713	)		652
Interest expense		(1,565	)		—			—			(1,565	)
Other income (expense), net		(1,609	)		—			—			(1,609	)
Net realized gain (loss) on investments		9,560			—			(7,835	)		1,725
Net change in unrealized appreciation (depreciation) on investments		10,607			—			506			11,113
Interest, dividend and other investment income of Consolidated Funds		—			191,112			(1,512	)		189,600
Interest expense of Consolidated Funds		—			(216,904	)		1,380			(215,524	)
Net realized gain (loss) on investments of Consolidated Funds		—			(30,972	)		—			(30,972	)
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			1,342			(3,471	)		(2,129	)
Total other income (expense)		19,358			(55,422	)		(12,645	)		(48,709	)
Income (loss) before taxes		45,146			(109,107	)		(12,924	)		(76,885	)
Income tax expense (benefit)		4,061			(1,662	)		—			2,399
Net income (loss)		41,085			(107,445	)		(12,924	)		(79,284	)
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds		—			(79,285	)		(17,390	)		(96,675	)
Less: Net income (loss) attributable to redeemable interests in Consolidated Funds		—			(28,160	)		4,466			(23,694	)
Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group Entities		26,923			—			—			26,923
Less: Net income (loss) attributable to redeemable interests in Ares Operating Group Entities		191			—			—			191
Net income (loss) attributable to Ares Management, L.P.	$	13,971		$	—		$	—		$	13,971
	For the Three Months Ended September 30, 2013
	Consolidated			Consolidated			Eliminations			Consolidated
	Company			Funds
	Entities
Revenues
Management fees (includes ARCC Part I Fees of $32,014)	$	154,619		$	—		$	(45,768	)	$	108,851
Performance fees		103,081			—			(82,537	)		20,544
Other fees		6,246			—			236			6,482
Total revenues		263,946			—			(128,069	)		135,877
Expenses
Compensation and benefits		93,307			—			—			93,307
Performance fee compensation		64,130			—			—			64,130
General, administrative and other expense		56,492			—			—			56,492
Consolidated Fund expenses		—			85,803			(62,695	)		23,108
Total expenses		213,929			85,803			(62,695	)		237,037
Other income (expense)
Interest, dividend and other investment income		5,847			—			(3,133	)		2,714
Interest expense		(2,575	)		—						(2,575	)
Other income (expense), net		(202	)		—			—			(202	)
Net realized gain (loss) on investments		16,120			—			(16,649	)		(529	)
Net change in unrealized appreciation (depreciation) on investments		6,477			—			(4,618	)		1,859
Interest, dividend and other investment income of Consolidated Funds		—			331,657			(169	)		331,488
Interest expense of Consolidated Funds		—			(103,569	)		(245	)		(103,814	)
Net realized gain (loss) on investments of Consolidated Funds		—			22,125			—			22,125
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			253,888			7,193			261,081
Total other income (expense)		25,667			504,101			(17,621	)		512,147
Income (loss) before taxes		75,684			418,298			(82,995	)		410,987
Income tax expense (benefit)		7,068			(2,278	)		—			4,790
Net income (loss)		68,616			420,576			(82,995	)		406,197
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds		—			373,836			(80,911	)		292,925
Less: Net income (loss) attributable to redeemable interests in Consolidated Funds		—			46,741			(2,084	)		44,657
Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group Entities		12,895			—			—			12,895
Less: Net income (loss) attributable controlling interests in Predecessor		55,758			—			—			55,758
Less: Net income (loss) attributable to redeemable interests in Ares Operating Group Entities		(38	)		—			—			(38	)
Net income (loss) attributable to Ares Management, L.P.	$	—		$	—		$	—		$	—
	For the Nine Months Ended September 30, 2014
	Consolidated			Consolidated			Eliminations			Consolidated
	Company			Funds
	Entities
Revenues
Management fees (includes ARCC Part I Fees of $85,140)	$	436,940		$	—		$	(84,501	)	$	352,439
Performance fees		165,777			—			(96,503	)		69,274
Other fees		20,009			—			(1,315	)		18,694
Total revenues		622,726			—			(182,319	)		440,407
Expenses
Compensation and benefits		347,591			—			—			347,591
Performance fee compensation		125,948			—			—			125,948
General, administrative and other expense		119,972			—			—			119,972
Consolidated Fund expenses		—			144,014			(90,956	)		53,058
Total expenses		593,511			144,014			(90,956	)		646,569
Other income (expense)
Interest, dividend and other investment income		13,771			—			(6,098	)		7,673
Interest expense		(5,241	)		—			—			(5,241	)
Other income (expense), net		(4,847	)		—			—			(4,847	)
Net realized gain (loss) on investments		37,039			—			(36,565	)		474
Net change in unrealized appreciation (depreciation) on investments		33,469			—			(8,507	)		24,962
Interest, dividend and other investment income of Consolidated Funds		—			740,052			(1,769	)		738,283
Interest expense of Consolidated Funds		—			(568,407	)		4,100			(564,307	)
Net realized gain (loss) on investments of Consolidated Funds		—			71,833			—			71,833
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			329,012			(2,401	)		326,611
Total other income (expense)		74,191			572,490			(51,240	)		595,441
Income (loss) before taxes		103,406			428,476			(142,603	)		389,279
Income tax expense (benefit)		3,463			(2,492	)		—			971
Net income (loss)		99,943			430,968			(142,603	)		388,308
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds		—			402,901			(141,304	)		261,597
Less: Net income (loss) attributable to redeemable interests in Consolidated Funds		—			28,066			(1,299	)		26,767
Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group Entities		67,556			—			—			67,556
Less: Net income (loss) attributable to redeemable interests in Ares Operating Group Entities		573			—			—			573
Net income (loss) attributable to Ares Management, L.P.	$	31,815		$	—		$	—		$	31,815
	For the Nine Months Ended September 30, 2013
	Consolidated			Consolidated			Eliminations			Consolidated
	Company			Funds
	Entities
Revenues
Management fees (includes ARCC Part I Fees of $81,511)	$	376,469		$	—		$	(107,412	)	$	269,057
Performance fees		191,165			—			(142,298	)		48,867
Other fees		15,228			—			(436	)		14,792
Total revenues		582,862			—			(250,146	)		332,716
Expenses
Compensation and benefits		240,841			—			—			240,841
Performance fee compensation		123,087			—			—			123,087
General, administrative and other expense		99,138			—			—			99,138
Consolidated Fund expenses					242,461			(145,630	)		96,831
Total expenses		463,066			242,461			(145,630	)		559,897
Other income (expense)
Interest, dividend and other investment income		12,614			—			(7,151	)		5,463
Interest expense		(7,365	)		—			—			(7,365	)
Other income (expense), net		(55	)		—			—			(55	)
Net realized gain (loss) on investments		55,011			—			(54,779	)		232
Net change in unrealized appreciation (depreciation) on investments		(17,243	)		—			16,247			(996	)
Interest, dividend and other investment income of Consolidated Funds		—			945,560			(542	)		945,018
Interest expense of Consolidated Funds		—			(343,736	)		6,950			(336,786	)
Net realized gain (loss) on investments of Consolidated Funds		—			88,996			—			88,996
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			55,461			5,362			60,823
Total other income (expense)		42,962			746,281			(33,913	)		755,330
Income (loss) before taxes		162,758			503,820			(138,429	)		528,149
Income tax expense (benefit)		16,776			18,776			—			35,552
Net income (loss)		145,982			485,044			(138,429	)		492,597
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds		—			375,900			(136,239	)		239,661
Less: Net income (loss) attributable to redeemable interests in Consolidated Funds		—			109,144			(2,190	)		106,954
Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group Entities		28,011			—			—			28,011
Less: Net income (loss) attributable controlling interests in Predecessor		117,149			—			—			117,149
Less: Net income (loss) attributable to redeemable interests in Ares Operating Group Entities		822			—			—			822
Net income (loss) attributable to Ares Management, L.P.	$	—		$	—		$	—		$	—

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Principles of Consolidation	'
	Principles of Consolidation
	The Company consolidates those entities in which it has a direct and indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity, including Ares-affiliates and affiliated funds and co-investment entities for which the Company is the general partner and is presumed to have control and (b) entities that the Company concludes are variable interest entities ("VIEs"), including limited partnerships in which the Company has a nominal economic interest and CLOs for which the Company is deemed to be the primary beneficiary.
	With respect to the Consolidated Funds, which typically represent limited partnerships and single member limited liability companies, the Company earns a fixed management fee based on invested capital or a derivation thereof, and a performance fee based upon the investment returns in excess of a stated benchmark or hurdle rate. The Company, as the general partner of various funds, generally has operational discretion and control, and limited partners have no substantive rights to impact ongoing governance and operating activities of the fund. Such a fund is required to be consolidated unless the Company has a less than significant level of equity at risk. The fund is typically considered a VIE as described below, to the extent that the Company's equity at risk is less than significant in a given fund and it has no obligation to fund any future losses. In these cases, the fund investors are generally deemed to be the primary beneficiaries, and the Company does not consolidate the fund. In cases where the Company's equity at risk is deemed to be significant, the fund is generally not considered to be a VIE, and the Company will generally consolidate the fund unless the limited partners are granted substantive rights to remove the general partner or liquidate the fund. These rights are known as kick-out rights.
	Variable Interest Model
	The Company consolidates entities that are determined to be VIEs where the Company is deemed to be the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest. A controlling financial interest is defined as (a) the power to direct the activities of a VIE that most significantly impact the entity's business and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The consolidation rules, which were revised effective January 1, 2010, require an analysis to determine whether (i) an entity in which the Company holds a variable interest is a VIE and (ii) the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees), would give the Company a controlling financial interest. The consolidation rules may be deferred for VIEs if the VIE and the reporting entity's interest in VIE meet deferral conditions set forth in FASB Accounting Standards Codification ("ASC") 810-10-65-2. Certain limited partnerships meet the deferral conditions if: (a) the limited partnerships generally have all the attributes of an investment company, (b) the Company does not have the obligation to fund losses of the limited partnership and (c) the limited partnership is not a securitization, asset-backed financing entity or qualifying special purpose vehicle. Where a VIE qualifies for the deferral of the consolidation rules, the analysis is based on consolidation rules prior to January 1, 2010. These rules require an analysis to determine (i) whether an entity in which the Company holds a variable interest is a VIE and (ii) whether the Company's involvement, through holding interests directly or indirectly in the entity or contractually through other variable interests (e.g., management and performance related fees) would be expected to absorb a majority of the variability of the entity. Under either guideline, the Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and reconsiders the conclusion at each reporting date. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively; however, if the primary beneficiary is not readily determinable, a quantitative assessment may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties' equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity, (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and (6) estimating cash flows in evaluating which member within the equity group absorbs a majority of the expected losses and hence would be deemed the primary beneficiary.
	As of September 30, 2014 and December 31, 2013, assets of consolidated VIEs reflected in the Condensed Consolidated Statements of Financial Condition were $21.4 billion and $14.2 billion, respectively, and are presented within "Assets of Consolidated Funds." As of September 30, 2014 and December 31, 2013, liabilities of consolidated VIEs reflected in the Condensed Consolidated Statements of Financial Condition were $14.7 billion and $13.1 billion, respectively, and are presented within "Liabilities of Consolidated Funds." The holders of the consolidated VIEs' liabilities do not have recourse to the Company other than to the assets of the consolidated VIEs. The assets and liabilities of the consolidated VIEs are comprised primarily of investment securities and loan obligations, respectively. All significant inter-company transactions and balances have been eliminated in consolidation.
	Certain funds that have historically been consolidated in the financial statements are no longer consolidated because, as of the reporting period, they were: (a) liquidated or dissolved, (b) the Company no longer holds a majority voting interest or (c) the Company is no longer deemed to be the primary beneficiary of the VIEs as it has no economic interest, no obligation to absorb losses and no rights to receive benefits from the VIEs.
Equity Appropriated for Consolidated Funds	'
	Equity Appropriated for Consolidated Funds
	As of September 30, 2014 and December 31, 2013, the Company consolidated 31 and 35 CLOs, respectively. CLOs are investment vehicles created for the sole purpose of issuing collateralized loan obligations. Upon consolidation, the Company elected the fair value option for eligible liabilities to mitigate accounting mismatches between the carrying value of the assets and liabilities. The Company accounts for the excess in fair value of assets over liabilities upon initial consolidation of funds as an increase in equity appropriated for Consolidated Funds.
	The loan obligations issued by the CLOs are backed by diversified collateral asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company earns management fees, including, in some cases, senior and subordinated management fees, and in some cases, contingent performance fees. In cases where the Company earns fees from a fund that it consolidates with the CLOs, those fees have been eliminated as intercompany transactions. At September 30, 2014 and December 31, 2013, the Company held $70.0 million and $64.2 million of investments in these CLOs, respectively, which represents its maximum exposure to loss. The maximum exposure to loss represents the Company's total investment in these entities. The Company's holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes which are repaid based on available cash flows subject to priority of payments under each Consolidated CLO's governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO.
Investments in Non-Consolidated Variable Interest Entities	'
	Investments in Non-Consolidated Variable Interest Entities
	The Company holds interests in certain VIEs that are not consolidated because the Company is not deemed the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests and fixed fee arrangements. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. There is no difference between the carrying value and fair value as investments in the non-consolidated VIEs are fair valued. The Company's interests and the Consolidated Funds' interests in these non-consolidated VIEs and their respective maximum exposure to loss relating to non-consolidated VIEs are as follows:
		As of September 30,		As of December 31,
		2014		2013
	Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs	$	19,497	$	12,366
	Maximum exposure to loss attributable to Consolidated Funds' investments in non-consolidated VIEs	$	5,442	$	96,223
Basis of Accounting	'
	Basis of Accounting
	The accompanying condensed consolidated financial statements are prepared in accordance with GAAP. Management has determined that the Company's Consolidated Funds are investment companies under GAAP for the purposes of financial reporting based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provides investment management services and the Consolidated Funds' business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, GAAP for an investment company requires investments to be recorded at fair value and the unrealized appreciation (depreciation) in an investment's fair value is recognized on a current basis in the Condensed Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these condensed consolidated financial statements, the Company has retained the specialized accounting guidance for the Consolidated Funds under GAAP.
	All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values in the Company's Condensed Consolidated Statements of Financial Condition. The excess of the CLO assets over the CLO liabilities upon consolidation is reflected in the Company's Condensed Consolidated Statements of Financial Condition as equity appropriated for Consolidated Funds. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non-controlling interests in Consolidated Funds in the Condensed Consolidated Statements of Operations and equity appropriated for Consolidated Funds in the Condensed Consolidated Statements of Financial Condition.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management's estimates are based on historical experiences and other factors, including expectations of future events that management believes to be reasonable under the circumstances. These assumptions and estimates require management to exercise judgment in the process of applying the Company's accounting policies. Assumptions and estimates regarding the valuation of investments and their resulting impact on performance fee revenue and performance fee compensation involve a higher degree of judgment and complexity, and these assumptions and estimates may be significant to the condensed consolidated financial statements. Actual results could differ from these estimates and such differences could be material. Certain comparative amounts for prior periods have been reclassified to conform to the current year's presentation.
Investments	'
	Investments
	Investments include (a) fair value investments held by the Company and Consolidated Funds and (b) investments in loans receivable held by Consolidated Funds.
	The Company has retained the specialized investment company accounting guidance under GAAP with respect to principally all of its investments. Thus, the consolidated investments are reflected in the Condensed Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on investments in the Condensed Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e. the exit price).
	Investments in loans receivable are recorded at the outstanding unpaid principal balance less any allowance for loan losses. Interest income is recognized in the period earned to the extent that such amounts are expected to be collected. In general, interest is not accrued on investments in loans receivable when principal or interest payments are 90 days past due or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management's judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid in accordance with the terms of the loan agreement and, in management's judgment, are likely to remain current. The Company may make exceptions to this if the loan has sufficient collateral value and is in the process of collection.
	The Company records an allowance for loan losses based on management's judgment of the estimated potential credit impairment in the portfolio of loans receivable at an aggregate level. As part of this analysis, the Company reviews a number of factors for specific borrowers including the estimated value of any underlying collateral, compliance with financial covenants, the operating capabilities and financial trends of the borrowers, as well as overall current economic conditions affecting specific borrowers and the portfolio as a whole.
Goodwill and Intangible Assets	'
	Goodwill and Intangible Assets
	The Company's finite-lived intangible assets consist of contractual rights to earn future management fees and performance fees from investment funds it acquires. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 1 to 10 years. Finite-lived intangible assets arise from the Company's acquisition of management contracts, which provide the right to receive future fee income. The purchase price is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expense in the Combined and Consolidated Statements of Operations.
	The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company uses a two-step process to evaluate impairment. The first step compares the estimated undiscounted future cash flow attributable to the intangible asset being evaluated with its carrying amount. The second step, used to measure the amount of potential impairment, compares the fair value of the intangible asset with its carrying amount.
	Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying value, the Company will use a two-step process to evaluate impairment. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. The second step, used to measure the amount of any potential impairment, compares the implied fair value of the reporting unit with the carrying amount of goodwill.
	The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amounts. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company's interpretation of current economic indicators and market valuations, and assumptions about the Company's strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates.
	Goodwill is not amortized and is not deductible for income tax purposes. There have been no impairments of goodwill recorded as of September 30, 2014.
Equity-Based Compensation	'
	Equity-Based Compensation
	The Company recognizes expense related to equity-based compensation transactions in which it receives employee services in exchange for (a) equity instruments of the Company or (b) liabilities that are based on the fair value of the Company's equity instruments.
	Equity-based compensation expense represents expenses associated with the following:
	(a)
	granting of: (i) direct and indirect profit interests; (ii) put options to sell certain interests at a minimum value; (iii) purchase (or call) options to acquire additional membership interests; and (iv) restricted units, options and phantom units granted under Ares Management, L.P. 2014 Equity Incentive Plan ("Equity Incentive Plan");
	(b)
	conversion of and acceleration in vesting of certain existing interests.
	Equity-based compensation expense is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in partners' capital. Fair value of the restricted units and phantom units was determined to be the prior day's closing price of common units. Certain restricted units are subject to a lock up provision that expires on the fifth anniversary of the IPO. The Company used Finnerty's average strike-price put option model to estimate the discount associated with this lack of marketability. The Company estimated the fair value of the options as of the grant date using Black-Scholes option pricing model.
	The Company is required to estimate the equity-based awards that management ultimately expect to vest and to reduce equity-based compensation expense for the effects of estimated forfeitures of awards over the expense recognition period. The rate of future forfeitures is estimated based upon historical experience. Actual forfeitures in the future may differ. Equity-based compensation expense is adjusted, as necessary, for actual forfeitures so as to reflect expenses only for the portion of the award that ultimately vests. Management considers on a quarterly basis whether there have been any significant changes in facts and circumstances that would affect the expected forfeiture rate.
	The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of stock-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company's income tax returns are recorded as adjustments to partners' capital. If the tax deduction is less than the deferred tax asset, the calculated shortfall reduces the pool of excess tax benefits. If the pool of excess tax benefits is reduced to zero, then subsequent shortfalls would increase the income tax expense.
	Equity-based compensation expense is presented within compensation and benefits in the Condensed Consolidated Statements of Operations.
Business Combinations	'
	Business Combinations
	The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the fair value of each asset acquired and liability assumed as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Acquisition-related costs in connection with a business combination are expensed as incurred.
Non-Controlling Interests in Ares Operating Group Entities	'
	Non-Controlling Interests in Ares Operating Group Entities
	Following the Reorganization, non-controlling interests in Ares Operating Group entities represent a component of equity and net income attributable to the owners of AOG Units that are not held by Ares Management, L.P. These interests are adjusted for contributions to and distributions from Ares Operating Group entities during the reporting period and are allocated income from the Ares Operating Group entities based on their historical ownership percentage for the proportional number of days in the reporting period.
	For the periods presented prior to the Reorganization, non-controlling interests in Ares Operating Group entities represent equity interests and net income attributable to various minority non-control oriented strategic investment partners, which were reflected as non-controlling interests in the Predecessor's historical results, as well as net income attributable to controlling interest in the predecessor. The net income attributable to controlling interest in the Predecessor, from January 1, 2014 to April 30, 2014, is presented as net income attributable to non-controlling interest in Ares Operating Group Entities.
Income Taxes	'
	Income Taxes
	A substantial portion of the Company's earnings flow through to owners of the Company without being subject to entity level income taxes. Consequently, a significant portion of the Company's earnings reflects no provision for income taxes except those for foreign, city and local income taxes incurred at the entity level. A portion of the Company's operations is held through AHI and Domestic Holdings, which are U.S. corporations for tax purposes. Their income is subject to U.S. federal, state and local income taxes and certain of their foreign subsidiaries are subject to foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). A provision for corporate level income taxes imposed on AHI's and Domestic Holdings' earnings is included in the Company's tax provision. The Company's tax provision also includes entity level income taxes incurred by certain affiliated funds and co-investment entities that are consolidated in these financial statements.
	Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reflected on a net basis in the Condensed Consolidated Statements of Financial Condition.
	The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits ("UTBs") is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. The Company recognizes both accrued interest and penalties, where appropriate, related to UTBs in general, administrative and other expenses.
	Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available.
Income Allocation	'
	Income Allocation
	Income (loss) before taxes is allocated based on each partner's average daily ownership of the Ares Operating Group entities for each period presented. The net income attributable to Ares Management, L.P. for the nine months ended September 30, 2014, represents its average daily ownership of 37.95% from May 1, the IPO effective date, to September 30, 2014.
Financial Instruments	'
	Financial Instruments
	The Company considered cash and cash equivalents, securities, receivables, equity-method investments, accounts payable, accrued expenses, other liabilities, debt obligations and assets and liabilities of the Consolidated Funds to be its financial instruments. The carrying amounts reported in the Condensed Consolidated Statements of Financial Condition for these financial instruments equal or closely approximate their fair values.
Earnings Per Common Unit	'
	Earnings Per Common Unit
	Basic earnings per common unit are computed by dividing income available to common unitholders by the weighted-average number of common units outstanding during the period. Income available to common unitholders represents net income applicable to Ares Management, L.P.
	Diluted earnings per unit is computed by dividing income available to common unitholders by the weighted-average number of common units outstanding during the period, increased to include the number of additional common units that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire units, unvested restricted units and AOG Units exchangeable for common units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per unit by application of the treasury stock method.
	Under the treasury stock method, if the average market price of a common unit increases above the option's exercise price, the proceeds that would be assumed to be realized from the exercise of the option would be used to acquire outstanding common units. The dilutive effect of awards is directly correlated with the fair value of the common units. However, the awards may be anti-dilutive when the market price of the underlying unit exceeds the option's exercise price. This result is possible because the compensation expense attributed to future services but not yet recognized is included as a component of the assumed proceeds upon exercise.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In June 2013, FASB issued guidance to clarify the characteristics of an investment company and to provide guidance for assessing whether an entity is an investment company. Consistent with existing guidance for investment companies, all investments are to be measured at fair value including non-controlling ownership interests in other investment companies. There are no changes to the current requirements relating to the retention of specialized accounting in the consolidated financial statements of a non-investment company parent. The guidance is effective for interim and annual periods beginning after December 15, 2013. The Company adopted this guidance as of January 1, 2014, and the adoption did not have a material impact on its financial statements.
	In July 2013, FASB issued guidance to eliminate the diversity in practice on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. Under the new guidance, an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carry forward, with exceptions as defined. The guidance does not require new recurring disclosures. The guidance applies to all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists at the reporting date. The guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Company adopted this guidance as of January 1, 2014, and the adoption did not have a material impact on its financial statements.
	In May 2014, the FASB issued guidance for recognizing revenue from contracts with customers. The guidance in this update supersedes the revenue recognition requirements in Topic 605, "Revenue Recognition." Under the new guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company continues to evaluate the impact this guidance will have on its financial statements.
	In June 2014, FASB issued guidance to bring clarification to the accounting for share-based payment awards that require a specific performance target to be achieved in order for the award to vest even after the requisite service period. Under the new guidance, performance targets that could affect vesting and be achieved after the requisite service period will be treated as a performance condition and should not be reflected in estimating the fair value of the award at grant date. Compensation expense should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation expense attributable to the period(s) for which the requisite service has already been rendered. The guidance is effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. Early application is permitted. The Company does not believe this guidance will have a material impact on its financial statements.
	In August 2014, the FASB issued guidance to provide an alternative to fair value measurement for measuring the financial assets and the financial liabilities of a collateralized financing entity that is consolidated under Topic 810, "Consolidation." The guidance in this update was issued to address the fact that the fair value of a collateralized financing entity's financial assets may differ from the fair value of its financial liabilities even though the financial liabilities have recourse only to the financial assets. Under the new guidance, a reporting entity can elect to measure both the financial assets and the financial liabilities of that collateralized financing entity in its condensed consolidated financial statements using the more observable of the fair value of the financial assets and the fair value of the financial liabilities. The amendments are effective for annual reporting periods, including interim periods within those reporting periods, beginning after December 15, 2015. Early adoption is permitted as of the beginning of an annual period. The Company continues to evaluate the impact this guidance will have on its condensed consolidated financial statements.
	In August 2014, the FASB issued guidance on management's responsibility in evaluating whether there is substantial doubt about a company's ability to continue as a going concern. For each reporting period, management will be required to evaluate whether conditions or events exist that raise substantial doubt about a company's ability to continue as a going concern within one year from the date the financial statements are issued. The amendments are effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter. Early application is permitted. The Company does not believe this guidance will have a material impact on its condensed consolidated financial statements.

SUMMARY_OF_SIGNIFICANT_ACCOUNT2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2014
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	'
Schedule of interests in non-consolidated VIEs and respective maximum exposure to loss relating to non-consolidated VIEs	'
		As of September 30,		As of December 31,
		2014		2013
	Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs	$	19,497	$	12,366
	Maximum exposure to loss attributable to Consolidated Funds' investments in non-consolidated VIEs	$	5,442	$	96,223

INVESTMENTS_Tables

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2014
Parent Company	'
INVESTMENTS	'
Summary of investments held	'
		Fair value at					Fair value as a
							percentage of total
							investments at
		September 30,		December 31,			September 30,			December 31,
		2014		2013			2014			2013
	Private Investment Partnership Interests:
	AREA European Property Enhancement Program L.P.	$	1,716	$	1,735			1.1	%		1.9	%
	AREA Sponsor Holdings LLC		38,089		31,560			24.5	%		35.4	%
	Ares Capital Europe II (D), L.P.		13,715		—			8.8	%		—
	Ares Capital Europe II (E), L.P.		28		—			0	%		—
	Ares Corporate Opportunities Fund, L.P.(1)		901		1,009			0.6	%		1.1	%
	Ares Corporate Opportunities Fund IV, L.P.		17,190		—			11	%		—
	Ares Credit Strategies Fund II, L.P.		616		1,998			0.4	%		2.2	%
	Ares Credit Strategies Fund III, L.P.		19		—			0	%		—
	Ares Enhanced Loan Investment Strategy IX, L.P.		—		512			0	%		0.6	%
	Ares European Credit Strategies Fund (C) L.P.		477		301			0.3	%		0.3	%
	Ares European Real Estate Fund IV L.P.		510		—			0.3	%		—
	Ares Multi-Strategy Credit Fund V (H), L.P.		1,072		1,022			0.7	%		1.1	%
	Ares Special Situations Fund I-B, L.P.		3		—			0	%		—
	Ares Special Situations Fund III, L.P.		26,310		24,253			16.9	%		27.2	%
	Ares SSF Riopelle, L.P.		4,247		—			2.7	%		—
	Ares Strategic Investment Partners, L.P.		77		—			0	%		—
	Ares Strategic Investment Partners III, L.P.		2,733		2,714			1.8	%		3	%
	Ares Strategic Real Estate Program—HHC, LLC		1,253		1,227			0.8	%		1.4	%
	Resolution Life L.P.		45,348		21,846			29.2	%		24.4	%
	Total private investment partnership interests (cost: $121,105 and $68,580 at September 30, 2014 and December 31, 2013, respectively)		154,304		88,177			99.1	%		98.6	%
	Common Stock:
	Ares Multi-Strategy Credit Fund, Inc.		87		89			0.1	%		0.1	%
	Total common stock (cost: $100 and $100 at September 30, 2014 and December 31, 2013, respectively)		87		89			0.1	%		0.1	%
	Corporate Bonds:
	Ares Commercial Real Estate Corporation Convertible Senior Notes		1,177		1,172			0.8	%		1.3	%
	Total corporate bond (cost: $1,150 and $1,150, at September 30, 2014 and December 31, 2013, respectively)		1,177		1,172			0.8	%		1.3	%
	Total fair value investments (cost: $122,355 and $69,830 at September 30, 2014 and December 31, 2013, respectively)	$	155,568	$	89,438			100	%		100	%
	-1
	Security represents the sole investment held by ACOF Co-Investors LLC.
Consolidated Funds	'
INVESTMENTS	'
Summary of investments held	'
		Fair value at					Fair value as a
							percentage of total
							investments at
		September 30,		December 31,			September 30,			December 31,
		2014		2013			2014			2013
	United States:
	Fixed income securities:
	Consumer discretionary	$	3,146,108	$	4,146,611			16.3	%		20	%
	Consumer staples		155,265		338,735			0.8	%		1.6	%
	Energy		506,836		535,857			2.6	%		2.6	%
	Financials		579,538		544,879			3	%		2.6	%
	Healthcare, education and childcare		1,071,758		1,176,418			5.5	%		5.6	%
	Industrials		1,744,115		2,038,390			9.1	%		9.8	%
	Information technology		640,941		542,377			3.3	%		2.6	%
	Materials		443,423		463,864			2.3	%		2.2	%
	Telecommunication services		1,250,454		1,153,691			6.4	%		5.5	%
	Utilities		255,684		222,410			1.3	%		1.1	%
	Total fixed income securities (cost: $9,922,821 and $11,071,982, at September 30, 2014 and December 31, 2013, respectively)		9,794,122		11,163,232			50.6	%		53.6	%
	Equity securities:
	Consumer discretionary		2,729,895		2,464,520			14.2	%		11.9	%
	Consumer staples		414,046		201,059			2.1	%		1	%
	Energy		186,485		193,946			1	%		1	%
	Financials		7,239		6,172			0	%		0	%
	Healthcare, education and childcare		428,770		296,817			2.2	%		1.5	%
	Industrials		119,561		134,544			0.6	%		0.6	%
	Materials		—		31			0	%		0	%
	Partnership and LLC interests		69,047		41,001			0.4	%		0.2	%
	Telecommunication services		15,792		51,921			0.1	%		0.2	%
	Total equity securities (cost: $3,026,364 and $2,733,448 at September 30, 2014 and December 31, 2013, respectively)		3,970,835		3,390,011			20.6	%		16.4	%
		Fair value at					Fair value as a
							percentage of total
							investments at
		September 30,		December 31,			September 30,			December 31,
		2014		2013			2014			2013
	Europe:
	Fixed income securities:
	Consumer discretionary		1,206,396		1,858,364			6.2	%		8.9	%
	Consumer staples		249,540		175,440			1.3	%		0.8	%
	Energy		24,547		4,906			0.1	%		0	%
	Financials		349,054		322,355			1.8	%		1.5	%
	Healthcare, education and childcare		331,718		410,726			1.7	%		2	%
	Industrials		511,300		485,243			2.6	%		2.3	%
	Information technology		188,339		140,976			1	%		0.7	%
	Materials		295,788		328,867			1.5	%		1.6	%
	Telecommunication services		827,797		944,800			4.3	%		4.5	%
	Utilities		2,603		37,001			0	%		0.2	%
	Total fixed income securities (cost: $4,066,285 and $4,747,808 at September 30, 2014 and December 31, 2013, respectively)		3,987,082		4,708,678			20.5	%		22.5	%
	Equity securities:
	Consumer discretionary		3,259		10,686			0	%		0.1	%
	Consumer staples		797		668			0	%		0	%
	Financials		—		—			0	%		0	%
	Healthcare, education and childcare		28,874		28,607			0.1	%		0.1	%
	Industrials		79		8,595			0	%		0	%
	Materials		—		773			—			0	%
	Partnership and LLC interests		17,853		—			0.1	%		—
	Telecommunication services		5,064		1,524			0	%		0	%
	Total equity securities (cost: $98,982 and $83,277 at September 30, 2014 and December 31, 2013, respectively)		55,926		50,853			0.2	%		0.2	%
	Asia and other:
	Fixed income securities:
	Consumer discretionary		80,154		43,538			0.4	%		0.2	%
	Financials		510,546		456,463			2.6	%		2.2	%
	Healthcare, education and childcare		43,501		14,556			0.2	%		0.1	%
	Information technology		—		22,012			0	%		0.1	%
Materials		—		15,885			0	%		0.1	%
Telecommunication services		22,717		81,978			0.1	%		0.4	%
Total fixed income securities (cost: $579,469 and $593,188, at September 30, 2014 and December 31, 2013, respectively)		656,918		634,432			3.3	%		3.1	%
Equity securities:
Consumer discretionary		94,889		—			0.5	%		0	%
Consumer staples		74,222		77,572			0.4	%		0.4	%
Healthcare, education and childcare		33,610		23,493			0.2	%		0.1	%
Materials		52,947		52,947			0.3	%		0.3	%
Partnership and LLC interests		11,949		—			0.1	%		0	%
Utilities		9,621		4,724			0	%		0	%
Total equity securities (cost: $182,893 and $135,631 at September 30, 2014 and December 31, 2013, respectively)		277,238		158,736			1.5	%		0.8	%
	Fair value at					Fair value as a
						percentage of total
						investments at
	September 30,		December 31,			September 30,			December 31,
	2014		2013			2014			2013
Canada:
Fixed income securities:
Consumer discretionary		119,808		121,132			0.6	%		0.6	%
Energy		86,235		87,469			0.4	%		0.4	%
Healthcare, education and childcare		79,202		104,464			0.4	%		0.5	%
Industrials		42,057		16,331			0.2	%		0.1	%
Materials		8,154		—			0	%		0	%
Telecommunication services		118,289		142,374			0.6	%		0.7	%
Total fixed income securities (cost: $461,278 and $480,231at September 30, 2014 and December 31, 2013, respectively)		453,745		471,770			2.2	%		2.3	%
Equity securities:
Consumer discretionary		639		892			0	%		0	%
Energy		10,237		51,187			0.1	%		0.2	%
Total equity securities (cost: $73,034 and $75,256 at September 30, 2014 and December 31, 2013, respectively)		10,876		52,079			0.1	%		0.2	%
Australia:
Fixed income securities:
Consumer discretionary		—		203			0	%		0	%
Energy		62,895		—			0.3	%		0	%
Industrials		41,879		99,376			0.2	%		0.5	%
Utilities		91,700		68,513			0.5	%		0.3	%
Total fixed income securities (cost: $200,337 and $169,831 at September 30, 2014 and December 31, 2013, respectively)		196,474		168,092			1	%		0.8	%
Equity Securities:
Telecommunication services		8,623		16,102			0	%		0.1	%
Utilities		5,495		9,353			0	%		0	%
Total equity securities (cost: $22,233 and $30,140 at September 30, 2014 and December 31, 2013, respectively)		14,118		25,455			0	%		0.1	%
Total fixed income securities		15,088,341		17,146,204			77.6	%		82.3	%
Total equity securities		4,328,993		3,677,134			22.4	%		17.7	%
Total investments, at fair value	$	19,417,334	$	20,823,338			100	%		100	%
Securities sold short, at fair value	$	—	$	(1,633	)

FAIR_VALUE_Tables

FAIR VALUE (Tables)	9 Months Ended
	Sep. 30, 2014
FAIR VALUE	'
Summary of changes in the fair value of the Level III investments for the CLO loan obligations	'
		For the Nine Months			For the Year Ended
		Ended September 30, 2014			December 31, 2013
	Balance, beginning of period	$	11,534,956		$	9,422,570
	Equity appropriated for Consolidated Funds		2,524,312			3,309,986
	Borrowings		87,140			79,859
	Paydowns		(1,694,089	)		(1,511,971	)
	Realized and unrealized gains, net		(448,522	)		234,512
	Balance, end of period	$	12,003,797		$	11,534,956
Summary of fair value by segment along with the remaining unfunded commitment and any redemption restriction of investments valued using NAV per share	'
	For investments valued using NAV per share, a summary of fair value by segment along with the remaining unfunded commitment and any redemption restriction of such investments as of September 30, 2014 is presented below:
	Strategy	Fair Value			Unfunded			Redemption
					Commitments			Restriction
	Direct Lending Group	$	26,803		$	22,261			(1)(3)
	Real Estate Group		41,568			36,627			-1
	Tradable Credit Group		97,645			81,864			(1)(2)(3)
	Private Equity Group		87,137			121,457			-1
	Totals	$	253,153		$	262,209
	For investments valued using NAV per share, a summary of fair value by segment along with the remaining unfunded commitment and any redemption restriction of such investments as of December 31, 2013 is presented below:
	Strategy	Fair Value			Unfunded			Redemption
					Commitments			Restriction
	Direct Lending Group	$	2,298		$	1,045			-3
	Real Estate Group		34,521			9,734			-1
	Tradable Credit Group		50,349			145,818			(1)(2)(3)
	Private Equity Group		42,010			156,966			-1
	Totals	$	129,178		$	313,563
	-1
	Certain funds within these strategies are closed-ended and generally do not permit investors to redeem their interests. Distributions are received as the underlying investments are liquidated.
	-2
	Certain funds within these strategies are open-ended and subject to a lock-up period of nine months after the closing date, after which an investor has the right to withdraw its capital. Distributions are received as the underlying investments are liquidated.
	-3
	Certain funds within these strategies are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of the investor. Distributions are received as the underlying investments are liquidated.
Parent Company	'
FAIR VALUE	'
Summary of valuation of investments and other financial instruments by fair value hierarchy levels	'
	The tables below summarize the valuation of investments and other financial instruments by fair value hierarchy levels for the Company and Consolidated Funds as of September 30, 2014:
		Level I			Level II			Level III			Total
	Investments, at fair value
	Equity securities	$	87		$	—		$	—		$	87
	Bonds		—			1,177			—			1,177
	Partnership interests		—			—			154,304			154,304
	Total investments, at fair value		87			1,177			154,304			155,568
	Derivative assets, at fair value
	Forward foreign currency contracts		—			6,270			—			6,270
	Purchased option contracts		—			1,519			—			1,519
	Total derivative assets, at fair value		—			7,789			—			7,789
	Total	$	87		$	8,966		$	154,304		$	163,357
	Derivative liabilities, at fair value
	Interest rate contracts	$	—		$	(858	)	$	—		$	(858	)
	Total derivative liabilities, at fair value	$	—		$	(858	)	$	—		$	(858	)
	The tables below summarize the valuation of investments and other financial instruments by fair value hierarchy levels for the Company and Consolidated Funds as of December 31, 2013:
		Level I			Level II			Level III			Total
	Investments, at fair value
	Equity securities	$	89		$	—		$	—		$	89
	Bonds		—			1,172			—			1,172
	Partnership interests		—			—			88,177			88,177
	Total investments, at fair value		89			1,172			88,177			89,438
	Derivative assets, at fair value
	Forward foreign currency contracts		—			247			—			247
	Purchased option contracts		—			917			—			917
	Total derivative assets, at fair value		—			1,164			—			1,164
	Total	$	89		$	2,336		$	88,177		$	90,602
	Derivative liabilities, at fair value
	Forward foreign currency contracts	$	—		$	(1,653	)	$	—		$	(1,653	)
	Interest rate contracts		—			(1,254	)		—			(1,254	)
	Total derivative liabilities, at fair value	$	—		$	(2,907	)	$	—		$	(2,907	)
Summary of changes in the fair value of the Level III investments	'
	The following tables set forth a summary of changes in the fair value of the Level III investments for the three months ended September 30, 2014:
	Investments of the Company	Partnership Interests
	Balance, beginning of period	$	137,185
	Transfer in		8,326
	Purchases(1)		12,650
	Sales(2)		21,937
	Realized and unrealized appreciation (depreciation), net		(25,794	)
	Balance, end of period	$	154,304
	Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	709
	The following tables set forth a summary of changes in the fair value of the Level III investments for the three months ended September 30, 2013:
	Investments of the Company	Partnership Interests
	Balance, beginning of period	$	24,944
	Purchases(1)		46,837
	Sales(2)		(21	)
	Realized and unrealized appreciation (depreciation), net		6,249
	Balance, end of period	$	78,009
	Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	6,231
	The following tables set forth a summary of changes in the fair value of the Level III investments for the nine months ended September 30, 2014:
	Investments of the Company	Partnership Interests
	Balance, beginning of period	$	88,177
	Investment in deconsolidated fund(3)		9,951
	Transfer in		8,326
	Purchases(1)		79,646
	Sales(2)		(44,400	)
	Realized and unrealized appreciation (depreciation), net		12,604
	Balance, end of period	$	154,304
	Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	10,546
	The following tables set forth a summary of changes in the fair value of the Level III investments for the nine months ended September 30, 2013:
	Investments of the Company	Fixed Income			Partnership Interests			Total
	Balance, beginning of period	$	1,170		$	21,695		$	22,865
	Transfer out		(1,170	)		—			(1,170	)
	Purchases(1)		—			48,189			48,189
	Sales(2)		—			(201	)		(201	)
	Realized and unrealized appreciation, net		—			8,326			8,326
	Balance, end of period	$	—		$	78,009		$	78,009
	Changes in unrealized appreciation included in earnings related to financial assets still held at the reporting date	$	—		$	8,298		$	8,298
Summary of quantitative inputs and assumptions used for the Company's Level III inputs	'
	The following tables summarize the quantitative inputs and assumptions used for the Company's Level III inputs as of September 30, 2014:
	Investments	Fair			Valuation Technique(s)		Unobservable		Range
		Value					Input(s)
	Assets
	Partnership interests	$	154,304		NAV		N/A		N/A
	Total	$	154,304
	The following tables summarize the quantitative inputs and assumptions used for the Company's Level III inputs as of December 31, 2013:
	Investments	Fair			Valuation Technique(s)		Unobservable		Range
		Value					Input(s)
	Assets
	Partnership interests	$	88,177		NAV		N/A		N/A
	Total	$	88,177
Consolidated Funds	'
FAIR VALUE	'
Summary of valuation of investments and other financial instruments by fair value hierarchy levels	'
		Level I			Level II			Level III			Total
	Investments, at fair value
	Equity securities	$	590,615		$	484,195		$	3,153,914		$	4,228,724
	Bonds		—			1,255,124			624,184			1,879,308
	Loans		—			11,907,215			723,879			12,631,094
	Collateralized loan obligations		—			—			577,939			577,939
	Partnership interests		—			—			98,849			98,849
	Other		18			253			1,149			1,420
	Total investments, at fair value		590,633			13,646,787			5,179,914			19,417,334
	Derivative assets, at fair value
	Credit contracts		—			178			—			178
	Foreign exchange contracts		—			2,233			—			2,233
	Other		—			1,357			1,746			3,103
	Total derivative assets, at fair value		—			3,768			1,746			5,514
	Total	$	590,633		$	13,650,555		$	5,181,660		$	19,422,848
	Derivative liabilities, at fair value
	Forward foreign currency contracts	$	—		$	(6,549	)	$	—		$	(6,549	)
	Credit contracts		—			(26,295	)		—			(26,295	)
	Interest rate swaps		—			(198	)		—			(198	)
	Other		—			—			(15,967	)		(15,967	)
	Total derivative liabilities, at fair value		—			(33,042	)		(15,967	)		(49,009	)
	Loan obligations of CLOs(1)		—			—			(12,003,797	)		(12,003,797	)
	Total	$	—		$	(33,042	)	$	(12,019,764	)	$	(12,052,806	)
	-1
	Ares Enhanced Loan Investment Strategy II, Ltd. has not elected to fair value its loan obligation and is therefore carried at cost of $627.
		Level I			Level II			Level III			Total
	Investments, at fair value
	Equity securities	$	166,535		$	482,568		$	2,958,232		$	3,607,335
	Bonds		—			1,576,942			2,052,984			3,629,926
	Loans		—			11,868,584			1,058,635			12,927,219
	Collateralized loan obligations		—			65,405			515,534			580,939
	Partnership interests		—			—			41,001			41,001
	Other		—			34,546			2,372			36,918
	Total investments, at fair value		166,535			14,028,045			6,628,758			20,823,338
	Derivative assets, at fair value
	Interest rate contracts		—			8			—			8
	Credit contracts		—			2,651			—			2,651
	Equity contracts		—			179			—			179
	Foreign exchange contracts		—			8,652			—			8,652
	Other financial instruments		—			—			3,135			3,135
	Total derivative assets, at fair value		—			11,490			3,135			14,625
	Total	$	166,535		$	14,039,535		$	6,631,893		$	20,837,963
	Derivative liabilities, at fair value
	Forward foreign currency contracts	$	—		$	(38,594	)	$	(899	)	$	(39,493	)
	Written options		—			(34	)		—			(34	)
	Credit contracts		—			(25,754	)		(1,633	)		(27,387	)
	Interest rate swaps		—			(3,703	)		(371	)		(4,074	)
	Other financial instruments		—			(175	)		(3,952	)		(4,127	)
	Total derivative liabilities, at fair value		—			(68,260	)		(6,855	)		(75,115	)
	Loan obligations of CLOs(1)		—			—			(11,534,956	)		(11,534,956	)
	Securities sold short, at fair value		—			(1,633	)		—			(1,633	)
	Total	$	—		$	(69,893	)	$	(11,541,811	)	$	(11,611,704	)
	-1
	Ares Enhanced Loan Investment Strategy II, Ltd. has not elected to fair value its loan obligation and is therefore carried at cost of $239,201.
Summary of changes in the fair value of the Level III investments	'
	The following tables set forth a summary of changes in the fair value of the Level III investments for the three months ended September 30, 2014:
	Investments of Consolidated Funds	Equity Securities			Fixed Income			Partnership			Other			Total
								Interests			Financial
											Instruments
	Balance, beginning of period	$	3,385,380		$	1,948,826		$	47,327		$	(13,202	)	$	5,368,331
	Transfer in		5,850			286,663			10,387			—			302,900
	Transfer out		(265,323	)		(361,316	)		(9,434	)		—			(636,073	)
	Purchases(1)		32,369			285,935			44,526			11,631			374,461
	Sales(2)		(3,383	)		(201,384	)		(298	)		(5,314	)		(210,379	)
	Accrued discounts/premiums		4,153			5,142			—			—			9,295
	Realized and unrealized appreciation (depreciation), net		(5,133	)		(37,863	)		6,341			(6,187	)		(42,842	)
	Balance, end of period	$	3,153,913		$	1,926,003		$	98,849		$	(13,072	)	$	5,165,693
	Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	(4,419	)	$	(22,500	)	$	6,340		$	(13,770	)	$	(34,349	)
	-1
	Purchases include paid-in-kind interest and securities received in connection with restructurings.
	-2
	Sales include paid-in-kind interest, principal redemptions and securities disposed of in connection with restructurings.
	The following tables set forth a summary of changes in the fair value of the Level III investments for the three months ended September 30, 2013:
	Investments of Consolidated Funds	Equity Securities			Fixed Income			Partnership			Other			Total
								Interests			Financial
											Instruments
	Balance, beginning of period	$	2,232,164		$	3,726,136		$	6,105		$	19,420		$	5,983,825
	Transfer in		10,166			220,208			—			—			230,374
	Transfer out		—			(297,154	)		—			—			(297,154	)
	Purchases(1)		162,209			212,787			16,187						391,183
	Sales(2)		(23,214	)		(779,041	)		—			(9,777	)		(812,032	)
	Accrued discounts/premiums		—			2,309			—			—			2,309
	Realized and unrealized appreciation (depreciation), net		149,784			117,893			884			(7,401	)		261,160
	Balance, end of period	$	2,531,109		$	3,203,138		$	23,176		$	2,242		$	5,759,665
	Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	75,181		$	110,038		$	—		$	(3,614	)	$	181,605
	-1
	Purchases include paid-in-kind interest and securities received in connection with restructurings.
	-2
	Sales include paid-in-kind interest, principal redemptions and securities disposed of in connection with restructurings.
	The following tables set forth a summary of changes in the fair value of the Level III investments for the nine months ended September 30, 2014:
	Investments of Consolidated Funds	Equity Securities			Fixed Income			Partnership			Other			Total
								Interests			Financial
											Instruments
	Balance, beginning of period	$	2,958,232		$	3,627,153		$	41,001		$	(1,348	)	$	6,625,038
	Deconsolidation of funds(3)		(140	)		(378,397	)		8,292			—			(370,245	)
	Transfer in		—			169,383			—			48			169,431
	Transfer out		(310,821	)		(246,073	)		(8,326	)		—			(565,220	)
	Purchases(1)		544,997			46,177			49,172			22,582			662,928
	Sales(2)		(178,526	)		(1,282,240	)		(366	)		(19,740	)		(1,480,872	)
	Accrued discounts/premiums		5,607			14,061			—			1			19,669
	Realized and unrealized appreciation (depreciation), net		134,564			(24,061	)		9,076			(14,615	)		104,964
	Balance, end of period	$	3,153,913		$	1,926,003		$	98,849		$	(13,072	)	$	5,165,693
	Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	163,305		$	(3,791	)	$	8,402		$	(19,283	)	$	148,633
	-1
	Purchases include paid-in-kind interest and securities received in connection with restructurings.
	-2
	Sales include paid-in-kind interest, principal redemptions and securities disposed of in connection with restructurings.
	-3
	Represents investment in Consolidated Fund that was deconsolidated during the period. Balance was previously eliminated upon consolidation and not reported as Level III investment.
	The following tables set forth a summary of changes in the fair value of the Level III investments for the nine months ended September 30, 2013:
	Investments of Consolidated Funds	Equity Securities			Fixed Income			Partnership			Other			Total
								Interests			Financial
											Instruments
	Balance, beginning of period	$	1,978,138		$	3,891,212		$	35,416		$	5,202		$	5,909,968
	Transfer in		74,572			217,083			—			—			291,655
	Transfer out		—			(315,237	)		—			—			(315,237	)
	Purchases(1)		262,711			844,521			16,326			—			1,123,558
	Sales(2)		(33,677	)		(1,400,131	)		(29,239	)		(34,633	)		(1,497,680	)
Accrued discounts/premiums		—			17,724			—			87			17,811
Realized and unrealized appreciation (depreciation), net		249,365			(52,034	)		673			31,586			229,590
Balance, end of period	$	2,531,109		$	3,203,138		$	23,176		$	2,242		$	5,759,665
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$	166,661		$	(34,601	)	$	673		$	(8,031	)	$	124,702
-1
Purchases include paid-in-kind interest and securities received in connection with restructurings.
-2
Sales include paid-in-kind interest, principal redemptions and securities disposed of in connection with restructurings.
Summary of quantitative inputs and assumptions used for the Company's Level III inputs	'
	The following tables summarize the quantitative inputs and assumptions used for the Consolidated Funds' Level III inputs as of September 30, 2014:
	Investments	Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range		Weighted
											Average
	Assets
	Equity securities
	Consumer discretionary	$	3,259		EV market multiple analysis		EBITDA multiple		6.5x		6.5x
			1,035		Discounted cash flow		Yield to worst		14.5% - 15.4%		15.00%
			223,682		Market approach (comparable companies)		Book value multiple		1.8x - 2.0x		1.9x
			1,978,392		Market approach (comparable companies)		EBITDA multiple		7.0x - 15.0x		10.8x
			1,524		Market approach (comparable companies)		Option Pricing		N/A		N/A
			896		Other		Future distribution estimates		N/A		N/A
			1,467		Other		Volume weighted average price / illiquidity discount		15.00%		15.00%
			45,950		Recent transaction price(1)		N/A		N/A		N/A
			3,943		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
	Consumer staples		797		EV market multiple analysis		EBITDA multiple		7.9x		7.9x
			16,500		Market approach (comparable companies)		EBITDA multiple		7.0x		7.0x
			44,801		Market approach (comparable companies)		Net income multiple		9.0x		9.0x
	Energy		144,602		Recent transaction price(1)		N/A		N/A		N/A
			10,237		Other		N/A		N/A		N/A
			5,000		Option Pricing Model		Volatility		N/A		N/A
	Financials		7,239		EV market multiple analysis		EBITDA multiple		10.5x		10.5x
	Healthcare, education, and childcare		28,874		EV market multiple analysis		EBITDA multiple		7.8x - 20.0x		13.5x
			427,686		Market approach (comparable companies)		EBITDA multiple		8.0x - 13.0x		11.3x
			33,610		Market approach (comparable companies)		Net income multiple		35.0x		35.0x
	Industrials		79		Recent transaction price(1)		N/A		N/A		N/A
			119,496		Market approach (comparable companies)		EBITDA multiple		8.0x - 14.1x		10.3x
	Materials		52,947		Market approach (comparable companies)		Net income multiple		8.0x - 10.0x		9.0x
	Telecommunication services		446		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
			554		EV market multiple analysis		EBITDA multiple		7.3x		7.3x
	Fixed Income securities
	Consumer discretionary		212,177		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
			18,484		EV market multiple analysis		EBITDA multiple		6.5x - 14.3x		8.2x
			6,189		Income approach (other)		Yield		60.00%		60.00%
			118,761		Market approach (comparable companies)		Book value multiple		1.8x - 2.0x		1.9x
			15,400		Market approach (comparable companies)		EBITDA multiple		7.5x		7.5x
			86,524		Yield analysis		Market yield		2.5% - 18.7%		13.20%
	Consumer staples		490		Discounted cash flow		Other		20.00%		20.00%
			782		Market approach (comparable companies)		EBITDA multiple		6.5x		6.5x
	Energy		9,336		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
			18,025		Recent transaction price(1)		N/A		N/A		N/A
	Financials		528,306		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
			3,159		Discounted cash flow		Discount rate and Cumulative Loss Rate		16.6%, 9.8%		16.6%, 9.8%
			75,920		Discounted cash flow		Discount rate,		10.9%,		10.9%,
							Constant default rate,		2.0%,		2.0%,
							Recovery rate,		75.0%,		75.0%,
							prepayment rate		20%		20%
			220,166		Yield analysis		Market yield		10.50%		10.50%
			9,772		Recent transaction price(1)		N/A		N/A		N/A
	Healthcare, education, and childcare		47,802		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
			5,792		EV market multiple analysis		EBITDA multiple		20.0x		20.0x
			54,335		Yield analysis		Market yield		5.0% - 10.0%		8.00%
	Industrials		69,702		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
			5,835		Market approach (comparable companies)		Illiquidity premium		2.50%		2.50%
			4,460		Income approach (other)		Yield		4.7% - 5.0%		4.90%
			31,984		Market approach (comparable companies)		EBITDA multiple		9.4x - 14.1x		11.8x
			40,978		Yield analysis		Market yield		2.5% - 13.5%		9.30%
			5,173		Recent transaction price(1)		N/A		N/A		N/A
	Information technology		39,025		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
	Materials		130,571		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
			16,302		Market approach (comparable companies)		EBITDA multiple		6.8x - 17.2x		10.5x
			731		Market approach (comparable companies)		Recovery rate		2.50%		2.50%
	Telecommunication services		150,719		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
	Partnership and LLC interests		98,849		NAV		N/A		N/A		N/A
Other
Healthcare, education, and childcare		1,084		Market approach (comparable companies)		EBITDA multiple		8.3x - 9.3x		8.8x
Industrials		65		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Derivative instruments of Consolidated Funds		1,746		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Total assets	$	5,181,660
Liabilities
Loans payable of Consolidated Funds:
Fixed income	$	11,865,286		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
		138,511		Market approach (other)		Other		N/A		N/A
Derivatives instruments of Consolidated Funds		15,967		Broker quotes and/or 3rd party pricing services		N/A		N/A		N/A
Total liabilities	$	12,019,764
-1
Recent transaction price consists of securities purchased or restructured within the last nine months. The Company has determined that there has been 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 Consolidated Funds' Level III inputs as of December 31, 2013:
Investments	Fair Value			Valuation Technique(s)		Unobservable Input(s)		Range		Weighted
										Average
Assets
Equity securities
Consumer discretionary	$	13,044		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		6,146		EV market multiple analysis		EBITDA multiple		6.2x - 18.0x			9.3x
		246,227		Market approach (comparable companies)		Book value multiple		1.5x - 1.8x			1.6x
		1,162,641		Market approach (comparable companies)		EBITDA multiple		7.5x - 15.0x			10.6x
		42,080		Market approach (comparable companies)		Net income multiple		9.6x			9.6x
		1,114		Market approach (comparable companies)		Yield to worst		5.00%			5	%
		1,557		Market approach (other)		Other		N/A			N/A
		1,729		Other		Other		N/A			N/A
		8,466		Other		Volume weighted average price		25.2x			25.2x
		1,418		Other		Volume weighted average price / illiquidity discount		25.2x / 15%			25.2x / 15	%
		505,270		Recent transaction price(1)		N/A		N/A			N/A
Consumer staples		668		EV market multiple analysis		EBITDA multiple		7.9x			7.9x
		201,059		Market approach (comparable companies)		EBITDA multiple		6.0x - 8.5x			7.5x
		25,000		Recent transaction price(1)		N/A		N/A			N/A
Energy		119,344		Market approach (comparable companies)		EBITDA multiple		1.0x - 1.4x			1.2x
		58,987		Other		Other		N/A			N/A
Financials		6,172		EV market multiple analysis		EBITDA multiple		10.5x			10.5x
Healthcare, education, and childcare		28,607		EV market multiple analysis		EBITDA multiple		7.8x - 43.7x			10.9x
		296,817		Market approach (comparable companies)		EBITDA multiple		8.0x - 12.0x			10.5x
		23,493		Market approach (comparable companies)		Net income multiple		20.0x - 25.0x			22.5x
Industrials		8,595		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		130,478		Market approach (comparable companies)		EBITDA multiple		8.0x - 14.5x			10.3x
Materials		773		EV market multiple analysis		EBITDA multiple		6.0x			6.0x
		52,947		Market approach (comparable companies)		Net income multiple		8.0x - 10.0x			9.0x
Telecommunication services		957		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		566		EV market multiple analysis		EBITDA multiple		6.9x			6.9x
Utilities		14,077		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Fixed Income
Consumer discretionary		287,572		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		394,891		Discounted cash flow		Yield to maturity		7.0% - 10.0%			8.5	%
		18,383		EV market multiple analysis		EBITDA multiple		6.2x - 18.0x			8.0x
		4,565		Income approach (other)		Yield		17.90%			17.9	%
		5,366		Income approach (other)		Yield to worst		4.8% - 5.8%			5.3	%
		113,305		Market approach (comparable companies)		Book value multiple		1.5x - 1.8x			1.6x
		406,854		Market approach (comparable companies)		EBITDA multiple		8.0x 10.5x			9.2x
		9,730		Recent transaction price(1)		N/A		N/A			N/A
		623,437		Yield analysis		Market yield		2.5% - 13.0%			9.2	%
Consumer staples		469		Discounted cash flow		Other		20.00%			20	%
		4,032		Income approach (other)		Yield		4.40%			4.4	%
Energy		112,362		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		7,327		Recent transaction price(1)		N/A		N/A			N/A
Financials		561,569		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		942		Discounted cash flow		Weighted average collection rate		N/A			N/A
		13,177		EV market multiple analysis		EBITDA multiple		2.4x			2.4x
		214,719		Yield analysis		Market yield		2.8% - 13.5%			9.3	%
Healthcare, education, and childcare		100,868		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		5,919		EV market multiple analysis		EBITDA multiple		7.8x - 43.7x			10.9x
		3,916		Income approach (other)		Discount rate		4.1% - 4.2%			4.2	%
		146,983		Yield analysis		Market yield		6.0% - 10.0%			7.7	%
Industrials		89,817		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		17,894		Income approach (other)		Yield		4.4% - 5.8%			4.6	%
		30,579		Market approach (comparable companies)		EBITDA multiple		9.7x - 14.5x			12.1x
		4,760		Market approach (comparable companies)		Illiquidity premium		2.0% - 2.5%			2.3	%
		53,194		Yield analysis		Market yield		2.5% - 12.8%			9.6	%
Information technology		51,357		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		6,851		Recent transaction price(1)		N/A		N/A			N/A
		38,317		Yield analysis		Market yield		5.3% - 14.0%			11.5	%
Materials		39,743		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		20,259		Discounted cash flow		Discount rate		13.00%			13	%
		14,056		Market approach (comparable companies)		EBITDA multiple		6.0x - 10.0x			9.0x
		54,714		Yield analysis		Market yield		6.0% - 13.0%			7.7	%
Telecommunication services		112,901		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		52,989		Yield analysis		Market yield		8.80%			8.8	%
Utilities		3,336		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Partnership and LLC interests		41,001		NAV		N/A		N/A			N/A
Other		2,372		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Derivative instruments of Consolidated Funds		3,135		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Total assets	$	6,631,893
Liabilities
Loans payable of Consolidated Funds:
Fixed income	$	10,931,836		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
		41,920		Discounted cash flow		Discount Rate		10.70%			10.7	%
		561,200		Market approach (other)		Other		N/A			N/A
Derivatives instruments of Consolidated Funds		6,855		Broker quotes and/or 3rd party pricing services		N/A		N/A			N/A
Total liabilities	$	11,541,811
-1
Recent transaction price consists of securities purchased or restructured within the last nine months. The Company has determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions.

LOANS_HELD_AS_INVESTMENTS_Tabl

LOANS HELD AS INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2014
LOANS HELD AS INVESTMENTS	'
Schedule of estimated fair value and carrying value of the Company's Consolidated Funds carried at cost, less an allowance for loan losses	'
		Level I			Level II		Level III		Total		Carrying
											Value
	Loans held for investments	$	—		$	—	$	79,538	$	79,538	$	77,308
Summary of activity in loans held as investments	'
	Balance at acquisition date (June 3, 2014)	$	—
	Loan acquisition and origination		154,036
	Allowance for loan losses		(2,230	)
	Principal repayment		(67,718	)
	Balance as of June 30, 2014	$	84,088
	Loan acquisition and origination	$	215,292
	Principal repayment		(222,072	)
	Balance as of September 30, 2014	$	77,308
Summary of changes in the allowance for loan losses	'
	Balance at acquisition date (June 3, 2014)	$	—
	Increase in allowance for loan losses		2,230
	Balance as of June 30, 2014	$	2,230
	Increase in allowance for loan losses	$	—
	Balance as of September 30, 2014	$	2,230

DERIVATIVE_FINANCIAL_INSTRUMEN1

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	9 Months Ended
	Sep. 30, 2014
Consolidated Funds	'
DERIVATIVE FINANCIAL INSTRUMENTS	'
Schedule of fair value and notional amounts of derivative contracts by major product type on a gross basis	'
		As of September 30, 2014
		Assets						Liabilities
	Consolidated Funds	Notional(1)			Fair Value			Notional(1)			Fair Value
	Interest rate contracts	$	34,000		$	—		$	33,000		$	198
	Credit contracts		—			178			16,400			26,295
	Foreign exchange contracts		39,399			2,233			178,435			6,549
	Other financial instruments		6,969			3,103			108,270			15,967
	Total derivatives, at fair value		80,368			5,514			336,105			49,009
	Warrants—equity(2)		84,678			1,419			—			—
	TOTAL	$	165,046		$	6,933		$	336,105		$	49,009
	-1
	Represents the total contractual amount of derivative assets and liabilities outstanding.
	-2
	The fair value of warrants is included within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.
		As of December 31, 2013
		Assets						Liabilities
	Consolidated Funds	Notional(1)			Fair Value			Notional(1)			Fair Value
	Interest rate contracts	$	70,000		$	8		$	623,225		$	3,878
	Credit contracts		25,437			4,489			537,921			28,385
	Equity contracts		50			179			—			—
	Foreign exchange contracts		211,324			8,653			813,997			38,631
	Other financial instruments		6,174			1,296			83,662			4,221
	Total derivatives, at fair value		312,985			14,625			2,058,805			75,115
	Warrants—equity(2)		68,253			46,802			—			—
	TOTAL	$	381,238		$	61,427		$	2,058,805		$	75,115
	-1
	Represents the total contractual amount of derivative assets and liabilities outstanding.
	-2
	The fair value of warrants is included within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.
Summary of net realized gain (loss) and unrealized appreciation (depreciation) on derivative instruments	'
		For the Three Months Ended September 30, 2014
	Consolidated Funds	Interest Rate			Credit			Equity			Foreign			Other			Total
		Contracts			Contracts			Contracts			Exchange
											Contracts
	Net realized gain (loss) on investments of Consolidated Funds
	Purchased options	$	—		$	—		$	(2,292	)	$	7		$	—		$	(2,285	)
	Written options		—			—			—			(7	)		—			(7	)
	Swaps		27			918			—			—			(4,732	)		(3,787	)
	Interest rate caps/floor		277			—			—			—			—			277
	Warrants(1)		—			—			751			—			—			751
	Foreign currency forward contracts		—			—			—			45			—			45
	Total net realized gain (loss) on investments of Consolidated Funds	$	304		$	918		$	(1,541	)	$	45		$	(4,732	)	$	(5,006	)
	Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds
	Purchased options	$	—		$	—		$	574		$	1,170		$	118		$	1,862
	Swaps		1,114			3,356			—			520			(829	)		4,161
	Interest rate caps/floor		276			—			(233	)		—			—			43
	Warrants(1)		—			—			(731	)		—			—			(731	)
	Foreign currency forward contracts		—			—			(2,646	)		(1,590	)		533			(3,703	)
	Total net change in unrealized appreciation (depreciation) on investments of Consolidated Funds	$	1,390		$	3,356		$	(3,036	)	$	100		$	(178	)	$	1,632
	-1
	Realized and unrealized gains (losses) on warrants are also reflected in the changes presented within the investment, at fair value.
		For the Three Months Ended September 30, 2013
	Consolidated Funds	Interest Rate			Credit			Equity			Foreign			Other			Total
		Contracts			Contracts			Contracts			Exchange
											Contracts
	Net realized gain (loss) on investments of Consolidated Funds
	Purchased options	$	—		$	—		$	(379	)	$	27		$	—		$	(352	)
	Written options		—			—			—			2,828			—			2828
	Swaps		(16,614	)		6,467			(33,279	)		24,272			695			(18,459	)
	Interest rate caps/floor		(879	)		—			—			—			—			(879	)
	Warrants(1)		—			—			(2,705	)		—			—			(2,705	)
	Foreign currency forward contracts		—			—			—			17,722			—			17,722
	Total net realized gain (loss) on investments of Consolidated Funds	$	(17,493	)	$	6,467		$	(36,363	)	$	44,849		$	695		$	(1,845	)
	Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds
	Purchased options	$	—		$	—		$	(783	)	$	(1,930	)	$	171		$	(2,542	)
	Written options		—			—			—			(122	)		—			(122	)
	Swaps		(13,558	)		6,090			(6,511	)		(15,669	)		1,122			(28,526	)
	Interest rate caps/floor		257			—			—			(234	)		—			23
	Warrants(1)		—			—			12,313			—			—			12,313
	Foreign currency forward contracts		—			—			—			(13,940	)		—			(13,940	)
	Total net change in unrealized appreciation (depreciation) on investments of Consolidated Funds	$	(13,301	)	$	6,090		$	5,019		$	(31,895	)	$	1,293		$	(32,794	)
	-1
	Realized and unrealized gains (losses) on warrants are also reflected in the changes presented within the investment, at fair value.
		For the Nine Months Ended September 30, 2014
	Consolidated Funds	Interest Rate			Credit			Equity			Foreign			Other			Total
		Contracts			Contracts			Contracts			Exchange
											Contracts
	Net realized gain (loss) on investments of Consolidated Funds
	Purchased options	$	—		$	—		$	(7,455	)	$	347		$	—		$	(7,108	)
	Written options		—			—			—			(123	)		—			(123	)
	Swaps		(482	)		(16,779	)		—						(2,265	)		(19,526	)
	Interest rate caps/floor		276			—			—			—			—			276
	Warrants(1)		—			—			3,456			—			—			3,456
	Foreign currency forward contracts		—			—			—			(17,935	)		—			(17,935	)
	Total net realized gain (loss) on investments of Consolidated Funds	$	(206	)	$	(16,779	)	$	(3,999	)	$	(17,711	)	$	(2,265	)	$	(40,960	)
	Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds
	Purchased options	$	—		$	—		$	946		$	(285	)	$	(67	)	$	594
	Written options		—			—			—			(402	)		—			(402	)
	Swaps		1,565			4,150			—			518			(1,299	)		4,934
	Interest rate caps/floor		269			—			—			—			—			269
	Warrants(1)		—			—			(13,044	)		—			—			(13,044	)
	Foreign currency forward contracts		—			—			(2,646	)		12,350			534			10,238
	Total net change in unrealized appreciation (depreciation) on investments of Consolidated Funds	$	1,834		$	4,150		$	(14,744	)	$	12,181		$	(832	)	$	2,589
-1
Realized and unrealized gains (losses) on warrants are also reflected in the changes presented within the investment, at fair value.
	For the Nine Months Ended September 30, 2013
Consolidated Funds	Interest Rate			Credit			Equity			Foreign			Other			Total
	Contracts			Contracts			Contracts			Exchange
										Contracts
Net realized gain (loss) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	(5,541	)	$	367		$	—		$	(5,174	)
Written options		—			—			—			2,712			—			2,712
Swaps		(17,123	)		(11,230	)		(33,279	)		24,272			3,162			(34,198	)
Interest rate caps/floor		(879	)		—			—			—			—			(879	)
Warrants(1)		—			—			—			—			—			—
Foreign currency forward contracts		—			—			—			(258	)		—			(258	)
Total net realized gain (loss) on investments of Consolidated Funds	$	(18,002	)	$	(11,230	)	$	(38,820	)	$	27,093		$	3,162		$	(37,797	)
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds
Purchased options	$	—		$	—		$	(411	)	$	(3,385	)	$	(14	)	$	(3,810	)
Written options		—			—			—			(524	)		—			(524	)
Swaps		(13,107	)		6,884			(6,511	)		(15,671	)		652			(27,753	)
Interest rate caps/floor		249			—			—			—			—			249
Warrants(1)		—			—			—			—			—			—
Foreign currency forward contracts		—			—			—			—			—			—
Total net change in unrealized appreciation (depreciation) on investments of Consolidated Funds	$	(12,858	)	$	6,884		$	(6,922	)	$	(19,580	)	$	638		$	(31,838	)
-1
Realized and unrealized gains (losses) on warrants are also reflected in the changes presented within the investment, at fair value footnote.
Schedule of setoff and related arrangements associated with the derivative and other financial instruments	'
	Derivative and Other Instruments of the Consolidated Funds as of September 30, 2014
											Gross Amounts Not Offset
											in the Statement of
		Gross Amounts									Financial Position
		of
		Recognized Assets
		(Liabilities)			Gross Amounts			Net Amounts of			Financial			Cash Collateral			Net Amount
					Offset in Assets			Assets (Liabilities)			Instruments			Received
					(Liabilities)			Presented						(Pledged)
	Assets:
	Derivatives	$	15,746		$	10,232		$	5,514		$	1,544		$	(737	)	$	4,707
	Total		15,746			10,232			5,514			1,544			(737	)		4,707
	Liabilities:
	Derivatives		(59,241	)		(10,232	)		(49,009	)		(1,544	)		(25,035	)		(22,430	)
	Total		(59,241	)		(10,232	)		(49,009	)		(1,544	)		(25,035	)		(22,430	)
	Grand Total	$	(43,495	)	$	—		$	(43,495	)	$	—		$	(25,772	)	$	(17,723	)
	Derivative and Other Instruments of the Consolidated Funds as of December 31, 2013
											Gross Amounts Not Offset
											in the Statement of
		Gross Amounts									Financial Position
		of
		Recognized Assets
		(Liabilities)			Gross Amounts			Net Amounts of			Financial			Cash Collateral			Net Amount
					Offset in Assets			Assets (Liabilities)			Instruments			Received
					(Liabilities)			Presented						(Pledged)
	Assets:
	Derivatives	$	27,081		$	12,456		$	14,625		$	9,642		$	4,675		$	308
	Reverse repurchase, securities borrowing, and similar arrangements(1)		1,695			—			1,695			—			—			1,695
	Total		28,776			12,456			16,320			9,642			4,675			2,003
	Liabilities:
	Derivatives		(87,571	)		(12,456	)		(75,115	)		(9,642	)		(42,903	)		(22,570	)
	Total		(87,571	)		(12,456	)		(75,115	)		(9,642	)		(42,903	)		(22,570	)
	Grand Total	$	(58,795	)	$	—		$	(58,795	)	$	—		$	(38,228	)	$	(20,567	)
	-1
	Included within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.
Parent Company	'
DERIVATIVE FINANCIAL INSTRUMENTS	'
Schedule of fair value and notional amounts of derivative contracts by major product type on a gross basis	'
		As of September 30, 2014
		Assets						Liabilities
	The Company	Notional(1)			Fair Value			Notional(1)			Fair Value
	Interest rate contracts	$	—		$	—		$	250,000		$	858
	Foreign exchange contracts		165,729			7,789			—			—
	Total derivatives, at fair value	$	165,729		$	7,789		$	250,000		$	858
		As of December 31, 2013
		Assets						Liabilities
	The Company	Notional(1)			Fair Value			Notional(1)			Fair Value
	Interest rate contracts	$	—		$	—		$	250,000		$	1,254
	Foreign exchange contracts		66,733			1,164			76,419			1,653
	Total derivatives, at fair value	$	66,733		$	1,164		$	326,419		$	2,907
Summary of net realized gain (loss) and unrealized appreciation (depreciation) on derivative instruments	'
		For the Three Months Ended September 30, 2014
	The Company	Interest Rate			Foreign			Total
		Contracts			Exchange
					Contracts
	Net realized gain (loss) on investments
	Swaps	$	(345	)	$	—		$	(345	)
	Foreign currency forward contracts		—			1,074			1,074
	Net realized gain (loss) on investments	$	(345	)	$	1,074		$	729
	Net change in unrealized appreciation (depreciation) on investments
	Purchased options	$	—		$	751		$	751
	Swaps		561			—			561
	Foreign currency forward contracts		—			6,104			6,104
	Total net change in unrealized appreciation (depreciation) on investments	$	561		$	6,855		$	7,416
		For the Three Months Ended September 30, 2013
	The Company	Interest Rate			Foreign			Total
		Contracts			Exchange
					Contracts
	Net realized gain (loss) on investments
	Swaps	$	(319	)	$	—		$	(319	)
	Foreign currency forward contracts		—			(280	)		(280	)
	Net realized gain (loss) on investments	$	(319	)	$	(280	)	$	(599	)
	Net change in unrealized appreciation (depreciation) on investments
	Purchased options	$	—		$	(431	)	$	(431	)
	Swaps		(713	)		—			(713	)
	Foreign currency forward contracts		—			(3,219	)		(3,219	)
	Total net change in unrealized appreciation (depreciation) on investments	$	(713	)	$	(3,650	)	$	(4,363	)
		For the Nine Months Ended September 30, 2014
	The Company	Interest Rate			Foreign			Total
		Contracts			Exchange
					Contracts
	Net realized gain (loss) on investments
	Swaps	$	(1,027	)	$	—		$	(1,027	)
	Foreign currency forward contracts		—			(1,449	)		(1,449	)
	Net realized gain (loss) on investments	$	(1,027	)	$	(1,449	)	$	(2,476	)
	Net change in unrealized appreciation (depreciation) on investments
	Purchased options	$	—		$	692		$	692
	Swaps		396			—			396
	Foreign currency forward contracts		—			7,587			7,587
	Total net change in unrealized appreciation (depreciation) on investments	$	396		$	8,279		$	8,675
		For the Nine Months Ended September 30, 2013
	The Company	Interest Rate			Foreign			Total
		Contracts			Exchange
					Contracts
	Net realized loss on investments
	Swaps	$	(922	)	$	—		$	(922	)
	Foreign currency forward contracts		—			1,051			1,051
	Net realized loss on investments	$	(922	)	$	1,051		$	129
	Net change in unrealized appreciation (depreciation) on investments
	Purchased options	$	—		$	(354	)	$	(354	)
	Swaps		1,117			—			1,117
	Foreign currency forward contracts		—			(1,805	)		(1,805	)
	Total net change in unrealized appreciation (depreciation) on investments	$	1,117		$	(2,159	)	$	(1,042	)
Schedule of setoff and related arrangements associated with the derivative and other financial instruments	'
	Derivative and Other Instruments of the Company as of September 30, 2014
											Gross
											Amounts
											Not Offset
											in the
											Statement
											of Financial
		Gross Amounts									Position
		of
		Recognized Assets
		(Liabilities)			Gross Amounts			Net Amounts of			Financial			Net Amount
					Offset in Assets			Assets (Liabilities)			Instruments
					(Liabilities)			Presented
	Assets:
	Derivatives	$	3,771		$	(4,018	)	$	7,789		$	—		$	7,789
	Total		3,771			(4,018	)		7,789			—			7,789
	Liabilities:
	Derivatives		3,160			4,018			(858	)		—			(858	)
	Total		3,160			4,018			(858	)		—			(858	)
	Grand Total	$	6,931		$	—		$	6,931		$	—		$	6,931
	Derivative and Other Instruments of the Company as of December 31, 2013
											Gross
											Amounts
											Not Offset
											in the
											Statement
											of Financial
		Gross Amounts									Position
		of
		Recognized Assets
		(Liabilities)			Gross Amounts			Net Amounts of			Financial			Net Amount
					Offset in Assets			Assets (Liabilities)			Instruments
					(Liabilities)			Presented
	Assets:
	Derivatives	$	1,164		$	—		$	1,164		$	338		$	826
	Total		1,164			—			1,164			338			826
	Liabilities:
	Derivatives		(2,907	)		—			(2,907	)		(338	)		(2,569	)
	Total		(2,907	)		—			(2,907	)		(338	)		(2,569	)
	Grand Total	$	(1,743	)	$	—		$	(1,743	)	$	—		$	(1,743	)

DEBT_Tables

DEBT (Tables) (Consolidated Funds)	9 Months Ended
	Sep. 30, 2014
Consolidated Funds	'
DEBT	'
Schedule of borrowings outstanding	'
	As of September 30, 2014 and December 31, 2013, the following loan obligations were outstanding and classified as liabilities:
		As of September 30, 2014
		Loan		Market Value of		Weighted Average
		Obligations		Loan Obligations		Remaining
						Maturity In Years
	Senior secured notes(1)	$	11,463,341	$	10,989,409		9.17
	Subordinated notes / preferred shares(2)		1,548,017		920,136		9.61
	Total loan obligations of Consolidated CLOs		13,011,358		11,909,545
	Type of Facility	Total Facility		Loan		Market Value of			Effective			Commitment			Maturity
		(Capacity)		Obligations		Loan Obligations			Rate			Fee			Date
	Revolvers of Consolidated CLOs
	Revolving credit line	$	46,934	$	46,934	$	46,794			0.49	%		0.17	%		4/16/21
	Revolving credit line		48,510		48,510		48,085			0.43	%		0.17	%		10/11/21
	Total revolvers of Consolidated CLOs				95,444		94,879
	Total notes payable and credit facilities of Consolidated CLOs			$	13,106,802	$	12,004,424
	-1
	Weighted average interest rate of 2.69%.
	-2
	The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.
		As of December 31, 2013
		Loan		Market Value of		Weighted Average
		Obligations		Loan Obligations		Remaining
						Maturity In Years
	Senior secured notes(1)	$	10,967,524	$	10,679,878		8.92
	Subordinated notes / preferred shares(2)		1,325,446		962,098		8.64
	Total loan obligations of Consolidated CLOs		12,292,970		11,641,976
	Type of Facility	Total Facility		Loan		Market Value of			Effective			Commitment			Maturity
		(Capacity)		Obligations		Loan Obligations			Rate			Fee			Date
	Revolvers of Consolidated CLOs
	Revolving credit line	$	48,949	$	48,949	$	48,119			0.43	%		0.17	%		4/16/21
	Revolving credit line		1,035		1,035		1,034			0.51	%		0.19	%		2/24/18
	Revolving credit line		23,567		23,567		23,351			0.52	%		0.18	%		3/12/18
	Revolving credit line		48,510		48,510		46,812			0.45	%		0.17	%		10/11/21
	Revolving credit line		12,865		12,865		12,865			0.52	%		0.14	%		1/26/20
	Total revolvers of Consolidated CLOs				134,926		132,181
	Total notes payable and credit facilities of Consolidated CLOs			$	12,427,896	$	11,774,157
	-1
	Weighted average interest rate of 2.36%.
	-2
	The subordinated notes do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.
	The Consolidated Funds had the following revolving bank credit facilities and term loans outstanding as of September 30, 2014:
	Type of Facility	Total Facility		Outstanding		Effective		Commitment		Maturity
		(Capacity)		Loan(1)		Rate		Fee		Date
	Short-term borrowings of Consolidated Funds
	Credit facility	$	25,000	$	—	LIBOR + 1.75%		0.30%			6/6/15
	Credit facility		25,000		—	LIBOR + 2.00%		0.30%			6/30/15
	Total short-term borrowings of Consolidated Funds				—
	Long-term borrowings of Consolidated Funds
	Credit facility		150,000		40,500	LIBOR + 2.25%		0.25%			6/4/18
	Notes payable		16,400		16,400	LIBOR + 2.20%		N/A			10/15/15
	Notes payable		1,500,000		772,744	LIBOR + 1.65%		0.75%			9/19/18
	Total long-term borrowings of Consolidated Funds				829,644
	Total borrowings of Consolidated Funds			$	829,644
	-1
	The market values of the long term notes approximate the current carrying value that is tied to the LIBOR rate.
	The Consolidated Funds had the following revolving bank credit facilities and term loans outstanding as of December 31, 2013:
	Type of Facility	Total Facility		Outstanding		Effective		Commitment		Maturity
		(Capacity)		Loan(1)(3)		Rate		Fee		Date
	Short-term borrowings of Consolidated Funds
	Credit facility	$	40,000	$	—	LIBOR + 1.75%		0.25%			6/6/14
	Credit facility		116,841		—	LIBOR + 2.00%		0.38%			6/13/14
	Credit facility		100,000		—	LIBOR + 2.00%		0.75%			6/30/14
	Credit facility		35,000		35,000	LIBOR + 0.50%		0.50%			7/19/14
Term loan payable		1,805,000		1,137,526	-2		0.50%			7/19/14
Total short-term borrowings of Consolidated Funds				1,172,526
Long-term borrowings of Consolidated Funds
Credit facility	£	186,290		308,477	LIBOR + 1.85%		N/A			1/15/16
Credit facility	$	532,350		532,350	LIBOR + 2.20%		N/A			10/15/15
Credit facility	€	200,000		—	LIBOR + 3.00%		0.38%			8/16/19
Notes payable	$	46,733		16,644	1.93%		N/A			9/19/15
Notes payable		114,048		40,601	1.93%		N/A			9/19/15
Total long-term borrowings of Consolidated Funds				898,072
Total borrowings of Consolidated Funds			$	2,070,598
-1
The market values of the long term notes approximate the current carrying value that is tied to the LIBOR rate.
-2
Rate depends on the tranche of each note held. The rates during the period ranged from One Month LIBOR +0.35% to Three Month LIBOR +0.90%.
-3
For loan maintained in a foreign currency, outstanding loan balances are converted and reported into U.S. dollars at the spot rate at each reporting date.

REDEEMABLE_AND_NONCONTROLLING_1

REDEEMABLE AND NON-CONTROLLING INTERESTS (Tables)	9 Months Ended
	Sep. 30, 2014
Summary of changes in the non-controlling interest	'
		Non-controlling interest in Predecessor
																				Total Non-
																				Controlling
																				Interest in Ares
																				Operating
		Members'			Common			Additional			Retained			Accumulated			Non-Controlling			Group Entities
		Equity			Stock			Paid in			Earnings			Other			interest in Ares
					(B shares)			Capital						Comprehensive			Operating
														Income (Loss)			Group Entities
	Balance at December 31, 2013	$	109,992		$	0		$	57,842		$	(417	)	$	314		$	—		$	167,731
	Distributions		(46,534	)		—			(3,908	)		—			—			—			(50,442	)
	Net income		6,836			—			—			(3,589	)		—			—			3,247
	Currency translation adjustment					—			—			—			404			—			404
	Equity compensation		3,346			—			9,133			—			—			—			12,479
	Tandem award compensation adjustment		864			—			608			(230	)		—			—			1,242
	Net effect of Reorganization, including contribution of AOG Units for common units		(74,504	)		(0	)		(63,675	)		4,236			(718	)		332,575			197,914
	Equity Balance Post—Reorganization		—			—			—			—			—			332,575			332,575
	Issuance costs		—			—			—			—			—			(17,480	)		(17,480	)
	Allocation of contributions in excess of the carrying value of the net assets (dilution)		—			—			—			—			—			128,536			128,536
	Distributions		—			—			—			—			—			(30,050	)		(30,050	)
	Net income		—			—			—			—			—			58,211			58,211
	Equity compensation		—			—			—			—			—			6,775			6,775
	Currency translation adjustment		—			—			—			—			—			(1,959	)		(1,959	)
		$	—		$	—		$	—		$	—		$	—		$	476,608		$	476,608
AOG	'
Summary of changes in the redeemable interests	'
		As of September 30,			As of December 31,
		2014			2013
	Redeemable interests in Ares Operating Group Entities
	Redeemable interests in Ares Operating Group Entities, beginning of period	$	40,751		$	30,488
	Net income attributable to redeemable interests in Ares Operating Group Entities		164			2,451
	Contributions from redeemable interests in Ares Operating Group Entities		—			3,712
	Distributions to redeemable interests in Ares Operating Group Entities		(1,313	)		(4,641	)
	Currency translation adjustment attributable to redeemable interests in Ares Operating Group Entities		9			13
	Revaluation of redeemable interest		—			8,437
	Equity compensation		234			291
	Tandem award compensation adjustment		(15,898	)		—
	Equity Balance Post—Reorganization	$	23,947		$	40,751
	Issuance cost		(124	)		—
	Net income attributable to redeemable interests in Ares Operating Group Entities		409			—
	Currency translation adjustment attributable to redeemable interests in Ares Operating Group Entities		(10	)		—
	Distributions		(195	)
	Equity compensation		48			—
	Allocation of contributions in excess of the carrying value of the net assets (dilution)		910			—
	Ending Balance	$	24,985		$	40,751
Consolidated Funds | AOG	'
Summary of changes in the redeemable interests	'
		As of			As of
		September 30,			December 31,
		2014			2013
	Redeemable interests in Consolidated Funds
	Redeemable non-controlling interests in Consolidated Funds, beginning of period	$	1,093,770		$	1,100,108
	Net income attributable to redeemable, non-controlling interests in Consolidated Funds		33,455			137,924
	Contributions from redeemable, non-controlling interests in Consolidated Funds		30,408			—
	Distributions to redeemable, non-controlling interests in Consolidated Funds		(61,534	)		(143,378	)
	Currency translation adjustment attributable to redeemable, non-controlling interests in Consolidated Funds		—			(884	)
	Equity Balance Post—Reorganization	$	1,096,099		$	1,093,770
	Net income attributable to redeemable, non-controlling interests in Consolidated Funds		(6,688	)		—
	Contributions from redeemable, non-controlling interests in Consolidated Funds		—			—
	Distributions to redeemable, non-controlling interests in Consolidated Funds		(26,190	)		—
	Ending Balance	$	1,063,221		$	1,093,770

RELATED_PARTY_TRANSACTIONS_Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 30, 2014
RELATED PARTY TRANSACTIONS	'
Schedule of amounts due from and to affiliates	'
		As of September 30,		As of December 31,
		2014		2013
	Due from affiliates:
	Management fees receivable from non-consolidated funds	$	109,241	$	91,917
	Payments made on behalf of and amounts due from non-consolidated funds		24,245		17,003
	Due from affiliates—Company	$	133,486	$	108,920
	Amounts due from non-consolidated funds	$	11,104	$	2,010
	Due from affiliates—Consolidated Funds	$	11,104	$	2,010
	Due to affiliates:
	Management fee rebate payable to non-consolidated funds	$	13,248	$	28,715
	Payments made by non-consolidated funds on behalf of and amounts due from the Company		3,645		3,975
	Due to affiliates—Company	$	16,893	$	32,690
	Amounts due to non-consolidated funds	$	2,514	$	2,695
	Due to affiliates—Consolidated Funds	$	2,514	$	2,695

EARNINGS_PER_COMMON_UNIT_Table

EARNINGS PER COMMON UNIT (Tables)	9 Months Ended
	Sep. 30, 2014
EARNINGS PER COMMON UNIT	'
Schedule of the computation of basic and diluted earnings per common unit	'
		Three months ended				May 1, 2014 through
		September 30, 2014				September 30, 2014
	(Dollars in thousands, except per unit amounts)	Basic		Diluted		Basic		Diluted
	Net income attributable to Ares Management, L.P.	$	13,971	$	13,971	$	31,815	$	31,815
	Net income available to common unitholders	$	13,971	$	13,971	$	31,815	$	31,815
	Basic weighted-average common units		80,667,664		80,667,664		80,171,855		80,171,855
	Effect of dilutive units:
	Restricted units		—		696,314		—		646,217
	Options		—		—		—		—
	Contingently issuable common units		—		—		—		—
	Diluted weighted-average common units		80,667,664		81,363,978		80,171,855		80,818,072
	Earnings per common unit	$	0.17	$	0.17	$	0.4	$	0.39

EQUITY_COMPENSATION_Tables

EQUITY COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2014
EQUITY COMPENSATION	'
Summary of the grant date fair value associated with each equity award issued as well as the expense recognized	'
					Equity Compensation Expenses
					Recognized, Net of Forfeitures									Unrecognized
														Compensation
					Three Months				Nine Months					Expenses
					ended				ended
		Grant Date Fair			September 30,				September 30,					April 30,
		Value			2014		2013		2014			2013		2014
	AEP I Profit Interest	$	38,400		$	—	$	—	$	—		$	—	$	—
	AEP II Profit Interests		33,423			—		1,504		14,714			4,512		12,709
	AEP IV Profit Interests		10,657			—		—		10,657			—		10,657
	AEP VI Profit Interests		9,047			—		—		9,047			—		9,047
	Exchanged AEP Awards		68,607			—		3,236		—			9,708		—
	Indicus
	—		20,700			—		1,167		11,913			3,448		10,532
	Membership Interest
	—		5,464			—		455		(3,871	)		1,366		—
	Profit Interest
	AREA Membership Interest		25,381			—		2,343		20,678			2,343		17,555
	Total	$	211,679		$	—	$	8,705	$	63,138		$	21,377	$	60,500
Schedule of equity-based compensation expense, net of assumed forfeitures	'
		Three Months			For the period from
		Ended September 30,			May 1, 2014 through
		2014			September 30, 2014
	Restricted units	$	3,130		$	4,889
	Options		3,905			6,136
	Phantom units		485			924
	Equity-based compensation expense	$	7,520		$	11,949
Summary of unvested restricted units' activity	'
		Restricted Units			Weighted Average
					Grant Date Fair
					Value Per Unit
	Balance—May 1, 2014		—		$	—
	Granted—IPO		4,936,051			16.13
	Granted—Post-IPO		—			—
	Vested		—			—
	Forfeited		(107,368	)		16.13
	Balance—September 30, 2014		4,828,683		$	16.13
Summary of unvested options activity	'
		Options			Weighted Average		Weighted Average		Aggregate
					Exercise Price		Remaining Life		Intrinsic
							(in years)		Value
	Balance—May 1, 2014		—		$	—		—
	Granted—IPO		24,835,227			19		9.58
	Vested		—			—		—
	Forfeited or expired		(128,434	)		19		—
	Balance—September 30, 2014		24,706,793		$	19		9.58
	Exercisable at September 30, 2014		—		$	—		—	$	—
	Expected to vest after September 30, 2014		18,611,689		$	19		9.58	$	—
Schedule of weighted average assumptions used to measure the fair value of each options granted using Black-Scholes option-pricing model	'
	Risk-free interest rate	2.06% to 2.22%
	Weighted average expected dividend yield	5.00%
	Expected volatility factor(a)	34.00% to 35.00%
	Expected life in years	6.92 to 7.00
	(a)
	Expected volatility is based on comparable companies using daily stock prices.
Summary of unvested Phantom units activity	'
		Phantom Units			Weighted Average
					Grant Date Fair
					Value Per Unit
	Balance May 1, 2014		—		$	—
	Granted—IPO		686,395			19
	Vested		—			—
	Forfeited		(52,313	)		—
	Balance September 30, 2014		634,082		$	19

SEGMENT_REPORTING_Tables

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 30, 2014
SEGMENT REPORTING	'
Schedule of financial results for Company's operating segments, as well as the OMG	'
	The following table presents the financial results for the Company's operating segments, as well as the OMG, for the three months ended September 30, 2014:
		Private			Direct			Tradable			Real			Total			OMG			Total
		Equity			Lending			Credit			Estate			Segments						Stand
		Group			Group			Group			Group									Alone
	Management fees
	Recurring fees (includes, in the case of the Direct Lending Group, $31,156 of ARCC Part I Fees)	$	22,386		$	68,953		$	37,038		$	25,299		$	153,676		$	—		$	153,676
	Previously deferred fees		—			—			—			—			—			—			—
	Total management fees		22,386			68,953			37,038			25,299			153,676			—			153,676
	Administrative fees and other income		(137	)		108			3			1,333			1,307			5,261			6,568
	Compensation and benefits		(8,638	)		(34,815	)		(10,813	)		(12,092	)		(66,358	)		(27,050	)		(93,408	)
	General, administrative and other expenses		(1,872	)		(3,684	)		(2,741	)		(3,311	)		(11,608	)		(14,005	)		(25,613	)
	Fee related earnings (loss)		11,739			30,562			23,487			11,229			77,017			(35,794	)		41,223
	Performance fees—realized		5,075			—			31,599			799			37,473			—			37,473
	Performance fees—unrealized		35,106			14,148			(44,526	)		477			5,205			—			5,205
	Performance fee compensation—realized		(4,058	)		(10	)		(6,973	)		—			(11,041	)		—			(11,041	)
	Performance fee compensation—unrealized		(27,307	)		(8,349	)		13,476			(42	)		(22,222	)		—			(22,222	)
	Net performance fees		8,816			5,789			(6,424	)		1,234			9,415			—			9,415
	Investment income (loss)—realized		1,269			430			6,868			413			8,980			—			8,980
	Investment income (loss)—unrealized		9,081			3,888			(3,225	)		460			10,204			—			10,204
	Interest, dividend and other investment income		1,312			175			2,222			89			3,798			—			3,798
	Interest expense		(630	)		(221	)		(447	)		(267	)		(1,565	)		—			(1,565	)
	Net investment income (loss)		11,032			4,272			5,418			695			21,417			—			21,417
	Performance related earnings (loss)		19,848			10,061			(1,006	)		1,929			30,832			—			30,832
	Economic net income (loss)	$	31,587		$	40,623		$	22,481		$	13,158		$	107,849		$	(35,794	)	$	72,055
	Distributable earnings (loss)	$	14,145		$	30,288		$	54,185		$	3,773		$	102,391		$	(37,067	)	$	65,324
	Total assets	$	594,350		$	260,060		$	531,158		$	192,772		$	1,578,340		$	9,629		$	1,587,969
	The following table presents the financial results for the Company's operating segments, as well as the OMG, as of and for the three months ended September 30, 2013:
		Private			Direct			Tradable			Real			Total			OMG			Total
		Equity			Lending			Credit			Estate			Segments						Stand
		Group			Group			Group			Group									Alone
	Management fees
	Recurring fees (includes, in the case of the Direct Lending Group, $32,014 of ARCC Part I Fees)	$	24,089		$	65,596		$	33,463		$	17,578		$	140,726		$	—		$	140,726
	Previously deferred fees		—			—			13,893			—			13,893			—			13,893
	Total management fees		24,089			65,596			47,356			17,578			154,619			—			154,619
	Administrative fees and other income		229			83			25			1,522			1,859			4,388			6,246
	Compensation and benefits		(7,489	)		(34,050	)		(9,475	)		(10,050	)		(61,064	)		(22,788	)		(83,852	)
	General, administrative and other expenses		(3,213	)		(2,710	)		(3,229	)		(4,435	)		(13,587	)		(11,351	)		(24,938	)
	Fee related earnings (loss)		13,616			28,919			34,677			4,615			81,827			(29,751	)		52,076
	Performance fees—realized		17,361			—			22,130			—			39,492			—			39,492
	Performance fees—unrealized		38,752			10,258			14,580			2,784			66,374			—			66,374
	Performance fee compensation—realized		(13,844	)		—			(2,194	)		—			(16,037	)		—			(16,037	)
	Performance fee compensation—unrealized		(30,324	)		(6,071	)		(11,698	)		—			(48,093	)		—			(48,093	)
	Net performance fees		11,945			4,187			22,818			2,784			41,734			—			41,734
	Investment income (loss)—realized		163			(357	)		16,341			(27	)		16,120			—			16,120
	Investment income (loss)—unrealized		5,880			2,677			(6,438	)		1,574			3,693			—			3,693
	Interest, dividend and other investment income		1,930			1,092			2,093			534			5,649			—			5,649
	Interest expense		(867	)		(682	)		(512	)		(514	)		(2,575	)		—			(2,575	)
	Net investment income (loss)		7,106			2,730			11,484			1,567			22,887			—			22,887
	Performance related earnings (loss)		19,051			6,917			34,302			4,351			64,621			—			64,621
	Economic net income (loss)	$	32,667		$	35,836		$	68,979		$	8,966		$	146,448		$	(29,751	)	$	116,697
	Distributable earnings (loss)	$	17,760		$	28,735		$	71,449		$	(1,146	)	$	116,798		$	(30,113	)	$	86,685
	Total assets	$	446,958		$	267,780		$	697,305		$	220,176		$	1,632,219		$	9,363		$	1,641,582
	The following table presents the financial results for the Company's operating segments, as well as the OMG, as of and for the nine months ended September 30, 2014:
		Private			Direct			Tradable			Real			Total			OMG			Total
		Equity			Lending			Credit			Estate			Segments						Stand
		Group			Group			Group			Group									Alone
	Management fees
	Recurring fees (includes, in the case of the Direct Lending Group, $85,140 of ARCC Part I Fees)	$	68,192		$	199,963		$	106,802		$	61,983		$	436,940		$	—		$	436,940
	Previously deferred fees		—			—			—			—			—			—			—
	Total management fees		68,192			199,963			106,802			61,983			436,940			—			436,940
	Administrative fees and other income		33			474			53			4,119			4,679			15,326			20,009
	Compensation and benefits		(24,720	)		(99,780	)		(32,071	)		(35,265	)		(191,836	)		(80,668	)		(272,504	)
	General, administrative and other expenses		(6,609	)		(7,843	)		(10,333	)		(11,911	)		(36,696	)		(40,524	)		(77,220	)
Fee related earnings (loss)		36,896			92,814			64,451			18,926			213,087			(105,866	)		107,225
Performance fees—realized		22,775			39			66,094			799			89,707			—			89,707
Performance fees—unrealized		98,450			20,040			(42,635	)		11,152			87,007			—			87,007
Performance fee compensation—realized		(18,220	)		(38	)		(28,465	)		—			(46,723	)		—			(46,723	)
Performance fee compensation—unrealized		(77,044	)		(11,874	)		10,301			(608	)		(79,225	)		—			(79,225	)
Net performance fees		25,961			8,167			5,295			11,343			50,766			—			50,766
Investment income (loss)—realized		5,048			(1,102	)		31,453			842			36,241			—			36,241
Investment income (loss)—unrealized		36,096			5,627			(18,625	)		233			23,331			—			23,331
Interest, dividend and other investment income		4,679			418			6,801			286			12,184			—			12,184
Interest expense		(2,037	)		(857	)		(1,377	)		(970	)		(5,241	)		—			(5,241	)
Net investment income (loss)		43,786			4,086			18,252			391			66,515			—			66,515
Performance related earnings (loss)		69,747			12,253			23,547			11,734			117,281			—			117,281
Economic net income (loss)	$	106,643		$	105,067		$	87,998		$	30,660		$	330,372		$	(105,866	)	$	224,506
Distributable earnings (loss)	$	47,780		$	89,501		$	133,741		$	7,615		$	278,637		$	(110,419	)	$	168,218
Total assets	$	594,350		$	260,060		$	531,158		$	192,772		$	1,578,340		$	9,629		$	1,587,969
The following table presents the financial results for the Company's operating segments, as well as the OMG, as of and for the nine months ended September 30, 2013:
	Private			Direct			Tradable			Real			Total			OMG			Total
	Equity			Lending			Credit			Estate			Segments						Stand
	Group			Group			Group			Group									Alone
Management fees
Recurring fees (includes, in the case of the Direct Lending Group, $81,511 of ARCC Part I Fees)	$	70,719		$	173,297		$	94,887		$	22,534		$	361,437		$	—		$	361,437
Previously deferred fees		—			—			15,032			—			15,032			—			15,032
Total management fees		70,719			173,297			109,919			22,534			376,469			—			376,469
Administrative fees and other income		502			248			79			1,536			2,365			12,865			15,228
Compensation and benefits		(21,091	)		(90,568	)		(26,829	)		(17,251	)		(155,739	)		(61,475	)		(217,214	)
General, administrative and other expenses		(8,467	)		(6,771	)		(9,192	)		(6,860	)		(31,290	)		(25,519	)		(56,809	)
Fee related earnings (loss)		41,663			76,206			73,977			(41	)		191,805			(74,129	)		117,676
Performance fees—realized		66,127			—			53,816			—			119,943			—			119,943
Performance fees—unrealized		16,200			10,657			44,365			2,784			74,006			—			74,006
Performance fee compensation—realized		(52,901	)		37			(13,502	)		—			(66,366	)		—			(66,366	)
Performance fee compensation—unrealized		(12,052	)		(6,368	)		(38,302	)		—			(56,721	)		—			(56,721	)
Net performance fees		17,374			4,326			46,377			2,784			70,861			—			70,861
Investment income (loss)—realized		4,665			1,122			49,331			(107	)		55,011			—			55,011
Investment income (loss)—unrealized		2,046			1,794			(18,346	)		(5,520	)		(20,026	)		—			(20,026	)
Interest, dividend and other investment income		4,570			3,447			2,914			1,631			12,559			—			12,559
Interest expense		(2,686	)		(1,947	)		(1,797	)		(936	)		(7,365	)		—			(7,365	)
Net investment income (loss)		8,595			4,416			32,102			(4,932	)		40,181			—			40,181
Performance related earnings (loss)		25,969			8,742		$	78,479			(2,148	)		111,042			—			111,042
Economic net income (loss)	$	67,632		$	84,948		$	152,456		$	(2,189	)	$	302,847		$	(74,129	)	$	228,718
Distributable earnings (loss)	$	59,832		$	76,781		$	162,400		$	(6,563	)	$	292,450		$	(75,206	)	$	217,244
Total assets	$	446,959		$	267,780		$	697,305		$	220,176		$	1,632,219		$	9,363		$	1,641,582
Schedule of reconcile segment results to the Company's income before taxes and total assets	'
		For the Three Months Ended September 30, 2014
		Total			Consolidation			Consolidated
		Segments			Adjustments			Results
					and Reconciling Items
	Revenues	$	197,661	-1	$	-22,500	(a)	$	175,161
	Expenses		111,228	-2		92,109	(b)		203,337
	Other income		21,419	-3		-70,128	(c)		(48,709	)
	Economic net income / Income before taxes		107,849			-184,734	(d)		(76,885	)
	Total assets		1,578,340			20,436,895	(e)		22,015,235
		For the Three Months Ended September 30, 2013
		Total			Consolidation			Consolidated
		Segments			Adjustments			Results
					and Reconciling Items
	Revenues	$	262,343	-1	$	-126,466	(a)	$	135,877
	Expenses		138,782	-2		98,255	(b)		237,037
	Other income		22,887	-3		489,260	(c)		512,147
	Economic net income / Income before taxes		146,448			264,539	(d)		410,987
	Total assets		1,632,219			23,509,929	(e)		25,142,148
		For the Nine Months Ended September 30, 2014
		Total			Consolidation			Consolidated
		Segments			Adjustments			Results
					and Reconciling Items
	Revenues	$	618,333	-1	$	-177,926	(a)	$	440,407
	Expenses		354,478	-2		292,091	(b)		646,569
	Other income		66,515	-3		528,926	(c)		595,441
	Economic net income / Income before taxes		330,372			58,907	(d)		389,279
	Total assets		1,578,340			20,436,895	(e)		22,015,235
		For the Nine Months Ended September 30, 2013
		Total			Consolidation			Consolidated
		Segments			Adjustments			Results
					and Reconciling Items
	Revenues	$	572,783	-1	$	-240,067	(a)	$	332,716
	Expenses		310,117	-2		249,780	(b)		559,897
	Other income		40,181	-3		715,149	(c)		755,330
	Economic net income / Income before taxes		302,847			225,302	(d)		528,149
	Total assets		1,632,219			23,509,929	(e)		25,142,148
Schedule of segment revenues consist of management fees, administrative fees and other income, as well as realized and unrealized performance fees	'
		For the Three			For the Three			For the Nine			For the Nine
		Months Ended			Months Ended			Months Ended			Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Management fees	$	153,676		$	154,619		$	436,940		$	376,469
	Administrative fees and other income		1,307			1,859			4,679			2,365
	Performance fees—realized		37,473			39,492			89,707			119,943
	Performance fees—unrealized		5,205			66,374			87,007			74,006
	Total segment revenue	$	197,661		$	262,343		$	618,333		$	572,783
Schedule of segment expenses consist of compensation and benefits, and general, administrative and other expenses, as well as realized and unrealized performance fee expenses	'
		For the Three			For the Three			For the Nine			For the Nine
		Months Ended			Months Ended			Months Ended			Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Compensation and benefits	$	66,358		$	61,064		$	191,836		$	155,739
	General, administrative and other expenses		11,608			13,587			36,696			31,290
	Performance fee compensation—realized		11,041			16,037			46,723			66,366
	Performance fee compensation—unrealized		22,222			48,093			79,225			56,721
	Total segment expense	$	111,228		$	138,782		$	354,478		$	310,117
Schedule of segment other income consists of realized and unrealized investment income and expenses, interest and other income and interest expenses	'
		For the Three			For the Three			For the Nine			For the Nine
		Months Ended			Months Ended			Months Ended			Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Investment income (loss)—realized	$	8,980		$	16,120		$	36,241		$	55,011
	Investment income (loss)—unrealized		10,204			3,693			23,331			(20,026	)
	Interest, dividend and other investment income		3,798			5,649			12,184			12,559
	Interest expense		(1,565	)		(2,575	)		(5,241	)		(7,365	)
	Net investment income	$	21,419		$	22,887		$	66,515		$	40,181
Schedule of revenue adjustment	'
		For the Three			For the Three			For the Nine			For the Nine
		Months Ended			Months Ended			Months Ended			Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Consolidated Fund income eliminated in consolidation	$	(26,555	)	$	(128,069	)	$	(182,319	)	$	(250,146	)
	Administrative fees and other income attributable to OMG		5,261			4,388			15,326			12,865
	Performance fees—Realized reclass(1)		(800	)		(2,783	)		(800	)		(2,783	)
	Performance fees—Unrealized reclass(1)		(406	)		—			(10,137	)		—
	Total consolidated adjustments and reconciling items	$	(22,500	)	$	(126,466	)	$	(177,926	)	$	(240,067	)
	-1
	Related to performance fees for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within other income (expense) in the Company's Condensed Consolidated Statements of Operations.
Schedule of expenses adjustment	'
		For the Three			For the Three			For the Nine			For the Nine
		Months Ended			Months Ended			Months Ended			Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Consolidated Fund expenses added in consolidation	$	53,685		$	85,803		$	144,014		$	242,461
	Consolidated Fund expenses eliminated in consolidation		(26,276	)		(62,695	)		(90,956	)		(145,630	)
	OMG expenses		41,055			34,139			121,192			86,994
	Acquisition related expenses		4,871			6,019			7,584			8,836
	Equity compensation expense		7,521			8,705			75,088			21,377
	Income tax expenses(1)		—			120			—			461
	Placement fees and underwriting costs		3,267			1,027			7,825			2,600
	Amortization of intangibles		6,143			23,515			21,692			28,113
	Depreciation expense		1,844			1,622			5,651			4,569
	Total consolidation adjustments and reconciling items	$	92,109		$	98,255		$	292,091		$	249,780
	-1
	Relates to income taxes paid by subsidiary operating entities included in general, administrative and other expenses.
Schedule of other income adjustment	'
		For the Three			For the Three			For the Nine			For the Nine
		Months Ended			Months Ended			Months Ended			Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Consolidated Funds other income added in consolidation, net	$	(55,422	)	$	504,101		$	572,490		$	746,281
	Other income from Consolidated Funds eliminated in consolidation, net		(12,645	)		(17,621	)		(51,240	)		(33,913	)
	Performance fees—realized reclass(1)		800			2,783			800			2,783
	Performance fees—unrealized reclass(1)		406			—			10,137			—
	Loss on disposal of fixed assets		(2,937	)		—			(2,937	)		—
	Non-cash other expense		(324	)		—			(324	)		—
	Total consolidation adjustments and reconciling items	$	(70,128	)	$	489,260		$	528,926		$	715,149
	-1
	Related to performance fees for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within other (income) expense in the Company's Condensed Consolidated Statements of Operations.
Schedule of reconciliation of income before taxes from reportable segments to economic net income, to fee related earnings, to performance related earnings and to distributable earnings of entity's condensed consolidated statement of operations	'
		For the Three			For the Three			For the Nine			For the Nine
		Months Ended			Months Ended			Months Ended			Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Economic net income
	Income (loss) before taxes	$	(76,885	)	$	410,987		$	389,279		$	528,149
	Adjustments
	Amortization of intangibles		6,143			23,515			21,692			28,113
	Depreciation expense		1,844			1,622			5,651			4,569
	Equity compensation expenses		7,521			8,705			75,088			21,377
	Income tax expense(1)		—			120			—			461
	Acquisition-related expenses		4,871			6,019			7,584			8,836
	Placement fees and underwriting costs		3,267			1,027			7,825			2,600
	OMG expenses, net		35,794			29,751			105,866			74,129
	Loss on fixed asset disposal		2,937			—			2,937			—
	Non-cash other expense		324			—			324			—
	Income (loss) of non-controlling interests in Consolidated Funds		120,369			(337,582	)		(288,364	)		(346,615	)
	Income tax expense (benefit) of non-controlling interests in Consolidated Funds		1,662			2,278			2,492			(18,776	)
	Total consolidation adjustments and reconciling items		184,734			(264,539	)		(58,907	)		(225,302	)
	Economic net income	$	107,849		$	146,448		$	330,372		$	302,847
	Fee related earnings
	Income (loss) before taxes	$	(76,885	)	$	410,987		$	389,279		$	528,149
	Adjustments
	Amortization of intangibles		6,143			23,515			21,692			28,113
	Depreciation expense		1,844			1,622			5,651			4,569
	Equity compensation expenses		7,521			8,705			75,088			21,377
	Income tax expense(1)		—			120			—			461
	Acquisition-related expenses		4,871			6,019			7,584			8,836
	Placement fees and underwriting costs		3,267			1,027			7,825			2,600
	OMG expenses, net		35,794			29,751			105,866			74,129
	Loss on fixed asset disposal		2,937			—			2,937			—
	Non-cash other expense		324			—			324			—
	Income (loss) of non-controlling interests in Consolidated Funds		120,369			(337,582	)		(288,364	)		(346,615	)
	Income tax (expense) benefit of non-controlling interests in Consolidated Funds		1,662			2,278			2,492			(18,776	)
	Total consolidation adjustments and reconciling items		184,734			(264,539	)		(58,907	)		(225,302	)
	Economic net income		107,849			146,448			330,372			302,847
	Total performance fees income—realized		(37,473	)		(39,492	)		(89,707	)		(119,943	)
	Total performance fees income—unrealized		(5,205	)		(66,374	)		(87,007	)		(74,006	)
	Total performance fee compensation—realized		11,041			16,037			46,723			66,366
	Total performance fee compensation—unrealized		22,222			48,093			79,225			56,721
	Net investment income		(21,417	)		(22,887	)		(66,515	)		(40,181	)
	Fee related earnings	$	77,017		$	81,827		$	213,087		$	191,805
	Management fees	$	153,676		$	154,619		$	436,940		$	376,469
	Administrative fees and other income		1,307			1,859			4,679			2,365
	Compensation and benefits		(66,358	)		(61,064	)		(191,836	)		(155,739	)
	General, administrative and other expenses		(11,608	)		(13,587	)		(36,696	)		(31,290	)
	Fee related earnings	$	77,017		$	81,827		$	213,087		$	191,805
		For the Three			For the Three			For the Nine			For the Nine
		Months Ended			Months Ended			Months Ended			Months Ended
		September 30,			September 30,			September 30,			September 30,
		2014			2013			2014			2013
	Performance related earnings:
	Income (loss) before taxes	$	(76,885	)	$	410,987		$	389,279		$	528,149
	Adjustments
	Amortization of intangibles		6,143			23,515			21,692			28,113
	Depreciation expense		1,844			1,622			5,651			4,569
	Equity compensation expenses		7,521			8,705			75,088			21,377
	Income tax expense(1)		—			120			—			461
	Acquisition-related expenses		4,871			6,019			7,584			8,836
	Placement fees and underwriting costs		3,267			1,027			7,825			2,600
	OMG expenses, net		35,794			29,751			105,866			74,129
	Loss on fixed asset disposal		2,937			—			2,937			—
	Non-cash other expense		324			—			324			—
Income (loss) of non-controlling interests in Consolidated Funds		120,369			(337,582	)		(288,364	)		(346,615	)
Income tax expense (benefit) of non-controlling interests in Consolidated Funds		1,662			2,278			2,492			(18,776	)
Economic net income		107,849			146,448			330,372			302,847
Total management fees	$	(153,676	)	$	(154,619	)	$	(436,940	)	$	(376,469	)
Administrative fees and other income		(1,307	)		(1,859	)		(4,679	)		(2,365	)
Compensation and benefits		66,358			61,064			191,836			155,739
General, administrative and other expenses		11,608			13,587			36,696			31,290
Performance related earnings (loss)	$	30,832		$	64,621		$	117,281			111,042
Total performance fees—realized	$	37,473			39,492		$	89,707		$	119,943
Total performance fees—unrealized		5,205			66,374			87,007			74,006
Total performance fee compensation—realized		(11,041	)		(16,037	)		(46,723	)		(66,366	)
Total performance fee compensation—unrealized		(22,222	)		(48,093	)		(79,225	)		(56,721	)
Net investment income (loss)		21,417			22,887			66,515			40,181
Performance related earnings (loss)	$	30,832		$	64,621		$	117,281			111,042
-1
Relates to income taxes paid by subsidiary operating entities included in general, administrative and other expenses.
	For the Three			For the Three			For the Nine			For the Nine
	Months Ended			Months Ended			Months Ended			Months Ended
	September 30,			September 30,			September 30,			September 30,
	2014			2013			2014			2013
Distributable Earnings
Income (loss) before taxes	$	(76,885	)	$	410,987		$	389,279		$	528,149
Adjustments
Amortization of intangibles		6,143			23,515			21,692			28,113
Equity compensation expenses		7,521			8,705			75,088			21,377
OMG distributable loss(1)		37,067			30,113			110,419			75,206
Non-cash acquisition-related expenses		—			750			—			2,250
Taxes paid(2)		(625	)		—			(1,180	)		—
Non-cash other expense		324			—			324			—
Income (loss) of non-controlling interests in Consolidated Funds		120,369			(337,582	)		(288,364	)		(346,615	)
Income tax (expense) benefit of non-controlling interests in Consolidated Funds		1,662			2,278			2,492			(18,776	)
Unrealized performance fees		(5,205	)		(66,374	)		(87,007	)		(74,006	)
Unrealized performance fee compensation		22,222			48,093			79,225			56,721
Unrealized investment and other loss		(10,204	)		(3,693	)		(23,331	)		20,026
Distributable Earnings	$	102,391		$	116,798		$	278,637		$	292,450
Fee related earnings	$	77,017		$	81,827		$	213,087		$	191,805
Performance fees—realized		37,473			39,492			89,707			119,943
Performance fee compensation—realized		(11,041	)		(16,037	)		(46,723	)		(66,366	)
Investment and other income realized, net		11,215			19,194			43,184			60,207
Net performance related earnings—realized		37,647			42,647			86,168			113,784
Less:
One-time acquisition costs(3)		(4,871	)		(5,269	)		(5,507	)		(6,586	)
Income tax expense(4)		(228	)		(120	)		(572	)		(461	)
Placement fees and underwriting costs		(3,267	)		(1,027	)		(7,825	)		(2,600	)
Non-cash depreciation and amortization(5)		(3,904	)		(1,260	)		(6,715	)		(3,492	)
Distributable earnings	$	102,391		$	116,798		$	278,637		$	292,450
-1
Represents OMG distributable earnings which includes depreciation expense.
-2
Represents current tax expense of subsidiary operating entities.
-3
One-time acquisition costs are reduced by the amounts attributable to OMG, equal to $2,077 for the nine months ended September 30, 2014.
-4
Represents current tax expense of subsidiary operating entities. Taxes attributable to OMG equal $399 and $608 for the three and nine months ended September 30, 2014, respectively.
-5
Depreciation and amortization includes loss on disposal of assets, and is reduced by the amounts attributed to OMG equal to $874 and $362 for the three months ended September 30, 2014 and 2014, respectively and $1,872 and $1,077 for the nine month ended September 30, 2014 and 2013, respectively.
Schedule of reconciliation of total segment assets to total assets reported in the Condensed Statements of Financial Condition	'
		September 30,			September 30,
		2014			2013
	Total assets from Consolidated Funds eliminated in consolidation	$	(814,279	)	$	(827,007	)
	Total assets from Consolidated Funds added in consolidation		21,241,545			24,327,573
	OMG assets		9,629			9,363
	Total consolidation adjustments and reconciling items	$	20,436,895		$	23,509,929

CONSOLIDATING_SCHEDULES_Tables

CONSOLIDATING SCHEDULES (Tables)	9 Months Ended
	Sep. 30, 2014
CONSOLIDATING SCHEDULES	'
Schedule of consolidating effects of the Consolidated Funds on the Company's financial condition	'
		As of September 30, 2014
		Consolidated			Consolidated			Eliminations			Consolidated
		Company			Funds
		Entities
	Assets
	Cash and cash equivalents	$	75,087		$	—		$	—		$	75,087
	Restricted cash and cash equivalents		18,525			—			—			18,525
	Investments, at fair value		603,358			—			(447,790	)		155,568
	Performance fees receivable		526,763			—			(345,972	)		180,791
	Derivative assets, at fair value		7,789			—			—			7,789
	Due from affiliates		152,894			—			(19,408	)		133,486
	Intangible assets, net		46,993			—			—			46,993
	Goodwill		85,679			—			—			85,679
	Other assets		70,881			—			(97	)		70,784
	Assets of Consolidated Funds
	Cash and cash equivalents		—			1,368,144			—			1,368,144
	Investments, at fair value		—			19,417,334			—			19,417,334
	Loans held for investment, net		—			77,308			—			77,308
	Due from affiliates		—			12,116			(1,012	)		11,104
	Dividends and interest receivable		—			82,202			—			82,202
	Receivable for securities sold		—			265,334			—			265,334
	Derivative assets, at fair value		—			5,514			—			5,514
	Other assets		—			13,593			—			13,593
	Total assets	$	1,587,969		$	21,241,545		$	(814,279	)	$	22,015,235
	Liabilities
	Debt obligations	$	163,912		$	—		$	—		$	163,912
	Accounts payable, accrued expenses and other liabilities		86,783			—			(1,494	)		85,289
	Deferred tax liability, net		22,689			—			—			22,689
	Performance fee compensation payable		360,230			—			—			360,230
	Equity compensation put option liability		20,000			—			—			20,000
	Derivative liabilities, at fair value		858			—			—			858
	Accrued compensation		118,461			—			—			118,461
	Due to affiliates		19,358			—			(2,465	)		16,893
	Liabilities of Consolidated Funds
	Accounts payable, accrued expenses and other liabilities		—			76,550			(253	)		76,297
	Payable for securities purchased		—			1,158,321			—			1,158,321
	Derivative liabilities, at fair value		—			49,009			—			49,009
	Due to affiliates		—			63,625			(61,111	)		2,514
	Deferred tax liability, net		—			23,761			—			23,761
	CLO loan obligations		—			12,074,426			(70,002	)		12,004,424
	Fund borrowings		—			829,644			—			829,644
	Mezzanine debt		—			329,698			—			329,698
	Total liabilities		792,291			14,605,034			(135,325	)		15,262,000
	Commitments and contingencies
	Redeemable interest in Consolidated Funds		—			1,063,221			—			1,063,221
	Redeemable interest in Ares Operating Group entities		24,985			—			—			24,985
	Non-controlling interest in Consolidated Funds:		—			—			—			—
	Non-controlling interest in Consolidated Funds		—			5,622,810			(678,951	)		4,943,859
	Equity appropriated for Consolidated Funds		—			(49,527	)		—			(49,527	)
	Non-controlling interest in Consolidated Funds		—			5,573,283			(678,951	)		4,894,332
	Non-controlling interest in Ares Operating Group Entities		476,608			—			—			476,608
	Controlling interest in Ares Management, L.P.:
	Partners' Capital (80,667,664 units issued and outstanding)		295,271			—			—			295,271
	Accumulated other comprehensive gain		(1,182	)		—			—			(1,182	)
	Total controlling interest in Ares Management, L.P		294,089			—			—			294,089
	Total equity		770,697			5,573,283			(678,951	)		5,665,029
	Total liabilities, redeemable interests, non-controlling interests and equity	$	1,587,973		$	21,241,538		$	(814,276	)	$	22,015,235
		As of December 31, 2013
		Consolidated			Consolidated			Eliminations			Consolidated
		Company			Funds
		Entities
	Assets
	Cash and cash equivalents	$	89,802		$	—		$	—		$	89,802
Restricted cash and cash equivalents		13,344			—			—			13,344
Investments, at fair value		504,291			—			(414,853	)		89,438
Performance fees receivable		481,751			—			(344,069	)		137,682
Derivative assets, at fair value		1,164			—			—			1,164
Due from affiliates		130,625			—			(21,705	)		108,920
Intangible assets, net		68,742			—			—			68,742
Goodwill		58,159			—			—			58,159
Other assets		96,904			—			(23,304	)		73,600
Assets of Consolidated Funds
Cash and cash equivalents		—			1,638,003			—			1,638,003
Investments, at fair value		—			20,823,338			—			20,823,338
Due from affiliates		—			2,010			—			2,010
Dividends and interest receivable		—			133,158			—			133,158
Receivable for securities sold		—			427,871			—			427,871
Derivative assets, at fair value		—			14,625			—			14,625
Other assets		—			27,505			(1,977	)		25,528
Total assets	$	1,444,782		$	23,066,510		$	(805,908	)	$	23,705,384
Liabilities
Debt obligations	$	153,119		$	—		$	—		$	153,119
Accounts payable, accrued expenses and other liabilities		69,550			—			(2,064	)		67,486
Deferred tax liability, net		21,002			—			—			21,002
Performance fee compensation payable		295,978			—			—			295,978
Derivative liabilities, at fair value		2,907			—			—			2,907
Accrued compensation		132,917			—			—			132,917
Due to affiliates		35,149			—			(2,459	)		32,690
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities		—			95,839			—			95,839
Payable for securities purchased		—			945,115			—			945,115
Derivative liabilities, at fair value		—			75,115			—			75,115
Due to affiliates		—			92,211			(89,516	)		2,695
Securities sold short, at fair value		—			1,633			—			1,633
Deferred tax liability, net		—			35,904			—			35,904
CLO loan obligations		—			11,838,396			(64,239	)		11,774,157
Fund borrowings		—			2,070,598			—			2,070,598
Mezzanine debt		—			323,164			—			323,164
Total liabilities		710,622			15,477,975			(158,278	)		16,030,319
Commitments and contingencies
Redeemable interest in Consolidated Funds		—			1,093,770			—			1,093,770
Redeemable interest in Ares Operating Group entities		40,751			—			—			40,751
Non-controlling interest in Consolidated Funds:
Non-controlling interest in Consolidated Funds		—			6,339,504			(647,630	)		5,691,874
Equity appropriated for Consolidated Funds		—			155,261			—			155,261
Non-controlling interest in Consolidated Funds		—			6,494,765			(647,630	)		5,847,135
Non-controlling interest in Ares Operating Group Entities		167,731			—			—			167,731
Members' equity and common stock of Predecessor		525,678			—			—			525,678
Total equity		693,409			6,494,765			(647,630	)		6,540,544
Total liabilities, redeemable interests, non-controlling interests and equity	$	1,444,782		$	23,066,510		$	(805,908	)	$	23,705,384
Schedule of results from operations	'
		Consolidated			Consolidated			Eliminations			Consolidated
		Company			Funds
		Entities
	Revenues
	Management fees (includes ARCC Part I Fees of $31,156)	$	153,676		$	—		$	(26,212	)	$	127,464
	Performance fees		41,472			—			413			41,885
	Other fees		6,568			—			(756	)		5,812
	Total revenues		201,716			—			(26,555	)		175,161
	Expenses
	Compensation and benefits		100,928			—			—			100,928
	Performance fee compensation		33,263			—			—			33,263
	General, administrative and other expense		41,737			—			—			41,737
	Consolidated Fund expenses					53,685			(26,276	)		27,409
	Total expenses		175,928			53,685			(26,276	)		203,337
	Other income (expense)
	Interest, dividend and other investment income		2,365			—			(1,713	)		652
	Interest expense		(1,565	)		—			—			(1,565	)
	Other income (expense), net		(1,609	)		—			—			(1,609	)
	Net realized gain (loss) on investments		9,560			—			(7,835	)		1,725
	Net change in unrealized appreciation (depreciation) on investments		10,607			—			506			11,113
	Interest, dividend and other investment income of Consolidated Funds		—			191,112			(1,512	)		189,600
	Interest expense of Consolidated Funds		—			(216,904	)		1,380			(215,524	)
	Net realized gain (loss) on investments of Consolidated Funds		—			(30,972	)		—			(30,972	)
	Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			1,342			(3,471	)		(2,129	)
	Total other income (expense)		19,358			(55,422	)		(12,645	)		(48,709	)
	Income (loss) before taxes		45,146			(109,107	)		(12,924	)		(76,885	)
	Income tax expense (benefit)		4,061			(1,662	)		—			2,399
	Net income (loss)		41,085			(107,445	)		(12,924	)		(79,284	)
	Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds		—			(79,285	)		(17,390	)		(96,675	)
	Less: Net income (loss) attributable to redeemable interests in Consolidated Funds		—			(28,160	)		4,466			(23,694	)
	Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group Entities		26,923			—			—			26,923
	Less: Net income (loss) attributable to redeemable interests in Ares Operating Group Entities		191			—			—			191
	Net income (loss) attributable to Ares Management, L.P.	$	13,971		$	—		$	—		$	13,971
		For the Three Months Ended September 30, 2013
		Consolidated			Consolidated			Eliminations			Consolidated
		Company			Funds
		Entities
	Revenues
	Management fees (includes ARCC Part I Fees of $32,014)	$	154,619		$	—		$	(45,768	)	$	108,851
	Performance fees		103,081			—			(82,537	)		20,544
	Other fees		6,246			—			236			6,482
	Total revenues		263,946			—			(128,069	)		135,877
	Expenses
	Compensation and benefits		93,307			—			—			93,307
	Performance fee compensation		64,130			—			—			64,130
	General, administrative and other expense		56,492			—			—			56,492
	Consolidated Fund expenses		—			85,803			(62,695	)		23,108
	Total expenses		213,929			85,803			(62,695	)		237,037
	Other income (expense)
	Interest, dividend and other investment income		5,847			—			(3,133	)		2,714
	Interest expense		(2,575	)		—						(2,575	)
	Other income (expense), net		(202	)		—			—			(202	)
	Net realized gain (loss) on investments		16,120			—			(16,649	)		(529	)
	Net change in unrealized appreciation (depreciation) on investments		6,477			—			(4,618	)		1,859
	Interest, dividend and other investment income of Consolidated Funds		—			331,657			(169	)		331,488
	Interest expense of Consolidated Funds		—			(103,569	)		(245	)		(103,814	)
	Net realized gain (loss) on investments of Consolidated Funds		—			22,125			—			22,125
	Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			253,888			7,193			261,081
	Total other income (expense)		25,667			504,101			(17,621	)		512,147
	Income (loss) before taxes		75,684			418,298			(82,995	)		410,987
	Income tax expense (benefit)		7,068			(2,278	)		—			4,790
	Net income (loss)		68,616			420,576			(82,995	)		406,197
	Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds		—			373,836			(80,911	)		292,925
Less: Net income (loss) attributable to redeemable interests in Consolidated Funds		—			46,741			(2,084	)		44,657
Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group Entities		12,895			—			—			12,895
Less: Net income (loss) attributable controlling interests in Predecessor		55,758			—			—			55,758
Less: Net income (loss) attributable to redeemable interests in Ares Operating Group Entities		(38	)		—			—			(38	)
Net income (loss) attributable to Ares Management, L.P.	$	—		$	—		$	—		$	—
	For the Nine Months Ended September 30, 2014
	Consolidated			Consolidated			Eliminations			Consolidated
	Company			Funds
	Entities
Revenues
Management fees (includes ARCC Part I Fees of $85,140)	$	436,940		$	—		$	(84,501	)	$	352,439
Performance fees		165,777			—			(96,503	)		69,274
Other fees		20,009			—			(1,315	)		18,694
Total revenues		622,726			—			(182,319	)		440,407
Expenses
Compensation and benefits		347,591			—			—			347,591
Performance fee compensation		125,948			—			—			125,948
General, administrative and other expense		119,972			—			—			119,972
Consolidated Fund expenses		—			144,014			(90,956	)		53,058
Total expenses		593,511			144,014			(90,956	)		646,569
Other income (expense)
Interest, dividend and other investment income		13,771			—			(6,098	)		7,673
Interest expense		(5,241	)		—			—			(5,241	)
Other income (expense), net		(4,847	)		—			—			(4,847	)
Net realized gain (loss) on investments		37,039			—			(36,565	)		474
Net change in unrealized appreciation (depreciation) on investments		33,469			—			(8,507	)		24,962
Interest, dividend and other investment income of Consolidated Funds		—			740,052			(1,769	)		738,283
Interest expense of Consolidated Funds		—			(568,407	)		4,100			(564,307	)
Net realized gain (loss) on investments of Consolidated Funds		—			71,833			—			71,833
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			329,012			(2,401	)		326,611
Total other income (expense)		74,191			572,490			(51,240	)		595,441
Income (loss) before taxes		103,406			428,476			(142,603	)		389,279
Income tax expense (benefit)		3,463			(2,492	)		—			971
Net income (loss)		99,943			430,968			(142,603	)		388,308
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds		—			402,901			(141,304	)		261,597
Less: Net income (loss) attributable to redeemable interests in Consolidated Funds		—			28,066			(1,299	)		26,767
Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group Entities		67,556			—			—			67,556
Less: Net income (loss) attributable to redeemable interests in Ares Operating Group Entities		573			—			—			573
Net income (loss) attributable to Ares Management, L.P.	$	31,815		$	—		$	—		$	31,815
	For the Nine Months Ended September 30, 2013
	Consolidated			Consolidated			Eliminations			Consolidated
	Company			Funds
	Entities
Revenues
Management fees (includes ARCC Part I Fees of $81,511)	$	376,469		$	—		$	(107,412	)	$	269,057
Performance fees		191,165			—			(142,298	)		48,867
Other fees		15,228			—			(436	)		14,792
Total revenues		582,862			—			(250,146	)		332,716
Expenses
Compensation and benefits		240,841			—			—			240,841
Performance fee compensation		123,087			—			—			123,087
General, administrative and other expense		99,138			—			—			99,138
Consolidated Fund expenses					242,461			(145,630	)		96,831
Total expenses		463,066			242,461			(145,630	)		559,897
Other income (expense)
Interest, dividend and other investment income		12,614			—			(7,151	)		5,463
Interest expense		(7,365	)		—			—			(7,365	)
Other income (expense), net		(55	)		—			—			(55	)
Net realized gain (loss) on investments		55,011			—			(54,779	)		232
Net change in unrealized appreciation (depreciation) on investments		(17,243	)		—			16,247			(996	)
Interest, dividend and other investment income of Consolidated Funds		—			945,560			(542	)		945,018
Interest expense of Consolidated Funds		—			(343,736	)		6,950			(336,786	)
Net realized gain (loss) on investments of Consolidated Funds		—			88,996			—			88,996
Net change in unrealized appreciation (depreciation) on investments of Consolidated Funds		—			55,461			5,362			60,823
Total other income (expense)		42,962			746,281			(33,913	)		755,330
Income (loss) before taxes		162,758			503,820			(138,429	)		528,149
Income tax expense (benefit)		16,776			18,776			—			35,552
Net income (loss)		145,982			485,044			(138,429	)		492,597
Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds		—			375,900			(136,239	)		239,661
Less: Net income (loss) attributable to redeemable interests in Consolidated Funds		—			109,144			(2,190	)		106,954
Less: Net income (loss) attributable to non-controlling interests in Ares Operating Group Entities		28,011			—			—			28,011
Less: Net income (loss) attributable controlling interests in Predecessor		117,149			—			—			117,149
Less: Net income (loss) attributable to redeemable interests in Ares Operating Group Entities		822			—			—			822
Net income (loss) attributable to Ares Management, L.P.	$	—		$	—		$	—		$	—

ORGANIZATION_AND_BASIS_OF_PRES1

ORGANIZATION AND BASIS OF PRESENTATION (Details)	9 Months Ended
	Sep. 30, 2014
	item
ORGANIZATION AND BASIS OF PRESENTATION	'
Number operating segments	4
ORGANIZATION AND BASIS OF PRESENTATION	'
Number of affiliated entities results included in accompanying combined and consolidated financial statements	2
APMC | AHI	'
ORGANIZATION AND BASIS OF PRESENTATION	'
Controlling ownership interest (as a percent)	50.10%
APMC | AI	'
ORGANIZATION AND BASIS OF PRESENTATION	'
Controlling ownership interest (as a percent)	70.30%

ORGANIZATION_AND_BASIS_OF_PRES2

ORGANIZATION AND BASIS OF PRESENTATION (Details 2) (USD $)	0 Months Ended		5 Months Ended
In Millions, except Share data, unless otherwise specified	Jun. 04, 2014	7-May-14	Sep. 30, 2014	2-May-14
ORGANIZATION AND BASIS OF PRESENTATION	'	'	'	'
Number of common units Ares Owners Holdings, L.P. holds of Ares Management, L.P.	'	'	'	34,540,079
Number of common units AREC holds of Ares Management, L.P.	'	'	'	34,538,155
Ares Owners Holdings, L.P. direct ownership percentage of each of the Ares Operating Group Entities	'	'	'	59.21%
Number of partnership units Ares Owners Holdings, L.P. of each of the Ares Operating Group Entities	'	'	'	118,421,766
AREC direct interest percentage in Ares Operating Group Entities	'	'	'	0.00%
An affiliate of Alleghany Corporation direct ownership percentage of each of the Ares Operating Group Entities	'	'	'	6.25%
Number of AOG Units an affiliate of Alleghany Corporation owns of each of the Ares Operating Group entities	'	'	'	12,500,000
Issuance of common units (in units)	'	11,363,636	11,589,430	'
Price per common units issued in IPO (in dollars per unit)	'	$19	'	'
Common units issued pursuant to over-allotment option (in units)	225,794	'	'	'
Price per common units issued pursuant to over-allotment option (in dollars per unit)	$19	'	'	'
Proceeds from IPO	$209.20	'	'	'
Ares Owners Holdings, L.P. ownership percentage of Ares Management, L.P.	'	42.82%	'	'
AREC ownership percentage of Ares Management, L.P.	'	42.82%	'	'
Ownership percentage issued as part of the offering	'	14.37%	'	'
Ares Owners Holdings, L.P. direct and indirect ownership percentage of Ares Operating Group	'	72.29%	'	'
An affiliate of Alleghany ownership percentage of Ares Operating Group	'	5.91%	'	'
AREC indirect ownership percentage of Ares Operating Group	'	16.32%	'	'
Public's indirect ownership percentage of Ares Operating Group	'	5.48%	'	'
AOG	'	'	'	'
ORGANIZATION AND BASIS OF PRESENTATION	'	'	'	'
Maximum ratio for exchange of units	'	4	'	'
Units conversion ratio	'	1	'	'
Alleghany | AOG	'	'	'	'
ORGANIZATION AND BASIS OF PRESENTATION	'	'	'	'
Maximum ratio for exchange of units	'	0.5	'	'

SUMMARY_OF_SIGNIFICANT_ACCOUNT3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $)	5 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
Variable Interest Model	'	'	'	'
Assets	$22,015,235	$22,015,235	$23,705,384	$25,142,148
Liabilities	15,262,000	15,262,000	16,030,319	'
Investments in Non-Consolidated Variable Interest Entities	'	'	'	'
Number of days past due of principal and interest for non-accrual of interest on investments in loans receivable	'	'90 days	'	'
Impairments of goodwill	'	0	'	'
Income Allocation	'	'	'	'
Average daily ownership (as a percent)	37.95%	'	'	'
Minimum	'	'	'	'
Variable Interest Model	'	'	'	'
Number of parties equity interests to be aggregated	'	2	'	'
Investments in Non-Consolidated Variable Interest Entities	'	'	'	'
Estimated useful lives	'	'1 year	'	'
Maximum	'	'	'	'
Investments in Non-Consolidated Variable Interest Entities	'	'	'	'
Estimated useful lives	'	'10 years	'	'
Parent Company	'	'	'	'
Equity Appropriated for Consolidated Funds	'	'	'	'
Investments	155,568	155,568	89,438	'
Investments in Non-Consolidated Variable Interest Entities	'	'	'	'
Maximum exposure to loss in non-consolidated VIEs	19,497	19,497	12,366	'
Consolidated VIEs	'	'	'	'
Variable Interest Model	'	'	'	'
Assets	21,400,000	21,400,000	14,200,000	'
Liabilities	14,700,000	14,700,000	13,100,000	'
Consolidated Funds	'	'	'	'
Equity Appropriated for Consolidated Funds	'	'	'	'
Investments	19,417,334	19,417,334	20,823,338	'
Investments in Non-Consolidated Variable Interest Entities	'	'	'	'
Maximum exposure to loss in non-consolidated VIEs	5,442	5,442	96,223	'
Consolidated Funds | CLOs	'	'	'	'
Equity Appropriated for Consolidated Funds	'	'	'	'
Number of CLOs consolidated	31	31	35	'
Investments	$70,000	$70,000	$64,200	'

GOODWILL_AND_INTANGIBLE_ASSETS1

GOODWILL AND INTANGIBLE ASSETS (Details) (USD $)	3 Months Ended	9 Months Ended		3 Months Ended		9 Months Ended		1 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Jun. 30, 2014
				AREA	AREA	AREA	AREA	AM LLC
						item		Keltic
GOODWILL AND INTANGIBLE ASSETS	'	'	'	'	'	'	'	'
Cash paid for acquisition	'	'	'	'	'	'	'	$60,000,000
Amount of contingent consideration	'	'	'	'	'	'	'	2,000,000
Purchase price allocated to the fair value of the acquired net assets	'	'	'	'	'	'	'	38,000,000
Goodwill	'	'	'	'	'	'	'	24,000,000
Number of acquired leases evaluated	'	'	'	'	'	2	'	'
Unfavorable lease liability	'	'	'	3,600,000	'	3,600,000	'	'
Amortization of unfavorable lease liability	'	'	'	400,000	0	1,500,000	0	'
Amortization expense of intangible assets	$1,300,000	$4,200,000	$17,700,000	'	'	'	'	'

INVESTMENTS_Details

INVESTMENTS (Details) (Parent Company, USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
INVESTMENTS	'	'
Investments, at fair value	$155,568	$89,438
Fair value as a percentage of total investments	100.00%	100.00%
Investments, at cost	122,355	69,830
Private Investment Partnership Interests	'	'
INVESTMENTS	'	'
Investments, at fair value	154,304	88,177
Fair value as a percentage of total investments	99.10%	98.60%
Investments, at cost	121,105	68,580
Private Investment Partnership Interests | AREA European Property Enhancement Program L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	1,716	1,735
Fair value as a percentage of total investments	1.10%	1.90%
Private Investment Partnership Interests | AREA Sponsor Holdings, LLC	'	'
INVESTMENTS	'	'
Investments, at fair value	38,089	31,560
Fair value as a percentage of total investments	24.50%	35.40%
Private Investment Partnership Interests | Ares Capital Europe II (D), L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	13,715	'
Fair value as a percentage of total investments	8.80%	'
Private Investment Partnership Interests | Ares Capital Europe II (E), L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	28	'
Fair value as a percentage of total investments	0.00%	'
Private Investment Partnership Interests | Ares Corporate Opportunities Fund, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	901	1,009
Fair value as a percentage of total investments	0.60%	1.10%
Private Investment Partnership Interests | Ares Corporate Opportunities Fund IV, L.P.	'	'
INVESTMENTS	'	'
Investments, at fair value	17,190	'
Fair value as a percentage of total investments	11.00%	'
Private Investment Partnership Interests | Ares Credit Strategies Fund II, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	616	1,998
Fair value as a percentage of total investments	0.40%	2.20%
Private Investment Partnership Interests | Ares Credit Strategies Fund III, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	19	'
Fair value as a percentage of total investments	0.00%	'
Private Investment Partnership Interests | Ares Enhanced Loan Investment Strategy IX, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	'	512
Fair value as a percentage of total investments	0.00%	0.60%
Private Investment Partnership Interests | Ares European Credit Strategies Fund (C) L.P.	'	'
INVESTMENTS	'	'
Investments, at fair value	477	301
Fair value as a percentage of total investments	0.30%	0.30%
Private Investment Partnership Interests | Ares European Real Estate Fund IV L.P.	'	'
INVESTMENTS	'	'
Investments, at fair value	510	'
Fair value as a percentage of total investments	0.30%	'
Private Investment Partnership Interests | Ares Multi Strategy Credit Fund V (H), L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	1,072	1,022
Fair value as a percentage of total investments	0.70%	1.10%
Private Investment Partnership Interests | Ares Special Situations Fund I-B, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	3	'
Fair value as a percentage of total investments	0.00%	'
Private Investment Partnership Interests | Ares Special Situations Fund III, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	26,310	24,253
Fair value as a percentage of total investments	16.90%	27.20%
Private Investment Partnership Interests | Ares SSF Riopelle, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	4,247	'
Fair value as a percentage of total investments	2.70%	'
Private Investment Partnership Interests | Ares Strategic Investment Partners, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	77	'
Fair value as a percentage of total investments	0.00%	'
Private Investment Partnership Interests | Ares Strategic Investment Partners III, L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	2,733	2,714
Fair value as a percentage of total investments	1.80%	3.00%
Private Investment Partnership Interests | Ares Strategic Real Estate Program - HHC, LLC	'	'
INVESTMENTS	'	'
Investments, at fair value	1,253	1,227
Fair value as a percentage of total investments	0.80%	1.40%
Private Investment Partnership Interests | Resolution Life L.P	'	'
INVESTMENTS	'	'
Investments, at fair value	45,348	21,846
Fair value as a percentage of total investments	29.20%	24.40%
Common Stock	'	'
INVESTMENTS	'	'
Investments, at fair value	87	89
Fair value as a percentage of total investments	0.10%	0.10%
Investments, at cost	100	100
Common Stock | Ares Multi Strategy Credit Fund, Inc.	'	'
INVESTMENTS	'	'
Investments, at fair value	87	89
Fair value as a percentage of total investments	0.10%	0.10%
Corporate Bonds	'	'
INVESTMENTS	'	'
Investments, at fair value	1,177	1,172
Fair value as a percentage of total investments	0.80%	1.30%
Investments, at cost	1,150	1,150
Corporate Bonds | Ares Commercial Real Estate Corporation Convertible Senior Notes	'	'
INVESTMENTS	'	'
Investments, at fair value	$1,177	$1,172
Fair value as a percentage of total investments	0.80%	1.30%

INVESTMENTS_Details_2

INVESTMENTS (Details 2) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Maximum	'	'
INVESTMENTS	'	'
Fair value as a percentage of total investments	5.00%	5.00%
Consolidated Funds	'	'
INVESTMENTS	'	'
Investments, at fair value	19,417,334	20,823,338
Fair value as a percentage of total investments	100.00%	100.00%
Securities sold short, at fair value	'	-1,633
Consolidated Funds | Fixed Income	'	'
INVESTMENTS	'	'
Investments, at fair value	15,088,341	17,146,204
Fair value as a percentage of total investments	77.60%	82.30%
Consolidated Funds | Equity securities	'	'
INVESTMENTS	'	'
Investments, at fair value	4,328,993	3,677,134
Fair value as a percentage of total investments	22.40%	17.70%
Consolidated Funds | United States | Fixed Income	'	'
INVESTMENTS	'	'
Investments, at fair value	9,794,122	11,163,232
Fair value as a percentage of total investments	50.60%	53.60%
Investments, at cost	9,922,821	11,071,982
Consolidated Funds | United States | Fixed Income | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	3,146,108	4,146,611
Fair value as a percentage of total investments	16.30%	20.00%
Consolidated Funds | United States | Fixed Income | Consumer staples	'	'
INVESTMENTS	'	'
Investments, at fair value	155,265	338,735
Fair value as a percentage of total investments	0.80%	1.60%
Consolidated Funds | United States | Fixed Income | Energy	'	'
INVESTMENTS	'	'
Investments, at fair value	506,836	535,857
Fair value as a percentage of total investments	2.60%	2.60%
Consolidated Funds | United States | Fixed Income | Financials	'	'
INVESTMENTS	'	'
Investments, at fair value	579,538	544,879
Fair value as a percentage of total investments	3.00%	2.60%
Consolidated Funds | United States | Fixed Income | Healthcare, education and childcare	'	'
INVESTMENTS	'	'
Investments, at fair value	1,071,758	1,176,418
Fair value as a percentage of total investments	5.50%	5.60%
Consolidated Funds | United States | Fixed Income | Industrials	'	'
INVESTMENTS	'	'
Investments, at fair value	1,744,115	2,038,390
Fair value as a percentage of total investments	9.10%	9.80%
Consolidated Funds | United States | Fixed Income | Information technology	'	'
INVESTMENTS	'	'
Investments, at fair value	640,941	542,377
Fair value as a percentage of total investments	3.30%	2.60%
Consolidated Funds | United States | Fixed Income | Materials	'	'
INVESTMENTS	'	'
Investments, at fair value	443,423	463,864
Fair value as a percentage of total investments	2.30%	2.20%
Consolidated Funds | United States | Fixed Income | Telecommunication services	'	'
INVESTMENTS	'	'
Investments, at fair value	1,250,454	1,153,691
Fair value as a percentage of total investments	6.40%	5.50%
Consolidated Funds | United States | Fixed Income | Utilities	'	'
INVESTMENTS	'	'
Investments, at fair value	255,684	222,410
Fair value as a percentage of total investments	1.30%	1.10%
Consolidated Funds | United States | Equity securities	'	'
INVESTMENTS	'	'
Investments, at fair value	3,970,835	3,390,011
Fair value as a percentage of total investments	20.60%	16.40%
Investments, at cost	3,026,364	2,733,448
Consolidated Funds | United States | Equity securities | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	2,729,895	2,464,520
Fair value as a percentage of total investments	14.20%	11.90%
Consolidated Funds | United States | Equity securities | Consumer staples	'	'
INVESTMENTS	'	'
Investments, at fair value	414,046	201,059
Fair value as a percentage of total investments	2.10%	1.00%
Consolidated Funds | United States | Equity securities | Energy	'	'
INVESTMENTS	'	'
Investments, at fair value	186,485	193,946
Fair value as a percentage of total investments	1.00%	1.00%
Consolidated Funds | United States | Equity securities | Financials	'	'
INVESTMENTS	'	'
Investments, at fair value	7,239	6,172
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | United States | Equity securities | Healthcare, education and childcare	'	'
INVESTMENTS	'	'
Investments, at fair value	428,770	296,817
Fair value as a percentage of total investments	2.20%	1.50%
Consolidated Funds | United States | Equity securities | Industrials	'	'
INVESTMENTS	'	'
Investments, at fair value	119,561	134,544
Fair value as a percentage of total investments	0.60%	0.60%
Consolidated Funds | United States | Equity securities | Materials	'	'
INVESTMENTS	'	'
Investments, at fair value	'	31
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | United States | Equity securities | Partnership and LLC interests	'	'
INVESTMENTS	'	'
Investments, at fair value	69,047	41,001
Fair value as a percentage of total investments	0.40%	0.20%
Consolidated Funds | United States | Equity securities | Telecommunication services	'	'
INVESTMENTS	'	'
Investments, at fair value	15,792	51,921
Fair value as a percentage of total investments	0.10%	0.20%
Consolidated Funds | Europe | Fixed Income	'	'
INVESTMENTS	'	'
Investments, at fair value	3,987,082	4,708,678
Fair value as a percentage of total investments	20.50%	22.50%
Investments, at cost	4,066,285	4,747,808
Consolidated Funds | Europe | Fixed Income | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	1,206,396	1,858,364
Fair value as a percentage of total investments	6.20%	8.90%
Consolidated Funds | Europe | Fixed Income | Consumer staples	'	'
INVESTMENTS	'	'
Investments, at fair value	249,540	175,440
Fair value as a percentage of total investments	1.30%	0.80%
Consolidated Funds | Europe | Fixed Income | Energy	'	'
INVESTMENTS	'	'
Investments, at fair value	24,547	4,906
Fair value as a percentage of total investments	0.10%	0.00%
Consolidated Funds | Europe | Fixed Income | Financials	'	'
INVESTMENTS	'	'
Investments, at fair value	349,054	322,355
Fair value as a percentage of total investments	1.80%	1.50%
Consolidated Funds | Europe | Fixed Income | Healthcare, education and childcare	'	'
INVESTMENTS	'	'
Investments, at fair value	331,718	410,726
Fair value as a percentage of total investments	1.70%	2.00%
Consolidated Funds | Europe | Fixed Income | Industrials	'	'
INVESTMENTS	'	'
Investments, at fair value	511,300	485,243
Fair value as a percentage of total investments	2.60%	2.30%
Consolidated Funds | Europe | Fixed Income | Information technology	'	'
INVESTMENTS	'	'
Investments, at fair value	188,339	140,976
Fair value as a percentage of total investments	1.00%	0.70%
Consolidated Funds | Europe | Fixed Income | Materials	'	'
INVESTMENTS	'	'
Investments, at fair value	295,788	328,867
Fair value as a percentage of total investments	1.50%	1.60%
Consolidated Funds | Europe | Fixed Income | Telecommunication services	'	'
INVESTMENTS	'	'
Investments, at fair value	827,797	944,800
Fair value as a percentage of total investments	4.30%	4.50%
Consolidated Funds | Europe | Fixed Income | Utilities	'	'
INVESTMENTS	'	'
Investments, at fair value	2,603	37,001
Fair value as a percentage of total investments	0.00%	0.20%
Consolidated Funds | Europe | Equity securities	'	'
INVESTMENTS	'	'
Investments, at fair value	55,926	50,853
Fair value as a percentage of total investments	0.20%	0.20%
Investments, at cost	98,982	83,277
Consolidated Funds | Europe | Equity securities | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	3,259	10,686
Fair value as a percentage of total investments	0.00%	0.10%
Consolidated Funds | Europe | Equity securities | Consumer staples	'	'
INVESTMENTS	'	'
Investments, at fair value	797	668
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Europe | Equity securities | Financials	'	'
INVESTMENTS	'	'
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Europe | Equity securities | Healthcare, education and childcare	'	'
INVESTMENTS	'	'
Investments, at fair value	28,874	28,607
Fair value as a percentage of total investments	0.10%	0.10%
Consolidated Funds | Europe | Equity securities | Industrials	'	'
INVESTMENTS	'	'
Investments, at fair value	79	8,595
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Europe | Equity securities | Materials	'	'
INVESTMENTS	'	'
Investments, at fair value	'	773
Fair value as a percentage of total investments	'	0.00%
Consolidated Funds | Europe | Equity securities | Partnership and LLC interests	'	'
INVESTMENTS	'	'
Investments, at fair value	17,853	'
Fair value as a percentage of total investments	0.10%	'
Consolidated Funds | Europe | Equity securities | Telecommunication services	'	'
INVESTMENTS	'	'
Investments, at fair value	5,064	1,524
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Asia and other | Fixed Income	'	'
INVESTMENTS	'	'
Investments, at fair value	656,918	634,432
Fair value as a percentage of total investments	3.30%	3.10%
Investments, at cost	579,469	593,188
Consolidated Funds | Asia and other | Fixed Income | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	80,154	43,538
Fair value as a percentage of total investments	0.40%	0.20%
Consolidated Funds | Asia and other | Fixed Income | Financials	'	'
INVESTMENTS	'	'
Investments, at fair value	510,546	456,463
Fair value as a percentage of total investments	2.60%	2.20%
Consolidated Funds | Asia and other | Fixed Income | Healthcare, education and childcare	'	'
INVESTMENTS	'	'
Investments, at fair value	43,501	14,556
Fair value as a percentage of total investments	0.20%	0.10%
Consolidated Funds | Asia and other | Fixed Income | Information technology	'	'
INVESTMENTS	'	'
Investments, at fair value	'	22,012
Fair value as a percentage of total investments	0.00%	0.10%
Consolidated Funds | Asia and other | Fixed Income | Materials	'	'
INVESTMENTS	'	'
Investments, at fair value	'	15,885
Fair value as a percentage of total investments	0.00%	0.10%
Consolidated Funds | Asia and other | Fixed Income | Telecommunication services	'	'
INVESTMENTS	'	'
Investments, at fair value	22,717	81,978
Fair value as a percentage of total investments	0.10%	0.40%
Consolidated Funds | Asia and other | Equity securities	'	'
INVESTMENTS	'	'
Investments, at fair value	277,238	158,736
Fair value as a percentage of total investments	1.50%	0.80%
Investments, at cost	182,893	135,631
Consolidated Funds | Asia and other | Equity securities | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	94,889	'
Fair value as a percentage of total investments	0.50%	0.00%
Consolidated Funds | Asia and other | Equity securities | Consumer staples	'	'
INVESTMENTS	'	'
Investments, at fair value	74,222	77,572
Fair value as a percentage of total investments	0.40%	0.40%
Consolidated Funds | Asia and other | Equity securities | Healthcare, education and childcare	'	'
INVESTMENTS	'	'
Investments, at fair value	33,610	23,493
Fair value as a percentage of total investments	0.20%	0.10%
Consolidated Funds | Asia and other | Equity securities | Materials	'	'
INVESTMENTS	'	'
Investments, at fair value	52,947	52,947
Fair value as a percentage of total investments	0.30%	0.30%
Consolidated Funds | Asia and other | Equity securities | Partnership and LLC interests	'	'
INVESTMENTS	'	'
Investments, at fair value	11,949	'
Fair value as a percentage of total investments	0.10%	0.00%
Consolidated Funds | Asia and other | Equity securities | Utilities	'	'
INVESTMENTS	'	'
Investments, at fair value	9,621	4,724
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Canada | Fixed Income	'	'
INVESTMENTS	'	'
Investments, at fair value	453,745	471,770
Fair value as a percentage of total investments	2.20%	2.30%
Investments, at cost	461,278	480,231
Consolidated Funds | Canada | Fixed Income | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	119,808	121,132
Fair value as a percentage of total investments	0.60%	0.60%
Consolidated Funds | Canada | Fixed Income | Energy	'	'
INVESTMENTS	'	'
Investments, at fair value	86,235	87,469
Fair value as a percentage of total investments	0.40%	0.40%
Consolidated Funds | Canada | Fixed Income | Healthcare, education and childcare	'	'
INVESTMENTS	'	'
Investments, at fair value	79,202	104,464
Fair value as a percentage of total investments	0.40%	0.50%
Consolidated Funds | Canada | Fixed Income | Industrials	'	'
INVESTMENTS	'	'
Investments, at fair value	42,057	16,331
Fair value as a percentage of total investments	0.20%	0.10%
Consolidated Funds | Canada | Fixed Income | Materials	'	'
INVESTMENTS	'	'
Investments, at fair value	8,154	'
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Canada | Fixed Income | Telecommunication services	'	'
INVESTMENTS	'	'
Investments, at fair value	118,289	142,374
Fair value as a percentage of total investments	0.60%	0.70%
Consolidated Funds | Canada | Equity securities	'	'
INVESTMENTS	'	'
Investments, at fair value	10,876	52,079
Fair value as a percentage of total investments	0.10%	0.20%
Investments, at cost	73,034	75,256
Consolidated Funds | Canada | Equity securities | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	639	892
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Canada | Equity securities | Energy	'	'
INVESTMENTS	'	'
Investments, at fair value	10,237	51,187
Fair value as a percentage of total investments	0.10%	0.20%
Consolidated Funds | Australia | Fixed Income	'	'
INVESTMENTS	'	'
Investments, at fair value	196,474	168,092
Fair value as a percentage of total investments	1.00%	0.80%
Investments, at cost	200,337	169,831
Consolidated Funds | Australia | Fixed Income | Consumer discretionary	'	'
INVESTMENTS	'	'
Investments, at fair value	'	203
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Australia | Fixed Income | Energy	'	'
INVESTMENTS	'	'
Investments, at fair value	62,895	'
Fair value as a percentage of total investments	0.30%	0.00%
Consolidated Funds | Australia | Fixed Income | Industrials	'	'
INVESTMENTS	'	'
Investments, at fair value	41,879	99,376
Fair value as a percentage of total investments	0.20%	0.50%
Consolidated Funds | Australia | Fixed Income | Utilities	'	'
INVESTMENTS	'	'
Investments, at fair value	91,700	68,513
Fair value as a percentage of total investments	0.50%	0.30%
Consolidated Funds | Australia | Equity securities	'	'
INVESTMENTS	'	'
Investments, at fair value	14,118	25,455
Fair value as a percentage of total investments	0.00%	0.10%
Investments, at cost	22,233	30,140
Consolidated Funds | Australia | Equity securities | Telecommunication services	'	'
INVESTMENTS	'	'
Investments, at fair value	8,623	16,102
Fair value as a percentage of total investments	0.00%	0.10%
Consolidated Funds | Australia | Equity securities | Utilities	'	'
INVESTMENTS	'	'
Investments, at fair value	5,495	9,353
Fair value as a percentage of total investments	0.00%	0.00%

FAIR_VALUE_Details

FAIR VALUE (Details) (USD $)

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Minimum

Maximum

Level III

Level III

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Minimum

Maximum

Interest rate contracts

Interest rate contracts

Foreign exchange contracts

Foreign exchange contracts

Level I

Level I

Level I

Level I

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level III

Level III

Level III

Level III

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Interest rate contracts

Interest rate contracts

Credit contracts

Credit contracts

Equity contracts

Foreign exchange contracts

Foreign exchange contracts

Other

Other

Loan obligations of CLOS

Loan obligations of CLOS

Level I

Level I

Level I

Level I

Level I

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level II

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Level III

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

Total

quote

quote

Equity securities

Equity securities

Forward foreign currency contracts

Forward foreign currency contracts

Purchased option contracts

Purchased option contracts

Interest rate contracts

Interest rate contracts

Bonds

Bonds

Partnership interests

Partnership interests

Forward foreign currency contracts

Forward foreign currency contracts

Purchased option contracts

Purchased option contracts

Interest rate contracts

Interest rate contracts

Equity securities

Equity securities

Bonds

Bonds

Partnership interests

Partnership interests

Ares Enhanced Loan Investment Strategy II, Ltd

Ares Enhanced Loan Investment Strategy II, Ltd

Equity securities

Equity securities

Other

Forward foreign currency contracts

Forward foreign currency contracts

Written options

Interest rate contracts

Credit contracts

Credit contracts

Equity contracts

Foreign exchange contracts

Foreign exchange contracts

Interest rate swaps

Interest rate swaps

Other

Other

Equity securities

Equity securities

Bonds

Bonds

Loans

Loans

Collateralized loan obligations

Other

Other

Forward foreign currency contracts

Credit contracts

Interest rate swaps

Other

Other

Loan obligations of CLOS

Loan obligations of CLOS

Equity securities

Equity securities

Bonds

Bonds

Partnership interests

Partnership interests

Loans

Loans

Collateralized loan obligations

Collateralized loan obligations

Other

Other

Forward foreign currency contracts

Forward foreign currency contracts

Written options

Interest rate contracts

Credit contracts

Credit contracts

Equity contracts

Foreign exchange contracts

Foreign exchange contracts

Interest rate swaps

Interest rate swaps

Other

Other

Loan obligations of CLOS

Loan obligations of CLOS

Equity securities

Equity securities

Bonds

Bonds

Partnership interests

Partnership interests

Loans

Loans

Collateralized loan obligations

Collateralized loan obligations

Other

Other

FAIR VALUE

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of broker quotes to be obtained directly from dealer if pricing services are unable to provide prices to measure fair value of assets or liabilities

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

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'

'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period within which investors of open ended and evergreen funds can withdraw their capital

'1 month

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

'

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'

'

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'

'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

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'

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'

'

'

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'

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'

'

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'

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'

'

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'

'

'

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'

'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of broker non-binding quotes to measure fair value of assets or liabilities

'

'

1

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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'

'

'

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'

'

'

'

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'

'

'

'

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'

'

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'

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'

'

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'

'

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'

'

'

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'

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'

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'

'

'

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'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of quote obtained directly from a broker making a market for the asset

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of price obtained directly from a pricing vendor for each security or similar securities

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments, at fair value

'

'

'

'

$155,568

$89,438

'

'

'

'

$87

$89

$87

$89

$1,177

$1,172

'

'

'

'

'

'

$1,177

$1,172

$154,304

$88,177

$154,304

$88,177

$155,568

$89,438

'

'

'

'

'

'

$87

$89

$1,177

$1,172

$154,304

$88,177

$19,417,334

$20,823,338

'

'

'

'

'

'

'

'

'

'

'

$590,633

$166,535

$590,615

$166,535

$18

$13,646,787

$14,028,045

'

'

'

'

'

'

'

'

'

'

'

'

'

$484,195

$482,568

$1,255,124

$1,576,942

$11,907,215

$11,868,584

$65,405

$253

$34,546

$5,179,914

$6,628,758

'

'

'

'

'

'

'

$3,153,914

$2,958,232

$624,184

$2,052,984

$98,849

$41,001

$723,879

$1,058,635

$577,939

$515,534

$1,149

$2,372

$19,417,334

$20,823,338

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,228,724

$3,607,335

$1,879,308

$3,629,926

$98,849

$41,001

$12,631,094

$12,927,219

$577,939

$580,939

$1,420

$36,918

Derivative assets, at fair value

'

'

'

'

7,789

1,164

'

'

7,789

1,164

'

'

'

'

7,789

1,164

6,270

247

1,519

917

'

'

'

'

'

'

'

'

7,789

1,164

6,270

247

1,519

917

'

'

'

'

'

'

'

'

5,514

14,625

'

8

178

4,489

179

2,233

8,653

3,103

1,296

'

'

'

'

'

'

'

3,768

11,490

'

'

'

8

178

2,651

179

2,233

8,652

'

'

1,357

'

'

'

'

'

'

'

'

'

'

1,746

3,135

'

'

'

1,746

3,135

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,514

14,625

'

'

'

8

178

2,651

179

2,233

8,652

'

'

3,103

3,135

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets, at fair value

'

'

'

'

'

'

'

'

'

'

87

89

'

'

8,966

2,336

'

'

'

'

'

'

'

'

154,304

88,177

'

'

163,357

90,602

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

590,633

166,535

'

'

'

13,650,555

14,039,535

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

5,181,660

6,631,893

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

19,422,848

20,837,963

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative liabilities, at fair value

'

'

'

'

-858

-2,907

-858

-1,254

'

-1,653

'

'

'

'

-858

-2,907

'

-1,653

'

'

-858

-1,254

'

'

'

'

'

'

-858

-2,907

'

-1,653

'

'

-858

-1,254

'

'

'

'

'

'

-49,009

-75,115

-198

-3,878

-26,295

-28,385

'

-6,549

-38,631

-15,967

-4,221

'

'

'

'

'

'

'

-33,042

-68,260

-6,549

-38,594

-34

'

-26,295

-25,754

'

'

'

-198

-3,703

'

-175

'

'

'

'

'

'

'

'

'

-15,967

-6,855

-899

-1,633

-371

-15,967

-3,952

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-49,009

-75,115

-6,549

-39,493

-34

'

-26,295

-27,387

'

'

'

-198

-4,074

-15,967

-4,127

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loan obligations of debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-12,003,797

-11,534,956

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-12,003,797

-11,534,956

'

'

'

'

'

'

'

'

'

'

'

'

Securities sold short, at fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,633

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,633

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-1,633

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Liabilities, at fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-33,042

-69,893

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-12,019,764

-11,541,811

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-12,052,806

-11,611,704

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt carried at cost

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$627

$239,201

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

FAIR_VALUE_Details_2

FAIR VALUE (Details 2) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Parent Company	'	'	'	'
Changes in the fair value of the Level III investments	'	'	'	'
Balance, beginning of period	'	'	'	$22,865,000
Transfer out	'	'	'	-1,170,000
Purchases(1)	'	'	'	48,189,000
Sales(2)	'	'	'	-201,000
Realized and unrealized appreciation, (depreciation), net	'	'	'	8,326,000
Balance, end of period	'	78,009,000	'	78,009,000
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	'	'	'	8,298,000
Transfers from Level I to Level II	15,400,000	'	15,400,000	'
Transfers from Level II to Level I	13,700,000	'	13,700,000	'
Parent Company | Fixed Income	'	'	'	'
Changes in the fair value of the Level III investments	'	'	'	'
Balance, beginning of period	'	'	'	1,170,000
Transfer out	'	'	'	-1,170,000
Parent Company | Partnership interests	'	'	'	'
Changes in the fair value of the Level III investments	'	'	'	'
Balance, beginning of period	137,185,000	24,944,000	88,177,000	21,695,000
Investment in deconsolidated fund(3)	'	'	9,951,000	'
Transfer in	8,326,000	'	8,326,000	'
Purchases(1)	12,650,000	46,837,000	79,646,000	48,189,000
Sales(2)	21,937,000	-21,000	-44,400,000	-201,000
Realized and unrealized appreciation, (depreciation), net	-25,794,000	6,249,000	12,604,000	8,326,000
Balance, end of period	154,304,000	78,009,000	154,304,000	78,009,000
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	709,000	6,231,000	10,546,000	8,298,000
Consolidated Funds	'	'	'	'
Changes in the fair value of the Level III investments	'	'	'	'
Balance, beginning of period	5,368,331,000	5,983,825,000	6,625,038,000	5,909,968,000
Transfer in	302,900,000	230,374,000	169,431,000	291,655,000
Deconsolidation of funds	'	'	-370,245,000	'
Transfer out	-636,073,000	-297,154,000	-565,220,000	-315,237,000
Purchases(1)	374,461,000	391,183,000	662,928,000	1,123,558,000
Sales(2)	-210,379,000	-812,032,000	-1,480,872,000	-1,497,680,000
Accrued discounts/premiums	9,295,000	2,309,000	19,669,000	17,811,000
Realized and unrealized appreciation, (depreciation), net	-42,842,000	261,160,000	104,964,000	229,590,000
Balance, end of period	5,165,693,000	5,759,665,000	5,165,693,000	5,759,665,000
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	-34,349,000	181,605,000	148,633,000	124,702,000
Consolidated Funds | Equity securities	'	'	'	'
Changes in the fair value of the Level III investments	'	'	'	'
Balance, beginning of period	3,385,380,000	2,232,164,000	2,958,232,000	1,978,138,000
Transfer in	5,850,000	10,166,000	'	74,572,000
Deconsolidation of funds	'	'	140,000	'
Transfer out	-265,323,000	'	-310,821,000	'
Purchases(1)	32,369,000	162,209,000	544,997,000	262,711,000
Sales(2)	-3,383,000	-23,214,000	-178,526,000	-33,677,000
Accrued discounts/premiums	4,153,000	'	5,607,000	'
Realized and unrealized appreciation, (depreciation), net	-5,133,000	149,784,000	134,564,000	249,365,000
Balance, end of period	3,153,913,000	2,531,109,000	3,153,913,000	2,531,109,000
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	-4,419,000	75,181,000	163,305,000	166,661,000
Consolidated Funds | Fixed Income	'	'	'	'
Changes in the fair value of the Level III investments	'	'	'	'
Balance, beginning of period	1,948,826,000	3,726,136,000	3,627,153,000	3,891,212,000
Transfer in	286,663,000	220,208,000	169,383,000	217,083,000
Deconsolidation of funds	'	'	-378,397,000	'
Transfer out	-361,316,000	-297,154,000	-246,073,000	-315,237,000
Purchases(1)	285,935,000	212,787,000	46,177,000	844,521,000
Sales(2)	-201,384,000	-779,041,000	-1,282,240,000	-1,400,131,000
Accrued discounts/premiums	5,142,000	2,309,000	14,061,000	17,724,000
Realized and unrealized appreciation, (depreciation), net	-37,863,000	117,893,000	-24,061,000	-52,034,000
Balance, end of period	1,926,003,000	3,203,138,000	1,926,003,000	3,203,138,000
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	-22,500,000	110,038,000	-3,791,000	-34,601,000
Consolidated Funds | Partnership interests	'	'	'	'
Changes in the fair value of the Level III investments	'	'	'	'
Balance, beginning of period	47,327,000	6,105,000	41,001,000	35,146,000
Transfer in	10,387,000	'	'	'
Deconsolidation of funds	'	'	8,292,000	'
Transfer out	-9,434,000	'	-8,326,000	'
Purchases(1)	44,526,000	16,187,000	49,172,000	16,326,000
Sales(2)	-298,000	'	-366,000	-29,239,000
Realized and unrealized appreciation, (depreciation), net	6,341,000	884,000	9,076,000	673,000
Balance, end of period	98,849,000	23,176,000	98,849,000	23,176,000
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	6,340,000	'	8,402,000	673,000
Consolidated Funds | Other financial instruments	'	'	'	'
Changes in the fair value of the Level III investments	'	'	'	'
Balance, beginning of period	-13,202,000	19,420,000	-1,348,000	5,202,000
Transfer in	'	'	48,000	'
Purchases(1)	11,631,000	'	22,582,000	'
Sales(2)	-5,314,000	-9,777,000	-19,740,000	-34,633,000
Accrued discounts/premiums	'	'	1,000	87,000
Realized and unrealized appreciation, (depreciation), net	-6,187,000	-7,401,000	-14,615,000	31,586,000
Balance, end of period	-13,072,000	2,242,000	-13,072,000	2,242,000
Changes in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	($13,770,000)	($3,614,000)	($19,283,000)	($8,031,000)

FAIR_VALUE_Details_3

FAIR VALUE (Details 3) (CLOs, USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
CLOs	'	'
Changes in the fair value of the Level III investments for loan obligations	'	'
Balance, beginning of period	$11,534,956	$9,422,570
Equity appropriated for Consolidated Funds	2,524,312	3,309,986
Borrowings	87,140	79,859
Paydowns	-1,694,089	-1,511,971
Realized and unrealized gains, net	-448,522	234,512
Balance, end of period	$12,003,797	$11,534,956

FAIR_VALUE_Details_4

FAIR VALUE (Details 4) (Level III, USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Ares Investments Holdings LLC	'	'
FAIR VALUE	'	'
Assets, at fair value	154,304	88,177
Ares Investments Holdings LLC | Partnership interests	'	'
FAIR VALUE	'	'
Assets, at fair value	154,304	88,177
Consolidated Funds	'	'
FAIR VALUE	'	'
Assets, at fair value	5,181,660	6,631,893
Liabilities, at fair value	12,019,764	11,541,811
Consolidated Funds | Recent transaction price	'	'
Unobservable Input	'	'
Period within which securities are purchased or restructured	'9 months	'9 months
Consolidated Funds | Fixed income liability | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Liabilities, at fair value	11,865,286	10,931,836
Consolidated Funds | Fixed income liability | Discounted cash flow, Discount rate	'	'
FAIR VALUE	'	'
Liabilities, at fair value	'	41,920
Consolidated Funds | Fixed income liability | Discounted cash flow, Yield to worst	'	'
Unobservable Input	'	'
Discount rate (as a percent)	'	10.70%
Consolidated Funds | Fixed income liability | Discounted cash flow, Yield to worst | Weighted Average	'	'
Unobservable Input	'	'
Discount rate (as a percent)	'	10.70%
Consolidated Funds | Fixed income liability | Market approach (other)	'	'
FAIR VALUE	'	'
Liabilities, at fair value	138,511	561,200
Consolidated Funds | Derivatives liabilities of Consolidated Funds | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Liabilities, at fair value	15,967	6,855
Consolidated Funds | Equity securities | Consumer discretionary | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	3,943	13,044
Consolidated Funds | Equity securities | Consumer discretionary | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	3,259	6,146
Unobservable Input	'	'
EBITDA multiple	6.5	'
Consolidated Funds | Equity securities | Consumer discretionary | EV market multiple analysis | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	'	6.2
Consolidated Funds | Equity securities | Consumer discretionary | EV market multiple analysis | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	'	18
Consolidated Funds | Equity securities | Consumer discretionary | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	6.5	9.3
Consolidated Funds | Equity securities | Consumer discretionary | Discounted cash flow, Yield to worst	'	'
FAIR VALUE	'	'
Assets, at fair value	1,035	'
Consolidated Funds | Equity securities | Consumer discretionary | Discounted cash flow, Yield to worst | Minimum	'	'
Unobservable Input	'	'
Yield to worst (as a percent)	14.50%	'
Consolidated Funds | Equity securities | Consumer discretionary | Discounted cash flow, Yield to worst | Maximum	'	'
Unobservable Input	'	'
Yield to worst (as a percent)	15.40%	'
Consolidated Funds | Equity securities | Consumer discretionary | Discounted cash flow, Yield to worst | Weighted Average	'	'
Unobservable Input	'	'
Yield to worst (as a percent)	15.00%	'
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), Book value multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	223,682	246,227
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), Book value multiple | Minimum	'	'
Unobservable Input	'	'
Book value multiple	1.8	1.5
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), Book value multiple | Maximum	'	'
Unobservable Input	'	'
Book value multiple	2	1.8
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), Book value multiple | Weighted Average	'	'
Unobservable Input	'	'
Book value multiple	1.9	1.6
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	1,978,392	1,162,641
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	7	7.5
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	15	15
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	10.8	10.6
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies),Net income multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	'	42,080
Unobservable Input	'	'
Net income multiple	'	9.6
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies),Net income multiple | Weighted Average	'	'
Unobservable Input	'	'
Net income multiple	'	9.6
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), Yield to worst	'	'
FAIR VALUE	'	'
Assets, at fair value	'	1,114
Unobservable Input	'	'
Yield to worst (as a percent)	'	5.00%
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), Yield to worst | Weighted Average	'	'
Unobservable Input	'	'
Yield to worst (as a percent)	'	5.00%
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (other)	'	'
FAIR VALUE	'	'
Assets, at fair value	'	1,557
Consolidated Funds | Equity securities | Consumer discretionary | Other	'	'
FAIR VALUE	'	'
Assets, at fair value	896	1,729
Consolidated Funds | Equity securities | Consumer discretionary | Other, Volume weighted average price	'	'
FAIR VALUE	'	'
Assets, at fair value	'	8,466
Unobservable Input	'	'
Volume weighted average price	'	25.2
Consolidated Funds | Equity securities | Consumer discretionary | Other, Volume weighted average price | Weighted Average	'	'
Unobservable Input	'	'
Volume weighted average price	'	25.2
Consolidated Funds | Equity securities | Consumer discretionary | Other, Volume weighted average price or Illiquidity discount	'	'
FAIR VALUE	'	'
Assets, at fair value	1,467	1,418
Unobservable Input	'	'
Volume weighted average price	'	25.2
Illiquidity discount (as a percent)	15.00%	15.00%
Consolidated Funds | Equity securities | Consumer discretionary | Other, Volume weighted average price or Illiquidity discount | Weighted Average	'	'
Unobservable Input	'	'
Volume weighted average price	'	25.2
Illiquidity discount (as a percent)	15.00%	15.00%
Consolidated Funds | Equity securities | Consumer discretionary | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	45,950	505,270
Consolidated Funds | Equity securities | Consumer discretionary | Market approach (comparable companies), Option Pricing	'	'
FAIR VALUE	'	'
Assets, at fair value	1,524	'
Consolidated Funds | Equity securities | Consumer staples | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	797	668
Unobservable Input	'	'
EBITDA multiple	7.9	7.9
Consolidated Funds | Equity securities | Consumer staples | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	7.9	7.9
Consolidated Funds | Equity securities | Consumer staples | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	16,500	201,059
Unobservable Input	'	'
EBITDA multiple	7	'
Consolidated Funds | Equity securities | Consumer staples | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	'	6
Consolidated Funds | Equity securities | Consumer staples | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	'	8.5
Consolidated Funds | Equity securities | Consumer staples | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	7	7.5
Consolidated Funds | Equity securities | Consumer staples | Market approach (comparable companies),Net income multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	44,801	'
Unobservable Input	'	'
Net income multiple	9	'
Consolidated Funds | Equity securities | Consumer staples | Market approach (comparable companies),Net income multiple | Weighted Average	'	'
Unobservable Input	'	'
Net income multiple	9	'
Consolidated Funds | Equity securities | Consumer staples | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	'	25,000
Consolidated Funds | Equity securities | Energy | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	'	119,344
Consolidated Funds | Equity securities | Energy | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	'	1
Consolidated Funds | Equity securities | Energy | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	'	1.4
Consolidated Funds | Equity securities | Energy | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	'	1.2
Consolidated Funds | Equity securities | Energy | Other	'	'
FAIR VALUE	'	'
Assets, at fair value	10,237	58,987
Consolidated Funds | Equity securities | Energy | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	144,602	'
Consolidated Funds | Equity securities | Energy | Option pricing model	'	'
FAIR VALUE	'	'
Assets, at fair value	5,000	'
Consolidated Funds | Equity securities | Financials | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	7,239	6,172
Unobservable Input	'	'
EBITDA multiple	10.5	10.5
Consolidated Funds | Equity securities | Financials | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	10.5	10.5
Consolidated Funds | Equity securities | Healthcare, education and childcare | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	28,874	28,607
Consolidated Funds | Equity securities | Healthcare, education and childcare | EV market multiple analysis | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	7.8	7.8
Consolidated Funds | Equity securities | Healthcare, education and childcare | EV market multiple analysis | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	20	43.7
Consolidated Funds | Equity securities | Healthcare, education and childcare | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	13.5	10.9
Consolidated Funds | Equity securities | Healthcare, education and childcare | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	427,686	296,817
Consolidated Funds | Equity securities | Healthcare, education and childcare | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	8	8
Consolidated Funds | Equity securities | Healthcare, education and childcare | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	13	12
Consolidated Funds | Equity securities | Healthcare, education and childcare | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	11.3	10.5
Consolidated Funds | Equity securities | Healthcare, education and childcare | Market approach (comparable companies),Net income multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	33,610	23,493
Unobservable Input	'	'
Net income multiple	35	'
Consolidated Funds | Equity securities | Healthcare, education and childcare | Market approach (comparable companies),Net income multiple | Minimum	'	'
Unobservable Input	'	'
Net income multiple	'	20
Consolidated Funds | Equity securities | Healthcare, education and childcare | Market approach (comparable companies),Net income multiple | Maximum	'	'
Unobservable Input	'	'
Net income multiple	'	25
Consolidated Funds | Equity securities | Healthcare, education and childcare | Market approach (comparable companies),Net income multiple | Weighted Average	'	'
Unobservable Input	'	'
Net income multiple	35	22.5
Consolidated Funds | Equity securities | Industrials | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	'	8,595
Consolidated Funds | Equity securities | Industrials | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	119,496	130,478
Consolidated Funds | Equity securities | Industrials | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	8	8
Consolidated Funds | Equity securities | Industrials | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	14.1	14.5
Consolidated Funds | Equity securities | Industrials | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	10.3	10.3
Consolidated Funds | Equity securities | Industrials | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	79	'
Consolidated Funds | Equity securities | Materials | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	'	773
Unobservable Input	'	'
EBITDA multiple	'	6
Consolidated Funds | Equity securities | Materials | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	'	6
Consolidated Funds | Equity securities | Materials | Market approach (comparable companies),Net income multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	52,947	52,947
Consolidated Funds | Equity securities | Materials | Market approach (comparable companies),Net income multiple | Minimum	'	'
Unobservable Input	'	'
Net income multiple	8	8
Consolidated Funds | Equity securities | Materials | Market approach (comparable companies),Net income multiple | Maximum	'	'
Unobservable Input	'	'
Net income multiple	10	10
Consolidated Funds | Equity securities | Materials | Market approach (comparable companies),Net income multiple | Weighted Average	'	'
Unobservable Input	'	'
Net income multiple	9	9
Consolidated Funds | Equity securities | Telecommunication services | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	446	957
Consolidated Funds | Equity securities | Telecommunication services | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	554	566
Unobservable Input	'	'
EBITDA multiple	7.3	6.9
Consolidated Funds | Equity securities | Telecommunication services | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	7.3	6.9
Consolidated Funds | Equity securities | Utilities | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	'	14,077
Consolidated Funds | Fixed income securities | Consumer discretionary | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	212,177	287,572
Consolidated Funds | Fixed income securities | Consumer discretionary | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	18,484	18,383
Consolidated Funds | Fixed income securities | Consumer discretionary | EV market multiple analysis | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	6.5	6.2
Consolidated Funds | Fixed income securities | Consumer discretionary | EV market multiple analysis | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	14.3	18
Consolidated Funds | Fixed income securities | Consumer discretionary | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	8.2	8
Consolidated Funds | Fixed income securities | Consumer discretionary | Discounted cash flow, Yield to maturity	'	'
FAIR VALUE	'	'
Assets, at fair value	'	394,891
Consolidated Funds | Fixed income securities | Consumer discretionary | Discounted cash flow, Yield to maturity | Minimum	'	'
Unobservable Input	'	'
Yield to maturity (as a percent)	'	7.00%
Consolidated Funds | Fixed income securities | Consumer discretionary | Discounted cash flow, Yield to maturity | Maximum	'	'
Unobservable Input	'	'
Yield to maturity (as a percent)	'	10.00%
Consolidated Funds | Fixed income securities | Consumer discretionary | Discounted cash flow, Yield to maturity | Weighted Average	'	'
Unobservable Input	'	'
Yield to maturity (as a percent)	'	8.50%
Consolidated Funds | Fixed income securities | Consumer discretionary | Income approach (other), Yield to worst	'	'
FAIR VALUE	'	'
Assets, at fair value	6,189	5,366
Unobservable Input	'	'
Yield (as a percent)	60.00%	'
Consolidated Funds | Fixed income securities | Consumer discretionary | Income approach (other), Yield to worst | Minimum	'	'
Unobservable Input	'	'
Yield to worst (as a percent)	'	4.80%
Consolidated Funds | Fixed income securities | Consumer discretionary | Income approach (other), Yield to worst | Maximum	'	'
Unobservable Input	'	'
Yield to worst (as a percent)	'	5.80%
Consolidated Funds | Fixed income securities | Consumer discretionary | Income approach (other), Yield to worst | Weighted Average	'	'
Unobservable Input	'	'
Yield to worst (as a percent)	'	5.30%
Yield (as a percent)	60.00%	'
Consolidated Funds | Fixed income securities | Consumer discretionary | Income approach (other), Yield	'	'
FAIR VALUE	'	'
Assets, at fair value	'	4,565
Unobservable Input	'	'
Yield (as a percent)	'	17.90%
Consolidated Funds | Fixed income securities | Consumer discretionary | Income approach (other), Yield | Weighted Average	'	'
Unobservable Input	'	'
Yield (as a percent)	'	17.90%
Consolidated Funds | Fixed income securities | Consumer discretionary | Market approach (comparable companies), Book value multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	118,761	113,305
Consolidated Funds | Fixed income securities | Consumer discretionary | Market approach (comparable companies), Book value multiple | Minimum	'	'
Unobservable Input	'	'
Book value multiple	1.8	1.5
Consolidated Funds | Fixed income securities | Consumer discretionary | Market approach (comparable companies), Book value multiple | Maximum	'	'
Unobservable Input	'	'
Book value multiple	2	1.8
Consolidated Funds | Fixed income securities | Consumer discretionary | Market approach (comparable companies), Book value multiple | Weighted Average	'	'
Unobservable Input	'	'
Book value multiple	1.9	1.6
Consolidated Funds | Fixed income securities | Consumer discretionary | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	15,400	406,854
Unobservable Input	'	'
EBITDA multiple	7.5	'
Consolidated Funds | Fixed income securities | Consumer discretionary | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	'	8
Consolidated Funds | Fixed income securities | Consumer discretionary | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	'	10.5
Consolidated Funds | Fixed income securities | Consumer discretionary | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	7.5	9.2
Consolidated Funds | Fixed income securities | Consumer discretionary | Yield analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	86,524	623,437
Consolidated Funds | Fixed income securities | Consumer discretionary | Yield analysis | Minimum	'	'
Unobservable Input	'	'
Market yield (as a percent)	2.50%	2.50%
Consolidated Funds | Fixed income securities | Consumer discretionary | Yield analysis | Maximum	'	'
Unobservable Input	'	'
Market yield (as a percent)	18.70%	13.00%
Consolidated Funds | Fixed income securities | Consumer discretionary | Yield analysis | Weighted Average	'	'
Unobservable Input	'	'
Market yield (as a percent)	13.20%	9.20%
Consolidated Funds | Fixed income securities | Consumer discretionary | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	'	9,730
Consolidated Funds | Fixed income securities | Consumer staples | Discounted cash flow, Other	'	'
FAIR VALUE	'	'
Assets, at fair value	490	469
Unobservable Input	'	'
Other (as a percent)	20.00%	20.00%
Consolidated Funds | Fixed income securities | Consumer staples | Discounted cash flow, Other | Weighted Average	'	'
Unobservable Input	'	'
Other (as a percent)	20.00%	20.00%
Consolidated Funds | Fixed income securities | Consumer staples | Income approach (other), Yield	'	'
FAIR VALUE	'	'
Assets, at fair value	'	4,032
Unobservable Input	'	'
Yield (as a percent)	'	4.40%
Consolidated Funds | Fixed income securities | Consumer staples | Income approach (other), Yield | Weighted Average	'	'
Unobservable Input	'	'
Yield (as a percent)	'	4.40%
Consolidated Funds | Fixed income securities | Consumer staples | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	782	'
Unobservable Input	'	'
EBITDA multiple	6.5	'
Consolidated Funds | Fixed income securities | Consumer staples | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	6.5	'
Consolidated Funds | Fixed income securities | Energy | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	9,336	112,362
Consolidated Funds | Fixed income securities | Energy | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	18,025	7,327
Consolidated Funds | Fixed income securities | Financials | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	528,306	561,569
Consolidated Funds | Fixed income securities | Financials | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	'	13,177
Unobservable Input	'	'
EBITDA multiple	'	2.4
Consolidated Funds | Fixed income securities | Financials | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	'	2.4
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow, Weighted average collection rate	'	'
FAIR VALUE	'	'
Assets, at fair value	'	942
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow, Discount rate	'	'
FAIR VALUE	'	'
Assets, at fair value	3,159	'
Unobservable Input	'	'
Discount rate (as a percent)	10.90%	'
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow, Discount rate | Weighted Average	'	'
Unobservable Input	'	'
Discount rate (as a percent)	10.90%	'
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow Default rate, Discount rate, Prepayment rate, Recovery rate	'	'
FAIR VALUE	'	'
Assets, at fair value	75,920	'
Unobservable Input	'	'
Default rate (as a percent)	2.00%	'
Recovery rate (as a percent)	75.00%	'
Prepayment rate (as a percent)	20.00%	'
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow Default rate, Discount rate, Prepayment rate, Recovery rate | Weighted Average	'	'
Unobservable Input	'	'
Default rate (as a percent)	2.00%	'
Recovery rate (as a percent)	75.00%	'
Prepayment rate (as a percent)	20.00%	'
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow, Discount rate	'	'
Unobservable Input	'	'
EBITDA multiple	16.6	'
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow, Discount rate | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	16.6	'
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow, Cumulative Loss Rate	'	'
Unobservable Input	'	'
EBITDA multiple	9.8	'
Consolidated Funds | Fixed income securities | Financials | Discounted cash flow, Cumulative Loss Rate | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	9.8	'
Consolidated Funds | Fixed income securities | Financials | Yield analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	220,166	214,719
Unobservable Input	'	'
Market yield (as a percent)	10.50%	'
Consolidated Funds | Fixed income securities | Financials | Yield analysis | Minimum	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	2.80%
Consolidated Funds | Fixed income securities | Financials | Yield analysis | Maximum	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	13.50%
Consolidated Funds | Fixed income securities | Financials | Yield analysis | Weighted Average	'	'
Unobservable Input	'	'
Market yield (as a percent)	10.50%	9.30%
Consolidated Funds | Fixed income securities | Financials | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	9,772	'
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	47,802	100,868
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | EV market multiple analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	5,792	5,919
Unobservable Input	'	'
EBITDA multiple	20	'
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | EV market multiple analysis | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	'	7.8
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | EV market multiple analysis | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	'	43.7
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | EV market multiple analysis | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	20	10.9
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Income approach (other), Yield to worst	'	'
FAIR VALUE	'	'
Assets, at fair value	'	3,916
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Income approach (other), Yield to worst | Minimum	'	'
Unobservable Input	'	'
Discount rate (as a percent)	'	4.10%
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Income approach (other), Yield to worst | Maximum	'	'
Unobservable Input	'	'
Discount rate (as a percent)	'	4.20%
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Income approach (other), Yield to worst | Weighted Average	'	'
Unobservable Input	'	'
Discount rate (as a percent)	'	4.20%
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Yield analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	54,335	146,983
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Yield analysis | Minimum	'	'
Unobservable Input	'	'
Market yield (as a percent)	5.00%	6.00%
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Yield analysis | Maximum	'	'
Unobservable Input	'	'
Market yield (as a percent)	10.00%	10.00%
Consolidated Funds | Fixed income securities | Healthcare, education and childcare | Yield analysis | Weighted Average	'	'
Unobservable Input	'	'
Market yield (as a percent)	8.00%	7.70%
Consolidated Funds | Fixed income securities | Industrials | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	69,702	89,817
Consolidated Funds | Fixed income securities | Industrials | Income approach (other), Yield	'	'
FAIR VALUE	'	'
Assets, at fair value	4,460	17,894
Consolidated Funds | Fixed income securities | Industrials | Income approach (other), Yield | Minimum	'	'
Unobservable Input	'	'
Yield (as a percent)	4.70%	4.40%
Consolidated Funds | Fixed income securities | Industrials | Income approach (other), Yield | Maximum	'	'
Unobservable Input	'	'
Yield (as a percent)	5.00%	5.80%
Consolidated Funds | Fixed income securities | Industrials | Income approach (other), Yield | Weighted Average	'	'
Unobservable Input	'	'
Yield (as a percent)	4.90%	4.60%
Consolidated Funds | Fixed income securities | Industrials | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	31,984	30,579
Consolidated Funds | Fixed income securities | Industrials | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	9.4	9.7
Consolidated Funds | Fixed income securities | Industrials | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	14.1	14.5
Consolidated Funds | Fixed income securities | Industrials | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	11.8	12.1
Consolidated Funds | Fixed income securities | Industrials | Market approach (comparable companies), Illiquidity discount	'	'
FAIR VALUE	'	'
Assets, at fair value	5,835	4,760
Unobservable Input	'	'
Illiquidity premium (as a percent)	2.50%	'
Consolidated Funds | Fixed income securities | Industrials | Market approach (comparable companies), Illiquidity discount | Minimum	'	'
Unobservable Input	'	'
Illiquidity premium (as a percent)	'	2.00%
Consolidated Funds | Fixed income securities | Industrials | Market approach (comparable companies), Illiquidity discount | Maximum	'	'
Unobservable Input	'	'
Illiquidity premium (as a percent)	'	2.50%
Consolidated Funds | Fixed income securities | Industrials | Market approach (comparable companies), Illiquidity discount | Weighted Average	'	'
Unobservable Input	'	'
Illiquidity premium (as a percent)	2.50%	2.30%
Consolidated Funds | Fixed income securities | Industrials | Yield analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	40,978	53,194
Consolidated Funds | Fixed income securities | Industrials | Yield analysis | Minimum	'	'
Unobservable Input	'	'
Market yield (as a percent)	2.50%	2.50%
Consolidated Funds | Fixed income securities | Industrials | Yield analysis | Maximum	'	'
Unobservable Input	'	'
Market yield (as a percent)	13.50%	12.80%
Consolidated Funds | Fixed income securities | Industrials | Yield analysis | Weighted Average	'	'
Unobservable Input	'	'
Market yield (as a percent)	9.30%	9.60%
Consolidated Funds | Fixed income securities | Industrials | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	5,173	'
Consolidated Funds | Fixed income securities | Information technology | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	39,025	51,357
Consolidated Funds | Fixed income securities | Information technology | Yield analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	'	38,317
Consolidated Funds | Fixed income securities | Information technology | Yield analysis | Minimum	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	5.30%
Consolidated Funds | Fixed income securities | Information technology | Yield analysis | Maximum	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	14.00%
Consolidated Funds | Fixed income securities | Information technology | Yield analysis | Weighted Average	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	11.50%
Consolidated Funds | Fixed income securities | Information technology | Recent transaction price	'	'
FAIR VALUE	'	'
Assets, at fair value	'	6,851
Consolidated Funds | Fixed income securities | Materials | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	130,571	39,743
Consolidated Funds | Fixed income securities | Materials | Discounted cash flow, Discount rate	'	'
FAIR VALUE	'	'
Assets, at fair value	'	20,259
Unobservable Input	'	'
Discount rate (as a percent)	'	13.00%
Consolidated Funds | Fixed income securities | Materials | Discounted cash flow, Discount rate | Weighted Average	'	'
Unobservable Input	'	'
Discount rate (as a percent)	'	13.00%
Consolidated Funds | Fixed income securities | Materials | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	16,302	14,056
Consolidated Funds | Fixed income securities | Materials | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	6.8	6
Consolidated Funds | Fixed income securities | Materials | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	17.2	10
Consolidated Funds | Fixed income securities | Materials | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	10.5	9
Consolidated Funds | Fixed income securities | Materials | Yield analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	'	54,714
Consolidated Funds | Fixed income securities | Materials | Yield analysis | Minimum	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	6.00%
Consolidated Funds | Fixed income securities | Materials | Yield analysis | Maximum	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	13.00%
Consolidated Funds | Fixed income securities | Materials | Yield analysis | Weighted Average	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	7.70%
Consolidated Funds | Fixed income securities | Materials | Market approach (comparable companies), Recovery rate	'	'
FAIR VALUE	'	'
Assets, at fair value	731	'
Unobservable Input	'	'
Recovery rate (as a percent)	2.50%	'
Consolidated Funds | Fixed income securities | Materials | Market approach (comparable companies), Recovery rate | Weighted Average	'	'
Unobservable Input	'	'
Recovery rate (as a percent)	2.50%	'
Consolidated Funds | Fixed income securities | Telecommunication services | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	150,719	112,901
Consolidated Funds | Fixed income securities | Telecommunication services | Yield analysis	'	'
FAIR VALUE	'	'
Assets, at fair value	'	52,989
Unobservable Input	'	'
Market yield (as a percent)	'	8.80%
Consolidated Funds | Fixed income securities | Telecommunication services | Yield analysis | Weighted Average	'	'
Unobservable Input	'	'
Market yield (as a percent)	'	8.80%
Consolidated Funds | Fixed income securities | Utilities | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	'	3,336
Consolidated Funds | Fixed income securities | Partnership and LLC interests | NAV	'	'
FAIR VALUE	'	'
Assets, at fair value	98,849	41,001
Consolidated Funds | Other | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	'	2,372
Consolidated Funds | Other | Healthcare, education and childcare | Market approach (comparable companies), EBITDA multiple	'	'
FAIR VALUE	'	'
Assets, at fair value	1,084	'
Consolidated Funds | Other | Healthcare, education and childcare | Market approach (comparable companies), EBITDA multiple | Minimum	'	'
Unobservable Input	'	'
EBITDA multiple	8.3	'
Consolidated Funds | Other | Healthcare, education and childcare | Market approach (comparable companies), EBITDA multiple | Maximum	'	'
Unobservable Input	'	'
EBITDA multiple	9.3	'
Consolidated Funds | Other | Healthcare, education and childcare | Market approach (comparable companies), EBITDA multiple | Weighted Average	'	'
Unobservable Input	'	'
EBITDA multiple	8.8	'
Consolidated Funds | Other | Industrials | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	65	'
Consolidated Funds | Derivatives assets of Consolidated Funds | Broker quotes and/or 3rd party pricing services	'	'
FAIR VALUE	'	'
Assets, at fair value	1,746	3,135

FAIR_VALUE_Details_5

FAIR VALUE (Details 5) (USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
FAIR VALUE	'	'
Fair Value	$253,153	$129,178
Unfunded Commitments	262,209	313,563
Direct Lending Group	'	'
FAIR VALUE	'	'
Fair Value	26,803	2,298
Unfunded Commitments	22,261	1,045
Real Estate Group	'	'
FAIR VALUE	'	'
Fair Value	41,568	34,521
Unfunded Commitments	36,627	9,734
Tradable Credit Group	'	'
FAIR VALUE	'	'
Fair Value	97,645	50,349
Unfunded Commitments	81,864	145,818
Redemption restriction period	'9 months	'9 months
Private Equity Group	'	'
FAIR VALUE	'	'
Fair Value	87,137	42,010
Unfunded Commitments	$121,457	$156,966

LOANS_HELD_AS_INVESTMENTS_Deta

LOANS HELD AS INVESTMENTS (Details) (USD $)	1 Months Ended	3 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Sep. 30, 2014
Activity in loans held as investments	'	'
Balance at acquisition	'	$84,088
Loan acquisition and origination	154,036	215,292
Allowance for loan losses	-2,230	-2,230
Principal repayment	-67,718	-222,072
Balance at acquisition	84,088	77,308
Changes in the allowance for loan losses	'	'
Balance at acquisition date	'	2,230
Increase in allowance for loan losses	2,230	'
Balance at the end of the period	2,230	2,230
Carrying Value	'	'
LOANS HELD AS INVESTMENTS	'	'
Loans held for investments	'	77,308
Total	'	'
LOANS HELD AS INVESTMENTS	'	'
Loans held for investments	'	79,538
Level III	'	'
LOANS HELD AS INVESTMENTS	'	'
Loans held for investments	'	$79,538

DERIVATIVE_FINANCIAL_INSTRUMEN2

DERIVATIVE FINANCIAL INSTRUMENTS (Details) (USD $)

9 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

item

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

counterparty

Interest rate contracts

Interest rate contracts

Foreign exchange contracts

Foreign exchange contracts

Interest rate contracts

Interest rate contracts

Credit contracts

Credit contracts

Equity contracts

Equity contracts

Equity contracts

Foreign exchange contracts

Foreign exchange contracts

Other financial instruments

Other financial instruments

Warrants

Warrants

DERIVATIVE FINANCIAL INSTRUMENTS

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of counterparties

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of interest rates

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional amount, Assets

'

$165,729

$66,733

'

'

$165,729

$66,733

$80,368

$312,985

$34,000

$70,000

'

$25,437

$50

$84,678

$68,253

$39,399

$211,324

$6,969

$6,174

Notional amount, Total

'

'

'

'

'

'

'

165,046

381,238

'

'

'

'

'

'

'

'

'

'

'

Fair Value, Assets

'

7,789

1,164

'

'

7,789

1,164

5,514

14,625

'

8

178

4,489

179

'

'

2,233

8,653

3,103

1,296

Fair Value, Warrants

'

155,568

89,438

'

'

'

'

19,417,334

20,823,338

'

'

'

'

'

1,419

46,802

'

'

'

'

Fair Value, Total

'

'

'

'

'

'

'

6,933

61,427

'

'

'

'

'

'

'

'

'

'

'

Liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Notional amount, Liabilities

'

250,000

326,419

250,000

250,000

'

76,419

336,105

2,058,805

33,000

623,225

16,400

537,921

'

'

'

178,435

813,997

108,270

83,662

Fair Value, Liabilities

'

$858

$2,907

$858

$1,254

'

$1,653

$49,009

$75,115

$198

$3,878

$26,295

$28,385

'

'

'

$6,549

$38,631

$15,967

$4,221

DERIVATIVE_FINANCIAL_INSTRUMEN3

DERIVATIVE FINANCIAL INSTRUMENTS (Details 2) (Net realized gain (loss) on investments, USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Parent Company	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	$729	($599)	($2,476)	$129
Total net change in unrealized appreciation (depreciation) on investments	7,416	-4,363	8,675	-1,042
Parent Company | Options | Purchased	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net change in unrealized appreciation (depreciation) on investments	751	-431	692	-354
Parent Company | Swaps	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-345	-319	-1,027	-922
Total net change in unrealized appreciation (depreciation) on investments	561	-713	396	1,117
Parent Company | Foreign currency forward contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	1,074	-280	-1,449	1,051
Total net change in unrealized appreciation (depreciation) on investments	6,855	-3,219	7,587	-1,805
Parent Company | Interest rate contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-345	-319	-1,027	-922
Total net change in unrealized appreciation (depreciation) on investments	561	-713	396	1,117
Parent Company | Interest rate contracts | Swaps	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-345	-319	-1,027	-922
Total net change in unrealized appreciation (depreciation) on investments	561	-713	396	1,117
Parent Company | Foreign exchange contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	1,074	-280	-1,449	1,051
Total net change in unrealized appreciation (depreciation) on investments	6,104	-3,650	8,279	-2,159
Parent Company | Foreign exchange contracts | Options | Purchased	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net change in unrealized appreciation (depreciation) on investments	751	-431	692	-354
Parent Company | Foreign exchange contracts | Foreign currency forward contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	1,074	-280	-1,449	1,051
Total net change in unrealized appreciation (depreciation) on investments	6,104	-3,219	7,587	-1,805
Consolidated Funds	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	5,006	-1,845	-40,960	-37,797
Total net change in unrealized appreciation (depreciation) on investments	1,632	-32,794	2,589	-31,838
Consolidated Funds | Options | Purchased	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-2,285	-352	-7,108	-5,174
Total net change in unrealized appreciation (depreciation) on investments	1,862	-2,542	594	-3,810
Consolidated Funds | Options | Written	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-7	2,828	-123	2,712
Total net change in unrealized appreciation (depreciation) on investments	'	-122	-402	-524
Consolidated Funds | Swaps	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-3,787	-18,459	-19,526	-34,198
Total net change in unrealized appreciation (depreciation) on investments	4,161	-28,526	4,934	-27,753
Consolidated Funds | Interest rate caps/floor	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	277	-879	276	-879
Total net change in unrealized appreciation (depreciation) on investments	43	23	269	249
Consolidated Funds | Warrants	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	751	-2,705	3,456	'
Total net change in unrealized appreciation (depreciation) on investments	-731	12,313	-13,044	'
Consolidated Funds | Foreign currency forward contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	45	17,722	-17,935	-258
Total net change in unrealized appreciation (depreciation) on investments	-3,703	-13,940	10,238	'
Consolidated Funds | Interest rate contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	304	-17,493	-206	-18,002
Total net change in unrealized appreciation (depreciation) on investments	1,390	-13,301	1,834	-12,858
Consolidated Funds | Interest rate contracts | Swaps	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	27	-16,614	-482	-17,123
Total net change in unrealized appreciation (depreciation) on investments	1,114	-13,558	1,565	-13,107
Consolidated Funds | Interest rate contracts | Interest rate caps/floor	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	277	-879	276	-879
Total net change in unrealized appreciation (depreciation) on investments	276	257	269	249
Consolidated Funds | Credit contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	918	6,467	-16,779	-11,230
Total net change in unrealized appreciation (depreciation) on investments	3,356	6,090	4,150	6,884
Consolidated Funds | Credit contracts | Swaps	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	918	6,467	-16,779	-11,230
Total net change in unrealized appreciation (depreciation) on investments	3,356	6,090	4,150	6,884
Consolidated Funds | Equity contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-1,541	-36,363	-3,999	-38,820
Total net change in unrealized appreciation (depreciation) on investments	-3,036	5,019	-14,744	-6,922
Consolidated Funds | Equity contracts | Options | Purchased	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-2,292	-379	-7,455	-5,541
Total net change in unrealized appreciation (depreciation) on investments	574	-783	946	-411
Consolidated Funds | Equity contracts | Swaps	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	'	-33,279	'	-33,279
Total net change in unrealized appreciation (depreciation) on investments	'	-6,511	'	-6,511
Consolidated Funds | Equity contracts | Interest rate caps/floor	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net change in unrealized appreciation (depreciation) on investments	-233	'	'	'
Consolidated Funds | Equity contracts | Warrants	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	751	-2,705	3,456	'
Total net change in unrealized appreciation (depreciation) on investments	-731	12,313	-13,044	'
Consolidated Funds | Equity contracts | Foreign currency forward contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net change in unrealized appreciation (depreciation) on investments	-2,646	'	-2,646	'
Consolidated Funds | Foreign exchange contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	45	44,849	-17,711	27,093
Total net change in unrealized appreciation (depreciation) on investments	100	-31,895	12,181	-19,580
Consolidated Funds | Foreign exchange contracts | Options | Purchased	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	7	27	347	367
Total net change in unrealized appreciation (depreciation) on investments	1,170	-1,930	-285	-3,385
Consolidated Funds | Foreign exchange contracts | Options | Written	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-7	2,828	-123	2,712
Total net change in unrealized appreciation (depreciation) on investments	'	-122	-402	-524
Consolidated Funds | Foreign exchange contracts | Swaps	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	'	24,272	'	24,272
Total net change in unrealized appreciation (depreciation) on investments	520	-15,669	518	-15,671
Consolidated Funds | Foreign exchange contracts | Interest rate caps/floor	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net change in unrealized appreciation (depreciation) on investments	'	-234	'	'
Consolidated Funds | Foreign exchange contracts | Foreign currency forward contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	45	17,722	-17,935	-258
Total net change in unrealized appreciation (depreciation) on investments	-1,590	-13,940	12,350	'
Consolidated Funds | Other financial instruments	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-4,732	695	-2,265	3,162
Total net change in unrealized appreciation (depreciation) on investments	-178	1,293	-832	638
Consolidated Funds | Other financial instruments | Options | Purchased	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net change in unrealized appreciation (depreciation) on investments	118	171	-67	-14
Consolidated Funds | Other financial instruments | Swaps	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net realized gain (loss) on investments	-4,732	695	-2,265	3,162
Total net change in unrealized appreciation (depreciation) on investments	-829	1,122	-1,299	652
Consolidated Funds | Other financial instruments | Foreign currency forward contracts	'	'	'	'
DERIVATIVE FINANCIAL INSTRUMENTS	'	'	'	'
Total net change in unrealized appreciation (depreciation) on investments	$533	'	$534	'

DERIVATIVE_FINANCIAL_INSTRUMEN4

DERIVATIVE FINANCIAL INSTRUMENTS (Details 3) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Parent Company	'	'
Derivatives, Assets	'	'
Gross Amounts of Recognized Assets	$3,771	$1,164
Gross Amounts Offset in Assets	-4,018	'
Net Amounts of Assets Presented	7,789	1,164
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	'	338
Net Amount	7,789	826
Total	'	'
Gross Amounts of Recognized Assets	3,771	1,164
Gross Amounts Offset in Assets	-4,018	'
Net Amounts of Assets Presented	7,789	1,164
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	'	338
Net Amount	7,789	826
Derivatives, Liabilities	'	'
Gross Amounts of Recognized Liabilities	3,160	-2,907
Gross Amounts Offset in Liabilities	4,018	'
Derivatives instruments	-858	-2,907
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	'	-338
Net Amount	-858	-2,569
Total	'	'
Gross Amounts of Recognized Liabilities	3,160	-2,907
Gross Amounts Offset in Liabilities	4,018	'
Net Amounts of Liabilities Presented	-858	-2,907
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	'	-338
Net Amount	-858	-2,569
Grand Total	'	'
Gross Amounts of Recognized Assets (Liabilities)	6,931	-1,743
Net Amounts of Assets (Liabilities) Presented	6,931	-1,743
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Net Amount	6,931	-1,743
Consolidated Funds	'	'
Derivatives, Assets	'	'
Gross Amounts of Recognized Assets	15,746	27,081
Gross Amounts Offset in Assets	10,232	12,456
Net Amounts of Assets Presented	5,514	14,625
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	1,544	9,642
Cash Collateral Received	-737	4,675
Net Amount	4,707	308
Reverse repurchase, securities borrowing, and similar arrangements	'	'
Gross Amounts of Recognized Assets	'	1,695
Net Amounts of Assets Presented	'	1,695
Net Amount	'	1,695
Total	'	'
Gross Amounts of Recognized Assets	15,746	28,776
Gross Amounts Offset in Assets	10,232	12,456
Net Amounts of Assets Presented	5,514	16,320
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	1,544	9,642
Cash Collateral Received	-737	4,675
Net Amount	4,707	2,003
Derivatives, Liabilities	'	'
Gross Amounts of Recognized Liabilities	-59,241	-87,571
Gross Amounts Offset in Liabilities	-10,232	-12,456
Derivatives instruments	-49,009	-75,115
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	-1,544	-9,642
Cash Collateral Pledged	-25,035	-42,903
Net Amount	-22,430	-22,570
Total	'	'
Gross Amounts of Recognized Liabilities	-59,241	-87,571
Gross Amounts Offset in Liabilities	-10,232	-12,456
Net Amounts of Liabilities Presented	-49,009	-75,115
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Financial Instruments	-1,544	-9,642
Cash Collateral Pledged	-25,035	-42,903
Net Amount	-22,430	-22,570
Grand Total	'	'
Gross Amounts of Recognized Assets (Liabilities)	-43,495	-58,795
Net Amounts of Assets (Liabilities) Presented	-43,495	-58,795
Gross Amounts Not Offset in the Statement of Financial Position	'	'
Cash Collateral Received (Pledged)	-25,772	-38,228
Net Amount	($17,723)	($20,567)

DEBT_Details

DEBT (Details) (USD $)

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

Sep. 30, 2014

Dec. 31, 2013

Jun. 27, 2014

7-May-14

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Jun. 27, 2014

Sep. 30, 2014

Jun. 27, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 18, 2012

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 18, 2012

Dec. 18, 2012

Jul. 02, 2014

Jul. 02, 2014

Jul. 02, 2014

Jul. 02, 2013

Sep. 30, 2014

Jul. 02, 2013

Jul. 02, 2013

Sep. 30, 2014

Sep. 30, 2014

Jul. 02, 2014

Parent Company

Parent Company

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Credit Facility

Credit Facility

Term note

Term note

Term note

Term note

Term note

Term note

Term note

Term note

Term note

Promissory notes

Promissory notes

Promissory notes

Promissory notes

Promissory notes

Promissory notes

Promissory notes

Promissory notes

Promissory notes

Promissory notes

Parent Company

Parent Company

Parent Company

Interest expense

Interest expense

Interest expense

Interest expense

Base rate

Base rate

LIBOR

LIBOR

Parent Company

Parent Company

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Secured debt

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Interest expense

Interest expense

LIBOR

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

AHI

AHI

AHI

Interest expense

Interest expense

Interest expense

Interest expense

LIBOR

Prime Rate

Promissory note, one

Promissory note, two

AREA

AREA

AREA

AREA

AREA

Parent Company

Parent Company

Parent Company

item

AHI

AHI

AHI

AHI

AHI

AHI

item

item

Promissory note, one

Promissory note, two

AREA

AREA

AREA

DEBT

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity

'

'

'

$1,030,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate reduction (as a percent)

'

'

'

'

'

'

'

'

'

'

0.25%

'

0.25%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest rate basis

'

'

'

'

'

'

'

'

'

'base rate

'base rate

'LIBOR

'LIBOR

'

'

'

'

'

'

'

'

'

'LIBOR

'Prime Rate

'

'

'

'

'

'

'

'

'

'LIBOR

Interest rate spread (as a percent)

'

'

'

'

'

'

'

'

'

0.75%

0.50%

1.75%

1.50%

'

'

'

'

'

'

'

'

'

1.75%

0.75%

'

'

'

'

'

'

'

'

'

4.00%

Unused commitment fees (as a percent)

'

'

0.25%

'

0.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Repayment of borrowings under the credit facility from proceeds of the IPO

195,250,000

'

'

163,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest expense

'

'

'

'

'

1,100,000

1,800,000

3,700,000

5,200,000

'

'

'

'

'

'

'

'

'

0

300,000

100,000

1,100,000

'

'

'

'

'

'

'

'

'

100,000

600,000

'

Face amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

55,000,000

'

'

'

'

'

'

'

'

'

'

'

13,700,000

7,200,000

'

'

'

Number of consecutive quarterly installments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Amount outstanding

163,912,000

153,119,000

'

'

'

'

'

'

'

'

'

'

'

150,000,000

121,300,000

0

11,000,000

'

'

'

'

'

'

'

'

'

'

'

13,900,000

'

'

'

'

'

Number of debt instruments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

Number of former partners with whom debt is entered into

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

Number of equal consecutive principal payments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

Annual principal payments

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$4,600,000

$2,400,000

'

'

'

'

'

'

'

'

DEBT_Details_2

DEBT (Details 2) (Consolidated Funds, USD $)	9 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
DEBT	'	'
Market Value of Loan Obligations	$12,004,424	$11,774,157
CLOs	'	'
DEBT	'	'
Market Value of Loan Obligations	12,004,424	11,774,157
Loan Obligations	13,106,802	12,427,896
Senior secured notes | CLOs	'	'
DEBT	'	'
Loan Obligations	11,463,341	10,967,524
Market Value of Loan Obligations	10,989,409	10,679,878
Weighted Average Remaining Maturity In Years	'9 years 2 months 1 day	'8 years 11 months 1 day
Weighted average interest rate (as a percent)	2.69%	2.36%
Subordinated notes / preferred shares | CLOs	'	'
DEBT	'	'
Loan Obligations	1,548,017	1,325,446
Market Value of Loan Obligations	920,136	962,098
Weighted Average Remaining Maturity In Years	'9 years 7 months 10 days	'8 years 7 months 20 days
Notes payable | CLOs	'	'
DEBT	'	'
Loan Obligations	13,011,358	12,292,970
Market Value of Loan Obligations	11,909,545	11,641,976
Line of credit | Revolving credit facility | CLOs	'	'
DEBT	'	'
Market Value of Loan Obligations	94,789	132,181
Loan Obligations	95,444	134,926
Line of credit | Revolving credit facility | Revolving credit line with maturity 04/16/21 | CLOs	'	'
DEBT	'	'
Market Value of Loan Obligations	46,794	48,119
Total Facility (Capacity)	46,934	48,949
Loan Obligations	46,934	48,949
Effective rate (as a percent)	0.49%	0.43%
Commitment Fee (as a percent)	0.17%	0.17%
Line of credit | Revolving credit facility | Revolving credit line with maturity 02/24/18 | CLOs	'	'
DEBT	'	'
Market Value of Loan Obligations	'	1,034
Total Facility (Capacity)	'	1,035
Loan Obligations	'	1,035
Effective rate (as a percent)	'	0.51%
Commitment Fee (as a percent)	'	0.19%
Line of credit | Revolving credit facility | Revolving credit line with maturity 03/12/18 | CLOs	'	'
DEBT	'	'
Market Value of Loan Obligations	'	23,351
Total Facility (Capacity)	'	23,567
Loan Obligations	'	23,567
Effective rate (as a percent)	'	0.52%
Commitment Fee (as a percent)	'	0.18%
Line of credit | Revolving credit facility | Revolving credit line with maturity 10/11/21 | CLOs	'	'
DEBT	'	'
Market Value of Loan Obligations	48,085	46,812
Total Facility (Capacity)	48,510	48,510
Loan Obligations	48,510	48,510
Effective rate (as a percent)	0.43%	0.45%
Commitment Fee (as a percent)	0.17%	0.17%
Line of credit | Revolving credit facility | Revolving credit line with maturity 01/26/20 | CLOs	'	'
DEBT	'	'
Market Value of Loan Obligations	'	12,865
Total Facility (Capacity)	'	12,865
Loan Obligations	'	$12,865
Effective rate (as a percent)	'	0.52%
Commitment Fee (as a percent)	'	0.14%

DEBT_Details_3

DEBT (Details 3) (Consolidated Funds)

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Dec. 31, 2013

In Thousands, unless otherwise specified

USD ($)

USD ($)

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Notes payable

Notes payable

Notes payable

Notes payable

Notes payable

Notes payable

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Line of credit

Loan payable

Loan payable

Loan payable

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Notes payable, one

Notes payable, two

Notes payable, three

Notes payable, three

Notes payable, four

Notes payable, four

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Revolving credit facility

Term loan

Term loan

Term loan

Credit facility with maturity 01/15/16

Credit facility with maturity 01/15/16

Credit facility with maturity 01/15/16

Credit facility with maturity 10/15/15

Credit facility with maturity 10/15/15

Credit facility with maturity 08/16/19

Credit facility with maturity 08/16/19

USD ($)

USD ($)

USD ($)

LIBOR

USD ($)

LIBOR

Credit facility with maturity 06/06/14

Credit facility with maturity 06/06/14

Credit facility with maturity 06/13/14

Credit facility with maturity 06/13/14

Credit facility with maturity 06/30/14

Credit facility with maturity 06/30/14

Credit facility with maturity 07/19/14

Credit facility with maturity 07/19/14

Credit facility with maturity 06/06/15

Credit facility with maturity 06/06/15

Credit facility with maturity 06/30/15

Credit facility with maturity 06/30/15

Credit facility with maturity 06/04/18

Credit facility with maturity 06/04/18

USD ($)

LIBOR

LIBOR

USD ($)

GBP (£)

LIBOR

USD ($)

LIBOR

EUR (€)

LIBOR

USD ($)

LIBOR

USD ($)

LIBOR

USD ($)

LIBOR

USD ($)

LIBOR

USD ($)

LIBOR

USD ($)

LIBOR

USD ($)

LIBOR

Minimum

Maximum

DEBT

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total Facility (Capacity)

'

'

'

£ 186,290

'

$532,350

'

€ 200,000

'

$46,733

$114,048

$16,400

'

$1,500,000

'

$40,000

'

$116,841

'

$100,000

'

$35,000

'

$25,000

'

$25,000

'

$150,000

'

$1,805,000

'

'

Short term borrowings, Outstanding Loan

'

1,172,526

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

35,000

'

'

'

'

'

'

'

1,137,526

'

'

Long term borrowings, Outstanding Loan

829,644

898,072

308,477

'

'

532,350

'

'

'

16,644

40,601

16,400

'

772,744

'

'

'

'

'

'

'

'

'

'

'

'

'

40,500

'

'

'

'

Outstanding Loan

$829,644

$2,070,598

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Effective rate basis

'

'

'

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'LIBOR

'

'One Month LIBOR

'Three Month LIBOR

Effective rate spread (as a percent)

'

'

'

'

1.85%

'

2.20%

'

3.00%

'

'

'

2.20%

'

1.65%

'

1.75%

'

2.00%

'

2.00%

'

0.50%

'

1.75%

'

2.00%

'

2.25%

'

0.35%

0.90%

Effective rate (as a percent)

'

'

'

'

'

'

'

'

'

1.93%

1.93%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Commitment Fee (as a percent)

'

'

'

'

'

'

'

0.38%

'

'

'

'

'

0.75%

'

0.25%

'

0.38%

'

0.75%

'

0.50%

'

0.30%

'

0.30%

'

0.25%

'

0.50%

'

'

DEBT_Details_4

DEBT (Details 4) (Consolidated Funds, USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014
In Thousands, unless otherwise specified			Mezzanine debt	Mezzanine debt	Mezzanine debt
					Minimum
DEBT	'	'	'	'	'
Term of prior written notice to cause holders to redeem notes	'	'	'	'	'5 days
Term of prior written notice for withdrawal of note	'	'	'	'	'30 days
Outstanding loan obligations	$329,698	$323,164	$329,700	$323,200	'

REDEEMABLE_AND_NONCONTROLLING_2

REDEEMABLE AND NON-CONTROLLING INTERESTS (Details) (USD $)	4 Months Ended	5 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Apr. 30, 2014	Sep. 30, 2014	Dec. 31, 2013
AOG	'	'	'
Redeemable interests	'	'	'
Balance at the beginning of period	$40,751	$23,947	$30,488
Net income attributable to redeemable, non-controlling interests	164	409	2,451
Contributions from redeemable, non-controlling interests	'	'	3,712
Distributions to redeemable, non-controlling interests	-1,313	'	-4,641
Currency translation adjustment attributable to redeemable, non-controlling interests	9	-10	13
Revaluation of redeemable interest	'	'	8,437
Distributions	'	-195	'
Equity compensation	234	48	291
Tandem award compensation adjustment	-15,898	'	'
Issuance cost	'	-124	'
Allocation of contributions in excess of carrying value of net assets (dilution)	'	910	'
Balance at the end of period	23,947	24,985	40,751
Consolidated Funds	'	'	'
Redeemable interests	'	'	'
Balance at the beginning of period	1,093,770	1,096,099	1,100,108
Net income attributable to redeemable, non-controlling interests	33,455	-6,688	137,924
Contributions from redeemable, non-controlling interests	30,408	'	'
Distributions to redeemable, non-controlling interests	61,534	-26,190	-143,378
Currency translation adjustment attributable to redeemable, non-controlling interests	'	'	-884
Balance at the end of period	$1,096,099	$1,063,221	$1,093,770

REDEEMABLE_AND_NONCONTROLLING_3

REDEEMABLE AND NON-CONTROLLING INTERESTS (Details 2) (USD $)

3 Months Ended

9 Months Ended

4 Months Ended

5 Months Ended

4 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

5 Months Ended

4 Months Ended

5 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Apr. 30, 2014

Sep. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Dec. 31, 2013

Apr. 30, 2014

Sep. 30, 2014

Non-Controlling interest in Ares Operating Group Entities

Non-Controlling interest in Ares Operating Group Entities

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Non-controlling interest in Ares Operating Group Entities

Non-controlling interest in Ares Operating Group Entities

Members' Equity

Common Stock

Additional Paid in Capital

Retained Earnings

Accumulated Other Comprehensive Income (Loss)

Non-Controlling interest in Ares Operating Group Entities

Non-Controlling interest in Ares Operating Group Entities

Non-controlling interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at the beginning of period

'

'

'

'

'

$332,575

$109,992

$0

$57,842

($417)

$314

'

'

'

'

$167,731

'

$332,575

Issuance costs

'

'

'

'

'

-17,480

'

'

'

'

'

'

-28,326

'

-17,480

'

'

-17,480

Allocation of contributions in excess of carrying value of net assets (dilution)

'

'

'

'

'

128,536

'

'

'

'

'

'

-910

'

128,536

'

'

128,536

Distributions

'

'

'

'

'

-30,050

-46,534

'

'

'

'

'

-399,999

'

-30,050

'

-50,442

-30,050

Net income

-79,284

406,197

388,308

492,597

'

58,211

6,836

'

-3,908

-3,589

'

'

'

'

'

'

-3,247

58,211

Currency translation adjustment

'

'

'

'

'

-1,959

'

'

'

'

404

-27,441

'

-25,855

'

'

404

-1,959

Equity compensation

'

'

'

'

'

6,775

3,346

'

9,133

'

'

'

10,977

'

6,775

'

12,479

6,775

Tandem award compensation adjustment

'

'

'

'

'

'

864

'

608

-230

'

'

'

'

'

'

1,242

'

Net effect of Reorganization, including contribution of AOG Units for common units

'

'

'

'

332,575

'

-74,504

0

-63,675

4,236

-718

'

'

'

'

'

197,914

'

Balance at the end of period

'

'

'

'

$332,575

$476,608

'

'

'

'

'

'

'

'

$476,608

$167,731

$332,575

$476,608

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	3 Months Ended	9 Months Ended		0 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Jul. 30, 2014	Jul. 30, 2014	Mar. 20, 2008	Sep. 30, 2014	Dec. 31, 2013
	Guaranteed Facility	Guaranteed Facility	Guaranteed Facility	Guaranteed Facility	Guarantees	Performance Fees	Performance Fees
	ACRE	ACRE	ACRE	City National Bank	AREA
			Maximum	ACRE
COMMITMENTS AND CONTINGENCIES	'	'	'	'	'	'	'
Face amount	'	'	'	'	$21,500,000	'	'
Fund borrowings	'	'	'	75,000,000	'	'	'
Percentage of outstanding balance at which entity agreed to purchase all loans and other obligations outstanding	'	'	'	100.00%	'	'	'
Percentage of credit support fee receivable annually	'	'	'	1.50%	'	'	'
Maximum exposure to loss	'	'	75,000,000	'	'	'	'
Credit support fee receivable based on the present value of discounted expected cash flows	1,300,000	1,300,000	'	'	'	'	'
Fair value of guarantee included within accounts payable, accrued expenses and other liabilities	1,600,000	1,600,000	'	'	'	'	'
Discount rate (as a percent)	'	1.97%	'	'	'	'	'
Outstanding Loan	55,000,000	55,000,000	'	'	'	'	'
Guarantee expense	300,000	300,000	'	'	'	'	'
Assumed investments value for clawback obligation, net of tax	'	'	'	'	'	0	0
Performance fees subject to potential clawback provision, net of tax	'	'	'	'	'	297,900,000	346,400,000
Performance fees subject to potential claw back provision that are reimbursable by professionals	'	'	'	'	'	$241,700,000	$280,500,000

RELATED_PARTY_TRANSACTIONS_Det

RELATED PARTY TRANSACTIONS (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Parent Company	'	'
Due from affiliates:	'	'
Due from affiliates	$133,486	$108,920
Due to affiliates:	'	'
Due to affiliates	16,893	32,690
Parent Company | Affiliates	'	'
Due from affiliates:	'	'
Management fees receivable from non consolidated funds	109,241	91,917
Payments made on behalf of and amounts due from non consolidated funds	24,245	17,003
Due to affiliates:	'	'
Management fee rebate payable to non consolidated funds	13,248	28,715
Payments made by non consolidated funds on behalf of and amounts due from the Company	3,645	3,975
Consolidated Funds	'	'
Due from affiliates:	'	'
Due from affiliates	11,104	2,010
Due to affiliates:	'	'
Due to affiliates	2,514	2,695
Consolidated Funds | Affiliates	'	'
Due from affiliates:	'	'
Due from affiliates	11,104	2,010
Due to affiliates:	'	'
Due to affiliates	$2,514	$2,695

INCOME_TAXES_Details

INCOME TAXES (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income taxes	'	'	'	'
Income tax expense	$2,399	$4,790	$971	$35,552

EARNINGS_PER_COMMON_UNIT_Detai

EARNINGS PER COMMON UNIT (Details)	3 Months Ended	5 Months Ended
	Sep. 30, 2014	Sep. 30, 2014
AOG	'	'
Earnings per common unit	'	'
Antidilutive securities excluded from calculation of earnings per common unit (in units)	'	130,921,766
Restricted Units	'	'
Earnings per common unit	'	'
Antidilutive securities excluded from calculation of earnings per common unit (in units)	4,132,369	4,182,466
Options	'	'
Earnings per common unit	'	'
Antidilutive securities excluded from calculation of earnings per common unit (in units)	24,706,793	24,706,793

EARNINGS_PER_COMMON_UNIT_Detai1

EARNINGS PER COMMON UNIT (Details 2) (USD $)	3 Months Ended	5 Months Ended	9 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
Basic	'	'	'
Net income attributable to Ares Management L.P.	$13,971	$31,815	$31,815
Net income available to common unitholders	13,971	31,815	'
Basic weighted-average common units	80,667,664	80,171,855	80,171,855
Earnings per common unit, basic (in dollars per unit)	$0.17	$0.40	$0.40
Diluted	'	'	'
Net income attributable to Ares Management L.P.	13,971	31,815	31,815
Net income available to common unitholders	$13,971	$31,815	'
Basic weighted-average common units	80,667,664	80,171,855	'
Effect of dilutive units:	'	'	'
Restricted units	696,314	646,217	'
Diluted weighted-average common units	81,363,978	80,818,072	80,818,072
Earnings per common unit, diluted (in dollars per unit)	$0.17	$0.39	$0.39

EQUITY_COMPENSATION_Details

EQUITY COMPENSATION (Details) (USD $)	3 Months Ended		4 Months Ended	5 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Apr. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Fair Value Assumptions:	'	'	'	'	'	'
Grant Date Fair Value (in dollars)	'	'	$211,679,000	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	7,520,000	8,705,000	'	11,949,000	63,138,000	21,377,000
Unrecognized Compensation Expenses (in dollars)	'	'	60,500,000	'	'	'
Indicus	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Aggregate settlement amount if put options were exercised	20,000,000	'	'	20,000,000	20,000,000	'
AEP	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	'	'	'	'	56,200,000	'
AEP I and AEP II Profit Interests	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Vesting period	'	'	'	'	'5 years	'
Fair Value Assumptions:	'	'	'	'	'	'
Vesting period	'	'	'	'	'5 years	'
AEP I Profit Interests	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Grant Date Fair Value (in dollars)	'	'	38,400,000	'	'	'
AEP I Profit Interests | APMC	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Profit interest (as a percent)	'	'	'	'	3.30%	'
AEP II Profit Interests	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Grant Date Fair Value (in dollars)	'	'	33,423,000	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	'	1,504,000	'	'	14,714,000	4,512,000
Unrecognized Compensation Expenses (in dollars)	'	'	12,709,000	'	'	'
AEP II Profit Interests | APMC	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Profit interest (as a percent)	'	'	'	'	4.64%	'
AEP IV Profit Interests	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Grant Date Fair Value (in dollars)	'	'	10,657,000	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	'	'	'	'	10,657,000	'
Unrecognized Compensation Expenses (in dollars)	'	'	10,657,000	'	'	'
AEP VI Profit Interests	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Grant Date Fair Value (in dollars)	'	'	9,047,000	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	'	'	'	'	9,047,000	'
Unrecognized Compensation Expenses (in dollars)	'	'	9,047,000	'	'	'
Exchanged AEP Awards	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Vesting period	'	'	'	'	'17 months	'
Percentage of profit interest to participate in the proceeds of certain capital events	'	'	'	'	2.20%	'
Fair Value Assumptions:	'	'	'	'	'	'
Vesting period	'	'	'	'	'17 months	'
Grant Date Fair Value (in dollars)	'	'	68,607,000	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	'	3,236,000	'	'	'	9,708,000
Exchanged AEP Awards | AM LLC	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Membership interest (as a percent)	'	'	'	'	2.00%	'
Exchanged AEP Awards | AIH LLC	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Membership interest (as a percent)	'	'	'	'	2.00%	'
Indicus Membership Interest	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Grant Date Fair Value (in dollars)	'	'	20,700,000	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	'	1,167,000	'	'	11,913,000	3,448,000
Unrecognized Compensation Expenses (in dollars)	'	'	10,532,000	'	'	'
Indicus Membership Interest | Indicus	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Vesting period	'	'	'	'	'5 years	'
Fair Value Assumptions:	'	'	'	'	'	'
Vesting period	'	'	'	'	'5 years	'
Indicus Membership Interest | Indicus | Option pricing model	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Expected term	'	'	'	'	'5 years	'
Risk free rate (as a percent)	'	'	'	'	0.91%	'
Strike price (in dollars)	20,000,000	'	'	20,000,000	20,000,000	'
Expected volatility (as a percent)	'	'	'	'	45.50%	'
Indicus Membership Interest | AH LLC | Indicus	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Membership interest (as a percent)	'	'	'	'	0.50%	'
Indicus Membership Interest | AI | Indicus	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Membership interest (as a percent)	'	'	'	'	0.50%	'
Indicus Profit Interest	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Grant Date Fair Value (in dollars)	'	'	5,464,000	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	'	455,000	'	'	-3,871,000	1,366,000
Unrecognized Compensation Expenses (in dollars)	'	'	-4,300,000	'	'	'
Indicus Profit Interest | Indicus	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Percentage of profit interest to participate in the proceeds of certain capital events	'	'	'	'	1.14%	'
Indicus Profit Interest | Indicus | Black-Scholes option pricing model	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Vesting period	'	'	'	'	'3 years	'
Fair Value Assumptions:	'	'	'	'	'	'
Expected term	'	'	'	'	'7 years	'
Risk free rate (as a percent)	'	'	'	'	0.40%	'
Strike price (in dollars)	46,000,000	'	'	46,000,000	46,000,000	'
Expected volatility (as a percent)	'	'	'	'	47.60%	'
Vesting period	'	'	'	'	'3 years	'
Number of anniversary on which awards were automatically cancelled	'	'	'	'	7	'
AREA Membership Interest	'	'	'	'	'	'
Fair Value Assumptions:	'	'	'	'	'	'
Grant Date Fair Value (in dollars)	'	'	25,381,000	'	'	'
Equity Compensation Expenses Recognized, Net of Forfeitures (in dollars)	'	2,343,000	'	'	20,678,000	2,343,000
Unrecognized Compensation Expenses (in dollars)	'	'	$17,555,000	'	'	'
AREA Membership Interest | AREA	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Membership interest (as a percent)	'	'	'	'	1.20%	'
AREA Membership Interest | AREA | Awards vested on first anniversary	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Vesting rights (as a percent)	'	'	'	'	50.00%	'
AREA Membership Interest | AREA | Awards vested on second anniversary	'	'	'	'	'	'
Equity compensation	'	'	'	'	'	'
Vesting rights (as a percent)	'	'	'	'	100.00%	'

EQUITY_COMPENSATION_Details_2

EQUITY COMPENSATION (Details 2) (USD $)

3 Months Ended

5 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

5 Months Ended

9 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

3 Months Ended

5 Months Ended

9 Months Ended

5 Months Ended

9 Months Ended

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Apr. 30, 2014

Aug. 25, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Sep. 30, 2014

Restricted unit

Restricted unit

Restricted unit

Restricted unit

Restricted unit

Restricted unit

Options

Options

Options

Phantom units

Phantom units

Phantom units

Phantom units

Restricted units and options

IPO

Awards vested beginning on the third anniversary of the date the initial public offering became effective

IPO

Equity compensation

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity-based compensation expense

$7,520,000

$8,705,000

$11,949,000

$63,138,000

$21,377,000

'

'

$3,130,000

$4,889,000

'

'

'

$3,905,000

$6,136,000

'

$485,000

$924,000

'

'

'

Vesting rights (as a percent)

'

'

'

'

'

'

'

'

'

'

'

33.00%

'

'

33.30%

'

'

'

'

'

Quarterly distribution declared (in dollars per unit)

'

'

'

'

'

'

$0.18

'

'

'

'

'

'

'

'

'

'

'

'

'

Distribution equivalents made to holders

'

'

'

'

'

'

'

900,000

'

'

'

'

'

'

'

'

'

'

'

'

Restricted Units and Phantom Units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in units)

'

'

'

'

'

'

'

'

'

'

4,936,051

'

'

'

'

'

'

'

686,395

'

Forfeited (in units)

'

'

'

'

'

'

'

'

-107,368,000

'

'

'

'

'

'

'

-52,313

'

'

'

Balance at the end of the period (in units)

'

'

'

'

'

'

'

4,828,683

4,828,683

4,828,683

'

'

'

'

'

634,082

634,082

634,082

'

'

Weighted Average Grant Date Fair Value Per Unit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Granted (in dollars per unit)

'

'

'

'

'

'

'

'

'

'

$16.31

'

'

'

'

'

'

'

$19

'

Forfeited (in dollars per unit)

'

'

'

'

'

'

'

'

$16.13

'

'

'

'

'

'

'

'

'

'

'

Balance at the end of the period (in dollars per unit)

'

'

'

'

'

'

'

$16.13

$16.13

$16.13

'

'

'

'

'

$19

$19

$19

'

'

Vested (in dollars per unit)

'

'

'

'

'

'

'

'

$0

'

'

'

'

'

'

'

$0

'

'

'

Assumed forfeiture (as a percent)

'

'

'

'

'

'

'

'

'

7.00%

'

'

'

'

7.00%

'

'

'

'

'

Unrecognized Compensation Expenses (in dollars)

'

'

'

'

'

60,500,000

'

54,900,000

54,900,000

54,900,000

'

'

68,400,000

68,400,000

68,400,000

11,100,000

11,100,000

11,100,000

'

'

Weighted average remaining period of compensation expense expected to be recognized

'

'

'

'

'

'

'

'

'

'4 years 6 months 29 days

'

'

'

'

'4 years 6 months 29 days

'

'

'4 years 6 months 29 days

'

'

Number of trading days immediately prior to vesting dates which gives right to the holder to receive amount in cash per unit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'15 days

'

'

Number of trading days immediately following the vesting dates which gives right to the holder to receive amount in cash per unit

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'15 days

'

'

Vesting period

'

'

'

'

'

'

'

'

'

'5 years

'

'

'

'

'

'

'

'5 years

'

'

Cash paid to settle awards (in dollars)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

'

'

Fair value of awards (in dollars per share)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$17.50

$17.50

$17.50

'

'

Percentage of awards that will vest if participant's employment is terminated between the first and second year after grant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11.00%

Percentage of awards that will vest if participant's employment is terminated between the second and third year after grant

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

22.00%

EQUITY_COMPENSATION_Details_3

EQUITY COMPENSATION (Details 3) (USD $)	Apr. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
		Stock Options	Stock Options	Stock Options	Stock Options	Stock Options	Stock Options
				IPO	Black-Scholes option pricing model	Minimum	Maximum
						Black-Scholes option pricing model	Black-Scholes option pricing model
Equity compensation	'	'	'	'	'	'	'
Number of common units which holder is entitle to purchase	'	'	1	'	'	'	'
Term of option	'	'	'P10Y	'	'	'	'
Vesting rights (as a percent)	'	'	33.30%	'	'	'	'
Unrecognized Compensation Expenses (in dollars)	$60,500,000	$68,400,000	$68,400,000	'	'	'	'
Assumed forfeiture (as a percent)	'	'	7.00%	'	'	'	'
Weighted average remaining period of compensation expense expected to be recognized	'	'	'4 years 6 months 29 days	'	'	'	'
Options	'	'	'	'	'	'	'
Granted (in units)	'	'	'	24,835,227	'	'	'
Forfeited or expired (in units)	'	-128,434	'	'	'	'	'
Balance at the end of the period (in units)	'	24,706,793	24,706,793	'	'	'	'
Expected to vest at the end of the period (in units)	'	18,611,689	18,611,689	'	'	'	'
Weighted Average Exercise Price	'	'	'	'	'	'	'
Granted (in dollars per unit)	'	'	'	$19	'	'	'
Forfeited (in dollars per unit)	'	$19	'	'	'	'	'
Balance at the end of the period (in dollars per unit)	'	$19	$19	'	'	'	'
Expected to vest at the end of the period (in dollars per unit)	'	$19	$19	'	'	'	'
Weighted Average Remaining Life	'	'	'	'	'	'	'
Balance at the beginning of the period	'	'9 years 6 months 29 days	'	'	'	'	'
Granted	'	'	'	'9 years 6 months 29 days	'	'	'
Balance at the end of the period	'	'9 years 6 months 29 days	'	'	'	'	'
Expected to vest at the end of the period	'	'9 years 6 months 29 days	'	'	'	'	'
Weighted average assumptions used to measure the fair value of each options granted using Black-Scholes option-pricing model	'	'	'	'	'	'	'
Risk free rate (as a percent)	'	'	'	'	'	2.06%	2.22%
Weighted average expected dividend yield (as a percent)	'	'	'	'	5.00%	'	'
Expected volatility factor (as a percent)	'	'	'	'	'	34.00%	35.00%
Expected life	'	'	'	'	'	'6 years 11 months 1 day	'7 years
Aggregate Intrinsic Value	'	'	'	'	'	'	'
Balance at the end of the period (in dollars)	'	$0	$0	'	'	'	'

SEGMENT_REPORTING_Details

SEGMENT REPORTING (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
			item
Segment reporting	'	'	'	'	'
Number of investment groups operated	'	'	4	'	'
Management fees	'	'	'	'	'
Net investment income (loss)	($48,709,000)	$512,147,000	$595,441,000	$755,330,000	'
Economic net income (loss)	-76,885,000	410,987,000	389,279,000	528,149,000	'
Total assets	22,015,235,000	25,142,148,000	22,015,235,000	25,142,148,000	23,705,384,000
Affiliated entity | ARCC	'	'	'	'	'
Management fees	'	'	'	'	'
Total management fees	31,156,000	32,014,000	85,140,000	81,511,000	'
Ares Management L.P and Consolidated Funds | Private Equity Group	'	'	'	'	'
Segment reporting	'	'	'	'	'
Assets under management	10,000,000,000	'	10,000,000,000	'	'
Number of investment funds	'	'	5	'	'
Ares Management L.P and Consolidated Funds | Direct Lending Group	'	'	'	'	'
Segment reporting	'	'	'	'	'
Assets under management	28,000,000,000	'	28,000,000,000	'	'
Number of investment funds	'	'	35	'	'
Prior period within which group launched inaugural vehicle	'	'	'10 years	'	'
Ares Management L.P and Consolidated Funds | Direct Lending Group | Affiliated entity | ARCC	'	'	'	'	'
Management fees	'	'	'	'	'
Recurring fees (includes, in the case of the Direct Lending Group, $31,156, $32,014 of ARCC Part I Fees for the three months ended September 30, 2014 and 2013 and $85,140 and $81,511 for nine months ended September 30, 2014 and 2013, respectively)	31,156,000	32,014,000	85,140,000	81,511,000	'
Ares Management L.P and Consolidated Funds | Tradable Credit Group	'	'	'	'	'
Segment reporting	'	'	'	'	'
Assets under management	32,600,000,000	'	32,600,000,000	'	'
Number of investment funds	'	'	70	'	'
Ares Management L.P and Consolidated Funds | Real Estate Group	'	'	'	'	'
Segment reporting	'	'	'	'	'
Assets under management	9,100,000,000	'	9,100,000,000	'	'
Ares Management L.P and Consolidated Funds | Operating segment	'	'	'	'	'
Management fees	'	'	'	'	'
Recurring fees (includes, in the case of the Direct Lending Group, $31,156, $32,014 of ARCC Part I Fees for the three months ended September 30, 2014 and 2013 and $85,140 and $81,511 for nine months ended September 30, 2014 and 2013, respectively)	153,676,000	140,726,000	436,940,000	361,437,000	'
Previously deferred fees	'	13,893,000	'	15,032,000	'
Total management fees	153,676,000	154,619,000	436,940,000	376,469,000	'
Administrative fees and other income	1,307,000	1,859,000	4,679,000	2,365,000	'
Compensation and benefits	-66,358,000	-61,064,000	-191,836,000	-155,739,000	'
General, administrative and other expenses	-11,608,000	-13,587,000	-36,696,000	-31,290,000	'
Fee related earnings (loss)	77,017,000	81,827,000	213,087,000	191,805,000	'
Performance fees-realized	37,473,000	39,492,000	89,707,000	119,943,000	'
Performance fees-unrealized	5,205,000	66,374,000	87,007,000	74,006,000	'
Performance fee compensation - realized	-11,041,000	-16,037,000	-46,723,000	-66,366,000	'
Performance fee compensation - unrealized	-22,222,000	-48,093,000	-79,225,000	-56,721,000	'
Net performance fees	9,415,000	41,734,000	50,766,000	70,861,000	'
Investment income (loss) - realized	8,980,000	16,120,000	36,241,000	55,011,000	'
Investment income (loss) - unrealized	10,204,000	3,693,000	23,331,000	-20,026,000	'
Interest, dividend and other investment income	3,798,000	5,649,000	12,184,000	12,559,000	'
Interest expense	-1,565,000	-2,575,000	-5,241,000	-7,365,000	'
Net investment income (loss)	21,417,000	22,887,000	66,515,000	40,181,000	'
Performance related earnings (loss)	30,832,000	64,621,000	117,281,000	111,042,000	'
Economic net income (loss)	107,849,000	146,448,000	330,372,000	302,847,000	'
Distributable earnings (loss)	102,391,000	116,798,000	278,637,000	292,450,000	'
Total assets	1,578,340,000	1,632,219,000	1,578,340,000	1,632,219,000	'
Ares Management L.P and Consolidated Funds | Operating segment | Private Equity Group	'	'	'	'	'
Management fees	'	'	'	'	'
Recurring fees (includes, in the case of the Direct Lending Group, $31,156, $32,014 of ARCC Part I Fees for the three months ended September 30, 2014 and 2013 and $85,140 and $81,511 for nine months ended September 30, 2014 and 2013, respectively)	22,386,000	24,089,000	68,192,000	70,719,000	'
Total management fees	22,386,000	24,089,000	68,192,000	70,719,000	'
Administrative fees and other income	-137,000	229,000	33,000	502,000	'
Compensation and benefits	-8,638,000	-7,489,000	-24,720,000	-21,091,000	'
General, administrative and other expenses	-1,872,000	-3,213,000	-6,609,000	-8,467,000	'
Fee related earnings (loss)	11,739,000	13,616,000	36,896,000	41,663,000	'
Performance fees-realized	5,075,000	17,361,000	22,775,000	66,127,000	'
Performance fees-unrealized	35,106,000	38,752,000	98,450,000	16,200,000	'
Performance fee compensation - realized	-4,058,000	-13,844,000	-18,220,000	-52,901,000	'
Performance fee compensation - unrealized	-27,307,000	-30,324,000	-77,044,000	-12,052,000	'
Net performance fees	8,816,000	11,945,000	25,961,000	17,374,000	'
Investment income (loss) - realized	1,269,000	163,000	5,048,000	4,665,000	'
Investment income (loss) - unrealized	9,081,000	5,880,000	36,096,000	2,046,000	'
Interest, dividend and other investment income	1,312,000	1,930,000	4,679,000	4,570,000	'
Interest expense	-630,000	-867,000	-2,037,000	-2,686,000	'
Net investment income (loss)	11,032,000	7,106,000	43,786,000	8,595,000	'
Performance related earnings (loss)	19,848,000	19,051,000	69,747,000	25,969,000	'
Economic net income (loss)	31,587,000	32,667,000	106,643,000	67,632,000	'
Distributable earnings (loss)	14,145,000	17,760,000	47,780,000	59,832,000	'
Total assets	594,350,000	446,958,000	594,350,000	446,958,000	'
Ares Management L.P and Consolidated Funds | Operating segment | Direct Lending Group	'	'	'	'	'
Management fees	'	'	'	'	'
Recurring fees (includes, in the case of the Direct Lending Group, $31,156, $32,014 of ARCC Part I Fees for the three months ended September 30, 2014 and 2013 and $85,140 and $81,511 for nine months ended September 30, 2014 and 2013, respectively)	68,953,000	65,596,000	199,963,000	173,297,000	'
Total management fees	68,953,000	65,596,000	199,963,000	173,297,000	'
Administrative fees and other income	108,000	83,000	474,000	248,000	'
Compensation and benefits	-34,815,000	-34,050,000	-99,780,000	-90,568,000	'
General, administrative and other expenses	-3,684,000	-2,710,000	-7,843,000	-6,771,000	'
Fee related earnings (loss)	30,562,000	28,919,000	92,814,000	76,206,000	'
Performance fees-realized	'	'	39,000	'	'
Performance fees-unrealized	14,148,000	10,258,000	20,040,000	10,657,000	'
Performance fee compensation - realized	-10,000	'	-38,000	37,000	'
Performance fee compensation - unrealized	-8,349,000	-6,071,000	-11,874,000	-6,368,000	'
Net performance fees	5,789,000	4,187,000	8,167,000	4,326,000	'
Investment income (loss) - realized	430,000	-357,000	-1,102,000	1,122,000	'
Investment income (loss) - unrealized	3,888,000	2,677,000	5,627,000	1,794,000	'
Interest, dividend and other investment income	175,000	1,092,000	418,000	3,447,000	'
Interest expense	-221,000	-682,000	-857,000	-1,947,000	'
Net investment income (loss)	4,272,000	2,730,000	4,086,000	4,416,000	'
Performance related earnings (loss)	10,061,000	6,917,000	12,253,000	8,742,000	'
Economic net income (loss)	40,623,000	35,836,000	105,067,000	84,948,000	'
Distributable earnings (loss)	30,288,000	28,735,000	89,501,000	76,781,000	'
Total assets	260,060,000	267,780,000	260,060,000	267,780,000	'
Ares Management L.P and Consolidated Funds | Operating segment | Tradable Credit Group	'	'	'	'	'
Management fees	'	'	'	'	'
Recurring fees (includes, in the case of the Direct Lending Group, $31,156, $32,014 of ARCC Part I Fees for the three months ended September 30, 2014 and 2013 and $85,140 and $81,511 for nine months ended September 30, 2014 and 2013, respectively)	37,038,000	33,463,000	106,802,000	94,887,000	'
Previously deferred fees	'	13,893,000	'	15,032,000	'
Total management fees	37,038,000	47,356,000	106,802,000	109,919,000	'
Administrative fees and other income	3,000	25,000	53,000	79,000	'
Compensation and benefits	-10,813,000	-9,475,000	-32,071,000	-26,829,000	'
General, administrative and other expenses	-2,741,000	-3,229,000	-10,333,000	-9,192,000	'
Fee related earnings (loss)	23,487,000	34,677,000	64,451,000	73,977,000	'
Performance fees-realized	31,599,000	22,130,000	66,094,000	53,816,000	'
Performance fees-unrealized	-44,526,000	14,580,000	-42,635,000	44,365,000	'
Performance fee compensation - realized	-6,973,000	-2,194,000	-28,465,000	-13,502,000	'
Performance fee compensation - unrealized	13,476,000	-11,698,000	10,301,000	-38,302,000	'
Net performance fees	-6,424,000	22,818,000	5,295,000	46,377,000	'
Investment income (loss) - realized	6,868,000	16,341,000	31,453,000	49,331,000	'
Investment income (loss) - unrealized	-3,225,000	-6,438,000	-18,625,000	-18,346,000	'
Interest, dividend and other investment income	2,222,000	2,093,000	6,801,000	2,914,000	'
Interest expense	-447,000	-512,000	-1,377,000	-1,797,000	'
Net investment income (loss)	5,418,000	11,484,000	18,252,000	32,102,000	'
Performance related earnings (loss)	-1,006,000	34,302,000	23,547,000	78,479,000	'
Economic net income (loss)	22,481,000	68,979,000	87,998,000	152,456,000	'
Distributable earnings (loss)	54,185,000	71,449,000	133,741,000	162,400,000	'
Total assets	531,158,000	697,305,000	531,158,000	697,305,000	'
Ares Management L.P and Consolidated Funds | Operating segment | Real Estate Group	'	'	'	'	'
Management fees	'	'	'	'	'
Recurring fees (includes, in the case of the Direct Lending Group, $31,156, $32,014 of ARCC Part I Fees for the three months ended September 30, 2014 and 2013 and $85,140 and $81,511 for nine months ended September 30, 2014 and 2013, respectively)	25,299,000	17,578,000	61,983,000	22,534,000	'
Total management fees	25,299,000	17,578,000	61,983,000	22,534,000	'
Administrative fees and other income	1,333,000	1,522,000	4,119,000	1,536,000	'
Compensation and benefits	-12,092,000	-10,050,000	-35,265,000	-17,251,000	'
General, administrative and other expenses	-3,311,000	-4,435,000	-11,911,000	-6,860,000	'
Fee related earnings (loss)	11,229,000	4,615,000	18,926,000	-41,000	'
Performance fees-realized	799,000	'	799,000	'	'
Performance fees-unrealized	477,000	2,784,000	11,152,000	2,784,000	'
Performance fee compensation - unrealized	-42,000	'	-608,000	'	'
Net performance fees	1,234,000	2,784,000	11,343,000	2,784,000	'
Investment income (loss) - realized	413,000	-27,000	842,000	-107,000	'
Investment income (loss) - unrealized	460,000	1,574,000	233,000	-5,520,000	'
Interest, dividend and other investment income	89,000	534,000	286,000	1,631,000	'
Interest expense	-267,000	-514,000	-970,000	-936,000	'
Net investment income (loss)	695,000	1,567,000	391,000	-4,932,000	'
Performance related earnings (loss)	1,929,000	4,351,000	11,734,000	-2,148,000	'
Economic net income (loss)	13,158,000	8,966,000	30,660,000	-2,189,000	'
Distributable earnings (loss)	3,773,000	-1,146,000	7,615,000	-6,563,000	'
Total assets	192,772,000	220,176,000	192,772,000	220,176,000	'
Ares Management L.P and Consolidated Funds | OMG	'	'	'	'	'
Segment reporting	'	'	'	'	'
Number of independent shared resource groups to support entity's operating segments	'	'	5	'	'
Management fees	'	'	'	'	'
Administrative fees and other income	5,261,000	4,388,000	15,326,000	12,865,000	'
Compensation and benefits	-27,050,000	-22,788,000	-80,668,000	-61,475,000	'
General, administrative and other expenses	-14,005,000	-11,351,000	-40,524,000	-25,519,000	'
Fee related earnings (loss)	-35,794,000	-29,751,000	-105,866,000	-74,129,000	'
Economic net income (loss)	-35,794,000	-29,751,000	-105,866,000	-74,129,000	'
Distributable earnings (loss)	-37,067,000	-30,113,000	-110,419,000	-75,206,000	'
Total assets	9,629,000	9,363,000	9,629,000	9,363,000	'
Ares Management L.P and Consolidated Funds | Stand Alone	'	'	'	'	'
Management fees	'	'	'	'	'
Recurring fees (includes, in the case of the Direct Lending Group, $31,156, $32,014 of ARCC Part I Fees for the three months ended September 30, 2014 and 2013 and $85,140 and $81,511 for nine months ended September 30, 2014 and 2013, respectively)	153,676,000	140,726,000	436,940,000	361,437,000	'
Previously deferred fees	'	13,893,000	'	15,032,000	'
Total management fees	153,676,000	154,619,000	436,940,000	376,469,000	'
Administrative fees and other income	6,568,000	6,246,000	20,009,000	15,228,000	'
Compensation and benefits	-93,408,000	-83,852,000	-272,504,000	-217,214,000	'
General, administrative and other expenses	-25,613,000	-24,938,000	-77,220,000	-56,809,000	'
Fee related earnings (loss)	41,223,000	52,076,000	107,225,000	117,676,000	'
Performance fees-realized	37,473,000	39,492,000	89,707,000	119,943,000	'
Performance fees-unrealized	5,205,000	66,374,000	87,007,000	74,006,000	'
Performance fee compensation - realized	-11,041,000	-16,037,000	-46,723,000	-66,366,000	'
Performance fee compensation - unrealized	-22,222,000	-48,093,000	-79,225,000	-56,721,000	'
Net performance fees	9,415,000	41,734,000	50,766,000	70,861,000	'
Investment income (loss) - realized	8,980,000	16,120,000	36,241,000	55,011,000	'
Investment income (loss) - unrealized	10,204,000	3,693,000	23,331,000	-20,026,000	'
Interest, dividend and other investment income	3,798,000	5,649,000	12,184,000	12,559,000	'
Interest expense	-1,565,000	-2,575,000	-5,241,000	-7,365,000	'
Net investment income (loss)	21,417,000	22,887,000	66,515,000	40,181,000	'
Performance related earnings (loss)	30,832,000	64,621,000	117,281,000	111,042,000	'
Economic net income (loss)	72,055,000	116,697,000	224,506,000	228,718,000	'
Distributable earnings (loss)	65,324,000	86,685,000	168,218,000	217,244,000	'
Total assets	$1,587,969,000	$1,641,582,000	$1,587,969,000	$1,641,582,000	'

SEGMENT_REPORTING_Details_2

SEGMENT REPORTING (Details 2) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
Reconcile segment results to the Company's income before taxes and total assets	'	'	'	'	'
Revenues	$175,161	$135,877	$440,407	$332,716	'
Expenses	203,337	237,037	646,569	559,897	'
Other income	-48,709	512,147	595,441	755,330	'
Economic net income / Income before taxes	-76,885	410,987	389,279	528,149	'
Total assets	22,015,235	25,142,148	22,015,235	25,142,148	23,705,384
Ares Management L.P and Consolidated Funds | Operating segment	'	'	'	'	'
Reconcile segment results to the Company's income before taxes and total assets	'	'	'	'	'
Revenues	197,661	262,343	618,333	572,783	'
Expenses	111,228	138,782	354,478	310,117	'
Other income	21,417	22,887	66,515	40,181	'
Economic net income / Income before taxes	107,849	146,448	330,372	302,847	'
Total assets	1,578,340	1,632,219	1,578,340	1,632,219	'
Ares Management L.P and Consolidated Funds | Reconciling items	'	'	'	'	'
Reconcile segment results to the Company's income before taxes and total assets	'	'	'	'	'
Revenues	-22,500	-126,466	-177,926	-240,067	'
Expenses	92,109	98,255	292,091	249,780	'
Other income	-70,128	489,261	528,926	715,149	'
Economic net income / Income before taxes	-184,734	264,539	58,907	225,302	'
Total assets	$20,436,895	$23,509,929	$20,436,895	$23,509,929	'

SEGMENT_REPORTING_Details_3

SEGMENT REPORTING (Details 3) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Segment revenues	'	'	'	'
Total revenues	$175,161	$135,877	$440,407	$332,716
Segment expenses	'	'	'	'
Total expenses	203,337	237,037	646,569	559,897
Segment other income	'	'	'	'
Net investment income	-48,709	512,147	595,441	755,330
Ares Management L.P and Consolidated Funds | Operating segment	'	'	'	'
Segment revenues	'	'	'	'
Management fees	153,676	154,619	436,940	376,469
Administrative fees and other income	1,307	1,859	4,679	2,365
Performance fees-realized	37,473	39,492	89,707	119,943
Performance fees-unrealized	5,205	66,374	87,007	74,006
Total revenues	197,661	262,343	618,333	572,783
Segment expenses	'	'	'	'
Compensation and benefits	66,358	61,064	191,836	155,739
General, administrative and other expenses	11,608	13,587	36,696	31,290
Performance fee compensation - realized	11,041	16,037	46,723	66,366
Performance fee compensation - unrealized	22,222	48,093	79,225	56,721
Total expenses	111,228	138,782	354,478	310,117
Segment other income	'	'	'	'
Investment income (loss) - realized	8,980	16,120	36,241	55,011
Investment income (loss) - unrealized	10,204	3,693	23,331	-20,026
Interest, dividend and other investment income	3,798	5,649	12,184	12,559
Interest expense	-1,565	-2,575	-5,241	-7,365
Net investment income	$21,417	$22,887	$66,515	$40,181

SEGMENT_REPORTING_Details_4

SEGMENT REPORTING (Details 4) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue adjustment	'	'	'	'
Revenues	$175,161	$135,877	$440,407	$332,716
Ares Management L.P and Consolidated Funds | Reconciling items	'	'	'	'
Revenue adjustment	'	'	'	'
Revenues	-22,500	-126,466	-177,926	-240,067
Ares Management L.P and Consolidated Funds | Reconciling items | AREA Sponsor Holdings, LLC	'	'	'	'
Revenue adjustment	'	'	'	'
Performance fees - Realized reclass	-800	-2,783	-800	-2,783
Performance fees - Unrealized reclass	-406	'	-10,137	'
Ares Management L.P and Consolidated Funds | OMG	'	'	'	'
Revenue adjustment	'	'	'	'
Administrative fees and other income	5,261	4,388	15,326	12,865
Consolidated Funds | Reconciling items | AREA Sponsor Holdings, LLC	'	'	'	'
Revenue adjustment	'	'	'	'
Performance fees - Realized reclass	800	2,783	800	2,783
Performance fees - Unrealized reclass	406	'	10,137	'
Consolidated Funds | Eliminations	'	'	'	'
Revenue adjustment	'	'	'	'
Revenues	($26,555)	($128,069)	($182,319)	($250,146)

SEGMENT_REPORTING_Details_5

SEGMENT REPORTING (Details 5) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Expenses adjustment	'	'	'	'	'
Equity compensation expense	$7,520	$8,705	$11,949	$63,138	$21,377
Income tax expense	2,399	4,790	'	971	35,552
Total expenses	203,337	237,037	'	646,569	559,897
Ares Management L.P and Consolidated Funds | Reconciling items	'	'	'	'	'
Expenses adjustment	'	'	'	'	'
Acquisition-related expenses	4,871	6,019	'	7,584	8,836
Equity compensation expense	7,521	8,705	'	75,088	21,377
Income tax expense	'	120	'	'	461
Placement fees and underwriting costs	3,267	1,027	'	7,825	2,600
Amortization of intangibles	6,143	23,515	'	21,692	28,113
Depreciation expense	1,844	1,622	'	5,651	4,569
Total expenses	92,109	98,255	'	292,091	249,780
Ares Management L.P and Consolidated Funds | OMG	'	'	'	'	'
Expenses adjustment	'	'	'	'	'
Income tax expense	399	'	'	608	'
Total expenses	41,055	34,139	'	121,192	86,994
Consolidated Funds | Reconciling items	'	'	'	'	'
Expenses adjustment	'	'	'	'	'
Consolidated Fund expenses added in consolidation	53,685	85,803	'	144,014	242,461
Consolidated Fund expenses eliminated in consolidation	($26,276)	($62,695)	'	($90,956)	($145,630)

SEGMENT_REPORTING_Details_6

SEGMENT REPORTING (Details 6) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Other income adjustment	'	'	'	'
Net investment income	($48,709)	$512,147	$595,441	$755,330
Ares Management L.P and Consolidated Funds | Reconciling items	'	'	'	'
Other income adjustment	'	'	'	'
Net investment income	-70,128	489,261	528,926	715,149
Ares Management L.P and Consolidated Funds | Reconciling items | AREA Sponsor Holdings, LLC	'	'	'	'
Other income adjustment	'	'	'	'
Performance fees - Realized reclass	-800	-2,783	-800	-2,783
Performance fees - Unrealized reclass	-406	'	-10,137	'
Consolidated Funds | Reconciling items	'	'	'	'
Other income adjustment	'	'	'	'
Consolidated Funds other income added in consolidation, net	-55,422	504,101	572,490	746,281
Other income from Consolidated Funds eliminated in consolidation, net	-12,645	-17,621	-51,240	-33,913
Loss on disposal of fixed assets	-2,937	'	-2,937	'
Consolidated Funds | Reconciling items | AREA Sponsor Holdings, LLC	'	'	'	'
Other income adjustment	'	'	'	'
Performance fees - Realized reclass	800	2,783	800	2,783
Performance fees - Unrealized reclass	406	'	10,137	'
ACRE | Reconciling items	'	'	'	'
Other income adjustment	'	'	'	'
Non-cash other expense	($324)	'	($324)	'

SEGMENT_REPORTING_Details_7

SEGMENT REPORTING (Details 7) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Economic net income	'	'	'	'	'
Income (loss) before taxes	($76,885)	$410,987	'	$389,279	$528,149
Adjustments	'	'	'	'	'
Equity compensation expenses	7,520	8,705	11,949	63,138	21,377
Income tax expense	2,399	4,790	'	971	35,552
Economic net income	-76,885	410,987	'	389,279	528,149
Ares Management L.P and Consolidated Funds | Operating segment	'	'	'	'	'
Adjustments	'	'	'	'	'
Amortization of intangibles	6,143	23,515	'	21,692	28,113
Depreciation expense	1,844	1,622	'	5,651	4,569
Equity compensation expenses	7,521	8,705	'	75,088	21,377
Income tax expense	228	120	'	572	461
Acquisition-related expenses	4,871	6,019	'	7,584	8,836
Placement fees and underwriting costs	3,267	1,027	'	7,825	2,600
OMG expenses, net	-77,017	-81,827	'	-213,087	-191,805
Loss on fixed asset disposal	2,937	'	'	2,937	'
Non-cash other expense	324	'	'	324	'
Economic net income	107,849	146,448	'	330,372	302,847
Ares Management L.P and Consolidated Funds | OMG	'	'	'	'	'
Adjustments	'	'	'	'	'
Income tax expense	399	'	'	608	'
OMG expenses, net	35,794	29,751	'	105,866	74,129
Economic net income	-35,794	-29,751	'	-105,866	-74,129
Ares Management L.P and Consolidated Funds | Reconciling items	'	'	'	'	'
Adjustments	'	'	'	'	'
Amortization of intangibles	6,143	23,515	'	21,692	28,113
Depreciation expense	1,844	1,622	'	5,651	4,569
Equity compensation expenses	7,521	8,705	'	75,088	21,377
Income tax expense	'	120	'	'	461
Acquisition-related expenses	4,871	6,019	'	7,584	8,836
Placement fees and underwriting costs	3,267	1,027	'	7,825	2,600
Economic net income	-184,734	264,539	'	58,907	225,302
Consolidated Funds	'	'	'	'	'
Adjustments	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds	96,675	-292,925	'	-261,597	-239,661
Consolidated Funds | Operating segment	'	'	'	'	'
Adjustments	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds	120,369	-337,582	'	-288,364	-346,615
Income tax expense (benefit) of non-controlling interests in Consolidated Funds	1,662	2,278	'	2,492	-18,776
Consolidated Funds | Reconciling items	'	'	'	'	'
Adjustments	'	'	'	'	'
Loss on fixed asset disposal	-2,937	'	'	-2,937	'
Economic net income	$184,734	($264,539)	'	($58,907)	($225,302)

SEGMENT_REPORTING_Details_8

SEGMENT REPORTING (Details 8) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Fee related earnings	'	'	'	'	'
Income (loss) before taxes	($76,885)	$410,987	'	$389,279	$528,149
Adjustments	'	'	'	'	'
Equity compensation expenses	7,520	8,705	11,949	63,138	21,377
Income tax expense	2,399	4,790	'	971	35,552
Economic net income (loss)	-76,885	410,987	'	389,279	528,149
Net investment income	48,709	-512,147	'	-595,441	-755,330
Ares Management L.P and Consolidated Funds | Operating segment	'	'	'	'	'
Adjustments	'	'	'	'	'
Amortization of intangibles	6,143	23,515	'	21,692	28,113
Depreciation expense	1,844	1,622	'	5,651	4,569
Equity compensation expenses	7,521	8,705	'	75,088	21,377
Income tax expense	228	120	'	572	461
Acquisition-related expenses	4,871	6,019	'	7,584	8,836
Placement fees and underwriting costs	3,267	1,027	'	7,825	2,600
Loss on fixed asset disposal	2,937	'	'	2,937	'
Non-cash other expense	324	'	'	324	'
Economic net income (loss)	107,849	146,448	'	330,372	302,847
Total performance fees income - realized	-37,473	-39,492	'	-89,707	-119,943
Total performance fees income - unrealized	-5,205	-66,374	'	-87,007	-74,006
Total performance fee compensation - realized	11,041	16,037	'	46,723	66,366
Total performance fee compensation - unrealized	22,222	48,093	'	79,225	56,721
Net investment income	-21,417	-22,887	'	-66,515	-40,181
Management fees	153,676	154,619	'	436,940	376,469
Administrative fees and other income	1,307	1,859	'	4,679	2,365
Compensation and benefits	-66,358	-61,064	'	-191,836	-155,739
General, administrative and other expenses	-11,608	-13,587	'	-36,696	-31,290
Fee related earnings	77,017	81,827	'	213,087	191,805
Ares Management L.P and Consolidated Funds | Reconciling items	'	'	'	'	'
Adjustments	'	'	'	'	'
Amortization of intangibles	6,143	23,515	'	21,692	28,113
Depreciation expense	1,844	1,622	'	5,651	4,569
Equity compensation expenses	7,521	8,705	'	75,088	21,377
Income tax expense	'	120	'	'	461
Acquisition-related expenses	4,871	6,019	'	7,584	8,836
Placement fees and underwriting costs	3,267	1,027	'	7,825	2,600
Economic net income (loss)	-184,734	264,539	'	58,907	225,302
Net investment income	70,128	-489,261	'	-528,926	-715,149
Ares Management L.P and Consolidated Funds | OMG	'	'	'	'	'
Adjustments	'	'	'	'	'
Income tax expense	399	'	'	608	'
Economic net income (loss)	-35,794	-29,751	'	-105,866	-74,129
Administrative fees and other income	5,261	4,388	'	15,326	12,865
Compensation and benefits	-27,050	-22,788	'	-80,668	-61,475
General, administrative and other expenses	-14,005	-11,351	'	-40,524	-25,519
Fee related earnings	-35,794	-29,751	'	-105,866	-74,129
Consolidated Funds	'	'	'	'	'
Adjustments	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds	96,675	-292,925	'	-261,597	-239,661
Consolidated Funds | Operating segment	'	'	'	'	'
Adjustments	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds	120,369	-337,582	'	-288,364	-346,615
Income tax expense (benefit) of non-controlling interests in Consolidated Funds	1,662	2,278	'	2,492	-18,776
Consolidated Funds | Reconciling items	'	'	'	'	'
Adjustments	'	'	'	'	'
Loss on fixed asset disposal	-2,937	'	'	-2,937	'
Economic net income (loss)	$184,734	($264,539)	'	($58,907)	($225,302)

SEGMENT_REPORTING_Details_9

SEGMENT REPORTING (Details 9) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Performance Related Earnings:	'	'	'	'	'
Income (loss) before taxes	($76,885)	$410,987	'	$389,279	$528,149
Adjustments	'	'	'	'	'
Equity compensation expenses	7,520	8,705	11,949	63,138	21,377
Income tax expense	2,399	4,790	'	971	35,552
Economic net income (loss)	-76,885	410,987	'	389,279	528,149
Net investment income (loss)	-48,709	512,147	'	595,441	755,330
Ares Management L.P and Consolidated Funds | Operating segment	'	'	'	'	'
Adjustments	'	'	'	'	'
Amortization of intangibles	6,143	23,515	'	21,692	28,113
Depreciation expense	1,844	1,622	'	5,651	4,569
Equity compensation expenses	7,521	8,705	'	75,088	21,377
Income tax expense	228	120	'	572	461
Acquisition-related expenses	4,871	6,019	'	7,584	8,836
Placement fees and underwriting costs	3,267	1,027	'	7,825	2,600
OMG expenses, net	-77,017	-81,827	'	-213,087	-191,805
Loss on fixed asset disposal	2,937	'	'	2,937	'
Non-cash other expense	324	'	'	324	'
Economic net income (loss)	107,849	146,448	'	330,372	302,847
Total management fees	-153,676	-154,619	'	-436,940	-376,469
Administrative fees and other income	-1,307	-1,859	'	-4,679	-2,365
Compensation and benefits	66,358	61,064	'	191,836	155,739
General, administrative and other expenses	11,608	13,587	'	36,696	31,290
Total performance fees income - realized	37,473	39,492	'	89,707	119,943
Total performance fees income - unrealized	5,205	66,374	'	87,007	74,006
Total performance fee compensation - realized	-11,041	-16,037	'	-46,723	-66,366
Total performance fee compensation - unrealized	-22,222	-48,093	'	-79,225	-56,721
Net investment income (loss)	21,417	22,887	'	66,515	40,181
Performance related earnings (loss)	30,832	64,621	'	117,281	111,042
Ares Management L.P and Consolidated Funds | OMG	'	'	'	'	'
Adjustments	'	'	'	'	'
Income tax expense	399	'	'	608	'
OMG expenses, net	35,794	29,751	'	105,866	74,129
Economic net income (loss)	-35,794	-29,751	'	-105,866	-74,129
Administrative fees and other income	-5,261	-4,388	'	-15,326	-12,865
Compensation and benefits	27,050	22,788	'	80,668	61,475
General, administrative and other expenses	14,005	11,351	'	40,524	25,519
Consolidated Funds	'	'	'	'	'
Adjustments	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds	96,675	-292,925	'	-261,597	-239,661
Consolidated Funds | Operating segment	'	'	'	'	'
Adjustments	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds	120,369	-337,582	'	-288,364	-346,615
Income tax expense (benefit) of non-controlling interests in Consolidated Funds	$1,662	$2,278	'	$2,492	($18,776)

SEGMENT_REPORTING_Details_10

SEGMENT REPORTING (Details 10) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Distributable Earnings	'	'	'	'	'
Income (loss) before taxes	($76,885)	$410,987	'	$389,279	$528,149
Adjustments	'	'	'	'	'
Equity compensation expenses	7,520	8,705	11,949	63,138	21,377
Less:	'	'	'	'	'
Income tax expense	-2,399	-4,790	'	-971	-35,552
Parent Company	'	'	'	'	'
Adjustments	'	'	'	'	'
Investment and other income realized, net	-1,609	-202	'	-4,847	-55
Less:	'	'	'	'	'
Non-cash depreciation and amortization	'	'	'	-28,156	'
Ares Management L.P and Consolidated Funds | Operating segment	'	'	'	'	'
Adjustments	'	'	'	'	'
Amortization of intangibles	6,143	23,515	'	21,692	28,113
Equity compensation expenses	7,521	8,705	'	75,088	21,377
Non-cash acquisition related expenses	4,871	6,019	'	7,584	8,836
Taxes paid	-625	'	'	-1,180	'
Non-cash other expense	324	'	'	324	'
Unrealized performance fees	-5,205	-66,374	'	-87,007	-74,006
Unrealized performance fee compensation	22,222	48,093	'	79,225	56,721
Unrealized investment and other loss	-10,204	-3,693	'	-23,331	20,026
Distributable earnings (loss)	-102,391	-116,798	'	-278,637	-292,450
Fee related earnings (loss)	77,017	81,827	'	213,087	191,805
Performance fees-realized	37,473	39,492	'	89,707	119,943
Performance fee compensation - realized	-11,041	-16,037	'	-46,723	-66,366
Investment and other income realized, net	11,215	19,194	'	43,184	60,207
Net performance related earnings-realized	37,647	42,647	'	86,168	113,784
Less:	'	'	'	'	'
One-time acquisition costs	-4,871	-5,269	'	-5,507	-6,586
Income tax expense	-228	-120	'	-572	-461
Placement fees and underwriting costs	-3,267	-1,027	'	-7,825	-2,600
Non-cash depreciation and amortization	-3,904	-1,260	'	-6,715	-3,492
Distributable Earnings	102,391	116,798	'	278,637	292,450
Ares Management L.P and Consolidated Funds | OMG	'	'	'	'	'
Adjustments	'	'	'	'	'
Distributable earnings (loss)	37,067	30,113	'	110,419	75,206
Fee related earnings (loss)	-35,794	-29,751	'	-105,866	-74,129
Less:	'	'	'	'	'
One-time acquisition costs	'	'	'	2,077	'
Income tax expense	-399	'	'	-608	'
Non-cash depreciation and amortization	874	362	'	1,872	1,077
Distributable Earnings	-37,067	-30,113	'	-110,419	-75,206
Consolidated Funds	'	'	'	'	'
Adjustments	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds	96,675	-292,925	'	-261,597	-239,661
Consolidated Funds | Operating segment	'	'	'	'	'
Adjustments	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests and redeemable non-controlling interests in Consolidated Funds	120,369	-337,582	'	-288,364	-346,615
Income tax expense (benefit) of non-controlling interests in Consolidated Funds	$1,662	$2,278	'	$2,492	($18,776)

SEGMENT_REPORTING_Details_11

SEGMENT REPORTING (Details 11) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013
In Thousands, unless otherwise specified
Reconciliation of total segment assets to total assets	'	'	'
Total assets	$22,015,235	$23,705,384	$25,142,148
Ares Management L.P and Consolidated Funds | Reconciling items	'	'	'
Reconciliation of total segment assets to total assets	'	'	'
Total assets	20,436,895	'	23,509,929
Ares Management L.P and Consolidated Funds | OMG	'	'	'
Reconciliation of total segment assets to total assets	'	'	'
Total assets	9,629	'	9,363
Consolidated Funds | Reconciling items	'	'	'
Reconciliation of total segment assets to total assets	'	'	'
Total assets from Consolidated Funds eliminated in consolidation	-814,279	'	-827,007
Total assets from Consolidated Funds added in consolidation	$21,241,545	'	$24,327,573

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (Subsequent event, USD $)	1 Months Ended	0 Months Ended			0 Months Ended
	Nov. 30, 2014	Oct. 08, 2014	Oct. 08, 2014	Oct. 08, 2014	Oct. 30, 2014	Oct. 30, 2014
		Ares Finance Co, LLC	Ares Finance Co, LLC	Ares Finance Co, LLC	Affiliate of Company	Affiliate of Company
		Senior note	Promissory notes	Promissory notes	Energy Investors Funds ("EIF")	Senior note
			Promissory note, one	Promissory note, two	item	Energy Investors Funds ("EIF")
Subsequent events	'	'	'	'	'	'
Quarterly distribution declared (in dollars per unit)	$0.24	'	'	'	'	'
Offering amount	'	$250,000,000	$150,000,000	$13,900,000	'	'
Interest rate (as a percent)	'	4.00%	'	'	'	4.00%
Percentage of face amount sold	'	98.27%	'	'	'	'
Percentage of redemption price (as a percent)	'	100.00%	'	'	'	'
Face amount	'	250,000,000	150,000,000	13,900,000	'	'
Purchase price	'	'	'	'	$4,000,000,000	'
Number of commingled funds and related co-investment vehicles acquired	'	'	'	'	4	'

CONSOLIDATING_SCHEDULES_Detail

CONSOLIDATING SCHEDULES (Details) (USD $)

Sep. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Apr. 30, 2014

Dec. 31, 2013

Apr. 30, 2014

Dec. 31, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2014

Apr. 30, 2014

Dec. 31, 2013

Dec. 31, 2012

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

In Thousands, except Share data, unless otherwise specified

Predecessor

Eliminations

Eliminations

Consolidated Company Entities

Consolidated Company Entities

Consolidated Company Entities

Consolidated Company Entities

Consolidated Company Entities

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Parent Company

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Consolidated Funds

Ares Operating Group entities

Ares Operating Group entities

Ares Operating Group entities

Ares Operating Group entities

Ares Operating Group entities

Eliminations

Eliminations

Reportable legal entity

Reportable legal entity

Reportable legal entity

Predecessor

Predecessor

Predecessor

Predecessor

Predecessor

Eliminations

Eliminations

Reportable legal entity

Reportable legal entity

Predecessor

Reportable legal entity

Reportable legal entity

Predecessor

Assets

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents

'

'

'

'

'

'

'

'

'

$75,087

$89,802

'

$75,087

'

$89,802

'

$89,802

$223,362

$68,457

$1,368,144

'

$1,638,003

'

$1,638,003

'

'

$1,368,144

$1,638,003

'

'

'

'

'

Restricted cash and cash equivalents

'

'

'

'

'

'

'

'

'

18,525

13,344

'

18,525

'

13,344

'

13,344

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investments, at fair value

'

'

'

'

'

'

'

-447,790

-414,853

603,358

504,291

'

155,568

'

89,438

'

89,438

'

'

19,417,334

'

20,823,338

'

20,823,338

'

'

19,417,334

20,823,338

'

'

'

'

'

Performance fees receivable

'

'

'

'

'

'

'

-345,972

-344,069

526,763

481,751

'

180,791

'

137,682

'

137,682

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans held for investment, net

77,308

84,088

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

77,308

'

'

'

'

'

'

77,308

'

'

'

'

'

'

Derivative assets, at fair value

'

'

'

'

'

'

'

'

'

7,789

1,164

'

7,789

'

1,164

'

1,164

'

'

5,514

'

14,625

'

14,625

'

'

5,514

14,625

'

'

'

'

'

Due from affiliates

'

'

'

'

'

'

'

-19,408

-21,705

152,894

130,625

'

133,486

'

108,920

'

108,920

'

'

11,104

'

2,010

'

2,010

-1,012

'

12,116

2,010

'

'

'

'

'

Intangible assets, net

'

'

'

'

'

'

'

'

'

46,993

68,742

'

46,993

'

68,742

'

68,742

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Goodwill

'

'

'

'

'

'

'

'

'

85,679

58,159

'

85,679

'

58,159

'

58,159

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other assets

'

'

'

'

'

'

'

-97

-23,304

70,881

96,904

'

70,784

'

73,600

'

73,600

'

'

13,593

'

25,528

'

25,528

'

-1,977

13,593

27,505

'

'

'

'

'

Dividends and interest receivable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

82,202

'

133,158

'

133,158

'

'

82,202

133,158

'

'

'

'

'

Receivable for securities sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

265,334

'

427,871

'

427,871

'

'

265,334

427,871

'

'

'

'

'

Total assets

22,015,235

'

23,705,384

25,142,148

23,705,384

-814,279

-805,908

'

'

1,587,969

1,444,782

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

21,241,545

23,066,510

'

'

'

'

'

Liabilities

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt obligations

'

'

'

'

'

'

'

'

'

163,912

153,119

'

163,912

'

153,119

'

153,119

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable, accrued expenses and other liabilities

'

'

'

'

'

'

'

-1,494

-2,064

86,783

69,550

'

85,289

'

67,486

'

67,486

'

'

76,297

'

95,839

'

95,839

-253

'

76,550

95,839

'

'

'

'

'

Payable for securities purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,158,321

'

945,115

'

945,115

'

'

1,158,321

945,115

'

'

'

'

'

Deferred tax liability, net

'

'

'

'

'

'

'

'

'

22,689

21,002

'

22,689

'

21,002

'

21,002

'

'

23,761

'

35,904

'

35,904

'

'

23,761

35,904

'

'

'

'

'

Performance fee compensation payable

'

'

'

'

'

'

'

'

'

360,230

295,978

'

360,230

'

295,978

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Equity compensation put option liability

'

'

'

'

'

'

'

'

'

20,000

'

'

20,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Derivative liabilities, at fair value

'

'

'

'

'

'

'

'

'

858

2,907

'

858

'

2,907

'

2,907

'

'

49,009

'

75,115

'

75,115

'

'

49,009

75,115

'

'

'

'

'

Accrued compensation

'

'

'

'

'

'

'

'

'

118,461

132,917

'

118,461

'

132,917

'

132,917

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Due to affiliates

'

'

'

'

'

'

'

-2,465

-2,459

19,358

35,149

'

16,893

'

32,690

'

32,690

'

'

2,514

'

2,695

'

2,695

-61,111

-89,516

63,625

92,211

'

'

'

'

'

Securities sold short, at fair value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,633

'

1,633

'

'

'

1,633

'

'

'

'

'

CLO loan obligations

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12,004,424

'

11,774,157

'

11,774,157

-70,002

-64,239

12,074,426

11,838,396

'

'

'

'

'

Fund borrowings

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

829,644

'

2,070,598

'

2,070,598

'

'

829,644

2,070,598

'

'

'

'

'

Mezzanine debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

329,698

'

323,164

'

323,164

'

'

329,698

323,164

'

'

'

'

'

Total liabilities

15,262,000

'

16,030,319

'

16,030,319

-135,325

-158,278

'

'

792,291

710,622

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

14,605,034

15,477,975

'

'

'

'

'

Commitments and contingencies

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Redeemable interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,063,221

1,096,099

1,093,770

1,100,108

1,093,770

'

'

1,063,221

1,093,770

24,985

40,751

40,751

24,985

40,751

Non-controlling interest in Consolidated Funds:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Non-controlling interest in Consolidated Funds

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,943,859

'

5,691,874

'

5,691,874

-678,951

-647,630

5,622,810

6,339,504

'

'

'

'

'

Equity appropriated for Consolidated Funds

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

-49,527

'

155,261

'

155,261

'

'

-49,527

155,261

'

'

'

'

'

Non-controlling interest

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,894,332

'

5,847,135

'

5,847,135

-678,951

-647,630

5,573,283

6,494,765

476,608

167,731

167,731

476,608

167,731

Members' equity and common stock of Predecessor

'

'

'

'

525,678

'

'

'

'

'

'

525,678

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Controlling interest in Ares Management, L.P.:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Partners' Capital (80,667,664 units issued and outstanding)

295,271

'

'

'

'

'

'

'

'

295,271

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accumulated other comprehensive gain

-1,182

'

'

'

'

'

'

'

'

-1,182

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total controlling interest in Ares Management, L.P

294,089

'

'

'

'

'

'

'

'

294,089

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total equity

5,665,029

'

6,540,544

'

6,540,544

-678,951

-647,630

'

'

770,697

693,409

'

5,665,029

5,650,645

'

5,650,645

6,540,544

'

'

'

'

'

'

'

'

'

5,573,283

6,494,765

'

'

'

'

'

Total liabilities, redeemable interests, non-controlling interests and equity

$22,015,235

'

$23,705,384

'

$23,705,384

($814,276)

($805,908)

'

'

$1,587,973

$1,444,782

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$21,241,538

$23,066,510

'

'

'

'

'

Units issued (in units)

80,667,664

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Units outstanding (in units)

80,667,664

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

CONSOLIDATING_SCHEDULES_Detail1

CONSOLIDATING SCHEDULES (Details 2) (USD $)	3 Months Ended		5 Months Ended	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2013
Revenues	'	'	'	'	'
Total revenues	$175,161	$135,877	'	$440,407	$332,716
Expenses	'	'	'	'	'
Total expenses	203,337	237,037	'	646,569	559,897
Other income (expense)	'	'	'	'	'
Total other income (expense)	-48,709	512,147	'	595,441	755,330
Income (loss) before taxes	-76,885	410,987	'	389,279	528,149
Income tax expense (benefit)	2,399	4,790	'	971	35,552
Net income (loss)	-79,284	406,197	'	388,308	492,597
Net income (loss)	13,971	'	31,815	31,815	'
Predecessor	'	'	'	'	'
Revenues	'	'	'	'	'
Total revenues	'	135,877	'	'	332,716
Expenses	'	'	'	'	'
Total expenses	'	237,037	'	'	559,897
Other income (expense)	'	'	'	'	'
Total other income (expense)	'	512,147	'	'	755,330
Income (loss) before taxes	'	410,987	'	'	528,149
Income tax expense (benefit)	'	4,790	'	'	35,552
Net income (loss)	'	406,197	'	'	492,597
Net income (loss)	'	55,758	'	'	117,149
Affiliated entity | ARCC	'	'	'	'	'
Revenues	'	'	'	'	'
Management fees (includes ARCC Part I Fees of [$31,156, $32,014] and $85,140, $81,511 for the three and nine months ended September 30, 2014 and 2013, respectively) fees	31,156	32,014	'	85,140	81,511
Affiliated entity | ARCC | Predecessor	'	'	'	'	'
Revenues	'	'	'	'	'
Management fees (includes ARCC Part I Fees of [$31,156, $32,014] and $85,140, $81,511 for the three and nine months ended September 30, 2014 and 2013, respectively) fees	'	32,014	'	'	81,511
Eliminations	'	'	'	'	'
Revenues	'	'	'	'	'
Total revenues	-26,555	-128,069	'	-182,319	-250,146
Expenses	'	'	'	'	'
Total expenses	-26,276	-62,695	'	-90,956	-145,630
Other income (expense)	'	'	'	'	'
Total other income (expense)	-12,645	-17,621	'	-51,240	-33,913
Income (loss) before taxes	-12,924	-82,995	'	-142,603	-138,429
Net income (loss)	-12,924	-82,995	'	-142,603	-138,429
Consolidated Company Entities | Eliminations	'	'	'	'	'
Revenues	'	'	'	'	'
Management fees (includes ARCC Part I Fees of [$31,156, $32,014] and $85,140, $81,511 for the three and nine months ended September 30, 2014 and 2013, respectively) fees	-26,212	-45,768	'	-84,501	-107,412
Performance fees	413	-82,537	'	-96,503	-142,298
Other fees	-756	236	'	-1,315	-436
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	-1,713	-3,133	'	-6,098	-7,151
Net realized gain (loss) on investments	-7,835	-16,649	'	-36,565	-54,779
Net change in unrealized appreciation (depreciation) on investments	506	-4,618	'	-8,507	16,247
Consolidated Company Entities | Reportable legal entity	'	'	'	'	'
Revenues	'	'	'	'	'
Management fees (includes ARCC Part I Fees of [$31,156, $32,014] and $85,140, $81,511 for the three and nine months ended September 30, 2014 and 2013, respectively) fees	153,676	154,619	'	436,940	376,469
Performance fees	41,472	103,081	'	165,777	191,165
Other fees	6,568	6,246	'	20,009	15,228
Total revenues	201,716	263,946	'	622,726	582,862
Expenses	'	'	'	'	'
Compensation and benefits	100,928	93,307	'	347,591	240,841
Performance fee compensation	33,263	64,130	'	125,948	123,087
General, administrative and other expense	41,737	56,492	'	119,972	99,138
Total expenses	175,928	213,929	'	593,511	463,066
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	2,365	5,847	'	13,771	12,614
Interest expense	-1,565	-2,575	'	-5,241	-7,365
Other income (expense), net	-1,609	-202	'	-4,847	-55
Net realized gain (loss) on investments	9,560	16,120	'	37,039	55,011
Net change in unrealized appreciation (depreciation) on investments	10,607	6,477	'	33,469	-17,243
Total other income (expense)	19,358	25,667	'	74,191	42,962
Income (loss) before taxes	45,146	75,684	'	103,406	162,758
Income tax expense (benefit)	4,061	7,068	'	3,463	16,776
Net income (loss)	41,085	68,616	'	99,943	145,982
Consolidated Company Entities | Reportable legal entity | Predecessor	'	'	'	'	'
Other income (expense)	'	'	'	'	'
Net income (loss)	'	55,758	'	'	117,149
Parent Company	'	'	'	'	'
Revenues	'	'	'	'	'
Management fees (includes ARCC Part I Fees of [$31,156, $32,014] and $85,140, $81,511 for the three and nine months ended September 30, 2014 and 2013, respectively) fees	127,464	108,851	'	352,439	269,057
Performance fees	41,885	20,544	'	69,274	48,867
Other fees	5,812	6,482	'	18,694	14,792
Expenses	'	'	'	'	'
Compensation and benefits	100,928	93,307	'	347,591	240,841
Performance fee compensation	33,263	64,130	'	125,948	123,087
General, administrative and other expense	41,737	56,492	'	119,972	99,138
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	652	2,714	'	7,673	5,463
Interest expense	-1,565	-2,575	'	-5,241	-7,365
Other income (expense), net	-1,609	-202	'	-4,847	-55
Net realized gain (loss) on investments	1,725	-529	'	474	232
Net change in unrealized appreciation (depreciation) on investments	11,113	1,859	'	24,962	-996
Parent Company | Predecessor	'	'	'	'	'
Revenues	'	'	'	'	'
Management fees (includes ARCC Part I Fees of [$31,156, $32,014] and $85,140, $81,511 for the three and nine months ended September 30, 2014 and 2013, respectively) fees	'	108,851	'	'	269,057
Performance fees	'	20,544	'	'	48,867
Other fees	'	6,482	'	'	14,792
Expenses	'	'	'	'	'
Compensation and benefits	'	93,307	'	'	240,841
Performance fee compensation	'	64,130	'	'	123,087
General, administrative and other expense	'	56,492	'	'	99,138
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	'	2,714	'	'	5,463
Interest expense	'	-2,575	'	'	-7,365
Other income (expense), net	'	-202	'	'	-55
Net realized gain (loss) on investments	'	-529	'	'	232
Net change in unrealized appreciation (depreciation) on investments	'	1,859	'	'	-996
Consolidated Funds	'	'	'	'	'
Expenses	'	'	'	'	'
Consolidated Fund expenses	27,409	23,108	'	53,058	96,831
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	189,600	331,488	'	738,283	945,018
Interest expense	-215,524	-103,814	'	-564,307	-336,786
Net realized gain (loss) on investments	-30,972	22,125	'	71,833	88,996
Net change in unrealized appreciation (depreciation) on investments	-2,129	261,081	'	326,611	60,823
Less: Net income (loss) attributable to non-controlling interests	-96,675	292,925	'	261,597	239,661
Less: Net income (loss) attributable to redeemable interests	-23,694	44,657	'	26,767	106,954
Consolidated Funds | Predecessor	'	'	'	'	'
Expenses	'	'	'	'	'
Consolidated Fund expenses	'	23,108	'	'	96,831
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	'	331,488	'	'	945,018
Interest expense	'	-103,814	'	'	-336,786
Net realized gain (loss) on investments	'	22,125	'	'	88,996
Net change in unrealized appreciation (depreciation) on investments	'	261,081	'	'	60,823
Less: Net income (loss) attributable to non-controlling interests	'	292,925	'	'	239,661
Less: Net income (loss) attributable to redeemable interests	'	44,657	'	'	106,954
Consolidated Funds | Eliminations	'	'	'	'	'
Expenses	'	'	'	'	'
Consolidated Fund expenses	-26,276	-62,695	'	-90,956	-145,630
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	-1,512	-169	'	-1,769	-542
Interest expense	1,380	-245	'	4,100	6,950
Net change in unrealized appreciation (depreciation) on investments	-3,471	7,193	'	-2,401	5,362
Less: Net income (loss) attributable to non-controlling interests	-17,390	-80,911	'	-141,304	-136,239
Less: Net income (loss) attributable to redeemable interests	4,466	-2,084	'	-1,299	-2,190
Consolidated Funds | Reportable legal entity	'	'	'	'	'
Expenses	'	'	'	'	'
Consolidated Fund expenses	53,685	85,803	'	144,014	242,461
Total expenses	53,685	85,803	'	144,014	242,461
Other income (expense)	'	'	'	'	'
Interest, dividend and other investment income	191,112	331,657	'	740,052	945,560
Interest expense	-216,904	-103,569	'	-568,407	-343,736
Net realized gain (loss) on investments	-30,972	22,125	'	71,833	88,996
Net change in unrealized appreciation (depreciation) on investments	1,342	253,888	'	329,012	55,461
Total other income (expense)	-55,422	504,101	'	572,490	746,281
Income (loss) before taxes	-109,107	418,298	'	428,476	503,820
Income tax expense (benefit)	-1,662	-2,278	'	-2,492	18,776
Net income (loss)	-107,445	420,576	'	430,968	485,044
Less: Net income (loss) attributable to non-controlling interests	-79,285	373,836	'	402,901	375,900
Less: Net income (loss) attributable to redeemable interests	-28,160	46,741	'	28,066	109,144
Ares Operating Group entities	'	'	'	'	'
Other income (expense)	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests	26,923	12,895	'	67,556	28,011
Less: Net income (loss) attributable to redeemable interests	191	-38	'	573	822
Ares Operating Group entities | Predecessor	'	'	'	'	'
Other income (expense)	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests	'	12,895	'	'	28,011
Less: Net income (loss) attributable to redeemable interests	'	-38	'	'	822
Ares Operating Group entities | Reportable legal entity	'	'	'	'	'
Other income (expense)	'	'	'	'	'
Less: Net income (loss) attributable to non-controlling interests	26,923	12,895	'	67,556	28,011
Less: Net income (loss) attributable to redeemable interests	$191	($38)	'	$573	$822