Ares Management (ARES) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 04, 2016
Document and Entity Information
Entity Registrant Name	ARES MANAGEMENT LP
Entity Central Index Key	1,176,948
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		80,690,612
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Total assets	$ 4,336,333	$ 4,321,408
Liabilities
Total liabilities	$ 3,375,026	$ 3,329,497
Commitments and contingencies
Controlling interest in Ares Management, LP
Partners' Capital (80,690,612 and 80,679,600 units, issued and outstanding at March 31, 2016 and December 31, 2015, respectively)	$ 236,270	$ 251,537
Accumulated other comprehensive loss	(5,642)	(4,619)
Total controlling interest in Ares Management, LP	230,628	246,918
Total equity	937,954	968,406
Total liabilities, redeemable interest, non-controlling interests and equity	4,336,333	4,321,408
Parent Company
Assets
Cash and cash equivalents	109,934	121,483	$ 69,372	$ 148,858
Investments (includes fair value investments of $473,806 and $446,779 at March 31, 2016 and December 31, 2015, respectively)	495,984	468,287
Performance fees receivable	524,271	534,661
Due from affiliates	165,781	144,982
Other assets	61,607	62,975
Intangible assets, net	77,689	84,971
Goodwill	144,017	144,067
Liabilities
Accounts payable, accrued expenses and other liabilities	108,304	102,626
Accrued compensation	55,911	125,032
Due to affiliates	38,100	12,901
Performance fee compensation payable	394,668	401,715
Debt obligations	471,274	389,120
Equity compensation put option liability	20,000	20,000
Deferred tax liability, net	21,603	21,288
Redeemable interest	23,353	23,505
Consolidated Funds
Assets
Cash and cash equivalents	123,871	159,507
Investments (includes fair value investments of $473,806 and $446,779 at March 31, 2016 and December 31, 2015, respectively)	2,553,169	2,559,783
Due from affiliates	11,955	12,923
Dividends and interest receivable	11,096	13,005
Receivable for securities sold	53,976	13,416
Other assets	2,983	1,348
Liabilities
Accounts payable, accrued expenses and other liabilities	13,429	18,951
Payable for securities purchased	71,480	51,778
CLO loan obligations, at fair value	2,167,773	2,174,352
Fund borrowings	12,484	11,734
Non-controlling interest in Consolidated Funds:
Non-controlling interest in Consolidated Funds	332,395	320,238
Equity appropriated for Consolidated Funds		3,367
Non-controlling interest in Consolidated Funds	332,395	323,605
AOG
Liabilities
Redeemable interest		23,505
Non-controlling interest in Consolidated Funds:
Non-controlling interest	$ 374,931	$ 397,883

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Partners' Capital units issued (in units)	80,690,612	80,679,600
Partners' Capital units outstanding (in units)	80,690,612	80,679,600
Parent Company
Investments, Fair Value Disclosure	$ 473,806	$ 446,779

Condensed Consolidated Stateme4

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Total revenues	$ 136,015	$ 269,905
Expenses
Total expenses	129,538	234,463
Other income (expense)
Total other income	(15,451)	11,007
Income before taxes	(8,974)	46,449
Income tax expense (benefit)	4,665	4,059
Net income (loss)	(13,639)	42,390
Net income attributable to Ares Management, L.P.	$ (3,090)	$ 18,456
Net income (loss) attributable to Ares Management L.P. per common unit
Basic (in dollars per unit)	$ (0.04)	$ 0.23
Diluted (in dollars per unit)	$ (0.04)	$ 0.23
Weighted-average common units
Basic (in units)	80,683,051	80,667,664
Diluted (in units)	80,683,051	80,667,664
Distributions declared and paid per common unit	$ 0.20	$ 0.24
Parent Company
Revenues
Management fees (includes ARCC Part 1 Fees)	$ 158,433	$ 158,701
Performance fees	(29,947)	104,925
Other fees	7,529	6,279
Expenses
Compensation and benefits	110,679	101,851
Performance fee compensation	(21,330)	76,392
General, administrative and other expenses	39,962	45,547
Other income (expense)
Net interest and other investment income (expense)	(3,359)	1,413
Other income (expense), net	5,241	(1,876)
Net realized and unrealized gain on investments	5,142	14,839
Consolidated Funds
Expenses
Consolidated Funds' expenses	227	10,673
Other income (expense)
Net interest and other investment income (expense)	7,332	8,905
Net realized and unrealized gain on investments	(29,807)	(12,274)
Less: Net (income) loss attributable to non-controlling interests	(11,979)	(11,115)
AOG
Other income (expense)
Less: Net (income) loss attributable to non-controlling interests	1,420	34,806
Less: Net income attributable to redeemable interests	$ 10	$ 243

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Consolidated Funds
Interest expense	$ 22,449	$ 17,101
Parent Company
Management fees, Part 1	158,433	158,701
Interest expense	4,855	3,684
Parent Company | Affiliated entity | ARCC
Management fees, Part 1	$ 28,625	$ 29,042

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Net income (loss)	$ (13,639)	$ 42,390
Other comprehensive income:
Foreign currency translation adjustments	(2,697)	(2,949)
Total comprehensive income (loss)	(16,336)	39,441
Parent Company
Other comprehensive income:
Comprehensive income (loss)	(4,113)	17,364
AOG
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	(243)	33,059
Less: Comprehensive income (loss) attributable to redeemable interests	(1)	231
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	$ (11,979)	$ (11,213)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands	Parent CompanyPartners' Capital	Parent CompanyAccumulated Other Comprehensive Loss	Parent CompanyNon-Controlling interest	Consolidated FundsEquity Appropriated for Consolidated Funds	Consolidated FundsNon-Controlling Interest in Consolidated Funds	Total
Partners' Capital, beginning balance at Dec. 31, 2015	$ 251,537	$ (4,619)	$ 397,883	$ 3,367	$ 320,238	$ 968,406
Increase (Decrease) in Partners' Capital [Roll Forward]
Changes in ownership interests	(51)		(310)			(361)
Deferred tax assets (liabilities) arising from allocation of contributions and Partners' capital	726		(25)			701
Contributions					47,366	47,366
Distributions	(16,137)		(27,727)		(23,230)	(67,094)
Net income (loss)	(3,090)		1,420		(11,979)	(13,649)
Currency translation adjustment		(1,023)	(1,663)			(2,686)
Equity compensation	3,285		5,353			8,638
Partners' Capital, ending balance at Mar. 31, 2016	$ 236,270	$ (5,642)	$ 374,931		$ 332,395	937,954
Increase (Decrease) in Partners' Capital [Roll Forward]
Cumulative effect of accounting change due to the adoption of ASU 2014-13				$ (3,367)		$ (3,367)

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net income (loss)	$ (13,639)	$ 42,390
Allocable to non-controlling interest in Consolidated Funds:
Net cash used in operating activities	(25,248)	(597,858)
Cash flows from investing activities:
Net cash used in investing activities	(2,799)	(67,693)
Allocable to non-controlling interest in Consolidated Funds:
Net cash provided by financing activities	17,382	589,809
Parent Company
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	9,173	7,921
Depreciation and amortization	9,738	12,618
Net realized and unrealized gain on investments	(5,142)	(14,839)
Contingent consideration	228	1,251
Investments purchased	(23,424)	(32,233)
Proceeds from sale of investments	5,520	18,476
Cash flows due to changes in operating assets and liabilities:
Net performance fees receivable	3,343	(4,718)
Due to/from affiliates	3,268	5,669
Other assets	914	30,166
Accrued compensation and benefits	(69,089)	(74,738)
Accounts payable, accrued expenses and other liabilities	3,486	(34,977)
Deferred taxes	315	1,165
Cash flows from investing activities:
Acquisitions, net of cash acquired		(64,437)
Purchase of furniture, equipment and leasehold improvements, net	(2,799)	(3,256)
Cash flows from financing activities:
Other financing activities	362	(85)
Proceeds from credit facility	127,000	60,000
Repayments of credit facility	(45,000)
Distributions	(44,051)	(57,679)
Allocable to non-controlling interest in Consolidated Funds:
Effect of exchange rate changes	(884)	(3,744)
Net decrease in cash and cash equivalents	(11,549)	(79,486)
Cash and cash equivalents, beginning of period	121,483	148,858
Cash and cash equivalents, end of period	109,934	69,372
Supplemental information:
Cash paid during the period for interest	1,505	303
Cash paid during the period for income taxes	1,875	17
Issuance of AOG Units to non-controlling interest holders in connection with acquisition		25,468
Consolidated Funds
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized gain on investments	29,807	12,274
Allocable to non-controlling interests in Consolidated Funds:
Receipt of non-cash interest income and dividends from investments	(2,284)	(1,969)
Amortization on debt and investments	(500)	756
Investments purchased	(188,040)	(859,776)
Proceeds from sale or pay down of investments	195,765	328,663
Allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	35,636	1,005,892
Cash relinquished with deconsolidation of Consolidated Funds		(870,390)
Change in other assets and receivables held at Consolidated Funds	(39,319)	(19,187)
Change in other liabilities and payables held at Consolidated Funds	18,996	(152,272)
Allocable to non-controlling interest in Consolidated Funds:
Contributions from non-controlling interest holders in Consolidated Funds	47,366	531
Distributions to non-controlling interests in Consolidated Funds	(23,230)	(28,454)
Borrowings under loan obligation by Consolidated Funds	750	615,735
Repayments under loan obligations by Consolidated Funds	(45,091)	(409)
Cash and cash equivalents, beginning of period	159,507
Cash and cash equivalents, end of period	123,871
Supplemental information:
Cash paid during the period for interest	12,913	11,763
Cash paid during the period for income taxes	$ 122	$ 279

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	1. ORGANIZATION Ares Management, L.P. (the “Company”), a Delaware limited partnership formed on November 15, 2013, is a leading global alternative asset management firm that operates three distinct but complementary investment groups: the Credit Group, the Private Equity Group and the Real Estate Group. Information about segments should be read together with Note 14, “Segment Reporting.” Subsidiaries of Ares Management LLC (“AM LLC”), a subsidiary of the Company, serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”), 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 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 Company is a holding partnership, and the Company’s sole assets are equity interests in Ares Holdings Inc. (“AHI”), Ares Domestic Holdings, Inc. (“Domestic Holdings”), Ares Offshore Holdings, Ltd., AI Holdco LLC (“AI”), and Ares Real Estate Holdings LLC. In this quarterly report, the following of the Company’s subsidiaries are collectively referred to as the “Ares Operating Group”: Ares Domestic Holdings L.P. (“Ares Domestic”), Ares Offshore Holdings L.P. (“Ares Offshore”), Ares Real Estate Holdings L.P. (“Ares Real Estate”), Ares Holdings L.P. (“Ares Holdings”), and Ares Investments L.P. (“Ares Investments”). The Company, indirectly through its wholly owned subsidiaries, is the general partner of each of the Ares Operating Group entities. The Company operates and controls all of the businesses and affairs of and conducts all of its material business activities through, the Ares Operating Group. Non-Controlling Interests in Ares Operating Group Entities The non-controlling interests in Ares Operating Group (“AOG”) (collectively, the “Ares Operating Group Units” or “AOG Units”) represent a component of equity and net income attributable to the owners of AOG Units that are not held directly or indirectly by the Company. These interests are adjusted for contributions to and distributions from AOG 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. 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. As of March 31, 2016, the Company owned a 37.87% direct interest, or 80,690,612 AOG Units, in each of the Ares Operating Group entities; Ares Owners Holding L.P. owns a 56.26% direct interest, or 119,874,362 AOG Units, in each of the Ares Operating Group entities; and an affiliate of Alleghany Corporation (such affiliate, “Alleghany”) owns a 5.87% direct interest, or 12,500,000 AOG Units, in each of the Ares Operating Group entities. For the three months ended March 31, 2016, the daily average ownership of AOG Units in each of the AOG entities by Ares Owners Holding L.P., Alleghany and the Company was 56.26% , 5.87% and 37.87% , respectively.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission. The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. These Consolidated Funds include 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 that have been consolidated pursuant to GAAP. Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying condensed consolidated financial statements; 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 in the accompanying condensed consolidated financial statements. Further, cash flows allocable to non-controlling interest in Consolidated Funds are specifically identifiable in the Condensed Consolidated Statements of Cash Flows. All intercompany balances and transactions have been eliminated upon consolidation . The Company has reclassified certain prior period amounts to conform to the current presentation. Equity Appropriated for Consolidated Funds and Adoption of ASU 2014-13 Effective January 1, 2016, the Company adopted FASB Accounting Standards Update (“ASU”) No. 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). The Company applied the guidance using a modified retrospective approach by recording a cumulative-effect adjustment of $3.4 million to equity appropriated for Consolidated Funds as of January 1, 2016. Prior to the adoption of ASU 2014-13, the Company elected the fair value option for eligible liabilities to mitigate the accounting mismatch between the carrying value of the assets and liabilities of its consolidated CLOs. As a result, the Company accounted for the excess of fair value of assets over liabilities as an increase in equity appropriated for Consolidated Funds. Pursuant to the adoption of ASU 2014-13, the Company is required to determine whether the fair values of the financial assets or financial liabilities are more observable. B eginning January 1, 2016, the Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company). Equity Compensation Forfeitures In accordance with ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) (“ASU 2016-09”), the Company elected to recognize share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Prior to the adoption of ASU 2016-09, the Company applied an estimated forfeiture rate as a reduction of current period equity compensation expense. Recent Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The objective of the guidance in ASU 2016-01 is to enhance the reporting model for financial instruments to provide more decision-useful information. ASU 2016-01 requires an entity to carry all of its investments in equity securities at fair value, and to recognize periodic changes of that fair value in income. This guidance excludes equity method investments, investments that result in the consolidation of the investee and investments for which the entity has elected the practicability exception to the fair value measurement requirements. The guidance should be applied using a cumulative-effect adjustment to the beginning balance of retained earnings as of the beginning of the fiscal year in which the guidance becomes effective. ASU 2016-01 is effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods within those reporting periods. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The objective of the guidance in ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and liabilities in the balance sheet and disclosing key information. ASU 2016-02 amends previous lease guidance, which required a lessee to categorize and account for leases as either operating leases or capital leases, and instead requires a lessee to recognize a lease liability and a right-of-use asset on the entity’s balance sheet for all leases with terms that exceed one year. The lease liability and right-of-use asset are to be carried at the present value of remaining expected future lease payments. The guidance should be applied using a modified retrospective approach. ASU 2016-02 is effective for public entities for annual reporting periods beginning after December 15, 2018 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323). ASU 2016-07 removes the requirement to retroactively apply the equity method of accounting for an investment that becomes eligible for the equity method due to an increase in the level of ownership interest or degree of influence. The investment should be accounted for as an equity method investment as of the date that it becomes qualified for such treatment. At this date, any unrealized holding gain (loss), if the investment was an available-for-sale equity security, should be recognized in earnings. ASU 2016-07 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The objective of the guidance in ASU 2016-08 is to provide clarity on the application of the current principal versus agent guidance. ASU 2016-08 clarifies how an entity should determine whether it is acting as a principal or an agent for each specified good or service promised to a customer and how to determine the nature of each specified good or service. The effective date and transition requirements of ASU 2016-08 are the same as that of ASU 2014-09. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09. The objective of the guidance in ASU 2016-09 is to reduce the cost and complexity of providing stock compensation information while maintaining or improving the usefulness of the information. ASU 2016-09 amends previous guidance around when and how excess tax benefits or deficiencies should be recognized, and now requires excess tax benefits to be recognized in the income statement, regardless of whether it will reduce the Company’s taxes payable in the current period. ASU 2016-09 also allows companies to elect whether to use an estimated forfeiture rate, or to recognize forfeitures as they occur. Another change related to this update, is the movement of excess tax benefits from stock options from financing activities to operating activities within the Condensed Consolidated Statements of Cash Flows. ASU 2016-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company adopted ASU 2016-09 as of January 1, 2016 using a modified retrospective approach and the cumulative adjustment to the Company’s equity components had no net impact to the Company’s total equity. See Note 13 for a detailed impact of the adoption of this guidance.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2016
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS	3. GOODWILL AND INTANGIBLE ASSETS Finite ‑Lived Intangible Assets, Net The Company’s intangible assets include management contracts, client relationships, a trade name, and the future benefits of managing new assets for existing clients that were recognized at fair value as of their acquisition dates. The following table summarizes the carrying value, net of accumulated amortization, for the Company’s intangible assets: Weighted Average Amortization Period As of March 31, As of December 31, At March 31, 2016 2016 2015 Management contracts 2.4 years $ $ Client relationships 12.3 years Trade name 6.3 years Foreign currency translation Total intangible assets acquired Less: accumulated amortization Intangible assets, net $ $ Amortization expense associated with intangible assets was $7.3 million and $10. 9 million for the three months ended March 31, 2016 and 2015, respectively, and is included in general, administrative and other expenses within the Condensed Consolidated Statements of Operations. In the first quarter of 2016, the Company removed $51.5 million of intangible assets that were fully amortized. Goodwill The following table summarizes the carrying value of the Company's goodwill assets: Private Real Credit Equity Estate Total Balance as of December 31, 2015 $ $ $ $ Foreign currency translation — — Balance as of March 31, 2016 $ $ $ $ There was no impairment of goodwill recorded as of March 31, 2016 or December 31, 2015.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2016
INVESTMENTS
INVESTMENTS	4. INVESTMENTS The Company’s investments are comprised of investments presented at fair value in accordance with the investment company guidance, equity-method investments (using the equity method or fair value option) and held-to-maturity investments. Fair Value Investments, excluding Equity-method Investments Held at Fair Value Fair value as a percentage of total Fair value at investments at March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Private Investment Partnership Interests: AREA Sponsor Holdings, LLC $ $ % % ACE II Master Fund, L.P. (1)(2) % % Ares Corporate Opportunities Fund III, L.P. % % Ares Corporate Opportunities Fund IV, L.P. (2) % % Ares Enhanced Credit Opportunities Fund, L.P. % % Resolution Life L.P. % % Other private investment partnership Interests (1)(3) % % Total private investment partnership interests (cost: $311,187 and $297,026 at March 31, 2016 and December 31, 2015, respectively) % % Collateralized Loan Obligations Interests: Collateralized loan obligations interests % % Total collateralized loan obligations (cost: $58,556 and $53,669 at March 31, 2016 and December 31, 2015, respectively) % % Common Stock: Common stock % % Total common stock (cost: $118 and $116 at March 31, 2016 and December 31, 2015, respectively) % % Total fair value investments (cost: $369,861 and $350,811 at March 31, 2016 and December 31, 2015, respectively) $ $ % % (1) Investment or portion of the investment is denominated in foreign currency; fair value is translated into U.S. dollars at each reporting date (2) Represents underlying security that is held through various legal entities (3) No single issuer or investment had a fair value that exceeded 5% of the Company's total investments. Equity-Method Investments The Company’s equity-method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company's equity-method investments, including those where the fair value option was elected, are summarized below: As of March 31, 2016 As of December 31, 2015 Equity-method investments $ $ Equity-method investments at fair value Total equity-method investments $ $ Held-to-Maturity Investments The Company classifies its securities investments as held-to-maturity investments when the Company has the positive intent and ability to hold the securities to maturity. Held-to-maturity securities are reported as investments and are recorded at amortized cost. A summary of the cost and fair value of CLO notes classified as held-to-maturity investments is as follows: March 31, December 31, 2016 2015 Amortized Cost $ $ Unrealized loss, net Fair value $ $ Based on the Company’s ability and intent to hold the investments until maturity, the Company has determined that the net unrealized losses are deemed to be temporary impairments as of March 31, 2016 and December 31, 2015, respectively. There were no sales of held-to-maturity investments during the three months ended March 31, 2016 and 2015 . All contractual maturities are due after 10 years as of March 31, 2016 . Actual maturities may differ from contractual maturities because some borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Investments of the Consolidated Funds Investments held in the Consolidated Funds are summarized below: Fair value as a percentage of total Fair value at investments at March 31, December 31, March 31, December 31, 2016 2015 2016 2015 United States: Fixed income securities: Consumer discretionary $ $ % % Consumer staples % % Energy % % Financials % % Healthcare, education and childcare % % Industrials % % Information technology % % Materials % % Partnership interests % % Telecommunication services % % Utilities % % Total fixed income securities (cost: $1,458,969 and $1,462,570 at March 31, 2016 and December 31, 2015, respectively) % % Equity securities: Healthcare, education and childcare % % Telecommunication services % % Total equity securities (cost: $8,304 at March 31, 2016 and December 31, 2015, respectively) $ $ % % Fair value as a percentage of total Fair value at investments at March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Europe: Fixed income securities: Consumer discretionary $ $ % % Consumer staples % % Financials % % Healthcare, education and childcare % % Industrials % % Information technology % % Materials % % Telecommunication services % % Utilities % % Total fixed income securities (cost: $862,992 and $836,217 at March 31, 2016 and December 31, 2015, respectively) % % Equity securities: Consumer discretionary % % Consumer staples % % Healthcare, education and childcare % % Telecommunication services % % Total equity securities (cost: $80,830 and $ 80,827 at March 31, 2016 and December 31, 2015, respectively) % % Asia and other: Fixed income securities: Consumer discretionary % % Financials — % — % Healthcare, education and childcare % % Telecommunication services % % Total fixed income securities (cost: $55,384 and $57,868 at March 31, 2016 and December 31, 2015, respectively) % % Equity securities: Consumer discretionary % % Consumer staples % % Healthcare, education and childcare % % Industrials % % Total equity securities (cost: $118,730 at March 31, 2016 and December 31, 2015, respectively) $ $ % % Fair value as a percentage of total Fair value at investments at March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Canada: Fixed income securities: Consumer discretionary $ $ % % Consumer staples % % Energy % % Healthcare, education and childcare % % Industrials % % Telecommunication services % % Total fixed income securities (cost: $35,731 and $34,397 at March 31, 2016 and December 31, 2015, respectively) % % Australia: Fixed income securities: Energy % % Industrials % % Utilities % % Total fixed income securities (cost: $39,602 and $39,574 at March 31, 2016 and December 31, 2015, respectively) % % Equity securities: Telecommunication services % % Utilities % % Total equity securities (cost: $25,524 at March 31, 2016 and December 31, 2015, respectively) % % Total fixed income securities % % Total equity securities % % Total investments, at fair value $ $ % % At March 31, 2016 and December 31, 2015, 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	3 Months Ended
	Mar. 31, 2016
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 where fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: · Level I —Quoted prices in active markets for identical instruments. · Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model ‑derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices 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 —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. Fair Value of Financial Instruments Held by the Company and Consolidated Funds The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016: Investments of the Company, at fair value Level I Level II Level III Investments Measured at NAV Total Collateralized loan obligations $ — $ — $ $ — $ Total fixed income — — — Equity securities — — — Partnership interests — — Total investments, at fair value — Derivative assets of the Company, at fair value Foreign exchange contracts — — — Total derivative assets, at fair value — — — Total $ $ $ $ $ Derivative liabilities of the Company, at fair value Foreign exchange contracts $ — $ $ — $ — $ Interest rate contracts — — — Total derivative liabilities, at fair value $ — $ $ — $ — $ Investments of Consolidated Funds, at fair value Level I Level II Level III Investments Measured at NAV Total Bonds $ — $ $ $ — $ Loans — — Collateralized loan obligations — — — Total fixed income — — Equity securities — Partnership interests — — — Other — — — Total investments, at fair value $ $ $ $ — $ Derivative liabilities of Consolidated Funds, at fair value Foreign exchange contracts $ — $ $ — $ — $ Others — — — Total derivative liabilities, at fair value — — Loan obligations of CLOs — — — Total $ — $ $ $ — $ The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015: Investments of the Company, at fair value Level I Level II Level III Investments Measured at NAV Total Collateralized loan obligations $ — $ — $ $ — $ Total fixed income — — — Equity securities — — — Partnership interests — — Total investments, at fair value — Derivative assets of the Company, at fair value Foreign exchange contracts — — — Total derivative assets, at fair value — — — Total $ $ $ $ $ Derivative liabilities of the Company, at fair value Foreign exchange contracts $ — $ $ — $ — $ Interest rate contracts — — — Total derivative liabilities, at fair value $ — $ $ — $ — $ Investments of Consolidated Funds, at fair value Level I Level II Level III Investments Measured at NAV Total Bonds $ — $ $ $ — $ Loans — — Collateralized loan obligations — — — Total fixed income — — Equity securities — Partnership interests — — — Other — — — Total investments, at fair value $ $ $ $ — $ Derivative liabilities of Consolidated Funds, at fair value Foreign exchange contracts $ — $ $ — $ — $ Others — — — Total derivative liabilities, at fair value — — Loan obligations of CLOs — — — Total $ — $ $ $ — $ The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016: Investments and Derivatives of the Company Fixed Income Partnership Interests Total Balance, beginning of period $ $ $ Purchases(1) Sales(2) — Realized and unrealized depreciation, net — Balance, end of period $ $ $ Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ $ — $ Other Partnership Financial Investments and Derivatives of Consolidated Funds Equity Securities Fixed Income Interests Instruments Total Balance, beginning of period $ $ $ $ $ Transfer in — — Transfer out — — Purchases(1) — — Sales(2) — Accrued discounts/premiums — — Realized and unrealized appreciation (depreciation), net Balance, end of period $ $ $ $ $ Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ $ $ $ $ (1) Purchases include paid ‑in ‑kind interest and securities received in connection with restructurings. (2) Sales include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2015: Investments and Derivatives of the Company Fixed Income Partnership Interests Total Balance, beginning of period $ — $ $ Deconsolidation of funds(3) — Purchases(1) Sales(2) — Realized and unrealized appreciation (depreciation), net — Balance, end of period $ $ $ Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ $ — $ Other Partnership Financial Investments and Derivatives of Consolidated Funds Equity Securities Fixed Income Interests Instruments Total Balance, beginning of period $ $ $ $ $ Deconsolidation of funds(4) Transfer in — — — Transfer out — — — Purchases(1) — — Sales(2) — Accrued discounts/premiums — — Realized and unrealized appreciation (depreciation), net — Balance, end of period $ $ $ — $ $ Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ $ $ — $ $ (1) Purchases include paid ‑in ‑kind interest and securities received in connection with restructurings. (2) Sales include distributions, principal redemptions and securities disposed of in connection with restructurings. (3) Balances for the Company were previously eliminated upon consolidation and not reported as Level III investments. (4) Represents investment in Consolidated Funds that were deconsolidated during the period. 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 three months ended March 31, 2016 and 2015, there were no transfers between Level I and Level II. The following table sets forth a summary of changes in the fair value of the Level III liabilities for the CLO loan obligations for the three months ended March 31, 2016 and 2015: For the Three Months Ended March 31, 2016 2015 Balance, beginning of period $ $ Accounting change due to the adoption of ASU 2014-13(1) — Deconsolidation of funds — Borrowings — Paydowns — Realized and unrealized gains, net — Balance, end of period $ — $ (1) Upon adoption of ASU 2014-13, the debt obligations of consolidated CLOs are no longer considered Level III financial liabilities under the GAAP fair value hierarchy. As of January 1, 2016, the debt obligations of consolidated CLOs are measured on the basis of the fair value of the financial assets of the CLO and are classified as Level II financial liabilities. The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of March 31, 2016: Fair Unobservable Value Valuation Technique(s) Input(s) Range Assets Partnership interests $ Discounted Cash Flow Discount Rate Partnership interests Recent Transaction Price (1) N/A N/A Collateralized loan obligations Broker quotes and/or 3rd party pricing services N/A N/A Total $ (1) Recent transaction price consists of securities recently purchased or restructured. 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 table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2015: Fair Unobservable Value Valuation Technique(s) Input(s) Range Assets Partnership interests $ Discounted Cash Flow Discount Rate Partnership interests Recent Transaction Price (1) N/A N/A Collateralized loan obligations Broker quotes and/or 3rd party pricing services N/A N/A Total $ (1) Recent transaction price consists of securities recently purchased or restructured. 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 table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of March 31, 2016: Weighted Fair Value Valuation Technique(s) Unobservable Input(s) Range Average Assets Equity securities $ EV market multiple analysis EBITDA multiple 1.6x -9.1x 5.4x Market approach (comparable companies) Net income multiple Illiquidity discount 9.1x - 40.0x 25% 20.6x 25% Broker quotes and/or 3rd party pricing services N/A N/A N/A Discounted cash flow Discount rate 14.0% 14.0% Fixed Income securities Broker quotes and/or 3rd party pricing services N/A N/A N/A EV market multiple analysis EBITDA multiple 1.6x - 11.0x 7.3x Income approach Yield 3.3% - 13.3% 9.4% Discounted cash flow Discount rate 11.0% - 15.3% 12.7% Market approach (comparable companies) EBITDA multiple 6.5x 6.5x Income approach Collection rates 1.2x 1.2x Income approach Constant prepayment rate Constant default rate Recovery rate 5.0% - 10.0% 11.9% - 25.1% 0.0% - 40.0% 6.9% 14.2% 15.0% Total assets $ Liabilities Derivatives instruments of Consolidated Funds Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2015: Fair Value Valuation Technique(s) Unobservable Input(s) Range Average Assets Equity securities EV market multiple analysis EBITDA multiple 1.6x - 10.4x 4.1x Market approach (comparable companies) Net income multiple 10.0x - 40.0x 21.7x Broker quotes and/or 3rd party pricing services N/A N/A N/A Recent transaction price (1) N/A N/A N/A Discounted cash flow Discount rate 14.0% 14.0% Fixed Income securities EV market multiple analysis EBITDA multiple 1.6x - 11.0x 7.8x Market approach (comparable companies) EBITDA multiple 6.5x 6.5x Broker quotes and/or 3rd party pricing services N/A N/A N/A Discounted cash flow Discount rate 11.0% - 15.3% 12.7% Income approach Yield 3.3% - 13.3% 9.1% Income approach Collection rates 1.2x 1.2x Income approach Constant prepayment rate Constant default rate Recovery rate 5.0% - 10.0% 11.9% - 25.1% 0.0% - 40.0% 7.1% 14.6% 16.8% Total assets $ Liabilities Loans payable of Consolidated Funds: Fixed income $ Broker quotes and/or 3rd party pricing services N/A N/A N/A Discounted cash flow Discount rate Constant prepayment rate Constant default rate Recovery rate 8.0% - 10.0% 19.7% - 20.0% 2.0% 70.0% - 71.1% 8.7% 19.8% 2.0% 70.8% Derivatives instruments of Consolidated Funds Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1) Recent transaction price consists of securities purchased or restructured. 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. A significant change in earnings before interest, tax, depreciation and amortization (“EBITDA”), or one of the other unobservable inputs in the table above, could result in a significantly higher or lower 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 restrictions of such investments are presented below: As of March 31, 2016 Segment Fair Value Unfunded Commitments Redemption Restriction(s) Credit Group $ $ (1)(2)(3) Private Equity Group Real Estate Group Operations Management Group (1)(2) Totals $ $ As of December 31, 2015 Segment Fair Value Unfunded Commitments Redemption Restriction(s) Credit Group $ $ (1)(2)(3) Private Equity Group Real Estate Group Operations Management Group (1)(2) Totals $ $ (1) Includes certain closed ‑ended funds that do not permit investors to redeem their interests. (2) Includes certain open ‑ended funds that are subject to a lock ‑up period of six months after the closing date; after which an investor has the right to withdraw its capital. (3) Includes certain funds that are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of a simple majority of investors.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	3 Months Ended
	Mar. 31, 2016
DERIVATIVE FINANCIAL INSTRUMENTS
DERIVATIVE FINANCIAL INSTRUMENTS	6. DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against credit and foreign exchange risk. The derivative instruments used by the Company and Consolidated Funds include warrants, currency options, interest rate swaps, total return swaps and forward contracts. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition. 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 March 31, 2016 and December 31, 2015. These amounts may be offset (to the extent that there is a legal right to offset) and presented on a net basis in other assets or accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition: As of March 31, 2016 Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Interest rate contracts $ — $ — $ $ Foreign exchange contracts Total derivatives, at fair value $ $ $ $ As of March 31, 2016 Assets Liabilities Consolidated Funds Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ — $ — $ $ Other financial instruments — — Total derivatives, at fair value — — Other—equity(2) — — Total $ $ $ $ (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) Includes the fair value of warrants which are presented within investments of the Consolidated Funds in the Condensed Consolidated Statements of Financial Condition. As of December 31, 2015 Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Interest rate contracts $ — $ — $ $ Foreign exchange contracts Total derivatives, at fair value $ $ $ $ As of December 31, 2015 Assets Liabilities Consolidated Funds Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ — $ — $ $ Other financial instruments — — Total derivatives, at fair value — — Other—equity(2) — — Total $ $ $ $ (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) Includes the fair value of warrants and equity distribution rights which are presented at fair value, within investments of the Consolidated Funds in the Condensed Consolidated Statements of Financial Condition. The tables below set forth the rights of offset and related arrangements associated with the Company’s derivative and other financial instruments as of March 31, 2016 and December 31, 2015. The columns titled “Gross Amounts Not Offset in the Statement of Financial Condition” in the tables below relate 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. Gross Amounts Not Offset in the Statement Gross Amounts of Gross Amounts Net Amounts of of Financial Condition Recognized Assets Offset in Assets Assets (Liabilities) Financial The Company as of March 31, 2016 (Liabilities) (Liabilities) Presented Instruments Net Amount Assets: Derivatives $ $ — $ $ $ Liabilities: Derivatives — Net derivatives liabilities $ $ — $ $ — $ Gross Amounts Not Offset in the Statement Gross Amounts of Gross Amounts Net Amounts of of Financial Condition Recognized Assets Offset in Assets Assets (Liabilities) Financial The Company as of December 31, 2015 (Liabilities) (Liabilities) Presented Instruments Net Amount Assets: Derivatives $ $ — $ $ $ Liabilities: Derivatives — Net derivatives assets $ $ — $ $ — $ The tables below set forth the rights of offset and related arrangements associated with the Consolidated Funds’ derivative and other financial instruments as of March 31, 2016 and December 31, 2015. The columns titled “Gross Amounts Not Offset in the Statement of Financial Condition” in the tables below relate 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. Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Net Amounts of Cash Collateral Recognized Assets Offset in Assets Assets (Liabilities) Financial Received Consolidated Funds as of March 31, 2016 (Liabilities) (Liabilities) Presented Instruments (Pledged) Net Amount Assets: Derivatives $ $ $ — $ — $ — $ — Liabilities: Derivatives — — Net derivatives liabilities $ $ — $ $ — $ — $ Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Net Amounts of Cash Collateral Recognized Assets Offset in Assets Assets (Liabilities) Financial Received Consolidated Funds as of December 31, 2015 (Liabilities) (Liabilities) Presented Instruments (Pledged) Net Amount Assets: Derivatives $ $ $ — $ — $ — $ — Liabilities: Derivatives — — Net derivatives liabilities $ $ — $ $ — $ — $

DEBT

DEBT	3 Months Ended
	Mar. 31, 2016
DEBT
DEBT	7. DEBT Debt represents the (a) revolving credit facility of the Ares Operating Group (the “Credit Facility”), (b) senior notes of a wholly owned subsidiary of Ares Holdings (the “Senior Notes”), (c) term loan of a wholly owned subsidiary of AM LLC (the “Term Loan”), (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 other debt obligations and borrowings of the Company, its subsidiaries and Consolidated Funds at cost. The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of March 31, 2016 As of December 31, 2015 Original Borrowing Carrying Carrying Maturity Amount Value Interest Rate Value Interest Rate Credit Facility(1) 4/30/2019 — $ 2.19% $ 2.11% Senior Notes (2) 10/8/2024 $ 4.21% 4.21% Term Loan(3) 7/29/2026 $ 2.47% 2.18% Total debt obligations $ $ (1) The Ares Operating Group entities are borrowers under the Credit Facility, which provides a $1.03 billion revolving line of credit with the ability to upsize to $1.28 billion (subject to obtaining commitments for any such additional borrowing capacity). It has a variable interest rate based on either LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with our underlying credit agency rating. Currently, base rate loans bear interest calculated based on the base rate plus 0.75% or and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.75% . The unused commitment fee is 0.25% per annum. There is a base rate and LIBOR floor of zero . (2) The Senior Notes were issued in October 2014 by Ares Finance Co. LLC (“AFC”), a subsidiary of the Company, at 98.268% of the face amount with interest paid semi-annually. The Company may redeem the Senior Notes prior to maturity, subject to the terms of the indenture. (3) In connection with risk retention requirements, the Term Loan was entered into in August 2015 by a subsidiary of the Company that acts as a manager to a CLO. The Term Loan is secured by collateral in the form of CLO senior tranches owned by the Company. To the extent the assets are not sufficient to cover the Term Loan, there is no further recourse to the Company to fund or repay the remaining balance. Interest is paid quarterly, and the Company also pays a fee of 0.025% of a maximum investment amount. As of March 31, 2016, the Company and its subsidiaries were in compliance with all covenants under the Credit Facility, Senior Notes and Term Loan obligations. The Company typically incurs and pays debt issuance costs when entering into a new debt obligation. Debt issuance costs may be recorded as a reduction of the corresponding debt obligation and are amortized over the term of the obligation. No new debt issuance costs were incurred in the three month periods ended March 31, 2016 and 2015. The unamortized portion of the Credit Facility debt issuance costs of $5.8 million and $6.2 million as of March 31, 2016 and December 31, 2015, respectively, is included in other assets in the Condensed Consolidated Statements of Financial Condition. The unamortized portion of the Senior Notes and Term Loan debt issuance costs of $2.2 million as of March 31, 2016 and December 31, 2015, is included in the net carrying value of the Company’s debt obligations in the Condensed Consolidated Statements of Financial Condition. Amortization of debt issuance costs was $0.5 million and $0.4 million for the three months ending March 31, 2016 and 2015, respectively, and is included in n et interest and investment income (expense) 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 March 31, 2016 and December 31, 2015, the following loan obligations were outstanding and classified as liabilities of the Company’s consolidated CLOs: As of March 31, 2016 As of December 31, 2015 Weighted Average Weighted Average Loan Fair Value of Remaining Loan Fair Value of Remaining Obligations Loan Obligations Maturity In Years Obligations Loan Obligations Maturity In Years Senior secured notes(1) $ $ $ $ Subordinated notes / preferred shares(2) Total loan obligations of Consolidated CLOs $ $ $ $ (1) Original borrowings under the senior secured notes totaled $2.2 billion, with various maturity dates ranging from October 2024 to December 2025. The weighted average interest rate as of March 31, 2016 was 3.44% . (2) Original borrowings under the subordinated notes totaled $199.3 billion, with various maturity dates ranging from October 2024 to December 2025. They 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. Credit Facilities of the Consolidated Funds Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities have no recourse to the Company. As of March 31, 2016 and December 31, 2015, 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 outstanding as of March 31, 2016 and December 31, 2015: As of March 31, 2016 As of December 31, 2015 Maturity Total Outstanding Outstanding Type of Facility Date Capacity Loan(1) Effective Rate Loan(1) Effective Rate Consolidated Funds credit facility 01/01/23 $ $ $ 2.00% Total borrowings of Consolidated Funds $ $ (1) The fair values of the borrowings approximate the carrying value, as the interest rate on the borrowings is a floating rate.

REDEEMABLE INTERESTS

REDEEMABLE INTERESTS	3 Months Ended
	Mar. 31, 2016
REDEEMABLE INTERESTS.
REDEEMABLE INTERESTS	8. REDEEMABLE INTERESTS The following table sets forth a summary of changes in the redeemable interests in the Ares Operating Group entities as of March 31, 2016: As of March 31, 2016 Beginning balance $ Distributions Net income Currency translation adjustment Equity compensation Ending Balance $

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and have not been recorded in the Condensed Consolidated Statements of Financial Condition. As of March 31, 2016, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Capital Commitments As of March 31, 2016 and December 31, 2015, the Company had aggregate unfunded commitments of $699.8 million and $436.4 million, respectively, including commitments to both non-consolidated funds and Consolidated Funds. The Company has a $75.0 million commitment to invest in certain funds managed by Kayne Anderson Capital Advisors, L.P. (“KACALP”). As of March 31, 2016, the Company had invested a total of $ 32.6 million in such funds with $42.4 million in unfunded commitments remaining. Guarantees On July 30, 2014, AM LLC agreed to provide credit support to a $75.0 million credit facility, (the “Guaranteed Facility”) entered into by a wholly owned subsidiary of Ares Commercial Real Estate Corporation (“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) in the event that AM LLC’s corporate credit rating is downgraded to below investment grade, among other things. ACRE pays 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 reimburses AM LLC for its out ‑of ‑pocket costs and expenses in connection with the Guaranteed Facility. The Company’s maximum exposure to loss shall not exceed $75.0 million plus accrued interest. The fair value of this guarantee recorded as of March 31, 2016 and December 31, 2015 was $1.7 million, and is included within accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition. The total outstanding balance under the Guaranteed Facility was $37.9 million and $66.2 million as of March 31, 2016 and December 31, 2015, respectively. This guarantee expires on June 30, 2016. The Company believes the likelihood of default by the subsidiary of ACRE to be remote. In connection with the acquisition of EIF, contingent consideration is payable to EIF’s former membership interest holders if certain funds and co-investment vehicles meet certain revenue and fee paying commitment targets. The fair value of the liability for contingent consideration is subject to change until the liability is settled with the related impact recorded to our Condensed Consolidated Statements of Operations within other income (expense), net. As of March 31, 2016 and December 31, 2015, the estimated fair value of the contingent consideration liability was $38.3 million and $38.1 million, respectively. Performance Fees Generally, if at the termination of a fund (and increasingly at interim points in the life of a fund), the fund has not achieved investment returns that (in most cases) exceed the preferred return threshold or (in all cases) the general partner receives net profits over the life of the fund in excess of its allocable share under the applicable partnership agreement, the Company will be obligated to repay carried interest that was received by the Company in excess of the amounts to which the Company is entitled. This contingent obligation is normally reduced by income taxes paid by the Company related to its carried interest. At March 31, 2016 and December 31, 2015, if the Company assumed all existing investments were worthless, the amount of performance fees subject to potential repayment, net of tax, which may differ from the recognition of revenue, would have been approximately $322.4 million and $322.2 million, respectively, of which approximately $248.1 million and $247.9 million, respectively, is reimbursable to the Company by certain professionals. Management believes the possibility of all of the investments becoming worthless is remote. As of December 31, 2015, if the funds were liquidated at their fair values, there would be no repayment obligation, and accordingly, the Company did not record a contingent repayment liability as of that date. Based on fair values of certain funds as of March 31, 2016, the Company has recorded a liability associated with the contingent repayment obligation of $25.4 million, of which, $16.4 million is recoverable from the Company’s senior professionals and other professionals who previously received performance fees, and as such has been recorded within due from affiliates on the Company’s Condensed Consolidated Statements of Financial Condition.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	10. 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 (“ARCC”), ACRE, Ares Dynamic Credit Allocation Fund, Inc. (“ARDC”), 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 March 31, As of December 31, 2016 2015 Due from affiliates: Management fees receivable from non-consolidated funds $ $ Contingent obligations due from employees — Payments made on behalf of and amounts due from non-consolidated funds Due from affiliates—Company $ $ Amounts due from portfolio companies and non-consolidated funds $ $ Due from affiliates—Consolidated Funds $ $ Due to affiliates: Management fee rebate payable to non-consolidated funds $ $ Management fee paid in advance Contingent obligations to non-consolidated funds — Payments made by non-consolidated funds on behalf of and amounts due from the Company Due to affiliates—Company $ $ 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 subject to reimbursement by the portfolio companies.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
INCOME TAXES
INCOME TAXES	11. 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, state, city and local income taxes incurred at the entity level. A portion of the Company’s operations is held through AHI and Domestic Holdings, as well as corporate subsidiaries of Ares Investments, 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 is included in the Company’s tax provision. The Company’s tax provision also includes entity level income taxes incurred by certain affiliated funds that are consolidated in these financial statements. The Company’s income tax expense was $4.7 million and $4.1 million for the three months ended March 31, 2016 and 2015, 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. For the three months ended March 31, 2016 and 2015, the Company has utilized the discrete effective tax rate method to calculate its interim income tax provision. The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year to date period as if it was the annual period and determines the income tax expense or benefit on that basis. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds 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. As of March 31, 2016, the Company’s U.S. federal income tax returns for the years 2012 through 2016 are open under the normal statute of limitations and therefore subject to examination. State and local tax returns are generally subject to audit from 2011 to 2016. Foreign tax returns are generally subject to audit from 2010 to 2016. 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	3 Months Ended
	Mar. 31, 2016
EARNINGS PER COMMON UNIT
EARNINGS PER COMMON UNIT	12. EARNINGS PER COMMON UNIT 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 using the more dilutive method of either the two-class method or the treasury stock method. For the three months ended March 31, 2016 and 2015, the two-class method was the more dilutive method for the unvested restricted stock units. For the three months ended March 31, 2016 and 2015, no participating securities had rights to undistributed earnings. The computation of diluted earnings (loss) per common unit for the three months ended March 31, 2016 and 2015 excludes the following options, restricted stock units and AOG Units, as their effect would have been anti-dilutive: For the three months ended March 31, 2016 2015 Options Restricted units AOG units The following table presents the computation of basic and diluted earnings per common unit: For the three months ended For the three months ended March 31, 2016 March 31, 2015 Basic Diluted Basic Diluted Net income (loss) attributable to Ares Management, L.P. $ $ $ $ Earnings distributed to participating securities (restricted units) Preferred stock dividends — — Net income (loss) available to common unitholders $ $ $ $ Weighted-average common units Effect of dilutive units: Restricted units — — — — Options — — — — Contingently issuable common units — — — — Diluted weighted-average common units Earnings (loss) per common unit $ $ $ $

EQUITY COMPENSATION

EQUITY COMPENSATION	3 Months Ended
	Mar. 31, 2016
EQUITY COMPENSATION
EQUITY COMPENSATION	13. EQUITY COMPENSATION Ares Management, L.P. 2014 Equity Incentive Plan In 2014, the Company adopted its Equity Incentive Plan, under which 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. Based on a formula as defined in the Equity Incentive Plan, the total number of units available to be issued under the Equity Incentive Plan resets and increases on January 1 each year. Accordingly, on January 1, 2016, the total number of units available for issuance under the Equity Incentive Plan increased to 31,962,710 units. During the three months ended March 31, 2016, a total of 959,445 units and unit options, net of forfeitures and vesting, were issued and 31,003,265 units remain available to be issued as of March 31, 2016. Equity ‑based compensation expense, net of forfeitures is included in the following table: For the three months ended March 31, 2016 2015 Restricted units $ $ Options Phantom units Equity-based compensation expense $ $ No options or phantom units were granted in the three months ended March 31, 2016. Restricted Units Each restricted unit represents an unfunded, unsecured right of the holder to receive a common unit on a specific date. The restricted units generally vest and are settled in common units either (i) at a rate of one ‑third per year, beginning on the third anniversary of the grant date, (ii) in their entirety on the fifth anniversary of the grant date, or (iii) at a rate of one -quarter per year, beginning on the first anniversary of the grant date. Compensation expense associated with restricted units is recognized on a straight ‑line basis over the requisite service period of the award. The holders of restricted units generally 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 restricted units held at the time such distributions are declared (“Distribution Equivalent”). For the three months ended March 31, 2016, Distribution Equivalents were made to the holders of restricted units in the amount of $1.2 million, which are presented as distributions within the Condensed Consolidated Statements of Changes in Equity until forfeited, at which time the cumulative payments are reclassified to compensation and benefits expense. The following table presents unvested restricted units’ activity during the three months ended March 31, 2016 and 2015: 2016 2015 Weighted Average Weighted Average Grant Date Fair Grant Date Fair Restricted Units Value Per Unit Restricted Units Value Per Unit Balance - January 1 $ $ Granted Vested — — Forfeited Balance - March 31 $ $ The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $67.6 million as of March 31, 2016 and is expected to be recognized over the remaining weighted average period of 3.24 years. Adoption of ASU 2016-09 The Company adopted ASU 2016-09 effective January 1, 2016 using a modified retrospective approach a nd recorded a cumulative-effect adjustment with the following impact to beginning equity: Partners' Capital Non-Controlling Interest in Ares Operating Group Entities Redeemable Interest in Ares Operating Group Entities Balance at December 31, 2015 $ $ $ Retained earnings Paid-in-capital - Equity compensation Distributions - dividend equivalent Balance at December 31, 2015 (as adjusted) $ $ $

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2016
SEGMENT REPORTING
SEGMENT REPORTING	14. SEGMENT REPORTING The Company conducts its alternative asset management business through its distinct operating segments. During the three months ended March 31, 2016, the Company revised its reportable segments by combining two of its segments into a single segment to reflect a change in how the Company is managed. The previously disclosed Tradable Credit Group segment and the Direct Lending Group segment have been combined into a single Credit Group segment. This change was made to more effectively manage the Company’s broad array of credit products and to better position the Credit Group to capitalize on future growth opportunities. The Company has presented its reportable segments for the three months ended March 31, 2015 to conform to the three months ended March 31, 2016 presentation. The Company’s three revised operating segments are: · Credit Group: The Company’s Credit Group is a leading manager of credit strategies across the non-investment grade credit universe in the U.S. and Europe, with approximately $60.0 billion of assets under management and approximately 125 funds as of March 31, 2016. The Credit Group offers a range of credit strategies across the liquid and illiquid spectrum, including syndicated bank loans, high yield bonds, credit opportunities, special situations, asset-backed investments and U.S. and European direct lending. The Credit Group provides solutions for traditional fixed income investors seeking to access the syndicated bank loan and high yield bond markets and capitalize on opportunities across traded corporate credit. It additionally provides investors access to directly originated fixed and floating rate credit assets and the ability to capitalize on illiquidity premiums across the credit spectrum. The Credit Group’s syndicated bank loan strategy focuses on liquid, traded non-investment grade secured loans to corporate issuers. The high yield bond strategy seeks to deliver a diversified portfolio of liquid, traded non-investment grade corporate bonds, including secured, unsecured and subordinated debt instruments. Credit opportunities is a “go anywhere” strategy seeking to capitalize on market inefficiencies and relative value opportunities across the capital structure. The special situations strategy seeks to invest opportunistically across a broad spectrum of distressed or mispriced investments, including corporate debt, rescue capital, private asset-backed investments, post-reorganization securities and non-performing portfolios. The asset-backed strategy invests across the capital structures of syndicated collateralized loan obligation vehicles (CLOs) and in directly-originated asset-backed instruments comprised of diversified portfolios of consumer and commercial assets. The Company is one of the largest self-originating direct lenders to the U.S. and European middle markets, providing one-stop financing solutions for small-to-medium sized companies, which we believe are increasingly underserved by traditional lenders. The Credit Group conducts its U.S. corporate lending activities primarily through ARCC, the largest business development company as of March 31, 2016, by both market capitalization and total assets. In addition, the Credit Group manages a commercial finance business that provides asset-based and cash flow loans to small and middle-market companies, as well as asset-based facilities to specialty finance companies. The Credit Group’s European direct lending platform is one of the most significant participants in the European middle-market, focusing on self-originated investments in illiquid middle-market credits. · Private Equity Group: The Company’s Private Equity Group has approximately $23.3 billion of assets under management as of March 31, 2016, broadly categorizing its investment strategies as corporate private equity and U.S. power and energy infrastructure. The group manages five corporate private equity commingled funds focused on North America and Europe, one commingled China growth fund, five commingled funds and six related co-investment vehicles focused on U.S. power and energy infrastructure as of March 31, 2016. In its North American and European flexible capital strategy, the Company targets opportunistic majority or shared-control investments in businesses with strong franchises and attractive growth opportunities in North America and Europe. The China growth capital strategy focuses on privately negotiated, minority growth equity investments in China in companies that operate in industries the Company believes will be the primary drivers of China’s economic growth over the next decade. The U.S. power and energy infrastructure strategy targets U.S. energy infrastructure-related assets across the power generation, transmission and midstream sectors, seeking attractive risk-adjusted equity returns with current cash flow and capital appreciation. · Real Estate Group: The Company’s Real Estate Group manages comprehensive public and private equity and debt strategies, with approximately $10. 2 billion of assets under management across approximately 46 funds as of March 31, 2016. Real Estate equity strategies focus on applying hands-on value creation initiatives to mismanaged and capital-starved assets, as well as new development, ultimately selling stabilized assets back into the market. The Real Estate Group manages both a value-add strategy and an opportunistic strategy. The value-add strategy seeks to create value by buying assets at attractive valuations and through active asset management of income-producing property types across the U.S. and Western Europe. The opportunistic strategy focuses on manufacturing core assets through development, redevelopment and fixing distressed capital structures across major property types in the U.S. and Europe. The Company’s debt strategies leverage the Real Estate Group’s diverse sources of capital to directly originate and manage commercial mortgage investments on properties that range from stabilized to requiring hands-on value creation. In addition to managing private debt funds, the Real Estate Group makes debt investments through a publicly traded commercial mortgage REIT, Ares Commercial Real Estate Corporation (NYSE: ACRE) (“ACRE”). In addition, the Real Estate Group services a portfolio of over $6 billion in mortgage loans principally through a subsidiary of ACRE. The Company has an Operations Management Group (the “OMG”) that consists of five 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 OMG’s expenses are not allocated to the Company’s three 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 and amortization 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 to 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 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, investment income from Consolidated Funds and non-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, 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. DE differs from income 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 non-GAAP reconciling table 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 March 31, 2016: Private Real Total Credit Equity Estate Total Stand Group Group Group Segments OMG Alone Management fees (includes ARCC Part I Fees of $28,625) $ $ $ $ $ — $ Administrative fees and other income Compensation and benefits General, administrative and other expenses Fee related earnings Performance fees—realized — — Performance fees—unrealized — Performance fee compensation—realized — — — Performance fee compensation—unrealized — Net performance fees — Investment income (loss)—realized Investment income (loss)—unrealized Interest and other investment income Interest expense Net investment income (loss) Performance related earnings Economic net income $ $ $ $ $ $ Distributable earnings $ $ $ $ $ $ The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2015: Private Real Total Credit Equity Estate Total Stand Group Group Group Segments OMG Alone Management fees (includes ARCC Part I Fees of $29,042) $ $ $ $ $ — $ Administrative fees and other income Compensation and benefits General, administrative and other expenses Fee related earnings Performance fees—realized — — Performance fees—unrealized — Performance fee compensation—realized — — Performance fee compensation—unrealized — Net performance fees — Investment income (loss)—realized — Investment income (loss)—unrealized — Interest and other investment income — Interest expense — Net investment income (loss) — Performance related earnings — Economic net income $ $ $ $ $ $ Distributable earnings $ $ $ $ $ $ The following table presents the components of the Company’s operating segments’ revenue, expenses and other income (loss): For the Three Months Ended March 31, 2016 2015 Segment Revenues Management fees (includes ARCC Part I Fees of $28,625 and $29,042 for the three months ended March 31, 2016 and 2015, respectively) $ $ Administrative fees and other income Performance fees—realized Performance fees—unrealized Total segment revenues $ $ Segment Expenses Compensation and benefits $ $ General, administrative and other expenses Performance fee compensation—realized Performance fee compensation—unrealized Total segment expenses $ $ Other Income (Expense) Investment income (loss)—realized $ $ Investment income (loss)—unrealized Interest and other investment income Interest expense Total other income (expense) $ $ The following table reconciles segment revenue to Ares consolidated revenues: For the Three Months Ended March 31, 2016 2015 Total segment revenue $ $ Consolidated Fund revenue eliminated in consolidation Administrative fees and other income attributable to OMG Performance fees reclass (1) Total consolidated adjustments and reconciling items Total consolidated revenue $ $ (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. The following table reconciles segment expenses to Ares consolidated expenses: For the Three Months Ended March 31, 2016 2015 Total segment expenses $ $ Consolidated Fund expenses added in consolidation Consolidated Fund expenses eliminated in consolidation OMG expenses Acquisition-related expenses Equity compensation expense Placement fees and underwriting costs Amortization of intangibles Depreciation expense Total consolidation adjustments and reconciling items Total consolidated expenses $ $ The following table reconciles segment other income (expense) to Ares consolid ated other income: For the Three Months Ended March 31, 2016 2015 Total other income (expense) $ $ Consolidated Funds other income added in consolidation, net Other income from Consolidated Funds eliminated in consolidation, net OMG other income — Performance fee reclass(1) Change in value of contingent consideration — Other non-cash expense — Total consolidation adjustments and reconciling items Total consolidated other income (expense) $ $ (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. The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of economic net income, fee related earnings, performance related earnings and distributable earnings consists of the following: For the Three Months Ended March 31, 2016 2015 Economic net income Income (loss) before taxes $ $ Adjustments: Amortization of intangibles Depreciation expense Equity compensation expenses Net acquisition-related expenses Placement fees and underwriting costs OMG expenses, net Other non-cash expense — Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations Total consolidation adjustments and reconciling items Economic net income Total performance fees income - realized Total performance fees income - unrealized Total performance fee compensation - realized Total performance fee compensation - unrealized Total investment income Fee related earnings Performance fees—realized Performance fee compensation—realized Investment and other income realized, net Additional adjustments: Dividend equivalent(1) One-time acquisition costs(1) Income tax expense(1) Non-cash items Placement fees and underwriting costs(1) Depreciation and amortization(1) Distributable earnings $ $ Performance related earnings Economic net income $ $ Less fee related earnings Performance related earnings $ $ (1) Certain costs are reduced by the amounts attributable to OMG, which is excluded from segment results.

CONSOLIDATION

CONSOLIDATION	3 Months Ended
	Mar. 31, 2016
CONSOLIDATION
CONSOLIDATION	15. CONSOLIDATION Investments in Consolidated Variable Interest Entities The Company consolidates entities that the Company has a variable interest in, and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at their carrying value, which approximates fair value, and represents its maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are held at their carrying value, which approximates fair value. The Company's interests and the Consolidated Funds' interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and their respective maximum exposure to loss relating to non-consolidated VIEs (excluding fixed arrangements) are as follows: As of March 31, As of December 31, 2016 2015 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs $ $ Maximum exposure to loss attributable to the Company's investment in consolidated VIEs $ $ Assets of consolidated VIEs $ $ Liabilities of consolidated VIEs $ $ For the Three Months Ended March 31, 2016 2015 Net loss attributable to non-controlling interests related to consolidated VIEs $ $ CONSOLIDATING SCHEDULES The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition as of March 31, 2016 and December 31, 2015 and results from operations for the three months ended March 31, 2016 and 2015. As of March 31, 2016 Consolidated Consolidated Company Entities Funds Eliminations Consolidated Assets Cash and cash equivalents $ $ — $ — $ Investments (includes fair value investments of $473,806) — Performance fees receivable — Due from affiliates — Intangible assets, net — — Goodwill — — Other assets — — Assets of Consolidated Funds Cash and cash equivalents — Investments, at fair value — — Due from affiliates — — Dividends and interest receivable — — Receivable for securities sold — — Other assets — — Total assets $ $ $ $ Liabilities Accounts payable, accrued expenses and other liabilities $ $ — $ — $ Accrued compensation — — Due to affiliates — Performance fee compensation payable — — Debt obligations — — Equity compensation put option liability — — Deferred tax liability, net — — Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — — Due to affiliates — — Payable for securities purchased — — CLO loan obligations — Fund borrowings — — Total liabilities Commitments and contingencies Redeemable interest in Ares Operating Group entities — — Non-controlling interest in Consolidated Funds Non-controlling interest in Consolidated Funds — Non-controlling interest in Consolidated Funds — Non-controlling interest in Ares Operating Group entities — — Controlling interest in Ares Management, L.P.: Partners' Capital ( 80,690,612 units issued and outstanding) — — Accumulated other comprehensive loss — — Total controlling interest in Ares Management, L.P — — Total equity Total liabilities, redeemable interests, non-controlling interests and equity $ $ $ $ As of December 31, 2015 Consolidated Consolidated Company Entities Funds Eliminations Consolidated Assets Cash and cash equivalents $ $ — $ — $ Investments (includes fair value investments of $446,779) — Performance fees receivable — Due from affiliates — Other assets — — Intangible assets, net — — Goodwill — — Assets of Consolidated Funds Cash and cash equivalents — — Investments, at fair value — — Due from affiliates — Dividends and interest receivable — — Receivable for securities sold — — Other assets — — Total assets $ $ $ $ Liabilities Accounts payable, accrued expenses and other liabilities $ $ — $ $ Accrued compensation — — Due to affiliates — Performance fee compensation payable — — Debt obligations — — Equity compensation put option liability — — Deferred tax liability, net — — Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — Due to affiliates — — Payable for securities purchased — — CLO loan obligations — Fund borrowings — — Total liabilities Commitments and contingencies Redeemable interest in Ares Operating Group entities — — Non-controlling interest in Consolidated Funds — Equity appropriated for Consolidated Funds — — Non-controlling interest in Consolidated Funds — Non-controlling interest in Ares Operating Group entities — — Controlling interest in Ares Management, L.P.: Partners' Capital ( 80,679,600 units issued and outstanding) — — Accumulated other comprehensive loss — — Total controlling interest in Ares Management, L.P — — Total equity Total liabilities, redeemable interests, non-controlling interests and equity $ $ $ $ For the Three Months Ended March 31, 2016 Consolidated Consolidated Company Entities Funds Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $28,625) $ $ — $ $ Performance fees — Other fees — — Total revenues — Expenses Compensation and benefits — — Performance fee compensation — — General, administrative and other expense — — Consolidated Fund expenses — Total expenses Other income (expense) Net interest and investment expense (net of interest expense of $4,855) — Other income, net — — Net realized and unrealized gain (loss) on investments — Net interest and investment income of Consolidated Funds (net of interest expense of $22,449) — Net realized and unrealized loss on investments of Consolidated Funds — Total other income (expense) Income (loss) before taxes Income tax expense (benefit) — Net income (loss) Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds — Less: Net income attributable to redeemable interests in Ares Operating Group entities — — Less: Net income attributable to non-controlling interests in Ares Operating Group entities — — Net loss attributable to Ares Management, L.P. $ $ — $ — $ For the Three Months Ended March 31, 2015 Consolidated Consolidated Company Entities Funds Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $29,042) $ $ — $ $ Performance fees — Other fees — Total revenues — Expenses Compensation and benefits — — Performance fee compensation — — General, administrative and other expense — — Consolidated Fund expenses — Total expenses Other income (expense) Net interest and investment income (expense) (net of interest expense of $3,684) — Other income (expense), net — Net realized and unrealized gain on investments — Net interest and investment income of Consolidated Funds (net of interest expense of $17,101) — Net realized and unrealized loss on investments of Consolidated Funds — Total other income (expense) Income (loss) before taxes Income tax expense — — Net income (loss) Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds — Less: Net income attributable to redeemable interests in Ares Operating Group entities — — Less: Net income attributable to non-controlling interests in Ares Operating Group entities — — Net income attributable to Ares Management, L.P. $ $ — $ — $

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2016
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after March 31, 2016 through the date the condensed consolidated financial statements were issued. During this period the Company had the following material subsequent events that require disclosure: In May 2016, the Company declared a quarterly distribution of $0.15 per common unit to common unit holders of record at the close of business on May 24, 2016, payable on June 7, 2016 .

SUMMARY OF SIGNIFICANT ACCOUN25

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2016
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting	Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments (consisting of only normal recurring items) so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2015 filed with the Securities and Exchange Commission. The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. These Consolidated Funds include 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 that have been consolidated pursuant to GAAP. Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying condensed consolidated financial statements; 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 in the accompanying condensed consolidated financial statements. Further, cash flows allocable to non-controlling interest in Consolidated Funds are specifically identifiable in the Condensed Consolidated Statements of Cash Flows. All intercompany balances and transactions have been eliminated upon consolidation . The Company has reclassified certain prior period amounts to conform to the current presentation.
Equity Appropriated for Consolidated Funds	Equity Appropriated for Consolidated Funds and Adoption of ASU 2014-13 Effective January 1, 2016, the Company adopted FASB Accounting Standards Update (“ASU”) No. 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity (“ASU 2014-13”). The Company applied the guidance using a modified retrospective approach by recording a cumulative-effect adjustment of $3.4 million to equity appropriated for Consolidated Funds as of January 1, 2016. Prior to the adoption of ASU 2014-13, the Company elected the fair value option for eligible liabilities to mitigate the accounting mismatch between the carrying value of the assets and liabilities of its consolidated CLOs. As a result, the Company accounted for the excess of fair value of assets over liabilities as an increase in equity appropriated for Consolidated Funds. Pursuant to the adoption of ASU 2014-13, the Company is required to determine whether the fair values of the financial assets or financial liabilities are more observable. B eginning January 1, 2016, the Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company).
Equity Compensation	Equity Compensation Forfeitures In accordance with ASU No. 2016-09, Compensation – Stock Compensation (Topic 718) (“ASU 2016-09”), the Company elected to recognize share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. Prior to the adoption of ASU 2016-09, the Company applied an estimated forfeiture rate as a reduction of current period equity compensation expense.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. The objective of the guidance in ASU 2016-01 is to enhance the reporting model for financial instruments to provide more decision-useful information. ASU 2016-01 requires an entity to carry all of its investments in equity securities at fair value, and to recognize periodic changes of that fair value in income. This guidance excludes equity method investments, investments that result in the consolidation of the investee and investments for which the entity has elected the practicability exception to the fair value measurement requirements. The guidance should be applied using a cumulative-effect adjustment to the beginning balance of retained earnings as of the beginning of the fiscal year in which the guidance becomes effective. ASU 2016-01 is effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods within those reporting periods. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). The objective of the guidance in ASU 2016-02 is to increase transparency and comparability among organizations by recognizing lease assets and liabilities in the balance sheet and disclosing key information. ASU 2016-02 amends previous lease guidance, which required a lessee to categorize and account for leases as either operating leases or capital leases, and instead requires a lessee to recognize a lease liability and a right-of-use asset on the entity’s balance sheet for all leases with terms that exceed one year. The lease liability and right-of-use asset are to be carried at the present value of remaining expected future lease payments. The guidance should be applied using a modified retrospective approach. ASU 2016-02 is effective for public entities for annual reporting periods beginning after December 15, 2018 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323). ASU 2016-07 removes the requirement to retroactively apply the equity method of accounting for an investment that becomes eligible for the equity method due to an increase in the level of ownership interest or degree of influence. The investment should be accounted for as an equity method investment as of the date that it becomes qualified for such treatment. At this date, any unrealized holding gain (loss), if the investment was an available-for-sale equity security, should be recognized in earnings. ASU 2016-07 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations. The objective of the guidance in ASU 2016-08 is to provide clarity on the application of the current principal versus agent guidance. ASU 2016-08 clarifies how an entity should determine whether it is acting as a principal or an agent for each specified good or service promised to a customer and how to determine the nature of each specified good or service. The effective date and transition requirements of ASU 2016-08 are the same as that of ASU 2014-09. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In March 2016, the FASB issued ASU 2016-09. The objective of the guidance in ASU 2016-09 is to reduce the cost and complexity of providing stock compensation information while maintaining or improving the usefulness of the information. ASU 2016-09 amends previous guidance around when and how excess tax benefits or deficiencies should be recognized, and now requires excess tax benefits to be recognized in the income statement, regardless of whether it will reduce the Company’s taxes payable in the current period. ASU 2016-09 also allows companies to elect whether to use an estimated forfeiture rate, or to recognize forfeitures as they occur. Another change related to this update, is the movement of excess tax benefits from stock options from financing activities to operating activities within the Condensed Consolidated Statements of Cash Flows. ASU 2016-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those reporting periods, with early adoption permitted. The Company adopted ASU 2016-09 as of January 1, 2016 using a modified retrospective approach and the cumulative adjustment to the Company’s equity components had no net impact to the Company’s total equity. See Note 13 for a detailed impact of the adoption of this guidance.

GOODWILL, INTANGIBLE ASSETS (Ta

GOODWILL, INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2016
GOODWILL AND INTANGIBLE ASSETS
Schedule of carrying value, net of accumulated amortization, for the Company's intangible assets	Weighted Average Amortization Period As of March 31, As of December 31, At March 31, 2016 2016 2015 Management contracts 2.4 years $ $ Client relationships 12.3 years Trade name 6.3 years Foreign currency translation Total intangible assets acquired Less: accumulated amortization Intangible assets, net $ $
Schedule of carrying value of goodwill assets	Private Real Credit Equity Estate Total Balance as of December 31, 2015 $ $ $ $ Foreign currency translation — — Balance as of March 31, 2016 $ $ $ $

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
Investments
Schedule of equity method investments	As of March 31, 2016 As of December 31, 2015 Equity-method investments $ $ Equity-method investments at fair value Total equity-method investments $ $
Summary of cost and fair value of investments classified as HTM	March 31, December 31, 2016 2015 Amortized Cost $ $ Unrealized loss, net Fair value $ $
Parent Company
Investments
Summary of investments held	Fair value as a percentage of total Fair value at investments at March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Private Investment Partnership Interests: AREA Sponsor Holdings, LLC $ $ % % ACE II Master Fund, L.P. (1)(2) % % Ares Corporate Opportunities Fund III, L.P. % % Ares Corporate Opportunities Fund IV, L.P. (2) % % Ares Enhanced Credit Opportunities Fund, L.P. % % Resolution Life L.P. % % Other private investment partnership Interests (1)(3) % % Total private investment partnership interests (cost: $311,187 and $297,026 at March 31, 2016 and December 31, 2015, respectively) % % Collateralized Loan Obligations Interests: Collateralized loan obligations interests % % Total collateralized loan obligations (cost: $58,556 and $53,669 at March 31, 2016 and December 31, 2015, respectively) % % Common Stock: Common stock % % Total common stock (cost: $118 and $116 at March 31, 2016 and December 31, 2015, respectively) % % Total fair value investments (cost: $369,861 and $350,811 at March 31, 2016 and December 31, 2015, respectively) $ $ % % (1) Investment or portion of the investment is denominated in foreign currency; fair value is translated into U.S. dollars at each reporting date (2) Represents underlying security that is held through various legal entities (3) No single issuer or investment had a fair value that exceeded 5% of the Company's total investments.
Consolidated Funds
Investments
Summary of investments held	Fair value as a percentage of total Fair value at investments at March 31, December 31, March 31, December 31, 2016 2015 2016 2015 United States: Fixed income securities: Consumer discretionary $ $ % % Consumer staples % % Energy % % Financials % % Healthcare, education and childcare % % Industrials % % Information technology % % Materials % % Partnership interests % % Telecommunication services % % Utilities % % Total fixed income securities (cost: $1,458,969 and $1,462,570 at March 31, 2016 and December 31, 2015, respectively) % % Equity securities: Healthcare, education and childcare % % Telecommunication services % % Total equity securities (cost: $8,304 at March 31, 2016 and December 31, 2015, respectively) $ $ % % Fair value as a percentage of total Fair value at investments at March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Europe: Fixed income securities: Consumer discretionary $ $ % % Consumer staples % % Financials % % Healthcare, education and childcare % % Industrials % % Information technology % % Materials % % Telecommunication services % % Utilities % % Total fixed income securities (cost: $862,992 and $836,217 at March 31, 2016 and December 31, 2015, respectively) % % Equity securities: Consumer discretionary % % Consumer staples % % Healthcare, education and childcare % % Telecommunication services % % Total equity securities (cost: $80,830 and $ 80,827 at March 31, 2016 and December 31, 2015, respectively) % % Asia and other: Fixed income securities: Consumer discretionary % % Financials — % — % Healthcare, education and childcare % % Telecommunication services % % Total fixed income securities (cost: $55,384 and $57,868 at March 31, 2016 and December 31, 2015, respectively) % % Equity securities: Consumer discretionary % % Consumer staples % % Healthcare, education and childcare % % Industrials % % Total equity securities (cost: $118,730 at March 31, 2016 and December 31, 2015, respectively) $ $ % % Fair value as a percentage of total Fair value at investments at March 31, December 31, March 31, December 31, 2016 2015 2016 2015 Canada: Fixed income securities: Consumer discretionary $ $ % % Consumer staples % % Energy % % Healthcare, education and childcare % % Industrials % % Telecommunication services % % Total fixed income securities (cost: $35,731 and $34,397 at March 31, 2016 and December 31, 2015, respectively) % % Australia: Fixed income securities: Energy % % Industrials % % Utilities % % Total fixed income securities (cost: $39,602 and $39,574 at March 31, 2016 and December 31, 2015, respectively) % % Equity securities: Telecommunication services % % Utilities % % Total equity securities (cost: $25,524 at March 31, 2016 and December 31, 2015, respectively) % % Total fixed income securities % % Total equity securities % % Total investments, at fair value $ $ % %

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2016
FAIR VALUE
Summary of changes in the fair value of the Level III investments for the CLO loan obligations	For the Three Months Ended March 31, 2016 2015 Balance, beginning of period $ $ Accounting change due to the adoption of ASU 2014-13(1) — Deconsolidation of funds — Borrowings — Paydowns — Realized and unrealized gains, net — Balance, end of period $ — $ (1) Upon adoption of ASU 2014-13, the debt obligations of consolidated CLOs are no longer considered Level III financial liabilities under the GAAP fair value hierarchy. As of January 1, 2016, the debt obligations of consolidated CLOs are measured on the basis of the fair value of the financial assets of the CLO and are classified as Level II financial liabilities.
Summary of fair value by segment, remaining unfunded commitment, and any redemption restriction of investments valued using NAV per share	As of March 31, 2016 Segment Fair Value Unfunded Commitments Redemption Restriction(s) Credit Group $ $ (1)(2)(3) Private Equity Group Real Estate Group Operations Management Group (1)(2) Totals $ $ As of December 31, 2015 Segment Fair Value Unfunded Commitments Redemption Restriction(s) Credit Group $ $ (1)(2)(3) Private Equity Group Real Estate Group Operations Management Group (1)(2) Totals $ $ (1) Includes certain closed ‑ended funds that do not permit investors to redeem their interests. (2) Includes certain open ‑ended funds that are subject to a lock ‑up period of six months after the closing date; after which an investor has the right to withdraw its capital. (3) Includes certain funds that are separately managed investment vehicles, which may be redeemed only upon dissolution or liquidation of the fund at the discretion of a simple majority of investors.
Parent Company
FAIR VALUE
Summary of valuation of investments and other financial instruments by fair value hierarchy levels	The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016: Investments and Derivatives of the Company Investments of the Company, at fair value Level I Level II Level III Investments Measured at NAV Total Collateralized loan obligations $ — $ — $ $ — $ Total fixed income — — — Equity securities — — — Partnership interests — — Total investments, at fair value — Derivative assets of the Company, at fair value Foreign exchange contracts — — — Total derivative assets, at fair value — — — Total $ $ $ $ $ Derivative liabilities of the Company, at fair value Foreign exchange contracts $ — $ $ — $ — $ Interest rate contracts — — — Total derivative liabilities, at fair value $ — $ $ — $ — $ The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015: Investments and Derivatives of the Company Investments of the Company, at fair value Level I Level II Level III Investments Measured at NAV Total Collateralized loan obligations $ — $ — $ $ — $ Total fixed income — — — Equity securities — — — Partnership interests — — Total investments, at fair value — Derivative assets of the Company, at fair value Foreign exchange contracts — — — Total derivative assets, at fair value — — — Total $ $ $ $ $ Derivative liabilities of the Company, at fair value Foreign exchange contracts $ — $ $ — $ — $ Interest rate contracts — — — Total derivative liabilities, at fair value $ — $ $ — $ — $
Summary of changes in the fair value of the Level III investments	The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016: Investments and Derivatives of the Company Investments and Derivatives of the Company Fixed Income Partnership Interests Total Balance, beginning of period $ $ $ Purchases(1) Sales(2) — Realized and unrealized depreciation, net — Balance, end of period $ $ $ Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ $ — $ (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 measurements for the three months ended March 31, 2015: Investments and Derivatives of the Company Investments and Derivatives of the Company Fixed Income Partnership Interests Total Balance, beginning of period $ — $ $ Deconsolidation of funds(3) — Purchases(1) Sales(2) — Realized and unrealized appreciation (depreciation), net — Balance, end of period $ $ $ Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ $ — $ (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) Balances for the Company were previously eliminated upon consolidation and not reported as Level III investment.
Summary of quantitative inputs and assumptions used for Level III inputs	The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of March 31, 2016: Fair Unobservable Value Valuation Technique(s) Input(s) Range Assets Partnership interests $ Discounted Cash Flow Discount Rate Partnership interests Recent Transaction Price (1) N/A N/A Collateralized loan obligations Broker quotes and/or 3rd party pricing services N/A N/A Total $ (1) Recent transaction price consists of securities recently purchased or restructured. 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 table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2015: Fair Unobservable Value Valuation Technique(s) Input(s) Range Assets Partnership interests $ Discounted Cash Flow Discount Rate Partnership interests Recent Transaction Price (1) N/A N/A Collateralized loan obligations Broker quotes and/or 3rd party pricing services N/A N/A Total $ (1) Recent transaction price consists of securities recently purchased or restructured. 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.
Consolidated Funds
FAIR VALUE
Summary of valuation of investments and other financial instruments by fair value hierarchy levels	The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of March 31, 2016: Investments and Derivatives of Consolidated Funds Investments of Consolidated Funds, at fair value Level I Level II Level III Investments Measured at NAV Total Bonds $ — $ $ $ — $ Loans — — Collateralized loan obligations — — — Total fixed income — — Equity securities — Partnership interests — — — Other — — — Total investments, at fair value $ $ $ $ — $ Derivative liabilities of Consolidated Funds, at fair value Foreign exchange contracts $ — $ $ — $ — $ Others — — — Total derivative liabilities, at fair value — — Loan obligations of CLOs — — — Total $ — $ $ $ — $ The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2015: Investments and Derivatives of Consolidated Funds Investments of Consolidated Funds, at fair value Level I Level II Level III Investments Measured at NAV Total Bonds $ — $ $ $ — $ Loans — — Collateralized loan obligations — — — Total fixed income — — Equity securities — Partnership interests — — — Other — — — Total investments, at fair value $ $ $ $ — $ Derivative liabilities of Consolidated Funds, at fair value Foreign exchange contracts $ — $ $ — $ — $ Others — — — Total derivative liabilities, at fair value — — Loan obligations of CLOs — — — Total $ — $ $ $ — $
Summary of changes in the fair value of the Level III investments	The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2016: Investments and Derivatives of Consolidated Funds Other Partnership Financial Investments and Derivatives of Consolidated Funds Equity Securities Fixed Income Interests Instruments Total Balance, beginning of period $ $ $ $ $ Transfer in — — Transfer out — — Purchases(1) — — Sales(2) — Accrued discounts/premiums — — Realized and unrealized appreciation (depreciation), net Balance, end of period $ $ $ $ $ Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ $ $ $ $ (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 measurements for the three months ended March 31, 2015: Investments and Derivatives of Consolidated Funds Other Partnership Financial Investments and Derivatives of Consolidated Funds Equity Securities Fixed Income Interests Instruments Total Balance, beginning of period $ $ $ $ $ Deconsolidation of funds(4) Transfer in — — — Transfer out — — — Purchases(1) — — Sales(2) — Accrued discounts/premiums — — Realized and unrealized appreciation (depreciation), net — Balance, end of period $ $ $ — $ $ Decrease in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ $ $ — $ $ (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) Balances for the Company were previously eliminated upon consolidation and not reported as Level III investment. (4) Represents investment in Consolidated Funds that were deconsolidated during the period.
Summary of quantitative inputs and assumptions used for Level III inputs	The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of March 31, 2016: Weighted Fair Value Valuation Technique(s) Unobservable Input(s) Range Average Assets Equity securities $ EV market multiple analysis EBITDA multiple 1.6x -9.1x 5.4x Market approach (comparable companies) Net income multiple Illiquidity discount 9.1x - 40.0x 25% 20.6x 25% Broker quotes and/or 3rd party pricing services N/A N/A N/A Discounted cash flow Discount rate 14.0% 14.0% Fixed Income securities Broker quotes and/or 3rd party pricing services N/A N/A N/A EV market multiple analysis EBITDA multiple 1.6x - 11.0x 7.3x Income approach Yield 3.3% - 13.3% 9.4% Discounted cash flow Discount rate 11.0% - 15.3% 12.7% Market approach (comparable companies) EBITDA multiple 6.5x 6.5x Income approach Collection rates 1.2x 1.2x Income approach Constant prepayment rate Constant default rate Recovery rate 5.0% - 10.0% 11.9% - 25.1% 0.0% - 40.0% 6.9% 14.2% 15.0% Total assets $ Liabilities Derivatives instruments of Consolidated Funds Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2015: Fair Value Valuation Technique(s) Unobservable Input(s) Range Average Assets Equity securities EV market multiple analysis EBITDA multiple 1.6x - 10.4x 4.1x Market approach (comparable companies) Net income multiple 10.0x - 40.0x 21.7x Broker quotes and/or 3rd party pricing services N/A N/A N/A Recent transaction price (1) N/A N/A N/A Discounted cash flow Discount rate 14.0% 14.0% Fixed Income securities EV market multiple analysis EBITDA multiple 1.6x - 11.0x 7.8x Market approach (comparable companies) EBITDA multiple 6.5x 6.5x Broker quotes and/or 3rd party pricing services N/A N/A N/A Discounted cash flow Discount rate 11.0% - 15.3% 12.7% Income approach Yield 3.3% - 13.3% 9.1% Income approach Collection rates 1.2x 1.2x Income approach Constant prepayment rate Constant default rate Recovery rate 5.0% - 10.0% 11.9% - 25.1% 0.0% - 40.0% 7.1% 14.6% 16.8% Total assets $ Liabilities Loans payable of Consolidated Funds: Fixed income $ Broker quotes and/or 3rd party pricing services N/A N/A N/A Discounted cash flow Discount rate Constant prepayment rate Constant default rate Recovery rate 8.0% - 10.0% 19.7% - 20.0% 2.0% 70.0% - 71.1% 8.7% 19.8% 2.0% 70.8% Derivatives instruments of Consolidated Funds Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1) Recent transaction price consists of securities purchased or restructured. 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.

DERIVATIVE FINANCIAL INSTRUME29

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016 Assets Liabilities Consolidated Funds Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ — $ — $ $ Other financial instruments — — Total derivatives, at fair value — — Other—equity(2) — — Total $ $ $ $ (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) Includes the fair value of warrants which are presented within investments, at fair value in the Condensed Consolidated Statements of Financial Condition. As of December 31, 2015 Assets Liabilities Consolidated Funds Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ — $ — $ $ Other financial instruments — — Total derivatives, at fair value — — Other—equity(2) — — Total $ $ $ $ (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) Includes the fair value of warrants and equity distribution rights which are presented within investments, at fair value in the Condensed Consolidated Statements of Financial Condition.
Schedule of setoff and related arrangements associated with the derivative and other financial instruments	Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Net Amounts of Cash Collateral Recognized Assets Offset in Assets Assets (Liabilities) Financial Received Consolidated Funds as of March 31, 2016 (Liabilities) (Liabilities) Presented Instruments (Pledged) Net Amount Assets: Derivatives $ $ $ — $ — $ — $ — Liabilities: Derivatives — — Net derivatives liabilities $ $ — $ $ — $ — $ Gross Amounts Not Offset in the Statement of Financial Condition Gross Amounts of Gross Amounts Net Amounts of Cash Collateral Recognized Assets Offset in Assets Assets (Liabilities) Financial Received Consolidated Funds as of December 31, 2015 (Liabilities) (Liabilities) Presented Instruments (Pledged) Net Amount Assets: Derivatives $ $ $ — $ — $ — $ — Liabilities: Derivatives — — Net derivatives liabilities $ $ — $ $ — $ — $
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 March 31, 2016 Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Interest rate contracts $ — $ — $ $ Foreign exchange contracts Total derivatives, at fair value $ $ $ $ (1) Represents the total contractual amount of derivative assets and liabilities outstanding. As of December 31, 2015 Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Interest rate contracts $ — $ — $ $ Foreign exchange contracts Total derivatives, at fair value $ $ $ $ (1) Represents the total contractual amount of derivative assets and liabilities outstanding.
Schedule of setoff and related arrangements associated with the derivative and other financial instruments	Gross Amounts Not Offset in the Statement Gross Amounts of Gross Amounts Net Amounts of of Financial Condition Recognized Assets Offset in Assets Assets (Liabilities) Financial The Company as of March 31, 2016 (Liabilities) (Liabilities) Presented Instruments Net Amount Assets: Derivatives $ $ — $ $ $ Liabilities: Derivatives — Net derivatives liabilities $ $ — $ $ — $ Gross Amounts Not Offset in the Statement Gross Amounts of Gross Amounts Net Amounts of of Financial Condition Recognized Assets Offset in Assets Assets (Liabilities) Financial The Company as of December 31, 2015 (Liabilities) (Liabilities) Presented Instruments Net Amount Assets: Derivatives $ $ — $ $ $ Liabilities: Derivatives — Net derivatives assets $ $ — $ $ — $

DEBT (Tables)

DEBT (Tables)	3 Months Ended
	Mar. 31, 2016
Parent Company
DEBT
Schedule of borrowings outstanding	As of March 31, 2016 As of December 31, 2015 Original Borrowing Carrying Carrying Maturity Amount Value Interest Rate Value Interest Rate Credit Facility(1) 4/30/2019 — $ 2.19% $ 2.11% Senior Notes (2) 10/8/2024 $ 4.21% 4.21% Term Loan(3) 7/29/2026 $ 2.47% 2.18% Total debt obligations $ $ (1) The Ares Operating Group entities are borrowers under the Credit Facility, which provides a $1.03 billion revolving line of credit with the ability to upsize to $1.28 billion (subject to obtaining commitments for any such additional borrowing capacity). It has a variable interest rate based on either LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with our underlying credit agency rating. Currently, base rate loans bear interest calculated based on the base rate plus 0.75% or and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.75% . The unused commitment fee is 0.25% per annum. There is a base rate and LIBOR floor of zero . (2) The Senior Notes were issued in October 2014 by Ares Finance Co. LLC (“AFC”), a subsidiary of the Company, at 98.268% of the face amount with interest paid semi-annually. The Company may redeem the Senior Notes prior to maturity, subject to the terms of the indenture. (3) In connection with risk retention requirements, the Term Loan was entered into in August 2015 by a subsidiary of the Company that acts as a manager to a CLO. The Term Loan is secured by collateral in the form of CLO senior tranches owned by the Company. To the extent the assets are not sufficient to cover the Term Loan, there is no further recourse to the Company to fund or repay the remaining balance. Interest is paid quarterly, and the Company also pays a fee of 0.025% of a maximum investment amount.
Consolidated Funds
DEBT
Schedule of borrowings outstanding	As of March 31, 2016 As of December 31, 2015 Maturity Total Outstanding Outstanding Type of Facility Date Capacity Loan(1) Effective Rate Loan(1) Effective Rate Consolidated Funds credit facility 01/01/23 $ $ $ 2.00% Total borrowings of Consolidated Funds $ $ (1) The fair values of the borrowings approximate the carrying value, as the interest rate on the borrowings is a floating rate.
Consolidated Funds | Collateralized loan obligation
DEBT
Schedule of borrowings outstanding	As of March 31, 2016 As of December 31, 2015 Weighted Average Weighted Average Loan Fair Value of Remaining Loan Fair Value of Remaining Obligations Loan Obligations Maturity In Years Obligations Loan Obligations Maturity In Years Senior secured notes(1) $ $ $ $ Subordinated notes / preferred shares(2) Total loan obligations of Consolidated CLOs $ $ $ $ (1) Original borrowings under the senior secured notes totaled $2.2 billion, with various maturity dates ranging from October 2024 to December 2025. The weighted average interest rate as of March 31, 2016 was 3.44% . (2) Original borrowings under the subordinated notes totaled $199.3 billion, with various maturity dates ranging from October 2024 to December 2025. They do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.

REDEEMABLE INTERESTS (Tables)

REDEEMABLE INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2016
AOG
Summary of changes in the redeemable interests	As of March 31, 2016 Beginning balance $ Distributions Net income Currency translation adjustment Equity compensation Ending Balance $

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2016
RELATED PARTY TRANSACTIONS
Schedule of amounts due from and to affiliates	As of March 31, As of December 31, 2016 2015 Due from affiliates: Management fees receivable from non-consolidated funds $ $ Contingent obligations due from employees — Payments made on behalf of and amounts due from non-consolidated funds Due from affiliates—Company $ $ Amounts due from portfolio companies and non-consolidated funds $ $ Due from affiliates—Consolidated Funds $ $ Due to affiliates: Management fee rebate payable to non-consolidated funds $ $ Management fee paid in advance Contingent obligations to non-consolidated funds — Payments made by non-consolidated funds on behalf of and amounts due from the Company Due to affiliates—Company $ $

EARNINGS PER COMMON UNIT (Table

EARNINGS PER COMMON UNIT (Tables)	3 Months Ended
	Mar. 31, 2016
EARNINGS PER COMMON UNIT
Schedule of antidilutive securities excluded from computation of earnings per share	For the three months ended March 31, 2016 2015 Options Restricted units AOG units
Schedule of the computation of basic and diluted earnings per common unit	For the three months ended For the three months ended March 31, 2016 March 31, 2015 Basic Diluted Basic Diluted Net income (loss) attributable to Ares Management, L.P. $ $ $ $ Earnings distributed to participating securities (restricted units) Preferred stock dividends — — Net income (loss) available to common unitholders $ $ $ $ Weighted-average common units Effect of dilutive units: Restricted units — — — — Options — — — — Contingently issuable common units — — — — Diluted weighted-average common units Earnings (loss) per common unit $ $ $ $

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2016
EQUITY COMPENSATION
Schedule of equity-based compensation expense, net of assumed forfeitures	For the three months ended March 31, 2016 2015 Restricted units $ $ Options Phantom units Equity-based compensation expense $ $
Summary of unvested restricted units' activity	2016 2015 Weighted Average Weighted Average Grant Date Fair Grant Date Fair Restricted Units Value Per Unit Restricted Units Value Per Unit Balance - January 1 $ $ Granted Vested — — Forfeited Balance - March 31 $ $
Schedule of effect of adoption of ASU 2016-09	Partners' Capital Non-Controlling Interest in Ares Operating Group Entities Redeemable Interest in Ares Operating Group Entities Balance at December 31, 2015 $ $ $ Retained earnings Paid-in-capital - Equity compensation Distributions - dividend equivalent Balance at December 31, 2015 (as adjusted) $ $ $

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2016
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 March 31, 2016: Private Real Total Credit Equity Estate Total Stand Group Group Group Segments OMG Alone Management fees (includes ARCC Part I Fees of $28,625) $ $ $ $ $ — $ Administrative fees and other income Compensation and benefits General, administrative and other expenses Fee related earnings Performance fees—realized — — Performance fees—unrealized — Performance fee compensation—realized — — — Performance fee compensation—unrealized — Net performance fees — Investment income (loss)—realized Investment income (loss)—unrealized Interest and other investment income Interest expense Net investment income (loss) Performance related earnings Economic net income $ $ $ $ $ $ Distributable earnings $ $ $ $ $ $ The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended March 31, 2015: Private Real Total Credit Equity Estate Total Stand Group Group Group Segments OMG Alone Management fees (includes ARCC Part I Fees of $29,042) $ $ $ $ $ — $ Administrative fees and other income Compensation and benefits General, administrative and other expenses Fee related earnings Performance fees—realized — — Performance fees—unrealized — Performance fee compensation—realized — — Performance fee compensation—unrealized — Net performance fees — Investment income (loss)—realized — Investment income (loss)—unrealized — Interest and other investment income — Interest expense — Net investment income (loss) — Performance related earnings — Economic net income $ $ $ $ $ $ Distributable earnings $ $ $ $ $ $
Components of Revenue, Expenses, and Other Income (Loss)	For the Three Months Ended March 31, 2016 2015 Segment Revenues Management fees (includes ARCC Part I Fees of $28,625 and $29,042 for the three months ended March 31, 2016 and 2015, respectively) $ $ Administrative fees and other income Performance fees—realized Performance fees—unrealized Total segment revenues $ $ Segment Expenses Compensation and benefits $ $ General, administrative and other expenses Performance fee compensation—realized Performance fee compensation—unrealized Total segment expenses $ $ Other Income (Expense) Investment income (loss)—realized $ $ Investment income (loss)—unrealized Interest and other investment income Interest expense Total other income (expense) $ $
Schedule of revenue adjustment	For the Three Months Ended March 31, 2016 2015 Total segment revenue $ $ Consolidated Fund revenue eliminated in consolidation Administrative fees and other income attributable to OMG Performance fees reclass (1) Total consolidated adjustments and reconciling items Total consolidated revenue $ $ (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 Months Ended March 31, 2016 2015 Total segment expenses $ $ Consolidated Fund expenses added in consolidation Consolidated Fund expenses eliminated in consolidation OMG expenses Acquisition-related expenses Equity compensation expense Placement fees and underwriting costs Amortization of intangibles Depreciation expense Total consolidation adjustments and reconciling items Total consolidated expenses $ $
Schedule of other income (expense) adjustment	For the Three Months Ended March 31, 2016 2015 Total other income (expense) $ $ Consolidated Funds other income added in consolidation, net Other income from Consolidated Funds eliminated in consolidation, net OMG other income — Performance fee reclass(1) Change in value of contingent consideration — Other non-cash expense — Total consolidation adjustments and reconciling items Total consolidated other income (expense) $ $ (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.
Reconciliation of reported net income to segment earnings	For the Three Months Ended March 31, 2016 2015 Economic net income Income (loss) before taxes $ $ Adjustments: Amortization of intangibles Depreciation expense Equity compensation expenses Net acquisition-related expenses Placement fees and underwriting costs OMG expenses, net Other non-cash expense — Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations Total consolidation adjustments and reconciling items Economic net income Total performance fees income - realized Total performance fees income - unrealized Total performance fee compensation - realized Total performance fee compensation - unrealized Total investment income Fee related earnings Performance fees—realized Performance fee compensation—realized Investment and other income realized, net Additional adjustments: Dividend equivalent(1) One-time acquisition costs(1) Income tax expense(1) Non-cash items Placement fees and underwriting costs(1) Depreciation and amortization(1) Distributable earnings $ $ Performance related earnings Economic net income $ $ Less fee related earnings Performance related earnings $ $ (1) Certain costs are reduced by the amounts attributable to OMG, which is excluded from segment results.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	3 Months Ended
	Mar. 31, 2016
CONSOLIDATION
Schedule of interests in consolidated and non-consolidated VIEs and respective maximum exposure to loss relating to non-consolidated VIEs	As of March 31, As of December 31, 2016 2015 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs $ $ Maximum exposure to loss attributable to the Company's investment in consolidated VIEs $ $ Assets of consolidated VIEs $ $ Liabilities of consolidated VIEs $ $ For the Three Months Ended March 31, 2016 2015 Net loss attributable to non-controlling interests related to consolidated VIEs $ $
Schedule of consolidating effects of the Consolidated Funds on the Company's financial condition	As of March 31, 2016 Consolidated Consolidated Company Entities Funds Eliminations Consolidated Assets Cash and cash equivalents $ $ — $ — $ Investments (includes fair value investments of $473,806) — Performance fees receivable — Due from affiliates — Intangible assets, net — — Goodwill — — Other assets — — Assets of Consolidated Funds Cash and cash equivalents — Investments, at fair value — — Due from affiliates — — Dividends and interest receivable — — Receivable for securities sold — — Other assets — — Total assets $ $ $ $ Liabilities Accounts payable, accrued expenses and other liabilities $ $ — $ — $ Accrued compensation — — Due to affiliates — Performance fee compensation payable — — Debt obligations — — Equity compensation put option liability — — Deferred tax liability, net — — Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — — Due to affiliates — — Payable for securities purchased — — CLO loan obligations — Fund borrowings — — Total liabilities Commitments and contingencies Redeemable interest in Ares Operating Group entities — — Non-controlling interest in Consolidated Funds Non-controlling interest in Consolidated Funds — Non-controlling interest in Consolidated Funds — Non-controlling interest in Ares Operating Group entities — — Controlling interest in Ares Management, L.P.: Partners' Capital ( 80,690,612 units issued and outstanding) — — Accumulated other comprehensive loss — — Total controlling interest in Ares Management, L.P — — Total equity Total liabilities, redeemable interests, non-controlling interests and equity $ $ $ $ As of December 31, 2015 Consolidated Consolidated Company Entities Funds Eliminations Consolidated Assets Cash and cash equivalents $ $ — $ — $ Investments (includes fair value investments of $446,779) — Performance fees receivable — Due from affiliates — Other assets — — Intangible assets, net — — Goodwill — — Assets of Consolidated Funds Cash and cash equivalents — — Investments, at fair value — — Due from affiliates — Dividends and interest receivable — — Receivable for securities sold — — Other assets — — Total assets $ $ $ $ Liabilities Accounts payable, accrued expenses and other liabilities $ $ — $ $ Accrued compensation — — Due to affiliates — Performance fee compensation payable — — Debt obligations — — Equity compensation put option liability — — Deferred tax liability, net — — Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — Due to affiliates — — Payable for securities purchased — — CLO loan obligations — Fund borrowings — — Total liabilities Commitments and contingencies Redeemable interest in Ares Operating Group entities — — Non-controlling interest in Consolidated Funds — Equity appropriated for Consolidated Funds — — Non-controlling interest in Consolidated Funds — Non-controlling interest in Ares Operating Group entities — — Controlling interest in Ares Management, L.P.: Partners' Capital ( 80,679,600 units issued and outstanding) — — Accumulated other comprehensive loss — — Total controlling interest in Ares Management, L.P — — Total equity Total liabilities, redeemable interests, non-controlling interests and equity $ $ $ $
Schedule of results from operations	For the Three Months Ended March 31, 2016 Consolidated Consolidated Company Entities Funds Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $28,625) $ $ — $ $ Performance fees — Other fees — — Total revenues — Expenses Compensation and benefits — — Performance fee compensation — — General, administrative and other expense — — Consolidated Fund expenses — Total expenses Other income (expense) Net interest and investment expense (net of interest expense of $4,855) — Other income, net — — Net realized and unrealized gain (loss) on investments — Net interest and investment income of Consolidated Funds (net of interest expense of $22,449) — Net realized and unrealized loss on investments of Consolidated Funds — Total other income (expense) Income (loss) before taxes Income tax expense (benefit) — Net income (loss) Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds — Less: Net income attributable to redeemable interests in Ares Operating Group entities — — Less: Net income attributable to non-controlling interests in Ares Operating Group entities — — Net loss attributable to Ares Management, L.P. $ $ — $ — $ For the Three Months Ended March 31, 2015 Consolidated Consolidated Company Entities Funds Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $29,042) $ $ — $ $ Performance fees — Other fees — Total revenues — Expenses Compensation and benefits — — Performance fee compensation — — General, administrative and other expense — — Consolidated Fund expenses — Total expenses Other income (expense) Net interest and investment income (expense) (net of interest expense of $3,684) — Other income (expense), net — Net realized and unrealized gain on investments — Net interest and investment income of Consolidated Funds (net of interest expense of $17,101) — Net realized and unrealized loss on investments of Consolidated Funds — Total other income (expense) Income (loss) before taxes Income tax expense — — Net income (loss) Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds — Less: Net income attributable to redeemable interests in Ares Operating Group entities — — Less: Net income attributable to non-controlling interests in Ares Operating Group entities — — Net income attributable to Ares Management, L.P. $ $ — $ — $

ORGANIZATION AND BASIS OF PRE37

ORGANIZATION AND BASIS OF PRESENTATION (Details)	3 Months Ended
	Mar. 31, 2016itemshares
ORGANIZATION AND BASIS OF PRESENTATION
Number operating segments | item	3
AOG
ORGANIZATION AND BASIS OF PRESENTATION
Daily average ownership, as a percent	37.87
Minority ownership percentage	37.87%
Number of units held	80,690,612
Ares Owners Holdings LP | AOG
ORGANIZATION AND BASIS OF PRESENTATION
Daily average ownership, as a percent	56.26
Number of units held	119,874,362
Ownership percentage	56.26%
Alleghany | AOG
ORGANIZATION AND BASIS OF PRESENTATION
Daily average ownership, as a percent	5.87
Minority ownership percentage	5.87%
Number of units held	12,500,000

SUMMARY OF SIGNIFICANT ACCOUN38

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015	Jan. 01, 2016
Adoption of New Accounting Pronouncements
Total assets	$ 4,336,333		$ 4,321,408
Total liabilities	3,375,026		3,329,497
Cumulative effect adjustment to retained earnings	(3,367)
Net income attributable to Ares Management L.P.	(3,090)	$ 18,456
Parent Company
Adoption of New Accounting Pronouncements
Redeemable interest	23,353		23,505
Goodwill, Impairment Loss	0		0
Consolidated Funds | AOG
Adoption of New Accounting Pronouncements
Redeemable interest	23,353		23,505
Consolidated Funds | Consolidated VIEs
Adoption of New Accounting Pronouncements
Total assets	2,757,050		2,759,981
Total liabilities	$ 2,265,166		$ 2,256,517
Accounting Standards Update 2014-13 [Member] | Restatement Adjustment [Member]
Adoption of New Accounting Pronouncements
Cumulative effect adjustment to retained earnings				$ 3,400

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS - Carrying Value and Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
General, administrative and other expense
Finite-lived intangible assets, net
Amortization expense	$ 7,300
Parent Company
Finite-lived intangible assets, net
Intangible assets before foreign currency translation	153,739		$ 205,269
Foreign currency translation	(1,697)		(1,436)
Total intangible assets acquired	152,042		203,833
Less: accumulated amortization	(74,353)		(118,862)
Finite-lived intangible assets, net	77,689		84,971
Goodwill	144,017		144,067
Fully-amortized intangibles, amount removed during the period	51,500
Estimated future annual amortization of finite-lived intangible assets
Finite-lived intangible assets, net	77,689		84,971
Parent Company | General, administrative and other expense
Finite-lived intangible assets, net
Amortization expense	7,300	$ 10,900
Parent Company | Credit Group
Finite-lived intangible assets, net
Goodwill	32,196		32,196
Parent Company | Real Estate Group
Finite-lived intangible assets, net
Goodwill	$ 53,221		53,271
Management contracts | Parent Company
Finite-lived intangible assets, net
Weighted Average Amortization Period	2 years 4 months 24 days
Intangible assets before foreign currency translation	$ 111,939		163,469
Client relationships | Parent Company
Finite-lived intangible assets, net
Weighted Average Amortization Period	12 years 3 months 18 days
Intangible assets before foreign currency translation	$ 38,600		38,600
Trade Name | Parent Company
Finite-lived intangible assets, net
Weighted Average Amortization Period	6 years 3 months 18 days
Intangible assets before foreign currency translation	$ 3,200		$ 3,200

GOODWILL AND INTANGIBLE ASSET40

GOODWILL AND INTANGIBLE ASSETS - Future Amortization, rollforward (Details) - Parent Company - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Goodwill [Roll Forward]
Goodwill, Beginning Balance	$ 144,067
Foreign currency translation	(50)
Goodwill, Ending Balance	144,017	$ 144,067
Impairments of goodwill	0	0
Credit Group
Goodwill [Roll Forward]
Goodwill, Beginning Balance	32,196
Goodwill, Ending Balance	32,196	32,196
Private Equity Group
Goodwill [Roll Forward]
Goodwill, Beginning Balance	58,600
Goodwill, Ending Balance	58,600	58,600
Real Estate Group
Goodwill [Roll Forward]
Goodwill, Beginning Balance	53,271
Foreign currency translation	(50)
Goodwill, Ending Balance	$ 53,221	$ 53,271

INVESTMENTS (Details)

INVESTMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments
Fair Value Investments, Fair Value Disclosure	$ 447,799	$ 427,308
Fair value as a percentage of total investments	100.00%	100.00%
Investments, at cost	$ 369,861	$ 350,811
Private Investment Partnership Interests
Investments
Fair Value Investments, Fair Value Disclosure	$ 393,598	$ 371,475
Fair value as a percentage of total investments	88.00%	87.00%
Investments, at cost	$ 311,187	$ 297,026
Private Investment Partnership Interests | AREA Sponsor Holdings, LLC
Investments
Fair Value Investments, Fair Value Disclosure	$ 38,554	$ 37,275
Fair value as a percentage of total investments	8.60%	8.70%
Private Investment Partnership Interests | ACE II Master Fund L.P.
Investments
Fair Value Investments, Fair Value Disclosure	$ 22,629	$ 22,015
Fair value as a percentage of total investments	5.10%	5.20%
Private Investment Partnership Interests | Ares Corporate Opportunities Fund III, L.P.
Investments
Fair Value Investments, Fair Value Disclosure	$ 116,470	$ 108,506
Fair value as a percentage of total investments	26.00%	25.40%
Private Investment Partnership Interests | Ares Corporate Opportunities Fund IV, L.P.
Investments
Fair Value Investments, Fair Value Disclosure	$ 29,480	$ 30,571
Fair value as a percentage of total investments	6.60%	7.20%
Private Investment Partnership Interests | Ares Enhanced Credit Opportunities Fund, L.P.
Investments
Fair Value Investments, Fair Value Disclosure	$ 25,598	$ 26,073
Fair value as a percentage of total investments	5.70%	6.10%
Private Investment Partnership Interests | Resolution Life L.P.
Investments
Fair Value Investments, Fair Value Disclosure	$ 40,703	$ 40,703
Fair value as a percentage of total investments	9.10%	9.50%
Private Investment Partnership Interests | Other private investment partnership Interests
Investments
Fair Value Investments, Fair Value Disclosure	$ 120,164	$ 106,332
Fair value as a percentage of total investments	26.90%	24.90%
Collateralized Debt Obligations
Investments
Fair Value Investments, Fair Value Disclosure	$ 54,118	$ 55,752
Fair value as a percentage of total investments	12.00%	13.00%
Investments, at cost	$ 58,556	$ 53,669
Collateralized Debt Obligations | Collateralized loan obligations interests
Investments
Fair Value Investments, Fair Value Disclosure	$ 54,118	$ 55,752
Fair value as a percentage of total investments	12.00%	13.00%
Equity securities
Investments
Fair Value Investments, Fair Value Disclosure	$ 83	$ 81
Fair value as a percentage of total investments	0.00%	0.00%
Investments, at cost	$ 118	$ 116
Equity securities | Common stock
Investments
Fair Value Investments, Fair Value Disclosure	$ 83	$ 81
Fair value as a percentage of total investments	0.00%	0.00%

INVESTMENTS - Equity Method (De

INVESTMENTS - Equity Method (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
INVESTMENTS
Equity-method investments	$ 4,322	$ 4,486
Equity-method investments at fair value	26,007	19,471
Total equity-method investments	$ 30,329	$ 23,957

INVESTMENTS - Held to Maturity

INVESTMENTS - Held to Maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Cost	$ 17,856		$ 17,022
Unrealized loss, net	(590)		(334)
Fair value	17,266		$ 16,688
Sales of investments during the period	0	$ 0
Fair value, Due after 10 years	$ 17,266

INVESTMENTS - By Sector (Detail

INVESTMENTS - By Sector (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments
Fair value as a percentage of total investments	100.00%	100.00%
Investments, at cost	$ 369,861	$ 350,811
Equity securities
Investments
Fair value as a percentage of total investments	0.00%	0.00%
Investments, at cost	$ 118	$ 116
Consolidated Funds
Investments
Investments, at fair value	$ 2,553,169	$ 2,559,783
Fair value as a percentage of total investments	100.00%	100.00%
Consolidated Funds | Fixed income asset
Investments
Investments, at fair value	$ 2,364,777	$ 2,338,024
Fair value as a percentage of total investments	92.40%	91.20%
Consolidated Funds | Equity securities
Investments
Investments, at fair value	$ 188,392	$ 221,759
Fair value as a percentage of total investments	7.60%	8.80%
Consolidated Funds | United States | Fixed income asset
Investments
Investments, at fair value	$ 1,422,618	$ 1,411,220
Fair value as a percentage of total investments	55.60%	55.10%
Investments, at cost	$ 1,458,969	$ 1,462,570
Consolidated Funds | United States | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 403,139	$ 393,902
Fair value as a percentage of total investments	15.70%	15.40%
Consolidated Funds | United States | Fixed income asset | Consumer staples
Investments
Investments, at fair value	$ 36,938	$ 40,030
Fair value as a percentage of total investments	1.40%	1.60%
Consolidated Funds | United States | Fixed income asset | Energy
Investments
Investments, at fair value	$ 36,973	$ 38,617
Fair value as a percentage of total investments	1.40%	1.50%
Consolidated Funds | United States | Fixed income asset | Financials
Investments
Investments, at fair value	$ 77,988	$ 78,806
Fair value as a percentage of total investments	3.10%	3.10%
Consolidated Funds | United States | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 180,020	$ 162,191
Fair value as a percentage of total investments	7.10%	6.30%
Consolidated Funds | United States | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 153,511	$ 161,830
Fair value as a percentage of total investments	6.00%	6.30%
Consolidated Funds | United States | Fixed income asset | Information technology
Investments
Investments, at fair value	$ 137,925	$ 138,186
Fair value as a percentage of total investments	5.40%	5.40%
Consolidated Funds | United States | Fixed income asset | Materials
Investments
Investments, at fair value	$ 89,973	$ 95,767
Fair value as a percentage of total investments	3.50%	3.70%
Consolidated Funds | United States | Fixed income asset | Partnership interests
Investments
Investments, at fair value	$ 103,621	$ 86,902
Fair value as a percentage of total investments	4.10%	3.40%
Consolidated Funds | United States | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 189,418	$ 202,256
Fair value as a percentage of total investments	7.40%	7.90%
Consolidated Funds | United States | Fixed income asset | Utilities
Investments
Investments, at fair value	$ 13,112	$ 12,733
Fair value as a percentage of total investments	0.50%	0.50%
Consolidated Funds | United States | Equity securities
Investments
Investments, at fair value	$ 2,458	$ 854
Fair value as a percentage of total investments	0.10%	0.00%
Investments, at cost	$ 8,304	$ 8,304
Consolidated Funds | United States | Equity securities | Healthcare, education and childcare
Investments
Investments, at fair value	$ 1,740	$ 344
Fair value as a percentage of total investments	0.10%	0.00%
Consolidated Funds | United States | Equity securities | Telecommunication services
Investments
Investments, at fair value	$ 718	$ 510
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Europe | Fixed income asset
Investments
Investments, at fair value	$ 816,256	$ 796,621
Fair value as a percentage of total investments	31.80%	31.10%
Investments, at cost	$ 862,992	$ 836,217
Consolidated Funds | Europe | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 215,526	$ 221,707
Fair value as a percentage of total investments	8.30%	8.70%
Consolidated Funds | Europe | Fixed income asset | Consumer staples
Investments
Investments, at fair value	$ 53,491	$ 50,625
Fair value as a percentage of total investments	2.10%	2.00%
Consolidated Funds | Europe | Fixed income asset | Financials
Investments
Investments, at fair value	$ 29,308	$ 29,922
Fair value as a percentage of total investments	1.10%	1.20%
Consolidated Funds | Europe | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 111,710	$ 104,704
Fair value as a percentage of total investments	4.40%	4.10%
Consolidated Funds | Europe | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 106,511	$ 109,778
Fair value as a percentage of total investments	4.20%	4.30%
Consolidated Funds | Europe | Fixed income asset | Information technology
Investments
Investments, at fair value	$ 32,368	$ 31,562
Fair value as a percentage of total investments	1.30%	1.20%
Consolidated Funds | Europe | Fixed income asset | Materials
Investments
Investments, at fair value	$ 105,726	$ 98,450
Fair value as a percentage of total investments	4.10%	3.80%
Consolidated Funds | Europe | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 160,806	$ 149,105
Fair value as a percentage of total investments	6.30%	5.80%
Consolidated Funds | Europe | Fixed income asset | Utilities
Investments
Investments, at fair value	$ 810	$ 768
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Europe | Equity securities
Investments
Investments, at fair value	$ 40,511	$ 43,045
Fair value as a percentage of total investments	1.70%	1.80%
Investments, at cost	$ 80,830	$ 80,827
Consolidated Funds | Europe | Equity securities | Consumer discretionary
Investments
Investments, at fair value	$ 4,203	$ 4,306
Fair value as a percentage of total investments	0.20%	0.20%
Consolidated Funds | Europe | Equity securities | Consumer staples
Investments
Investments, at fair value	$ 1,437	$ 1,286
Fair value as a percentage of total investments	0.10%	0.10%
Consolidated Funds | Europe | Equity securities | Healthcare, education and childcare
Investments
Investments, at fair value	$ 34,716	$ 37,294
Fair value as a percentage of total investments	1.40%	1.50%
Consolidated Funds | Europe | Equity securities | Telecommunication services
Investments
Investments, at fair value	$ 155	$ 159
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Asia and other | Fixed income asset
Investments
Investments, at fair value	$ 63,688	$ 68,718
Fair value as a percentage of total investments	2.50%	2.70%
Investments, at cost	$ 55,384	$ 57,868
Consolidated Funds | Asia and other | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 30,260	$ 34,810
Fair value as a percentage of total investments	1.20%	1.40%
Consolidated Funds | Asia and other | Fixed income asset | Financials
Investments
Investments, at fair value	$ 1,242
Fair value as a percentage of total investments	0.00%
Consolidated Funds | Asia and other | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 21,993	$ 23,999
Fair value as a percentage of total investments	0.90%	0.90%
Consolidated Funds | Asia and other | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 10,193	$ 9,909
Fair value as a percentage of total investments	0.40%	0.40%
Consolidated Funds | Asia and other | Equity securities
Investments
Investments, at fair value	$ 125,409	$ 156,730
Fair value as a percentage of total investments	5.00%	6.20%
Investments, at cost	$ 118,730	$ 118,730
Consolidated Funds | Asia and other | Equity securities | Consumer discretionary
Investments
Investments, at fair value	$ 29,444	$ 55,532
Fair value as a percentage of total investments	1.20%	2.20%
Consolidated Funds | Asia and other | Equity securities | Consumer staples
Investments
Investments, at fair value	$ 50,476	$ 55,442
Fair value as a percentage of total investments	2.00%	2.20%
Consolidated Funds | Asia and other | Equity securities | Healthcare, education and childcare
Investments
Investments, at fair value	$ 32,598	$ 32,865
Fair value as a percentage of total investments	1.30%	1.30%
Consolidated Funds | Asia and other | Equity securities | Industrials
Investments
Investments, at fair value	$ 12,891	$ 12,891
Fair value as a percentage of total investments	0.50%	0.50%
Consolidated Funds | Canada | Fixed income asset
Investments
Investments, at fair value	$ 33,519	$ 32,879
Fair value as a percentage of total investments	1.30%	1.30%
Investments, at cost	$ 35,731	$ 34,397
Consolidated Funds | Canada | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 806	$ 827
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Canada | Fixed income asset | Consumer staples
Investments
Investments, at fair value	$ 1,377	$ 1,369
Fair value as a percentage of total investments	0.10%	0.10%
Consolidated Funds | Canada | Fixed income asset | Energy
Investments
Investments, at fair value	$ 7,278	$ 8,724
Fair value as a percentage of total investments	0.30%	0.30%
Consolidated Funds | Canada | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 14,537	$ 14,819
Fair value as a percentage of total investments	0.60%	0.60%
Consolidated Funds | Canada | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 620	$ 513
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Canada | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 8,901	$ 6,627
Fair value as a percentage of total investments	0.30%	0.30%
Consolidated Funds | Australia | Fixed income asset
Investments
Investments, at fair value	$ 28,696	$ 28,586
Fair value as a percentage of total investments	1.20%	1.00%
Investments, at cost	$ 39,602	$ 39,574
Consolidated Funds | Australia | Fixed income asset | Energy
Investments
Investments, at fair value	$ 8,987	$ 8,888
Fair value as a percentage of total investments	0.40%	0.30%
Consolidated Funds | Australia | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 4,158	$ 3,657
Fair value as a percentage of total investments	0.20%	0.10%
Consolidated Funds | Australia | Fixed income asset | Utilities
Investments
Investments, at fair value	$ 15,551	$ 16,041
Fair value as a percentage of total investments	0.60%	0.60%
Consolidated Funds | Australia | Equity securities
Investments
Investments, at fair value	$ 20,014	$ 21,130
Fair value as a percentage of total investments	0.80%	0.80%
Investments, at cost	$ 25,524	$ 25,524
Consolidated Funds | Australia | Equity securities | Telecommunication services
Investments
Investments, at fair value	$ 4,630	$ 5,370
Fair value as a percentage of total investments	0.20%	0.20%
Consolidated Funds | Australia | Equity securities | Utilities
Investments
Investments, at fair value	$ 15,384	$ 15,760
Fair value as a percentage of total investments	0.60%	0.60%

FAIR VALUE (Details)

FAIR VALUE (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments measured at NAV
FAIR VALUE
Investments, at fair value	$ 361,402	$ 339,243
Assets, at fair value	361,402	339,243
Investments measured at NAV | Private Investment Partnership Interests
FAIR VALUE
Investments, at fair value	361,402	339,243
Parent Company
FAIR VALUE
Investments, at fair value	473,806	446,779
Derivative assets, at fair value	1,038	1,339
Assets, at fair value	474,844	448,118
Derivative liabilities, at fair value	(2,468)	(390)
Debt obligation	471,274	389,120
Parent Company | Interest rate contracts
FAIR VALUE
Derivative liabilities, at fair value	(66)	(214)
Parent Company | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	1,038	1,339
Derivative liabilities, at fair value	(2,402)	(176)
Parent Company | Interest rate swaps
FAIR VALUE
Derivative liabilities, at fair value		(214)
Parent Company | Fixed Income Investments [Member]
FAIR VALUE
Investments, at fair value	54,118	55,752
Parent Company | Collateralized loan obligation
FAIR VALUE
Investments, at fair value	54,118	55,752
Parent Company | Equity securities
FAIR VALUE
Investments, at fair value	83	81
Parent Company | Private Investment Partnership Interests
FAIR VALUE
Investments, at fair value	419,605	390,946
Parent Company | Level I
FAIR VALUE
Investments, at fair value	83	81
Assets, at fair value	83	81
Parent Company | Level I | Equity securities
FAIR VALUE
Investments, at fair value	83	81
Parent Company | Level II
FAIR VALUE
Derivative assets, at fair value	1,038	1,339
Assets, at fair value	1,038	1,339
Derivative liabilities, at fair value	(2,468)	(390)
Parent Company | Level II | Interest rate contracts
FAIR VALUE
Derivative liabilities, at fair value	(66)
Parent Company | Level II | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	1,038	1,339
Derivative liabilities, at fair value	(2,402)	(176)
Parent Company | Level II | Interest rate swaps
FAIR VALUE
Derivative liabilities, at fair value		(214)
Parent Company | Level III
FAIR VALUE
Investments, at fair value	112,321	107,455
Assets, at fair value	112,321	107,455
Parent Company | Level III | Fixed Income Investments [Member]
FAIR VALUE
Investments, at fair value	54,118	55,752
Parent Company | Level III | Collateralized loan obligation
FAIR VALUE
Investments, at fair value	54,118	55,752
Parent Company | Level III | Private Investment Partnership Interests
FAIR VALUE
Investments, at fair value	58,203	51,703
Consolidated Funds
FAIR VALUE
Investments, at fair value	2,553,169	2,559,783
Assets, at fair value	2,553,169
Derivative liabilities, at fair value	(5,858)	(10,676)
Loan obligations of debt	(2,167,773)
Liabilities, at fair value	(2,173,631)	(2,185,028)
Consolidated Funds | Securities Sold Short
FAIR VALUE
Loan obligations of debt		(2,174,352)
Consolidated Funds | Other Derivatives
FAIR VALUE
Derivative liabilities, at fair value	(4,127)	(10,307)
Consolidated Funds | Equity contracts
FAIR VALUE
Derivative assets, at fair value	155	159
Consolidated Funds | Foreign exchange contracts
FAIR VALUE
Derivative liabilities, at fair value	(1,731)	(369)
Consolidated Funds | Fixed Income Investments [Member]
FAIR VALUE
Investments, at fair value	2,261,156	2,251,120
Consolidated Funds | Corporate Bonds
FAIR VALUE
Investments, at fair value	233,738	235,312
Consolidated Funds | Loans
FAIR VALUE
Investments, at fair value	2,021,156	2,009,687
Consolidated Funds | Collateralized loan obligation
FAIR VALUE
Investments, at fair value	6,262	6,121
Consolidated Funds | Equity securities
FAIR VALUE
Investments, at fair value	188,237	221,602
Consolidated Funds | Private Investment Partnership Interests
FAIR VALUE
Investments, at fair value	103,621	86,902
Consolidated Funds | Other
FAIR VALUE
Investments, at fair value	155	159
Consolidated Funds | Level I
FAIR VALUE
Investments, at fair value		76,033
Assets, at fair value	44,692
Consolidated Funds | Level I | Equity securities
FAIR VALUE
Investments, at fair value	44,692	76,033
Consolidated Funds | Level II
FAIR VALUE
Investments, at fair value		2,017,549
Assets, at fair value	2,050,842
Derivative liabilities, at fair value	(1,731)	(369)
Loan obligations of debt	(2,167,773)
Liabilities, at fair value	(2,169,504)	(369)
Consolidated Funds | Level II | Foreign exchange contracts
FAIR VALUE
Derivative liabilities, at fair value	(1,731)	(369)
Consolidated Funds | Level II | Fixed Income Investments [Member]
FAIR VALUE
Investments, at fair value	2,048,947	2,001,630
Consolidated Funds | Level II | Corporate Bonds
FAIR VALUE
Investments, at fair value	127,926	126,289
Consolidated Funds | Level II | Loans
FAIR VALUE
Investments, at fair value	1,921,021	1,875,341
Consolidated Funds | Level II | Equity securities
FAIR VALUE
Investments, at fair value	1,740	15,760
Consolidated Funds | Level II | Other
FAIR VALUE
Investments, at fair value	155	159
Consolidated Funds | Level III
FAIR VALUE
Investments, at fair value		466,201
Assets, at fair value	457,635	466,201
Derivative liabilities, at fair value	(4,127)	(10,307)
Liabilities, at fair value	(4,127)	(2,184,659)
Consolidated Funds | Level III | Securities Sold Short
FAIR VALUE
Loan obligations of debt		(2,174,352)
Consolidated Funds | Level III | Other Derivatives
FAIR VALUE
Derivative liabilities, at fair value	(4,127)	(10,307)
Consolidated Funds | Level III | Fixed Income Investments [Member]
FAIR VALUE
Investments, at fair value	212,209	249,490
Consolidated Funds | Level III | Corporate Bonds
FAIR VALUE
Investments, at fair value	105,812	109,023
Consolidated Funds | Level III | Loans
FAIR VALUE
Investments, at fair value	100,135	134,346
Consolidated Funds | Level III | Collateralized loan obligation
FAIR VALUE
Investments, at fair value	6,262	6,121
Consolidated Funds | Level III | Equity securities
FAIR VALUE
Investments, at fair value	141,805	129,809
Consolidated Funds | Level III | Private Investment Partnership Interests
FAIR VALUE
Investments, at fair value	$ 103,621	$ 86,902

FAIR VALUE - Recurring RF (Deta

FAIR VALUE - Recurring RF (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Changes in the fair value of the Level III investments
Transfers from Level I to Level II	$ 0	$ 0
Parent Company
Changes in the fair value of the Level III investments
Balance, beginning of period	107,455	45,348	$ 45,348
Deconsolidation of funds		17,815
Purchases	6,503	5,003
Sales	(775)	(763)
Realized and unrealized appreciation (depreciation), net	(862)	(1,232)
Balance, end of period	112,321	66,171	107,455
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	(1,173)	(1,510)
Parent Company | Fixed income asset
Changes in the fair value of the Level III investments
Balance, beginning of period	55,752
Deconsolidation of funds		17,815
Purchases	3	3
Sales	(775)	(763)
Realized and unrealized appreciation (depreciation), net	(862)	(1,232)
Balance, end of period	54,118	15,823	55,752
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	(1,173)	(1,510)
Parent Company | Private Investment Partnership Interests
Changes in the fair value of the Level III investments
Balance, beginning of period	51,703	45,348	45,348
Purchases	6,500	5,000
Balance, end of period	58,203	50,348	51,703
Consolidated Funds
Changes in the fair value of the Level III investments
Balance, beginning of period	455,894	5,452,295	5,452,295
Deconsolidation of funds			(4,982,308)
Transfer in	46,470	26,144
Accounting change due to the adoption of ASU 2014-13	(74,558)	(89,214)
Purchases	26,769	44,839
Sales	(9,247)	(24,861)
Accrued discounts/premiums	737	(1,125)
Realized and unrealized appreciation (depreciation), net	7,443	(32,007)
Balance, end of period	453,508	393,763	455,894
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	5,478	(31,427)
Consolidated Funds | Equity securities
Changes in the fair value of the Level III investments
Balance, beginning of period	129,809	3,263,311	3,263,311
Deconsolidation of funds			(3,080,402)
Transfer in	15,759
Accounting change due to the adoption of ASU 2014-13	(345)
Sales		(1,689)
Realized and unrealized appreciation (depreciation), net	(3,418)	(7,185)
Balance, end of period	141,804	174,035	129,809
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	(3,419)	(8,932)
Consolidated Funds | Fixed income asset
Changes in the fair value of the Level III investments
Balance, beginning of period	249,490	2,192,395	2,192,395
Deconsolidation of funds			(1,897,304)
Transfer in	30,711	26,144
Accounting change due to the adoption of ASU 2014-13	(74,213)	(89,214)
Purchases	19,469	44,835
Sales	(9,443)	(23,171)
Accrued discounts/premiums	453	(858)
Realized and unrealized appreciation (depreciation), net	(4,258)	(18,706)
Balance, end of period	212,209	234,121	249,490
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	(6,032)	(14,877)
Consolidated Funds | Private Investment Partnership Interests
Changes in the fair value of the Level III investments
Balance, beginning of period	86,902	17,582	17,582
Deconsolidation of funds			(17,582)
Purchases	7,300
Sales	(300)
Realized and unrealized appreciation (depreciation), net	9,719
Balance, end of period	103,621		86,902
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	9,635
Consolidated Funds | Other Financial Instrument [Member]
Changes in the fair value of the Level III investments
Balance, beginning of period	(10,307)	(20,993)	(20,993)
Deconsolidation of funds			12,980
Purchases		4
Sales	496	(1)
Accrued discounts/premiums	284	(267)
Realized and unrealized appreciation (depreciation), net	5,400	(6,116)
Balance, end of period	(4,127)	(14,393)	$ (10,307)
Increase (decrease) in unrealized appreciation (depreciation) included in earnings related to financial assets still held at the reporting date	$ 5,294	$ (7,618)

FAIR VALUE - Recurring RF for L

FAIR VALUE - Recurring RF for Loan Oblig (Details) - Collateralized loan obligation - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Changes in the fair value of the Level III investments for loan obligations
Balance, beginning of period	$ 2,174,352	$ 12,049,019
Accounting change due to the adoption of ASU 2014-13	$ (2,174,352)
Liability deconsolidation of funds		(10,264,884)
Borrowings		602,077
Paydowns		(409)
Realized and unrealized gains, net		(85,833)
Balance, end of period		$ 2,299,970

FAIR VALUE - By Valuation Techn

FAIR VALUE - By Valuation Technique (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Parent Company
FAIR VALUE
Assets, at fair value	$ 474,844	$ 448,118
Parent Company | Private Investment Partnership Interests | Discounted cash flow
Unobservable Input
Discount rate (as a percent)	10.00%
Parent Company | Level III
FAIR VALUE
Assets, at fair value	$ 112,321	107,455
Parent Company | Level III | Collateralized loan obligation | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Assets, at fair value	54,118	55,752
Parent Company | Level III | Private Investment Partnership Interests | Recent transaction price
FAIR VALUE
Assets, at fair value	17,500	11,000
Parent Company | Level III | Private Investment Partnership Interests | Discounted cash flow
FAIR VALUE
Assets, at fair value	40,703	$ 40,703
Unobservable Input
Discount rate (as a percent)		10.00%
Consolidated Funds
FAIR VALUE
Assets, at fair value	2,553,169
Liabilities, at fair value	$ 2,173,631	$ 2,185,028
Consolidated Funds | Fixed income liability | Discounted cash flow
Unobservable Input
Default rate (as a percent)		2.00%
Consolidated Funds | Fixed income liability | Discounted cash flow | Minimum
Unobservable Input
Discount rate (as a percent)		8.00%
Prepayment rate (as a percent)		19.70%
Recovery rate (as a percent)		70.00%
Consolidated Funds | Fixed income liability | Discounted cash flow | Maximum
Unobservable Input
Discount rate (as a percent)		10.00%
Prepayment rate (as a percent)		20.00%
Recovery rate (as a percent)		71.10%
Consolidated Funds | Fixed income liability | Discounted cash flow | Weighted Average
Unobservable Input
Discount rate (as a percent)		8.70%
Prepayment rate (as a percent)		19.80%
Default rate (as a percent)		2.00%
Recovery rate (as a percent)		70.80%
Consolidated Funds | Equity securities | EV market multiple analysis | Minimum
Unobservable Input
EBITDA multiple	1.6	1.6
Consolidated Funds | Equity securities | EV market multiple analysis | Maximum
Unobservable Input
EBITDA multiple	9.1	10.4
Consolidated Funds | Equity securities | EV market multiple analysis | Weighted Average
Unobservable Input
EBITDA multiple	5.4	4.1
Consolidated Funds | Equity securities | Market Approach Valuation Technique [Member] | Minimum
Unobservable Input
Net income multiple	9.1	10
Consolidated Funds | Equity securities | Market Approach Valuation Technique [Member] | Maximum
Unobservable Input
Net income multiple	40	40
Consolidated Funds | Equity securities | Market Approach Valuation Technique [Member] | Weighted Average
Unobservable Input
Net income multiple		21.7
Consolidated Funds | Equity securities | Discounted cash flow
Unobservable Input
Discount rate (as a percent)	14.00%	14.00%
Consolidated Funds | Equity securities | Discounted cash flow | Weighted Average
Unobservable Input
EBITDA multiple	14
Discount rate (as a percent)		14.00%
Consolidated Funds | Fixed income asset | EV market multiple analysis | Minimum
Unobservable Input
EBITDA multiple	1.6	1.6
Consolidated Funds | Fixed income asset | EV market multiple analysis | Maximum
Unobservable Input
EBITDA multiple	11	11
Consolidated Funds | Fixed income asset | EV market multiple analysis | Weighted Average
Unobservable Input
EBITDA multiple	7.3	7.8
Consolidated Funds | Fixed income asset | Market Approach Valuation Technique [Member]
Unobservable Input
EBITDA multiple	6.5	6.5
Consolidated Funds | Fixed income asset | Market Approach Valuation Technique [Member] | Weighted Average
Unobservable Input
EBITDA multiple	6.5	6.5
Consolidated Funds | Fixed income asset | Discounted cash flow | Minimum
Unobservable Input
Discount rate (as a percent)	11.00%	11.00%
Consolidated Funds | Fixed income asset | Discounted cash flow | Maximum
Unobservable Input
Discount rate (as a percent)	15.30%	15.30%
Consolidated Funds | Fixed income asset | Discounted cash flow | Weighted Average
Unobservable Input
Discount rate (as a percent)	12.70%	12.70%
Consolidated Funds | Fixed income asset | Income Approach Based on Yield Valuation Technique [Member] | Minimum
Unobservable Input
Yield (as a percent)	3.30%	3.30%
Consolidated Funds | Fixed income asset | Income Approach Based on Yield Valuation Technique [Member] | Maximum
Unobservable Input
Yield (as a percent)	13.30%	13.30%
Consolidated Funds | Fixed income asset | Income Approach Based on Yield Valuation Technique [Member] | Weighted Average
Unobservable Input
Yield (as a percent)	9.40%	9.10%
Consolidated Funds | Fixed income asset | Income Approach Based on Collection Rate Valuation Technique [Member]
Unobservable Input
EBITDA multiple	1.2
Collection rate		1.2
Consolidated Funds | Fixed income asset | Income Approach Based on Collection Rate Valuation Technique [Member] | Weighted Average
Unobservable Input
EBITDA multiple	1.2
Collection rate		1.2
Consolidated Funds | Fixed income asset | Income Approach Based on Other Inputs Valuation Technique [Member] | Minimum
Unobservable Input
Prepayment rate (as a percent)	5.00%	5.00%
Default rate (as a percent)	11.90%	11.90%
Recovery rate (as a percent)	0.00%	0.00%
Consolidated Funds | Fixed income asset | Income Approach Based on Other Inputs Valuation Technique [Member] | Maximum
Unobservable Input
Prepayment rate (as a percent)	10.00%	10.00%
Default rate (as a percent)	25.10%	25.10%
Recovery rate (as a percent)	40.00%	40.00%
Consolidated Funds | Fixed income asset | Income Approach Based on Other Inputs Valuation Technique [Member] | Weighted Average
Unobservable Input
Prepayment rate (as a percent)	6.90%	7.10%
Default rate (as a percent)	14.20%	14.60%
Recovery rate (as a percent)	15.00%	16.80%
Consolidated Funds | Level III
FAIR VALUE
Assets, at fair value	$ 457,635	$ 466,201
Liabilities, at fair value	4,127	2,184,659
Consolidated Funds | Level III | Fixed income liability | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Liabilities, at fair value		2,146,255
Consolidated Funds | Level III | Fixed income liability | Discounted cash flow
FAIR VALUE
Liabilities, at fair value		28,097
Consolidated Funds | Level III | Derivatives liabilities of Consolidated Funds | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Liabilities, at fair value	4,127	10,307
Consolidated Funds | Level III | Equity securities | EV market multiple analysis
FAIR VALUE
Assets, at fair value	53,247	42,887
Consolidated Funds | Level III | Equity securities | Market Approach Valuation Technique [Member]
FAIR VALUE
Assets, at fair value	$ 73,174	73,686
Unobservable Input
Net income multiple	20.6
Illiquidity discount (as a percent)	25.00%
Consolidated Funds | Level III | Equity securities | Market Approach Valuation Technique [Member] | Weighted Average
Unobservable Input
Illiquidity discount (as a percent)	25.00%
Consolidated Funds | Level III | Equity securities | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Assets, at fair value	$ 15,384	344
Consolidated Funds | Level III | Equity securities | Recent transaction price
FAIR VALUE
Assets, at fair value		12,891
Consolidated Funds | Level III | Equity securities | Discounted cash flow
FAIR VALUE
Assets, at fair value	103,621	86,902
Consolidated Funds | Level III | Fixed income asset | EV market multiple analysis
FAIR VALUE
Assets, at fair value	21,010	22,934
Consolidated Funds | Level III | Fixed income asset | Market Approach Valuation Technique [Member]
FAIR VALUE
Assets, at fair value	1,756	1,626
Consolidated Funds | Level III | Fixed income asset | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Assets, at fair value	92,891	130,131
Consolidated Funds | Level III | Fixed income asset | Discounted cash flow
FAIR VALUE
Assets, at fair value	5,622	5,516
Consolidated Funds | Level III | Fixed income asset | Income Approach Based on Yield Valuation Technique [Member]
FAIR VALUE
Assets, at fair value	83,045	84,464
Consolidated Funds | Level III | Fixed income asset | Income Approach Based on Collection Rate Valuation Technique [Member]
FAIR VALUE
Assets, at fair value	2,800	1,133
Consolidated Funds | Level III | Fixed income asset | Income Approach Based on Other Inputs Valuation Technique [Member]
FAIR VALUE
Assets, at fair value	$ 5,085	$ 3,687

FAIR VALUE - Investments Using

FAIR VALUE - Investments Using NAV per Share (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
FAIR VALUE
Fair Value	$ 361,402	$ 339,243
Unfunded Commitments	281,722	291,208
Credit Group
FAIR VALUE
Fair Value	104,824	98,251
Unfunded Commitments	$ 86,351	$ 89,917
Redemption restriction period	6 months	6 months
Private Equity Group
FAIR VALUE
Fair Value	$ 163,988	$ 157,234
Unfunded Commitments	77,418	78,700
Real Estate Group
FAIR VALUE
Fair Value	59,589	56,547
Unfunded Commitments	100,579	99,802
Operations Management Group [Member]
FAIR VALUE
Fair Value	33,001	27,211
Unfunded Commitments	$ 17,374	$ 22,789

DERIVATIVE FINANCIAL INSTRUME50

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Parent Company
Assets
Notional amount, Assets	$ 22,018	$ 94,634
Fair Value, Assets	1,038	1,339
Liabilities
Notional amount, Liabilities	312,348	303,245
Fair Value, Liabilities	2,468	390
Parent Company | Interest rate contracts
Liabilities
Notional amount, Liabilities	250,000	250,000
Fair Value, Liabilities	66	214
Parent Company | Foreign exchange contracts
Assets
Notional amount, Assets	22,018	94,634
Fair Value, Assets	1,038	1,339
Liabilities
Notional amount, Liabilities	62,348	53,245
Fair Value, Liabilities	2,402	176
Consolidated Funds
Assets
Notional amount, Total	522	522
Fair Value, Total	155	159
Liabilities
Notional amount, Liabilities	30,073	29,635
Fair Value, Liabilities	5,858	10,676
Consolidated Funds | Foreign exchange contracts
Liabilities
Notional amount, Liabilities	25,572	25,572
Fair Value, Liabilities	1,731	369
Consolidated Funds | Other Financial Instrument [Member]
Liabilities
Notional amount, Liabilities	4,501	4,063
Fair Value, Liabilities	4,127	10,307
Consolidated Funds | Equity contracts
Assets
Notional amount, Assets	522	522
Fair Value, Assets	$ 155	$ 159

DERIVATIVE FINANCIAL INSTRUME51

DERIVATIVE FINANCIAL INSTRUMENTS - Setoff rows (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Parent Company
Derivatives, Assets
Gross Amounts of Recognized Assets	$ 1,038	$ 1,339
Net Amounts of Assets Presented	1,038	1,339
Gross Amounts Not Offset in the Statement of Financial Condition
Financial Instruments	(2,401)	(176)
Net Amount	(1,363)	1,163
Derivatives, Liabilities
Gross Amounts of Recognized Liabilities	(2,468)	(390)
Net Amounts of Liabilities Presented	(2,468)	(390)
Gross Amounts Not Offset in the Statement of Financial Condition
Financial Instruments	(2,401)	(176)
Net Amount	(67)	(214)
Grand Total
Gross Amounts of Recognized Assets (Liabilities)	(1,430)	949
Net Amounts of Assets (Liabilities) Presented	(1,430)	949
Net Amount	(1,430)	949
Consolidated Funds
Derivatives, Assets
Gross Amounts of Recognized Assets	447	85
Gross Amounts Offset in Assets	447	85
Derivatives, Liabilities
Gross Amounts of Recognized Liabilities	(6,305)	(10,760)
Gross Amounts Offset in Liabilities	(447)	(85)
Net Amounts of Liabilities Presented	(5,858)	(10,676)
Gross Amounts Not Offset in the Statement of Financial Condition
Net Amount	(5,858)	(10,676)
Grand Total
Gross Amounts of Recognized Assets (Liabilities)	(5,858)	(10,676)
Net Amounts of Assets (Liabilities) Presented	(5,858)	(10,676)
Net Amount	$ (5,858)	$ (10,676)

DEBT (Details)

DEBT (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Oct. 31, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
DEBT
Debt issuance costs		$ 0	$ 0
Parent Company
DEBT
Debt obligation		471,274		$ 389,120
Amount outstanding		471,274		389,120
Parent Company | Term Loan
DEBT
Debt instrument face amount		35,250
Debt obligation		$ 35,048		$ 35,043
Interest rate (as a percent)		2.47%		2.18%
Unused commitment fees (as a percent)		0.025%
AOG | Credit Facility
DEBT
Debt obligation		$ 192,000		$ 110,000
Interest rate (as a percent)		2.19%		2.11%
Maximum borrowing capacity		$ 1,030,000
Maximum borrowing capacity, upsized		$ 1,280,000
Unused commitment fees (as a percent)		0.25%
Floor interest rate (as a percent)		0.00%
Ares Finance Co LLC | Senior Notes
DEBT
Debt instrument face amount		$ 250,000
Debt obligation		$ 244,226		$ 244,077
Interest rate (as a percent)		4.21%		4.21%
Debt issuance percentage	98.268%
Interest expense. | Parent Company
DEBT
Amortization of debt issuance costs		$ 500	$ 400
Other assets | AOG | Credit Facility
DEBT
Unamortized debt issuance costs		5,800		$ 6,200
Debt obligations | Parent Company | Term Loan
DEBT
Unamortized debt issuance costs		$ 2,200		$ 2,200
Base rate | AOG | Credit Facility
DEBT
Interest rate spread (as a percent)		0.75%
LIBOR | AOG | Credit Facility
DEBT
Interest rate spread (as a percent)		1.75%

DEBT - Loan Oblig of Consol CLO

DEBT - Loan Oblig of Consol CLOs (Details) - Consolidated Funds - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
DEBT
Fair Value of Loan Obligations	$ 2,167,773	$ 2,174,352
Collateralized loan obligation
DEBT
Debt obligations	2,283,194	2,295,949
Fair Value of Loan Obligations	2,167,773	2,174,352
Senior secured notes | Collateralized loan obligation
DEBT
Debt obligations	2,083,929	2,101,506
Fair Value of Loan Obligations	2,052,619	$ 2,054,123
Original borrowings	$ 2,200,000
Weighted Average Remaining Maturity In Years	9 years 3 months 18 days	9 years 6 months 18 days
Weighted average interest rate (as a percent)	3.44%
Subordinated notes / preferred shares | Collateralized loan obligation
DEBT
Debt obligations	$ 199,265	$ 194,443
Fair Value of Loan Obligations	115,154	$ 120,229
Original borrowings	$ 199,300,000
Weighted Average Remaining Maturity In Years	9 years 3 months 15 days	9 years 6 months 11 days

DEBT - Credit Facil of Consol F

DEBT - Credit Facil of Consol Funds (Details) - Consolidated Funds - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
DEBT
Outstanding Loan	$ 12,484	$ 11,734
Credit facility with maturity 1/1/2023
DEBT
Total Facility (Capacity)	18,000
Long term borrowings, Outstanding Loan	$ 12,484	$ 11,734
Interest rate (as a percent)	2.00%	2.00%

REDEEMABLE INTERESTS (Details)

REDEEMABLE INTERESTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Redeemable interests
Changes in ownership interests	$ (361)
Cumulative effect of accounting change due to the adoption of ASU 2014-13	(3,367)
Distributions	(67,094)
Parent Company
Redeemable interests
Beginning balance	23,505
Ending balance	23,353
AOG | Consolidated Funds
Redeemable interests
Beginning balance	23,505
Net income	10
Distributions	(187)
Currency translation adjustment	(11)
Equity compensation	36
Ending balance	$ 23,353

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jul. 30, 2014	Mar. 31, 2016	Dec. 31, 2015
COMMITMENTS AND CONTINGENCIES
Unfunded Capital Commitments		$ 699,800	$ 436,400
Investments, at cost		369,861	350,811
Kayne Anderson Capital Advisors L.P.
COMMITMENTS AND CONTINGENCIES
Unfunded Capital Commitments		42,400
Investment Commitment		75,000
Investments, at cost		32,600
EIF Management, LLC
COMMITMENTS AND CONTINGENCIES
Unfunded commitment related to acquisition		38,300	38,100
Guarantees [Abstract]
Contingent consideration		38,300	38,100
ACRE | Indirect Guarantee of Indebtedness [Member]
Guarantees [Abstract]
Guarantor Obligations, Current Carrying Value		37,900	66,200
Maximum borrowing capacity	$ 75,000
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
ACRE | Indirect Guarantee of Indebtedness [Member] | Accounts payable and accrued expenses
Guarantees [Abstract]
Fair value of guarantee		1,700	1,700
Performance Fees
Guarantees [Abstract]
Fees subject to clawback provision		$ 322,400	$ 322,200
Portion of clawback fees reimbursable by professionals		$ 248.1	$ 247.9
Liability for clawback provision		$ 25,400	$ 0
Receivable for reimbursement of clawback fees		$ 16,400

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Parent Company
Due from affiliates:
Due from affiliates	$ 165,781	$ 144,982
Due to affiliates:
Due to affiliates	38,100	12,901
Parent Company | Affiliated entity
Due from affiliates:
Management fees receivable from non consolidated funds	119,573	112,405
Contingent obligations receivable	16,448
Payments made on behalf of and amounts due from non consolidated funds	29,760	32,577
Due to affiliates:
Management fee rebate payable to non consolidated funds	6,678	6,679
Management fee paid in advance	2,686	1,738
Contingent obligations payable	25,423
Payments made by affiliates and amounts due to them	3,313	4,484
Consolidated Funds
Due from affiliates:
Due from affiliates	11,955	12,923
Consolidated Funds | Affiliated entity
Due from affiliates:
Payments made on behalf of affiliates and amounts due from them	$ 11,955	$ 12,923

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Total:
Total income tax expense	$ 4,665	$ 4,059

EARNINGS PER COMMON UNIT - Anti

EARNINGS PER COMMON UNIT - Antidilutive (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
AOG
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	132,382,815	132,437,609
Stock Options
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	23,495,886	25,022,983
Restricted unit
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	6,203,740	834,288

EARNINGS PER COMMON UNIT (Detai

EARNINGS PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Basic
Net income (loss) attributable to Ares Management, L.P.	$ (3,090)	$ 18,456
Earnings distributed to participating securities	(193)	(237)
Preferred stock dividends	(4)
Net income (loss) available to common unitholders	$ (3,287)	$ 18,219
Basic weighted-average common units	80,683,051	80,667,664
Earnings (loss) per common unit, basic (in dollars per unit)	$ (0.04)	$ 0.23
Diluted
Net income (loss) attributable to Ares Management, L.P.	$ (3,090)	$ 18,456
Earnings distributed to participating securities	(193)	(237)
Preferred stock dividends	(4)
Net income (loss) available to common unitholders, diluted	$ (3,287)	$ 18,219
Diluted weighted-average common units	80,683,051	80,667,664
Earnings (loss) per common unit, diluted (in dollars per unit)	$ (0.04)	$ 0.23

EQUITY COMPENSATION - AEP, Rest

EQUITY COMPENSATION - AEP, Restricted and Phantom Units (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2014	Jan. 01, 2016
Equity compensation
Total number of units available for grant under the Equity Incentive Plan	31,003,265			31,962,710
Issued	959,445
Equity compensation expenses	$ 9,173	$ 7,921
Stock Options
Equity compensation
Granted (in units)	0		24,835,227
Equity compensation expenses	$ 3,913	3,853
Restricted unit
Equity compensation
Equity compensation expenses	4,761	$ 3,445
Distribution equivalents made to holders	$ 1,200
Restricted Units and Phantom Units
Balance at the beginning of the period (in units)	4,657,761	4,776,053
Units granted (in units)	1,789,545	171,444	4,936,051
Vested (in units)	(4,342)
Forfeited (in units)	(239,224)	(75,920)
Balance at the end of the period (in units)	6,203,740	4,871,577	4,776,053
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit)	$ 18.01	$ 18.08
Granted (in dollars per unit)	11.26	17.27
Vested (in dollars per unit)	18.05
Forfeited (in dollars per unit)	17.30	18.05
Balance at the end of the period (in dollars per unit)	$ 16.10	$ 18.06	$ 18.08
Unrecognized Compensation Expenses	$ 67,600
Weighted average period of compensation expense expected to be recognized	3 years 2 months 27 days
Restricted unit | Awards vested beginning on the third anniversary
Equity compensation
Vesting rights (as a percent)	33.00%
Restricted unit | Awards vested beginning on the first anniversary
Equity compensation
Vesting rights (as a percent)	25.00%
Phantom units
Equity compensation
Granted (in units)	0
Equity compensation expenses	$ 499	$ 623
Restricted Units and Phantom Units
Units granted (in units)			686,395

EQUITY COMPENSATION - Adoption

EQUITY COMPENSATION - Adoption of ASU 2016-09 (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Partners' Capital, unadjusted	$ 937,954	$ 968,406
Parent Company
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Temporary Equity, Carrying Amount, Attributable to Parent	23,353	23,505
Parent Company | Partners' Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Partners' Capital, unadjusted	236,270	251,537
Partners' Capital (as adjusted)		251,537
Parent Company | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Partners' Capital, unadjusted	$ 374,931	397,883
Parent Company | Accounting Standards Update 2016-09 [Member] | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Partners' Capital (as adjusted)		397,883
Parent Company | Accounting Standards Update 2016-09 [Member] | Adjustments for New Accounting Principle, Early Adoption | Partners' Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Retained Earnings		(3,357)
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Paid In Capital - Equity Compensation		3,767
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Distributions - Dividend Equivalent		(410)
Parent Company | Accounting Standards Update 2016-09 [Member] | Adjustments for New Accounting Principle, Early Adoption | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Retained Earnings		(5,470)
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Paid In Capital - Equity Compensation		6,138
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Distributions - Dividend Equivalent		(668)
Parent Company | Scenario, Previously Reported [Member] | Partners' Capital
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Partners' Capital, unadjusted		251,537
Parent Company | Scenario, Previously Reported [Member] | Accounting Standards Update 2016-09 [Member] | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Partners' Capital, unadjusted		397,883
AOG
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Temporary Equity, Carrying Amount, Attributable to Parent		23,505
AOG | Accounting Standards Update 2016-09 [Member] | Adjustments for New Accounting Principle, Early Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Retained Earnings		(38)
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Paid In Capital - Equity Compensation		43
Cumulative Effect Of New Accounting Principle In Period Of Adoption, Effect On Distributions - Dividend Equivalent		(5)
AOG | Scenario, Previously Reported [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Temporary Equity, Carrying Amount, Attributable to Parent		$ 23,505

SEGMENT REPORTING (Details)

SEGMENT REPORTING (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)segmentitemfund	Mar. 31, 2015USD ($)	Dec. 31, 2015USD ($)
Segment reporting
Number operating segments | item	3
Fee related earnings
Total other income	$ (15,451)	$ 11,007
Total assets	4,336,333		$ 4,321,408
Private Equity Group
Segment reporting
Assets under management	$ 23,300,000
Number of co-investment vehicles focused on U.S. energy and power assets | fund	6
Number of commingled funds focused on U.S. energy and power assets | fund	5
Number of private equity commingled funds focused on North America and Europe | fund	5
Number of China growth funds | fund	1
Fee related earnings
Management fees (includes ARCC Part 1 Fees)	$ 36,482	36,589
Administrative fees and other income	340	13
Compensation and benefits	12,167	(12,321)
General, administrative and other expenses	2,904	(3,118)
Fee related earnings	21,751	21,163
Performance fees-realized		425
Performance fees-unrealized	(12,143)	87,331
Performance fee compensation-realized		(340)
Performance fee compensation-unrealized	(8,941)	(69,981)
Net performance fees	(3,202)	17,435
Investment income (loss)-realized	(112)	4,172
Investment income (loss)-unrealized	(7,745)	(1,442)
Net interest and other investment income (expense)	(91)	4,485
Interest expense	(1,405)	(1,680)
Total other income	(9,353)	5,535
Performance related earnings	(12,555)	22,970
Economic net income	9,196	44,133
Distributable Earnings	19,605	27,086
Credit Group
Segment reporting
Assets under management	$ 60,000,000
Number of funds managed | fund	125
Fee related earnings
Management fees (includes ARCC Part 1 Fees)	$ 109,441	108,348
Administrative fees and other income	109	98
Compensation and benefits	43,914	(42,565)
General, administrative and other expenses	5,051	(7,125)
Fee related earnings	60,585	58,756
Performance fees-realized	6,178	35,214
Performance fees-unrealized	(29,327)	(19,201)
Performance fee compensation-realized	1,983	(21,004)
Performance fee compensation-unrealized	(16,605)	14,531
Net performance fees	(8,527)	9,540
Investment income (loss)-realized	162	8,618
Investment income (loss)-unrealized	(4,007)	(3,369)
Net interest and other investment income (expense)	7,579	(1,526)
Interest expense	(2,448)	(1,734)
Total other income	1,286	1,989
Performance related earnings	(7,241)	11,529
Economic net income	53,344	70,285
Distributable Earnings	68,083	75,707
Real Estate Group
Segment reporting
Assets under management	$ 10,200,000
Number of funds managed | fund	46
Fee related earnings
Management fees (includes ARCC Part 1 Fees)	$ 16,745	17,379
Administrative fees and other income	406	854
Compensation and benefits	10,714	(10,131)
General, administrative and other expenses	3,450	(2,544)
Fee related earnings	2,987	5,558
Performance fees-realized	171
Performance fees-unrealized	4,122	320
Performance fee compensation-unrealized	2,233	402
Net performance fees	2,060	722
Investment income (loss)-realized	(132)	132
Investment income (loss)-unrealized	2,799	196
Net interest and other investment income (expense)	892	29
Interest expense	(274)	(270)
Total other income	3,285	87
Performance related earnings	5,345	809
Economic net income	8,332	6,367
Distributable Earnings	3,343	3,382
Total Segments
Fee related earnings
Management fees (includes ARCC Part 1 Fees)	162,668	162,316
Administrative fees and other income	855	965
Compensation and benefits	66,795	(65,017)
General, administrative and other expenses	11,405	(12,787)
Fee related earnings	85,323	85,477
Performance fees-realized	6,349	35,639
Performance fees-unrealized	(37,348)	68,450
Performance fee compensation-realized	1,983	(21,344)
Performance fee compensation-unrealized	(23,313)	(55,048)
Net performance fees	(9,669)	27,697
Investment income (loss)-realized	(82)	12,922
Investment income (loss)-unrealized	(8,953)	(4,615)
Net interest and other investment income (expense)	8,380	2,988
Interest expense	(4,127)	(3,684)
Total other income	(4,782)	7,611
Performance related earnings	(14,451)	35,308
Economic net income	70,872	120,785
Distributable Earnings	91,031	106,175
OMG
Fee related earnings
Administrative fees and other income	6,674	6,385
Compensation and benefits	34,714	(28,914)
General, administrative and other expenses	18,235	(15,326)
Fee related earnings	(46,275)	(37,855)
Investment income (loss)-realized	(57)
Investment income (loss)-unrealized	385
Net interest and other investment income (expense)	(49)
Interest expense	(728)
Total other income	(449)
Performance related earnings	(449)
Economic net income	(46,724)	(37,855)
Distributable Earnings	(49,750)	(38,880)
Stand Alone
Fee related earnings
Management fees (includes ARCC Part 1 Fees)	162,668	162,316
Administrative fees and other income	7,529	7,350
Compensation and benefits	101,509	(93,931)
General, administrative and other expenses	29,640	(28,113)
Fee related earnings	39,048	47,622
Performance fees-realized	6,349	35,639
Performance fees-unrealized	(37,348)	68,450
Performance fee compensation-realized	1,983	(21,344)
Performance fee compensation-unrealized	(23,313)	(55,048)
Net performance fees	(9,669)	27,697
Investment income (loss)-realized	(139)	12,922
Investment income (loss)-unrealized	(8,568)	(4,615)
Net interest and other investment income (expense)	8,331	2,988
Interest expense	(4,855)	(3,684)
Total other income	(5,231)	7,611
Performance related earnings	(14,900)	35,308
Economic net income	24,148	82,930
Distributable Earnings	$ 41,281	67,295
Ares Management L.P and Consolidated Funds
Segment reporting
Number of segments combined to form one operating segment | segment	2
Number operating segments | segment	3
Ares Management L.P and Consolidated Funds | Total Segments
Fee related earnings
Management fees (includes ARCC Part 1 Fees)	$ 162,668	162,316
Administrative fees and other income	855	965
Compensation and benefits	(66,795)	(65,017)
General, administrative and other expenses	(11,405)	(12,787)
Fee related earnings	85,323	85,477
Performance fees-realized	6,349	35,639
Performance fees-unrealized	(37,348)	68,450
Performance fee compensation-realized	(1,983)	(21,344)
Performance fee compensation-unrealized	23,313	(55,048)
Investment income (loss)-realized	(82)	12,922
Investment income (loss)-unrealized	(8,953)	(4,615)
Interest expense	(4,127)	(3,684)
Total other income	(4,782)	7,611
Performance related earnings	(14,451)	35,308
Economic net income	70,872	120,785
Distributable Earnings	$ 91,031	106,175
Ares Management L.P and Consolidated Funds | OMG
Segment reporting
Number of independent shared resource groups to support entity's operating segments | item	5
Fee related earnings
Fee related earnings	$ (46,724)	$ (37,855)
Total other income	$ (449)

SEGMENT REPORTING - Rev & Exp C

SEGMENT REPORTING - Rev & Exp Components (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment revenues
Total revenues	$ 136,015	$ 269,905
Segment expenses
Total expenses	129,538	234,463
Segment other income
Total other income	(15,451)	11,007
Total Segments
Segment revenues
Management fees (includes ARCC Part 1 Fees)	162,668	162,316
Administrative fees and other income	855	965
Performance fees-realized	6,349	35,639
Performance fees-unrealized	(37,348)	68,450
Segment expenses
Compensation and benefits	(66,795)	65,017
General, administrative and other expenses	(11,405)	12,787
Performance fee compensation expense-realized	(1,983)	21,344
Performance fee compensation expense-unrealized	23,313	55,048
Segment other income
Investment income (loss)-realized	(82)	12,922
Investment income (loss)-unrealized	(8,953)	(4,615)
Interest expense	(4,127)	(3,684)
Total other income	(4,782)	7,611
OMG
Segment revenues
Administrative fees and other income	6,674	6,385
Segment expenses
Compensation and benefits	(34,714)	28,914
General, administrative and other expenses	(18,235)	15,326
Segment other income
Investment income (loss)-realized	(57)
Investment income (loss)-unrealized	385
Interest expense	(728)
Total other income	(449)
Stand Alone
Segment revenues
Management fees (includes ARCC Part 1 Fees)	162,668	162,316
Administrative fees and other income	7,529	7,350
Performance fees-realized	6,349	35,639
Performance fees-unrealized	(37,348)	68,450
Segment expenses
Compensation and benefits	(101,509)	93,931
General, administrative and other expenses	(29,640)	28,113
Performance fee compensation expense-realized	(1,983)	21,344
Performance fee compensation expense-unrealized	23,313	55,048
Segment other income
Investment income (loss)-realized	(139)	12,922
Investment income (loss)-unrealized	(8,568)	(4,615)
Interest expense	(4,855)	(3,684)
Total other income	(5,231)	7,611
Ares Management L.P and Consolidated Funds | Total Segments
Segment revenues
Management fees (includes ARCC Part 1 Fees)	162,668	162,316
Administrative fees and other income	855	965
Performance fees-realized	6,349	35,639
Performance fees-unrealized	(37,348)	68,450
Total revenues	132,524	267,370
Segment expenses
Compensation and benefits	66,795	65,017
General, administrative and other expenses	11,405	12,787
Performance fee compensation expense-realized	1,983	21,344
Performance fee compensation expense-unrealized	(23,313)	55,048
Total expenses	56,870	154,196
Segment other income
Investment income (loss)-realized	(82)	12,922
Investment income (loss)-unrealized	(8,953)	(4,615)
Interest, dividends and other investment income	8,380	2,988
Interest expense	(4,127)	(3,684)
Total other income	(4,782)	7,611
Ares Management L.P and Consolidated Funds | OMG
Segment expenses
Total expenses	52,949	44,240
Segment other income
Total other income	(449)
Credit Group
Segment revenues
Management fees (includes ARCC Part 1 Fees)	109,441	108,348
Administrative fees and other income	109	98
Performance fees-realized	6,178	35,214
Performance fees-unrealized	(29,327)	(19,201)
Segment expenses
Compensation and benefits	(43,914)	42,565
General, administrative and other expenses	(5,051)	7,125
Performance fee compensation expense-realized	(1,983)	21,004
Performance fee compensation expense-unrealized	16,605	(14,531)
Segment other income
Investment income (loss)-realized	162	8,618
Investment income (loss)-unrealized	(4,007)	(3,369)
Interest expense	(2,448)	(1,734)
Total other income	1,286	1,989
Private Equity Group
Segment revenues
Management fees (includes ARCC Part 1 Fees)	36,482	36,589
Administrative fees and other income	340	13
Performance fees-realized		425
Performance fees-unrealized	(12,143)	87,331
Segment expenses
Compensation and benefits	(12,167)	12,321
General, administrative and other expenses	(2,904)	3,118
Performance fee compensation expense-realized		340
Performance fee compensation expense-unrealized	8,941	69,981
Segment other income
Investment income (loss)-realized	(112)	4,172
Investment income (loss)-unrealized	(7,745)	(1,442)
Interest expense	(1,405)	(1,680)
Total other income	(9,353)	5,535
Real Estate Group
Segment revenues
Management fees (includes ARCC Part 1 Fees)	16,745	17,379
Administrative fees and other income	406	854
Performance fees-realized	171
Performance fees-unrealized	4,122	320
Segment expenses
Compensation and benefits	(10,714)	10,131
General, administrative and other expenses	(3,450)	2,544
Performance fee compensation expense-unrealized	(2,233)	(402)
Segment other income
Investment income (loss)-realized	(132)	132
Investment income (loss)-unrealized	2,799	196
Interest expense	(274)	(270)
Total other income	$ 3,285	$ 87

SEGMENT REPORTING - Rev Adj (De

SEGMENT REPORTING - Rev Adj (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue adjustment
Revenues	$ 136,015	$ 269,905
Total Segments
Revenue adjustment
Administrative fees and other income	855	965
OMG
Revenue adjustment
Administrative fees and other income	6,674	6,385
Ares Management L.P and Consolidated Funds | Total Segments
Revenue adjustment
Revenues	132,524	267,370
Administrative fees and other income	855	965
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items
Revenue adjustment
Revenues	3,491	2,535
Administrative fees and other income	6,674	6,385
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items | AREA Sponsor Holdings, LLC
Revenue adjustment
Performance fee reclass	(572)	(991)
Consolidated Funds | Eliminations
Revenue adjustment
Revenues	$ (2,611)	$ (2,859)

SEGMENT REPORTING - Exp Adj (De

SEGMENT REPORTING - Exp Adj (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Expenses adjustment
Expenses	$ 129,538	$ 234,463
Equity compensation expense	9,173	7,921
Ares Management L.P and Consolidated Funds | Total Segments
Expenses adjustment
Expenses	56,870	154,196
Acquisition-related expenses	496	2,224
Equity compensation expense	9,173	7,921
Placement fees and underwriting costs	930	3,045
Amortization of intangibles	7,263	10,892
Depreciation expense	1,858	1,272
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items
Expenses adjustment
Expenses	72,668	80,267
Acquisition-related expenses	268	2,224
Equity compensation expense	9,173	7,921
Placement fees and underwriting costs	930	3,045
Amortization of intangibles	7,263	10,892
Depreciation expense	1,858	1,272
Ares Management L.P and Consolidated Funds | OMG
Expenses adjustment
Expenses	52,949	44,240
Consolidated Funds | Consolidation Adjustments and Reconciling Items
Expenses adjustment
Consolidated Fund expenses added in consolidation	5,979	15,359
Consolidated Fund expenses eliminated in consolidation	$ (5,752)	$ (4,686)

SEGMENT REPORTING - Other incom

SEGMENT REPORTING - Other income (expense) Adj (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other income adjustment
Other income (expense)	$ (15,451)	$ 11,007
Total Segments
Other income adjustment
Other income (expense)	(4,782)	7,611
OMG
Other income adjustment
Other income (expense)	(449)
Ares Management L.P and Consolidated Funds | Total Segments
Other income adjustment
Other income (expense)	(4,782)	7,611
Other non-cash items		(11)
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items
Other income adjustment
Other income (expense)	(10,669)	3,396
Contingent consideration	(228)
Other non-cash items		(11)
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items | AREA Sponsor Holdings, LLC
Other income adjustment
Performance fee reclass	572	991
Ares Management L.P and Consolidated Funds | OMG
Other income adjustment
Other income (expense)	(449)
Consolidated Funds | Consolidation Adjustments and Reconciling Items
Other income adjustment
Consolidated Funds other income added in consolidation, net	(22,803)	(2,583)
Other income eliminated in consolidation, net	$ 12,239	$ 4,999

SEGMENT REPORTING - EBT Recon-E

SEGMENT REPORTING - EBT Recon-Econ Net Inc (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Economic net income
Income (loss) before provision for income taxes	$ (8,974)	$ 46,449
Adjustments
Equity compensation expenses	9,173	7,921
Total Segments
Adjustments
OMG expenses, net	(85,323)	(85,477)
Economic net income	70,872	120,785
OMG
Adjustments
OMG expenses, net	46,275	37,855
Economic net income	(46,724)	(37,855)
Ares Management L.P and Consolidated Funds | Total Segments
Economic net income
Income (loss) before provision for income taxes	(8,974)	46,449
Adjustments
Amortization of intangibles	7,263	10,892
Depreciation expense	1,858	1,272
Equity compensation expenses	9,173	7,921
Acquisition-related expenses	496	2,224
Placement fees and underwriting costs	930	3,045
OMG expenses, net	(85,323)	(85,477)
Other non-cash items		11
Economic net income	70,872	120,785
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items
Adjustments
Amortization of intangibles	7,263	10,892
Depreciation expense	1,858	1,272
Equity compensation expenses	9,173	7,921
Acquisition-related expenses	268	2,224
Placement fees and underwriting costs	930	3,045
Other non-cash items		11
Total consolidation and reconciling items	(79,846)	(74,336)
Ares Management L.P and Consolidated Funds | OMG
Adjustments
OMG expenses, net	46,724	37,855
Consolidated Funds
Adjustments
Less: Net (income) loss attributable to non-controlling interests	(11,979)	(11,115)
Consolidated Funds | Total Segments
Adjustments
Less: Net (income) loss attributable to non-controlling interests	$ 13,402	$ 11,116

SEGMENT REPORTING - EBT Recon -

SEGMENT REPORTING - EBT Recon - Fee related earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Adjustments
Total investment income	$ 15,451	$ (11,007)
Total Segments
Fee related earnings
Economic net income	70,872	120,785
Adjustments
Total investment income	4,782	(7,611)
Fee related earnings	85,323	85,477
OMG
Fee related earnings
Economic net income	(46,724)	(37,855)
Adjustments
Total investment income	449
Fee related earnings	(46,275)	(37,855)
Ares Management L.P and Consolidated Funds | Total Segments
Fee related earnings
Economic net income	70,872	120,785
Adjustments
Total performance fee income - realized	(6,349)	(35,639)
Total performance fee income - unrealized	37,348	(68,450)
Total performance fee compensation - realized	1,983	21,344
Total performance fee compensation - unrealized	(23,313)	55,048
Total investment income	4,782	(7,611)
Fee related earnings	85,323	85,477
Ares Management L.P and Consolidated Funds | Consolidation Adjustments and Reconciling Items
Adjustments
Total investment income	10,669	(3,396)
Ares Management L.P and Consolidated Funds | OMG
Adjustments
Total investment income	449
Fee related earnings	$ (46,724)	$ (37,855)

SEGMENT REPORTING - EBT Recon70

SEGMENT REPORTING - EBT Recon - Distr earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Additional Adjustments:
Income tax expense	$ (4,665)	$ (4,059)
Total Segments
Distributable earnings
Fee related earnings	85,323	85,477
Performance fees-realized	6,349	35,639
Performance fee compensation-realized	1,983	(21,344)
Additional Adjustments:
Distributable earnings (loss)	91,031	106,175
OMG
Distributable earnings
Fee related earnings	(46,275)	(37,855)
Additional Adjustments:
Distributable earnings (loss)	(49,750)	(38,880)
Parent Company
Additional Adjustments:
Non-cash depreciation and amortization	(9,738)	(12,618)
Consolidated Company Entities | Reportable legal entity
Additional Adjustments:
Income tax expense	(6,088)	(4,059)
Ares Management L.P and Consolidated Funds | Total Segments
Distributable earnings
Fee related earnings	85,323	85,477
Performance fees-realized	6,349	35,639
Performance fee compensation-realized	(1,983)	(21,344)
Investment and other income realized, net	4,171	12,227
Additional Adjustments:
Dividend equivalent	(684)	(684)
One-time acquisition costs	(270)	(724)
Income tax expense	(232)	(476)
Non-cash items	164	(156)
Placement fees and underwriting costs, noncorporate	(938)	(3,045)
Non-cash depreciation and amortization	(869)	(739)
Distributable earnings (loss)	91,031	106,175
Ares Management L.P and Consolidated Funds | OMG
Distributable earnings
Fee related earnings	(46,724)	$ (37,855)
Consolidated Funds | Reportable legal entity
Additional Adjustments:
Income tax expense	$ 1,423

SEGMENT REPORTING - EBT Recon-P

SEGMENT REPORTING - EBT Recon-Performance earnings (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Total Segments
Performance related earnings:
Economic net income	$ 70,872	$ 120,785
Fee related earnings	(85,323)	(85,477)
Performance related earnings	(14,451)	35,308
OMG
Performance related earnings:
Economic net income	(46,724)	(37,855)
Fee related earnings	46,275	37,855
Performance related earnings	(449)
Ares Management L.P and Consolidated Funds | Total Segments
Performance related earnings:
Economic net income	70,872	120,785
Fee related earnings	(85,323)	(85,477)
Performance related earnings	(14,451)	35,308
Ares Management L.P and Consolidated Funds | OMG
Performance related earnings:
Fee related earnings	$ 46,724	$ 37,855

CONSOLIDATION - VIEs (Details)

CONSOLIDATION - VIEs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Variable Interest Entity [Line Items]
Assets	$ 4,336,333		$ 4,321,408
Liabilities	3,375,026		3,329,497
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to investment in VIE	150,926		160,858
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to investment in VIE	303,816		284,169
Consolidated Funds
Variable Interest Entity [Line Items]
Net Income (Loss) Attributable to Noncontrolling Interest	(11,979)	$ (11,115)
Consolidated Funds | Consolidated VIEs
Variable Interest Entity [Line Items]
Assets	2,757,050		2,759,981
Liabilities	$ 2,265,166		$ 2,256,517

CONSOLIDATION - Balance sheet (

CONSOLIDATION - Balance sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Assets
Total assets	$ 4,336,333	$ 4,321,408
Liabilities
Total liabilities	$ 3,375,026	$ 3,329,497
Commitments and contingencies
Controlling interest in Ares Management L.P.:
Partners' Capital (80,679,600 units issued and outstanding	$ 236,270	$ 251,537
Accumulated Other Comprehensive Income (Loss), Net of Tax	(5,642)	(4,619)
Total controlling interest in Ares Management, LP	230,628	246,918
Total equity	937,954	968,406
Total liabilities, redeemable interest, non-controlling interests and equity	$ 4,336,333	$ 4,321,408
Units issued (in units)	80,690,612	80,679,600
Units outstanding (in units)	80,690,612	80,679,600
Eliminations.
Assets
Total assets	$ (159,730)	$ (180,222)
Liabilities
Total liabilities	(32,414)	(34,121)
Controlling interest in Ares Management L.P.:
Total equity	(127,316)	(146,101)
Total liabilities, redeemable interest, non-controlling interests and equity	(159,730)	(180,222)
Consolidated Company Entities | Eliminations.
Assets
Investments, at fair value	(150,926)	(167,805)
Performance fees receivable	(5,567)	(7,191)
Due from affiliates	(3,237)	(4,789)
Liabilities
Accounts payable, accrued expenses and other liabilities		(108)
Due to affiliates	(241)	(115)
Consolidated Company Entities | Reportable legal entity
Assets
Cash and cash equivalents	109,934	121,483
Investments, at fair value	646,910	636,092
Performance fees receivable	529,838	541,852
Due from affiliates	169,018	149,771
Intangible assets, net	77,689	84,971
Goodwill	144,017	144,067
Other assets	61,607	62,975
Total assets	1,739,013	1,741,211
Liabilities
Accounts payable, accrued expenses and other liabilities	108,304	102,734
Accrued compensation	55,911	125,032
Due to affiliates	38,341	13,016
Performance Fee Compensation Payable	394,668	401,715
Debt obligations	471,274	389,120
Equity Compensation put option liability	20,000	20,000
Deferred tax liability, net	21,603	21,288
Total liabilities	1,110,101	1,072,905
Redeemable interest	23,353
Controlling interest in Ares Management L.P.:
Partners' Capital (80,679,600 units issued and outstanding	236,270	251,537
Accumulated Other Comprehensive Income (Loss), Net of Tax	(5,642)	(4,619)
Total controlling interest in Ares Management, LP	230,628	246,918
Total equity	605,559	644,801
Total liabilities, redeemable interest, non-controlling interests and equity	1,739,013	1,741,211
Parent Company
Assets
Cash and cash equivalents	109,934	121,483	$ 69,372	$ 148,858
Investments, at fair value	495,984	468,287
Derivative assets, at fair value	1,038	1,339
Performance fees receivable	524,271	534,661
Due from affiliates	165,781	144,982
Intangible assets, net	77,689	84,971
Goodwill	144,017	144,067
Other assets	61,607	62,975
Liabilities
Accounts payable, accrued expenses and other liabilities	108,304	102,626
Accrued compensation	55,911	125,032
Due to affiliates	38,100	12,901
Performance Fee Compensation Payable	394,668	401,715
Debt obligations	471,274	389,120
Equity Compensation put option liability	20,000	20,000
Deferred tax liability, net	21,603	21,288
Redeemable interest	23,353	23,505
Consolidated Funds
Assets
Cash and cash equivalents	123,871	159,507
Investments, at fair value	2,553,169	2,559,783
Due from affiliates	11,955	12,923
Dividends and interest receivable	11,096	13,005
Receivable for securities sold	53,976	13,416
Other assets	2,983	1,348
Liabilities
Accounts payable, accrued expenses and other liabilities	13,429	18,951
Payable for securities purchased	71,480	51,778
CLO loan obligations, at fair value	2,167,773	2,174,352
Fund borrowings	12,484	11,734
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	332,395	320,238
Equity appropriated for Consolidated Funds		3,367
Non-controlling interest in Consolidated Funds	332,395	323,605
Consolidated Funds | Eliminations.
Assets
Due from affiliates		(437)
Liabilities
Accounts payable, accrued expenses and other liabilities		(5)
Due to affiliates	(5,126)	(5,617)
CLO loan obligations, at fair value	(27,047)	(28,276)
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	(127,316)	(146,101)
Non-controlling interest in Consolidated Funds	(127,316)	(146,101)
Consolidated Funds | Reportable legal entity
Assets
Cash and cash equivalents	123,871	159,507
Investments, at fair value	2,553,169	2,559,783
Due from affiliates	11,955	13,360
Dividends and interest receivable	11,096	13,005
Receivable for securities sold	53,976	13,416
Other assets	2,983	1,348
Total assets	2,757,050	2,760,419
Liabilities
Accounts payable, accrued expenses and other liabilities	13,429	18,956
Due to affiliates	5,126	5,617
Payable for securities purchased	71,480	51,778
CLO loan obligations, at fair value	2,194,820	2,202,628
Fund borrowings	12,484	11,734
Total liabilities	2,297,339	2,290,713
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	459,711	466,339
Equity appropriated for Consolidated Funds		3,367
Non-controlling interest in Consolidated Funds	459,711	469,706
Controlling interest in Ares Management L.P.:
Total equity	459,711	469,706
Total liabilities, redeemable interest, non-controlling interests and equity	2,757,050	2,760,419
AOG
Liabilities
Redeemable interest		23,505
Non-controlling interest in Consolidated Funds
Non-controlling interest	374,931	397,883
AOG | Reportable legal entity
Liabilities
Redeemable interest		23,505
Non-controlling interest in Consolidated Funds
Non-controlling interest	$ 374,931	$ 397,883

CONSOLIDATION - IS (Details)

CONSOLIDATION - IS (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues
Total revenues	$ 136,015	$ 269,905
Expenses
Total expenses	129,538	234,463
Other income (expense)
Total other income	(15,451)	11,007
Income before taxes	(8,974)	46,449
Income tax expense (benefit)	4,665	4,059
Net income (loss)	(13,639)	42,390
Net income attributable to Ares Management, L.P.	(3,090)	18,456
Eliminations.
Revenues
Total revenues	(2,611)	(2,859)
Expenses
Total expenses	(5,752)	(4,686)
Other income (expense)
Other income (expense), net		1,178
Total other income	12,239	4,999
Income before taxes	15,380	6,826
Net income (loss)	15,380	6,826
Consolidated Company Entities | Eliminations.
Revenues
Management fees (includes ARCC Part 1 Fees)	(4,235)	(3,615)
Performance fees	1,624	1,827
Other fees		(1,071)
Other income (expense)
Net interest and other investment income (expense)	(1,366)	(936)
Net realized and unrealized gain on investments	13,277	5,543
Consolidated Company Entities | Reportable legal entity
Revenues
Management fees (includes ARCC Part 1 Fees)	162,668	162,316
Performance fees	(31,571)	103,098
Other fees	7,529	7,350
Total revenues	138,626	272,764
Expenses
Compensation and benefits	110,679	101,851
Performance fee compensation	(21,330)	76,392
General, administrative and other expenses	39,962	45,547
Total expenses	129,311	223,790
Other income (expense)
Net interest and other investment income (expense)	(1,993)	2,349
Other income (expense), net	5,241	(3,054)
Net realized and unrealized gain on investments	(8,135)	9,296
Total other income	(4,887)	8,591
Income before taxes	4,428	57,565
Income tax expense (benefit)	6,088	4,059
Net income (loss)	(1,660)	53,506
Net income attributable to Ares Management, L.P.	(3,090)	18,456
Parent Company
Revenues
Management fees (includes ARCC Part 1 Fees)	158,433	158,701
Performance fees	(29,947)	104,925
Other fees	7,529	6,279
Expenses
Compensation and benefits	110,679	101,851
Performance fee compensation	(21,330)	76,392
General, administrative and other expenses	39,962	45,547
Other income (expense)
Net interest and other investment income (expense)	(3,359)	1,413
Other income (expense), net	5,241	(1,876)
Net realized and unrealized gain on investments	5,142	14,839
Parent Company | Affiliated entity | ARCC
Revenues
Management fees (includes ARCC Part 1 Fees)	28,625	29,042
Consolidated Funds
Expenses
Consolidated Funds' expenses	227	10,673
Other income (expense)
Net interest and other investment income (expense)	7,332	8,905
Net realized and unrealized gain on investments	(29,807)	(12,274)
Less: Net (income) loss attributable to non-controlling interests	(11,979)	(11,115)
Consolidated Funds | Eliminations.
Expenses
Consolidated Funds' expenses	(5,752)	(4,686)
Other income (expense)
Net interest and other investment income (expense)	2,058	2,691
Net realized and unrealized gain on investments	(1,730)	(3,477)
Less: Net (income) loss attributable to non-controlling interests	15,380	6,826
Consolidated Funds | Reportable legal entity
Expenses
Consolidated Funds' expenses	5,979	15,359
Total expenses	5,979	15,359
Other income (expense)
Net interest and other investment income (expense)	5,274	6,214
Net realized and unrealized gain on investments	(28,077)	(8,797)
Total other income	(22,803)	(2,583)
Income before taxes	(28,782)	(17,942)
Income tax expense (benefit)	(1,423)
Net income (loss)	(27,359)	(17,942)
Less: Net (income) loss attributable to non-controlling interests	(27,359)	(17,942)
AOG
Other income (expense)
Less: Net (income) loss attributable to non-controlling interests	1,420	34,806
Less: Net income (loss) attributable to redeemable interests	10	243
AOG | Reportable legal entity
Other income (expense)
Less: Net (income) loss attributable to non-controlling interests	1,420	34,806
Less: Net income (loss) attributable to redeemable interests	$ 10	$ 243

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)	1 Months Ended
	May. 31, 2016$ / shares
Subsequent event
Subsequent events
Quarterly distribution declared (in dollars per unit)	$ 0.15