Ares Management (ARES) 10-K 27 Feb 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 21, 2017	Jun. 30, 2016
Document and Entity Information
Entity Registrant Name	ARES MANAGEMENT LP
Entity Central Index Key	1,176,948
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 652,029,249
Entity Common Stock, Shares Outstanding		81,117,885
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Goodwill	$ 143,724	$ 144,067	$ 85,581
Total assets	5,829,712	4,321,408	21,638,992
Liabilities
Total liabilities	4,452,450	3,329,497
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	23,505	23,988	23,947
Preferred equity (12,400,000 units issued and outstanding at December 31, 2016)	298,761	0
Controlling interest in Ares Management, L.P. :
Partners' Capital (80,814,732 units and 80,679,600 units, issued and outstanding at December 31, 2016 and 2015, respectively)	301,790	251,537
Accumulated other comprehensive loss	(8,939)	(4,619)
Total controlling interest in Ares Management, L.P	292,851	246,918
Total equity	1,377,262	968,406	5,697,935	$ 6,540,544
Total liabilities, redeemable interest, non-controlling interests and equity	5,829,712	4,321,408
Ares Management L.P
Assets
Cash and cash equivalents	342,861	121,483	148,858	$ 89,802
Investments, at fair value	468,471	468,287
Performance fees receivable	759,099	534,661
Due from affiliates	162,936	144,982
Deferred tax asset, net	6,731	0
Other assets	65,565	62,975
Intangible assets, net	58,315	84,971
Goodwill	143,724	144,067
Liabilities
Accounts payable, accrued expenses and other liabilities	83,336	102,626
Accrued compensation	131,736	125,032
Due to affiliates	17,564	12,901
Performance fee compensation payable	598,050	401,715
Debt obligations	305,784	389,120
Put option liability	0	20,000
Deferred tax liability, net	0	21,288
Controlling interest in Ares Management, L.P. :
Partners' Capital (80,814,732 units and 80,679,600 units, issued and outstanding at December 31, 2016 and 2015, respectively)	301,790	251,537
Accumulated other comprehensive loss	(8,939)	(4,619)
Total controlling interest in Ares Management, L.P	292,851	246,918
Consolidated Funds
Assets
Cash and cash equivalents	455,280	159,507
Investments, at fair value	3,330,203	2,559,783
Due from affiliates	3,592	12,923
Other assets	2,501	1,348
Dividends and interest receivable	8,479	13,005
Receivable for securities sold	21,955	13,416
Liabilities
Accounts payable, accrued expenses and other liabilities	21,056	18,951
Due to affiliates	0	0
Payable for securities purchased	208,742	51,778
CLO loan obligations, at fair value	3,031,112	2,174,352
Fund borrowings	55,070	11,734
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	0	23,505	$ 23,988
Non-controlling interest in Consolidated Funds:
Non-controlling interest in Consolidated Funds	338,035	320,238
Equity appropriated for Consolidated Funds	0	3,367
Non-controlling interest	338,035	323,605
AOG
Liabilities
Redeemable interest in Ares Operating Group entities	0	23,505
Non-controlling interest in Consolidated Funds:
Non-controlling interest	$ 447,615	$ 397,883

Consolidated Statements of Fin3

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Preferred equity, units issued (in units)	12,400,000
Preferred equity, units outstanding (in units)	12,400,000
Partners' Capital units issued (in units)	80,814,732	80,679,600
Partners' Capital units outstanding (in units)	80,814,732	80,679,600
Ares Management L.P
Investments, at fair value	$ 448,336	$ 446,779

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Administrative and other fees	$ 0
Total revenues	1,199,205	$ 814,442	$ 603,889
Expenses
Total expenses	1,016,420	769,040	860,039
Other income (expense)
Total other income	115,135	36,082	813,065
Income before taxes	297,920	81,484	556,915
Income tax expense	11,019	19,064	11,253
Net income	286,901	62,420	545,662
Net income attributable to Ares Management, L.P.	111,808	19,378	34,988
Less: Preferred equity distributions paid	12,176	0	0
Net income attributable to Ares Management, L.P. common unitholders	$ 99,632	$ 19,378	$ 34,988
Net income attributable to Ares Management, L.P. per common unit:
Basic (in dollars per unit)	$ 1.22	$ 0.23	$ 0.43
Diluted (in dollars per unit)	$ 1.20	$ 0.23	$ 0.43
Weighted-average common units
Basic (in units)	80,749,671	80,673,360	80,358,036
Diluted (in units)	82,937,030	80,673,360	80,358,036
Distribution declared and paid per common unit (in units per share)	$ 0.83	$ 0.88	$ 0.42
Ares Management L.P
Revenues
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	$ 642,068	$ 634,399	$ 486,477
Performance fees	517,852	150,615	91,412
Administrative and other fees	39,285	29,428	26,000
Total revenues	1,199,205	814,442	603,889
Expenses
Compensation and benefits	447,725	414,454	456,372
Performance fee compensation	387,846	111,683	170,028
General, administrative and other expenses	159,776	224,798	166,839
Other income (expense)
Net interest and investment income (expense) (includes interest expense)	5,800	(4,904)	(1,373)
Debt extinguishment expense	0	(11,641)	0
Other income (expense), net	35,650	21,680	(2,422)
Net realized and unrealized (gain) loss on investments	28,251	17,009	32,128
Income tax expense	11,756	19,060	16,536
Consolidated Funds
Expenses
Expenses of the Consolidated Funds	21,073	18,105	66,800
Other income (expense)
Net interest and investment income (expense) (includes interest expense)	47,491	38,554	271,462
Net realized and unrealized (gain) loss on investments	(2,057)	(24,616)	513,270
Income tax expense	(737)	4	(5,283)
Less: Net income attributable to redeemable interests		0	2,565
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	3,386	(5,686)	417,793
AOG
Other income (expense)
Less: Net income attributable to redeemable interests	456	338	731
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	$ 171,251	$ 48,390	$ 89,585

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Affiliated entity | ARCC
Management fees, part I fees	$ 121,181	$ 121,491	$ 118,537
Ares Management L.P
Interest expense	17,981	18,949	8,617
Consolidated Funds
Interest expense	$ 91,452	$ 78,819	$ 666,373

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 286,901	$ 62,420	$ 545,662
Ares Management L.P
Other comprehensive income:
Foreign currency translation adjustments	(15,754)	(8,638)	(36,489)
Total comprehensive income	271,147	53,782	509,173
Comprehensive income	107,488	16,145	33,602
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income attributable to redeemable interests	0	0	2,565
Less: Comprehensive income (loss) attributable to non-controlling interests	3,336	(5,834)	383,323
AOG
Other comprehensive income:
Less: Comprehensive income attributable to redeemable interests	409	302	724
Less: Comprehensive income (loss) attributable to non-controlling interests	$ 159,914	$ 43,169	$ 88,959

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands		Total	Partners' CapitalPreferred Partner	Ares Management L.PPartners' Capital	Ares Management L.PMembers' Equity	Ares Management L.PCommon Stock	Ares Management L.PAdditional Paid in Capital.	Ares Management L.PRetained Earnings	Ares Management L.PAccumulated Other Comprehensive Income (Loss)	Ares Management L.PNon-Controlling interest	Consolidated Funds	Consolidated FundsNon-Controlling interest	Consolidated FundsEquity Appropriated for Consolidated Funds
Balance (Predecessor) at Dec. 31, 2013					$ 321,891	$ 0	$ 338,375	$ (135,573)	$ 985
Balance at Dec. 31, 2013		$ 6,540,544								$ 167,731		$ 5,691,874	$ 155,261
Increase (Decrease) in Stockholders' Equity
Relinquished with deconsolidation of funds | Predecessor		(354,737)										(354,737)
Contributions | Predecessor		126,265										126,265
Contributions		182,522										182,522
Distributions | Predecessor		(967,255)			(132,286)		(42,622)			(50,442)		(741,905)
Distributions		(594,553)		$ (33,881)						(68,872)	$ (477)	(491,800)
Net income (loss) | Predecessor		246,874			28,064			(21,966)		3,247		287,942	(50,413)
Net income (loss)		295,492		34,988						80,240		319,424	(139,160)
Currency translation adjustment | Predecessor		565							1,255	404		(412)	(682)
Currency translation adjustment		(37,047)							(1,386)	(2,285)		(30,444)	(2,932)
Equity compensation | Predecessor		51,189			(368)		39,078			12,479
Equity compensation		18,615		7,108						11,507
Tandem award compensation adjustment | Predecessor		7,200			1,570		5,371	(983)		1,242
Net effect of Reorganization, including contributions of Ares Operating Group units for 69,078,234 common units | Predecessor				204,877	$ (218,871)		$ (340,202)	$ 158,522	(2,240)	197,914
Net effect of Reorganization, including contributions of Ares Operating Group units for 69,078,234 common units		0
Issuance of units, net of offering costs		209,189		209,189
Issuance costs		(28,491)		(10,910)						(17,581)
Allocation of contributions in excess of the carrying value of the net assets (dilution)		(910)		(129,446)						128,536
Changes in ownership interests		900		1,511						(611)	(900)
Deferred tax assets (liabilities) arising from allocation of contributions and Partners' capital		1,573		1,589						(16)
Balance (Predecessor) at Dec. 31, 2014	[1]	5,650,645		204,877						332,575		5,009,027	104,166
Balance at Dec. 31, 2014		5,697,935		285,025					(1,386)	463,493		4,988,729	(37,926)
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change		(4,625,837)										(4,651,189)	25,352
Relinquished with deconsolidation of funds		1,652										1,652
Contributions		88,652								85		88,567
Distributions		(302,508)		(70,999)						(145,763)	(998)	(85,746)
Net income (loss)		62,082		19,378						48,390		(21,775)	16,089
Currency translation adjustment		(8,602)							(3,233)	(5,221)			(148)
Equity compensation		30,478		11,588						18,890
Changes in ownership interests		(82)		7,280						(7,362)	82
Deferred tax assets (liabilities) arising from allocation of contributions and Partners' capital		832		735						97
Issuance of AOG units in connection with acquisitions		25,468								25,468
Balance at Dec. 31, 2015		968,406		251,537					(4,619)	397,883		320,238	3,367
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change		(3,367)											(3,367)
Contributions		132,932										132,932
Distributions		(330,649)	$ (12,176)	(67,041)						(132,961)	(661)	(118,471)
Net income (loss)		286,445	12,176	99,632						171,251		3,386
Currency translation adjustment		(15,707)							(4,320)	(11,337)		(50)
Equity compensation		37,258		14,216						23,042
Issuance of units, net of offering costs		298,761	298,761
Changes in ownership interests		(881)		1,446						(2,327)	$ 0
Deferred tax assets (liabilities) arising from allocation of contributions and Partners' capital		727		724						3
Reallocation of equity due to redemption of ownership interest		3,337		1,276						2,061
Balance at Dec. 31, 2016		$ 1,377,262	$ 298,761	$ 301,790					$ (8,939)	$ 447,615		$ 338,035	$ 0
[1]	Prior to the Reorganization on May 1, 2014, financial statements represent the combined and consolidated results of AHI, AI and consolidated subsidiaries, referred to collectively as the Predecessor. Subsequent to the Reorganization, these financial statements represent the results of Ares Management, L.P. See Note 1 for further information.

Consolidated Statements of Cha8

Consolidated Statements of Changes in Equity (Parenthetical)	12 Months Ended
	Dec. 31, 2014shares
AOG
Issuance of common units in connection with the reorganization (in units)	69,078,234
Ares Management L.P
Issuance of common units (in units)	11,589,430

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 286,901	$ 62,420	$ 545,662
Allocable to non-controlling interest in Consolidated Funds:
Net cash (used in) provided by operating activities	(625,655)	(527,986)	1,532,588
Cash flows from investing activities:
Acquisitions, net of cash acquired	0	(64,437)	(60,000)
Purchase of furniture, equipment and leasehold improvements, net	(11,913)	(10,676)	(16,664)
Net cash used in investing activities	(11,913)	(75,113)	(76,664)
Allocable to non-controlling interest in Consolidated Funds:
Net cash provided by (used in) in financing activities	880,764	581,537	(1,364,106)
Non-cash increase in assets and liabilities:
Non-cash increase in assets and liabilities:	0	25,468	0
Ares Management L.P
Adjustments to reconcile net income to net cash provided by operating activities:
Equity compensation expense	39,065	32,244	83,230
Depreciation and amortization	37,455	55,275	36,129
Debt extinguishment expenses	0	11,641	0
Net realized and unrealized (gain) loss on investments	(28,251)	(17,009)	(32,128)
Contingent consideration	(17,674)	(21,064)	0
Other non-cash amounts	0	10	3,143
Investments purchased	(120,413)	(150,231)	(57,164)
Proceeds from sale of investments	145,439	59,979	19,365
Cash flows due to changes in operating assets and liabilities:
Restricted cash	0	32,500	(19,390)
Net performance fees receivable	(28,306)	20,611	38,079
Due to/from affiliates	(26,000)	8,017	(53,351)
Other assets	(162)	(268)	11,557
Accrued compensation and benefits	9,181	(6,028)	(4,870)
Accounts payable, accrued expenses and other liabilities	5,328	(37,194)	34,027
Deferred taxes	(28,463)	1,427	(1,141)
Cash flows from financing activities:
Proceeds from issuance of common units in IPO	0	0	209,189
Issuance costs	0	0	(28,615)
Proceeds from debt issuance, net of offering costs	26,036	316,449	245,670
Proceeds from credit facility	147,000	185,000	223,918
Proceeds from term notes	0	35,250	0
Repayments of credit facility	(257,000)	(75,000)	(345,168)
Repayments of term notes	0	(328,250)	(11,000)
Repayments of promissory notes	0	0	(20,869)
Proceeds from the issuance of preferred equity, net of issuance costs	298,761	0	0
Distributions	(200,663)	(217,760)	(329,893)
Preferred equity distributions	(12,176)	0	0
Redemption of redeemable interest and put option liability	(40,000)	0	0
Other financing activities	(701)	85	0
Allocable to non-controlling interest in Consolidated Funds:
Effect of exchange rate changes	(21,818)	(5,813)	(32,762)
Net change in cash and cash equivalents	221,378	(27,375)	59,056
Cash and cash equivalents, beginning of period	121,483	148,858	89,802
Cash and cash equivalents, end of period	342,861	121,483	148,858
Supplemental information:
Cash paid during the period for interest	15,390	15,792	3,931
Cash paid during the period for income taxes	26,402	13,587	19,821
Consolidated Funds
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized and unrealized (gain) loss on investments	2,057	24,616	(513,270)
Investments purchased	(2,263,891)	(1,643,079)	(9,739,451)
Allocable to non-controlling interests in Consolidated Funds:
Receipt of non-cash interest income and dividends from investments	(7,720)	(8,288)	(57,954)
Amortization on debt and investments	(4,566)	(1,197)	(19,681)
Proceeds from sale or pay down of investments	1,498,398	1,049,765	10,943,758
Allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	(295,769)	1,154,889	338,590
Cash relinquished with deconsolidation of Consolidated Funds	0	(870,390)	(40,625)
Change in other assets and receivables held at Consolidated Funds	3,872	(1,444)	357,748
Change in other liabilities and payables held at Consolidated Funds	167,864	(285,188)	(339,675)
Allocable to non-controlling interest in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	132,932	88,567	339,195
Distributions to non-controlling interests in Consolidated Funds	(118,471)	(85,746)	(1,322,998)
Borrowings under loan obligations by Consolidated Funds	1,621,514	763,811	3,782,201
Repayments under loan obligations by Consolidated Funds	(716,468)	(100,869)	(4,105,736)
Cash and cash equivalents, beginning of period	159,507
Cash and cash equivalents, end of period	455,280	159,507
Supplemental information:
Cash paid during the period for interest	53,704	43,894	216,144
Cash paid during the period for income taxes	$ 378	$ 1,057	$ 16,750

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION 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 18, “Segment Reporting.” Subsidiaries of the Company serve as the general partners and/or investment managers to various investment funds and managed accounts within each investment group (the “Ares Funds”), 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 accompanying financial statements include (1) the results of the Company subsequent to the Reorganization (as described below) and (2) prior to the Reorganization, the consolidated results of two affiliated entities, Ares Holdings Inc. (“AHI”) and Ares Investments LLC (“AI”), which directly or indirectly held controlling interests in Ares Management LLC ("AM LLC") and Ares Investments Holdings LLC (“AIH LLC”), as well as their wholly owned subsidiaries (collectively, the “Predecessor”). Prior to the Reorganization, Ares Partners Management Company LLC (“APMC”) directed the operations of AHI and AI through its controlling ownership interest of approximately 50.1% and 70.3% , respectively, in each entity. The remaining ownership of AHI and AI was shared among various minority, non‑controlling strategic investment partners. In addition, certain Ares‑affiliated funds, related co‑investment entities and collateralized loan obligations (“CLOs”) (collectively, the “Consolidated Funds”) managed by AM LLC and its wholly owned subsidiaries have been consolidated in the accompanying financial statements for the periods presented as described in Note 2, “Summary of Significant Accounting Policies.” Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows in the accompanying 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 and as equity appropriated for Consolidated Funds in the accompanying consolidated financial statements. Further, cash flows allocable to non-controlling interest in Consolidated Funds are specifically identifiable in the Consolidated Statements of Cash Flows. Reorganization Pursuant to a reorganization effectuated in connection with the initial public offering of the Company’s common units (“IPO”), on May 1, 2014 the Company became a holding partnership, and the Company’s sole assets became equity interests in AHI, Ares Domestic Holdings, Inc. (“Domestic Holdings”), Ares Offshore Holdings, Ltd., AI and Ares Real Estate Holdings LLC. The Company, either directly or through its direct subsidiaries, is the general partner of each of the Ares Operating Group (as defined below) entities, and operates and controls all of the businesses and affairs of the Ares Operating Group. Additionally, on May 1, 2014, in connection with the IPO, Ares Holdings LLC was converted into a limited partnership, Ares Holdings L.P. (“Ares Holdings”), and AI was converted into a limited partnership, Ares Investments L.P. (“Ares Investments”). In addition, the Company formed Ares Domestic Holdings L.P. (“Ares Domestic”), Ares Offshore Holdings L.P. (“Ares Offshore”) and Ares Real Estate Holdings L.P. (“Ares Real Estate”). In exchange for its interest in the Company, prior to the consummation of the IPO, Ares Owners Holdings L.P. transferred to the Company its interests in each of AHI, Domestic Holdings, Ares Offshore Holdings, Ltd., Ares Real Estate Holdings LLC and a portion of its interest in Ares Investments. Similarly, Abu Dhabi Investment Authority (“ADIA”) contributed its direct interest in AHI to its affiliate, AREC Holdings Ltd., a Cayman Islands exempted company (“AREC”). AREC then transferred to the Company its interest in each of AHI, Ares Domestic, Ares Offshore, Ares Investments and Ares Real Estate. As a result of the foregoing, Ares Owners Holdings L.P. held 34,540,079 common units in the Company and AREC held 34,538,155 common units in the Company. Following the foregoing exchanges, Ares Owners Holding L.P. retained a 59.21% direct interest, or 118,421,766 partnership units, in each of the Ares Operating Group entities (collectively, the “Ares Operating Group Units” or “AOG Units”). AREC has no direct interest in the Ares Operating Group entities. An affiliate of Alleghany Corporation (“Alleghany”) retained a 6.25% direct interest, or 12,500,000 AOG Units, in each of the Ares Operating Group entities. These actions are referred to herein collectively as the “Reorganization”. Initial Public Offering On May 7, 2014, the Company issued 11,363,636 common units in the IPO at a price of $19.00 per common unit. In addition, on June 4, 2014, the Company issued an additional 225,794 common units at $19.00 per common unit pursuant to the partial exercise by the underwriters of their overallotment option. Total proceeds from the IPO, including from the partial exercise by the underwriters of their overallotment option, net of underwriting discounts, were $209.2 million . The holders of AOG Units, subject to any applicable transfer restrictions and other provisions, generally may up to four times each year exchange their AOG Units for common units on a one-for-one basis. A holder of Ares Operating Group Units must exchange one Ares Operating Group Unit in each of the three Ares Operating Group entities to effect an exchange for a common unit of the Company. The Company conducts all of its material business activities through the Ares Operating Group. Following the IPO, the Company consolidates the financial results of the Ares Operating Group entities, their consolidated subsidiaries and certain Consolidated Funds. Change in Company Structure In July 2016, the Company simplified its existing structure and Domestic Holdings was merged with and into AHI, Ares Domestic was merged with and into Ares Holdings, and Ares Real Estate was merged with and into Ares Investments. Ares Holdings, Ares Offshore, and Ares Investments are the surviving entities and are collectively referred to as the “Ares Operating Group.” See below for the updated structure chart. As of December 31, 2016 , the structure and ownership interests of the Company are reflected below: Non-Controlling Interests in Ares Operating Group Entities Following the Reorganization, non-controlling interests in Ares Operating Group entities represent a component of equity and net income attributable to the owners of AOG Units that are not held directly or indirectly by Ares Management, L.P. These interests are adjusted for contributions to and distributions from Ares Operating Group entities during the reporting period and are allocated income from the Ares Operating Group entities based on their historical ownership percentage for the proportional number of days in the reporting period. For the periods presented prior to the Reorganization, non-controlling interests in Ares Operating Group entities represent equity interests and net income attributable to various minority non-control oriented strategic investment partners, which are the Predecessor’s historical results. The net income attributable to controlling interests in the Predecessor, from January 1, 2014 to April 30, 2014, is presented together with net income attributable to non-controlling interests in Ares Operating Group entities within the Consolidated Statements of Operations.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis in the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority‑owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP. All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values in the Company’s Consolidated Statements of Financial Condition. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non‑controlling interests in Consolidated Funds in the Consolidated Statements of Operations and prior to January 1, 2016 as equity appropriated for Consolidated Funds in the Consolidated Statements of Financial Condition. See S equity appropriated for consolidated funds for more information. The Company has reclassified certain prior period amounts to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and investment income (loss) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on performance fees. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements. Principles of Consolidation As of January 1, 2015, the Company adopted the Financial Accounting Standards Board (“FASB") Accounting Standards Update No. ("ASU") 2015-02, Amendments to the Consolidation Analysis ” (see Note 19 for information regarding the impact of the adoption). Accordingly, the Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity, including Ares affiliates and affiliated funds and co-investment entities and (b) entities that the Company concludes are variable interest entities (“VIEs”), including limited partnerships and CLOs in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, performance fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in many of these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE”). Variable Interest Model An entity is considered to be a variable interest entity (“VIE”) if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders the conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties' equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary. Voting Interest Model The Company consolidated entities, including limited partnerships and similar entities, in which it held a majority voting interest and those entities in which it had majority ownership and control over the operational, financial and investing decisions, including Ares affiliates and affiliated funds and co-investment entities. The Company’s total exposure to consolidated VOEs represents the value of its economic ownership interest in these entities. Valuation changes associated with investments held at fair value by these consolidated VOEs are reflected in non-operating income (expense) and partially offset in net income (loss) attributable to non-controlling interests for the portion not attributable to the Company. Equity Appropriated for Consolidated Funds As of December 31, 2016 and 2015 , the Company consolidated seven and five CLOs, respectively. Effective January 1, 2016, the Company adopted ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . 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. Beginning 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 within the GAAP fair value hierarchy. 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). The loan obligations issued by the CLOs are backed by diversified collateral asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent performance fees. In cases where the Company earns fees from a fund that it consolidates with the CLOs, those fees have been eliminated as intercompany transactions. The Company's holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes, which are repaid based on available cash flows subject to priority of payments under each consolidated CLO's governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO. Business Combinations In accounting for business acquisitions, the Company separates recognition of goodwill from the assets acquired and the liabilities assumed, at the acquisition date fair values. The Company accounts for business combinations using the acquisition method of accounting by allocating the purchase price of the acquisition to the fair value of each asset acquired and liability assumed as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Acquisition-related costs in connection with a business combination are expensed as incurred. Management’s determination of fair value of assets acquired and liabilities assumed at the acquisition date as well as contingent consideration are based on the best information available in the circumstances, and may incorporate management’s own assumptions and involve a significant degree of judgment and estimates that are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. For a given acquisition, management may identify certain pre-acquisition contingencies as of the acquisition date and may extend the review and evaluation of these pre-acquisition contingencies throughout the measurement period to obtain sufficient information to assess whether management includes these contingencies as a part of the fair value estimates of assets acquired and liabilities assumed and, if so, to determine their estimated amounts. If management cannot reasonably determine the fair value of a pre-acquisition contingency by the end of the measurement period, which is generally the case given the nature of such matters, the Company will recognize an asset or a liability for such pre-acquisition contingency if: (i) it is probable that an asset existed or a liability had been incurred at the acquisition date and (ii) the amount of the asset or liability can be reasonably estimated. Subsequent to the measurement period, changes in the estimates of such contingencies would affect earnings and could have a material effect on the consolidated statements of operations and financial condition. Fair Value Measurements GAAP establishes a hierarchal disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I —Quoted prices in active markets for identical instruments. • Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model‑derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period. (See Note 6 for further detail). Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the investment activities of the Consolidated Funds. As the servicer to certain real estate investments, certain subsidiaries of the Company collect escrow deposits from borrowers to ensure the borrowers’ obligations are met. These escrow deposits are represented as restricted cash and cash equivalents for the Company and are offset by escrow cash liability within accounts payable and accrued expenses in the Consolidated Statements of Financial Condition. Restricted cash for the Consolidated Funds represents cash that is legally segregated according to the underlying fund agreements. At December 31, 2016 and 2015, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. Investments The Company has retained the specialized investment company accounting guidance under GAAP with respect to its Consolidated Funds, which hold substantially all of its investments. Thus, the consolidated investments are reflected in the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). Equity Method Investments The Company accounts for its investments held by its operating subsidiaries, and in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds and strategic investments, using the equity method of accounting or at fair value pursuant to the fair value option. The fair value option permits the irrevocable election of fair value on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The Company elected the fair value option for certain of its equity method investments. Unrealized appreciation (depreciation) and realized gains (losses) from the Company’s equity method investments at fair value are included within net realized and unrealized gain (loss) on investments within the Consolidated Statements of Operations. When the fair value option is not elected, the carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The Company’s share of the investee’s income and expenses for the Company’s equity method investments is included within net realized and unrealized gain (loss) on investments within the Consolidated Statements of Operations. 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. On a periodic basis, the Company reviews its held-to-maturity investment portfolio for impairment. If a decline in fair value is deemed to be other-than-temporary, the held-to-maturity investment is written down the impairment through earnings. Derivative Instruments The Company recognizes all derivatives as either assets or liabilities in the Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively, and reports them at fair value. Goodwill and Intangible Assets The Company's finite-lived intangible assets consist of contractual rights to earn future management fees and performance fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 1 to 13.5 years. The purchase price is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses in the Consolidated Statements of Operations. The Company tests finite‑lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company uses a two-step process to evaluate impairment. The first step compares the estimated undiscounted future cash flow attributable to the intangible asset being evaluated with its carrying amount. The second step, used to measure the amount of potential impairment, compares the fair value of the intangible asset with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying value represents fair value. Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying value, the Company will use a two‑step process to evaluate impairment. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. The second step, used to measure the amount of any potential impairment, compares the implied fair value of the reporting unit with the carrying amount of goodwill. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amounts. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates . Fixed Assets Fixed assets, consisting of furniture, fixtures and equipment, leasehold improvements, and computer hardware and internal use software, are recorded at cost, less accumulated depreciation and amortization. Fixed assets are included within other assets on the Company’s Consolidated Statements of Financial Condition. Direct costs associated with developing, purchasing or otherwise acquiring software for internal use (“Internal Use Software”) are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Fixed assets are depreciated or amortized on a straight-line method over an asset's estimated useful life, with the corresponding depreciation and amortization expense included within general, administrative and other expenses on the Company’s Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the lease terms and the life of the asset, and for other fixed assets and Internal Use Software is generally between three and seven years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Revenues Recognition Revenues primarily consist of management fees, performance fees and administrative and other fees. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value ("NAV"), net investment income, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability. Management fees also include a quarterly performance fee on the investment income ("ARCC Part I Fees") from Ares Capital Corporation (NASDAQ: ARCC) ("ARCC"), a publicly traded business development company registered under the Investment Company Act and managed by a subsidiary of the Company. ARCC Part I Fees are equal to 20.0% of its net investment income (before ARCC Part I Fees and incentive fees payable based on capital gains), subject to a fixed "hurdle rate" of 1.75% per quarter, or 7.0% per annum. No fee is recognized until ARCC's net investment income exceeds a 1.75% hurdle rate, with a "catch-up" provision such that the Company receives 20% of ARCC's net investment income from the first dollar earned. Such fees from ARCC are classified as management fees as they are paid quarterly, predictable and recurring in nature, not subject to contingent repayment and are typically cash settled each quarter. Performance Fees Performance fee revenues consist of incentive fees and carried interest. Performance fees are based on certain specific hurdle rates as defined in the applicable investment management agreements or governing documents. Substantially all performance fees are earned from affiliated funds of the Company. Performance fees receivable is presented separately in the Consolidated Statements of Financial Condition and represents performance fees recognized but not yet collected. The timing of the payment of performance fees due to the general partner or investment manager varies depending on the terms of each applicable agreement. Incentive Fees Incentive fees earned on the performance of certain fund structures, typically in credit funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are recorded on an accrual basis to the extent such amounts are contractually due. Accrued but unpaid incentive fees as of the reporting date are recorded in performance fees receivable in the Consolidated Statements of Financial Condition. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are not subject to reversal. Carried Interest In certain fund structures, typically in private equity and real estate equity funds, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund's net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a negative adjustment to carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded in performance fees receivable in the Consolidated Statements of Financial Condition. Carried Interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally does not become realized until the end of a fund’s life. As of December 31, 2016 and 2015, the Company had no accrued contingent repayment obligations that would need to be paid if the funds were liquidated at fair value at the reporting dates. Administrative and Other Fees The Company provides administrative services to certain of its affiliated funds that are reported within administrative and other fees. The administrative fees generally represent expense reimbursements for a portion of overhead and other expenses incurred by certain Operations Management Group professionals directly attributable to performing services for a fund, but may also be based on a fund’s NAV for certain funds domiciled outside the U.S. The Company also receives transaction fees from certain affiliated funds for activities related to fund transactions, such as loan originations. These fees are recognized as other revenue in the period in which the administrative services and the transaction related services are rendered. Equity-Based Compensation The Company recognizes expense related to equity-based compensation in which it receives employee services in exchange for (a) equity instruments of the Company, (b) derivatives based on the Company’s common units or (c) liabilities that are based on the fair value of the Company’s equity instruments. Equity-based compensation expense represents expenses associated with the following: (a) Restricted units, options and phantom units granted under the Ares Management, L.P. 2014 Equity Incentive Plan (“Equity Incentive Plan”); and (b) Conversion of and acceleration in vesting of certain existing interests in connection with the Reorganization. Equity-based compensation expense for restricted units and options is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in partners’ capital. Grant date fair value of the restricted units was determined to be the most recent closing price of common units. Certain restricted units are subject to a lock-up provision that expires on the fifth anniversary of the IPO. The Company used Finnerty’s average strike-price put option model to estimate the discount associated with this lack of marketability. The Company estimated the grant date fair value of the options as of the grant date using Black-Scholes option pricing model. The phantom units will be settled in cash and therefore represent a liability that is required to be remeasured at each reporting period. Fair value of phantom units was determined to be the most recent closing price each reporting period. In 2016, the Company adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718) . In accordance with 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

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS Acquisition of EIF Management, LLC In January 2015, the Company acquired of all of the outstanding membership interests of EIF Management, LLC (“EIF”), an asset manager in the U.S. power and energy assets industry. As a result of the acquisition, the Company expanded into an energy infrastructure equity strategy focused on generating long-term, cash-flowing investments in the power generation, transmission and midstream energy sector. The acquisition date fair value of the consideration transferred totaled $149.2 million , which consisted of the following: Cash $ 64,532 Equity (1,578,947 Ares Operating Group units) 25,468 Contingent consideration 59,171 Total $ 149,171 The Company allocated $90.6 million of the purchase price to the fair value of the acquired net assets. The remaining $58.6 million of the purchase price was recorded as goodwill. The financial results of EIF are included within the consolidated financial statements presented herein. EIF is presented within the Company’s Private Equity Group segment. The transaction included contingent consideration that is payable to EIF’s former membership interest holders if Ares successfully launches a new fund (“Fund V”) that meets certain revenue and fee paying commitment targets during Fund V’s commitment period. The fair value of the liability for contingent consideration as of the acquisition date was approximately $59.2 million , which includes cash and equity consideration that are not subject to vesting or are fully vested, and is included in the purchase price consideration described above (see Note 11 for subsequent valuation adjustments). Additionally, in accordance with the membership interest purchase agreement, as part of the contingent consideration, the Company also agreed to grant certain equity consideration that would generally vest ratably over a period of two to five years after Fund V’s final closing, which has not yet occurred. Supplemental information on an unaudited pro forma basis, as if the EIF acquisition had been consummated as of January 1, 2014 is as follows: Year Ended Year Ended May 1, 2014 December 31, 2015 December 31, 2014 December 31, 2014 (unaudited) (unaudited) Total revenues $ 56,659 $ 42,767 $ 28,512 Net income attributable to Ares Management, L.P. $ 2,267 $ 174 $ 116 Earnings per common unit, basic and diluted $ 0.03 $ 0.00 N/A The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable. These results are not necessarily indicative of the Company’s consolidated financial condition or statements of operations in future periods or the results that actually would have been realized had the Company and EIF been a combined entity during the period presented. These amounts have been calculated after applying the Company’s accounting policies and adjusting the results of EIF to reflect the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2014, together with the consequential tax effects. Prior to the Reorganization and the IPO in May 2014, the Company's businesses were conducted through multiple operating businesses rather than a single holding entity. As such, there was no single capital structure upon which to calculate historical earnings per common unit information. Accordingly, unaudited pro forma earnings per common unit information has not been presented for the period from January 1, 2014 and April 30, 2014. Revenues and net income attributable to Ares Management, L.P. are prorated evenly over a twelve-month period for the calculation of unaudited pro forma earnings per common unit for the period from May 1, 2014 to December 31, 2014.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS The following table summarizes the carrying value for the Company's intangible assets: Weighted Average Amortization Period as of As of December 31, December 31, 2016 2016 2015 Management contracts 2.0 years $ 111,939 $ 163,469 Client relationships 11.5 years 38,600 38,600 Trade name 5.5 years 3,200 3,200 Intangible assets, gross 153,739 205,269 Foreign currency translation (3,205 ) (1,436 ) Total intangible assets acquired 150,534 203,833 Less: accumulated amortization (92,219 ) (118,862 ) Intangible assets, net $ 58,315 $ 84,971 Amortization expense associated with intangible assets was $26.6 million , $46.2 million and $27.6 million for the years ended December 31, 2016 , 2015 and 2014 , respectively, and is presented within general, administrative and other expenses within the Consolidated Statements of Operations. During 2016, the Company removed $51.5 million of intangible assets that were fully amortized. At December 31, 2016 , future annual amortization of finite-lived intangible assets for the years 2017 through 2021 and thereafter is estimated to be: Year Amortization 2017 $ 17,850 2018 9,031 2019 4,458 2020 4,071 2021 3,987 Thereafter 18,918 Total $ 58,315 Goodwill The following table summarizes the carrying value of the Company's goodwill assets: Credit Private Real Total Balance as of December 31, 2014 $ 32,196 $ — $ 53,385 $ 85,581 Goodwill acquired during the period — 58,600 — 58,600 Foreign currency translation — — (114 ) (114 ) Balance as of December 31, 2015 32,196 58,600 53,271 144,067 Foreign currency translation — — (343 ) (343 ) Balance as of December 31, 2016 $ 32,196 $ 58,600 $ 52,928 $ 143,724 There was no impairment of goodwill recorded during the years ended December 31, 2016 , 2015 and 2014.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2016
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
INVESTMENTS	INVESTMENTS The Company’s investments are comprised of: (i) investments presented at fair value as a result of the election of the fair value option or in accordance with investment company accounting, (ii) equity method investments (using equity method or fair value option) and (iii) held-to-maturity investments. Fair Value Investments, excluding Equity Method Investments Held at Fair Value Fair value at Fair value as a percentage of total December 31, December 31, 2016 2015 2016 2015 Private Investment Partnership Interests: AREA Sponsor Holdings, LLC $ 28,898 $ 37,275 6.8 % 8.7 % ACE II Master Fund, L.P. (1)(2) 22,042 22,015 5.2 % 5.2 % Ares Corporate Opportunities Fund III, L.P. 97,549 108,506 22.9 % 25.4 % Ares Corporate Opportunities Fund IV, L.P. (2) 37,308 30,571 8.7 % 7.2 % Resolution Life L.P. 33,410 40,703 7.8 % 9.5 % Other private investment partnership interests (1)(3) 118,075 132,405 27.7 % 31.0 % Total private investment partnership interests (cost: $256,638 and $297,026 at December 31, 2016 and 2015, respectively) 337,282 371,475 79.1 % 87.0 % Collateralized Loan Obligations Interests: Collateralized loan obligations(3) 89,111 55,752 20.9 % 13.0 % Total collateralized loan obligations (cost: $89,743 and $53,669 at December 31, 2016 and 2015, respectively) 89,111 55,752 20.9 % 13.0 % Common Stock: Common stock(3) 100 81 0.0 % 0.0 % Total common stock (cost: $124 and $116 at December 31, 2016 and 2015, respectively) 100 81 0.0 % 0.0 % Total fair value investments (cost: $346,505 and $350,811 at December 31, 2016 and 2015, respectively) $ 426,493 $ 427,308 (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 December 31, 2016 2015 Equity method investment $ 3,616 $ 4,486 Equity method investments at fair value 21,843 19,471 Total equity method investments $ 25,459 $ 23,957 The following tables present summarized financial information (in aggregate) for the Company's equity method investments. The Company determined that these investments were significant based on the change in fair value for the year ended December 31, 2015. The change in fair value of these investments for the year ended December 31, 2016 was not deemed to be significant. For the Years Ended December 31, 2016 2015 2014 Revenue $ 8,751 $ 7,778 $ 7,567 Expenses (24,064 ) (27,147 ) (5,970 ) Net realized/unrealized gain from investments 46,887 $ 66,500 $ — Income tax expense (302 ) $ (400 ) $ (242 ) Net income $ 31,272 $ 46,731 $ 1,355 As of December 31, 2016 2015 Investments $ 247,584 $ 216,500 Total Assets $ 286,630 $ 235,276 Total Liabilities $ 7,556 $ 166,065 Total Equity $ 279,074 $ 69,211 The material assets of the Company's equity method investments are investments for which long term capital appreciation is expected, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets. Held-to-Maturity Investments The Company classifies certain 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: As of December 31, 2016 2015 Amortized cost $ 16,519 $ 17,022 Unrealized loss, net (116 ) (334 ) Fair value $ 16,403 $ 16,688 Based on the Company's ability and intent to hold the investments until maturity and the underlying credit performance of such investments, the Company has determined that the net unrealized losses are temporary impairments as of December 31, 2016 and 2015 . There were no sales of held-to-maturity investments during the years ended December 31, 2016 and 2015 . All contractual maturities are greater than 10 years as of December 31, 2016 . Actual maturities may differ from contractual maturities because underlying collateral may 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 at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2016 2015 2016 2015 United States: Fixed income securities: Consumer discretionary $ 665,773 $ 393,902 20.0 % 15.4 % Consumer staples 64,840 40,030 1.9 % 1.6 % Energy 45,409 38,617 1.4 % 1.5 % Financials 139,285 78,806 4.2 % 3.1 % Healthcare, education and childcare 246,403 162,191 7.4 % 6.3 % Industrials 149,632 161,830 4.5 % 6.3 % Information technology 194,394 138,186 5.8 % 5.4 % Materials 139,994 95,767 4.2 % 3.7 % Telecommunication services 261,771 202,256 7.9 % 7.9 % Utilities 47,800 12,733 1.4 % 0.5 % Total fixed income securities (cost: $1,945,977 and $1,377,870 at December 31, 2016 and 2015, respectively) 1,955,301 1,324,318 58.7 % 51.7 % Equity securities: Energy 421 — 0.0 % — % Healthcare, education and childcare — 344 — % 0.0 % Partnership and LLC interests 171,696 86,902 5.2 % 3.4 % Telecommunication services — 510 — % 0.0 % Total equity securities (cost: $149,872 and $93,004 at December 31, 2016 and 2015, respectively) 172,117 87,756 5.2 % 3.4 % Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Europe: Fixed income securities: Consumer discretionary $ 274,678 $ 221,707 8.2 % 8.7 % Consumer staples 39,197 50,625 1.2 % 2.0 % Financials 28,769 29,922 0.9 % 1.2 % Healthcare, education and childcare 111,589 104,704 3.4 % 4.1 % Industrials 118,466 109,778 3.6 % 4.3 % Information technology 49,507 31,562 1.5 % 1.2 % Materials 124,629 98,450 3.7 % 3.8 % Telecommunication services 118,632 149,105 3.6 % 5.8 % Utilities 4,007 768 0.1 % 0.0 % Total fixed income securities (cost: $892,108 and $836,217 at December 31, 2016 and 2015, respectively) 869,474 796,621 26.2 % 31.1 % Equity securities: Consumer discretionary — 4,306 — % 0.2 % Consumer staples 1,517 1,286 0.0 % 0.1 % Healthcare, education and childcare 41,329 37,294 1.2 % 1.5 % Telecommunication services 24 159 0.0 % 0.0 % Total equity securities (cost: $67,290 and $ 80,827 at December 31, 2016 and 2015, respectively) 42,870 43,045 1.2 % 1.8 % Asia and other: Fixed income securities: Consumer discretionary 24,244 34,810 0.7 % 1.4 % Financials 1,238 — 0.0 % — % Healthcare, education and childcare 10,010 23,999 0.3 % 0.9 % Telecommunication services 8,696 9,909 0.3 % 0.4 % Total fixed income securities (cost: $46,545 and $57,868 at December 31, 2016 and 2015, respectively) 44,188 68,718 1.3 % 2.7 % Equity securities: Consumer discretionary 44,642 55,532 1.3 % 2.2 % Consumer staples 50,101 55,442 1.5 % 2.2 % Healthcare, education and childcare 32,598 32,865 1.0 % 1.3 % Industrials 16,578 12,891 0.5 % 0.5 % Total equity securities (cost: $122,418 and $118,730 at December 31, 2016 and 2015, respectively) 143,919 156,730 4.3 % 6.2 % Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Canada: Fixed income securities: Consumer discretionary $ — $ 827 — % 0.0 % Consumer staples 5,256 1,369.0 0.2 % 0.1 % Energy 12,830 8,724 0.4 % 0.3 % Healthcare, education and childcare 15,509 14,819 0.5 % 0.6 % Industrials 1,401 513 0.0 % 0.0 % Telecommunication services 13,852 6,627 0.4 % 0.3 % Total fixed income securities (cost: $48,274 and $34,397 at December 31, 2016 and December 31, 2015, respectively) 48,848 32,879 1.5 % 1.3 % Equity securities: Consumer discretionary 164 — 0.0 % — % Total equity securities (cost: $408 and $0 at December 31, 2016 and 2015, respectively) 164 — 0.0 % — % Australia: Fixed income securities: Consumer discretionary 5,627 — 0.2 % — % Energy 6,046 8,888 0.2 % 0.3 % Industrials 2,926 3,657 0.1 % 0.1 % Utilities 21,154 16,041 0.6 % 0.6 % Total fixed income securities (cost: $37,975 and $39,574 at December 31, 2016 and 2015, respectively) 35,753 28,586 1.1 % 1.0 % Equity Securities: Telecommunication services — 5,370 — % 0.2 % Utilities 17,569 15,760 0.5 % 0.6 % Total equity securities (cost: $18,442 and $25,524 at December 31, 2016 and 2015, respectively) 17,569 21,130 0.5 % 0.8 % Total fixed income securities 3,125,260 2,338,024 94.0 % 91.2 % Total equity securities 204,943 221,759 6.0 % 8.8 % Total investments, at fair value $ 3,330,203 $ 2,559,783 At December 31, 2016 and 2015 , no single issuer or investments, including derivative instruments and underlying portfolio investments of the Consolidated Funds, had a fair value that exceeded 5.0% of the Company’s total investments.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2016
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Financial Instrument Valuations The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment. CLO loan obligations: Prior to 2016, the Company had elected the fair value option to measure its CLO loan obligations as the Company had determined that the fair value of these obligations better correlated with the value of the assets held by the CLOs, which are held to provide the cash flows for the note obligations. The fair value of CLO liabilities was estimated based on various third-party pricing service and internal valuation models. The valuation models utilized discounted cash flows and took into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, the characteristics and condition of the underlying collateral, comparable yields for similar securities and recent trading activity. These securities were classified as Level III. The Company adopted ASU 2014-13 as of January 1, 2016, under which the Company first determines whether the fair values of the financial assets or financial liabilities of its consolidated CLOs are more observable. The Company determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets, 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). Corporate debt, bonds, bank loans, securities sold short and derivative instruments: The fair value of corporate debt, bonds, bank loans, securities sold short and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified within Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If management is only able to obtain a single broker quote, or utilize a pricing model, such securities will be classified as Level III. Equity and equity-related securities: Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. Partnership interests: The Company generally values its investments using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. Certain investments of the Company and the Consolidated Funds are valued at NAV per share of the fund. In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. However, as of December 31, 2016 and 2015 , the Company believes that NAV per share represents the fair value of the investments. The substantial majority of the Company's private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interests other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. Investors in open-ended and evergreen funds have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods ranging from one month to three years. In addition, separately managed investment vehicles for a single fund investor may allow such investors to terminate the fund at the discretion of the investor pursuant to the terms of the applicable constituent documents of such vehicle. Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a discounted cash flow approach based on the most likely outcome. The most likely outcome is determined using the best information available, which may be based on one or more of the following factors: historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management's own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. The fair value of the Company's contingent consideration liabilities are classified as Level III. Contingent consideration liabilities are included within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Level III Valuations In the absence of observable market prices, the Company values Level III investments using consistent valuation methodologies, typically market- or income-based approaches. The main inputs into the Company’s valuation model for Level III securities include earnings multiples (based on the historical earnings of the issuer) and discounted cash flows. The Company may also consider original transaction price, recent transactions in the same or similar instruments, completed third‑party transactions in comparable instruments and other liquidity, credit and market risk factors. The quarterly valuation process for Level III investments begins with each investment or loan being valued by the investment or valuation teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the investment team and other senior managers. All Level III investment values are ultimately approved by the valuation committees and designated investment professionals. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted. In connection with this process, the Company evaluates changes in fair value measurements from period to period for reasonableness, considering items such as industry trends, general economic and market conditions and factors specific to the investment. Certain Level III assets are valued using prices obtained from brokers or pricing vendors. The Company typically obtains one to two non-binding broker quotes. The Company seeks to obtain at least one quote directly from a broker making a market for the asset and one price from a pricing vendor for each security or similar securities. For investments where more than one quote is received, the investments are classified as Level II. For investments where only one quote is received, the investments are classified as Level III as the quoted prices may be indicative of securities that are in an inactive market, or may require adjustment for investment-specific factors or restrictions. Generally, the Company does not adjust any of the prices received from these sources but material prices are reviewed against the Company’s valuation models with a limited exception for securities that are deemed to have no value. The Company evaluates the prices obtained from brokers and pricing vendors based on available market information, including trading activity of the subject or similar securities or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company may also perform back-testing of valuation information obtained from brokers and pricing vendors against actual prices received in transactions to validate pricing discrepancies. In addition to on-going monitoring and back-testing, the Company performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process and to ensure compliance with required accounting disclosures. Fair Value of Financial Instruments Held by the Company and Consolidated Funds The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2016 : Investments of the Company, at fair value Level I Level II Level III Investments Total Fixed income-collateralized loan obligations $ — $ — $ 89,111 $ — $ 89,111 Equity securities 100 — — — 100 Partnership interests — — 33,410 325,715 359,125 Total investments, at fair value 100 — 122,521 325,715 448,336 Derivative assets of the Company, at fair value Foreign exchange contracts — 3,171 — — 3,171 Total derivative assets, at fair value — 3,171 — — 3,171 Total $ 100 $ 3,171 $ 122,521 $ 325,715 $ 451,507 Liabilities of the Company, at fair value Contingent considerations $ — $ — $ (22,156 ) $ — $ (22,156 ) Total liabilities, at fair value — — (22,156 ) — (22,156 ) Total $ — $ — $ (22,156 ) $ — $ (22,156 ) Investments of Consolidated Funds, at fair value Level I Level II Level III Total Bonds $ — $ 104,886 $ 37,063 $ 141,949 Loans — 2,606,423 199,217 2,805,640 Collateralized loan obligations — — 5,973 5,973 Total fixed income — 2,711,309 242,253 2,953,562 Equity securities 56,662 17,569 130,690 204,921 Partnership interests — — 171,696 171,696 Other — 24 — 24 Total investments, at fair value 56,662 2,728,902 544,639 3,330,203 Derivative assets of Consolidated Funds, at fair value Foreign exchange contracts — 529 — 529 Other — — 291 291 Total derivative assets, at fair value — 529 291 820 Total $ 56,662 $ 2,729,431 $ 544,930 $ 3,331,023 Derivative liabilities of Consolidated Funds, at fair value Other $ — $ — $ (2,999 ) $ (2,999 ) Total derivative liabilities, at fair value — — (2,999 ) (2,999 ) Loan obligations of CLOs — (3,031,112 ) — (3,031,112 ) Total $ — $ (3,031,112 ) $ (2,999 ) $ (3,034,111 ) 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 Total Fixed income-collateralized loan obligations $ — $ — $ 55,752 $ — $ 55,752 Equity securities 81 — — — 81 Partnership interests — — 51,703 339,243 390,946 Total investments, at fair value 81 — 107,455 339,243 446,779 Derivative assets of the Company, at fair value Foreign exchange contracts — 1,339 — — 1,339 Total derivative assets, at fair value — 1,339 — — 1,339 Total $ 81 $ 1,339 $ 107,455 $ 339,243 $ 448,118 Liabilities of the Company, at fair value Contingent considerations $ — $ — $ (40,831 ) $ — $ (40,831 ) Total liabilities, at fair value — — (40,831 ) — (40,831 ) Derivative liabilities of the Company, at fair value Foreign exchange contracts — (176 ) — — (176 ) Interest rate contracts — (214 ) — — (214 ) Total derivative liabilities, at fair value — (390 ) — — (390 ) Total $ — $ (390 ) $ (40,831 ) $ — $ (41,221 ) Investments of Consolidated Funds, at fair value Level I Level II Level III Total Bonds $ — $ 126,289 $ 109,023 $ 235,312 Loans — 1,875,341 134,346 2,009,687 Collateralized loan obligations — — 6,121 6,121 Total fixed income — 2,001,630 249,490 2,251,120 Equity securities 76,033 15,760 129,809 221,602 Partnership interests — — 86,902 86,902 Other — 159 — 159 Total investments, at fair value $ 76,033 $ 2,017,549 $ 466,201 $ 2,559,783 Derivative liabilities of Consolidated Funds, at fair value Foreign exchange contracts $ — $ (369 ) $ — $ (369 ) Other — — (10,307 ) (10,307 ) Total derivative liabilities, at fair value — (369 ) (10,307 ) (10,676 ) Loan obligations of CLOs — — (2,174,352 ) (2,174,352 ) Total $ — $ (369 ) $ (2,184,659 ) $ (2,185,028 ) The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2016 : Level III Assets Level III Liabilities Level III Assets and Liabilities of the Company Fixed Income Partnership Total Contingent Considerations Balance, beginning of period $ 55,752 $ 51,703 $ 107,455 $ 40,831 Purchases(1) 33,053 9,000 42,053 — Sales/settlements(2) (3,698 ) — (3,698 ) (1,000 ) Realized and unrealized appreciation (depreciation), net 4,004 (27,293 ) (23,289 ) (17,675 ) Balance, end of period $ 89,111 $ 33,410 $ 122,521 $ 22,156 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 3,437 $ (7,293 ) $ (3,856 ) $ (17,675 ) Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 129,809 $ 249,490 $ 86,902 $ (10,307 ) $ 455,894 Transfer in — 59,790 — — 59,790 Transfer out (344 ) (90,952 ) — — (91,296 ) Purchases(1) 15,849 167,338 65,906 — 249,093 Sales(2) (18,029 ) (125,642 ) (3,606 ) (81 ) (147,358 ) Amortized discounts/premiums — 2,660 — 57 2,717 Realized and unrealized appreciation (depreciation), net 3,405 (20,431 ) 22,494 7,623 13,091 Balance, end of period $ 130,690 $ 242,253 $ 171,696 $ (2,708 ) $ 541,931 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 8,333 $ (9,391 ) $ 22,494 $ 5,660 $ 27,096 (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2015 : Level III Assets Level III Liabilities Level III Assets and Liabilities of the Company Fixed Income Partnership Total Contingent Considerations Balance, beginning of period $ — $ 45,348 $ 45,348 $ 2,049 Investment in deconsolidated fund(3) 17,815 — 17,815 — Purchases(1) 51,287 11,000 62,287 59,171 Sales/settlements(2) (7,567 ) (4,645 ) (12,212 ) (1,000 ) Realized and unrealized appreciation (depreciation), net (5,783 ) — (5,783 ) (19,389 ) Balance, end of period $ 55,752 $ 51,703 $ 107,455 $ 40,831 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ (7,076 ) $ — $ (7,076 ) $ (19,389 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings (3) Balance for the Company was previously eliminated upon consolidation and not reported as Level III investments. Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 3,263,311 $ 2,192,395 $ 137,272 $ (20,993 ) $ 5,571,985 Deconsolidation of funds(3) (3,080,402 ) (1,897,304 ) (137,272 ) 12,980 (5,101,998 ) Transfer in — 27,195 — — 27,195 Transfer out (17,281 ) (77,100 ) — — (94,381 ) Purchases(1) 23,607 113,506 98,000 — 235,113 Sales(2) (65,676 ) (96,525 ) (13,300 ) 2,384 (173,117 ) Amortized discounts/premiums — 862 — (484 ) 378 Realized and unrealized appreciation (depreciation), net 6,250 (13,539 ) 2,202 (4,194 ) (9,281 ) Balance, end of period $ 129,809 $ 249,490 $ 86,902 $ (10,307 ) $ 455,894 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 1,595 $ (12,881 ) $ — $ (4,521 ) $ (15,807 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings (3) 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 year ended December 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 years ended December 31, 2016 and 2015 : For the Year Ended December 31, 2016 2015 Balance, beginning of period $ 2,174,352 $ 12,049,019 Accounting change due to the adoption of ASU 2014-13(1) (2,174,352 ) — Deconsolidation of funds — (10,264,884 ) Borrowings — 602,077 Paydowns — (61,569 ) Realized and unrealized gains, net — (150,291 ) Balance, end of period $ — $ 2,174,352 (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 December 31, 2016 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Partnership interests $ 33,410 Other N/A N/A Collateralized loan obligations 89,111 Broker quotes and/or 3rd party pricing services N/A N/A Total $ 122,521 Liabilities Contingent consideration liabilities $ 20,278 Other N/A N/A 1,878 Discounted cash flow Discount rate 6.5% Total $ 22,156 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2015 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Partnership interests $ 40,703 Discounted cash flow Discount Rate 10% Partnership interests 11,000 Recent transaction price(1) N/A N/A Collateralized loan obligations 55,752 Broker quotes and/or 3rd party pricing services N/A N/A Total $ 107,455 Liabilities Contingent consideration liabilities $ 40,831 Discounted cash flow Discount rate 4.4% - 6.8% Commitment period revenue $0 - $75,000 Total $ 40,831 (1) Recent transaction price consists of securities recently purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2016 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Assets Equity securities $ 43,011 EV market multiple analysis EBITDA multiple(2) 2.0x - 11.2x 2.3x 32,598 Market approach (comparable companies) Net income multiple 30.0x - 40.0x 35.0x 421 Broker quotes and/or 3rd party pricing services N/A N/A N/A 171,696 Discounted cash flow Discount rate 20.0% 20.0% 54,660 Recent transaction price(1) N/A N/A N/A Fixed income securities 170,231 Broker quotes and/or 3rd party pricing services N/A N/A N/A 6,693 EV market multiple analysis EBITDA multiple(2) 7.1x 7.1x 5,473 Income approach Collection rates 1.2x 1.2x 28,595 Income approach Yield 6.0% - 13.6% 10.9% 24,052 Discounted cash flow Discount rate 7.8% - 15.3% 11.1% 1,776 Market approach (comparable companies) EBITDA multiple(2) 6.5x 6.5x 4,887 Recent transaction price(1) N/A N/A N/A 546 Market approach EBITDA Multiple 6.1x 6.1x Derivative instruments of Consolidated Funds 291 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 544,930 Liabilities Derivatives instruments of Consolidated Funds $ 2,999 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ 2,999 (1) Recent transaction price consists of securities recently purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a Non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2015 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 42,887 EV market multiple analysis EBITDA multiple(2) 1.6x - 10.4x 4.1x 73,686 Market approach (comparable companies) Net income multiple 10.0x - 40.0x 21.7x 344 Broker quotes and/or 3rd party pricing services N/A N/A N/A 12,891 Recent transaction price(1) N/A N/A N/A 86,902 Discounted cash flow Discount rate 14.0% 14.0% Fixed income securities 22,934 EV market multiple analysis EBITDA multiple(2) 1.6x - 11.0x 7.8x 1,626 Market approach (comparable companies) EBITDA multiple(2) 6.5x 6.5x 130,131 Broker quotes and/or 3rd party pricing services N/A N/A N/A 5,516 Discounted cash flow Discount rate 11.0% - 15.3% 12.7% 84,464 Income approach Yield 3.3% - 13.3% 9.1% 1,133 Income approach Collection rates 1.2x 1.2x 3,687 Income approach Constant prepayment rate 5.0% - 10.0% 7.1% Total assets $ 466,201 Liabilities Loans payable of Consolidated Funds: Fixed income $ 2,146,255 Broker quotes and/or 3rd party pricing services N/A N/A N/A 28,097 Discounted cash flow Discount rate 8.0% - 10.0% 8.7% Derivatives instruments of Consolidated Funds 10,307 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ 2,184,659 (1) Recent transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a Non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. For investments valued using net asset value (“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 December 31, 2016 As of December 31, 2015 Segment Fair Value Unfunded Fair Value Unfunded Redemption Credit Group $ 53,131 $ 30,896 $ 98,251 $ 89,917 (1)(2)(3) Private Equity Group 181,096 96,687 157,234 78,700 (1) Real Estate Group 71,669 35,708 56,547 99,802 (1) Operations Management Group 19,819 34,500 27,211 22,789 (1)(2) Totals $ 325,715 $ 197,791 $ 339,243 $ 291,208 (1) Includes certain closed-ended funds that do not permit investors to redeem their interests. (2) Includes certain open-ended funds that require a redemption notice of zero to sixty days before the redemption 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	12 Months Ended
	Dec. 31, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE FINANCIAL INSTRUMENTS	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, credit default 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 Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company's counterparty credit risk is equal to the amount reported as a derivative asset in the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Consolidated Statements of Financial Condition, with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds present derivative and other financial instruments on a net basis. This election is determined at management's discretion on a fund by fund basis. The Company has retained each Consolidated Fund's presentation upon consolidation. Qualitative Disclosures of Derivative Financial Instruments Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss) within net realized and unrealized gain (loss) on investments in the Consolidated Statements of Operations. Upon settlement of the instrument, the Company records the realized gain (loss) within net realized and unrealized gain (loss) on investments in the Consolidated Statements of Operations. Significant derivative instruments utilized by the Company and the Consolidated Funds during the reporting periods presented include the following: Forward Foreign Currency Contracts: The Company and the Consolidated Funds enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risk on certain non-U.S. dollar denominated cash flows. When entering into a forward currency contract, the Company and the Consolidated Funds agree to receive and/or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statements of Financial Condition. The Company and the Consolidated Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. In addition, the potential inability of the counterparties to meet the terms of their contracts poses a risk to the Company and the Consolidated Funds. Interest Rate Swaps: The Company and the Consolidated Funds enter into interest rate swap contracts to mitigate their interest rate risk exposure to higher floating interest rates. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in two interest rates, applied to the notional principal amount for a specified period. The payment flows are generally netted, with the difference being paid by one party to the other. The interest rate swap contracts effectively mitigate the Company and the Consolidated Funds’ exposure to interest rate risk by converting a portion of the Company and the Consolidated Funds’ floating rate debt to a fixed rate basis. Credit Default Swaps: In prior years, the Consolidated Funds entered into credit default swap contracts for investment purposes and to manage credit risk, receiving in return a periodic stream of payments over the term of the contract. The Consolidated Funds also purchased credit default swap contracts to mitigate the risk of default by issuers of debt securities held. As a purchaser of a credit default swap contract, the Consolidated Fund received the notional or other agreed upon value from the counterparty, and in return, the Consolidated Fund made periodic payments to the counterparty over the term of the contract. The Consolidated Funds no longer enter into or purchase credit default swap contracts. 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 December 31, 2016 and 2015 . These amounts may be offset (to the extent that there is a legal right to offset) and presented on a net basis within other assets or accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition: As of December 31, 2016 As of December 31, 2015 Assets Liabilities Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Interest rate contracts $ — $ — $ — $ — $ — $ — $ (250,000 ) $ (214 ) Foreign exchange contracts 62,830 3,171 — — 94,634 1,339 (53,245 ) (176 ) Total derivatives, at fair value $ 62,830 $ 3,171 $ — $ — $ 94,634 $ 1,339 $ (303,245 ) $ (390 ) As of December 31, 2016 As of December 31, 2015 Assets Liabilities Assets Liabilities Consolidated Funds Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ 25,304 $ 529 $ — $ — $ — $ — $ (25,572 ) $ (369 ) Other financial instruments 3,575 291 (204 ) (2,999 ) — — (4,063 ) (10,307 ) Total derivatives, at fair value 28,879 820 (204 ) (2,999 ) — — (29,635 ) (10,676 ) Other—equity(2) 253 24 — — 522 159 — — Total $ 29,132 $ 844 $ (204 ) $ (2,999 ) $ 522 $ 159 $ (29,635 ) $ (10,676 ) (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) Includes the fair value of warrants which are presented as equity securities within investments of the Consolidated Funds in the Consolidated Statements of Financial Condition. The following tables present a summary of net realized gains (losses) and unrealized appreciation (depreciation) on the Company's derivative instruments, which are included within net realized and unrealized gain (loss) on investments in the Consolidated Statements of Operations, for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, The Company 2016 2015 2014 Net realized gain (loss) on derivatives Interest rate contracts—Swaps $ (337 ) $ (1,318 ) $ (1,368 ) Foreign exchange contracts: Purchased options — 2,022 — Foreign currency forward contracts 1,783 8,379 3,330 Net realized gain on derivatives $ 1,446 $ 9,083 $ 1,962 Net change in unrealized appreciation (depreciation) on derivatives Interest rate contracts—Swaps $ 214 $ 633 $ 407 Foreign exchange contracts: Purchased options — (1,057 ) 1,076 Foreign currency forward contracts 2,008 (2,556 ) 5,034 Total net change in unrealized appreciation (depreciation) on derivatives $ 2,222 $ (2,980 ) $ 6,517 For the Year Ended December 31, Consolidated Funds 2016 2015 2014 Net realized gain (loss) on derivatives of Consolidated Funds Interest rate contracts: Swaps $ — $ — $ (513 ) Interest rate caps/floor — — 276 Equity contracts: Warrants(1) — — 3,583 Foreign exchange contracts: Purchased options — — 341 Foreign currency forward contracts (1,008 ) 3,752 (15,763 ) Written options — — (116 ) Credit contracts—Swaps — — (33,044 ) Other—Swaps (1,322 ) (4,332 ) (2,463 ) Net realized gain (loss) on derivatives of Consolidated Funds $ (2,330 ) $ (580 ) $ (47,699 ) Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds Interest rate contracts: Swaps $ — $ — $ 1,471 Interest rate caps/floor — — 269 Equity contracts: Warrants(1) 26 (71 ) (13,190 ) Foreign currency forward contracts — — (1,906 ) Foreign exchange contracts: Purchased options — — 1,668 Foreign currency forward contracts 900 (1,867 ) 11,775 Written options — — (402 ) Swaps — — 842 Credit contracts—Swaps — — 10,032 Other: Purchased options — — 16 Swaps 7,685 (2,934 ) (1,142 ) Total net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds $ 8,611 $ (4,872 ) $ 9,433 (1) Realized and unrealized gains (losses) on warrants are also reflected in the changes presented on the investment footnote table. The table below sets forth the rights of offset and related arrangements associated with the Company's derivative and other financial instruments as of December 31, 2016 and 2015 . The column titled "Gross Amounts Not Offset in the Statement of Financial Position" in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Consolidated Statements of Financial Condition. Gross Amount Not Offset in the Statement of Financial Position The Company as of December 31, 2016 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 3,171 $ — $ 3,171 $ — $ 3,171 Liabilities: Derivatives — — — — — Net derivatives assets $ 3,171 $ — $ 3,171 $ — $ 3,171 Gross Amount Not Offset in the Statement of Financial Position The Company as of December 31, 2015 Gross Amounts Gross Amounts Net Amounts of Financial Net Amount Assets: Derivatives $ 1,339 $ — $ 1,339 $ (176 ) $ 1,163 Liabilities: Derivatives (390 ) — (390 ) 176 (214 ) Net derivatives assets $ 949 $ — $ 949 $ — $ 949 The table below sets forth the rights of offset and related arrangements associated with the Consolidated Funds' derivative and other financial instruments as of December 31, 2016 and 2015 . The column titled "Gross Amounts Not Offset in the Statement of Financial Position" in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Consolidated Statements of Financial Condition. Gross Amounts Not Offset in the Statement of Financial Position Consolidated Funds as of December 31, 2016 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 2,243 $ (1,423 ) $ 820 $ — $ 820 Liabilities: Derivatives (4,422 ) 1,423 (2,999 ) — (2,999 ) Net derivatives liabilities $ (2,179 ) $ — $ (2,179 ) $ — $ (2,179 ) Gross Amounts Not Offset in the Statement of Financial Position Consolidated Funds as of December 31, 2015 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 85 $ (85 ) $ — $ — $ — Liabilities: Derivatives (10,761 ) 85 (10,676 ) — (10,676 ) Net derivatives liabilities $ (10,676 ) $ — $ (10,676 ) $ — $ (10,676 )

DEBT

DEBT	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of December 31, 2016 As of December 31, 2015 Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility(1) 4/30/2019 N/A $ — — $ 110,000 2.11% Senior Notes(2) 10/8/2024 $ 250,000 244,684 4.21 % 244,077 4.21% 2015 Term Loan(3) 7/29/2026 $ 35,250 35,063 2.74 % 35,043 2.18% 2016 Term Loan(4) 1/15/2029 $ 26,376 26,037 2.66 % — N/A Total debt obligations $ 305,784 $ 389,120 (1) The AOG 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 the Company’s underlying credit agency rating. As of December 31, 2016, base rate loans bear interest calculated based on the base rate plus 0.75% and the LIBOR rate loans bear interest calculated based on LIBOR 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) The 2015 Term Loan was entered into in August 2015 by a subsidiary of the Company that acts as a manager to a CLO. The 2015 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 . (4) The 2016 Term Loan was entered into in December 2016 by a subsidiary of the Company that acts as a manager to a CLO. The 2016 Term Loan is secured by collateral in the form of CLO senior tranches and subordinated notes 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 0.03% of a maximum investment amount. Debt obligations of the Company and its subsidiaries are reflected at cost in the Consolidated Statements of Financial Condition. As of December 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 or when amending an existing debt agreement. Debt issuance costs may be recorded as a reduction of the corresponding debt obligation and are amortized over the term of the obligation. The following table shows the activity of the Company's debt issuance costs: Credit Facility(1) Senior Notes(2) Term Loans(2) AFC II Notes(3) Unamortized debt issuance costs as of December 31, 2014 $ 5,330 $ 2,261 $ — $ — Debt issuance costs incurred 2,271 6 214 3,709 Amortization of debt issuance costs (1,360 ) (232 ) (7 ) (75 ) Debt extinguishment expense — — — (3,634 ) Unamortized debt issuance costs as of December 31, 2015 6,241 2,035 207 — Debt issuance costs incurred 548 — 340 — Amortization of debt issuance costs (1,989 ) (232 ) (21 ) — Unamortized debt issuance costs as of December 31, 2016 $ 4,800 $ 1,803 $ 526 $ — (1) Unamortized debt issuance costs of the Credit Facility are included in other assets in the Consolidated Statements of Financial Condition. (2) Unamortized debt issuance costs of the Senior Notes and Term Loans are included in the net carrying value of the Company’s debt obligations in the Consolidated Statements of Financial Condition. (3) Represents $325.0 million aggregate principal amount of 5.250% senior notes (the "AFC II Notes") issued by a subsidiary of the Company in August 2015 and subsequently redeemed in November 2015. The related debt issuance costs and discount were written off at the time of redemption. Loan Obligations of the Consolidated CLOs Loan obligations of the Consolidated Funds that are CLOs ("Consolidated CLOs") represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs. 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 Consolidated Statements of Financial Condition. As of December 31, 2016 and 2015 , the following loan obligations were outstanding and classified as liabilities of the Company’s Consolidated CLOs: As of December 31, 2016 As of December 31, 2015 Loan Obligations Fair Value of Loan Obligations Weighted Loan Fair Value of Loan Obligations Weighted Average Remaining Maturity In Years Senior secured notes(1) $ 2,839,779 $ 2,841,440 9.68 $ 2,101,506 $ 2,054,123 9.55 Subordinated notes(2) 284,046 189,672 9.97 194,443 120,229 9.53 Total loan obligations of Consolidated CLOs $ 3,123,825 $ 3,031,112 $ 2,295,949 $ 2,174,352 (1) Original borrowings under the senior secured notes totaled $3 billion , with various maturity dates ranging from October 2024 to February 2030. The weighted average interest rate as of December 31, 2016 was 3.55% . (2) Original borrowings under the subordinated notes totaled $256 million , with various maturity dates ranging from October 2024 to February 2030. 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. Based on the terms of these facilities, the creditors of the facilities have no recourse to the Company. Credit Facilities of the Consolidated Funds Certain Consolidated Funds maintain credit facilities to fund investments between capital drawdowns. These facilities generally are collateralized by the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities have no recourse to the Company. Credit facilities of the Consolidated Funds are reflected at cost in the Consolidated Statements of Financial Condition. As of December 31, 2016 and 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 December 31, 2016 and 2015 : As of December 31, 2016 As of December 31, 2015 Type of Facility Maturity Date Total Capacity Outstanding Loan(1) Effective Rate Outstanding Loan(1) Effective Rate Consolidated Funds credit facility 1/1/2023 $ 18,000 $ 12,942 2.38% $ 11,734 2.00% Consolidated Funds credit facility 6/30/2018 $ 42,128 42,128 1.55% (2) — N/A Total borrowings of Consolidated Funds $ 55,070 $ 11,734 (1) The fair values of the borrowings approximate the carrying value, as the interest rate on the borrowings is a floating rate. (2) The effective rate is based on the three month EURIBOR plus an applicable margin.

REDEEMABLE INTERESTS AND EQUITY

REDEEMABLE INTERESTS AND EQUITY COMPENSATION PUT OPTION LIABILITY	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interest [Abstract]
REDEEMABLE INTERESTS AND EQUITY COMPENSATION PUT OPTION LIABILITY	REDEEMABLE INTERESTS AND EQUITY COMPENSATION PUT OPTION LIABILITY The following table sets forth a summary of changes in the redeemable interests and equity compensation put option liability in Consolidated Funds as of December 31, 2016 , 2015 and 2014 : As of December 31, 2016 2015 2014 Redeemable interests in Ares Operating Group Entities Beginning balance $ 23,505 $ 23,988 $ 40,751 Net income — — 164 Distributions — — (1,313 ) Currency translation adjustment — — 9 Equity compensation — — 234 Tandem award compensation adjustment — — (15,898 ) Equity Balance Post-Reorganization 23,505 23,988 23,947 Issuance cost — — (124 ) Allocation of contributions in excess of the carrying value of the net assets (dilution) — — 910 Reallocation of Partners' capital for change in ownership interest — 82 (900 ) Deferred tax liabilities arising from allocation of contribution and Partners' capital — (1 ) — Redemption of redeemable interest in consolidated subsidiary (20,000 ) — — Forfeiture of equity in connection with redemption of ownership interest (3,337 ) — — Distributions (661 ) (998 ) (477 ) Net income 456 338 567 Currency translation adjustment (47 ) (36 ) (16 ) Equity compensation 84 132 81 Ending Balance $ — $ 23,505 $ 23,988 Upon acquisition of Indicus Advisors, LLP (“Indicus”) in November 2011, certain former owners of Indicus, who became employees of the Company (“Indicus Owners”), exchanged their respective equity interests in Indicus for a 1% ownership interest (the “Equity Interest”) in the Predecessor entities of the Company. One-half of the Equity Interest was fully vested, was determined to be consideration exchanged pursuant to the acquisition (the “Purchase Consideration”) and was classified as redeemable interest. The remaining one-half of the Equity Interest was classified as a tandem award. The tandem award was comprised of a service condition that vested on the earlier of the fifth anniversary of the award date or a qualifying liquidity event (the “Service Award”), and a put option on their Equity Interest was a strike price of $40 million exercisable at a future date (the “Fixed Price Put Option”). The Fixed Price Put Option was not detachable from the Equity Interest. The Company determined that the Fixed Price Put Option did not require bifurcation from the host contract and that the Equity Interest is not mandatorily redeemable. The two parts of the Equity Interest, the Purchase Consideration and the Service Award, were accounted for separately. The Purchase Consideration was classified in the redeemable interest in Ares Operating Group to be paid in cash in an amount equal to $20 million , with the residual value reclassified to permanent equity. The put option liability portion of the Service Award of $20 million was classified as a liability to be paid in cash in an amount equal to $20.0 million . In July 2016, the Indicus Owners exercised their Fixed Price Put Option. The Company paid the Indicus Owners $40 million with $20 million recorded as a reduction to the put option liability, and $20 million recorded as a reduction to the redeemable interest in AOG entities. The residual value of the redeemable interest in the AOG entities of $3.3 million was reclassified to permanent equity. The payment to settle the put option resulted in an increase in tax basis. In connection with this payment, a liability was recorded for the Company’s obligations under the tax receivable agreement (“TRA”) with respect to the tax savings that resulted from the amortization of the increased basis.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETS The components of other assets as of December 31, 2016 and 2015 were as follows: As of December 31, 2016 2015 Other assets of the Company: Accounts and interest receivable $ 1,071 $ 2,111 Fixed assets, net 40,759 38,147 Other assets 23,735 22,717 Total other assets of Company $ 65,565 $ 62,975 Other assets of Consolidated Funds: Income tax and other receivables 2,501 1,348 Total other assets of Consolidated Funds $ 2,501 $ 1,348 Fixed Assets, Net Fixed assets included the following as of December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Furniture $ 8,498 $ 7,946 Office and computer equipment 16,712 15,039 Internal use software 10,974 5,039 Leasehold improvements 40,994 40,167 Fixed assets, at cost 77,178 68,191 Less: accumulated depreciation (36,419 ) (30,044 ) Fixed assets, net $ 40,759 $ 38,147 For the years ended December 31, 2016 , 2015 and 2014 , depreciation expense was $8.2 million , $6.9 million and $7.3 million , respectively, which is included in general, administrative and other expense in the Consolidated Statements of Operations.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded in the Consolidated Statements of Financial Condition. As of December 31, 2016 , the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Commitments As of December 31, 2016 and 2015 , the Company had aggregate unfunded commitments of $535.3 million and $436.4 million , respectively, including commitments to both non-consolidated funds and Consolidated funds. As of December 31, 2016 , Company had $34.5 million in unfunded commitments to invest in certain funds managed by Kayne Anderson Capital Advisors, L.P. 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 during their commitment periods. The fair value of the liability for contingent consideration as of the acquisition date was $59.2 million and is subject to change until the liability is settled with the related impact recorded to the Company's Consolidated Statements of Operations within other income (expense), net. During the years ended December 31, 2016 and 2015 , the Company reduced its contingent consideration liability, resulting in gains of $17.8 million and $21.1 million , respectively, that were recorded within other income, net within the Consolidated Statements of Operations. As of December 31, 2016 and 2015 , the estimated fair value of the contingent consideration liability was $20.3 million and $38.1 million , respectively, as a result of subsequent remeasurement of future fee payments. ARCC and American Capital, Ltd. Merger Agreement On January 3, 2017, ARCC and American Capital, Ltd. (“ACAS”) completed a definitive merger agreement valued at approximately $4.2 billion (the "ARCC-ACAS Transaction"). To support the ARCC-ACAS Transaction, the Company, through its subsidiary Ares Capital Management LLC, which serves as the investment adviser to ARCC, provided approximately $275 million of cash consideration, or $1.20 per share of ACAS common stock, payable to ACAS shareholders in accordance with the terms and conditions set forth in the merger agreement at the closing of the ARCC-ACAS Transaction. In addition, the Company agreed to waive up to $10 million per quarter of ARCC's Part I fees for ten calendar quarters, beginning in the second quarter of 2017. Operating Leases The Company's operating lease agreements are generally subject to escalation provisions on base rental payments, as well as certain costs incurred by the property owner and are recognized on a straight-line basis over the term of the lease agreement. Rent expense includes base contractual rent. Rent expense for the years ended December 31, 2016 , 2015 and 2014 was $26.4 million , $18.5 million and $17.9 million , respectively, and is recorded within general, administrative and other expenses in the Consolidated Statements of Operations. The leases expire in various years ranging from 2017 to 2027. The future minimum commitments for the Company's operating leases are as follows: 2017 $ 23,940 2018 25,615 2019 25,351 2020 21,333 2021 17,018 Thereafter 69,564 Total $ 182,821 Guarantees The Company guaranteed loans provided to certain professionals to support the professionals investments in affiliated co-investment entities, permitting these professionals to invest alongside the Company and its investors in the funds managed by the Company. The total committed and outstanding loan balances were not material as of December 31, 2016 and 2015 . 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. The Guaranteed Facility was extended through September 30, 2016, at which time the credit facility was repaid and the Guaranteed Facility expired. 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 December 31, 2016 and 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 $418.3 million and $322.2 million , respectively, of which approximately $323.9 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, 2016 and 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 either date. Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	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 Consolidated Statements of Financial Condition, except that performance fees receivable, which are entirely due from affiliated funds, are presented separately within the 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 with related parties to be reimbursed for its expenses incurred for providing administrative services to such related parties, including ARCC, ACRE, 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 December 31, 2016 2015 Due from affiliates: Management fees receivable from non-consolidated funds $ 123,781 $ 112,405 Payments made on behalf of and amounts due from non-consolidated funds and employees 39,155 32,577 Due from affiliates—Company $ 162,936 $ 144,982 Amounts due from portfolio companies and non-consolidated funds $ 3,592 $ 12,923 Due from affiliates—Consolidated Funds $ 3,592 $ 12,923 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 7,914 $ 6,679 Management fees received in advance 1,788 1,738 Tax receivable agreement liability 4,748 — Payments made by non-consolidated funds on behalf of and amounts due from the Company 3,114 4,484 Due to affiliates—Company $ 17,564 $ 12,901 Due from Ares Funds and Portfolio Companies In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings are subject to reimbursement by the portfolio companies.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company’s effective income tax rate is dependent on many factors, including the estimated nature of many amounts and the mix of revenues and expenses between U.S. corporate subsidiaries that are subject to income taxes and those subsidiaries that are not. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment entities that are consolidated in these financial statements. Consequently, the effective income tax rate is subject to significant variation from period to period. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state, local and foreign tax regulators. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years before 2012. 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 consolidated financial statements. The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, Provision for Income Taxes - The Company 2016 2015 2014 Current: U.S. federal income tax $ 19,419 $ 12,064 $ 12,801 State and local income tax 3,706 4,839 1,719 Foreign income tax 8,458 1,509 1,613 31,583 18,412 16,133 Deferred: U.S. federal income tax (benefit) (14,247 ) 356 123 State and local income tax (benefit) (1,400 ) 306 210 Foreign income tax (benefit) (4,180 ) (14 ) 70 (19,827 ) 648 403 Total: U.S. federal income tax 5,172 12,420 12,924 State and local income tax 2,306 5,145 1,929 Foreign income tax 4,278 1,495 1,683 Income tax expense 11,756 19,060 16,536 Provision for Income Taxes - Consolidated Funds Current: U.S. federal income tax — — 6,807 State and local income tax — — 1,564 Foreign income tax (benefit) (737 ) 4 36 (737 ) 4 8,407 Deferred: U.S. federal income benefit — — (9,958 ) State and local income benefit — — (2,832 ) Foreign income benefit — — (900 ) — — (13,690 ) Total: U.S. federal income benefit — — (3,151 ) State and local income benefit — — (1,268 ) Foreign income tax (benefit) (737 ) 4 (864 ) Income tax expense (benefit) (737 ) 4 (5,283 ) Total Provision for Income Taxes Total current income tax expense 30,846 18,416 24,540 Total deferred income tax expense (benefit) (19,827 ) 648 (13,287 ) Total income tax expense $ 11,019 $ 19,064 $ 11,253 The effective income tax rate differed from the federal statutory rate for the following reasons for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Income tax expense at federal statutory rate 35.0 % 35.0 % 35.0 % Income passed through to non-controlling interests (27.6 ) (24.2 ) (34.9 ) State and local taxes, net of federal benefit 0.9 5.6 0.4 Foreign taxes (0.9 ) 1.4 0.1 Permanent items (2.2 ) 6.0 2.2 Other, net (1.7 ) 0.9 (1.1 ) Valuation allowance 0.2 (1.3 ) 0.3 Total effective rate 3.7 % 23.4 % 2.0 % Deferred Taxes The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2016 and 2015 : As of December 31, Deferred Tax Assets and Liabilities of the Company 2016 2015 Deferred tax assets Net operating losses $ 99 $ 1,623 Investment in partnerships 3,774 — Other, net 2,897 1,330 Total gross deferred tax assets 6,770 2,953 Valuation allowance (39 ) (2,953 ) Total deferred tax assets, net 6,731 — Deferred tax liabilities Investment in partnerships — (13,846 ) Other, net — (7,442 ) Total deferred tax liabilities — (21,288 ) Net deferred tax assets (liabilities) $ 6,731 $ (21,288 ) As of December 31, Deferred Tax Assets and Liabilities of the Consolidated Funds 2016 2015 Deferred tax assets Net operating loss $ 4,951 $ 1,538 Other, net 53 102 Total gross deferred tax assets 5,004 1,640 Valuation allowance (5,004 ) (1,640 ) Total deferred tax assets, net $ — $ — In assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. The valuation allowance for deferred tax assets increased by $0.5 million in 2016 due to additional net valuation allowances recorded related to operating losses incurred in various jurisdictions in which the Company operates, offset by the reduction of valuation allowances recorded in prior years for which the Company is able to conclude that the realization of the related deferred tax asset is more likely than not as of December 31, 2016 . The valuation allowance for deferred tax assets decreased by $1.4 million in 2015 as a result of the utilization of operating losses in various jurisdictions in which the Company operates in addition to a decrease in the valuation allowance associated with funds no longer presented in the consolidated financial statements in 2015. At December 31, 2016 , the Company had $25.0 million of net operating loss ("NOL") carryforwards available to reduce future foreign income taxes for which a full valuation allowance has been provided. The majority of the foreign NOLs have no expiry. The Company also has approximately $0.8 million of NOL carryforwards available to reduce state income taxes that begin to expire in 2026. The Company does not have any U.S. federal NOL carryforwards. As of, and for the three years ended December 31, 2016 , 2015 and 2014 , the Company had no significant uncertain tax positions.

EARNINGS PER COMMON UNIT

EARNINGS PER COMMON UNIT	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
EARNINGS PER COMMON UNIT	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. The treasury stock method is used to determine potentially dilutive securities resulting from options and unvested restricted units granted under the 2014 Equity Incentive Plan. The two-class method is an earnings allocation method under which earnings per unit is calculated for common units and participating securities considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Because the holders of unvested restricted units have the right to participate in distributions when declared, the unvested restricted units are considered participating securities to the extent they are expected to vest. For the year ended December 31, 2016 , the treasury stock method was the more dilutive method for the unvested restricted units. For the year ended December 31, 2015 and the period from May 1, 2014 to December 31, 2014, the two-class method was the more dilutive method for the unvested restricted units. No participating securities had rights to undistributed earnings during any period presented. The computation of diluted earnings per common unit for the years ended December 31, 2016, 2015 and 2014 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive: For the Year Ended December 31, Period from May 1, 2014 through December 31, 2014 2016 2015 Options 22,781,597 24,082,415 24,230,518 Restricted units 47,182 4,657,761 4,776,053 AOG units 131,499,652 132,427,608 130,858,662 The following table presents the computation of basic and diluted earnings per common unit: For the Year Ended December 31, Period from May 1, 2014 through December 31, 2014 2016 2015 Net income attributable to Ares Management, L.P. common unitholders $ 99,632 $ 19,378 $ 34,988 Earnings distributed to participating securities (restricted units) (1,257 ) (646 ) (417 ) Preferred stock dividends(1) (8 ) (15 ) — Net income available to common unitholders $ 98,367 $ 18,717 $ 34,571 Basic weighted-average common units 80,749,671 80,673,360 80,358,036 Basic earnings per common unit $ 1.22 $ 0.23 $ 0.43 Net income (loss) attributable to Ares Management, L.P. common unitholders $ 99,632 $ 19,378 $ 34,988 Earnings distributed to participating securities (restricted units) — (646 ) (417 ) Preferred stock dividends(1) (8 ) (15 ) — Net income available to common unitholders $ 99,624 $ 18,717 $ 34,571 Effect of dilutive units: Restricted units 2,187,359 — — Diluted weighted-average common units 82,937,030 80,673,360 80,358,036 Diluted earnings per common unit $ 1.20 $ 0.23 $ 0.43 (1) Dividends relate to the preferred shares that were issued by Ares Real Estate Holdings LLC and were redeemed on July 1, 2016.

EQUITY COMPENSATION

EQUITY COMPENSATION	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY COMPENSATION	EQUITY COMPENSATION Ares Employee Participation LLC Interests The following summarizes the grant date fair value associated with each equity award issued prior to the Company's IPO that occurred on May 1, 2014, as well as the expense recognized related to these awards for the year ended December 31, 2014: Compensation Expense, Net of Forfeitures Unrecognized Compensation Expenses(1) Grant Date Fair Value For the Year Ended December 31, 2014 As of April 30, 2014 AEP I Profit Interest $ 38,400 $ — $ — AEP II Profit Interests 33,423 14,714 12,709 AEP IV Profit Interests 10,657 10,657 10,657 AEP VI Profit Interests 9,047 9,047 9,047 Exchanged AEP Awards 68,607 — — Indicus: Membership Interest 20,700 11,913 10,532 Profit Interest 5,464 (3,871 ) — AREA Membership Interest 25,381 20,678 17,555 Total $ 211,679 $ 63,138 $ 60,500 (1) On May 1, 2014, the unrecognized compensation expenses associated with awards granted prior to the IPO were recognized as the vesting of these awards was accelerated. These amounts are included in the compensation expenses presented above. Conversion and Vesting of AEP awards On May 1, 2014, in connection with the Reorganization, certain existing interests held by APMC, on behalf of certain of our Co-Founders and senior professionals under Ares Employee Participation ("AEP") plans, that represent less than a full equity interest in the Predecessors were converted into AOG Units and were immediately vested and expensed in full. There was no change in the fair value of these converted interests as a result of the acceleration in vesting; however, the Indicus Profit Interest was cancelled. In connection with this cancellation, the Company reversed expense of $4.3 million . As a result, the Company recognized a one‑time compensation expense of $56.2 million related to the vesting and cancellation of the converted awards in the year ended December 31, 2014. Ares Management, L.P. 2014 Equity Incentive Plan In 2014, the Company adopted the 2014 Equity Incentive Plan. Under the 2014 Equity Incentive Plan, the Company granted options to acquire 24,835,227 common units, 4,936,051 restricted units to be settled in common units and 686,395 phantom common units to be settled in cash. Based on a formula as defined in the 2014 Equity Incentive Plan, the total number of units available to be issued under the 2014 Equity Incentive Plan resets and may increase on January 1 each year. Accordingly, on January 1, 2016 , the total number of units available for issuance under the 2014 Equity Incentive Plan increased to 31,995,344 units. During the year ended December 31, 2016 , a total of 1,420,147 options and restricted units, net of forfeitures and vesting, were issued, and as of December 31, 2016 , 30,397,280 units remain available for issuance. Generally, unvested phantom units, restricted units and options are forfeited upon termination of employment in accordance with the 2014 Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period they occur. Equity-based compensation expense, net of forfeitures is included in the following table: For the Year Ended December 31, Period from May 1, 2014 through December 31, 2014 2016 2015 Restricted units $ 21,894 $ 14,035 $ 8,826 Options 15,450 16,575 9,869 Phantom units 1,721 1,634 1,396 Equity-based compensation expense $ 39,065 $ 32,244 $ 20,091 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”). During the year ended December 31, 2016 , the Company declared four quarterly distributions of $0.20 , $0.15 , $0.28 and $0.20 per common unit to common unitholders of record at the close of business on March 14, May 24, August 23, and November 21, respectively. For the year ended December 31, 2016 , Distribution Equivalents were made to the holders of restricted units in the aggregate amount of $6.1 million , which are presented as distributions within the Consolidated Statement of Changes in Equity until forfeited, at which time the cumulative payments are reclassified to compensation and benefits expense in the Consolidated Statements of Operations. The following table presents unvested restricted units’ activity during the year ended December 31, 2016 : Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - January 1, 2016 4,657,761 $ 18.01 Granted 3,988,873 14.58 Vested (47,729 ) 17.32 Forfeited (540,533 ) 16.95 Balance - December 31, 2016 8,058,372 $ 16.38 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $82.7 million as of December 31, 2016 and is expected to be recognized over the remaining weighted average period of 3.05 years . Options Each option entitles the holders to purchase from the Company, upon exercise thereof, one common unit at the stated exercise price. The term of the options is generally ten years , beginning on the grant date. The options generally vest at a rate of one-third per year, beginning on the third anniversary of the grant date. Compensation expense associated with these options is being recognized on a straight-line basis over the requisite service period of the respective award. As of December 31, 2016 , there was $40.5 million of total unrecognized compensation expense that is expected to be recognized over the remaining weighted average period of 2.32 years . A summary of unvested options activity during the year ended December 31, 2016 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - January 1, 2016 24,082,415 $ 18.99 8.34 Granted — — — Vested (153,449 ) 19.00 7.29 Forfeited (1,827,027 ) 19.00 — December 31, 2016 22,101,939 $ 18.99 7.35 $ 4,586 Exercisable at December 31, 2016 130,200 $ 19.00 7.29 $ 26 Aggregate intrinsic value represents the value of the Company’s closing unit price on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options exercisable or expected to vest. The fair value of an award is affected by the Company’s unit price on the date of grant as well as other assumptions including the estimated volatility of the Company’s unit price over the term of the awards and the estimated period of time that management expects employees to hold their unit options. The estimated period of time that management expects employees to hold their options was estimated as the midpoint between the vesting date and maturity date. The fair value of each option granted during each year is measured on the date of the grant using the Black‑Scholes option pricing model and the following weighted average assumptions: For the Year Ended December 31, Period from May 1, 2014 through December 31, 2014 2016(2) 2015 Risk-free interest rate N/A 1.71% to 1.80% 2.06% to 2.22% Weighted average expected dividend yield N/A 5.00% 5.00% Expected volatility factor(1) N/A 35.00% to 36.00% 34.00% to 35.00% Expected life in years N/A 6.66 to 7.49 6.92 to 7.00 (1) Expected volatility is based on comparable companies using daily stock prices. (2) There were no new options granted during the year ended December 31, 2016. Phantom Units Each phantom unit represents an unfunded, unsecured right of the holder to receive an amount in cash per phantom unit equal to the average closing price of a common unit for the 15 trading days immediately prior to, and the 15 trading days immediately following, the vesting date. The phantom units will vest in equal installments over five years at the anniversaries of the IPO date. The phantom units are accounted for as liability awards with compensation expense being recognized on a straight-line basis based on the number of unvested units. Forfeitures will reduce the expenses in the period in which the forfeiture occurs. A summary of unvested phantom units’ activity during the year ended December 31, 2016 is presented below: Phantom Units Weighted Average Phantom Units Weighted Average Balance - January 1 418,115 $ 19.00 610,711 $ 19.00 Vested (98,733 ) 19.00 (116,802) 19.00 Forfeited (53,244 ) 19.00 (75,794) 19.00 Balance - December 31 266,138 $ 19.00 418,115 $ 19.00 The fair value of the awards is remeasured at each reporting period and was $ 19.20 per unit as of December 31, 2016 . Based on the fair value of the awards at December 31, 2016 , $4.0 million of unrecognized compensation expense in connection with phantom units outstanding is expected to be recognized over a weighted average period of 2.33 years . For the year ended December 31, 2016 , the Company paid $1.4 million to settle vested phantom units. Adoption of ASU 2016-09 The Company adopted ASU 2016-09 effective January 1, 2016 using a modified retrospective approach and recorded a cumulative-effect adjustment with the following impact to beginning equity: Partners' Capital Non-Controlling Interest in AOG Entities Redeemable Interest in AOG Entities Balance at December 31, 2015 $ 251,537 $ 397,883 $ 23,505 Retained earnings (3,357 ) (5,470 ) (38 ) Paid-in-capital - equity compensation 3,767 6,138 43 Distributions - dividend equivalent (410 ) (668 ) (5 ) Balance at December 31, 2015 (as adjusted) $ 251,537 $ 397,883 $ 23,505

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Ares Management, L.P. Common Units: Common units represent limited partnership interests in the Company. The holders of common units are entitled to participate pro rata in distributions from the Company and to exercise the rights or privileges that are available to common unitholders under the Company’s partnership agreement. The common unitholders have limited voting rights and have no right to remove the Company’s general partner, Ares Management GP LLC, or, except in limited circumstances, to elect the directors of the general partner. At December 31, 2016, Ares Management, L.P. owns a 38.26% direct interest, or 80,814,732 AOG Units, in each of the Ares Operating Group entities; Ares Owners Holding L.P. owns a 55.82% direct interest, or 117,928,313 AOG Units, in each of the Ares Operating Group entities; and an affiliate of Alleghany owns a 5.92% direct interest, or 12,500,000 AOG units, in each of the Ares Operating Group entities. For the year ended December 31, 2016, the daily average ownership of AOG Units in each of the Ares Operating Group entities by Ares Owners Holding L.P., Alleghany and Ares Management, L.P. was 56.07% , 5.89% and 38.04% , respectively. At December 31, 2015, Ares Management, L.P. owned a 37.86% direct interest, or 80,679,600 AOG Units, in each of the Ares Operating Group entities; Ares Owners Holding L.P. owned a 56.27% direct interest, or 119,905,131 AOG Units, in each of the Ares Operating Group entities; and an affiliate of Alleghany owned a 5.87% direct interest, or 12,500,000 AOG units, in each of the Ares Operating Group entities. For the year ended December 31, 2015, the daily average ownership of AOG Units in each of the Ares Operating Group entities by Ares Owners Holding L.P., Alleghany and Ares Management, L.P. was 56.27% , 5.87% and 37.86% , respectively. The Company’s ownership percentage of the AOG Units will continue to change upon: (i) the vesting of restricted units and exercise of options that were granted under the Equity Incentive Plan; (ii) the exchange of AOG Units for common units; (iii) the cancellation of AOG Units in connection with certain individuals’ forfeiture of AOG Units upon termination of employment and (iv) the issuance of new AOG Units, including in connection with acquisitions. Holders of the AOG Units, subject to any applicable transfer restrictions, may up to four times each year (subject to the terms of the exchange agreement) exchange their AOG Units for common units on a one -for- one basis. Equity is reallocated among partners upon a change in ownership to ensure each partners’ capital account properly reflects their respective claim on the residual value of the Company. This change is reflected as either a reallocation of interest or as dilution in the Consolidated Statements of Changes in Equity. Preferred Equity In June 2016, the Company issued preferred equity consisting of 12,400,000 units designated as Series A Preferred Equity (the “Preferred Equity”), for a total offering price of $310.0 million . When, as and if declared by the Company’s board of directors, distributions on the Preferred Equity are payable quarterly at a rate per annum equal to 7.00% . The Preferred Equity may be redeemed at the Company’s option, in whole or in part, at any time on or after June 30, 2021, at a price of $25.00 per unit.

MARKET AND OTHER RISK FACTORS

MARKET AND OTHER RISK FACTORS	12 Months Ended
	Dec. 31, 2016
Risks and Uncertainties [Abstract]
MARKET AND OTHER RISK FACTORS	MARKET AND OTHER RISK FACTORS Due to the nature of the Company's investment strategy, the Company's portfolio of investments has significant market and credit risk. As a result, the Company is subject to market, credit and other risk factors, including, but not limited to the following: Market Risk The market price of investments may significantly fluctuate during the period of investment. Investments may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions which are not specifically related to such investment, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. Limited Liquidity of Investments The Company invests in securities that may not be readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments, and at times there may be no market at all for such investments. Subordinate investments may be less marketable, or in some instances illiquid, because of the absence of registration under federal securities laws, contractual restrictions on transfer, the small size of the market and the small size of the issue (relative to issues of comparable interests). As a result, the Company may encounter difficulty in selling its investments or may, if required to liquidate investments to satisfy redemption requests of its investors or debt service obligations, be compelled to sell such investments at less than fair value. Counterparty Risk Some of the markets in which the Company invests are over-the-counter or interdealer markets. The participants in such markets are typically not subject to credit evaluation and regulatory oversight unlike members of exchange-based markets. The lack of oversight exposes the Company to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the applicable contract (whether or not such dispute is bona fide) or because of a credit or liquidity problem, causing the Company to suffer losses. Such counterparty risk is accentuated for contracts with longer maturities where events may intervene to prevent settlement, or where the Company has concentrated its transactions with a single or small group of counterparties. Credit Risk There are no restrictions on the credit quality of the investments the Company makes. Investments may be deemed by nationally recognized rating agencies to have substantial vulnerability to default in payment of interest and/or principal. Some investments may have low-quality ratings or be unrated. Lower rated and unrated investments have major risk exposure to adverse conditions and are considered to be predominantly speculative. Generally, such investments offer a higher return potential than higher rated investments, but involve greater volatility of price and greater risk of loss of income and principal. In general, the ratings of nationally recognized rating organizations represent the opinions of agencies as to the quality of the securities they rate. Such ratings, however, are relative and subjective; they are not absolute standards of quality and do not evaluate the market value risk of the relevant securities. It is also possible that a rating agency might not change its rating of a particular issue on a timely basis to reflect subsequent events. The Company may use these ratings as initial criteria for the selection of portfolio assets for the Company but is not required to utilize them. Currency Risk The Company may invest in financial instruments and enter into transactions denominated in currencies other than US dollars its functional currency. Although the Company may seek to hedge currency exposure through financial instruments, the Company may still be exposed to risks that the exchange rate of its currency relative to other foreign currencies may change in a manner that has an adverse effect on the value of that portion of the Company's assets or liabilities denominated in currencies other than the functional currency.

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company operates through its distinct operating segments. In 2016, the Company revised its reportable segments by combining two of its segments into a single segment to reflect a change in how the credit business is managed. The 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. In addition, in the third quarter of 2016 the Company moved its Special Situations strategy from the Credit Group to the Private Equity Group to better align the segment presentation with how the investment strategies for the Special Situations funds are managed. The Company has modified historical results to conform with its current presentation. The Company’s three 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 $60.5 billion of assets under management and 133 funds as of December 31, 2016 . The Credit Group offers a range of credit strategies across the liquid and illiquid spectrum, including syndicated loans, high yield bonds, credit opportunities, structured credit investments and U.S. and European direct lending. The Credit Group provides solutions for traditional fixed income investors seeking to access the syndicated loans and high yield bond markets and capitalizes 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 loans 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 structured credit 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 the Company believes 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 December 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 $25.0 billion of assets under management as of December 31, 2016 , broadly categorizing its investment strategies as corporate private equity, U.S. power and energy infrastructure and special situations (formerly part of the Credit Group). As of December 31, 2016 the group managed five corporate private equity commingled funds focused on North America and Europe and two focused on greater China, five commingled funds and six related co-investment vehicles focused on U.S. power and energy infrastructure and five special situations funds. 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 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. 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. Real Estate Group: The Company’s Real Estate Group manages comprehensive public and private equity and debt strategies, with approximately $9.8 billion of assets under management across 42 funds as of December 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 properties across the U.S. and Western Europe. The opportunistic strategy focuses on manufacturing core assets through development, redevelopment and fixing distressed capital structures across major properties in the U.S. and Europe. The Company’s debt strategies leverage the Real Estate Group’s diverse sources of capital to directly originate and manage commercial mortgage investments on properties that range from stabilized to requiring hands-on value creation. In addition to managing private debt funds, the Real Estate Group makes debt investments through a publicly traded commercial mortgage REIT, ACRE. Non-GAAP Measures: These measures supplement and should be considered in addition to, and not in lieu of, the Consolidated Statements of Operations prepared in accordance with GAAP. 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/corporate strategy, 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”), a non-GAAP measure, is an operating metric used by management to evaluate total operating performance, a decision tool for deployment of resources, and an assessment of the performance of the Company’s business segments. ENI differs from net income by excluding (a) income tax expense, (b) operating results of the Consolidated Funds, (c) depreciation and amortization expense, (d) placement fees and underwriting costs (e) the effects of changes arising from corporate actions, and (f) certain other items that the Company believes are not indicative of its total operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers and acquisitions and capital transactions, and expenses incurred in connection with corporate reorganization. Fee related earnings (“FRE”), a non-GAAP measure, refers to a component of ENI that is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it adjusts for the items included in the calculation of ENI and excludes performance fees, performance fee compensation, investment income from the Consolidated Funds and non-consolidated funds and certain other items that the Company believes are not indicative of its core operating performance. Performance related earnings (“PRE”), a non-GAAP measure, is used to assess the Company’s investment performance net of performance fee compensation. PRE differs from income (loss) before taxes computed in accordance with GAAP as it only includes performance fees, performance fee compensation and total investment and other income earned from the Consolidated Funds and non-consolidated funds. Distributable earnings (“DE”), a non-GAAP measure, is an operating metric that assesses the Company’s performance without the effects of the Consolidated Funds and the impact of unrealized income and expenses, which generally fluctuate with fair value changes. Among other things, this metric also is used to assist in determining amounts potentially available for distribution. However, the declaration, payment, and determination of the amount of distributions to unitholders, if any, is at the sole discretion of the Company’s Board of Directors, which may change the distribution policy at any time. Distributable earnings is calculated as the sum of fee related earnings, realized performance fees, realized performance fee compensation, realized net investment and other income, and is reduced by expenses arising from transaction costs associated with acquisitions, placement fees and underwriting costs, expenses incurred in connection with corporate reorganization and depreciation. Distributable earnings differs from income before taxes computed in accordance with GAAP as it is typically presented before giving effect to unrealized performance fees, unrealized performance fee compensation, unrealized net investment income, amortization of intangibles and equity compensation expense. DE is presented prior to the effect of income taxes and to distributions made to the Company’s preferred unitholders, unless otherwise noted. 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 year ended December 31, 2016 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $121,181) $ 444,664 $ 147,790 $ 66,997 $ 659,451 $ — $ 659,451 Other fees 9,953 1,544 854 12,351 — 12,351 Compensation and benefits (177,071 ) (57,012 ) (39,033 ) (273,116 ) (111,599 ) (384,715 ) General, administrative and other expenses (26,827 ) (14,256 ) (10,124 ) (51,207 ) (63,530 ) (114,737 ) Fee related earnings 250,719 78,066 18,694 347,479 (175,129 ) 172,350 Performance fees—realized 51,435 230,162 11,401 292,998 — 292,998 Performance fees—unrealized 22,851 188,287 17,334 228,472 — 228,472 Performance fee compensation—realized (11,772 ) (184,072 ) (2,420 ) (198,264 ) — (198,264 ) Performance fee compensation—unrealized (26,109 ) (149,956 ) (13,517 ) (189,582 ) — (189,582 ) Net performance fees 36,405 84,421 12,798 133,624 — 133,624 Investment income (loss)—realized 4,928 18,773 931 24,632 (14,606 ) 10,026 Investment income (loss)—unrealized 11,848 (613 ) 5,418 16,653 (2,197 ) 14,456 Interest and other investment income 26,119 16,579 1,661 44,359 149 44,508 Interest expense (8,609 ) (5,589 ) (1,056 ) (15,254 ) (2,727 ) (17,981 ) Net investment income (loss) 34,286 29,150 6,954 70,390 (19,381 ) 51,009 Performance related earnings 70,691 113,571 19,752 204,014 (19,381 ) 184,633 Economic net income $ 321,410 $ 191,637 $ 38,446 $ 551,493 $ (194,510 ) $ 356,983 Distributable earnings $ 302,683 $ 148,996 $ 24,191 $ 475,870 $ (211,564 ) $ 264,306 Total assets $ 650,435 $ 1,218,412 $ 232,862 $ 2,101,709 $ 74,383 $ 2,176,092 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2015 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $121,491) $ 432,769 $ 152,104 $ 66,045 $ 650,918 $ — $ 650,918 Other fees(1) 414 1,406 2,779 4,599 — 4,599 Compensation and benefits (167,735 ) (54,231 ) (40,591 ) (262,557 ) (98,065 ) (360,622 ) General, administrative and other expenses (27,781 ) (15,295 ) (15,044 ) (58,120 ) (59,783 ) (117,903 ) Fee related earnings 237,667 83,984 13,189 334,840 (157,848 ) 176,992 Performance fees—realized 87,583 24,849 9,516 121,948 — 121,948 Performance fees—unrealized (71,341 ) 87,809 15,179 31,647 — 31,647 Performance fee compensation—realized (44,110 ) (19,255 ) (1,826 ) (65,191 ) — (65,191 ) Performance fee compensation—unrealized 36,659 (74,598 ) (8,553 ) (46,492 ) — (46,492 ) Net performance fees 8,791 18,805 14,316 41,912 — 41,912 Investment income (loss)—realized 13,274 6,840 2,658 22,772 (23 ) 22,749 Investment income (loss)—unrealized (15,731 ) (13,205 ) 1,522 (27,414 ) 52 (27,362 ) Interest and other investment income 10,429 6,166 259 16,854 379 17,233 Interest expense (7,075 ) (5,936 ) (977 ) (13,988 ) (1,158 ) (15,146 ) Net investment income (loss) 897 (6,135 ) 3,462 (1,776 ) (750 ) (2,526 ) Performance related earnings 9,688 12,670 17,778 40,136 (750 ) 39,386 Economic net income $ 247,355 $ 96,654 $ 30,967 $ 374,976 $ (158,598 ) $ 216,378 Distributable earnings $ 289,091 $ 91,800 $ 17,615 $ 398,506 $ (167,917 ) $ 230,589 Total assets $ 530,758 $ 927,758 $ 186,058 $ 1,644,574 $ 96,637 $ 1,741,211 (1) For the year ended December 31, 2015 , the Company presented compensation and benefits expenses and general, administrative and other expenses net of the administrative fees earned from certain funds. As a result, for the year ended December 31, 2015 , $21.6 million and $4.4 million of administrative fees have been reclassified from other fees to compensation and benefits expenses and general, administrative and other expenses, respectively. The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2014 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $118,537) $ 416,400 $ 93,963 $ 87,683 $ 598,046 $ — $ 598,046 Other fees 1,192 219 4,889 6,300 — 6,300 Compensation and benefits (176,709 ) (40,229 ) (47,174 ) (264,112 ) (90,250 ) (354,362 ) General, administrative and other expenses (24,196 ) (10,075 ) (15,632 ) (49,903 ) (52,817 ) (102,720 ) Fee related earnings 216,687 43,878 29,766 290,331 (143,067 ) 147,264 Performance fees—realized 98,221 46,417 1,856 146,494 — 146,494 Performance fees—unrealized (41,681 ) 119,156 17,408 94,883 — 94,883 Performance fee compensation—realized (48,077 ) (32,522 ) — (80,599 ) — (80,599 ) Performance fee compensation—unrealized 11,059 (97,658 ) (2,830 ) (89,429 ) — (89,429 ) Net performance fees 19,522 35,393 16,434 71,349 — 71,349 Investment income—realized 29,081 21,154 2,344 52,579 — 52,579 Investment income (loss)—unrealized (12,430 ) 23,424 (61 ) 10,933 — 10,933 Interest and other investment income 10,688 4,745 265 15,698 — 15,698 Interest expense (3,555 ) (3,925 ) (1,137 ) (8,617 ) — (8,617 ) Net investment income 23,784 45,398 1,411 70,593 — 70,593 Performance related earnings 43,306 80,791 17,845 141,942 — 141,942 Economic net income $ 259,993 $ 124,669 $ 47,611 $ 432,273 $ (143,067 ) $ 289,206 Distributable earnings $ 294,955 $ 76,190 $ 10,460 $ 381,605 $ (148,849 ) $ 232,756 Total assets $ 730,281 $ 717,131 $ 224,333 $ 1,671,745 $ 15,206 $ 1,686,951 (1) For the year ended December 31, 2014 , the Company presented compensation and benefits expenses and general, administrative and other expenses net of the administrative fees earned from certain funds. As a result, for the year ended December 31, 2014 , $19.0 million and $3.4 million of administrative fees have been reclassified from other fees to compensation and benefits expenses and general, administrative and other expenses, respectively. The following table presents the components of the Company’s operating segments’ revenue, expenses and other income (expense): For the Year Ended December 31, 2016 2015 2014 Segment Revenues Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively) $ 659,451 $ 650,918 $ 598,046 Other fees 12,351 4,599 6,300 Performance fees—realized 292,998 121,948 146,494 Performance fees—unrealized 228,472 31,647 94,883 Total segment revenues $ 1,193,272 $ 809,112 $ 845,723 Segment Expenses Compensation and benefits $ 273,116 $ 262,557 $ 264,112 General, administrative and other expenses 51,207 58,120 49,903 Performance fee compensation—realized 198,264 65,191 80,599 Performance fee compensation—unrealized 189,582 46,492 89,429 Total segment expenses $ 712,169 $ 432,360 $ 484,043 Other Income (Expense) Investment income—realized $ 24,632 $ 22,772 $ 52,579 Investment income (loss)—unrealized 16,653 (27,414 ) 10,933 Interest and other investment income 44,359 16,854 15,698 Interest expense (15,254 ) (13,988 ) (8,617 ) Total other income (expense) $ 70,390 $ (1,776 ) $ 70,593 The following table reconciles segment revenue to Ares consolidated revenues: For the Year Ended December 31, 2016 2015 2014 Total segment revenue $ 1,193,272 $ 809,112 $ 845,723 Revenue of Consolidated Funds eliminated in consolidation (18,522 ) (13,279 ) (249,394 ) Administrative fees(1) 26,934 26,007 22,147 Performance fees reclass(2) (2,479 ) (7,398 ) (14,587 ) Total consolidated adjustments and reconciling items 5,933 5,330 (241,834 ) Total consolidated revenue $ 1,199,205 $ 814,442 $ 603,889 (1) Represents administrative fees that are presented in administrative and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) 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 Consolidated Statements of Operations. The following table reconciles segment expenses to Ares consolidated expenses: For the Year Ended December 31, 2016 2015 2014 Total segment expenses $ 712,169 $ 432,360 $ 484,043 Expenses of Consolidated Funds added in consolidation 42,520 36,417 187,494 Expenses of Consolidated Funds eliminated in consolidation (21,447 ) (18,312 ) (120,694 ) Administrative fees(1) 26,934 26,007 22,147 OMG expenses 175,129 157,848 143,067 Acquisition and merger-related expenses 773 40,482 11,043 Equity compensation expense 39,065 32,244 83,230 Placement fees and underwriting costs 6,424 8,825 14,753 Amortization of intangibles 26,638 46,227 27,610 Depreciation expense 8,215 6,942 7,346 Total consolidation adjustments and reconciling items 304,251 336,680 375,996 Total consolidated expenses $ 1,016,420 $ 769,040 $ 860,039 (1) Represents administrative fees that are presented in administrative and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. The following table reconciles segment other income (expense) to Ares consolidated other income: For the Year Ended December 31, 2016 2015 2014 Total other income (expense) $ 70,390 $ (1,776 ) $ 70,593 Other income (expense) from Consolidated Funds added in consolidation, net 37,388 13,695 785,152 Other income (expense) from Consolidated Funds eliminated in consolidation, net 4,856 12,007 (53,883 ) OMG other expense (19,381 ) (750 ) — Performance fee reclass(1) 2,479 7,398 14,587 Gain associated with contingent consideration 17,675 21,064 — Merger related expenses — (15,446 ) — Other non-cash expense 1,728 (110 ) (3,384 ) Total consolidation adjustments and reconciling items 44,745 37,858 742,472 Total consolidated other income (expense) $ 115,135 $ 36,082 $ 813,065 (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 Consolidated Statements of Operations. The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of ENI, FRE, PRE and DE: For the Year Ended December 31, 2016 2015 2014 Economic net income Income (loss) before taxes $ 297,920 $ 81,484 $ 556,915 Adjustments: Amortization of intangibles 26,638 46,227 27,610 Depreciation expense 8,215 6,942 7,346 Equity compensation expenses 39,065 32,244 83,230 Acquisition and merger-related expenses (16,902 ) 34,864 11,043 Placement fees and underwriting costs 6,424 8,825 14,753 OMG expenses, net 194,510 158,598 143,067 Other non-cash expense (1,728 ) 110 3,384 (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (2,649 ) 5,682 (415,075 ) Total consolidation adjustments and reconciling items 253,573 293,492 (124,642 ) Economic net income 551,493 374,976 432,273 Total performance fees income - realized (292,998 ) (121,948 ) (146,494 ) Total performance fees income - unrealized (228,472 ) (31,647 ) (94,883 ) Total performance fee compensation - realized 198,264 65,191 80,599 Total performance fee compensation - unrealized 189,582 46,492 89,429 Total investment income (70,390 ) 1,776 (70,593 ) Fee related earnings 347,479 334,840 290,331 Performance fees—realized 292,998 121,948 146,494 Performance fee compensation—realized (198,264 ) (65,191 ) (80,599 ) Investment and other income (expense) realized, net 50,415 25,638 59,660 Additional adjustments: Dividend equivalent(1) (3,863 ) (2,501 ) — One-time acquisition costs(1) (457 ) (1,553 ) (8,446 ) Income tax expense(1) (3,199 ) (1,462 ) (1,725 ) Non-cash items 870 (758 ) (1,525 ) Placement fees and underwriting costs(1) (6,431 ) (8,817 ) (14,753 ) Depreciation and amortization(1) (3,678 ) (3,638 ) (7,832 ) Distributable earnings $ 475,870 $ 398,506 $ 381,605 Performance related earnings Economic net income $ 551,493 $ 374,976 $ 432,273 Less: fee related earnings (347,479 ) (334,840 ) (290,331 ) Performance related earnings $ 204,014 $ 40,136 $ 141,942 (1) Certain costs are reduced by the amounts attributable to OMG, which is excluded from segment results. The reconciliation of total segment assets to total assets reported in the Consolidated Statements of Financial Condition consists of the following: For the Year Ended December 31, 2016 2015 2014 Total segment assets $ 2,101,709 $ 1,644,574 $ 1,671,745 Total assets from Consolidated Funds added in Consolidation 3,822,010 2,760,419 20,758,806 Total assets from Consolidated Funds eliminated in Consolidation (168,390 ) (180,222 ) (806,765 ) Operating Management Group assets 74,383 96,637 15,206 Total consolidated adjustments and reconciling items 3,728,003 2,676,834 19,967,247 Total consolidated assets $ 5,829,712 $ 4,321,408 $ 21,638,992

CONSOLIDATION

CONSOLIDATION	12 Months Ended
	Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
CONSOLIDATION	CONSOLIDATION Adoption of ASU 2015-02 The Company adopted ASU 2015-02 under the modified retrospective approach with an effective date of January 1, 2015. As a result of the adoption of ASU 2015-02, the Company deconsolidated certain previously consolidated CLOs and certain previously consolidated non-CLOs effective January 1, 2015 as the Company is no longer deemed to be the primary beneficiary. The deconsolidation of such entities had the following impact on the Consolidated Statement of Financial Condition as of January 1, 2015: As of January 1, 2015 As originally reported As adjusted Effect of deconsolidation CLOs: Number of entities 31 4 (27 ) Total assets $ 12,682,054 $ 2,109,780 $ (10,572,274 ) Total liabilities $ 12,719,980 $ 2,122,355 $ (10,597,625 ) Cumulative- effect adjustment to equity appropriated for Consolidated Funds $ — $ 25,352 $ 25,352 Non-CLOs: Number of entities 35 6 (29 ) Total assets $ 7,271,422 $ 395,730 $ (6,875,692 ) Total liabilities $ 1,242,484 $ 55,430 $ (1,187,054 ) Cumulative- effect adjustment to redeemable interests in Consolidated Funds and non-controlling interest in Consolidated Funds $ — $ (5,688,639 ) $ (5,688,639 ) Total impact of deconsolidation of entities: Number of entities 66 10 (56 ) Total assets $ 19,953,476 $ 2,505,510 $ (17,447,966 ) Total liabilities $ 13,962,463 $ 2,177,785 $ (11,784,679 ) Cumulative- effect adjustment to redeemable interests in Consolidated Funds and non-controlling interest in Consolidated Funds $ — $ (5,663,287 ) $ (5,663,287 ) The impact of the adoption on redeemable interest in Consolidated Funds and non-controlling interest in Consolidated Funds as of January 1, 2015 was a reduction of $1.0 billion and $4.6 billion , respectively. Adoption of the amended guidance had no impact on net income attributable to Ares Management, L.P. Based on the Company’s assessments, no additional entities have been consolidated in the Company’s financial statements purely as a result of the adoption of ASU 2015-02. Additionally, under the new accounting guidance, certain consolidated entities previously accounted for as voting interest entities (“VOEs”) became VIEs, while certain entities previously accounted for as VIEs became VOEs. Deconsolidated Funds Certain funds that have historically been consolidated in the financial statements are no longer consolidated because, as of the reporting period: (a) the Company deconsolidated such funds as a result of a change in accounting principle, including fifty-six entities for the year ended December 31, 2015, (b) such funds were liquidated or dissolved, including three funds for the year ended December 31, 2014, (c) the Company no longer holds a majority voting interest, including four funds for the year ended December 31, 2014 or (d) the Company is no longer deemed to be the primary beneficiary of the VIEs as it has no longer has a significant economic interest, including two and eleven funds for the years ended December 31, 2015 and 2014, respectively. There were no additional funds deconsolidated for the year ended December 31, 2016. For deconsolidated funds, the Company will continue to serve as the general partner and/or investment manager until such funds are fully liquidated. 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 fair value, and represents the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are held at their carrying value, which approximates fair value. The Company's interests in consolidated and non-consolidated VIEs, as presented in the 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 December 31, 2016 2015 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs $ 268,950 $ 284,169 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs $ 153,746 $ 160,858 Assets of consolidated VIEs $ 3,822,010 $ 2,759,981 Liabilities of consolidated VIEs $ 3,360,329 $ 2,256,517 For the Years Ended December 31, 2016 2015 2014 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ 3,386 $ (5,686 ) $ 417,793 CONSOLIDATING SCHEDULES The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition as of December 31, 2016 and 2015 and results from operations for the years ended December 31, 2016 , 2015 and 2014 . As of December 31, 2016 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 342,861 $ — $ — $ 342,861 Investments (includes fair value investments of $448,336) 622,215 — (153,744 ) 468,471 Performance fees receivable 767,429 — (8,330 ) 759,099 Due from affiliates 169,252 — (6,316 ) 162,936 Intangible assets, net 58,315 — — 58,315 Goodwill 143,724 — — 143,724 Deferred tax asset, net 6,731 — — 6,731 Other assets 65,565 — — 65,565 Assets of Consolidated Funds Cash and cash equivalents — 455,280 — 455,280 Investments, at fair value — 3,330,203 — 3,330,203 Due from affiliates — 3,592 — 3,592 Dividends and interest receivable — 8,479 — 8,479 Receivable for securities sold — 21,955 — 21,955 Other assets — 2,501 — 2,501 Total assets $ 2,176,092 $ 3,822,010 $ (168,390 ) $ 5,829,712 Liabilities Accounts payable, accrued expenses and other liabilities $ 83,336 $ — $ — $ 83,336 Accrued compensation 131,736 — — 131,736 Due to affiliates 17,959 — (395 ) 17,564 Performance fee compensation payable 598,050 — — 598,050 Debt obligations 305,784 — — 305,784 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 21,056 — 21,056 Due to affiliates — 10,599 (10,599 ) — Payable for securities purchased — 208,742 — 208,742 CLO loan obligations — 3,064,862 (33,750 ) 3,031,112 Fund borrowings — 55,070 — 55,070 Total liabilities 1,136,865 3,360,329 (44,744 ) 4,452,450 Commitments and contingencies Preferred equity (12,400,000 units issued and outstanding at December 31, 2016) 298,761 — — 298,761 Non-controlling interest in Consolidated Funds — 461,681 (123,646 ) 338,035 Non-controlling interest in Ares Operating Group entities 447,615 — — 447,615 Controlling interest in Ares Management, L.P.: Partners' Capital (80,814,732 units issued and outstanding) 301,790 — — 301,790 Accumulated other comprehensive loss, net of tax (8,939 ) — — (8,939 ) Total controlling interest in Ares Management, L.P. 292,851 — — 292,851 Total equity 1,039,227 461,681 (123,646 ) 1,377,262 Total liabilities, redeemable interests, non-controlling interests and equity $ 2,176,092 $ 3,822,010 $ (168,390 ) $ 5,829,712 As of December 31, 2015 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 121,483 $ — $ — $ 121,483 Investments (includes fair value investments of $446,779) 636,092 — (167,805 ) 468,287 Performance fees receivable 541,852 — (7,191 ) 534,661 Due from affiliates 149,771 — (4,789 ) 144,982 Other assets 62,975 — — 62,975 Intangible assets, net 84,971 — — 84,971 Goodwill 144,067 — — 144,067 Assets of Consolidated Funds Cash and cash equivalents — 159,507 — 159,507 Investments, at fair value — 2,559,783 — 2,559,783 Due from affiliates — 13,360 (437 ) 12,923 Dividends and interest receivable — 13,005 — 13,005 Receivable for securities sold — 13,416 — 13,416 Other assets — 1,348 — 1,348 Total assets $ 1,741,211 $ 2,760,419 $ (180,222 ) $ 4,321,408 Liabilities Accounts payable and accrued expenses $ 102,734 $ — $ (108 ) $ 102,626 Accrued compensation 125,032 — — 125,032 Due to affiliates 13,016 — (115 ) 12,901 Performance fee compensation payable 401,715 — — 401,715 Debt obligations 389,120 — — 389,120 Equity compensation put option liability 20,000 — — 20,000 Deferred tax liability, net 21,288 — — 21,288 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 18,956 (5 ) 18,951 Due to affiliates — 5,617 (5,617 ) — Payable for securities purchased — 51,778 — 51,778 CLO loan obligations — 2,202,628 (28,276 ) 2,174,352 Fund borrowings — 11,734 — 11,734 Total liabilities 1,072,905 2,290,713 (34,121 ) 3,329,497 Commitments and contingencies Redeemable interest in Ares Operating Group entities 23,505 — — 23,505 Non-controlling interest in Consolidated Funds: Non-controlling interest in Consolidated Funds — 466,339 (146,101 ) 320,238 Equity appropriated for Consolidated Funds — 3,367 — 3,367 Non-controlling interest in Consolidated Funds — 469,706 (146,101 ) 323,605 Non-controlling interest in Ares Operating Group entities 397,883 — — 397,883 Controlling interest in Ares Management, L.P.: Partners' Capital ( 80,679,600 units issued and outstanding) 251,537 — — 251,537 Accumulated other comprehensive loss (4,619 ) — — (4,619 ) Total controlling interest in Ares Management, L.P. 246,918 — — 246,918 Total equity 644,801 469,706 (146,101 ) 968,406 Total liabilities, redeemable interests, non-controlling interests and equity $ 1,741,211 $ 2,760,419 $ (180,222 ) $ 4,321,408 For the Year Ended December 31, 2016 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $121,181) $ 659,451 $ — $ (17,383 ) $ 642,068 Performance fees 518,991 — (1,139 ) 517,852 Administrative and other fees 39,285 — — 39,285 Total revenues 1,217,727 — (18,522 ) 1,199,205 Expenses Compensation and benefits 447,725 — — 447,725 Performance fee compensation 387,846 — — 387,846 General, administrative and other expense 159,776 — — 159,776 Expenses of the Consolidated Funds — 42,520 (21,447 ) 21,073 Total expenses 995,347 42,520 (21,447 ) 1,016,420 Other income (expense) Net interest and investment income (includes interest expense of $17,981) 10,280 — (4,480 ) 5,800 Other income, net 35,650 — — 35,650 Net realized and unrealized gain on investments 26,961 — 1,290 28,251 Net interest and investment income of Consolidated Funds (includes interest expense of $91,452) — 40,387 7,104 47,491 Net realized and unrealized loss on investments of Consolidated Funds — (2,999 ) 942 (2,057 ) Total other income 72,891 37,388 4,856 115,135 Income (loss) before taxes 295,271 (5,132 ) 7,781 297,920 Income tax expense (benefit) 11,756 (737 ) — 11,019 Net income (loss) 283,515 (4,395 ) 7,781 286,901 Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds — (4,395 ) 7,781 3,386 Less: Net income attributable to redeemable interests in Ares Operating Group entities 456 — — 456 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 171,251 — — 171,251 Net income attributable to Ares Management, L.P. 111,808 — — 111,808 Less: Preferred equity distributions paid 12,176 — — 12,176 Net income attributable to Ares Management, L.P. common unitholders $ 99,632 $ — $ — $ 99,632 For the Year Ended December 31, 2015 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $121,491) $ 650,918 $ — $ (16,519 ) $ 634,399 Performance fees 146,197 — 4,418 150,615 Administrative and other fees 30,606 — (1,178 ) 29,428 Total revenues 827,721 — (13,279 ) 814,442 Expenses Compensation and benefits 414,454 — — 414,454 Performance fee compensation 111,683 — — 111,683 General, administrative and other expense 224,798 — — 224,798 Expenses of the Consolidated Funds — 36,417 (18,312 ) 18,105 Total expenses 750,935 36,417 (18,312 ) 769,040 Other income (expense) Net interest and investment expense (includes interest expense of $18,949) (1,407 ) — (3,497 ) (4,904 ) Debt extinguishment expense (11,641 ) — — (11,641 ) Other income, net 20,644 — 1,036 21,680 Net realized and unrealized gain on investments 2,784 — 14,225 17,009 Net interest and investment income of Consolidated Funds (includes interest expense of $78,819) — 31,309 7,245 38,554 Net realized and unrealized loss on investments of Consolidated Funds — (17,614 ) (7,002 ) (24,616 ) Total other income (expense) 10,380 13,695 12,007 36,082 Income (loss) before taxes 87,166 (22,722 ) 17,040 81,484 Income tax expense 19,060 4 — 19,064 Net income (loss) 68,106 (22,726 ) 17,040 62,420 Less: Net loss attributable to non-controlling interests in Consolidated Funds — (22,726 ) 17,040 (5,686 ) Less: Net income attributable to redeemable interests in Ares Operating Group entities 338 — — 338 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 48,390 — — 48,390 Net income attributable to Ares Management, L.P. $ 19,378 $ — $ — $ 19,378 For the Year Ended December 31, 2014 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $118,537) $ 598,046 $ — $ (111,569 ) $ 486,477 Performance fees 226,790 — (135,378 ) 91,412 Administrative and other fees 28,447 — (2,447 ) 26,000 Total revenues 853,283 — (249,394 ) 603,889 Expenses Compensation and benefits 456,372 — — 456,372 Performance fee compensation 170,028 — — 170,028 General, administrative and other expense 166,839 — — 166,839 Expenses of the Consolidated Funds — 187,494 (120,694 ) 66,800 Total expenses 793,239 187,494 (120,694 ) 860,039 Other income (expense) Net interest and investment income (expense) (includes interest expense of $8,617) 7,339 — (8,712 ) (1,373 ) Other expense, net (3,644 ) — 1,222 (2,422 ) Net realized and unrealized gain on investments 78,101 — (45,973 ) 32,128 Net interest and investment income of Consolidated Funds (includes interest expense of $666,373) — 265,362 6,100 271,462 Net realized and unrealized gain on investments of Consolidated Funds — 519,790 (6,520 ) 513,270 Total other income (expense) 81,796 785,152 (53,883 ) 813,065 Income before taxes 141,840 597,658 (182,583 ) 556,915 Income tax expense (benefit) 16,536 (5,283 ) — 11,253 Net income 125,304 602,941 (182,583 ) 545,662 Less: Net income attributable to redeemable interests in Consolidated Funds — 3,071 (506 ) 2,565 Less: Net income attributable to non-controlling interests in Consolidated Funds — 599,870 (182,077 ) 417,793 Less: Net income attributable to redeemable interests in Ares Operating Group entities 731 — — 731 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 89,585 — — 89,585 Net income attributable to Ares Management, L.P. $ 34,988 $ — $ — $ 34,988

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2016 through the date the consolidated financial statements were issued. During this period the Company had the following material subsequent events that require disclosure: In February 2017, the board of directors of the Company's general partner declared a quarterly distribution of $0.28 per common unit to common unitholders of record at the close of business on March 10, 2017, with a payment date of March 24, 2017. In February 2017, the board of directors of the Company's general partner declared a quarterly distribution of $0.4375 per preferred equity unit to preferred equity unitholders of record at the close of business on March 15, 2017, with a payment date of March 31, 2017. To support the ARCC-ACAS Transaction that closed on January 3, 2017, the Company, through its subsidiary Ares Capital Management LLC, which serves as the investment adviser to ARCC, provided approximately $275 million of cash consideration to ACAS shareholders. The Company used its Credit Facility in an amount of $275 million to finance the payment. The proper tax treatment of the support payment made by the Company is unclear and subject to final determination. The Company believes that the outcome could range from an immediate tax deduction of $275 million in 2017 or amortizing the amount over a prescribed life, typically 15 years. The outcome of such determination will materially affect the net taxable income of the Company and the amount of distributions to our common unitholders. On February 24, 2017, the Company amended its Credit Facility to, among other things, increase the size of the Credit Facility from $1.03 billion to $1.04 billion and extend the maturity date from April 2019 to February 2022. Based on our current credit agency ratings, the stated interest rate was reduced to LIBOR plus 1.50% from LIBOR plus 1.75% and the unused commitment fee was reduced to 0.20% from 0.25% .

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
QUARTERLY FINANCIAL DATA (UNAUDITED)	QUARTERLY FINANCIAL DATA (UNAUDITED) Unaudited quarterly information for each of the three months in the years ended December 31, 2016 and 2015 are presented below. For the Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 136,015 $ 369,535 $ 335,460 $ 358,195 Expenses 129,538 303,935 283,374 299,573 Other income (loss) (15,451 ) 17,406 73,339 39,841 Income (loss) before provision for income taxes (8,974 ) 83,006 125,425 98,463 Net income (loss) (13,639 ) 87,440 117,784 95,316 Net income (loss) attributable to Ares Management, L.P. (3,090 ) 37,574 43,305 34,019 Preferred equity distributions paid — — 6,751 5,425 Net income (loss) attributable to Ares Management, L.P. common unitholders (3,090 ) 37,574 36,554 28,594 Net income (loss) attributable to Ares Management L.P. per common unit: Basic $ (0.04 ) $ 0.46 $ 0.45 $ 0.35 Diluted $ (0.04 ) $ 0.46 $ 0.43 $ 0.34 Distributions declared per common unit(1) $ 0.15 $ 0.28 $ 0.20 $ 0.28 For the Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 269,905 $ 241,164 $ 143,854 $ 159,519 Expenses 234,463 212,569 136,386 185,622 Other income (loss) 11,006 28,956 (39,553 ) 35,673 Income (loss) before provision for income taxes 46,448 57,551 (32,085 ) 9,570 Net income (loss) 42,389 51,448 (37,664 ) 6,247 Net income (loss) attributable to Ares Management, L.P. 18456 12,086 (11,349 ) 185 Net income (loss) attributable to Ares Management L.P. per common unit: Basic 0.23 $ 0.15 $ (0.14 ) $ 0.00 Diluted 0.23 $ 0.15 $ (0.14 ) $ 0.00 Distributions declared per common unit(1) 0.25 $ 0.26 $ 0.13 $ 0.20 (1) Distributions declared per common unit are reflected to match the period the income is earned.

SUMMARY OF SIGNIFICANT ACCOUN31

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Basis of Accounting	Basis of Accounting The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis in the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority‑owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP. All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values in the Company’s Consolidated Statements of Financial Condition. Net income attributable to the investors in the CLOs is included in net income (loss) attributable to non‑controlling interests in Consolidated Funds in the Consolidated Statements of Operations and prior to January 1, 2016 as equity appropriated for Consolidated Funds in the Consolidated Statements of Financial Condition.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and investment income (loss) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on performance fees. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements.
Principles of Consolidation	Principles of Consolidation As of January 1, 2015, the Company adopted the Financial Accounting Standards Board (“FASB") Accounting Standards Update No. ("ASU") 2015-02, Amendments to the Consolidation Analysis ” (see Note 19 for information regarding the impact of the adoption). Accordingly, the Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model or voting interest model. As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity, including Ares affiliates and affiliated funds and co-investment entities and (b) entities that the Company concludes are variable interest entities (“VIEs”), including limited partnerships and CLOs in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, performance fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in many of these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model (“VOE”). Variable Interest Model An entity is considered to be a variable interest entity (“VIE”) if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary. An entity is determined to be the primary beneficiary if it holds a controlling financial interest, which is defined as having (a) the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and (b) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders the conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties' equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary. Voting Interest Model The Company consolidated entities, including limited partnerships and similar entities, in which it held a majority voting interest and those entities in which it had majority ownership and control over the operational, financial and investing decisions, including Ares affiliates and affiliated funds and co-investment entities. The Company’s total exposure to consolidated VOEs represents the value of its economic ownership interest in these entities. Valuation changes associated with investments held at fair value by these consolidated VOEs are reflected in non-operating income (expense) and partially offset in net income (loss) attributable to non-controlling interests for the portion not attributable to the Company.
Equity Appropriated for Consolidated Funds	Equity Appropriated for Consolidated Funds As of December 31, 2016 and 2015 , the Company consolidated seven and five CLOs, respectively. Effective January 1, 2016, the Company adopted ASU 2014-13, Measuring the Financial Assets and the Financial Liabilities of a Consolidated Collateralized Financing Entity . 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. Beginning 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 within the GAAP fair value hierarchy. 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). The loan obligations issued by the CLOs are backed by diversified collateral asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent performance fees. In cases where the Company earns fees from a fund that it consolidates with the CLOs, those fees have been eliminated as intercompany transactions. The Company's holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes, which are repaid based on available cash flows subject to priority of payments under each consolidated CLO's governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO.
Business Combinations	Business Combinations In accounting for business acquisitions, the Company separates recognition of goodwill from the assets acquired and the liabilities assumed, at the acquisition date fair values. The Company accounts for business combinations using the acquisition method of accounting by allocating the purchase price of the acquisition to the fair value of each asset acquired and liability assumed as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Goodwill as of the acquisition date is measured as the excess of consideration transferred over the net of the acquisition date fair values of the assets acquired and the liabilities assumed. Acquisition-related costs in connection with a business combination are expensed as incurred. Management’s determination of fair value of assets acquired and liabilities assumed at the acquisition date as well as contingent consideration are based on the best information available in the circumstances, and may incorporate management’s own assumptions and involve a significant degree of judgment and estimates that are inherently uncertain and subject to refinement. As a result, during the measurement period, which may be up to one year from the acquisition date, the Company records adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of operations. For a given acquisition, management may identify certain pre-acquisition contingencies as of the acquisition date and may extend the review and evaluation of these pre-acquisition contingencies throughout the measurement period to obtain sufficient information to assess whether management includes these contingencies as a part of the fair value estimates of assets acquired and liabilities assumed and, if so, to determine their estimated amounts. If management cannot reasonably determine the fair value of a pre-acquisition contingency by the end of the measurement period, which is generally the case given the nature of such matters, the Company will recognize an asset or a liability for such pre-acquisition contingency if: (i) it is probable that an asset existed or a liability had been incurred at the acquisition date and (ii) the amount of the asset or liability can be reasonably estimated. Subsequent to the measurement period, changes in the estimates of such contingencies would affect earnings and could have a material effect on the consolidated statements of operations and financial condition.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchal disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I —Quoted prices in active markets for identical instruments. • Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model‑derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rates, yield curves, volatilities, prepayment risks, loss severities, credit risks and default rates. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the investment activities of the Consolidated Funds. As the servicer to certain real estate investments, certain subsidiaries of the Company collect escrow deposits from borrowers to ensure the borrowers’ obligations are met. These escrow deposits are represented as restricted cash and cash equivalents for the Company and are offset by escrow cash liability within accounts payable and accrued expenses in the Consolidated Statements of Financial Condition. Restricted cash for the Consolidated Funds represents cash that is legally segregated according to the underlying fund agreements. At December 31, 2016 and 2015, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.
Investments	Investments The Company has retained the specialized investment company accounting guidance under GAAP with respect to its Consolidated Funds, which hold substantially all of its investments. Thus, the consolidated investments are reflected in the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net change in unrealized appreciation (depreciation) on investments in the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price).
Equity-Method Investments	Equity Method Investments The Company accounts for its investments held by its operating subsidiaries, and in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds and strategic investments, using the equity method of accounting or at fair value pursuant to the fair value option. The fair value option permits the irrevocable election of fair value on an instrument-by-instrument basis at initial recognition of an asset or liability or upon an event that gives rise to a new basis of accounting for that instrument. The Company elected the fair value option for certain of its equity method investments. Unrealized appreciation (depreciation) and realized gains (losses) from the Company’s equity method investments at fair value are included within net realized and unrealized gain (loss) on investments within the Consolidated Statements of Operations. When the fair value option is not elected, the carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. The Company’s share of the investee’s income and expenses for the Company’s equity method investments is included within net realized and unrealized gain (loss) on investments within the Consolidated Statements of Operations.
Held to Maturity 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. On a periodic basis, the Company reviews its held-to-maturity investment portfolio for impairment. If a decline in fair value is deemed to be other-than-temporary, the held-to-maturity investment is written down the impairment through earnings.
Derivative Instruments	Derivative Instruments The Company recognizes all derivatives as either assets or liabilities in the Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively, and reports them at fair value. 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, credit default 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 Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company's counterparty credit risk is equal to the amount reported as a derivative asset in the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Consolidated Statements of Financial Condition, with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds present derivative and other financial instruments on a net basis. This election is determined at management's discretion on a fund by fund basis. The Company has retained each Consolidated Fund's presentation upon consolidation. Qualitative Disclosures of Derivative Financial Instruments Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss) within net realized and unrealized gain (loss) on investments in the Consolidated Statements of Operations. Upon settlement of the instrument, the Company records the realized gain (loss) within net realized and unrealized gain (loss) on investments in the Consolidated Statements of Operations. Significant derivative instruments utilized by the Company and the Consolidated Funds during the reporting periods presented include the following: Forward Foreign Currency Contracts: The Company and the Consolidated Funds enter into foreign currency forward exchange contracts to hedge against foreign currency exchange rate risk on certain non-U.S. dollar denominated cash flows. When entering into a forward currency contract, the Company and the Consolidated Funds agree to receive and/or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed-upon future date. Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Consolidated Statements of Financial Condition. The Company and the Consolidated Funds bear the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. In addition, the potential inability of the counterparties to meet the terms of their contracts poses a risk to the Company and the Consolidated Funds. Interest Rate Swaps: The Company and the Consolidated Funds enter into interest rate swap contracts to mitigate their interest rate risk exposure to higher floating interest rates. Interest rate swaps represent an agreement between two counterparties to exchange cash flows based on the difference in two interest rates, applied to the notional principal amount for a specified period. The payment flows are generally netted, with the difference being paid by one party to the other. The interest rate swap contracts effectively mitigate the Company and the Consolidated Funds’ exposure to interest rate risk by converting a portion of the Company and the Consolidated Funds’ floating rate debt to a fixed rate basis. Credit Default Swaps: In prior years, the Consolidated Funds entered into credit default swap contracts for investment purposes and to manage credit risk, receiving in return a periodic stream of payments over the term of the contract. The Consolidated Funds also purchased credit default swap contracts to mitigate the risk of default by issuers of debt securities held. As a purchaser of a credit default swap contract, the Consolidated Fund received the notional or other agreed upon value from the counterparty, and in return, the Consolidated Fund made periodic payments to the counterparty over the term of the contract. The Consolidated Funds no longer enter into or purchase credit default swap contracts.
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company's finite-lived intangible assets consist of contractual rights to earn future management fees and performance fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 1 to 13.5 years. The purchase price is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses in the Consolidated Statements of Operations. The Company tests finite‑lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company uses a two-step process to evaluate impairment. The first step compares the estimated undiscounted future cash flow attributable to the intangible asset being evaluated with its carrying amount. The second step, used to measure the amount of potential impairment, compares the fair value of the intangible asset with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying value represents fair value. Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying value, the Company will use a two‑step process to evaluate impairment. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. The second step, used to measure the amount of any potential impairment, compares the implied fair value of the reporting unit with the carrying amount of goodwill. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amounts. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates .
Fixed Assets	Fixed Assets Fixed assets, consisting of furniture, fixtures and equipment, leasehold improvements, and computer hardware and internal use software, are recorded at cost, less accumulated depreciation and amortization. Fixed assets are included within other assets on the Company’s Consolidated Statements of Financial Condition.
Internal Use Software	Direct costs associated with developing, purchasing or otherwise acquiring software for internal use (“Internal Use Software”) are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred.
Depreciation and Amortization	Fixed assets are depreciated or amortized on a straight-line method over an asset's estimated useful life, with the corresponding depreciation and amortization expense included within general, administrative and other expenses on the Company’s Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the lease terms and the life of the asset, and for other fixed assets and Internal Use Software is generally between three and seven years. Fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.
Revenues Recognition	Revenues Recognition Revenues primarily consist of management fees, performance fees and administrative and other fees. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value ("NAV"), net investment income, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability. Management fees also include a quarterly performance fee on the investment income ("ARCC Part I Fees") from Ares Capital Corporation (NASDAQ: ARCC) ("ARCC"), a publicly traded business development company registered under the Investment Company Act and managed by a subsidiary of the Company. ARCC Part I Fees are equal to 20.0% of its net investment income (before ARCC Part I Fees and incentive fees payable based on capital gains), subject to a fixed "hurdle rate" of 1.75% per quarter, or 7.0% per annum. No fee is recognized until ARCC's net investment income exceeds a 1.75% hurdle rate, with a "catch-up" provision such that the Company receives 20% of ARCC's net investment income from the first dollar earned. Such fees from ARCC are classified as management fees as they are paid quarterly, predictable and recurring in nature, not subject to contingent repayment and are typically cash settled each quarter. Performance Fees Performance fee revenues consist of incentive fees and carried interest. Performance fees are based on certain specific hurdle rates as defined in the applicable investment management agreements or governing documents. Substantially all performance fees are earned from affiliated funds of the Company. Performance fees receivable is presented separately in the Consolidated Statements of Financial Condition and represents performance fees recognized but not yet collected. The timing of the payment of performance fees due to the general partner or investment manager varies depending on the terms of each applicable agreement. Incentive Fees Incentive fees earned on the performance of certain fund structures, typically in credit funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels, or high water marks, in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are recorded on an accrual basis to the extent such amounts are contractually due. Accrued but unpaid incentive fees as of the reporting date are recorded in performance fees receivable in the Consolidated Statements of Financial Condition. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are not subject to reversal. Carried Interest In certain fund structures, typically in private equity and real estate equity funds, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund's net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a negative adjustment to carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded in performance fees receivable in the Consolidated Statements of Financial Condition. Carried Interest is realized when an underlying investment is profitably disposed of and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally does not become realized until the end of a fund’s life. As of December 31, 2016 and 2015, the Company had no accrued contingent repayment obligations that would need to be paid if the funds were liquidated at fair value at the reporting dates. Administrative and Other Fees The Company provides administrative services to certain of its affiliated funds that are reported within administrative and other fees. The administrative fees generally represent expense reimbursements for a portion of overhead and other expenses incurred by certain Operations Management Group professionals directly attributable to performing services for a fund, but may also be based on a fund’s NAV for certain funds domiciled outside the U.S. The Company also receives transaction fees from certain affiliated funds for activities related to fund transactions, such as loan originations. These fees are recognized as other revenue in the period in which the administrative services and the transaction related services are rendered.
Equity-Based Compensation	Equity-Based Compensation The Company recognizes expense related to equity-based compensation in which it receives employee services in exchange for (a) equity instruments of the Company, (b) derivatives based on the Company’s common units or (c) liabilities that are based on the fair value of the Company’s equity instruments. Equity-based compensation expense represents expenses associated with the following: (a) Restricted units, options and phantom units granted under the Ares Management, L.P. 2014 Equity Incentive Plan (“Equity Incentive Plan”); and (b) Conversion of and acceleration in vesting of certain existing interests in connection with the Reorganization. Equity-based compensation expense for restricted units and options is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in partners’ capital. Grant date fair value of the restricted units was determined to be the most recent closing price of common units. Certain restricted units are subject to a lock-up provision that expires on the fifth anniversary of the IPO. The Company used Finnerty’s average strike-price put option model to estimate the discount associated with this lack of marketability. The Company estimated the grant date fair value of the options as of the grant date using Black-Scholes option pricing model. The phantom units will be settled in cash and therefore represent a liability that is required to be remeasured at each reporting period. Fair value of phantom units was determined to be the most recent closing price each reporting period. In 2016, the Company adopted ASU 2016-09, Compensation - Stock Compensation (Topic 718) . In accordance with 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. The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of equity-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized for financial reporting purposes and the actual tax deduction reported on the Company’s income tax returns are recorded as adjustments to partners’ capital. If the tax deduction is less than the deferred tax asset, the calculated shortfall reduces the pool of excess tax benefits. If the pool of excess tax benefits is reduced to zero, then subsequent shortfalls would increase the income tax expense. Equity-based compensation expense is presented within compensation and benefits in the Consolidated Statements of Operations.
Performance Fee Compensation	Performance Fee Compensation The Company has agreed to pay a portion of the performance fees earned from certain funds, including income from Consolidated Funds that is eliminated in consolidation, to investment and non-investment professionals. Depending on the nature of each fund, the performance fee allocation may be structured as a fixed percentage subject to vesting based on continued employment or service (generally over a period of five years) or as an annual award that is fully vested for the particular year. Other limitations may apply to performance fee allocation as set forth in the applicable governing documents of the fund or award documentation. Performance fee compensation is recognized in the same period that the related performance fee is recognized. Performance fee compensation can be reversed during periods when there is a decline in performance fees that were previously recognized. Performance fee compensation payable represents the amounts payable to professionals who are entitled to a proportionate share of performance fees in one or more funds. The liability is calculated based upon the changes to realized and unrealized performance fees but not payable until the performance fee itself is realized.
Net Interest and Investment Income (Expense)	Net Interest and Investment Income (Expense) Interest, dividend and other investment income are included in net interest and investment income (expense). Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established .
Net Realized and Unrealized Gain (Loss) on Investments	Net Realized and Unrealized Gain (Loss) on Investments Realized gain (loss) occurs when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gain (loss) on investments in the Consolidated Statements of Operations.
Foreign Currency	Foreign Currency The U.S. dollar is the Company's functional currency; however, certain transactions of the Company may not be denominated in U.S. dollars. Foreign exchange revaluation arising from these transactions is recognized within net interest and investment income (expense) in the Consolidated Statements of Operations. For the years ended December 31, 2016, 2015 and 2014, the Company recognized $16.2 million , $0.3 million and $0.3 million , respectively, in transaction losses related to foreign currencies revaluation. In addition, the combined and consolidated results include certain foreign subsidiaries and Consolidated Funds that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income.
Income Taxes	Income Taxes A substantial portion of the Company’s earnings flow through to owners of the Company without being subject to entity level income taxes. Consequently, a significant portion of the Company’s earnings reflects no provision for income taxes except those for foreign, state, city and local income taxes incurred at the entity level. A portion of the Company’s operations is held through AHI, as well as corporate subsidiaries of Ares Investments, which are U.S. corporations for tax purposes. AHI is subject to U.S. corporate tax on earnings that flow through from Ares Holdings with respect to both AOG Units and preferred units at the Ares Operating Group level. Their income is subject to U.S. federal, state and local income taxes and certain of their foreign subsidiaries are subject to foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). A provision for corporate level income taxes imposed on AHI’s earnings is included in the Company’s tax provision. The Company’s tax provision also includes entity level income taxes incurred by certain affiliated funds and co‑investment entities that are consolidated in these financial statements. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reported on a net basis in the Consolidated Statements of Financial Condition. The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. The Company recognizes both accrued interest and penalties, where appropriate, related to UTBs in general, administrative and other expenses in the Consolidated Statements of Operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new information becomes available .
Income Allocation	Income Allocation Income (loss) before taxes is allocated based on each partner’s average daily ownership of the Ares Operating Group entities for each year presented. The net income attributable to Ares Management, L.P. for the years ended December 31, 2016, 2015 and 2014 represents its average daily ownership of 38.04% , 37.86% and 38.02% , respectively. The net income attributable to Ares Management, L.P. for the year ended December 31, 2014, represents its average daily ownership from May 1, 2014, the effective date of Reorganization, to December 31, 2014.
Earnings Per Common Unit	Earnings Per Common Unit Basic earnings per common unit are computed by dividing income available to common unitholders by the weighted-average number of common units outstanding during the period. Income available to common unitholders represents net income attributable to Ares Management, L.P. Diluted earnings per unit is computed by dividing income available to common unitholders by the weighted-average number of common units outstanding during the period, increased to include the number of additional common units that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire units, unvested restricted units and AOG Units exchangeable for common units. The effect of potentially dilutive securities is reflected in diluted earnings per unit using the more dilutive result of the treasury stock method or the two-class method. Unvested share-based payment awards that contain non-forfeitable rights to distribution or distribution equivalents (whether paid or unpaid) are participating securities and are considered in the computation of earnings per unit pursuant to the two-class method. Unvested restricted units that pay distribution equivalents are deemed participating securities and are included in basic and diluted earnings per unit calculation under the two-class method.
Comprehensive Income (Loss)	Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other appreciation (depreciation) affecting partners' capital that, under GAAP, are excluded from net income (loss). The Company's other comprehensive income (loss) includes foreign currency translation adjustments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all ASUs issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. Revenue Recognition: In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09 requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. This ASU provides alternative methods of adoption. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers, Deferral of the Effective Date. ASU 2015-14 defers the effective date of ASU 2014-09 by one year to December 15, 2017 for fiscal years, and interim periods within those years, beginning after that date and permits early adoption of the standard, but not before the original effective date for fiscal years beginning after December 15, 2016. In March, April and May 2016, the FASB issued additional ASUs clarifying certain aspects of ASU 2014-09. The core principle of ASU 2014-09 was not changed by the additional guidance. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , deferring the effective date of ASU 2014-09 to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. Early application is now permitted for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Under the updated guidance, an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. 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. During the second and third quarters of 2016, three ASUs: ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing; ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow Scope Improvements and Practical Expedients; and ASU 2016-20 , Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers , were issued to provide clarification to previously issued revenue recognition guidance (ASU 2014-09) that has not yet been implemented. The two updates are required to be adopted with ASU 2014-09, but are not expected to change its application by the Company. While the Company continues to evaluate the impact of the above revenue recognitions guidance, and cannot currently quantify the impact of the guidance, the Company has begun a preliminary assessment of the impact. The assessment includes a detailed review of investment management agreements, establishing which agreements are expected to be in place, and understanding when revenue would be recognized under those agreements. The primary contracts impacted by this standard crystalize revenue on an annual basis but could have elements that prevent annual recognition subject to management’s evaluation of the investment management agreements in consideration of the new standard and its subsequent clarification. Statement of Cash Flows: In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments . The objective of ASU 2016-15 is to reduce diversity in practice among public entities. ASU 2016-15 clarifies the appropriate cash flow classification(s) for certain cash receipts or payments made by an entity, including: debt prepayment, settlement of zero-coupon debt instruments, contingent consideration payments, proceeds from insurance claims, proceeds from corporate-owned life insurance policies, distributions from equity method investees, and beneficial interests in securitization transactions. It also confirms the proper treatment of cash receipts or payments that have aspects of more than one type of cash flow. The guidance should be applied using a retrospective approach. ASU 2016-15 is effective for public entities for annual reporting periods beginning after December 15, 2017, with early adoption permitted. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash. ASU 2016-18 addresses the diversity issue that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendments in this ASU require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this ASU apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under ASC 230. The guidance should be applied using a retrospective transition method to each period presented. ASU 2016-18 is effective for public entities for annual reporting periods beginning after December 15, 2017, i ncluding interim reporting periods within those annual reporting periods with early adoption permitted. The above statement of cash flows guidance will not have a material impact on the Company's consolidated financial statements. Other Guidance: 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 does not believe this guidance will have a material impact on its 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 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. ASU 2016-07 will currently not have any impact on the Company's consolidated financial statements. The Company will apply the guidance when any of its investments becomes eligible for the equity method due to an increase in the level of ownership interest or degree of influence. In May 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The objective of the guidance in ASU 2016-13 is to allow entities to recognize estimated credit losses in the period that the change in valuation occurs. ASU 2016-13 requires an entity to present financial assets measured on an amortized cost basis on the balance sheet net of an allowance for credit losses. Available for sale and held to maturity debt securities are also required to be held net of an allowance for credit losses. The guidance should be applied using a modified retrospective approach. ASU 2016-13 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods. Early adoption is permitted for annual and quarterly reporting periods beginning after December 15, 2018. The Company does not believe this guidance will have a material impact on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory. Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party. In addition, interpretations of this guidance have developed in practice for transfers of certain intangible and tangible assets. This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP. To more faithfully represent the economics of intra-entity asset transfers, the amendments in this ASU require that entities recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amendments in this ASU do not change GAAP for the pre-tax effects of an intra-entity asset transfer under ASC 810, Consolidation, or for an intra-entity transfer of inventory. The guidance should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. ASU 2016-16 is effective for public entities for annual reporting periods beginning after December 15, 2017, i ncluding interim reporting periods within those annual reporting periods with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. In October 2016, the FASB issued ASU 2016-17, Consolidation (Topic 810): Interests Held through Related Parties That Are under Common Control. This ASU amend the consolidation guidance on how a reporting entity that is the single decision maker of a variable interest entity (VIE) should treat indirect interests in the entity held through related parties that are under common control with the reporting entity when determining whether it is the primary beneficiary of that VIE. Under this ASU, a single decision maker is not required to consider indirect interests held through related parties that are under common control with the single decision maker to be the equivalent of direct interests in their entirety. Instead, a single decision maker is required to include those interests on a proportionate basis consistent with indirect interests held through other related parties. The guidance should be applied retrospectively to all relevant prior periods beginning with the fiscal year in which the amendments in ASU 2015-02 initially were applied. ASU 2016-17 is effective for public entities for annual reporting periods beginning after December 15, 2016, i ncluding interim reporting periods within those annual reporting periods with early adoption permitted. The Company does not believe this guidance will have a material impact on its consolidated financial statements.
Fair Value of Financial Instruments	Financial Instrument Valuations The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment. CLO loan obligations: Prior to 2016, the Company had elected the fair value option to measure its CLO loan obligations as the Company had determined that the fair value of these obligations better correlated with the value of the assets held by the CLOs, which are held to provide the cash flows for the note obligations. The fair value of CLO liabilities was estimated based on various third-party pricing service and internal valuation models. The valuation models utilized discounted cash flows and took into consideration prepayment and loss assumptions, based on historical experience and projected performance, economic factors, the characteristics and condition of the underlying collateral, comparable yields for similar securities and recent trading activity. These securities were classified as Level III. The Company adopted ASU 2014-13 as of January 1, 2016, under which the Company first determines whether the fair values of the financial assets or financial liabilities of its consolidated CLOs are more observable. The Company determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets, 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). Corporate debt, bonds, bank loans, securities sold short and derivative instruments: The fair value of corporate debt, bonds, bank loans, securities sold short and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified within Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If management is only able to obtain a single broker quote, or utilize a pricing model, such securities will be classified as Level III. Equity and equity-related securities: Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. Partnership interests: The Company generally values its investments using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. Certain investments of the Company and the Consolidated Funds are valued at NAV per share of the fund. In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses, in accordance with the requirements of GAAP. However, as of December 31, 2016 and 2015 , the Company believes that NAV per share represents the fair value of the investments. The substantial majority of the Company's private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interests other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. Investors in open-ended and evergreen funds have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods ranging from one month to three years. In addition, separately managed investment vehicles for a single fund investor may allow such investors to terminate the fund at the discretion of the investor pursuant to the terms of the applicable constituent documents of such vehicle. Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a discounted cash flow approach based on the most likely outcome. The most likely outcome is determined using the best information available, which may be based on one or more of the following factors: historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management's own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. The fair value of the Company's contingent consideration liabilities are classified as Level III. Contingent consideration liabilities are included within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. Level III Valuations In the absence of observable market prices, the Company values Level III investments using consistent valuation methodologies, typically market- or income-based approaches. The main inputs into the Company’s valuation model for Level III securities include earnings multiples (based on the historical earnings of the issuer) and discounted cash flows. The Company may also consider original transaction price, recent transactions in the same or similar instruments, completed third‑party transactions in comparable instruments and other liquidity, credit and market risk factors. The quarterly valuation process for Level III investments begins with each investment or loan being valued by the investment or valuation teams. The valuations are then reviewed and approved by the valuation committee, which consists of senior members of the investment team and other senior managers. All Level III investment values are ultimately approved by the valuation committees and designated investment professionals. For certain investments, the valuation process also includes a review by independent valuation parties, at least annually, to determine whether the fair values determined by management are reasonable. Results of the valuation process are evaluated each quarter, including an assessment of whether the underlying calculations should be adjusted. In connection with this process, the Company evaluates changes in fair value measurements from period to period for reasonableness, considering items such as industry trends, general economic and market conditions and factors specific to the investment. Certain Level III assets are valued using prices obtained from brokers or pricing vendors. The Company typically obtains one to two non-binding broker quotes. The Company seeks to obtain at least one quote directly from a broker making a market for the asset and one price from a pricing vendor for each security or similar securities. For investments where more than one quote is received, the investments are classified as Level II. For investments where only one quote is received, the investments are classified as Level III as the quoted prices may be indicative of securities that are in an inactive market, or may require adjustment for investment-specific factors or restrictions. Generally, the Company does not adjust any of the prices received from these sources but material prices are reviewed against the Company’s valuation models with a limited exception for securities that are deemed to have no value. The Company evaluates the prices obtained from brokers and pricing vendors based on available market information, including trading activity of the subject or similar securities or by performing a comparable security analysis to ensure that fair values are reasonably estimated. The Company may also perform back-testing of valuation information obtained from brokers and pricing vendors against actual prices received in transactions to validate pricing discrepancies. In addition to on-going monitoring and back-testing, the Company performs due diligence procedures over pricing vendors to understand their methodology and controls to support their use in the valuation process and to ensure compliance with required accounting disclosures.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Business Combinations [Abstract]
Summary of consideration transferred	The acquisition date fair value of the consideration transferred totaled $149.2 million , which consisted of the following: Cash $ 64,532 Equity (1,578,947 Ares Operating Group units) 25,468 Contingent consideration 59,171 Total $ 149,171
Schedule of unaudited pro forma financial information	Supplemental information on an unaudited pro forma basis, as if the EIF acquisition had been consummated as of January 1, 2014 is as follows: Year Ended Year Ended May 1, 2014 December 31, 2015 December 31, 2014 December 31, 2014 (unaudited) (unaudited) Total revenues $ 56,659 $ 42,767 $ 28,512 Net income attributable to Ares Management, L.P. $ 2,267 $ 174 $ 116 Earnings per common unit, basic and diluted $ 0.03 $ 0.00 N/A

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying value for the Company's intangible assets	The following table summarizes the carrying value for the Company's intangible assets: Weighted Average Amortization Period as of As of December 31, December 31, 2016 2016 2015 Management contracts 2.0 years $ 111,939 $ 163,469 Client relationships 11.5 years 38,600 38,600 Trade name 5.5 years 3,200 3,200 Intangible assets, gross 153,739 205,269 Foreign currency translation (3,205 ) (1,436 ) Total intangible assets acquired 150,534 203,833 Less: accumulated amortization (92,219 ) (118,862 ) Intangible assets, net $ 58,315 $ 84,971
Schedule of estimated future annual amortization of finite-lived intangible assets	At December 31, 2016 , future annual amortization of finite-lived intangible assets for the years 2017 through 2021 and thereafter is estimated to be: Year Amortization 2017 $ 17,850 2018 9,031 2019 4,458 2020 4,071 2021 3,987 Thereafter 18,918 Total $ 58,315
Schedule of goodwill rollforward	The following table summarizes the carrying value of the Company's goodwill assets: Credit Private Real Total Balance as of December 31, 2014 $ 32,196 $ — $ 53,385 $ 85,581 Goodwill acquired during the period — 58,600 — 58,600 Foreign currency translation — — (114 ) (114 ) Balance as of December 31, 2015 32,196 58,600 53,271 144,067 Foreign currency translation — — (343 ) (343 ) Balance as of December 31, 2016 $ 32,196 $ 58,600 $ 52,928 $ 143,724

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Ares Management L.P
Investments
Summary of investments held	Fair value at Fair value as a percentage of total December 31, December 31, 2016 2015 2016 2015 Private Investment Partnership Interests: AREA Sponsor Holdings, LLC $ 28,898 $ 37,275 6.8 % 8.7 % ACE II Master Fund, L.P. (1)(2) 22,042 22,015 5.2 % 5.2 % Ares Corporate Opportunities Fund III, L.P. 97,549 108,506 22.9 % 25.4 % Ares Corporate Opportunities Fund IV, L.P. (2) 37,308 30,571 8.7 % 7.2 % Resolution Life L.P. 33,410 40,703 7.8 % 9.5 % Other private investment partnership interests (1)(3) 118,075 132,405 27.7 % 31.0 % Total private investment partnership interests (cost: $256,638 and $297,026 at December 31, 2016 and 2015, respectively) 337,282 371,475 79.1 % 87.0 % Collateralized Loan Obligations Interests: Collateralized loan obligations(3) 89,111 55,752 20.9 % 13.0 % Total collateralized loan obligations (cost: $89,743 and $53,669 at December 31, 2016 and 2015, respectively) 89,111 55,752 20.9 % 13.0 % Common Stock: Common stock(3) 100 81 0.0 % 0.0 % Total common stock (cost: $124 and $116 at December 31, 2016 and 2015, respectively) 100 81 0.0 % 0.0 % Total fair value investments (cost: $346,505 and $350,811 at December 31, 2016 and 2015, respectively) $ 426,493 $ 427,308 (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.
Schedule of equity method investments	The change in fair value of these investments for the year ended December 31, 2016 was not deemed to be significant. For the Years Ended December 31, 2016 2015 2014 Revenue $ 8,751 $ 7,778 $ 7,567 Expenses (24,064 ) (27,147 ) (5,970 ) Net realized/unrealized gain from investments 46,887 $ 66,500 $ — Income tax expense (302 ) $ (400 ) $ (242 ) Net income $ 31,272 $ 46,731 $ 1,355 As of December 31, 2016 2015 Investments $ 247,584 $ 216,500 Total Assets $ 286,630 $ 235,276 Total Liabilities $ 7,556 $ 166,065 Total Equity $ 279,074 $ 69,211 The Company's equity method investments, including those where the fair value option was elected, are summarized below: As of December 31, 2016 2015 Equity method investment $ 3,616 $ 4,486 Equity method investments at fair value 21,843 19,471 Total equity method investments $ 25,459 $ 23,957
Summary of cost and fair value of investments classified as HTM	A summary of the cost and fair value of CLO notes classified as held-to maturity investments is as follows: As of December 31, 2016 2015 Amortized cost $ 16,519 $ 17,022 Unrealized loss, net (116 ) (334 ) Fair value $ 16,403 $ 16,688
Consolidated Funds
Investments
Summary of investments held	Investments held in the Consolidated Funds are summarized below: Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2016 2015 2016 2015 United States: Fixed income securities: Consumer discretionary $ 665,773 $ 393,902 20.0 % 15.4 % Consumer staples 64,840 40,030 1.9 % 1.6 % Energy 45,409 38,617 1.4 % 1.5 % Financials 139,285 78,806 4.2 % 3.1 % Healthcare, education and childcare 246,403 162,191 7.4 % 6.3 % Industrials 149,632 161,830 4.5 % 6.3 % Information technology 194,394 138,186 5.8 % 5.4 % Materials 139,994 95,767 4.2 % 3.7 % Telecommunication services 261,771 202,256 7.9 % 7.9 % Utilities 47,800 12,733 1.4 % 0.5 % Total fixed income securities (cost: $1,945,977 and $1,377,870 at December 31, 2016 and 2015, respectively) 1,955,301 1,324,318 58.7 % 51.7 % Equity securities: Energy 421 — 0.0 % — % Healthcare, education and childcare — 344 — % 0.0 % Partnership and LLC interests 171,696 86,902 5.2 % 3.4 % Telecommunication services — 510 — % 0.0 % Total equity securities (cost: $149,872 and $93,004 at December 31, 2016 and 2015, respectively) 172,117 87,756 5.2 % 3.4 % Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Europe: Fixed income securities: Consumer discretionary $ 274,678 $ 221,707 8.2 % 8.7 % Consumer staples 39,197 50,625 1.2 % 2.0 % Financials 28,769 29,922 0.9 % 1.2 % Healthcare, education and childcare 111,589 104,704 3.4 % 4.1 % Industrials 118,466 109,778 3.6 % 4.3 % Information technology 49,507 31,562 1.5 % 1.2 % Materials 124,629 98,450 3.7 % 3.8 % Telecommunication services 118,632 149,105 3.6 % 5.8 % Utilities 4,007 768 0.1 % 0.0 % Total fixed income securities (cost: $892,108 and $836,217 at December 31, 2016 and 2015, respectively) 869,474 796,621 26.2 % 31.1 % Equity securities: Consumer discretionary — 4,306 — % 0.2 % Consumer staples 1,517 1,286 0.0 % 0.1 % Healthcare, education and childcare 41,329 37,294 1.2 % 1.5 % Telecommunication services 24 159 0.0 % 0.0 % Total equity securities (cost: $67,290 and $ 80,827 at December 31, 2016 and 2015, respectively) 42,870 43,045 1.2 % 1.8 % Asia and other: Fixed income securities: Consumer discretionary 24,244 34,810 0.7 % 1.4 % Financials 1,238 — 0.0 % — % Healthcare, education and childcare 10,010 23,999 0.3 % 0.9 % Telecommunication services 8,696 9,909 0.3 % 0.4 % Total fixed income securities (cost: $46,545 and $57,868 at December 31, 2016 and 2015, respectively) 44,188 68,718 1.3 % 2.7 % Equity securities: Consumer discretionary 44,642 55,532 1.3 % 2.2 % Consumer staples 50,101 55,442 1.5 % 2.2 % Healthcare, education and childcare 32,598 32,865 1.0 % 1.3 % Industrials 16,578 12,891 0.5 % 0.5 % Total equity securities (cost: $122,418 and $118,730 at December 31, 2016 and 2015, respectively) 143,919 156,730 4.3 % 6.2 % Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2016 2015 2016 2015 Canada: Fixed income securities: Consumer discretionary $ — $ 827 — % 0.0 % Consumer staples 5,256 1,369.0 0.2 % 0.1 % Energy 12,830 8,724 0.4 % 0.3 % Healthcare, education and childcare 15,509 14,819 0.5 % 0.6 % Industrials 1,401 513 0.0 % 0.0 % Telecommunication services 13,852 6,627 0.4 % 0.3 % Total fixed income securities (cost: $48,274 and $34,397 at December 31, 2016 and December 31, 2015, respectively) 48,848 32,879 1.5 % 1.3 % Equity securities: Consumer discretionary 164 — 0.0 % — % Total equity securities (cost: $408 and $0 at December 31, 2016 and 2015, respectively) 164 — 0.0 % — % Australia: Fixed income securities: Consumer discretionary 5,627 — 0.2 % — % Energy 6,046 8,888 0.2 % 0.3 % Industrials 2,926 3,657 0.1 % 0.1 % Utilities 21,154 16,041 0.6 % 0.6 % Total fixed income securities (cost: $37,975 and $39,574 at December 31, 2016 and 2015, respectively) 35,753 28,586 1.1 % 1.0 % Equity Securities: Telecommunication services — 5,370 — % 0.2 % Utilities 17,569 15,760 0.5 % 0.6 % Total equity securities (cost: $18,442 and $25,524 at December 31, 2016 and 2015, respectively) 17,569 21,130 0.5 % 0.8 % Total fixed income securities 3,125,260 2,338,024 94.0 % 91.2 % Total equity securities 204,943 221,759 6.0 % 8.8 % Total investments, at fair value $ 3,330,203 $ 2,559,783

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2016
FAIR VALUE
Summary of changes in the fair value of the Level III investments for the CLO loan obligations	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 years ended December 31, 2016 and 2015 : For the Year Ended December 31, 2016 2015 Balance, beginning of period $ 2,174,352 $ 12,049,019 Accounting change due to the adoption of ASU 2014-13(1) (2,174,352 ) — Deconsolidation of funds — (10,264,884 ) Borrowings — 602,077 Paydowns — (61,569 ) Realized and unrealized gains, net — (150,291 ) Balance, end of period $ — $ 2,174,352 (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 along with the remaining unfunded commitment and any redemption restriction of investments valued using NAV per share	For investments valued using net asset value (“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 December 31, 2016 As of December 31, 2015 Segment Fair Value Unfunded Fair Value Unfunded Redemption Credit Group $ 53,131 $ 30,896 $ 98,251 $ 89,917 (1)(2)(3) Private Equity Group 181,096 96,687 157,234 78,700 (1) Real Estate Group 71,669 35,708 56,547 99,802 (1) Operations Management Group 19,819 34,500 27,211 22,789 (1)(2) Totals $ 325,715 $ 197,791 $ 339,243 $ 291,208 (1) Includes certain closed-ended funds that do not permit investors to redeem their interests. (2) Includes certain open-ended funds that require a redemption notice of zero to sixty days before the redemption 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.
Ares Management L.P
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 December 31, 2016 : Investments of the Company, at fair value Level I Level II Level III Investments Total Fixed income-collateralized loan obligations $ — $ — $ 89,111 $ — $ 89,111 Equity securities 100 — — — 100 Partnership interests — — 33,410 325,715 359,125 Total investments, at fair value 100 — 122,521 325,715 448,336 Derivative assets of the Company, at fair value Foreign exchange contracts — 3,171 — — 3,171 Total derivative assets, at fair value — 3,171 — — 3,171 Total $ 100 $ 3,171 $ 122,521 $ 325,715 $ 451,507 Liabilities of the Company, at fair value Contingent considerations $ — $ — $ (22,156 ) $ — $ (22,156 ) Total liabilities, at fair value — — (22,156 ) — (22,156 ) Total $ — $ — $ (22,156 ) $ — $ (22,156 ) Investments of Consolidated Funds, at fair value Level I Level II Level III Total Bonds $ — $ 104,886 $ 37,063 $ 141,949 Loans — 2,606,423 199,217 2,805,640 Collateralized loan obligations — — 5,973 5,973 Total fixed income — 2,711,309 242,253 2,953,562 Equity securities 56,662 17,569 130,690 204,921 Partnership interests — — 171,696 171,696 Other — 24 — 24 Total investments, at fair value 56,662 2,728,902 544,639 3,330,203 Derivative assets of Consolidated Funds, at fair value Foreign exchange contracts — 529 — 529 Other — — 291 291 Total derivative assets, at fair value — 529 291 820 Total $ 56,662 $ 2,729,431 $ 544,930 $ 3,331,023 Derivative liabilities of Consolidated Funds, at fair value Other $ — $ — $ (2,999 ) $ (2,999 ) Total derivative liabilities, at fair value — — (2,999 ) (2,999 ) Loan obligations of CLOs — (3,031,112 ) — (3,031,112 ) Total $ — $ (3,031,112 ) $ (2,999 ) $ (3,034,111 ) 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 Total Fixed income-collateralized loan obligations $ — $ — $ 55,752 $ — $ 55,752 Equity securities 81 — — — 81 Partnership interests — — 51,703 339,243 390,946 Total investments, at fair value 81 — 107,455 339,243 446,779 Derivative assets of the Company, at fair value Foreign exchange contracts — 1,339 — — 1,339 Total derivative assets, at fair value — 1,339 — — 1,339 Total $ 81 $ 1,339 $ 107,455 $ 339,243 $ 448,118 Liabilities of the Company, at fair value Contingent considerations $ — $ — $ (40,831 ) $ — $ (40,831 ) Total liabilities, at fair value — — (40,831 ) — (40,831 ) Derivative liabilities of the Company, at fair value Foreign exchange contracts — (176 ) — — (176 ) Interest rate contracts — (214 ) — — (214 ) Total derivative liabilities, at fair value — (390 ) — — (390 ) Total $ — $ (390 ) $ (40,831 ) $ — $ (41,221 )
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 year ended December 31, 2015 : Level III Assets Level III Liabilities Level III Assets and Liabilities of the Company Fixed Income Partnership Total Contingent Considerations Balance, beginning of period $ — $ 45,348 $ 45,348 $ 2,049 Investment in deconsolidated fund(3) 17,815 — 17,815 — Purchases(1) 51,287 11,000 62,287 59,171 Sales/settlements(2) (7,567 ) (4,645 ) (12,212 ) (1,000 ) Realized and unrealized appreciation (depreciation), net (5,783 ) — (5,783 ) (19,389 ) Balance, end of period $ 55,752 $ 51,703 $ 107,455 $ 40,831 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ (7,076 ) $ — $ (7,076 ) $ (19,389 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings (3) Balance for the Company was previously eliminated upon consolidation and not reported as Level III investments. The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2016 : Level III Assets Level III Liabilities Level III Assets and Liabilities of the Company Fixed Income Partnership Total Contingent Considerations Balance, beginning of period $ 55,752 $ 51,703 $ 107,455 $ 40,831 Purchases(1) 33,053 9,000 42,053 — Sales/settlements(2) (3,698 ) — (3,698 ) (1,000 ) Realized and unrealized appreciation (depreciation), net 4,004 (27,293 ) (23,289 ) (17,675 ) Balance, end of period $ 89,111 $ 33,410 $ 122,521 $ 22,156 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 3,437 $ (7,293 ) $ (3,856 ) $ (17,675 )
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 December 31, 2016 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Partnership interests $ 33,410 Other N/A N/A Collateralized loan obligations 89,111 Broker quotes and/or 3rd party pricing services N/A N/A Total $ 122,521 Liabilities Contingent consideration liabilities $ 20,278 Other N/A N/A 1,878 Discounted cash flow Discount rate 6.5% Total $ 22,156 The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2015 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Partnership interests $ 40,703 Discounted cash flow Discount Rate 10% Partnership interests 11,000 Recent transaction price(1) N/A N/A Collateralized loan obligations 55,752 Broker quotes and/or 3rd party pricing services N/A N/A Total $ 107,455 Liabilities Contingent consideration liabilities $ 40,831 Discounted cash flow Discount rate 4.4% - 6.8% Commitment period revenue $0 - $75,000 Total $ 40,831 (1) Recent transaction price consists of securities recently purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions.
Consolidated Funds
FAIR VALUE
Summary of valuation of investments and other financial instruments by fair value hierarchy levels	Investments of Consolidated Funds, at fair value Level I Level II Level III Total Bonds $ — $ 126,289 $ 109,023 $ 235,312 Loans — 1,875,341 134,346 2,009,687 Collateralized loan obligations — — 6,121 6,121 Total fixed income — 2,001,630 249,490 2,251,120 Equity securities 76,033 15,760 129,809 221,602 Partnership interests — — 86,902 86,902 Other — 159 — 159 Total investments, at fair value $ 76,033 $ 2,017,549 $ 466,201 $ 2,559,783 Derivative liabilities of Consolidated Funds, at fair value Foreign exchange contracts $ — $ (369 ) $ — $ (369 ) Other — — (10,307 ) (10,307 ) Total derivative liabilities, at fair value — (369 ) (10,307 ) (10,676 ) Loan obligations of CLOs — — (2,174,352 ) (2,174,352 ) Total $ — $ (369 ) $ (2,184,659 ) $ (2,185,028 )
Summary of changes in the fair value of the Level III investments	Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 129,809 $ 249,490 $ 86,902 $ (10,307 ) $ 455,894 Transfer in — 59,790 — — 59,790 Transfer out (344 ) (90,952 ) — — (91,296 ) Purchases(1) 15,849 167,338 65,906 — 249,093 Sales(2) (18,029 ) (125,642 ) (3,606 ) (81 ) (147,358 ) Amortized discounts/premiums — 2,660 — 57 2,717 Realized and unrealized appreciation (depreciation), net 3,405 (20,431 ) 22,494 7,623 13,091 Balance, end of period $ 130,690 $ 242,253 $ 171,696 $ (2,708 ) $ 541,931 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 8,333 $ (9,391 ) $ 22,494 $ 5,660 $ 27,096 (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 3,263,311 $ 2,192,395 $ 137,272 $ (20,993 ) $ 5,571,985 Deconsolidation of funds(3) (3,080,402 ) (1,897,304 ) (137,272 ) 12,980 (5,101,998 ) Transfer in — 27,195 — — 27,195 Transfer out (17,281 ) (77,100 ) — — (94,381 ) Purchases(1) 23,607 113,506 98,000 — 235,113 Sales(2) (65,676 ) (96,525 ) (13,300 ) 2,384 (173,117 ) Amortized discounts/premiums — 862 — (484 ) 378 Realized and unrealized appreciation (depreciation), net 6,250 (13,539 ) 2,202 (4,194 ) (9,281 ) Balance, end of period $ 129,809 $ 249,490 $ 86,902 $ (10,307 ) $ 455,894 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 1,595 $ (12,881 ) $ — $ (4,521 ) $ (15,807 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings (3) 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 December 31, 2016 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Assets Equity securities $ 43,011 EV market multiple analysis EBITDA multiple(2) 2.0x - 11.2x 2.3x 32,598 Market approach (comparable companies) Net income multiple 30.0x - 40.0x 35.0x 421 Broker quotes and/or 3rd party pricing services N/A N/A N/A 171,696 Discounted cash flow Discount rate 20.0% 20.0% 54,660 Recent transaction price(1) N/A N/A N/A Fixed income securities 170,231 Broker quotes and/or 3rd party pricing services N/A N/A N/A 6,693 EV market multiple analysis EBITDA multiple(2) 7.1x 7.1x 5,473 Income approach Collection rates 1.2x 1.2x 28,595 Income approach Yield 6.0% - 13.6% 10.9% 24,052 Discounted cash flow Discount rate 7.8% - 15.3% 11.1% 1,776 Market approach (comparable companies) EBITDA multiple(2) 6.5x 6.5x 4,887 Recent transaction price(1) N/A N/A N/A 546 Market approach EBITDA Multiple 6.1x 6.1x Derivative instruments of Consolidated Funds 291 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 544,930 Liabilities Derivatives instruments of Consolidated Funds $ 2,999 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ 2,999 (1) Recent transaction price consists of securities recently purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a Non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2015 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 42,887 EV market multiple analysis EBITDA multiple(2) 1.6x - 10.4x 4.1x 73,686 Market approach (comparable companies) Net income multiple 10.0x - 40.0x 21.7x 344 Broker quotes and/or 3rd party pricing services N/A N/A N/A 12,891 Recent transaction price(1) N/A N/A N/A 86,902 Discounted cash flow Discount rate 14.0% 14.0% Fixed income securities 22,934 EV market multiple analysis EBITDA multiple(2) 1.6x - 11.0x 7.8x 1,626 Market approach (comparable companies) EBITDA multiple(2) 6.5x 6.5x 130,131 Broker quotes and/or 3rd party pricing services N/A N/A N/A 5,516 Discounted cash flow Discount rate 11.0% - 15.3% 12.7% 84,464 Income approach Yield 3.3% - 13.3% 9.1% 1,133 Income approach Collection rates 1.2x 1.2x 3,687 Income approach Constant prepayment rate 5.0% - 10.0% 7.1% Total assets $ 466,201 Liabilities Loans payable of Consolidated Funds: Fixed income $ 2,146,255 Broker quotes and/or 3rd party pricing services N/A N/A N/A 28,097 Discounted cash flow Discount rate 8.0% - 10.0% 8.7% Derivatives instruments of Consolidated Funds 10,307 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ 2,184,659 (1) Recent transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a Non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

DERIVATIVE FINANCIAL INSTRUME36

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 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 December 31, 2016 As of December 31, 2015 Assets Liabilities Assets Liabilities Consolidated Funds Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ 25,304 $ 529 $ — $ — $ — $ — $ (25,572 ) $ (369 ) Other financial instruments 3,575 291 (204 ) (2,999 ) — — (4,063 ) (10,307 ) Total derivatives, at fair value 28,879 820 (204 ) (2,999 ) — — (29,635 ) (10,676 ) Other—equity(2) 253 24 — — 522 159 — — Total $ 29,132 $ 844 $ (204 ) $ (2,999 ) $ 522 $ 159 $ (29,635 ) $ (10,676 ) (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) Includes the fair value of warrants which are presented as equity securities within investments of the Consolidated Funds in the Consolidated Statements of Financial Condition.
Summary of net realized and unrealized appreciation (depreciation) on derivative instruments	For the Year Ended December 31, Consolidated Funds 2016 2015 2014 Net realized gain (loss) on derivatives of Consolidated Funds Interest rate contracts: Swaps $ — $ — $ (513 ) Interest rate caps/floor — — 276 Equity contracts: Warrants(1) — — 3,583 Foreign exchange contracts: Purchased options — — 341 Foreign currency forward contracts (1,008 ) 3,752 (15,763 ) Written options — — (116 ) Credit contracts—Swaps — — (33,044 ) Other—Swaps (1,322 ) (4,332 ) (2,463 ) Net realized gain (loss) on derivatives of Consolidated Funds $ (2,330 ) $ (580 ) $ (47,699 ) Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds Interest rate contracts: Swaps $ — $ — $ 1,471 Interest rate caps/floor — — 269 Equity contracts: Warrants(1) 26 (71 ) (13,190 ) Foreign currency forward contracts — — (1,906 ) Foreign exchange contracts: Purchased options — — 1,668 Foreign currency forward contracts 900 (1,867 ) 11,775 Written options — — (402 ) Swaps — — 842 Credit contracts—Swaps — — 10,032 Other: Purchased options — — 16 Swaps 7,685 (2,934 ) (1,142 ) Total net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds $ 8,611 $ (4,872 ) $ 9,433 (1) Realized and unrealized gains (losses) on warrants are also reflected in the changes presented on the investment footnote table.
Schedule of setoff and related arrangements associated with the derivative and other financial instruments	The table below sets forth the rights of offset and related arrangements associated with the Consolidated Funds' derivative and other financial instruments as of December 31, 2016 and 2015 . The column titled "Gross Amounts Not Offset in the Statement of Financial Position" in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Consolidated Statements of Financial Condition. Gross Amounts Not Offset in the Statement of Financial Position Consolidated Funds as of December 31, 2016 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 2,243 $ (1,423 ) $ 820 $ — $ 820 Liabilities: Derivatives (4,422 ) 1,423 (2,999 ) — (2,999 ) Net derivatives liabilities $ (2,179 ) $ — $ (2,179 ) $ — $ (2,179 ) Gross Amounts Not Offset in the Statement of Financial Position Consolidated Funds as of December 31, 2015 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 85 $ (85 ) $ — $ — $ — Liabilities: Derivatives (10,761 ) 85 (10,676 ) — (10,676 ) Net derivatives liabilities $ (10,676 ) $ — $ (10,676 ) $ — $ (10,676 )
Ares Management L.P
DERIVATIVE FINANCIAL INSTRUMENTS
Schedule of fair value and notional amounts of derivative contracts by major product type on a gross basis	As of December 31, 2016 As of December 31, 2015 Assets Liabilities Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Interest rate contracts $ — $ — $ — $ — $ — $ — $ (250,000 ) $ (214 ) Foreign exchange contracts 62,830 3,171 — — 94,634 1,339 (53,245 ) (176 ) Total derivatives, at fair value $ 62,830 $ 3,171 $ — $ — $ 94,634 $ 1,339 $ (303,245 ) $ (390 )
Summary of net realized and unrealized appreciation (depreciation) on derivative instruments	The following tables present a summary of net realized gains (losses) and unrealized appreciation (depreciation) on the Company's derivative instruments, which are included within net realized and unrealized gain (loss) on investments in the Consolidated Statements of Operations, for the years ended December 31, 2016 , 2015 and 2014 : For the Year Ended December 31, The Company 2016 2015 2014 Net realized gain (loss) on derivatives Interest rate contracts—Swaps $ (337 ) $ (1,318 ) $ (1,368 ) Foreign exchange contracts: Purchased options — 2,022 — Foreign currency forward contracts 1,783 8,379 3,330 Net realized gain on derivatives $ 1,446 $ 9,083 $ 1,962 Net change in unrealized appreciation (depreciation) on derivatives Interest rate contracts—Swaps $ 214 $ 633 $ 407 Foreign exchange contracts: Purchased options — (1,057 ) 1,076 Foreign currency forward contracts 2,008 (2,556 ) 5,034 Total net change in unrealized appreciation (depreciation) on derivatives $ 2,222 $ (2,980 ) $ 6,517
Schedule of setoff and related arrangements associated with the derivative and other financial instruments	The table below sets forth the rights of offset and related arrangements associated with the Company's derivative and other financial instruments as of December 31, 2016 and 2015 . The column titled "Gross Amounts Not Offset in the Statement of Financial Position" in the table below relates to derivative instruments that are eligible to be offset in accordance with applicable accounting guidance but for which management has elected not to offset in the Consolidated Statements of Financial Condition. Gross Amount Not Offset in the Statement of Financial Position The Company as of December 31, 2016 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 3,171 $ — $ 3,171 $ — $ 3,171 Liabilities: Derivatives — — — — — Net derivatives assets $ 3,171 $ — $ 3,171 $ — $ 3,171 Gross Amount Not Offset in the Statement of Financial Position The Company as of December 31, 2015 Gross Amounts Gross Amounts Net Amounts of Financial Net Amount Assets: Derivatives $ 1,339 $ — $ 1,339 $ (176 ) $ 1,163 Liabilities: Derivatives (390 ) — (390 ) 176 (214 ) Net derivatives assets $ 949 $ — $ 949 $ — $ 949

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2016
Ares Management L.P
DEBT
Schedule of borrowings outstanding	The following table shows the activity of the Company's debt issuance costs: Credit Facility(1) Senior Notes(2) Term Loans(2) AFC II Notes(3) Unamortized debt issuance costs as of December 31, 2014 $ 5,330 $ 2,261 $ — $ — Debt issuance costs incurred 2,271 6 214 3,709 Amortization of debt issuance costs (1,360 ) (232 ) (7 ) (75 ) Debt extinguishment expense — — — (3,634 ) Unamortized debt issuance costs as of December 31, 2015 6,241 2,035 207 — Debt issuance costs incurred 548 — 340 — Amortization of debt issuance costs (1,989 ) (232 ) (21 ) — Unamortized debt issuance costs as of December 31, 2016 $ 4,800 $ 1,803 $ 526 $ — (1) Unamortized debt issuance costs of the Credit Facility are included in other assets in the Consolidated Statements of Financial Condition. (2) Unamortized debt issuance costs of the Senior Notes and Term Loans are included in the net carrying value of the Company’s debt obligations in the Consolidated Statements of Financial Condition. (3) Represents $325.0 million aggregate principal amount of 5.250% senior notes (the "AFC II Notes") issued by a subsidiary of the Company in August 2015 and subsequently redeemed in November 2015. The related debt issuance costs and discount were written off at the time of redemption. The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of December 31, 2016 As of December 31, 2015 Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility(1) 4/30/2019 N/A $ — — $ 110,000 2.11% Senior Notes(2) 10/8/2024 $ 250,000 244,684 4.21 % 244,077 4.21% 2015 Term Loan(3) 7/29/2026 $ 35,250 35,063 2.74 % 35,043 2.18% 2016 Term Loan(4) 1/15/2029 $ 26,376 26,037 2.66 % — N/A Total debt obligations $ 305,784 $ 389,120 (1) The AOG 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 the Company’s underlying credit agency rating. As of December 31, 2016, base rate loans bear interest calculated based on the base rate plus 0.75% and the LIBOR rate loans bear interest calculated based on LIBOR 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) The 2015 Term Loan was entered into in August 2015 by a subsidiary of the Company that acts as a manager to a CLO. The 2015 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 . (4) The 2016 Term Loan was entered into in December 2016 by a subsidiary of the Company that acts as a manager to a CLO. The 2016 Term Loan is secured by collateral in the form of CLO senior tranches and subordinated notes 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 0.03% of a maximum investment amount.
Consolidated Funds
DEBT
Schedule of borrowings outstanding	The Consolidated Funds had the following revolving bank credit facilities outstanding as of December 31, 2016 and 2015 : As of December 31, 2016 As of December 31, 2015 Type of Facility Maturity Date Total Capacity Outstanding Loan(1) Effective Rate Outstanding Loan(1) Effective Rate Consolidated Funds credit facility 1/1/2023 $ 18,000 $ 12,942 2.38% $ 11,734 2.00% Consolidated Funds credit facility 6/30/2018 $ 42,128 42,128 1.55% (2) — N/A Total borrowings of Consolidated Funds $ 55,070 $ 11,734 (1) The fair values of the borrowings approximate the carrying value, as the interest rate on the borrowings is a floating rate. (2) The effective rate is based on the three month EURIBOR plus an applicable margin.
Consolidated Funds | Fixed income-collateralized loan obligations
DEBT
Schedule of borrowings outstanding	As of December 31, 2016 and 2015 , the following loan obligations were outstanding and classified as liabilities of the Company’s Consolidated CLOs: As of December 31, 2016 As of December 31, 2015 Loan Obligations Fair Value of Loan Obligations Weighted Loan Fair Value of Loan Obligations Weighted Average Remaining Maturity In Years Senior secured notes(1) $ 2,839,779 $ 2,841,440 9.68 $ 2,101,506 $ 2,054,123 9.55 Subordinated notes(2) 284,046 189,672 9.97 194,443 120,229 9.53 Total loan obligations of Consolidated CLOs $ 3,123,825 $ 3,031,112 $ 2,295,949 $ 2,174,352 (1) Original borrowings under the senior secured notes totaled $3 billion , with various maturity dates ranging from October 2024 to February 2030. The weighted average interest rate as of December 31, 2016 was 3.55% . (2) Original borrowings under the subordinated notes totaled $256 million , with various maturity dates ranging from October 2024 to February 2030. They do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO.

REDEEMABLE INTERESTS AND EQUI38

REDEEMABLE INTERESTS AND EQUITY COMPENSATION PUT OPTION LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2016
Noncontrolling Interest [Abstract]
Summary of changes in the non-controlling interest and equity compensation put option liability	The following table sets forth a summary of changes in the redeemable interests and equity compensation put option liability in Consolidated Funds as of December 31, 2016 , 2015 and 2014 : As of December 31, 2016 2015 2014 Redeemable interests in Ares Operating Group Entities Beginning balance $ 23,505 $ 23,988 $ 40,751 Net income — — 164 Distributions — — (1,313 ) Currency translation adjustment — — 9 Equity compensation — — 234 Tandem award compensation adjustment — — (15,898 ) Equity Balance Post-Reorganization 23,505 23,988 23,947 Issuance cost — — (124 ) Allocation of contributions in excess of the carrying value of the net assets (dilution) — — 910 Reallocation of Partners' capital for change in ownership interest — 82 (900 ) Deferred tax liabilities arising from allocation of contribution and Partners' capital — (1 ) — Redemption of redeemable interest in consolidated subsidiary (20,000 ) — — Forfeiture of equity in connection with redemption of ownership interest (3,337 ) — — Distributions (661 ) (998 ) (477 ) Net income 456 338 567 Currency translation adjustment (47 ) (36 ) (16 ) Equity compensation 84 132 81 Ending Balance $ — $ 23,505 $ 23,988

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Schedule of other assets	The components of other assets as of December 31, 2016 and 2015 were as follows: As of December 31, 2016 2015 Other assets of the Company: Accounts and interest receivable $ 1,071 $ 2,111 Fixed assets, net 40,759 38,147 Other assets 23,735 22,717 Total other assets of Company $ 65,565 $ 62,975 Other assets of Consolidated Funds: Income tax and other receivables 2,501 1,348 Total other assets of Consolidated Funds $ 2,501 $ 1,348
Schedule of major classes of depreciable assets	Fixed assets included the following as of December 31, 2016 and 2015 : Year Ended December 31, 2016 2015 Furniture $ 8,498 $ 7,946 Office and computer equipment 16,712 15,039 Internal use software 10,974 5,039 Leasehold improvements 40,994 40,167 Fixed assets, at cost 77,178 68,191 Less: accumulated depreciation (36,419 ) (30,044 ) Fixed assets, net $ 40,759 $ 38,147

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum commitments for operating leases	The future minimum commitments for the Company's operating leases are as follows: 2017 $ 23,940 2018 25,615 2019 25,351 2020 21,333 2021 17,018 Thereafter 69,564 Total $ 182,821

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of amounts due from and to affiliates	The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were comprised of the following: As of December 31, 2016 2015 Due from affiliates: Management fees receivable from non-consolidated funds $ 123,781 $ 112,405 Payments made on behalf of and amounts due from non-consolidated funds and employees 39,155 32,577 Due from affiliates—Company $ 162,936 $ 144,982 Amounts due from portfolio companies and non-consolidated funds $ 3,592 $ 12,923 Due from affiliates—Consolidated Funds $ 3,592 $ 12,923 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 7,914 $ 6,679 Management fees received in advance 1,788 1,738 Tax receivable agreement liability 4,748 — Payments made by non-consolidated funds on behalf of and amounts due from the Company 3,114 4,484 Due to affiliates—Company $ 17,564 $ 12,901

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income taxes
Schedule of provision for income taxes	The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, Provision for Income Taxes - The Company 2016 2015 2014 Current: U.S. federal income tax $ 19,419 $ 12,064 $ 12,801 State and local income tax 3,706 4,839 1,719 Foreign income tax 8,458 1,509 1,613 31,583 18,412 16,133 Deferred: U.S. federal income tax (benefit) (14,247 ) 356 123 State and local income tax (benefit) (1,400 ) 306 210 Foreign income tax (benefit) (4,180 ) (14 ) 70 (19,827 ) 648 403 Total: U.S. federal income tax 5,172 12,420 12,924 State and local income tax 2,306 5,145 1,929 Foreign income tax 4,278 1,495 1,683 Income tax expense 11,756 19,060 16,536 Provision for Income Taxes - Consolidated Funds Current: U.S. federal income tax — — 6,807 State and local income tax — — 1,564 Foreign income tax (benefit) (737 ) 4 36 (737 ) 4 8,407 Deferred: U.S. federal income benefit — — (9,958 ) State and local income benefit — — (2,832 ) Foreign income benefit — — (900 ) — — (13,690 ) Total: U.S. federal income benefit — — (3,151 ) State and local income benefit — — (1,268 ) Foreign income tax (benefit) (737 ) 4 (864 ) Income tax expense (benefit) (737 ) 4 (5,283 ) Total Provision for Income Taxes Total current income tax expense 30,846 18,416 24,540 Total deferred income tax expense (benefit) (19,827 ) 648 (13,287 ) Total income tax expense $ 11,019 $ 19,064 $ 11,253
Schedule of reasons for which effective income tax rate differed from the federal statutory rate	The effective income tax rate differed from the federal statutory rate for the following reasons for the years ended December 31, 2016 , 2015 and 2014 : Year Ended December 31, 2016 2015 2014 Income tax expense at federal statutory rate 35.0 % 35.0 % 35.0 % Income passed through to non-controlling interests (27.6 ) (24.2 ) (34.9 ) State and local taxes, net of federal benefit 0.9 5.6 0.4 Foreign taxes (0.9 ) 1.4 0.1 Permanent items (2.2 ) 6.0 2.2 Other, net (1.7 ) 0.9 (1.1 ) Valuation allowance 0.2 (1.3 ) 0.3 Total effective rate 3.7 % 23.4 % 2.0 %
Ares Management L.P
Income taxes
Schedule of income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities	The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2016 and 2015 : As of December 31, Deferred Tax Assets and Liabilities of the Company 2016 2015 Deferred tax assets Net operating losses $ 99 $ 1,623 Investment in partnerships 3,774 — Other, net 2,897 1,330 Total gross deferred tax assets 6,770 2,953 Valuation allowance (39 ) (2,953 ) Total deferred tax assets, net 6,731 — Deferred tax liabilities Investment in partnerships — (13,846 ) Other, net — (7,442 ) Total deferred tax liabilities — (21,288 ) Net deferred tax assets (liabilities) $ 6,731 $ (21,288 )
Consolidated Funds
Income taxes
Schedule of income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities	As of December 31, Deferred Tax Assets and Liabilities of the Consolidated Funds 2016 2015 Deferred tax assets Net operating loss $ 4,951 $ 1,538 Other, net 53 102 Total gross deferred tax assets 5,004 1,640 Valuation allowance (5,004 ) (1,640 ) Total deferred tax assets, net $ — $ —

EARNINGS PER COMMON UNIT (Table

EARNINGS PER COMMON UNIT (Tables)	12 Months Ended
	Dec. 31, 2016
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Earnings Per Common Unit	The computation of diluted earnings per common unit for the years ended December 31, 2016, 2015 and 2014 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive: For the Year Ended December 31, Period from May 1, 2014 through December 31, 2014 2016 2015 Options 22,781,597 24,082,415 24,230,518 Restricted units 47,182 4,657,761 4,776,053 AOG units 131,499,652 132,427,608 130,858,662
Schedule of the computation of basic and diluted earnings per common unit	The following table presents the computation of basic and diluted earnings per common unit: For the Year Ended December 31, Period from May 1, 2014 through December 31, 2014 2016 2015 Net income attributable to Ares Management, L.P. common unitholders $ 99,632 $ 19,378 $ 34,988 Earnings distributed to participating securities (restricted units) (1,257 ) (646 ) (417 ) Preferred stock dividends(1) (8 ) (15 ) — Net income available to common unitholders $ 98,367 $ 18,717 $ 34,571 Basic weighted-average common units 80,749,671 80,673,360 80,358,036 Basic earnings per common unit $ 1.22 $ 0.23 $ 0.43 Net income (loss) attributable to Ares Management, L.P. common unitholders $ 99,632 $ 19,378 $ 34,988 Earnings distributed to participating securities (restricted units) — (646 ) (417 ) Preferred stock dividends(1) (8 ) (15 ) — Net income available to common unitholders $ 99,624 $ 18,717 $ 34,571 Effect of dilutive units: Restricted units 2,187,359 — — Diluted weighted-average common units 82,937,030 80,673,360 80,358,036 Diluted earnings per common unit $ 1.20 $ 0.23 $ 0.43 (1) Dividends relate to the preferred shares that were issued by Ares Real Estate Holdings LLC and were redeemed on July 1, 2016.

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of the grant date fair value associated with each equity award issued as well as the expense recognized	The following summarizes the grant date fair value associated with each equity award issued prior to the Company's IPO that occurred on May 1, 2014, as well as the expense recognized related to these awards for the year ended December 31, 2014: Compensation Expense, Net of Forfeitures Unrecognized Compensation Expenses(1) Grant Date Fair Value For the Year Ended December 31, 2014 As of April 30, 2014 AEP I Profit Interest $ 38,400 $ — $ — AEP II Profit Interests 33,423 14,714 12,709 AEP IV Profit Interests 10,657 10,657 10,657 AEP VI Profit Interests 9,047 9,047 9,047 Exchanged AEP Awards 68,607 — — Indicus: Membership Interest 20,700 11,913 10,532 Profit Interest 5,464 (3,871 ) — AREA Membership Interest 25,381 20,678 17,555 Total $ 211,679 $ 63,138 $ 60,500 (1) On May 1, 2014, the unrecognized compensation expenses associated with awards granted prior to the IPO were recognized as the vesting of these awards was accelerated. These amounts are included in the compensation expenses presented above.
Schedule of equity-based compensation expense, net of assumed forfeitures	Equity-based compensation expense, net of forfeitures is included in the following table: For the Year Ended December 31, Period from May 1, 2014 through December 31, 2014 2016 2015 Restricted units $ 21,894 $ 14,035 $ 8,826 Options 15,450 16,575 9,869 Phantom units 1,721 1,634 1,396 Equity-based compensation expense $ 39,065 $ 32,244 $ 20,091
Summary of unvested restricted units' activity	The following table presents unvested restricted units’ activity during the year ended December 31, 2016 : Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - January 1, 2016 4,657,761 $ 18.01 Granted 3,988,873 14.58 Vested (47,729 ) 17.32 Forfeited (540,533 ) 16.95 Balance - December 31, 2016 8,058,372 $ 16.38
Summary of unvested options activity	A summary of unvested options activity during the year ended December 31, 2016 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - January 1, 2016 24,082,415 $ 18.99 8.34 Granted — — — Vested (153,449 ) 19.00 7.29 Forfeited (1,827,027 ) 19.00 — December 31, 2016 22,101,939 $ 18.99 7.35 $ 4,586 Exercisable at December 31, 2016 130,200 $ 19.00 7.29 $ 26
Schedule of weighted average assumptions used for fair value	The fair value of each option granted during each year is measured on the date of the grant using the Black‑Scholes option pricing model and the following weighted average assumptions: For the Year Ended December 31, Period from May 1, 2014 through December 31, 2014 2016(2) 2015 Risk-free interest rate N/A 1.71% to 1.80% 2.06% to 2.22% Weighted average expected dividend yield N/A 5.00% 5.00% Expected volatility factor(1) N/A 35.00% to 36.00% 34.00% to 35.00% Expected life in years N/A 6.66 to 7.49 6.92 to 7.00 (1) Expected volatility is based on comparable companies using daily stock prices. (2) There were no new options granted during the year ended December 31, 2016.
Summary of unvested Phantom units activity	A summary of unvested phantom units’ activity during the year ended December 31, 2016 is presented below: Phantom Units Weighted Average Phantom Units Weighted Average Balance - January 1 418,115 $ 19.00 610,711 $ 19.00 Vested (98,733 ) 19.00 (116,802) 19.00 Forfeited (53,244 ) 19.00 (75,794) 19.00 Balance - December 31 266,138 $ 19.00 418,115 $ 19.00
Schedule of Adoption of ASU 2016-09	The Company adopted ASU 2016-09 effective January 1, 2016 using a modified retrospective approach and recorded a cumulative-effect adjustment with the following impact to beginning equity: Partners' Capital Non-Controlling Interest in AOG Entities Redeemable Interest in AOG Entities Balance at December 31, 2015 $ 251,537 $ 397,883 $ 23,505 Retained earnings (3,357 ) (5,470 ) (38 ) Paid-in-capital - equity compensation 3,767 6,138 43 Distributions - dividend equivalent (410 ) (668 ) (5 ) Balance at December 31, 2015 (as adjusted) $ 251,537 $ 397,883 $ 23,505

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of financial results for Company's operating segments, as well as the OMG	The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2016 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $121,181) $ 444,664 $ 147,790 $ 66,997 $ 659,451 $ — $ 659,451 Other fees 9,953 1,544 854 12,351 — 12,351 Compensation and benefits (177,071 ) (57,012 ) (39,033 ) (273,116 ) (111,599 ) (384,715 ) General, administrative and other expenses (26,827 ) (14,256 ) (10,124 ) (51,207 ) (63,530 ) (114,737 ) Fee related earnings 250,719 78,066 18,694 347,479 (175,129 ) 172,350 Performance fees—realized 51,435 230,162 11,401 292,998 — 292,998 Performance fees—unrealized 22,851 188,287 17,334 228,472 — 228,472 Performance fee compensation—realized (11,772 ) (184,072 ) (2,420 ) (198,264 ) — (198,264 ) Performance fee compensation—unrealized (26,109 ) (149,956 ) (13,517 ) (189,582 ) — (189,582 ) Net performance fees 36,405 84,421 12,798 133,624 — 133,624 Investment income (loss)—realized 4,928 18,773 931 24,632 (14,606 ) 10,026 Investment income (loss)—unrealized 11,848 (613 ) 5,418 16,653 (2,197 ) 14,456 Interest and other investment income 26,119 16,579 1,661 44,359 149 44,508 Interest expense (8,609 ) (5,589 ) (1,056 ) (15,254 ) (2,727 ) (17,981 ) Net investment income (loss) 34,286 29,150 6,954 70,390 (19,381 ) 51,009 Performance related earnings 70,691 113,571 19,752 204,014 (19,381 ) 184,633 Economic net income $ 321,410 $ 191,637 $ 38,446 $ 551,493 $ (194,510 ) $ 356,983 Distributable earnings $ 302,683 $ 148,996 $ 24,191 $ 475,870 $ (211,564 ) $ 264,306 Total assets $ 650,435 $ 1,218,412 $ 232,862 $ 2,101,709 $ 74,383 $ 2,176,092 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2015 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $121,491) $ 432,769 $ 152,104 $ 66,045 $ 650,918 $ — $ 650,918 Other fees(1) 414 1,406 2,779 4,599 — 4,599 Compensation and benefits (167,735 ) (54,231 ) (40,591 ) (262,557 ) (98,065 ) (360,622 ) General, administrative and other expenses (27,781 ) (15,295 ) (15,044 ) (58,120 ) (59,783 ) (117,903 ) Fee related earnings 237,667 83,984 13,189 334,840 (157,848 ) 176,992 Performance fees—realized 87,583 24,849 9,516 121,948 — 121,948 Performance fees—unrealized (71,341 ) 87,809 15,179 31,647 — 31,647 Performance fee compensation—realized (44,110 ) (19,255 ) (1,826 ) (65,191 ) — (65,191 ) Performance fee compensation—unrealized 36,659 (74,598 ) (8,553 ) (46,492 ) — (46,492 ) Net performance fees 8,791 18,805 14,316 41,912 — 41,912 Investment income (loss)—realized 13,274 6,840 2,658 22,772 (23 ) 22,749 Investment income (loss)—unrealized (15,731 ) (13,205 ) 1,522 (27,414 ) 52 (27,362 ) Interest and other investment income 10,429 6,166 259 16,854 379 17,233 Interest expense (7,075 ) (5,936 ) (977 ) (13,988 ) (1,158 ) (15,146 ) Net investment income (loss) 897 (6,135 ) 3,462 (1,776 ) (750 ) (2,526 ) Performance related earnings 9,688 12,670 17,778 40,136 (750 ) 39,386 Economic net income $ 247,355 $ 96,654 $ 30,967 $ 374,976 $ (158,598 ) $ 216,378 Distributable earnings $ 289,091 $ 91,800 $ 17,615 $ 398,506 $ (167,917 ) $ 230,589 Total assets $ 530,758 $ 927,758 $ 186,058 $ 1,644,574 $ 96,637 $ 1,741,211 (1) For the year ended December 31, 2015 , the Company presented compensation and benefits expenses and general, administrative and other expenses net of the administrative fees earned from certain funds. As a result, for the year ended December 31, 2015 , $21.6 million and $4.4 million of administrative fees have been reclassified from other fees to compensation and benefits expenses and general, administrative and other expenses, respectively. The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2014 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $118,537) $ 416,400 $ 93,963 $ 87,683 $ 598,046 $ — $ 598,046 Other fees 1,192 219 4,889 6,300 — 6,300 Compensation and benefits (176,709 ) (40,229 ) (47,174 ) (264,112 ) (90,250 ) (354,362 ) General, administrative and other expenses (24,196 ) (10,075 ) (15,632 ) (49,903 ) (52,817 ) (102,720 ) Fee related earnings 216,687 43,878 29,766 290,331 (143,067 ) 147,264 Performance fees—realized 98,221 46,417 1,856 146,494 — 146,494 Performance fees—unrealized (41,681 ) 119,156 17,408 94,883 — 94,883 Performance fee compensation—realized (48,077 ) (32,522 ) — (80,599 ) — (80,599 ) Performance fee compensation—unrealized 11,059 (97,658 ) (2,830 ) (89,429 ) — (89,429 ) Net performance fees 19,522 35,393 16,434 71,349 — 71,349 Investment income—realized 29,081 21,154 2,344 52,579 — 52,579 Investment income (loss)—unrealized (12,430 ) 23,424 (61 ) 10,933 — 10,933 Interest and other investment income 10,688 4,745 265 15,698 — 15,698 Interest expense (3,555 ) (3,925 ) (1,137 ) (8,617 ) — (8,617 ) Net investment income 23,784 45,398 1,411 70,593 — 70,593 Performance related earnings 43,306 80,791 17,845 141,942 — 141,942 Economic net income $ 259,993 $ 124,669 $ 47,611 $ 432,273 $ (143,067 ) $ 289,206 Distributable earnings $ 294,955 $ 76,190 $ 10,460 $ 381,605 $ (148,849 ) $ 232,756 Total assets $ 730,281 $ 717,131 $ 224,333 $ 1,671,745 $ 15,206 $ 1,686,951 (1) For the year ended December 31, 2014 , the Company presented compensation and benefits expenses and general, administrative and other expenses net of the administrative fees earned from certain funds. As a result, for the year ended December 31, 2014 , $19.0 million and $3.4 million of administrative fees have been reclassified from other fees to compensation and benefits expenses and general, administrative and other expenses, respectively.
Schedule of segment’ revenue, expenses and other income (expense)	The following table presents the components of the Company’s operating segments’ revenue, expenses and other income (expense): For the Year Ended December 31, 2016 2015 2014 Segment Revenues Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively) $ 659,451 $ 650,918 $ 598,046 Other fees 12,351 4,599 6,300 Performance fees—realized 292,998 121,948 146,494 Performance fees—unrealized 228,472 31,647 94,883 Total segment revenues $ 1,193,272 $ 809,112 $ 845,723 Segment Expenses Compensation and benefits $ 273,116 $ 262,557 $ 264,112 General, administrative and other expenses 51,207 58,120 49,903 Performance fee compensation—realized 198,264 65,191 80,599 Performance fee compensation—unrealized 189,582 46,492 89,429 Total segment expenses $ 712,169 $ 432,360 $ 484,043 Other Income (Expense) Investment income—realized $ 24,632 $ 22,772 $ 52,579 Investment income (loss)—unrealized 16,653 (27,414 ) 10,933 Interest and other investment income 44,359 16,854 15,698 Interest expense (15,254 ) (13,988 ) (8,617 ) Total other income (expense) $ 70,390 $ (1,776 ) $ 70,593
Schedule of segment revenues components	The following table reconciles segment revenue to Ares consolidated revenues: For the Year Ended December 31, 2016 2015 2014 Total segment revenue $ 1,193,272 $ 809,112 $ 845,723 Revenue of Consolidated Funds eliminated in consolidation (18,522 ) (13,279 ) (249,394 ) Administrative fees(1) 26,934 26,007 22,147 Performance fees reclass(2) (2,479 ) (7,398 ) (14,587 ) Total consolidated adjustments and reconciling items 5,933 5,330 (241,834 ) Total consolidated revenue $ 1,199,205 $ 814,442 $ 603,889 (1) Represents administrative fees that are presented in administrative and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) 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 Consolidated Statements of Operations.
Schedule of segment expenses components	The following table reconciles segment expenses to Ares consolidated expenses: For the Year Ended December 31, 2016 2015 2014 Total segment expenses $ 712,169 $ 432,360 $ 484,043 Expenses of Consolidated Funds added in consolidation 42,520 36,417 187,494 Expenses of Consolidated Funds eliminated in consolidation (21,447 ) (18,312 ) (120,694 ) Administrative fees(1) 26,934 26,007 22,147 OMG expenses 175,129 157,848 143,067 Acquisition and merger-related expenses 773 40,482 11,043 Equity compensation expense 39,065 32,244 83,230 Placement fees and underwriting costs 6,424 8,825 14,753 Amortization of intangibles 26,638 46,227 27,610 Depreciation expense 8,215 6,942 7,346 Total consolidation adjustments and reconciling items 304,251 336,680 375,996 Total consolidated expenses $ 1,016,420 $ 769,040 $ 860,039 (1) Represents administrative fees that are presented in administrative and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
Schedule of segment other income (expense) components	The following table reconciles segment other income (expense) to Ares consolidated other income: For the Year Ended December 31, 2016 2015 2014 Total other income (expense) $ 70,390 $ (1,776 ) $ 70,593 Other income (expense) from Consolidated Funds added in consolidation, net 37,388 13,695 785,152 Other income (expense) from Consolidated Funds eliminated in consolidation, net 4,856 12,007 (53,883 ) OMG other expense (19,381 ) (750 ) — Performance fee reclass(1) 2,479 7,398 14,587 Gain associated with contingent consideration 17,675 21,064 — Merger related expenses — (15,446 ) — Other non-cash expense 1,728 (110 ) (3,384 ) Total consolidation adjustments and reconciling items 44,745 37,858 742,472 Total consolidated other income (expense) $ 115,135 $ 36,082 $ 813,065 (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 Consolidated Statements of Operations.
Reconciliation of segment results to the Company's income before taxes and total assets	The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of ENI, FRE, PRE and DE: For the Year Ended December 31, 2016 2015 2014 Economic net income Income (loss) before taxes $ 297,920 $ 81,484 $ 556,915 Adjustments: Amortization of intangibles 26,638 46,227 27,610 Depreciation expense 8,215 6,942 7,346 Equity compensation expenses 39,065 32,244 83,230 Acquisition and merger-related expenses (16,902 ) 34,864 11,043 Placement fees and underwriting costs 6,424 8,825 14,753 OMG expenses, net 194,510 158,598 143,067 Other non-cash expense (1,728 ) 110 3,384 (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (2,649 ) 5,682 (415,075 ) Total consolidation adjustments and reconciling items 253,573 293,492 (124,642 ) Economic net income 551,493 374,976 432,273 Total performance fees income - realized (292,998 ) (121,948 ) (146,494 ) Total performance fees income - unrealized (228,472 ) (31,647 ) (94,883 ) Total performance fee compensation - realized 198,264 65,191 80,599 Total performance fee compensation - unrealized 189,582 46,492 89,429 Total investment income (70,390 ) 1,776 (70,593 ) Fee related earnings 347,479 334,840 290,331 Performance fees—realized 292,998 121,948 146,494 Performance fee compensation—realized (198,264 ) (65,191 ) (80,599 ) Investment and other income (expense) realized, net 50,415 25,638 59,660 Additional adjustments: Dividend equivalent(1) (3,863 ) (2,501 ) — One-time acquisition costs(1) (457 ) (1,553 ) (8,446 ) Income tax expense(1) (3,199 ) (1,462 ) (1,725 ) Non-cash items 870 (758 ) (1,525 ) Placement fees and underwriting costs(1) (6,431 ) (8,817 ) (14,753 ) Depreciation and amortization(1) (3,678 ) (3,638 ) (7,832 ) Distributable earnings $ 475,870 $ 398,506 $ 381,605 Performance related earnings Economic net income $ 551,493 $ 374,976 $ 432,273 Less: fee related earnings (347,479 ) (334,840 ) (290,331 ) Performance related earnings $ 204,014 $ 40,136 $ 141,942 (1) Certain costs are reduced by the amounts attributable to OMG, which is excluded from segment results.
Schedule of reconciliation of total segment assets to total assets reported in the Consolidated Statements of Financial Condition	The reconciliation of total segment assets to total assets reported in the Consolidated Statements of Financial Condition consists of the following: For the Year Ended December 31, 2016 2015 2014 Total segment assets $ 2,101,709 $ 1,644,574 $ 1,671,745 Total assets from Consolidated Funds added in Consolidation 3,822,010 2,760,419 20,758,806 Total assets from Consolidated Funds eliminated in Consolidation (168,390 ) (180,222 ) (806,765 ) Operating Management Group assets 74,383 96,637 15,206 Total consolidated adjustments and reconciling items 3,728,003 2,676,834 19,967,247 Total consolidated assets $ 5,829,712 $ 4,321,408 $ 21,638,992

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	12 Months Ended
	Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Schedule of Impact of Adoption of ASU 2015-02	The deconsolidation of such entities had the following impact on the Consolidated Statement of Financial Condition as of January 1, 2015: As of January 1, 2015 As originally reported As adjusted Effect of deconsolidation CLOs: Number of entities 31 4 (27 ) Total assets $ 12,682,054 $ 2,109,780 $ (10,572,274 ) Total liabilities $ 12,719,980 $ 2,122,355 $ (10,597,625 ) Cumulative- effect adjustment to equity appropriated for Consolidated Funds $ — $ 25,352 $ 25,352 Non-CLOs: Number of entities 35 6 (29 ) Total assets $ 7,271,422 $ 395,730 $ (6,875,692 ) Total liabilities $ 1,242,484 $ 55,430 $ (1,187,054 ) Cumulative- effect adjustment to redeemable interests in Consolidated Funds and non-controlling interest in Consolidated Funds $ — $ (5,688,639 ) $ (5,688,639 ) Total impact of deconsolidation of entities: Number of entities 66 10 (56 ) Total assets $ 19,953,476 $ 2,505,510 $ (17,447,966 ) Total liabilities $ 13,962,463 $ 2,177,785 $ (11,784,679 ) Cumulative- effect adjustment to redeemable interests in Consolidated Funds and non-controlling interest in Consolidated Funds $ — $ (5,663,287 ) $ (5,663,287 )
Schedule of interest in VIEs	The Company's interests in consolidated and non-consolidated VIEs, as presented in the 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 December 31, 2016 2015 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs $ 268,950 $ 284,169 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs $ 153,746 $ 160,858 Assets of consolidated VIEs $ 3,822,010 $ 2,759,981 Liabilities of consolidated VIEs $ 3,360,329 $ 2,256,517 For the Years Ended December 31, 2016 2015 2014 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ 3,386 $ (5,686 ) $ 417,793
Schedule of consolidating effects of the Consolidated Funds on the Company's financial condition	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition as of December 31, 2016 and 2015 and results from operations for the years ended December 31, 2016 , 2015 and 2014 . As of December 31, 2016 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 342,861 $ — $ — $ 342,861 Investments (includes fair value investments of $448,336) 622,215 — (153,744 ) 468,471 Performance fees receivable 767,429 — (8,330 ) 759,099 Due from affiliates 169,252 — (6,316 ) 162,936 Intangible assets, net 58,315 — — 58,315 Goodwill 143,724 — — 143,724 Deferred tax asset, net 6,731 — — 6,731 Other assets 65,565 — — 65,565 Assets of Consolidated Funds Cash and cash equivalents — 455,280 — 455,280 Investments, at fair value — 3,330,203 — 3,330,203 Due from affiliates — 3,592 — 3,592 Dividends and interest receivable — 8,479 — 8,479 Receivable for securities sold — 21,955 — 21,955 Other assets — 2,501 — 2,501 Total assets $ 2,176,092 $ 3,822,010 $ (168,390 ) $ 5,829,712 Liabilities Accounts payable, accrued expenses and other liabilities $ 83,336 $ — $ — $ 83,336 Accrued compensation 131,736 — — 131,736 Due to affiliates 17,959 — (395 ) 17,564 Performance fee compensation payable 598,050 — — 598,050 Debt obligations 305,784 — — 305,784 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 21,056 — 21,056 Due to affiliates — 10,599 (10,599 ) — Payable for securities purchased — 208,742 — 208,742 CLO loan obligations — 3,064,862 (33,750 ) 3,031,112 Fund borrowings — 55,070 — 55,070 Total liabilities 1,136,865 3,360,329 (44,744 ) 4,452,450 Commitments and contingencies Preferred equity (12,400,000 units issued and outstanding at December 31, 2016) 298,761 — — 298,761 Non-controlling interest in Consolidated Funds — 461,681 (123,646 ) 338,035 Non-controlling interest in Ares Operating Group entities 447,615 — — 447,615 Controlling interest in Ares Management, L.P.: Partners' Capital (80,814,732 units issued and outstanding) 301,790 — — 301,790 Accumulated other comprehensive loss, net of tax (8,939 ) — — (8,939 ) Total controlling interest in Ares Management, L.P. 292,851 — — 292,851 Total equity 1,039,227 461,681 (123,646 ) 1,377,262 Total liabilities, redeemable interests, non-controlling interests and equity $ 2,176,092 $ 3,822,010 $ (168,390 ) $ 5,829,712 As of December 31, 2015 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 121,483 $ — $ — $ 121,483 Investments (includes fair value investments of $446,779) 636,092 — (167,805 ) 468,287 Performance fees receivable 541,852 — (7,191 ) 534,661 Due from affiliates 149,771 — (4,789 ) 144,982 Other assets 62,975 — — 62,975 Intangible assets, net 84,971 — — 84,971 Goodwill 144,067 — — 144,067 Assets of Consolidated Funds Cash and cash equivalents — 159,507 — 159,507 Investments, at fair value — 2,559,783 — 2,559,783 Due from affiliates — 13,360 (437 ) 12,923 Dividends and interest receivable — 13,005 — 13,005 Receivable for securities sold — 13,416 — 13,416 Other assets — 1,348 — 1,348 Total assets $ 1,741,211 $ 2,760,419 $ (180,222 ) $ 4,321,408 Liabilities Accounts payable and accrued expenses $ 102,734 $ — $ (108 ) $ 102,626 Accrued compensation 125,032 — — 125,032 Due to affiliates 13,016 — (115 ) 12,901 Performance fee compensation payable 401,715 — — 401,715 Debt obligations 389,120 — — 389,120 Equity compensation put option liability 20,000 — — 20,000 Deferred tax liability, net 21,288 — — 21,288 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 18,956 (5 ) 18,951 Due to affiliates — 5,617 (5,617 ) — Payable for securities purchased — 51,778 — 51,778 CLO loan obligations — 2,202,628 (28,276 ) 2,174,352 Fund borrowings — 11,734 — 11,734 Total liabilities 1,072,905 2,290,713 (34,121 ) 3,329,497 Commitments and contingencies Redeemable interest in Ares Operating Group entities 23,505 — — 23,505 Non-controlling interest in Consolidated Funds: Non-controlling interest in Consolidated Funds — 466,339 (146,101 ) 320,238 Equity appropriated for Consolidated Funds — 3,367 — 3,367 Non-controlling interest in Consolidated Funds — 469,706 (146,101 ) 323,605 Non-controlling interest in Ares Operating Group entities 397,883 — — 397,883 Controlling interest in Ares Management, L.P.: Partners' Capital ( 80,679,600 units issued and outstanding) 251,537 — — 251,537 Accumulated other comprehensive loss (4,619 ) — — (4,619 ) Total controlling interest in Ares Management, L.P. 246,918 — — 246,918 Total equity 644,801 469,706 (146,101 ) 968,406 Total liabilities, redeemable interests, non-controlling interests and equity $ 1,741,211 $ 2,760,419 $ (180,222 ) $ 4,321,408
Schedule of results from operations	For the Year Ended December 31, 2016 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $121,181) $ 659,451 $ — $ (17,383 ) $ 642,068 Performance fees 518,991 — (1,139 ) 517,852 Administrative and other fees 39,285 — — 39,285 Total revenues 1,217,727 — (18,522 ) 1,199,205 Expenses Compensation and benefits 447,725 — — 447,725 Performance fee compensation 387,846 — — 387,846 General, administrative and other expense 159,776 — — 159,776 Expenses of the Consolidated Funds — 42,520 (21,447 ) 21,073 Total expenses 995,347 42,520 (21,447 ) 1,016,420 Other income (expense) Net interest and investment income (includes interest expense of $17,981) 10,280 — (4,480 ) 5,800 Other income, net 35,650 — — 35,650 Net realized and unrealized gain on investments 26,961 — 1,290 28,251 Net interest and investment income of Consolidated Funds (includes interest expense of $91,452) — 40,387 7,104 47,491 Net realized and unrealized loss on investments of Consolidated Funds — (2,999 ) 942 (2,057 ) Total other income 72,891 37,388 4,856 115,135 Income (loss) before taxes 295,271 (5,132 ) 7,781 297,920 Income tax expense (benefit) 11,756 (737 ) — 11,019 Net income (loss) 283,515 (4,395 ) 7,781 286,901 Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds — (4,395 ) 7,781 3,386 Less: Net income attributable to redeemable interests in Ares Operating Group entities 456 — — 456 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 171,251 — — 171,251 Net income attributable to Ares Management, L.P. 111,808 — — 111,808 Less: Preferred equity distributions paid 12,176 — — 12,176 Net income attributable to Ares Management, L.P. common unitholders $ 99,632 $ — $ — $ 99,632 For the Year Ended December 31, 2015 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $121,491) $ 650,918 $ — $ (16,519 ) $ 634,399 Performance fees 146,197 — 4,418 150,615 Administrative and other fees 30,606 — (1,178 ) 29,428 Total revenues 827,721 — (13,279 ) 814,442 Expenses Compensation and benefits 414,454 — — 414,454 Performance fee compensation 111,683 — — 111,683 General, administrative and other expense 224,798 — — 224,798 Expenses of the Consolidated Funds — 36,417 (18,312 ) 18,105 Total expenses 750,935 36,417 (18,312 ) 769,040 Other income (expense) Net interest and investment expense (includes interest expense of $18,949) (1,407 ) — (3,497 ) (4,904 ) Debt extinguishment expense (11,641 ) — — (11,641 ) Other income, net 20,644 — 1,036 21,680 Net realized and unrealized gain on investments 2,784 — 14,225 17,009 Net interest and investment income of Consolidated Funds (includes interest expense of $78,819) — 31,309 7,245 38,554 Net realized and unrealized loss on investments of Consolidated Funds — (17,614 ) (7,002 ) (24,616 ) Total other income (expense) 10,380 13,695 12,007 36,082 Income (loss) before taxes 87,166 (22,722 ) 17,040 81,484 Income tax expense 19,060 4 — 19,064 Net income (loss) 68,106 (22,726 ) 17,040 62,420 Less: Net loss attributable to non-controlling interests in Consolidated Funds — (22,726 ) 17,040 (5,686 ) Less: Net income attributable to redeemable interests in Ares Operating Group entities 338 — — 338 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 48,390 — — 48,390 Net income attributable to Ares Management, L.P. $ 19,378 $ — $ — $ 19,378 For the Year Ended December 31, 2014 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $118,537) $ 598,046 $ — $ (111,569 ) $ 486,477 Performance fees 226,790 — (135,378 ) 91,412 Administrative and other fees 28,447 — (2,447 ) 26,000 Total revenues 853,283 — (249,394 ) 603,889 Expenses Compensation and benefits 456,372 — — 456,372 Performance fee compensation 170,028 — — 170,028 General, administrative and other expense 166,839 — — 166,839 Expenses of the Consolidated Funds — 187,494 (120,694 ) 66,800 Total expenses 793,239 187,494 (120,694 ) 860,039 Other income (expense) Net interest and investment income (expense) (includes interest expense of $8,617) 7,339 — (8,712 ) (1,373 ) Other expense, net (3,644 ) — 1,222 (2,422 ) Net realized and unrealized gain on investments 78,101 — (45,973 ) 32,128 Net interest and investment income of Consolidated Funds (includes interest expense of $666,373) — 265,362 6,100 271,462 Net realized and unrealized gain on investments of Consolidated Funds — 519,790 (6,520 ) 513,270 Total other income (expense) 81,796 785,152 (53,883 ) 813,065 Income before taxes 141,840 597,658 (182,583 ) 556,915 Income tax expense (benefit) 16,536 (5,283 ) — 11,253 Net income 125,304 602,941 (182,583 ) 545,662 Less: Net income attributable to redeemable interests in Consolidated Funds — 3,071 (506 ) 2,565 Less: Net income attributable to non-controlling interests in Consolidated Funds — 599,870 (182,077 ) 417,793 Less: Net income attributable to redeemable interests in Ares Operating Group entities 731 — — 731 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 89,585 — — 89,585 Net income attributable to Ares Management, L.P. $ 34,988 $ — $ — $ 34,988

QUARTERLY FINANCIAL DATA (UNA47

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Schedule of quarterly financial data	Unaudited quarterly information for each of the three months in the years ended December 31, 2016 and 2015 are presented below. For the Three Months Ended March 31, 2016 June 30, 2016 September 30, 2016 December 31, 2016 Revenues $ 136,015 $ 369,535 $ 335,460 $ 358,195 Expenses 129,538 303,935 283,374 299,573 Other income (loss) (15,451 ) 17,406 73,339 39,841 Income (loss) before provision for income taxes (8,974 ) 83,006 125,425 98,463 Net income (loss) (13,639 ) 87,440 117,784 95,316 Net income (loss) attributable to Ares Management, L.P. (3,090 ) 37,574 43,305 34,019 Preferred equity distributions paid — — 6,751 5,425 Net income (loss) attributable to Ares Management, L.P. common unitholders (3,090 ) 37,574 36,554 28,594 Net income (loss) attributable to Ares Management L.P. per common unit: Basic $ (0.04 ) $ 0.46 $ 0.45 $ 0.35 Diluted $ (0.04 ) $ 0.46 $ 0.43 $ 0.34 Distributions declared per common unit(1) $ 0.15 $ 0.28 $ 0.20 $ 0.28 For the Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 Revenues $ 269,905 $ 241,164 $ 143,854 $ 159,519 Expenses 234,463 212,569 136,386 185,622 Other income (loss) 11,006 28,956 (39,553 ) 35,673 Income (loss) before provision for income taxes 46,448 57,551 (32,085 ) 9,570 Net income (loss) 42,389 51,448 (37,664 ) 6,247 Net income (loss) attributable to Ares Management, L.P. 18456 12,086 (11,349 ) 185 Net income (loss) attributable to Ares Management L.P. per common unit: Basic 0.23 $ 0.15 $ (0.14 ) $ 0.00 Diluted 0.23 $ 0.15 $ (0.14 ) $ 0.00 Distributions declared per common unit(1) 0.25 $ 0.26 $ 0.13 $ 0.20 (1) Distributions declared per common unit are reflected to match the period the income is earned.

ORGANIZATION AND BASIS OF PRE48

ORGANIZATION AND BASIS OF PRESENTATION (Details)	12 Months Ended
	Dec. 31, 2016entitysegment	Dec. 31, 2015
Organization and Basis of Presentation [Line Items]
Number of investing groups | segment	3
Ownership percentage		56.27%
Ares Holdings, Inc. and Ares Investments LLC
Organization and Basis of Presentation [Line Items]
Number of affiliated entities results included in accompanying combined and consolidated financial statements | entity	2
APMC | AHI
Organization and Basis of Presentation [Line Items]
Ownership percentage	50.10%
APMC | AI
Organization and Basis of Presentation [Line Items]
Ownership percentage	70.30%

ORGANIZATION AND BASIS OF PRE49

ORGANIZATION AND BASIS OF PRESENTATION - Reorganization, IPO (Details) $ / shares in Units, $ in Millions	Jun. 04, 2014USD ($)$ / sharesshares	May 07, 2014$ / sharesshares	Dec. 31, 2016entityitemshares	Dec. 31, 2015shares	May 01, 2014shares
Organization and Basis of Presentation [Line Items]
Ownership percentage				56.27%
Minority ownership percentage				5.87%
Proceeds from IPO | $	$ 209.2
Number of ares operating group entities | entity			3
IPO
Organization and Basis of Presentation [Line Items]
Issuance of common units (in units)		11,363,636
Share price (USD per share) | $ / shares		$ 19
Over-Allotment Option
Organization and Basis of Presentation [Line Items]
Issuance of common units (in units)	225,794
Share price (USD per share) | $ / shares	$ 19
AOG
Organization and Basis of Presentation [Line Items]
Number of units held			80,814,732	80,679,600
Minority ownership percentage			38.26%	37.86%
Number of times per year that units may be exchanged | item			4
Units conversion ratio			100.00%
Ares Owners Holdings, L.P.
Organization and Basis of Presentation [Line Items]
Number of units held					34,540,079
Ares Owners Holdings, L.P. | AOG
Organization and Basis of Presentation [Line Items]
Number of units held			117,928,313	119,905,131	118,421,766
Ownership percentage					59.21%
Minority ownership percentage			55.82%
AREC
Organization and Basis of Presentation [Line Items]
Number of units held					34,538,155
Alleghany | AOG
Organization and Basis of Presentation [Line Items]
Number of units held			12,500,000	12,500,000	12,500,000
Minority ownership percentage			5.92%		6.25%

ORGANIZATION AND BASIS OF PRE50

ORGANIZATION AND BASIS OF PRESENTATION - Organization Structure (Details)	Dec. 31, 2016	Dec. 31, 2015
Organization and Basis of Presentation [Line Items]
Ownership percentage		56.27%
Minority ownership percentage		5.87%
Ares Management, L.P.
Organization and Basis of Presentation [Line Items]
Minority ownership percentage	14.64%
Ares Management, L.P. | ADIA
Organization and Basis of Presentation [Line Items]
Ownership percentage	42.74%
Ares Management, L.P. | Ares Owners Holdings, L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	42.62%
Ares Holdings Inc. | Ares Management, L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	100.00%
Ares Investments L.P. | Ares Management, L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	38.26%
Ares Investments L.P. | Ares Owners Holdings, L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	55.83%
Ares Investments L.P. | Alleghany
Organization and Basis of Presentation [Line Items]
Minority ownership percentage	5.92%
Ares Holdings L.P. | Ares Owners Holdings, L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	55.83%
Ares Holdings L.P. | Alleghany
Organization and Basis of Presentation [Line Items]
Minority ownership percentage	5.92%
Ares Holdings L.P. | Ares Holdings Inc.
Organization and Basis of Presentation [Line Items]
Ownership percentage	38.26%
Ares Offshore Holdings, Ltd. | Ares Management, L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	100.00%
Ares Offshore Holdings L.P. | Ares Owners Holdings, L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	55.83%
Ares Offshore Holdings L.P. | Alleghany
Organization and Basis of Presentation [Line Items]
Minority ownership percentage	5.92%
Ares Offshore Holdings L.P. | Ares Offshore Holdings, Ltd.
Organization and Basis of Presentation [Line Items]
Ownership percentage	38.26%
Ares Investments Holdings LLC | Ares Investments L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	100.00%
Ares Management, LLC | Ares Holdings L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	100.00%
Ares Finance Co LLC | Ares Holdings L.P.
Organization and Basis of Presentation [Line Items]
Ownership percentage	100.00%

SUMMARY OF SIGNIFICANT ACCOUN51

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2016USD ($)entity	Dec. 31, 2015USD ($)entity	Dec. 31, 2014USD ($)
Equity Appropriated for Consolidated Funds
Number of CLOs consolidated | entity	7	5
Cumulative effect of accounting change		$ (3,367,000)	$ (4,625,837,000)
Fees
Carried interest, contingent repayment obligations	$ 0	0
Performance Fees
Performance fee compensation, employment or service period	5 years
Foreign Currency
Foreign currency transaction loss	$ 16,200,000	$ 300,000	$ 300,000
AOG
Income Allocation
Average daily ownership (as a percent)	38.04%	37.86%	38.02%
Minimum
Goodwill and Intangible Assets
Estimated useful lives, intangible assets	1 year
Maximum
Goodwill and Intangible Assets
Estimated useful lives, intangible assets	13 years 6 months
Property, Plant and Equipment Other Than Leasehold Improvements and Internal Use Software [Member] | Minimum
Fixed Assets
Estimated useful life	3 years
Property, Plant and Equipment Other Than Leasehold Improvements and Internal Use Software [Member] | Maximum
Fixed Assets
Estimated useful life	7 years
ARCC
Fees
Management fees as a percentage of net investment income	20.00%
Hurdle rate per quarter (as a percent)	1.75%
Hurdle rate per annum (as a percent)	7.00%
Percentage of net investment income received from first dollar earned	20.00%
Accounting Standards Update 2014-13
Equity Appropriated for Consolidated Funds
Cumulative effect of accounting change		$ 3,400,000

BUSINESS COMBINATIONS (Details)

BUSINESS COMBINATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	8 Months Ended	12 Months Ended
	Jan. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Business Combination, Consideration Transferred [Abstract]
Units issued (in units)			80,814,732	80,679,600
Goodwill		$ 85,581	$ 143,724	$ 144,067
EIF Management, LLC
Business Acquisition [Line Items]
Consideration transferred	$ 149,171
Business Combination, Consideration Transferred [Abstract]
Cash	64,532
Equity (1,578,947 Ares Operating Group units)	$ 25,468
Units issued (in units)	1,578,947
Contingent consideration	$ 59,171
Total	149,171
Fair value of the acquired net assets	90,600
Goodwill	58,600
The fair value of the cash and equity portion	$ 59,200
Pro Forma Information
Total revenues		28,512	56,659	42,767
Net income attributable to Ares Management, L.P.		$ 116	$ 2,267	$ 174
Earnings per common unit, basic and diluted (USD per share)			$ 0.03	$ 0
EIF Management, LLC | Minimum
Business Combination, Consideration Transferred [Abstract]
Fund V final closing vesting period	2 years
EIF Management, LLC | Maximum
Business Combination, Consideration Transferred [Abstract]
Fund V final closing vesting period	5 years

GOODWILL AND INTANGIBLE ASSET53

GOODWILL AND INTANGIBLE ASSETS (Carrying Value of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Finite-lived intangible assets, net
Intangible assets, gross	$ 153,739	$ 205,269
Foreign currency translation	(3,205)	(1,436)
Total intangible assets acquired	150,534	203,833
Less: accumulated amortization	(92,219)	(118,862)
Intangible assets, net	58,315	84,971
Fully-amortized intangibles, amount removed during the period	51,500
General, administrative and other expense
Finite-lived intangible assets, net
Amortization expense	$ 26,600	46,200	$ 27,600
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	2 years
Intangible assets, gross	$ 111,939	163,469
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	11 years 6 months
Intangible assets, gross	$ 38,600	38,600
Trade Name
Finite-lived intangible assets, net
Weighted average amortization period	5 years 6 months
Intangible assets, gross	$ 3,200	$ 3,200

GOODWILL AND INTANGIBLE ASSET54

GOODWILL AND INTANGIBLE ASSETS (Future Amortization) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
2,017	$ 17,850
2,018	9,031
2,019	4,458
2,020	4,071
2,021	3,987
Thereafter	18,918
Intangible assets, net	$ 58,315	$ 84,971

GOODWILL AND INTANGIBLE ASSET55

GOODWILL AND INTANGIBLE ASSETS (Goodwill) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 144,067,000	$ 85,581,000
Goodwill acquired during the period		58,600,000
Foreign currency translation	(343,000)	(114,000)
Goodwill, ending balance	143,724,000	144,067,000	$ 85,581,000
Impairments of goodwill	0	0	0
Credit
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196,000	32,196,000
Goodwill acquired during the period		0
Foreign currency translation	0	0
Goodwill, ending balance	32,196,000	32,196,000	32,196,000
Private Equity
Goodwill [Roll Forward]
Goodwill, beginning balance	58,600,000	0
Goodwill acquired during the period		58,600,000
Foreign currency translation	0	0
Goodwill, ending balance	58,600,000	58,600,000	0
Real Estate
Goodwill [Roll Forward]
Goodwill, beginning balance	53,271,000	53,385,000
Goodwill acquired during the period		0
Foreign currency translation	(343,000)	(114,000)
Goodwill, ending balance	$ 52,928,000	$ 53,271,000	$ 53,385,000

INVESTMENTS (Fair Value Investm

INVESTMENTS (Fair Value Investments, excluding Equity Method Investments Held at Fair Value) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)
Investments
Number of single issuers above 5% | item	0
Single issuer or investor threshold, as a percent	5.00%
Ares Management L.P
Investments
Fair value investments	$ 426,493	$ 427,308
Investments, at cost	346,505	350,811
AREA Sponsor Holdings, LLC | Ares Management L.P
Investments
Fair value investments	$ 28,898	$ 37,275
Fair value as a percentage of total investments	6.80%	8.70%
ACE II Master Fund L.P. | Ares Management L.P
Investments
Fair value investments	$ 22,042	$ 22,015
Fair value as a percentage of total investments	5.20%	5.20%
Ares Corporate Opportunities Fund III, L.P. | Ares Management L.P
Investments
Fair value investments	$ 97,549	$ 108,506
Fair value as a percentage of total investments	22.90%	25.40%
Ares Corporate Opportunities Fund IV, L.P. | Ares Management L.P
Investments
Fair value investments	$ 37,308	$ 30,571
Fair value as a percentage of total investments	8.70%	7.20%
Resolution Life L.P. | Ares Management L.P
Investments
Fair value investments	$ 33,410	$ 40,703
Fair value as a percentage of total investments	7.80%	9.50%
Other private investment partnership Interests | Ares Management L.P
Investments
Fair value investments	$ 118,075	$ 132,405
Fair value as a percentage of total investments	27.70%	31.00%
Collateralized loan obligations interests | Ares Management L.P
Investments
Fair value investments	$ 89,111	$ 55,752
Fair value as a percentage of total investments	20.90%	13.00%
Common stock | Ares Management L.P
Investments
Fair value investments	$ 100	$ 81
Fair value as a percentage of total investments	0.00%	0.00%
Partnership interests | Ares Management L.P
Investments
Fair value investments	$ 337,282	$ 371,475
Fair value as a percentage of total investments	79.10%	87.00%
Investments, at cost	$ 256,638	$ 297,026
Collateralized Debt Obligations | Ares Management L.P
Investments
Fair value investments	$ 89,111	$ 55,752
Fair value as a percentage of total investments	20.90%	13.00%
Investments, at cost	$ 89,743	$ 53,669
Common Stock | Ares Management L.P
Investments
Fair value investments	$ 100	$ 81
Fair value as a percentage of total investments	0.00%	0.00%
Investments, at cost	$ 124	$ 116

INVESTMENTS (Equity Method Inve

INVESTMENTS (Equity Method Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Equity method investment	$ 3,616	$ 4,486
Equity method investments at fair value	21,843	19,471
Total equity method investments	25,459	23,957
Ares Management L.P
Equity Method Investment, Summarized Financial Information
Revenue	8,751	7,778	$ 7,567
Expenses	(24,064)	(27,147)	(5,970)
Net realized/unrealized gain from investments	46,887	66,500	0
Income tax expense	(302)	(400)	(242)
Net income	31,272	46,731	$ 1,355
Investments	247,584	216,500
Total Assets	286,630	235,276
Total Liabilities	7,556	166,065
Total Equity	$ 279,074	$ 69,211

INVESTMENTS (Held to Maturity)

INVESTMENTS (Held to Maturity) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures [Abstract]
Cost	$ 16,519,000	$ 17,022,000
Unrealized net loss	(116,000)	(334,000)
Fair value	16,403,000	16,688,000
Sales of investments during the period	$ 0	$ 0
Investment maturity period	10 years

INVESTMENTS (Investments of the

INVESTMENTS (Investments of the Consolidated Funds) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item
Investments
Number of single issuers above 5% | item	0
Single issuer or investor threshold, as a percent	5.00%
Consolidated Funds
Investments
Investments, at fair value	$ 3,330,203	$ 2,559,783
Number of single issuers above 5% | item	0	0
Single issuer or investor threshold, as a percent	5.00%	5.00%
Consolidated Funds | Fixed income asset
Investments
Investments, at fair value	$ 3,125,260	$ 2,338,024
Fair value as a percentage of total investments	94.00%	91.20%
Consolidated Funds | Equity securities
Investments
Investments, at fair value	$ 204,943	$ 221,759
Fair value as a percentage of total investments	6.00%	8.80%
Consolidated Funds | United States | Fixed income asset
Investments
Investments, at fair value	$ 1,955,301	$ 1,324,318
Fair value as a percentage of total investments	58.70%	51.70%
Investments, at cost	$ 1,945,977	$ 1,377,870
Consolidated Funds | United States | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 665,773	$ 393,902
Fair value as a percentage of total investments	20.00%	15.40%
Consolidated Funds | United States | Fixed income asset | Consumer staples
Investments
Investments, at fair value	$ 64,840	$ 40,030
Fair value as a percentage of total investments	1.90%	1.60%
Consolidated Funds | United States | Fixed income asset | Energy
Investments
Investments, at fair value	$ 45,409	$ 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	$ 139,285	$ 78,806
Fair value as a percentage of total investments	4.20%	3.10%
Consolidated Funds | United States | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 246,403	$ 162,191
Fair value as a percentage of total investments	7.40%	6.30%
Consolidated Funds | United States | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 149,632	$ 161,830
Fair value as a percentage of total investments	4.50%	6.30%
Consolidated Funds | United States | Fixed income asset | Information technology
Investments
Investments, at fair value	$ 194,394	$ 138,186
Fair value as a percentage of total investments	5.80%	5.40%
Consolidated Funds | United States | Fixed income asset | Materials
Investments
Investments, at fair value	$ 139,994	$ 95,767
Fair value as a percentage of total investments	4.20%	3.70%
Consolidated Funds | United States | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 261,771	$ 202,256
Fair value as a percentage of total investments	7.90%	7.90%
Consolidated Funds | United States | Fixed income asset | Utilities
Investments
Investments, at fair value	$ 47,800	$ 12,733
Fair value as a percentage of total investments	1.40%	0.50%
Consolidated Funds | United States | Equity securities
Investments
Investments, at fair value	$ 172,117	$ 87,756
Fair value as a percentage of total investments	5.20%	3.40%
Investments, at cost	$ 149,872	$ 93,004
Consolidated Funds | United States | Equity securities | Energy
Investments
Investments, at fair value	$ 421	$ 0
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | United States | Equity securities | Healthcare, education and childcare
Investments
Investments, at fair value	$ 0	$ 344
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | United States | Equity securities | Partnership and LLC interests
Investments
Investments, at fair value	$ 171,696	$ 86,902
Fair value as a percentage of total investments	5.20%	3.40%
Consolidated Funds | United States | Equity securities | Telecommunication services
Investments
Investments, at fair value	$ 0	$ 510
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Europe | Fixed income asset
Investments
Investments, at fair value	$ 869,474	$ 796,621
Fair value as a percentage of total investments	26.20%	31.10%
Investments, at cost	$ 892,108	$ 836,217
Consolidated Funds | Europe | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 274,678	$ 221,707
Fair value as a percentage of total investments	8.20%	8.70%
Consolidated Funds | Europe | Fixed income asset | Consumer staples
Investments
Investments, at fair value	$ 39,197	$ 50,625
Fair value as a percentage of total investments	1.20%	2.00%
Consolidated Funds | Europe | Fixed income asset | Financials
Investments
Investments, at fair value	$ 28,769	$ 29,922
Fair value as a percentage of total investments	0.90%	1.20%
Consolidated Funds | Europe | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 111,589	$ 104,704
Fair value as a percentage of total investments	3.40%	4.10%
Consolidated Funds | Europe | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 118,466	$ 109,778
Fair value as a percentage of total investments	3.60%	4.30%
Consolidated Funds | Europe | Fixed income asset | Information technology
Investments
Investments, at fair value	$ 49,507	$ 31,562
Fair value as a percentage of total investments	1.50%	1.20%
Consolidated Funds | Europe | Fixed income asset | Materials
Investments
Investments, at fair value	$ 124,629	$ 98,450
Fair value as a percentage of total investments	3.70%	3.80%
Consolidated Funds | Europe | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 118,632	$ 149,105
Fair value as a percentage of total investments	3.60%	5.80%
Consolidated Funds | Europe | Fixed income asset | Utilities
Investments
Investments, at fair value	$ 4,007	$ 768
Fair value as a percentage of total investments	0.10%	0.00%
Consolidated Funds | Europe | Equity securities
Investments
Investments, at fair value	$ 42,870	$ 43,045
Fair value as a percentage of total investments	1.20%	1.80%
Investments, at cost	$ 67,290	$ 80,827
Consolidated Funds | Europe | Equity securities | Consumer discretionary
Investments
Investments, at fair value	$ 0	$ 4,306
Fair value as a percentage of total investments	0.00%	0.20%
Consolidated Funds | Europe | Equity securities | Consumer staples
Investments
Investments, at fair value	$ 1,517	$ 1,286
Fair value as a percentage of total investments	0.00%	0.10%
Consolidated Funds | Europe | Equity securities | Healthcare, education and childcare
Investments
Investments, at fair value	$ 41,329	$ 37,294
Fair value as a percentage of total investments	1.20%	1.50%
Consolidated Funds | Europe | Equity securities | Telecommunication services
Investments
Investments, at fair value	$ 24	$ 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	$ 44,188	$ 68,718
Fair value as a percentage of total investments	1.30%	2.70%
Investments, at cost	$ 46,545	$ 57,868
Consolidated Funds | Asia and other | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 24,244	$ 34,810
Fair value as a percentage of total investments	0.70%	1.40%
Consolidated Funds | Asia and other | Fixed income asset | Financials
Investments
Investments, at fair value	$ 1,238	$ 0
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Asia and other | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 10,010	$ 23,999
Fair value as a percentage of total investments	0.30%	0.90%
Consolidated Funds | Asia and other | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 8,696	$ 9,909
Fair value as a percentage of total investments	0.30%	0.40%
Consolidated Funds | Asia and other | Equity securities
Investments
Investments, at fair value	$ 143,919	$ 156,730
Fair value as a percentage of total investments	4.30%	6.20%
Investments, at cost	$ 122,418	$ 118,730
Consolidated Funds | Asia and other | Equity securities | Consumer discretionary
Investments
Investments, at fair value	$ 44,642	$ 55,532
Fair value as a percentage of total investments	1.30%	2.20%
Consolidated Funds | Asia and other | Equity securities | Consumer staples
Investments
Investments, at fair value	$ 50,101	$ 55,442
Fair value as a percentage of total investments	1.50%	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	1.00%	1.30%
Consolidated Funds | Asia and other | Equity securities | Industrials
Investments
Investments, at fair value	$ 16,578	$ 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	$ 48,848	$ 32,879
Fair value as a percentage of total investments	1.50%	1.30%
Investments, at cost	$ 48,274	$ 34,397
Consolidated Funds | Canada | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 0	$ 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	$ 5,256	$ 1,369
Fair value as a percentage of total investments	0.20%	0.10%
Consolidated Funds | Canada | Fixed income asset | Energy
Investments
Investments, at fair value	$ 12,830	$ 8,724
Fair value as a percentage of total investments	0.40%	0.30%
Consolidated Funds | Canada | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 15,509	$ 14,819
Fair value as a percentage of total investments	0.50%	0.60%
Consolidated Funds | Canada | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 1,401	$ 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	$ 13,852	$ 6,627
Fair value as a percentage of total investments	0.40%	0.30%
Consolidated Funds | Canada | Equity securities
Investments
Investments, at fair value	$ 164	$ 0
Fair value as a percentage of total investments	0.00%	0.00%
Investments, at cost	$ 408	$ 0
Consolidated Funds | Canada | Equity securities | Energy
Investments
Investments, at fair value	$ 164	$ 0
Fair value as a percentage of total investments	0.00%	0.00%
Consolidated Funds | Australia | Fixed income asset
Investments
Investments, at fair value	$ 35,753	$ 28,586
Fair value as a percentage of total investments	1.10%	1.00%
Investments, at cost	$ 37,975	$ 39,574
Consolidated Funds | Australia | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 5,627	$ 0
Fair value as a percentage of total investments	0.20%	0.00%
Consolidated Funds | Australia | Fixed income asset | Energy
Investments
Investments, at fair value	$ 6,046	$ 8,888
Fair value as a percentage of total investments	0.20%	0.30%
Consolidated Funds | Australia | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 2,926	$ 3,657
Fair value as a percentage of total investments	0.10%	0.10%
Consolidated Funds | Australia | Fixed income asset | Utilities
Investments
Investments, at fair value	$ 21,154	$ 16,041
Fair value as a percentage of total investments	0.60%	0.60%
Consolidated Funds | Australia | Equity securities
Investments
Investments, at fair value	$ 17,569	$ 21,130
Fair value as a percentage of total investments	0.50%	0.80%
Investments, at cost	$ 18,442	$ 25,524
Consolidated Funds | Australia | Equity securities | Telecommunication services
Investments
Investments, at fair value	$ 0	$ 5,370
Fair value as a percentage of total investments	0.00%	0.20%
Consolidated Funds | Australia | Equity securities | Utilities
Investments
Investments, at fair value	$ 17,569	$ 15,760
Fair value as a percentage of total investments	0.50%	0.60%

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Measured at Fair Value) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)quote	Dec. 31, 2015USD ($)
FAIR VALUE
Number of quote obtained directly from a broker making a market for the asset | quote	1
Number of price obtained directly from a pricing vendor for each security or similar securities | quote	1
Investments Measured at NAV	$ 325,715	$ 339,243
Derivative liabilities, at fair value
Minimum
FAIR VALUE
Period within which investors of open ended and evergreen funds can withdraw their capital	1 year
Number of broker non-binding quotes to measure fair value of assets or liabilities | quote	1
Maximum
FAIR VALUE
Period within which investors of open ended and evergreen funds can withdraw their capital	3 years
Number of broker non-binding quotes to measure fair value of assets or liabilities | quote	2
Ares Management L.P
FAIR VALUE
Investments, at fair value	$ 448,336	446,779
Investments Measured at NAV	325,715	339,243
Derivative assets, at fair value	3,171	1,339
Assets, at fair value	451,507	448,118
Contingent considerations	(22,156)	(40,831)
Total liabilities, at fair value	(22,156)	(40,831)
Derivative liabilities, at fair value	0	(390)
Liabilities, at fair value	(22,156)	(41,221)
Ares Management L.P | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	3,171	1,339
Derivative liabilities, at fair value	0	(176)
Ares Management L.P | Interest rate contracts
FAIR VALUE
Derivative liabilities, at fair value		(214)
Ares Management L.P | Fixed income-collateralized loan obligations
FAIR VALUE
Investments, at fair value	89,111	55,752
Ares Management L.P | Equity securities
FAIR VALUE
Investments, at fair value	100	81
Ares Management L.P | Partnership interests
FAIR VALUE
Investments, at fair value	359,125	390,946
Investments Measured at NAV	325,715	339,243
Ares Management L.P | Level I
FAIR VALUE
Investments, at fair value	100	81
Derivative assets, at fair value	0	0
Assets, at fair value	100	81
Contingent considerations	0	0
Total liabilities, at fair value	0	0
Derivative liabilities, at fair value		0
Liabilities, at fair value	0	0
Ares Management L.P | Level I | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value		0
Ares Management L.P | Level I | Interest rate contracts
FAIR VALUE
Derivative liabilities, at fair value		0
Ares Management L.P | Level I | Fixed income-collateralized loan obligations
FAIR VALUE
Investments, at fair value	0	0
Ares Management L.P | Level I | Equity securities
FAIR VALUE
Investments, at fair value	100	81
Ares Management L.P | Level I | Partnership interests
FAIR VALUE
Investments, at fair value	0	0
Ares Management L.P | Level II
FAIR VALUE
Investments, at fair value	0	0
Derivative assets, at fair value	3,171	1,339
Assets, at fair value	3,171	1,339
Contingent considerations	0	0
Total liabilities, at fair value	0	0
Derivative liabilities, at fair value		(390)
Liabilities, at fair value	0	(390)
Ares Management L.P | Level II | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	3,171	1,339
Derivative liabilities, at fair value		(176)
Ares Management L.P | Level II | Interest rate contracts
FAIR VALUE
Derivative liabilities, at fair value		(214)
Ares Management L.P | Level II | Fixed income-collateralized loan obligations
FAIR VALUE
Investments, at fair value	0	0
Ares Management L.P | Level II | Equity securities
FAIR VALUE
Investments, at fair value	0	0
Ares Management L.P | Level II | Partnership interests
FAIR VALUE
Investments, at fair value	0	0
Ares Management L.P | Level III
FAIR VALUE
Investments, at fair value	122,521	107,455
Derivative assets, at fair value	0	0
Assets, at fair value	122,521	107,455
Contingent considerations	(22,156)	(40,831)
Total liabilities, at fair value	(22,156)	(40,831)
Derivative liabilities, at fair value		0
Liabilities, at fair value	(22,156)	(40,831)
Ares Management L.P | Level III | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value		0
Ares Management L.P | Level III | Interest rate contracts
FAIR VALUE
Derivative liabilities, at fair value		0
Ares Management L.P | Level III | Fixed income-collateralized loan obligations
FAIR VALUE
Investments, at fair value	89,111	55,752
Ares Management L.P | Level III | Equity securities
FAIR VALUE
Investments, at fair value	0	0
Ares Management L.P | Level III | Partnership interests
FAIR VALUE
Investments, at fair value	33,410	51,703
Consolidated Funds
FAIR VALUE
Investments, at fair value	3,330,203	2,559,783
Derivative assets, at fair value	820	0
Assets, at fair value	3,331,023
Derivative liabilities, at fair value	(2,999)	(10,676)
Loan obligations of debt	(3,031,112)	(2,174,352)
Liabilities, at fair value	(3,034,111)	(2,185,028)
Consolidated Funds | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	529	0
Derivative liabilities, at fair value	0	(369)
Consolidated Funds | Other
FAIR VALUE
Derivative assets, at fair value	291
Derivative liabilities, at fair value	(2,999)	(10,307)
Consolidated Funds | Fixed income-collateralized loan obligations
FAIR VALUE
Investments, at fair value	5,973	6,121
Consolidated Funds | Equity securities
FAIR VALUE
Investments, at fair value	204,921	221,602
Consolidated Funds | Partnership interests
FAIR VALUE
Investments, at fair value	171,696	86,902
Consolidated Funds | Bonds
FAIR VALUE
Investments, at fair value	141,949	235,312
Consolidated Funds | Fixed Income
FAIR VALUE
Investments, at fair value	2,953,562	2,251,120
Consolidated Funds | Loans
FAIR VALUE
Investments, at fair value	2,805,640	2,009,687
Consolidated Funds | Other
FAIR VALUE
Investments, at fair value	24	159
Consolidated Funds | Level I
FAIR VALUE
Investments, at fair value	56,662	76,033
Derivative assets, at fair value	0
Assets, at fair value	56,662
Derivative liabilities, at fair value	0	0
Loan obligations of debt	0	0
Liabilities, at fair value	0	0
Consolidated Funds | Level I | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	0
Derivative liabilities, at fair value		0
Consolidated Funds | Level I | Other
FAIR VALUE
Derivative assets, at fair value	0
Derivative liabilities, at fair value	0	0
Consolidated Funds | Level I | Fixed income-collateralized loan obligations
FAIR VALUE
Investments, at fair value	0	0
Consolidated Funds | Level I | Equity securities
FAIR VALUE
Investments, at fair value	56,662	76,033
Consolidated Funds | Level I | Partnership interests
FAIR VALUE
Investments, at fair value	0	0
Consolidated Funds | Level I | Bonds
FAIR VALUE
Investments, at fair value	0	0
Consolidated Funds | Level I | Fixed Income
FAIR VALUE
Investments, at fair value	0	0
Consolidated Funds | Level I | Loans
FAIR VALUE
Investments, at fair value	0	0
Consolidated Funds | Level I | Other
FAIR VALUE
Investments, at fair value	0	0
Consolidated Funds | Level II
FAIR VALUE
Investments, at fair value	2,728,902	2,017,549
Derivative assets, at fair value	529
Assets, at fair value	2,729,431
Derivative liabilities, at fair value	0	(369)
Loan obligations of debt	(3,031,112)	0
Liabilities, at fair value	(3,031,112)	(369)
Consolidated Funds | Level II | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	529
Derivative liabilities, at fair value		(369)
Consolidated Funds | Level II | Other
FAIR VALUE
Derivative assets, at fair value	0
Derivative liabilities, at fair value	0	0
Consolidated Funds | Level II | Fixed income-collateralized loan obligations
FAIR VALUE
Investments, at fair value	0	0
Consolidated Funds | Level II | Equity securities
FAIR VALUE
Investments, at fair value	17,569	15,760
Consolidated Funds | Level II | Partnership interests
FAIR VALUE
Investments, at fair value	0	0
Consolidated Funds | Level II | Bonds
FAIR VALUE
Investments, at fair value	104,886	126,289
Consolidated Funds | Level II | Fixed Income
FAIR VALUE
Investments, at fair value	2,711,309	2,001,630
Consolidated Funds | Level II | Loans
FAIR VALUE
Investments, at fair value	2,606,423	1,875,341
Consolidated Funds | Level II | Other
FAIR VALUE
Investments, at fair value	24	159
Consolidated Funds | Level III
FAIR VALUE
Investments, at fair value	544,639	466,201
Derivative assets, at fair value	291
Assets, at fair value	544,930	466,201
Derivative liabilities, at fair value	(2,999)	(10,307)
Loan obligations of debt	0	(2,174,352)
Liabilities, at fair value	(2,999)	(2,184,659)
Consolidated Funds | Level III | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	0
Derivative liabilities, at fair value		0
Consolidated Funds | Level III | Other
FAIR VALUE
Derivative assets, at fair value	291
Derivative liabilities, at fair value	(2,999)	(10,307)
Consolidated Funds | Level III | Fixed income-collateralized loan obligations
FAIR VALUE
Investments, at fair value	5,973	6,121
Consolidated Funds | Level III | Equity securities
FAIR VALUE
Investments, at fair value	130,690	129,809
Consolidated Funds | Level III | Partnership interests
FAIR VALUE
Investments, at fair value	171,696	86,902
Consolidated Funds | Level III | Bonds
FAIR VALUE
Investments, at fair value	37,063	109,023
Consolidated Funds | Level III | Fixed Income
FAIR VALUE
Investments, at fair value	242,253	249,490
Consolidated Funds | Level III | Loans
FAIR VALUE
Investments, at fair value	199,217	134,346
Consolidated Funds | Level III | Other
FAIR VALUE
Investments, at fair value	$ 0	$ 0

FAIR VALUE (Changes in Fair Val

FAIR VALUE (Changes in Fair Value of Level III Measurements) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Ares Management L.P
Changes in the fair value of the Level III investments
Balance, beginning of period	$ 107,455	$ 45,348
Purchases	42,053	62,287
Sales/settlements	(3,698)	(12,212)
Realized and unrealized depreciation, net	(23,289)	(5,783)
Investment in deconsolidated fund		17,815
Balance, end of period	122,521	107,455
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(3,856)	(7,076)
Contingent Considerations
Balance, beginning of period	40,831	2,049
Purchases	0	59,171
Sales/settlements	(1,000)	(1,000)
Realized and unrealized appreciation (depreciation), net	(17,675)	(19,389)
Balance, end of period	22,156	40,831
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(17,675)	(19,389)
Ares Management L.P | Fixed income asset
Changes in the fair value of the Level III investments
Balance, beginning of period	55,752	0
Purchases	33,053	51,287
Sales/settlements	(3,698)	(7,567)
Realized and unrealized depreciation, net	4,004	(5,783)
Investment in deconsolidated fund		17,815
Balance, end of period	89,111	55,752
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	3,437	(7,076)
Ares Management L.P | Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	51,703	45,348
Purchases	9,000	11,000
Sales/settlements	0	(4,645)
Realized and unrealized depreciation, net	(27,293)	0
Investment in deconsolidated fund		0
Balance, end of period	33,410	51,703
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(7,293)	0
Consolidated Funds
Changes in the fair value of the Level III investments
Balance, beginning of period	455,894	5,571,985
Purchases	249,093	235,113
Sales/settlements	(147,358)	(173,117)
Realized and unrealized depreciation, net	13,091	(9,281)
Transfer in	59,790	27,195
Transfer out	(91,296)	(94,381)
Amortized discounts/premiums	2,717	378
Investment in deconsolidated fund		5,101,998
Balance, end of period	541,931	455,894
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	27,096	(15,807)
Consolidated Funds | Equity securities
Changes in the fair value of the Level III investments
Balance, beginning of period	129,809	3,263,311
Purchases	15,849	23,607
Sales/settlements	(18,029)	(65,676)
Realized and unrealized depreciation, net	3,405	6,250
Transfer in	0	0
Transfer out	(344)	(17,281)
Amortized discounts/premiums	0	0
Investment in deconsolidated fund		3,080,402
Balance, end of period	130,690	129,809
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	8,333	1,595
Consolidated Funds | Fixed income asset
Changes in the fair value of the Level III investments
Balance, beginning of period	249,490	2,192,395
Purchases	167,338	113,506
Sales/settlements	(125,642)	(96,525)
Realized and unrealized depreciation, net	(20,431)	(13,539)
Transfer in	59,790	27,195
Transfer out	(90,952)	(77,100)
Amortized discounts/premiums	2,660	862
Investment in deconsolidated fund		1,897,304
Balance, end of period	242,253	249,490
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(9,391)	(12,881)
Consolidated Funds | Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	86,902	137,272
Purchases	65,906	98,000
Sales/settlements	(3,606)	(13,300)
Realized and unrealized depreciation, net	22,494	2,202
Transfer in	0	0
Transfer out	0	0
Amortized discounts/premiums	0	0
Investment in deconsolidated fund		137,272
Balance, end of period	171,696	86,902
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	22,494	0
Consolidated Funds | Derivatives, Net
Changes in the fair value of the Level III investments
Balance, beginning of period	(10,307)	(20,993)
Purchases	0	0
Sales/settlements	(81)	2,384
Realized and unrealized depreciation, net	7,623	(4,194)
Transfer in	0	0
Transfer out	0	0
Amortized discounts/premiums	57	(484)
Investment in deconsolidated fund		(12,980)
Balance, end of period	(2,708)	(10,307)
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ 5,660	$ (4,521)

FAIR VALUE (Level III Liabiliti

FAIR VALUE (Level III Liabilities for CLO Loan Obligations) (Details) - Fixed income-collateralized loan obligations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Contingent Considerations
Balance, beginning of period	$ 2,174,352	$ 12,049,019
Accounting change due to the adoption of ASU 2014-13	(2,174,352)	0
Deconsolidation of funds	0	(10,264,884)
Borrowings	0	602,077
Paydowns	0	(61,569)
Realized and unrealized appreciation (depreciation), net	0	(150,291)
Balance, end of period	$ 0	$ 2,174,352

FAIR VALUE (Valuation Technique

FAIR VALUE (Valuation Techniques) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Ares Management L.P
FAIR VALUE
Assets, at fair value	$ 451,507	$ 448,118
Liabilities, at fair value	22,156	41,221
Ares Management L.P | Level III
FAIR VALUE
Assets, at fair value	122,521	107,455
Liabilities, at fair value	22,156	40,831
Ares Management L.P | Level III | Liabilities | Other Valuation Technique
FAIR VALUE
Liabilities, at fair value	$ 1,878
Unobservable Input
Discount rate (as a percent)	6.50%
Ares Management L.P | Level III | Liabilities | Discounted cash flow
FAIR VALUE
Liabilities, at fair value	$ 20,278	$ 40,831
Ares Management L.P | Level III | Liabilities | Discounted cash flow | Minimum
Unobservable Input
Discount rate (as a percent)		4.40%
Fair Value Inputs Commitment Period Revenue		$ 0
Ares Management L.P | Level III | Liabilities | Discounted cash flow | Maximum
Unobservable Input
Discount rate (as a percent)		6.80%
Fair Value Inputs Commitment Period Revenue		$ 75
Ares Management L.P | Level III | Partnership interests | Other Valuation Technique
FAIR VALUE
Assets, at fair value	33,410
Ares Management L.P | Level III | Partnership interests | Discounted cash flow
FAIR VALUE
Assets, at fair value		$ 40,703
Unobservable Input
Discount rate (as a percent)		10.00%
Ares Management L.P | Level III | Partnership interests | Recent transaction price
FAIR VALUE
Assets, at fair value		$ 11,000
Ares Management L.P | Level III | Fixed income-collateralized loan obligations | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Assets, at fair value	89,111	55,752
Consolidated Funds
FAIR VALUE
Assets, at fair value	3,331,023
Liabilities, at fair value	3,034,111	2,185,028
Consolidated Funds | Level III
FAIR VALUE
Assets, at fair value	544,930	466,201
Liabilities, at fair value	2,999	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
Unobservable Input
Default rate (as a percent)		2.00%
Consolidated Funds | Level III | 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 | Level III | 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 | Level III | Fixed income liability | Discounted cash flow | Weighted Average
Unobservable Input
Discount rate (as a percent)		8.70%
Default rate (as a percent)		2.00%
Prepayment rate (as a percent)		19.80%
Recovery rate (as a percent)		70.80%
Consolidated Funds | Level III | Derivatives liabilities of Consolidated Funds | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Liabilities, at fair value		$ 10,307
Consolidated Funds | Level III | Equity securities | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Assets, at fair value	421	344
Consolidated Funds | Level III | Equity securities | Discounted cash flow
FAIR VALUE
Assets, at fair value	$ 171,696	$ 86,902
Unobservable Input
Discount rate (as a percent)	20.00%	14.00%
Consolidated Funds | Level III | Equity securities | Discounted cash flow | Weighted Average
Unobservable Input
Discount rate (as a percent)	20.00%	14.00%
Consolidated Funds | Level III | Equity securities | Recent transaction price
FAIR VALUE
Assets, at fair value	$ 54,660	$ 12,891
Consolidated Funds | Level III | Equity securities | EV market multiple analysis
FAIR VALUE
Assets, at fair value	$ 43,011	$ 42,887
Consolidated Funds | Level III | Equity securities | EV market multiple analysis | Minimum
Unobservable Input
EBITDA multiple	2	1.6
Consolidated Funds | Level III | Equity securities | EV market multiple analysis | Maximum
Unobservable Input
EBITDA multiple	11.2	10.4
Consolidated Funds | Level III | Equity securities | EV market multiple analysis | Weighted Average
Unobservable Input
EBITDA multiple		4.1
Consolidated Funds | Level III | Equity securities | Market approach (comparable companies)
FAIR VALUE
Assets, at fair value	$ 32,598	$ 73,686
Consolidated Funds | Level III | Equity securities | Market approach (comparable companies) | Minimum
Unobservable Input
Net income multiple	30	10
Illiquidity discount (as a percent)	25.00%
Consolidated Funds | Level III | Equity securities | Market approach (comparable companies) | Maximum
Unobservable Input
Net income multiple	40	40
Consolidated Funds | Level III | Equity securities | Market approach (comparable companies) | Weighted Average
Unobservable Input
Net income multiple	35	21.7
Illiquidity discount (as a percent)	25.00%
Consolidated Funds | Level III | Fixed income asset | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Assets, at fair value	$ 170,231	$ 130,131
Consolidated Funds | Level III | Fixed income asset | Discounted cash flow
FAIR VALUE
Assets, at fair value	$ 24,052	$ 5,516
Consolidated Funds | Level III | Fixed income asset | Discounted cash flow | Minimum
Unobservable Input
Discount rate (as a percent)	7.80%	11.00%
Consolidated Funds | Level III | Fixed income asset | Discounted cash flow | Maximum
Unobservable Input
Discount rate (as a percent)	15.30%	15.30%
Consolidated Funds | Level III | Fixed income asset | Discounted cash flow | Weighted Average
Unobservable Input
Discount rate (as a percent)	11.10%	12.70%
Consolidated Funds | Level III | Fixed income asset | Recent transaction price
FAIR VALUE
Assets, at fair value	$ 4,887
Consolidated Funds | Level III | Fixed income asset | EV market multiple analysis
FAIR VALUE
Assets, at fair value	$ 6,693	$ 22,934
Unobservable Input
EBITDA multiple	7.1
Consolidated Funds | Level III | Fixed income asset | EV market multiple analysis | Minimum
Unobservable Input
EBITDA multiple		1.6
Consolidated Funds | Level III | Fixed income asset | EV market multiple analysis | Maximum
Unobservable Input
EBITDA multiple		11.1
Consolidated Funds | Level III | Fixed income asset | EV market multiple analysis | Weighted Average
Unobservable Input
EBITDA multiple	7.1	7.8
Consolidated Funds | Level III | Fixed income asset | Market approach
FAIR VALUE
Assets, at fair value	$ 546
Unobservable Input
EBITDA multiple	6.1
Consolidated Funds | Level III | Fixed income asset | Market approach | Weighted Average
Unobservable Input
EBITDA multiple	6.1
Consolidated Funds | Level III | Fixed income asset | Market approach (comparable companies)
FAIR VALUE
Assets, at fair value	$ 1,776	$ 1,626
Unobservable Input
EBITDA multiple	6.5	6.5
Consolidated Funds | Level III | Fixed income asset | Market approach (comparable companies) | Weighted Average
Unobservable Input
EBITDA multiple	6.5	6.5
Consolidated Funds | Level III | Fixed income asset | Income approach, collection rate
FAIR VALUE
Assets, at fair value	$ 5,473	$ 1,133
Unobservable Input
Fair Value Inputs Weighted Average Collection Rate	1.2	1.2
Consolidated Funds | Level III | Fixed income asset | Income approach, collection rate | Weighted Average
Unobservable Input
Fair Value Inputs Weighted Average Collection Rate	1.2	1.2
Consolidated Funds | Level III | Fixed income asset | Income approach, Yield
FAIR VALUE
Assets, at fair value	$ 28,595	$ 84,464
Consolidated Funds | Level III | Fixed income asset | Income approach, Yield | Minimum
Unobservable Input
Yield (as a percent)	6.00%	3.30%
Consolidated Funds | Level III | Fixed income asset | Income approach, Yield | Maximum
Unobservable Input
Yield (as a percent)	13.60%	13.30%
Consolidated Funds | Level III | Fixed income asset | Income approach, Yield | Weighted Average
Unobservable Input
Yield (as a percent)	10.90%	9.10%
Consolidated Funds | Level III | Fixed income asset | Income Approach
FAIR VALUE
Assets, at fair value		$ 3,687
Consolidated Funds | Level III | Fixed income asset | Income Approach | Minimum
Unobservable Input
Default rate (as a percent)		11.90%
Prepayment rate (as a percent)		5.00%
Recovery rate (as a percent)		0.00%
Consolidated Funds | Level III | Fixed income asset | Income Approach | Maximum
Unobservable Input
Default rate (as a percent)		25.10%
Prepayment rate (as a percent)		10.00%
Recovery rate (as a percent)		40.00%
Consolidated Funds | Level III | Fixed income asset | Income Approach | Weighted Average
Unobservable Input
Default rate (as a percent)		14.60%
Prepayment rate (as a percent)		7.10%
Recovery rate (as a percent)		16.80%
Consolidated Funds | Level III | Derivative Financial Instruments | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Assets, at fair value	$ 291
Liabilities, at fair value	$ 2,999

FAIR VALUE (Investments Using N

FAIR VALUE (Investments Using NAV per Share) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
FAIR VALUE
Investments Measured at NAV	$ 325,715	$ 339,243
Unfunded Commitments	$ 197,791	291,208
Minimum
FAIR VALUE
Redemption restriction period	0 days
Maximum
FAIR VALUE
Redemption restriction period	60 days
Credit Group
FAIR VALUE
Investments Measured at NAV	$ 53,131	98,251
Unfunded Commitments	30,896	89,917
Private Equity
FAIR VALUE
Investments Measured at NAV	181,096	157,234
Unfunded Commitments	96,687	78,700
Real Estate
FAIR VALUE
Investments Measured at NAV	71,669	56,547
Unfunded Commitments	35,708	99,802
Operations Management Group
FAIR VALUE
Investments Measured at NAV	19,819	27,211
Unfunded Commitments	$ 34,500	$ 22,789

DERIVATIVE FINANCIAL INSTRUME65

DERIVATIVE FINANCIAL INSTRUMENTS (Notional Amounts of Derivative Contracts) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Liabilities
Fair Value, Liabilities
Ares Management L.P
Assets
Notional amount, Assets	62,830	$ 94,634
Fair Value, Assets	3,171	1,339
Liabilities
Notional amount, Liabilities	0	(303,245)
Fair Value, Liabilities	0	(390)
Ares Management L.P | Interest rate contracts
Assets
Notional amount, Assets	0	0
Fair Value, Assets	0	0
Liabilities
Notional amount, Liabilities	0	(250,000)
Fair Value, Liabilities	0	(214)
Ares Management L.P | Foreign exchange contracts
Assets
Notional amount, Assets	62,830	94,634
Fair Value, Assets	3,171	1,339
Liabilities
Notional amount, Liabilities	0	(53,245)
Fair Value, Liabilities	0	(176)
Consolidated Funds
Assets
Notional amount, Assets	28,879	0
Notional amount, Total	29,132	522
Fair Value, Assets	820	0
Fair Value, Total	844	159
Liabilities
Notional amount, Liabilities	(204)	(29,635)
Fair Value, Liabilities	(2,999)	(10,676)
Consolidated Funds | Foreign exchange contracts
Assets
Notional amount, Assets	25,304	0
Fair Value, Assets	529	0
Liabilities
Notional amount, Liabilities	0	(25,572)
Fair Value, Liabilities	0	(369)
Consolidated Funds | Other financial instruments
Assets
Notional amount, Assets	3,575	0
Fair Value, Assets	291	0
Liabilities
Notional amount, Liabilities	(204)	(4,063)
Fair Value, Liabilities	(2,999)	(10,307)
Consolidated Funds | Equity contracts
Assets
Notional amount, Assets	253	522
Fair Value, Assets	24	159
Liabilities
Notional amount, Liabilities	0	0
Fair Value, Liabilities	$ 0	$ 0

DERIVATIVE FINANCIAL INSTRUME66

DERIVATIVE FINANCIAL INSTRUMENTS (Net Realized Gain/Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Ares Management L.P | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	$ 1,446	$ 9,083	$ 1,962
Ares Management L.P | Net Change in Unrealized Appreciation Depreciation on Investments [Member]
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	2,222	(2,980)	6,517
Ares Management L.P | Interest rate contracts—Swaps | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	(337)	(1,318)	(1,368)
Ares Management L.P | Interest rate contracts—Swaps | Net Change in Unrealized Appreciation Depreciation on Investments [Member]
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	214	633	407
Ares Management L.P | Foreign exchange contracts | Purchased options | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	0	2,022	0
Ares Management L.P | Foreign exchange contracts | Purchased options | Net Change in Unrealized Appreciation Depreciation on Investments [Member]
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	0	(1,057)	1,076
Ares Management L.P | Foreign exchange contracts | Foreign currency forward contracts | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	1,783	8,379	3,330
Ares Management L.P | Foreign exchange contracts | Foreign currency forward contracts | Net Change in Unrealized Appreciation Depreciation on Investments [Member]
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	2,008	(2,556)	5,034
Consolidated Funds | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	(2,330)	(580)	(47,699)
Consolidated Funds | Net Change in Unrealized Appreciation Depreciation on Investments [Member]
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	8,611	(4,872)	9,433
Consolidated Funds | Equity contracts | Foreign currency forward contracts | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	0	0	(1,906)
Consolidated Funds | Equity contracts | Warrants | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	0	0	3,583
Total net change in unrealized appreciation (depreciation) on investments	26	(71)	(13,190)
Consolidated Funds | Interest rate contracts | Swaps | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	0	0	(513)
Total net change in unrealized appreciation (depreciation) on investments	0	0	1,471
Consolidated Funds | Interest rate contracts | Interest rate caps/floor | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	0	0	276
Total net change in unrealized appreciation (depreciation) on investments	0	0	269
Consolidated Funds | Foreign exchange contracts | Purchased options | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	0	0	341
Total net change in unrealized appreciation (depreciation) on investments	0	0	1,668
Consolidated Funds | Foreign exchange contracts | Foreign currency forward contracts | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	(1,008)	3,752	(15,763)
Total net change in unrealized appreciation (depreciation) on investments	900	(1,867)	11,775
Consolidated Funds | Foreign exchange contracts | Swaps | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	0	0	842
Consolidated Funds | Foreign exchange contracts | Written options | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	0	0	(116)
Total net change in unrealized appreciation (depreciation) on investments	0	0	(402)
Consolidated Funds | Other | Purchased options | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	0	0	16
Consolidated Funds | Other | Swaps | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	(1,322)	(4,332)	(2,463)
Total net change in unrealized appreciation (depreciation) on investments	7,685	(2,934)	(1,142)
Consolidated Funds | Credit contracts—Swaps | Net realized gain (loss) on investments
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	0	0	(33,044)
Consolidated Funds | Credit contracts—Swaps | Net Change in Unrealized Appreciation Depreciation on Investments [Member]
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	$ 0	$ 0	$ 10,032

DERIVATIVE FINANCIAL INSTRUME67

DERIVATIVE FINANCIAL INSTRUMENTS (Setoff Rows) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Derivatives, Liabilities
Net Amounts of Liabilities Presented
Ares Management L.P
Derivatives, Assets
Gross Amounts of Recognized Assets	3,171	$ 1,339
Gross Amounts Offset in Assets	0	0
Net Amounts of Assets Presented	3,171	1,339
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	(176)
Net amount	3,171	1,163
Derivatives, Liabilities
Gross Amounts of Recognized Liabilities	0	(390)
Gross Amounts Offset in Liabilities	0	0
Net Amounts of Liabilities Presented	0	(390)
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	(176)
Net Amount	0	(214)
Grand Total
Gross Amounts of Recognized Assets (Liabilities)	3,171	949
Net Amounts of Assets (Liabilities) Presented	3,171	949
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	0
Net Amount	3,171	949
Consolidated Funds
Derivatives, Assets
Gross Amounts of Recognized Assets	2,243	85
Gross Amounts Offset in Assets	(1,423)	(85)
Net Amounts of Assets Presented	820	0
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	0
Net amount	820	0
Derivatives, Liabilities
Gross Amounts of Recognized Liabilities	(4,422)	(10,761)
Gross Amounts Offset in Liabilities	(1,423)	(85)
Net Amounts of Liabilities Presented	(2,999)	(10,676)
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	0
Net Amount	(2,999)	(10,676)
Grand Total
Gross Amounts of Recognized Assets (Liabilities)	(2,179)	(10,676)
Net Amounts of Assets (Liabilities) Presented	(2,179)	(10,676)
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	0
Net Amount	$ (2,179)	$ (10,676)

DEBT (Debt Obligations) (Detail

DEBT (Debt Obligations) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
Credit Facility
DEBT
Maximum borrowing capacity		$ 1,030,000,000
Term Loan 2015
DEBT
Unused commitment fees (as a percent)		0.025%
Term Loan 2016
DEBT
Unused commitment fees (as a percent)		0.03%
Ares Management L.P
DEBT
Carrying Value		$ 305,784,000	$ 389,120,000
Ares Management L.P | Credit Facility
DEBT
Carrying Value		$ 0	$ 110,000,000
Interest Rate		0.00%	2.11%
Maximum borrowing capacity		$ 1,030,000,000
Upsized amount		$ 1,280,000,000
Unused commitment fees (as a percent)		0.25%
Interest rate (as a percent)		0.00%
Ares Management L.P | AFC Notes
DEBT
Debt issuance percentage	98.268%
Ares Management L.P | Senior Notes
DEBT
Original Borrowing Amount		$ 250,000,000
Carrying Value		$ 244,684,000	$ 244,077,000
Interest Rate		4.21%	4.21%
Ares Management L.P | Term Loan 2015
DEBT
Original Borrowing Amount		$ 35,250,000
Carrying Value		$ 35,063,000	$ 35,043,000
Interest Rate		2.74%	2.18%
Ares Management L.P | Term Loan 2016
DEBT
Original Borrowing Amount		$ 26,375,728.5000
Carrying Value		$ 26,037,000	$ 0
Interest Rate		2.66%
Base rate | Ares Management L.P | Credit Facility
DEBT
Interest rate spread (as a percent)		0.75%
LIBOR | Ares Management L.P | Credit Facility
DEBT
Interest rate spread (as a percent)		1.75%

DEBT (Debt Issuance Costs) (Det

DEBT (Debt Issuance Costs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Debt Issuance Costs [Roll Forward]
Debt issuance costs incurred			$ 28,491,000
Ares Management L.P | Credit Facility
Debt Issuance Costs [Roll Forward]
Unamortized debt issuance costs, beginning balance	$ 6,241,000	$ 5,330,000
Debt issuance costs incurred	548,000	2,271,000
Amortization of debt issuance costs	(1,989,000)	(1,360,000)
Amortization of debt issuance costs		0
Unamortized debt issuance costs, ending balance	$ 4,800,000	6,241,000	5,330,000
Interest rate (as a percent)	0.00%
Ares Management L.P | Senior Notes
Debt Issuance Costs [Roll Forward]
Unamortized debt issuance costs, beginning balance	$ 2,035,000	2,261,000
Debt issuance costs incurred	0	6,000
Amortization of debt issuance costs	(232,000)	(232,000)
Amortization of debt issuance costs		0
Unamortized debt issuance costs, ending balance	1,803,000	2,035,000	2,261,000
Debt instrument face amount	250,000,000
Ares Management L.P | Term Loan
Debt Issuance Costs [Roll Forward]
Unamortized debt issuance costs, beginning balance	207,000	0
Debt issuance costs incurred	340,000	214,000
Amortization of debt issuance costs	(21,000)	(7,000)
Amortization of debt issuance costs		0
Unamortized debt issuance costs, ending balance	526,000	207,000	0
Ares Management L.P | AFC II Notes
Debt Issuance Costs [Roll Forward]
Unamortized debt issuance costs, beginning balance	0	0
Debt issuance costs incurred	0	3,709,000
Amortization of debt issuance costs	0	(75,000)
Amortization of debt issuance costs		(3,634,000)
Unamortized debt issuance costs, ending balance	0	$ 0	$ 0
Debt instrument face amount	$ 325,000,000
Interest rate (as a percent)	5.25%

DEBT (Loan Obligations of the C

DEBT (Loan Obligations of the Consolidated CLOs) (Details) - Consolidated Funds - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
DEBT
Fair Value of Loan Obligations	$ 3,031,112,000	$ 2,174,352,000
Fixed income-collateralized loan obligations
DEBT
Loan Obligations	3,123,825,000	2,295,949,000
Fair Value of Loan Obligations	3,031,112,000	2,174,352,000
Subordinated notes / preferred shares | Fixed income-collateralized loan obligations
DEBT
Loan Obligations	284,046,000	194,443,000
Fair Value of Loan Obligations	$ 189,672,000	$ 120,229,000
Weighted Average Remaining Maturity In Years	9 years 11 months 19 days	9 years 6 months 11 days
Debt instrument face amount	$ 256,000,000
Senior secured notes | Fixed income-collateralized loan obligations
DEBT
Loan Obligations	2,839,779,000	$ 2,101,506,000
Fair Value of Loan Obligations	$ 2,841,440,000	$ 2,054,123,000
Weighted Average Remaining Maturity In Years	9 years 8 months 4 days	9 years 6 months 18 days
Debt instrument face amount	$ 3,000,000,000
Weighted average interest rate (as a percent)	3.55%

DEBT (Credit Facilities of the

DEBT (Credit Facilities of the Consolidated Funds) (Details) - Consolidated Funds - USD ($)	Dec. 31, 2016	Dec. 31, 2015
DEBT
Outstanding Loan	$ 55,070,000	$ 11,734,000
Credit facility with maturity 1/1/2023
DEBT
Total Facility (Capacity)	18,000,000
Long term borrowings, Outstanding Loan	$ 12,942,000	$ 11,734,000
Interest Rate	2.38%	2.00%
Credit facility with maturity 06/30/2018
DEBT
Total Facility (Capacity)	$ 42,128,000
Long term borrowings, Outstanding Loan	$ 42,128,000	$ 0
Interest Rate	1.55%

REDEEMABLE INTERESTS AND EQUI72

REDEEMABLE INTERESTS AND EQUITY COMPENSATION PUT OPTION LIABILITY (Details) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jul. 31, 2016	Nov. 30, 2011	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Redeemable interests
Beginning balance			$ 23,988	$ 23,947
Distributions			(330,649)	(302,508)	$ (594,553)
Reallocation of Partners' capital for change in ownership interest			(881)	(82)	900
Ending Balance			23,505	23,988	23,947
Consolidated Funds
Redeemable interests
Beginning balance			23,505	23,988
Net income			456	338	567
Distributions			(661)	(998)	(477)
Currency translation adjustment			(47)	(36)	(16)
Equity compensation			84	132	81
Issuance cost			0	0	(124)
Allocation of contributions in excess of the carrying value of the net assets (dilution)			0	0	910
Reallocation of Partners' capital for change in ownership interest			0	82	(900)
Deferred tax liabilities arising from allocation of contribution and Partners' capital			0	(1)	0
Redemption of redeemable interest in consolidated subsidiary			(20,000)	0	0
Forfeiture of equity in connection with redemption of ownership interest			(3,337)	0	0
Ending Balance			0	23,505	23,988
AOG
Redeemable interests
Beginning balance			23,505	23,988	40,751
Net income			0	0	164
Distributions			0	0	(1,313)
Currency translation adjustment			0	0	9
Equity compensation			0	0	234
Tandem award compensation adjustment			$ 0	0	(15,898)
Ending Balance				$ 23,505	$ 23,988
Indicus
Redeemable interests
Equity interest awarded to former owners of acquired entity (as a percent)		1.00%
Percent of equity interest deemed consideration In acquisition		50.00%
Percentage of interest accounted for as equity compensation		50.00%
Equity interest put option strike price		$ 40,000
Put option	$ 40,000	20,000
Put option liability	20,000	(20,000)
Non-controlling interest	20,000
Reclassifications to permanent equity	$ 3,300
Indicus | AOG
Redeemable interests
Put option		$ 20,000

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Ares Management L.P
Other assets
Accounts and interest receivable	$ 1,071	$ 2,111
Fixed assets, net	40,759	38,147
Other assets	23,735	22,717
Total other assets	65,565	62,975
Consolidated Funds
Other assets
Income tax and other receivables	2,501	1,348
Total other assets	$ 2,501	$ 1,348

OTHER ASSETS (Depreciable asset

OTHER ASSETS (Depreciable assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fixed assets, net
Depreciation expense	$ 8,200	$ 6,900	$ 7,300
Ares Management L.P
Fixed assets, net
Fixed assets, at cost	77,178	68,191
Less accumulated depreciation	(36,419)	(30,044)
Fixed assets, net	40,759	38,147
Furniture | Ares Management L.P
Fixed assets, net
Fixed assets, at cost	8,498	7,946
Office and computer equipment | Ares Management L.P
Fixed assets, net
Fixed assets, at cost	16,712	15,039
Internal use software | Ares Management L.P
Fixed assets, net
Fixed assets, at cost	10,974	5,039
Leasehold improvements | Ares Management L.P
Fixed assets, net
Fixed assets, at cost	$ 40,994	$ 40,167

COMMITMENTS AND CONTINGENCIES75

COMMITMENTS AND CONTINGENCIES (Details)	Jan. 03, 2017USD ($)item$ / shares	Jan. 31, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jul. 30, 2014USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments			$ 535,300,000	$ 436,400,000
Future minimum commitments
2,017			23,940,000
2,018			25,615,000
2,019			25,351,000
2,020			21,333,000
2,021			17,018,000
Thereafter			69,564,000
Total			182,821,000
Kayne Anderson Capital Advisors L.P.
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments			34,500,000
General, administrative and other expense
Operating Leases
Rent expense			26,400,000	18,500,000	$ 17,900,000
EIF Management, LLC
COMMITMENTS AND CONTINGENCIES
The fair value of the cash and equity portion		$ 59,200,000
Increase (decrease) in contingent consideration liability			17,800,000	21,100,000
Unfunded commitment related to acquisition			20,300,000	38,100,000
Contingent consideration			20,300,000	38,100,000
ARCC and American Capital, Ltd. Merger Agreement
Consideration transferred		149,171,000
Cash consideration		$ 64,532,000
ARCC | American Capital Ltd. | Subsequent event
ARCC and American Capital, Ltd. Merger Agreement
Consideration transferred	$ 4,200,000,000
Cash consideration	$ 275,000,000
Share price (USD per share) | $ / shares	$ 1.20
Maximum fees waived	$ 10,000,000
Term of fee waiver | item	10
ACRE | Guarantee Facility
Guarantees
Maximum borrowing capacity						$ 75,000,000
Performance Fees
Performance Fees
Performance fees subject to potential clawback provision			418,300,000	322,200,000
Performance fees subject to potential claw back provision that are reimbursable by professionals			$ 323,900,000	$ 247,900,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Ares Management L.P
Due from affiliates:
Due from affiliates	$ 162,936	$ 144,982
Due to affiliates:
Due to affiliates	17,564	12,901
Ares Management L.P | Affiliated entity
Due from affiliates:
Management fees receivable from non consolidated funds	123,781	112,405
Payments made on behalf of and amounts due from non consolidated funds	39,155	32,577
Due to affiliates:
Management fee rebate payable to non consolidated funds	7,914	6,679
Management fees received in advance	1,788	1,738
Tax receivable agreement liability	4,748	0
Payments made by non consolidated funds on behalf of and amounts due from the Company	3,114	4,484
Consolidated Funds
Due from affiliates:
Due from affiliates	3,592	12,923
Due to affiliates:
Due to affiliates	0	0
Consolidated Funds | Affiliated entity
Due from affiliates:
Due from affiliates	$ 3,592	$ 12,923

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current:
Total current income tax expense (benefit)	$ 30,846	$ 18,416	$ 24,540
Deferred:
Total deferred income tax expense (benefit)	(19,827)	648	(13,287)
Total:
Income tax expense	$ 11,019	$ 19,064	$ 11,253
Reasons for which effective income tax rate differed from the federal statutory rate
Income tax expense at federal statutory rate	35.00%	35.00%	35.00%
Income passed through to non-controlling interests	(27.60%)	(24.20%)	(34.90%)
State and local taxes, net of federal benefit	0.90%	5.60%	0.40%
Foreign taxes	(0.90%)	1.40%	0.10%
Permanent items	(2.20%)	6.00%	2.20%
Other, net	(1.70%)	0.90%	(1.10%)
Valuation allowance	0.20%	(1.30%)	0.30%
Total effective rate	3.70%	23.40%	2.00%
Deferred tax liabilities
Increase (decrease) in valuation allowance	$ 500	$ (1,400)
Net operating loss carryforwards	25,000
State operating loss carryforward	800
Ares Management L.P
Current:
U.S. federal income tax	19,419	12,064	$ 12,801
State and local income tax	3,706	4,839	1,719
Foreign income tax (benefit)	8,458	1,509	1,613
Total current income tax expense (benefit)	31,583	18,412	16,133
Deferred:
U.S. federal income tax (benefit)	(14,247)	356	123
State and local income tax (benefit)	(1,400)	306	210
Foreign income tax (benefit)	(4,180)	(14)	70
Total deferred income tax expense (benefit)	(19,827)	648	403
Total:
U.S. federal income tax	5,172	12,420	12,924
State and local income tax	2,306	5,145	1,929
Foreign income tax	4,278	1,495	1,683
Income tax expense	11,756	19,060	16,536
Deferred tax assets
Net operating losses	99	1,623
Investment in partnerships	3,774	0
Other, net	2,897	1,330
Total gross deferred tax assets	6,770	2,953
Valuation allowance	(39)	(2,953)
Total deferred tax assets, net	6,731	0
Deferred tax liabilities
Investment in partnerships	0	(13,846)
Other, net	0	(7,442)
Total deferred tax liabilities	0	(21,288)
Net deferred tax assets (liabilities)	6,731	(21,288)
Consolidated Funds
Current:
U.S. federal income tax	0	0	6,807
State and local income tax	0	0	1,564
Foreign income tax (benefit)	(737)	4	36
Total current income tax expense (benefit)	(737)	4	8,407
Deferred:
U.S. federal income tax (benefit)	0	0	(9,958)
State and local income tax (benefit)	0	0	(2,832)
Foreign income tax (benefit)	0	0	(900)
Total deferred income tax expense (benefit)	0	0	(13,690)
Total:
U.S. federal income tax	0	0	(3,151)
State and local income tax	0	0	(1,268)
Foreign income tax	(737)	4	(864)
Income tax expense	(737)	4	$ (5,283)
Deferred tax assets
Net operating losses	4,951	1,538
Other, net	53	102
Total gross deferred tax assets	5,004	1,640
Valuation allowance	(5,004)	(1,640)
Total deferred tax assets, net	$ 0	$ 0

EARNINGS PER COMMON UNIT (Antid

EARNINGS PER COMMON UNIT (Antidilutive) (Details) - shares	8 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015
AOG
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	130,858,662	131,499,652	132,427,608
Options
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	24,230,518	22,781,597	24,082,415
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	4,776,053	47,182	4,657,761

EARNINGS PER COMMON UNIT (Detai

EARNINGS PER COMMON UNIT (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic
Net income attributable to Ares Management, L.P. common unitholders	$ 28,594	$ 36,554	$ 37,574	$ (3,090)					$ 34,988	$ 99,632	$ 19,378	$ 34,988
Earnings distributed to participating securities (restricted units)									(417)	(1,257)	(646)
Preferred stock dividends									0	(8)	(15)
Net income available to common unitholders									$ 34,571	$ 98,367	$ 18,717
Basic weighted-average common units (in units)									80,358,036	80,749,671	80,673,360	80,358,036
Earnings per common unit, basic (in dollars per unit)	$ 0.35	$ 0.45	$ 0.46	$ (0.04)	$ 0	$ (0.14)	$ 0.15	$ 0.23		$ 1.22	$ 0.23	$ 0.43
Diluted
Net income attributable to Ares Management, L.P. common unitholders	$ 28,594	$ 36,554	$ 37,574	$ (3,090)					$ 34,988	$ 99,632	$ 19,378	$ 34,988
Earnings distributed to participating securities (restricted units)									(417)	0	(646)
Preferred stock dividends									0	(8)	(15)
Net income available to common unitholders, diluted									$ 34,571	$ 99,624	$ 18,717
Diluted weighted-average common units									80,358,036	82,937,030	80,673,360	80,358,036
Earnings per common unit, diluted (in dollars per unit)	$ 0.34	$ 0.43	$ 0.46	$ (0.04)	$ 0	$ (0.14)	$ 0.15	$ 0.23	$ 0.43	$ 1.20	$ 0.23	$ 0.43
Restricted units
Diluted
Restricted units									0	2,187,359	0

EQUITY COMPENSATION (Ares Emplo

EQUITY COMPENSATION (Ares Employee Participation LLC Interests) (Details) - USD ($) $ in Thousands	4 Months Ended	8 Months Ended	12 Months Ended
	Apr. 30, 2014	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Equity compensation
Grant Date Fair Value	$ 211,679
Compensation Expense, Net of Forfeitures		$ 20,091	$ 39,065	$ 32,244	$ 63,138
Unrecognized Compensation Expenses	60,500
AEP I Profit Interest
Equity compensation
Grant Date Fair Value	38,400
Compensation Expense, Net of Forfeitures					0
Unrecognized Compensation Expenses	0
AEP II Profit Interests
Equity compensation
Grant Date Fair Value	33,423
Compensation Expense, Net of Forfeitures					14,714
Unrecognized Compensation Expenses	12,709
AEP IV Profit Interests
Equity compensation
Grant Date Fair Value	10,657
Compensation Expense, Net of Forfeitures					10,657
Unrecognized Compensation Expenses	10,657
AEP VI Profit Interests
Equity compensation
Grant Date Fair Value	9,047
Compensation Expense, Net of Forfeitures					9,047
Unrecognized Compensation Expenses	9,047
Exchanged AEP Awards
Equity compensation
Grant Date Fair Value	68,607
Compensation Expense, Net of Forfeitures					0
Unrecognized Compensation Expenses	0
Indicus Membership Interest
Equity compensation
Grant Date Fair Value	20,700
Compensation Expense, Net of Forfeitures					11,913
Unrecognized Compensation Expenses	10,532
Indicus Profit Interest
Equity compensation
Grant Date Fair Value	5,464
Compensation Expense, Net of Forfeitures					(3,871)
Unrecognized Compensation Expenses	0
AREA Membership Interest
Equity compensation
Grant Date Fair Value	25,381
Compensation Expense, Net of Forfeitures					$ 20,678
Unrecognized Compensation Expenses	$ 17,555

EQUITY COMPENSATION (Conversion

EQUITY COMPENSATION (Conversion and Vesting of AEP awards) (Details) - USD ($) $ in Millions	May 01, 2014	Dec. 31, 2014
Indicus Profit Interest
Equity compensation
Compensation expense reversed	$ 4.3
AEP
Equity compensation
One-time compensation expense recognized		$ 56.2

EQUITY COMPENSATION (Ares Manag

EQUITY COMPENSATION (Ares Management, L.P. 2014 Equity Incentive Plan) (Details) - USD ($) $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 01, 2016
Equity compensation
Total number of units available for grant under the Equity Incentive Plan					31,995,344
Equity compensation expenses	$ 20,091	$ 39,065	$ 32,244	$ 63,138
Options
Equity compensation
Granted (in units)		0
Equity compensation expenses	9,869	$ 15,450	16,575
Restricted units
Equity compensation
Restricted stock granted (in units)		3,988,873
Equity compensation expenses	8,826	$ 21,894	14,035
Phantom units
Equity compensation
Equity compensation expenses	$ 1,396	$ 1,721	$ 1,634
Restricted Stock Units and Options
Equity compensation
Granted (in units)		1,420,147
IPO | Options
Equity compensation
Granted (in units)				24,835,227
IPO | Restricted units
Equity compensation
Restricted stock granted (in units)				4,936,051
IPO | Phantom units
Equity compensation
Restricted stock granted (in units)				686,395
Ares Management L.P
Equity compensation
Total number of units available for grant under the Equity Incentive Plan		30,397,280

EQUITY COMPENSATION (Restricted

EQUITY COMPENSATION (Restricted Units) (Details) $ / shares in Units, $ in Thousands	Nov. 21, 2016$ / shares	Aug. 23, 2016$ / shares	May 24, 2016$ / shares	Mar. 14, 2016$ / shares	Dec. 31, 2016USD ($)$ / sharesshares	Sep. 30, 2016$ / shares	Jun. 30, 2016$ / shares	Mar. 31, 2016$ / sharesshares	Dec. 31, 2015$ / sharesshares	Sep. 30, 2015$ / shares	Jun. 30, 2015$ / shares	Mar. 31, 2015$ / shares	Dec. 31, 2016USD ($)item$ / sharesshares	Apr. 30, 2014USD ($)
Equity compensation
Number of quarterly distributions declared | item													4
Quarterly distribution declared (in dollars per unit)	$ 0.20	$ 0.28	$ 0.15	$ 0.20	$ 0.28	$ 0.20	$ 0.28	$ 0.15	$ 0.20	$ 0.13	$ 0.26	$ 0.25
Weighted Average Grant Date Fair Value
Unrecognized compensation expenses | $														$ 60,500
Restricted units
Equity compensation
Distribution equivalents made to holders | $													$ 6,100
Units
Balance at the beginning of the period (in units) | shares								4,657,761					4,657,761
Restricted stock granted (in units) | shares													3,988,873
Vested (in units) | shares													(47,729)
Forfeited (in units) | shares													(540,533)
Balance at the end of the period (in units) | shares					8,058,372				4,657,761				8,058,372
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit)								$ 18.01					$ 18.01
Granted (in dollars per unit)													14.58
Vested (in dollars per unit)													17.32
Forfeited (in dollars per unit)													16.95
Balance at the end of the period (in dollars per unit)					$ 16.38				$ 18.01				$ 16.38
Unrecognized compensation expenses | $					$ 82,700								$ 82,700
Weighted average period of compensation expense expected to be recognized													3 years 18 days

EQUITY COMPENSATION (Options) (

EQUITY COMPENSATION (Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	8 Months Ended	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Apr. 30, 2014
Equity compensation
Unrecognized compensation expenses				$ 60,500
Black-Scholes option pricing model
Weighted average assumptions used to measure the fair value of each options granted using Black-Scholes option-pricing model
Weighted average expected dividend yield (as a percent)	5.00%		5.00%
Minimum | Black-Scholes option pricing model
Weighted average assumptions used to measure the fair value of each options granted using Black-Scholes option-pricing model
Risk free rate (as a percent)	2.06%		1.71%
Expected volatility (as a percent)	34.00%		35.00%
Expected life	6 years 11 months 1 day		6 years 7 months 27 days
Maximum | Black-Scholes option pricing model
Weighted average assumptions used to measure the fair value of each options granted using Black-Scholes option-pricing model
Risk free rate (as a percent)	2.22%		1.80%
Expected volatility (as a percent)	35.00%		36.00%
Expected life	7 years		7 years 5 months 26 days
Stock Options
Equity compensation
Number of common units which holder is entitle to purchase		1
Term of option		P10Y
Unrecognized compensation expenses		$ 40,500
Weighted average period of compensation expense expected to be recognized		2 years 3 months 25 days
Options
Balance at the beginning of the period (in units)		24,082,415
Granted (in units)		0
Vested (in units)		(153,449)
Forfeited (in units)		(1,827,027)
Balance at the end of the period (in units)		22,101,939	24,082,415
Exercisable at the end of the period (in units)		130,200
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per unit)		$ 18.99
Granted (in dollars per unit)		0
Vested (in dollars per unit)		19
Forfeited (in dollars per unit)		19
Balance at the end of the period (in dollars per unit)		18.99	$ 18.99
Exercisable at the end of the period (in dollars per unit)		$ 19
Weighted Average Remaining Life
Weighted average remaining life (in years)			8 years 4 months 2 days
Vested		7 years 3 months 15 days
Expected to vest at the end of the period		7 years 4 months 6 days
Exercisable at the end of the period		7 years 3 months 15 days
Aggregate Intrinsic Value
Balance at the end of the period (in dollars)		$ 4,586
Exercisable at December 31, 2016		$ 26
Weighted average assumptions used to measure the fair value of each options granted using Black-Scholes option-pricing model
Annual award vesting percentage		33.33%

EQUITY COMPENSATION (Phantom Un

EQUITY COMPENSATION (Phantom Units) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Apr. 30, 2014
Weighted Average Grant Date Fair Value
Unrecognized compensation expenses			$ 60,500
Phantom units
Equity compensation
Number of trading days immediately prior to vesting dates	15 days
Number of trading days immediately following to vesting dates	15 days
Vesting period	5 years
Units
Balance at the beginning of the period (in units)	418,115	610,711
Vested (in units)	(98,733.4)	(116,802)
Forfeited (in units)	(53,244.2894736843)	(75,794)
Balance at the end of the period (in units)	266,138	418,115
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per unit)	$ 19	$ 19
Vested (in dollars per unit)	19	19
Forfeited (in dollars per unit)	19	19
Balance at the end of the period (in dollars per unit)	19	$ 19
Share price (USD per share)	$ 19.2
Unrecognized compensation expenses	$ 4,000
Weighted average period of compensation expense expected to be recognized	2 years 3 months 29 days
Cash paid to settle awards	$ 1,400

EQUITY COMPENSATION (Adoption o

EQUITY COMPENSATION (Adoption of ASU 2016-09 ) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redeemable Interest in AOG Entities	$ 23,505	$ 23,988	$ 23,947
AOG
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redeemable Interest in AOG Entities	$ 0	23,505
Partners' Capital | Ares Management L.P
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
December 31, 2015		251,537
As originally reported | AOG
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redeemable Interest in AOG Entities		23,505
As originally reported | Partners' Capital | Ares Management L.P
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance at December 31, 2015, Unadjusted		251,537
Adoption of ASU 2016-09 | Non-Controlling Interest in AOG Entities | AOG
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
December 31, 2015		397,883
Adoption of ASU 2016-09 | As originally reported | Non-Controlling Interest in AOG Entities | AOG
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Balance at December 31, 2015, Unadjusted		397,883
Adjustments for New Accounting Principle | Adoption of ASU 2016-09 | AOG
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		(38)
Paid-in-capital - equity compensation		43
Distributions - dividend equivalent		(5)
Adjustments for New Accounting Principle | Adoption of ASU 2016-09 | Partners' Capital | Ares Management L.P
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		(3,357)
Paid-in-capital - equity compensation		3,767
Distributions - dividend equivalent		(410)
Adjustments for New Accounting Principle | Adoption of ASU 2016-09 | Non-Controlling Interest in AOG Entities | AOG
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		(5,470)
Paid-in-capital - equity compensation		6,138
Distributions - dividend equivalent		$ (668)

EQUITY (Details)

EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	4 Months Ended	8 Months Ended	12 Months Ended
	Jun. 30, 2016	Sep. 30, 2016	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	May 01, 2014
STOCKHOLDERS' EQUITY AND MEMBERS' CAPITAL
Minority ownership percentage					5.87%
Ownership percentage					56.27%
Dividend rate, percentage		7.00%
Redemption price (dollars per unit)		$ 25
Preferred Equity
STOCKHOLDERS' EQUITY AND MEMBERS' CAPITAL
Issuance of common units (in units)	12,400,000
Total offering price	$ 310
Ares Owners Holdings, L.P.
STOCKHOLDERS' EQUITY AND MEMBERS' CAPITAL
Number of units held						34,540,079
AOG
STOCKHOLDERS' EQUITY AND MEMBERS' CAPITAL
Daily Average Ownership Percentage			37.86%
AOG
STOCKHOLDERS' EQUITY AND MEMBERS' CAPITAL
Minority ownership percentage				38.26%	37.86%
Number of units held				80,814,732	80,679,600
Daily Average Ownership Percentage				38.04%
Units conversion ratio				100.00%
AOG | Ares Owners Holdings, L.P.
STOCKHOLDERS' EQUITY AND MEMBERS' CAPITAL
Minority ownership percentage				55.82%
Number of units held				117,928,313	119,905,131	118,421,766
Ownership percentage						59.21%
Daily Average Ownership Percentage			56.27%	56.07%
AOG | Alleghany
STOCKHOLDERS' EQUITY AND MEMBERS' CAPITAL
Minority ownership percentage				5.92%		6.25%
Number of units held				12,500,000	12,500,000	12,500,000
Daily Average Ownership Percentage			5.87%	5.89%

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) $ in Billions	12 Months Ended
	Dec. 31, 2016USD ($)segmentitemfund
Segment reporting
Number operating segments | segment	3
Ares Management L.P | Credit Group
Segment reporting
Assets under management | $	$ 60.5
Number of funds managed	133
Ares Management L.P | Private Equity
Segment reporting
Assets under management | $	$ 25
Number of private equity commingled funds focus North America and Europe	5
Number of funds focused on U.S. energy and power assets	5
Number of co-investment vehicles focused on U.S. energy and power assets	6
Number of special situation funds	5
Ares Management L.P | Real Estate
Segment reporting
Assets under management | $	$ 9.8
Number of funds managed	42
Ares Management L.P | OMG
Segment reporting
Number of independent shared resource groups to support entity's operating segments | item	5

SEGMENT REPORTING (Operating Se

SEGMENT REPORTING (Operating Segments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Management fees
Other fees	$ 0
Net investment income (loss)	(70,390)	$ 1,776	$ (70,593)
Performance related earnings
Assets	5,829,712	4,321,408	21,638,992
Affiliated entity | ARCC
Management fees
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	121,181	121,491	118,537
Credit Group
Management fees
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	444,664	432,769	416,400
Other fees	9,953	414	1,192
Compensation and benefits	(177,071)	(167,735)	(176,709)
General, administrative and other expenses	(26,827)	(27,781)	(24,196)
Fee related earnings	250,719	237,667	216,687
Performance fees—realized	51,435	87,583	98,221
Performance fees—unrealized	22,851	(71,341)	(41,681)
Performance fee compensation—realized	(11,772)	(44,110)	(48,077)
Performance fee compensation—unrealized	(26,109)	36,659	11,059
Net performance fees	36,405	8,791	19,522
Investment income (loss)—realized	4,928	13,274	29,081
Investment income (loss)—unrealized	11,848	(15,731)	(12,430)
Interest and other investment income	26,119	10,429	10,688
Interest expense	(8,609)	(7,075)	(3,555)
Net investment income (loss)	34,286	897	23,784
Performance related earnings	70,691	9,688	43,306
Economic net income	321,410	247,355	259,993
Distributable earnings	302,683	289,091	294,955
Assets	650,435	530,758	730,281
Private Equity
Management fees
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	147,790	152,104	93,963
Other fees	1,544	1,406	219
Compensation and benefits	(57,012)	(54,231)	(40,229)
General, administrative and other expenses	(14,256)	(15,295)	(10,075)
Fee related earnings	78,066	83,984	43,878
Performance fees—realized	230,162	24,849	46,417
Performance fees—unrealized	188,287	87,809	119,156
Performance fee compensation—realized	(184,072)	(19,255)	(32,522)
Performance fee compensation—unrealized	(149,956)	(74,598)	(97,658)
Net performance fees	84,421	18,805	35,393
Investment income (loss)—realized	18,773	6,840	21,154
Investment income (loss)—unrealized	(613)	(13,205)	23,424
Interest and other investment income	16,579	6,166	4,745
Interest expense	(5,589)	(5,936)	(3,925)
Net investment income (loss)	29,150	(6,135)	45,398
Performance related earnings	113,571	12,670	80,791
Economic net income	191,637	96,654	124,669
Distributable earnings	148,996	91,800	76,190
Assets	1,218,412	927,758	717,131
Real Estate
Management fees
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	66,997	66,045	87,683
Other fees	854	2,779	4,889
Compensation and benefits	(39,033)	(40,591)	(47,174)
General, administrative and other expenses	(10,124)	(15,044)	(15,632)
Fee related earnings	18,694	13,189	29,766
Performance fees—realized	11,401	9,516	1,856
Performance fees—unrealized	17,334	15,179	17,408
Performance fee compensation—realized	(2,420)	(1,826)	0
Performance fee compensation—unrealized	(13,517)	(8,553)	(2,830)
Net performance fees	12,798	14,316	16,434
Investment income (loss)—realized	931	2,658	2,344
Investment income (loss)—unrealized	5,418	1,522	(61)
Interest and other investment income	1,661	259	265
Interest expense	(1,056)	(977)	(1,137)
Net investment income (loss)	6,954	3,462	1,411
Performance related earnings	19,752	17,778	17,845
Economic net income	38,446	30,967	47,611
Distributable earnings	24,191	17,615	10,460
Assets	232,862	186,058	224,333
Total Stand Alone
Management fees
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	659,451	650,918	598,046
Other fees	12,351	4,599	6,300
Compensation and benefits	(384,715)	(360,622)	(354,362)
General, administrative and other expenses	(114,737)	(117,903)	(102,720)
Fee related earnings	172,350	176,992	147,264
Performance fees—realized	292,998	121,948	146,494
Performance fees—unrealized	228,472	31,647	94,883
Performance fee compensation—realized	(198,264)	(65,191)	(80,599)
Performance fee compensation—unrealized	(189,582)	(46,492)	(89,429)
Net performance fees	133,624	41,912	71,349
Investment income (loss)—realized	10,026	22,749	52,579
Investment income (loss)—unrealized	14,456	(27,362)	10,933
Interest and other investment income	44,508	17,233	15,698
Interest expense	(17,981)	(15,146)	(8,617)
Net investment income (loss)	51,009	(2,526)	70,593
Performance related earnings	184,633	39,386	141,942
Economic net income	356,983	216,378	289,206
Distributable earnings	264,306	230,589	232,756
Assets	2,176,092	1,741,211	1,686,951
Operating segment
Management fees
Fee related earnings	347,479	334,840	290,331
Performance fees—realized	292,998	121,948	146,494
Performance fee compensation—realized	(198,264)	(65,191)	(80,599)
Performance related earnings	204,014	40,136	141,942
Economic net income	551,493	374,976	432,273
Distributable earnings	475,870	398,506	381,605
OMG
Management fees
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	0	0	0
Other fees	0	0	0
Compensation and benefits	(111,599)	(98,065)	(90,250)
General, administrative and other expenses	(63,530)	(59,783)	(52,817)
Fee related earnings	(175,129)	(157,848)	(143,067)
Performance fees—realized	0	0	0
Performance fees—unrealized	0	0	0
Performance fee compensation—realized	0	0	0
Performance fee compensation—unrealized	0	0	0
Net performance fees	0	0	0
Investment income (loss)—realized	(14,606)	(23)	0
Investment income (loss)—unrealized	(2,197)	52	0
Interest and other investment income	149	379	0
Interest expense	(2,727)	(1,158)	0
Net investment income (loss)	(19,381)	(750)	0
Performance related earnings	(19,381)	(750)	0
Economic net income	(194,510)	(158,598)	(143,067)
Distributable earnings	(211,564)	(167,917)	(148,849)
Assets	74,383	96,637	15,206
Ares Management L.P
Management fees
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	642,068	634,399	486,477
Other fees	39,285	29,428	26,000
Compensation and benefits	(447,725)	(414,454)	(456,372)
Ares Management L.P | Total Stand Alone
Management fees
Other fee revenue to compensation and benefits expense		21,600	19,000
Other fee revenue to general administrative and other expenses		4,400	3,400
Ares Management L.P | Operating segment
Management fees
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)	659,451	650,918	598,046
Other fees	12,351	4,599	6,300
Compensation and benefits	(273,116)	(262,557)	(264,112)
General, administrative and other expenses	(51,207)	(58,120)	(49,903)
Fee related earnings	347,479	334,840	290,331
Performance fees—realized	292,998	121,948	146,494
Performance fees—unrealized	228,472	31,647	94,883
Performance fee compensation—realized	(198,264)	(65,191)	(80,599)
Performance fee compensation—unrealized	(189,582)	(46,492)	(89,429)
Net performance fees	133,624	41,912	71,349
Investment income (loss)—realized	24,632	22,772	52,579
Investment income (loss)—unrealized	16,653	(27,414)	10,933
Interest and other investment income	44,359	16,854	15,698
Interest expense	(15,254)	(13,988)	(8,617)
Net investment income (loss)	70,390	(1,776)	70,593
Performance related earnings	204,014	40,136	141,942
Economic net income	551,493	374,976	432,273
Distributable earnings	475,870	398,506	381,605
Assets	$ 2,101,709	$ 1,644,574	$ 1,671,745

SEGMENT REPORTING (Revenue, Exp

SEGMENT REPORTING (Revenue, Expenses and Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment revenues
Other fees									$ 0
Total revenues	$ 358,195	$ 335,460	$ 369,535	$ 136,015	$ 159,519	$ 143,854	$ 241,164	$ 269,905	1,199,205	$ 814,442	$ 603,889
Segment expenses
Total expenses	$ 299,573	$ 283,374	$ 303,935	$ 129,538	$ 185,622	$ 136,386	$ 212,569	$ 234,463	1,016,420	769,040	860,039
Segment other income
Net investment income (loss)									(70,390)	1,776	(70,593)
Operating segment
Segment revenues
Performance fees—realized									292,998	121,948	146,494
Segment expenses
Performance fee compensation expense-realized									198,264	65,191	80,599
Ares Management L.P
Segment revenues
Management fees									642,068	634,399	486,477
Other fees									39,285	29,428	26,000
Total revenues									1,199,205	814,442	603,889
Segment expenses
Compensation and benefits									447,725	414,454	456,372
Ares Management L.P | Operating segment
Segment revenues
Management fees									659,451	650,918	598,046
Other fees									12,351	4,599	6,300
Performance fees—realized									292,998	121,948	146,494
Performance fees—unrealized									228,472	31,647	94,883
Total revenues									1,193,272	809,112	845,723
Segment expenses
Compensation and benefits									273,116	262,557	264,112
General, administrative and other expenses									51,207	58,120	49,903
Performance fee compensation expense-realized									198,264	65,191	80,599
Performance fee compensation expense-unrealized									189,582	46,492	89,429
Total expenses									712,169	432,360	484,043
Segment other income
Investment income (loss)—realized									24,632	22,772	52,579
Investment income (loss)—unrealized									16,653	(27,414)	10,933
Interest and other investment income									44,359	16,854	15,698
Interest expense									(15,254)	(13,988)	(8,617)
Net investment income (loss)									70,390	(1,776)	70,593
Affiliated entity | ARCC
Segment revenues
Management fees									$ 121,181	$ 121,491	$ 118,537

SEGMENT REPORTING (Revenue Reco

SEGMENT REPORTING (Revenue Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue adjustment
Revenues	$ 358,195	$ 335,460	$ 369,535	$ 136,015	$ 159,519	$ 143,854	$ 241,164	$ 269,905	$ 1,199,205	$ 814,442	$ 603,889
Administrative and other fees									0
Reconciling items
Revenue adjustment
Revenues									5,933	5,330	(241,834)
Administrative and other fees									26,934	26,007	22,147
Reconciling items | AREA Sponsor Holdings, LLC
Revenue adjustment
Performance fee reclass									(2,479)	(7,398)	(14,587)
Ares Management L.P
Revenue adjustment
Revenues									1,199,205	814,442	603,889
Administrative and other fees									39,285	29,428	26,000
Ares Management L.P | Operating segment
Revenue adjustment
Revenues									1,193,272	809,112	845,723
Administrative and other fees									12,351	4,599	6,300
Consolidated Funds | Reconciling items
Revenue adjustment
Revenues									$ (18,522)	$ (13,279)	$ (249,394)

SEGMENT REPORTING (Expenses) (D

SEGMENT REPORTING (Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Expenses adjustment
Equity compensation expenses									$ 20,091	$ 39,065	$ 32,244	$ 63,138
Depreciation expense										8,200	6,900	7,300
Expenses	$ 299,573	$ 283,374	$ 303,935	$ 129,538	$ 185,622	$ 136,386	$ 212,569	$ 234,463		1,016,420	769,040	860,039
Operating segment
Expenses adjustment
Acquisition and merger-related expenses										(16,902)	34,864	11,043
Equity compensation expenses										39,065	32,244	83,230
Placement fees and underwriting costs										6,424	8,825	14,753
Amortization of intangibles										26,638	46,227	27,610
Depreciation expense										8,215	6,942	7,346
Reconciling items
Expenses adjustment
Administrative fees										26,934	26,007	22,147
Acquisition and merger-related expenses										773	40,482	11,043
Equity compensation expenses										39,065	32,244	83,230
Placement fees and underwriting costs										6,424	8,825	14,753
Amortization of intangibles										26,638	46,227	27,610
Depreciation expense										8,215	6,942	7,346
Expenses										304,251	336,680	375,996
OMG
Expenses adjustment
Expenses										175,129	157,848	143,067
Ares Management L.P | Operating segment
Expenses adjustment
Expenses										712,169	432,360	484,043
Consolidated Funds | Reconciling items
Expenses adjustment
Expenses of Consolidated Funds added in consolidation										42,520	36,417	187,494
Expenses of Consolidated Funds eliminated in consolidation										$ (21,447)	$ (18,312)	$ (120,694)

SEGMENT REPORTING (Other Income

SEGMENT REPORTING (Other Income (Expense)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other income adjustment
Net investment income (loss)									$ (70,390)	$ 1,776	$ (70,593)
Total consolidated other income (expense)	$ 39,841	$ 73,339	$ 17,406	$ (15,451)	$ 35,673	$ (39,553)	$ 28,956	$ 11,006	115,135	36,082	813,065
Operating segment
Other income adjustment
Other non-cash expense									1,728	(110)	(3,384)
Reconciling items
Other income adjustment
Gain associated with contingent consideration									(17,675)	(21,064)	0
Merger related expenses									0	15,446	0
Other non-cash expense									1,728	(110)	(3,384)
Total consolidated other income (expense)									44,745	37,858	742,472
OMG
Other income adjustment
Net investment income (loss)									(19,381)	(750)	0
Total consolidated other income (expense)									(19,381)	(750)	0
Ares Management L.P
Other income adjustment
Gain associated with contingent consideration									17,674	21,064	0
Other non-cash expense									0	(10)	(3,143)
Ares Management L.P | Operating segment
Other income adjustment
Net investment income (loss)									70,390	(1,776)	70,593
Consolidated Funds | Reconciling items
Other income adjustment
Other income (expense) from Consolidated Funds added in consolidation, net									37,388	13,695	785,152
Other income (expense) from Consolidated Funds eliminated in consolidation, net									4,856	12,007	(53,883)
AREA Sponsor Holdings, LLC | Reconciling items
Other income adjustment
Performance fee reclass									$ 2,479	$ 7,398	$ 14,587

SEGMENT REPORTING (Reconciliati

SEGMENT REPORTING (Reconciliation of Income Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Economic net income
Income (loss) before provision for income taxes	$ 98,463	$ 125,425	$ 83,006	$ (8,974)	$ 9,570	$ (32,085)	$ 57,551	$ 46,448		$ 297,920	$ 81,484	$ 556,915
Adjustments
Depreciation expense										8,200	6,900	7,300
Equity compensation expenses									$ 20,091	39,065	32,244	63,138
Performance Fees
Net investment income (loss)										(70,390)	1,776	(70,593)
Fee related earnings
Income tax expense										(11,019)	(19,064)	(11,253)
Performance related earnings
Operating segment
Economic net income
Income (loss) before provision for income taxes										297,920	81,484	556,915
Adjustments
Amortization of intangibles										26,638	46,227	27,610
Depreciation expense										8,215	6,942	7,346
Equity compensation expenses										39,065	32,244	83,230
Acquisition and merger-related expenses										(16,902)	34,864	11,043
Placement fees and underwriting costs										6,424	8,825	14,753
Other non-cash expense										(1,728)	110	3,384
Economic net income										551,493	374,976	432,273
Performance Fees
Performance fees—realized										(292,998)	(121,948)	(146,494)
Total performance fee income - unrealized										(228,472)	(31,647)	(94,883)
Performance fee compensation—realized										198,264	65,191	80,599
Total performance fee compensation - unrealized										189,582	46,492	89,429
Fee related earnings
Performance fees—realized										292,998	121,948	146,494
Performance fee compensation—realized										(198,264)	(65,191)	(80,599)
Investment and other income (expense) realized, net										50,415	25,638	59,660
Dividend equivalent										(3,863)	(2,501)	0
One-time acquisition costs										(457)	(1,553)	(8,446)
Income tax expense										(3,199)	(1,462)	(1,725)
Non-cash items										870	(758)	(1,525)
Placement fees and underwriting costs, noncorporate										(6,431)	(8,817)	(14,753)
Depreciation and amortization										(3,678)	(3,638)	(7,832)
Distributable earnings										475,870	398,506	381,605
Less: fee related earnings										(347,479)	(334,840)	(290,331)
Performance related earnings										204,014	40,136	141,942
Reconciling items
Adjustments
Amortization of intangibles										26,638	46,227	27,610
Depreciation expense										8,215	6,942	7,346
Equity compensation expenses										39,065	32,244	83,230
Acquisition and merger-related expenses										773	40,482	11,043
Placement fees and underwriting costs										6,424	8,825	14,753
Other non-cash expense										(1,728)	110	3,384
Total consolidation adjustments and reconciling items										253,573	293,492	(124,642)
OMG
Adjustments
Economic net income										(194,510)	(158,598)	(143,067)
Performance Fees
Performance fees—realized										0	0	0
Performance fee compensation—realized										0	0	0
Net investment income (loss)										(19,381)	(750)	0
Fee related earnings
Distributable earnings										(211,564)	(167,917)	(148,849)
Less: fee related earnings										175,129	157,848	143,067
Performance related earnings										(19,381)	(750)	0
Consolidated Funds
Adjustments
Less: Net income attributable to non-controlling interests in Ares Operating Group entities										3,386	(5,686)	417,793
Fee related earnings
Income tax expense										737	(4)	5,283
Consolidated Funds | Operating segment
Adjustments
Less: Net income attributable to non-controlling interests in Ares Operating Group entities										$ (2,649)	$ 5,682	$ (415,075)

SEGMENT REPORTING (Assets) (Det

SEGMENT REPORTING (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of total segment assets to total assets
Assets	$ 5,829,712	$ 4,321,408	$ 21,638,992
Reconciling items
Reconciliation of total segment assets to total assets
Assets	3,728,003	2,676,834	19,967,247
OMG
Reconciliation of total segment assets to total assets
Assets	74,383	96,637	15,206
Ares Management L.P and Consolidated Funds
Reconciliation of total segment assets to total assets
Assets	2,101,709	1,644,574	1,671,745
Consolidated Funds
Reconciliation of total segment assets to total assets
Total assets from Consolidated Funds added in consolidation	3,822,010	2,760,419	20,758,806
Total assets from Consolidated Funds eliminated in consolidation	$ (168,390)	$ (180,222)	$ (806,765)

CONSOLIDATION (Adoption of ASU

CONSOLIDATION (Adoption of ASU 2015-02 and Deconsolidated Funds) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)entity	Dec. 31, 2014USD ($)entity	Dec. 31, 2016USD ($)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Assets	$ 4,321,408	$ 21,638,992	$ 5,829,712
Liabilities	3,329,497		4,452,450
Cumulative effect of accounting change	(3,367)	(4,625,837)
Redeemable interest in Ares Operating Group entities	$ (23,988)	$ (23,947)	(23,505)
Number of certain funds deconsolidated due to being liquidated or dissolved | entity	56	3
Number of certain funds deconsolidated due to no longer holding majority voting interest | entity		4
Number of certain funds deconsolidated due to no longer being primary beneficiary | entity	2	11
Consolidated Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redeemable interest in Ares Operating Group entities	$ (23,505)	$ (23,988)	0
Non-controlling interest	$ (323,605)		$ (338,035)
Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		56
Assets		$ 17,447,966
Liabilities		11,784,679
Cumulative effect of accounting change		$ 5,663,287
As originally reported | Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		66
Assets		$ 19,953,476
Liabilities		13,962,463
Cumulative effect of accounting change		$ 0
As adjusted | Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		10
Assets		$ 2,505,510
Liabilities		2,177,785
Cumulative effect of accounting change		(5,663,287)
As adjusted | Adoption of ASU 2015-02 | Consolidated Funds
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Redeemable interest in Ares Operating Group entities		1,000,000
Non-controlling interest		$ 4,600,000
CLOs | Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		27
Assets		$ 10,572,274
Liabilities		10,597,625
Cumulative effect of accounting change		$ (25,352)
CLOs | As originally reported | Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		31
Assets		$ 12,682,054
Liabilities		12,719,980
Cumulative effect of accounting change		$ 0
CLOs | As adjusted | Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		4
Assets		$ 2,109,780
Liabilities		2,122,355
Cumulative effect of accounting change		$ 25,352
Non-CLOs | Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		29
Assets		$ 6,875,692
Liabilities		1,187,054
Cumulative effect of accounting change		$ 5,688,639
Non-CLOs | As originally reported | Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		35
Assets		$ 7,271,422
Liabilities		1,242,484
Cumulative effect of accounting change		$ 0
Non-CLOs | As adjusted | Adoption of ASU 2015-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Number of entities | entity		6
Assets		$ 395,730
Liabilities		55,430
Cumulative effect of accounting change		$ (5,688,639)

CONSOLIDATION (Variable Interes

CONSOLIDATION (Variable Interest Entities) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 5,829,712	$ 4,321,408	$ 21,638,992
Liabilities of consolidated VIEs	4,452,450	3,329,497
Consolidated Funds
Variable Interest Entity [Line Items]
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	3,386	(5,686)	$ 417,793
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	268,950	284,169
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	153,746	160,858
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	3,822,010	2,759,981
Liabilities of consolidated VIEs	$ 3,360,329	$ 2,256,517

CONSOLIDATION (Balance Sheet) (

CONSOLIDATION (Balance Sheet) (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Goodwill	$ 143,724	$ 144,067	$ 85,581
Total assets	5,829,712	4,321,408	21,638,992
Liabilities
Total liabilities	4,452,450	3,329,497
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	23,505	23,988	23,947
Preferred equity (12,400,000 units issued and outstanding at December 31, 2016)	298,761	0
Controlling interest in Ares Management, L.P. :
Partners' Capital (80,814,732 units and 80,679,600 units, issued and outstanding at December 31, 2016 and 2015, respectively)	301,790	251,537
Accumulated other comprehensive loss	(8,939)	(4,619)
Total controlling interest in Ares Management, L.P	292,851	246,918
Total equity	1,377,262	968,406	5,697,935	$ 6,540,544
Total liabilities, redeemable interest, non-controlling interests and equity	$ 5,829,712	$ 4,321,408
Preferred equity, units issued (in units)	12,400,000
Preferred equity, units outstanding (in units)	12,400,000
Partners' Capital units issued (in units)	80,814,732	80,679,600
Partners' Capital units outstanding (in units)	80,814,732	80,679,600
Reportable legal entity
Assets
Total assets	$ 3,822,010
Liabilities
Preferred equity (12,400,000 units issued and outstanding at December 31, 2016)	298,761
Eliminations
Assets
Total assets	(168,390)	$ (180,222)
Liabilities
Total liabilities	(44,744)	(34,121)
Commitments and contingencies
Preferred equity (12,400,000 units issued and outstanding at December 31, 2016)	0
Controlling interest in Ares Management, L.P. :
Total equity	(123,646)	(146,101)
Total liabilities, redeemable interest, non-controlling interests and equity	(168,390)	(180,222)
Ares Management L.P
Assets
Cash and cash equivalents	342,861	121,483	148,858	$ 89,802
Investments, at fair value	468,471	468,287
Performance fees receivable	759,099	534,661
Due from affiliates	162,936	144,982
Other assets	65,565	62,975
Intangible assets, net	58,315	84,971
Goodwill	143,724	144,067
Deferred tax asset, net	6,731	0
Liabilities
Accounts payable, accrued expenses and other liabilities	83,336	102,626
Accrued compensation	131,736	125,032
Due to affiliates	17,564	12,901
Performance fee compensation payable	598,050	401,715
Debt obligations	305,784	389,120
Equity compensation put option liability	0	20,000
Deferred tax liability, net	0	21,288
Controlling interest in Ares Management, L.P. :
Partners' Capital (80,814,732 units and 80,679,600 units, issued and outstanding at December 31, 2016 and 2015, respectively)	301,790	251,537
Accumulated other comprehensive loss	(8,939)	(4,619)
Total controlling interest in Ares Management, L.P	292,851	246,918
Investments, at fair value	448,336	446,779
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	342,861	121,483
Investments, at fair value	622,215	636,092
Performance fees receivable	767,429	541,852
Due from affiliates	169,252	149,771
Other assets	65,565	62,975
Intangible assets, net	58,315	84,971
Goodwill	143,724	144,067
Deferred tax asset, net	6,731
Total assets	2,176,092	1,741,211
Liabilities
Accounts payable, accrued expenses and other liabilities	83,336	102,734
Accrued compensation	131,736	125,032
Due to affiliates	17,959	13,016
Performance fee compensation payable	598,050	401,715
Debt obligations	305,784	389,120
Equity compensation put option liability		20,000
Deferred tax liability, net		21,288
Total liabilities	1,136,865	1,072,905
Commitments and contingencies
Controlling interest in Ares Management, L.P. :
Partners' Capital (80,814,732 units and 80,679,600 units, issued and outstanding at December 31, 2016 and 2015, respectively)	301,790	251,537
Accumulated other comprehensive loss	(8,939)	(4,619)
Total controlling interest in Ares Management, L.P	292,851	246,918
Total equity	1,039,227	644,801
Total liabilities, redeemable interest, non-controlling interests and equity	2,176,092	1,741,211
Ares Management L.P | Eliminations
Assets
Cash and cash equivalents	0
Investments, at fair value	(153,744)	(167,805)
Performance fees receivable	(8,330)	(7,191)
Due from affiliates	(6,316)	(4,789)
Other assets	0
Intangible assets, net	0
Goodwill	0
Deferred tax asset, net	0
Liabilities
Accounts payable, accrued expenses and other liabilities	0	(108)
Accrued compensation	0
Due to affiliates	(395)	(115)
Performance fee compensation payable	0
Debt obligations	0
Controlling interest in Ares Management, L.P. :
Partners' Capital (80,814,732 units and 80,679,600 units, issued and outstanding at December 31, 2016 and 2015, respectively)	0
Accumulated other comprehensive loss	0
Total controlling interest in Ares Management, L.P	0	0
Consolidated Funds
Assets
Cash and cash equivalents	455,280	159,507
Investments, at fair value	3,330,203	2,559,783
Due from affiliates	3,592	12,923
Dividends and interest receivable	8,479	13,005
Receivable for securities sold	21,955	13,416
Other assets	2,501	1,348
Liabilities
Accounts payable, accrued expenses and other liabilities	21,056	18,951
Due to affiliates	0	0
Payable for securities purchased	208,742	51,778
CLO loan obligations, at fair value	3,031,112	2,174,352
Fund borrowings	55,070	11,734
Commitments and contingencies
Redeemable interest in Ares Operating Group entities	0	23,505	$ 23,988
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	338,035	320,238
Equity appropriated for Consolidated Funds	0	3,367
Non-controlling interest	338,035	323,605
Controlling interest in Ares Management, L.P. :
Investments, at fair value	3,330,203	2,559,783
Consolidated Funds | Reportable legal entity
Assets
Cash and cash equivalents	455,280	159,507
Investments, at fair value	3,330,203	2,559,783
Due from affiliates	3,592	13,360
Dividends and interest receivable	8,479	13,005
Receivable for securities sold	21,955	13,416
Other assets	2,501	1,348
Total assets		2,760,419
Liabilities
Accounts payable, accrued expenses and other liabilities	21,056	18,956
Due to affiliates	10,599	5,617
Payable for securities purchased	208,742	51,778
CLO loan obligations, at fair value	3,064,862	2,202,628
Fund borrowings	55,070	11,734
Total liabilities	3,360,329	2,290,713
Commitments and contingencies
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	461,681	466,339
Equity appropriated for Consolidated Funds		3,367
Non-controlling interest		469,706
Controlling interest in Ares Management, L.P. :
Total equity	461,681	469,706
Total liabilities, redeemable interest, non-controlling interests and equity	3,822,010	2,760,419
Consolidated Funds | Eliminations
Assets
Cash and cash equivalents	0
Investments, at fair value	0
Due from affiliates	0	(437)
Dividends and interest receivable	0
Receivable for securities sold	0
Other assets	0
Liabilities
Accounts payable, accrued expenses and other liabilities	0	(5)
Due to affiliates	(10,599)	(5,617)
Payable for securities purchased	0	0
CLO loan obligations, at fair value	(33,750)	(28,276)
Fund borrowings	0	0
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	(123,646)	(146,101)
Non-controlling interest		(146,101)
AOG
Liabilities
Redeemable interest in Ares Operating Group entities	0	23,505
Non-controlling interest in Consolidated Funds
Non-controlling interest	447,615	397,883
AOG | Reportable legal entity
Liabilities
Redeemable interest in Ares Operating Group entities		23,505
Non-controlling interest in Consolidated Funds
Non-controlling interest	447,615	$ 397,883
AOG | Eliminations
Non-controlling interest in Consolidated Funds
Non-controlling interest	$ 0

CONSOLIDATION (Income Statement

CONSOLIDATION (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended								8 Months Ended	12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues
Administrative and other fees										$ 0
Total revenues	$ 358,195	$ 335,460	$ 369,535	$ 136,015	$ 159,519	$ 143,854	$ 241,164	$ 269,905		1,199,205	$ 814,442	$ 603,889
Expenses
Total expenses	299,573	283,374	303,935	129,538	185,622	136,386	212,569	234,463		1,016,420	769,040	860,039
Other income (expense)
Total other income	39,841	73,339	17,406	(15,451)	35,673	(39,553)	28,956	11,006		115,135	36,082	813,065
Income before taxes	98,463	125,425	83,006	(8,974)	9,570	(32,085)	57,551	46,448		297,920	81,484	556,915
Income tax expense										11,019	19,064	11,253
Net income	95,316	117,784	87,440	(13,639)	6,247	(37,664)	51,448	42,389		286,901	62,420	545,662
Net income attributable to Ares Management, L.P.	34,019	43,305	37,574	(3,090)	$ 185	$ (11,349)	$ 12,086	$ 18,456		111,808	19,378	34,988
Less: Preferred equity distributions paid	5,425	6,751	0	0						12,176	0	0
Net income attributable to Ares Management, L.P. common unitholders	$ 28,594	$ 36,554	$ 37,574	$ (3,090)					$ 34,988	99,632	19,378	34,988
Affiliated entity | ARCC
Revenues
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)										121,181	121,491	118,537
Reportable legal entity
Revenues
Administrative and other fees											0	0
Eliminations
Revenues
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)										(17,383)	(16,519)	(111,569)
Performance fees										(1,139)	4,418	(135,378)
Administrative and other fees										0	(1,178)	(2,447)
Total revenues										(18,522)	(13,279)	(249,394)
Expenses
Compensation and benefits										0
Performance fee compensation										0
General, administrative and other expenses										0
Total expenses										(21,447)	(18,312)	(120,694)
Other income (expense)
Interest and other investment income										(4,480)	(3,497)	(8,712)
Debt extinguishment expense											0
Other income (expense), net										0	1,036	1,222
Net realized gain (loss) on investments										1,290	14,225	(45,973)
Total other income										4,856	12,007	(53,883)
Income before taxes										7,781	17,040	(182,583)
Income tax expense										0
Net income										7,781	17,040	(182,583)
Less: Preferred equity distributions paid										0
Net income attributable to Ares Management, L.P. common unitholders										0
Ares Management L.P
Revenues
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)										642,068	634,399	486,477
Performance fees										517,852	150,615	91,412
Administrative and other fees										39,285	29,428	26,000
Total revenues										1,199,205	814,442	603,889
Expenses
Compensation and benefits										447,725	414,454	456,372
Performance fee compensation										387,846	111,683	170,028
General, administrative and other expenses										159,776	224,798	166,839
Other income (expense)
Interest and other investment income										5,800	(4,904)	(1,373)
Debt extinguishment expense										0	(11,641)	0
Other income (expense), net										35,650	21,680	(2,422)
Net realized gain (loss) on investments										28,251	17,009	32,128
Income tax expense										11,756	19,060	16,536
Interest expense										17,981	18,949	8,617
Ares Management L.P | Reportable legal entity
Revenues
Management fees (includes ARCC Part I Fees of $121,181, $121,491 and $118,537 for the years ended December 31, 2016, 2015 and 2014, respectively)										659,451	650,918	598,046
Performance fees										518,991	146,197	226,790
Administrative and other fees										39,285	30,606	28,447
Total revenues										1,217,727	827,721	853,283
Expenses
Compensation and benefits										447,725	414,454	456,372
Performance fee compensation										387,846	111,683	170,028
General, administrative and other expenses										159,776	224,798	166,839
Total expenses										995,347	750,935	793,239
Other income (expense)
Interest and other investment income										10,280	(1,407)	7,339
Debt extinguishment expense											(11,641)
Other income (expense), net										35,650	20,644	(3,644)
Net realized gain (loss) on investments										26,961	2,784	78,101
Total other income										72,891	10,380	81,796
Income before taxes										295,271	87,166	141,840
Income tax expense										11,756	19,060	16,536
Net income										283,515	68,106	125,304
Net income attributable to Ares Management, L.P.										111,808	19,378	34,988
Less: Preferred equity distributions paid										12,176
Net income attributable to Ares Management, L.P. common unitholders										99,632
Consolidated Funds
Expenses
Expenses of the Consolidated Funds										21,073	18,105	66,800
Other income (expense)
Interest and other investment income										47,491	38,554	271,462
Net realized gain (loss) on investments										(2,057)	(24,616)	513,270
Income tax expense										(737)	4	(5,283)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities										3,386	(5,686)	417,793
Less: Net income (loss) attributable to redeemable interests											0	2,565
Interest expense										91,452	78,819	666,373
Consolidated Funds | Reportable legal entity
Expenses
Expenses of the Consolidated Funds										42,520	36,417	187,494
Total expenses										42,520	36,417	187,494
Other income (expense)
Interest and other investment income										40,387	31,309	265,362
Net realized gain (loss) on investments										(2,999)	(17,614)	519,790
Total other income										37,388	13,695	785,152
Income before taxes										(5,132)	(22,722)	597,658
Income tax expense										(737)	4	(5,283)
Net income										(4,395)	(22,726)	602,941
Less: Net income attributable to non-controlling interests in Ares Operating Group entities										(4,395)	(22,726)	599,870
Less: Net income (loss) attributable to redeemable interests												3,071
Consolidated Funds | Eliminations
Expenses
Expenses of the Consolidated Funds										(21,447)	(18,312)	(120,694)
Other income (expense)
Interest and other investment income										7,104	7,245	6,100
Net realized gain (loss) on investments										942	(7,002)	(6,520)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities										7,781	17,040	(182,077)
Less: Net income (loss) attributable to redeemable interests												(506)
AOG
Other income (expense)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities										171,251	48,390	89,585
Less: Net income (loss) attributable to redeemable interests										456	338	731
AOG | Reportable legal entity
Other income (expense)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities										171,251	48,390	89,585
Less: Net income (loss) attributable to redeemable interests										456	$ 338	$ 731
AOG | Eliminations
Other income (expense)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities										0
Less: Net income (loss) attributable to redeemable interests										$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)

Feb. 24, 2017

Jan. 03, 2017

Nov. 21, 2016

Aug. 23, 2016

May 24, 2016

Mar. 14, 2016

Feb. 28, 2017

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2016

Mar. 31, 2016

Dec. 31, 2015

Sep. 30, 2015

Jun. 30, 2015

Mar. 31, 2015

Dec. 31, 2016

Dec. 31, 2015

Dec. 31, 2014

Subsequent events

Quarterly distribution declared (in dollars per unit)

$ 0.20

$ 0.28

$ 0.15

$ 0.20

$ 0.28

$ 0.20

$ 0.28

$ 0.15

$ 0.20

$ 0.13

$ 0.26

$ 0.25

Tax reduction

$ (11,019,000)

$ (19,064,000)

$ (11,253,000)

Credit Facility

Subsequent events

Maximum borrowing capacity

$ 1,030,000,000

$ 1,030,000,000

Subsequent event

Subsequent events

Quarterly distribution declared (in dollars per unit)

$ 0.28

Preferred equity quarterly distribution (in dollars per unit)

$ 0.4375

Subsequent event | American Capital Ltd. | ARCC

Subsequent events

Cash consideration

$ 275,000,000

Tax amortization period

15 years

Subsequent event | Credit Facility

Subsequent events

Maximum borrowing capacity

$ 1,040,000,000

Unused commitment fees (as a percent)

0.20%

Subsequent event | Credit Facility | LIBOR | Minimum

Subsequent events

Interest rate spread (as a percent)

1.50%

Subsequent event | Credit Facility | American Capital Ltd. | ARCC

Subsequent events

Amount of debt to finance payment

$ 275,000,000

Subsequent event | Amended Credit Facility

Subsequent events

Unused commitment fees (as a percent)

0.25%

Subsequent event | Amended Credit Facility | LIBOR | Maximum

Subsequent events

Interest rate spread (as a percent)

1.75%

Scenario, Forecast | American Capital Ltd. | ARCC

Subsequent events

Tax reduction

$ (275,000,000)

QUARTERLY FINANCIAL DATA (Detai

QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands	Nov. 21, 2016	Aug. 23, 2016	May 24, 2016	Mar. 14, 2016	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Data [Abstract]
Revenues					$ 358,195	$ 335,460	$ 369,535	$ 136,015	$ 159,519	$ 143,854	$ 241,164	$ 269,905		$ 1,199,205	$ 814,442	$ 603,889
Expenses					299,573	283,374	303,935	129,538	185,622	136,386	212,569	234,463		1,016,420	769,040	860,039
Other income (loss)					39,841	73,339	17,406	(15,451)	35,673	(39,553)	28,956	11,006		115,135	36,082	813,065
Income (loss) before provision for income taxes					98,463	125,425	83,006	(8,974)	9,570	(32,085)	57,551	46,448		297,920	81,484	556,915
Net income (loss)					95,316	117,784	87,440	(13,639)	6,247	(37,664)	51,448	42,389		286,901	62,420	545,662
Net income (loss) attributable to Ares Management, L.P.					34,019	43,305	37,574	(3,090)	$ 185	$ (11,349)	$ 12,086	$ 18,456		111,808	19,378	34,988
Preferred equity distributions paid					5,425	6,751	0	0						12,176	0	0
Net income attributable to Ares Management, L.P. common unitholders					$ 28,594	$ 36,554	$ 37,574	$ (3,090)					$ 34,988	$ 99,632	$ 19,378	$ 34,988
Net income attributable to Ares Management, L.P. per common unit:
Basic (in dollars per unit)					$ 0.35	$ 0.45	$ 0.46	$ (0.04)	$ 0	$ (0.14)	$ 0.15	$ 0.23		$ 1.22	$ 0.23	$ 0.43
Diluted (in dollars per unit)					0.34	0.43	0.46	(0.04)	0	(0.14)	0.15	0.23	$ 0.43	$ 1.20	$ 0.23	$ 0.43
Distributions declared per common unit	$ 0.20	$ 0.28	$ 0.15	$ 0.20	$ 0.28	$ 0.20	$ 0.28	$ 0.15	$ 0.20	$ 0.13	$ 0.26	$ 0.25