Ares Management (ARES) 10-K 26 Feb 19 2018 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2018	Feb. 22, 2019	Jun. 30, 2018
Entity Information [Line Items]
Entity Registrant Name	ARES MANAGEMENT CORPORATION
Entity Central Index Key	1,176,948
Document Type	10-K
Document Period End Date	Dec. 31, 2018
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,324,051,923
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Common Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		103,001,580
Common Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,000
Common Class C
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Investments, at fair value		$ 1,724,571
Other assets		130,341
Goodwill	$ 143,786	143,895	$ 143,724
Total assets	10,154,692	8,563,522	5,829,712
Liabilities
Total liabilities	8,760,351	7,103,230
Commitments and contingencies
Stockholders' Equity
Preferred equity (12,400,000 preferred units issued and outstanding at December 31, 2017)	0	298,761
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 units issued and outstanding at December 31, 2018)	298,761	0
Shareholders' equity (82,280,033 common units issued and outstanding at December 31, 2017)	0	279,065
Additional paid-in-capital	326,007	0
Retained earnings	(29,336)	0
Accumulated other comprehensive benefit, net of tax	(8,524)	(4,208)
Total stockholders' equity	587,924	573,618
Total equity	1,394,341	1,460,292	1,377,262	$ 968,406
Total liabilities, non-controlling interests and equity	10,154,692	8,563,522
Common Class A
Stockholders' Equity
Common stock	1,016	0
Common Class B
Stockholders' Equity
Common stock	0	0
Common Class C
Stockholders' Equity
Common stock	0	0
Consolidated Funds
Assets
Cash and cash equivalents	384,644	556,500
Investments, at fair value	7,673,165	5,582,842
Due from affiliates	17,609	15,884
Other assets	4,456	1,989
Dividends and interest receivable	19,330	12,568
Receivable for securities sold	42,076	61,462
Liabilities
Accounts payable, accrued expenses and other liabilities	83,876	64,316
Due to affiliates	0	0
Payable for securities purchased	471,390	350,145
CLO loan obligations, at fair value	6,678,091	4,963,194
Fund borrowings	209,284	138,198
Commitments and contingencies
Non-controlling interest in Consolidated Funds:
Non-controlling interest in Consolidated Funds	503,637	528,488
AOG
Non-controlling interest in Consolidated Funds:
Non-controlling interest	302,780	358,186
Ares Management L.P
Assets
Cash and cash equivalents	110,247	118,929	$ 342,861	$ 121,483
Investments, at fair value	1,326,137	1,724,571
Due from affiliates	199,377	165,750
Deferred tax asset, net	42,137	8,326
Other assets	160,150	130,341
Intangible assets, net	31,578	40,465
Goodwill	143,786	143,895
Liabilities
Accounts payable, accrued expenses and other liabilities	83,221	81,955
Accrued compensation	29,389	27,978
Due to affiliates	82,411	39,184
Performance related compensation payable	641,737	822,084
Debt obligations	480,952	616,176
Stockholders' Equity
Shareholders' equity (82,280,033 common units issued and outstanding at December 31, 2017)		279,065
Common stock	1,016
Retained earnings	(29,336)
Accumulated other comprehensive benefit, net of tax	(8,524)	(4,208)
Total stockholders' equity	587,924	$ 274,857
Ares Management L.P | Common Class A
Stockholders' Equity
Common stock	0
Ares Management L.P | Common Class B
Stockholders' Equity
Common stock	0
Ares Management L.P | Common Class C
Stockholders' Equity
Additional paid-in-capital	$ 326,007

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments, at fair value		$ 1,724,571
Preferred equity, units issued (in units)		12,400,000
Preferred equity, units outstanding (in units)		12,400,000
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000
Preferred stock, shares issued (in shares)	12,400,000
Preferred stock, shares outstanding (in shares)	12,400,000
Partners' Capital Units Issued (in shares)	82,280,033
Partners' Capital Units Outstanding (in shares)	82,280,033
Common stock, shares outstanding (in shares)	101,595,096	0
Common Class A
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000
Common stock, shares issued (in shares)	101,594,095
Common stock, shares outstanding (in shares)	101,594,095	0
Common Class B
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	1,000
Common stock, shares issued (in shares)	1,000
Common stock, shares outstanding (in shares)	1,000	0
Common Class C
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	499,999,000
Common stock, shares issued (in shares)	1
Common stock, shares outstanding (in shares)	1	0
Ares Management L.P
Investments, at fair value	$ 1,326,137	$ 1,724,571
Accrued Interest | Ares Management L.P
Investments, at fair value	$ 841,079	$ 1,077,236

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Expenses
Total expenses		$ 870,362	$ 1,504,758	$ 1,016,420
Other income (expense)
Total other income		96,242	174,674	59,967
Income before taxes		184,341	149,859	297,920
Income tax expense (benefit)		32,202	(23,052)	11,019
Net income		152,139	172,911	286,901
Net income attributable to Ares Management Corporation		57,020	76,178	111,808
Less: Series A Preferred Stock dividends paid		21,700	21,700	12,176
Net income attributable to Ares Management Corporation Class A common stockholders		$ 35,320	$ 54,478	$ 99,632
Weighted-average shares of Class A common stock:(1)
Basic (in shares)	[1]	96,023,147	81,838,007	80,749,671
Diluted (in shares)	[1]	96,023,147	81,838,007	82,937,030
Ares Management L.P
Revenues		$ 958,461	$ 1,479,943	$ 1,254,373
Expenses
Compensation and benefits		570,380	514,109	447,725
Performance related compensation		30,254	479,722	387,846
General, administrative and other expenses		215,964	196,730	159,776
Transaction support expense		0	275,177	0
Total expenses		870,362	1,504,758	1,016,420
Other income (expense)
Net realized and unrealized gain (loss) on investments		(1,884)	8,262	(7,629)
Interest and dividend income		7,028	7,043	4,493
Interest expense		(21,448)	(21,219)	(17,981)
Other income (expense), net		(851)	19,470	35,650
Total other income		96,242	174,674	59,967
Income tax expense (benefit)		32,071	(24,939)	11,756
Consolidated Funds
Expenses
Expenses of Consolidated Funds		53,764	39,020	21,073
Other income (expense)
Net realized and unrealized gain (loss) on investments		(1,583)	100,124	(2,057)
Interest and dividend income		337,875	187,721	138,943
Interest expense		(222,895)	(126,727)	(91,452)
Interest and other income of Consolidated Funds		337,875	187,721	138,943
Less: Net income attributable to non-controlling interests		20,512	60,818	3,386
AOG
Other income (expense)
Less: Net income attributable to non-controlling interests		74,607	35,915	171,251
Less: Net income attributable to redeemable interests in Ares Operating Group entities		0	0	456
Management fees | Ares Management L.P
Revenues		802,502	722,419	642,068
Carried interest allocation | Ares Management L.P
Revenues		42,410	620,454	494,580
Incentive fees | Ares Management L.P
Revenues		63,380	16,220	23,272
Principal investment income (loss) | Ares Management L.P
Revenues		(1,455)	64,444	55,168
Administrative, transaction and other fees
Revenues		0	0	0
Administrative, transaction and other fees | Ares Management L.P
Revenues		$ 51,624	$ 56,406	$ 39,285
Common Class A
Net income attributable to Ares Management Corporation per share of Class A common stock:
Basic (in dollars per share)		$ 0.30	$ 0.62	$ 1.22
Diluted (in dollars per share)		$ 0.30	$ 0.62	$ 1.20
[1]	(1) Years ended December 31, 2017 and 2016 represent common units.

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Ares Management L.P | Affiliated entity | ARCC
Management fees, part I fees	$ 128,805	$ 105,467	$ 121,181

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Net income	$ 152,139	$ 172,911	$ 286,901
Ares Management L.P
Other comprehensive income:
Foreign currency translation adjustments, net of tax	(13,190)	13,927	(15,754)
Total comprehensive income	138,949	186,838	271,147
Comprehensive income	52,704	80,909	107,488
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	15,575	62,165	3,336
Ares Operating Group
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	70,670	43,764	159,914
Less: Comprehensive income attributable to redeemable interests in Ares Operating Group entities	$ 0	$ 0	$ 409

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Series A Preferred Stock	Partners' CapitalPreferred Partner	Ares Management L.PPartners' Capital	Common StockAres Management L.PCommon Class A	Additional Paid-in-CapitalAres Management L.P	Retained EarningsAres Management L.P	Accumulated Other Comprehensive Income (Loss)Ares Management L.P	Non-Controlling interestAres Management L.P	Non-Controlling interestConsolidated Funds	Equity Appropriated for Consolidated FundsConsolidated Funds
Increase (Decrease) in Stockholders' Equity
Cumulative effect of accounting change	$ (3,367)										$ (3,367)
Balance at Dec. 31, 2015	968,406			$ 251,537				$ (4,619)	$ 397,883	$ 320,238	3,367
Increase (Decrease) in Stockholders' Equity
Issuance of preferred equity	298,761		$ 298,761
Changes in ownership interests	(881)			1,446					(2,327)
Reallocation of equity due to redemption of ownership interest	3,337			1,276					2,061
Deferred tax assets effects arising from allocation of Partners' capital	727			724					3
Contributions	132,932									132,932
Dividends/distributions	(330,649)		(12,176)	(67,041)					(132,961)	(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
Balance at Dec. 31, 2016	1,377,262		298,761	301,790				(8,939)	447,615	338,035	0
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests	(15,656)			(5,370)					(10,286)
Deferred tax assets effects arising from allocation of Partners' capital	(6,520)			(6,609)					89
Contributions	195,403			1,036					4,213	190,154
Dividends/distributions	(345,222)		(21,700)	(92,587)					(169,069)	(61,866)
Net income (loss)	172,911		21,700	54,478					35,915	60,818
Currency translation adjustment	13,927							4,731	7,849	1,347
Equity compensation	68,187			26,327					41,860
Balance at Dec. 31, 2017	1,460,292		298,761	279,065				(4,208)	358,186	528,488	0
Increase (Decrease) in Stockholders' Equity
As adjusted balance at January 1, 2018	1,437,681	$ 0	298,761	268,238	$ 0	$ 0	$ 0	(4,208)	341,069	533,821	0
Cumulative effect of accounting change	0			1,202				(1,202)
Changes in ownership interests	(1,211)			(26,712)		9,140			16,361
Consolidation of new fund	42,942									42,942
Reallocation of equity due to redemption of ownership interest	0	298,761	(298,761)	(315,063)	1,016	314,047
Contributions	180,420			106,283					3,128	71,009
Dividends/distributions	(494,056)	(5,425)	(16,275)	(104,501)			(30,348)		(177,797)	(159,710)
Net income (loss)	152,139	5,425	16,275	34,308			1,012		74,607	20,512
Currency translation adjustment	(11,988)							(3,114)	(3,937)	(4,937)
Equity compensation	88,414			36,245		2,820			49,349
Balance at Dec. 31, 2018	$ 1,394,341	$ 298,761	$ 0	$ 0	$ 1,016	$ 326,007	$ (29,336)	$ (8,524)	$ 302,780	$ 503,637	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 152,139	$ 172,911	$ 286,901
Allocable to non-controlling interest in Consolidated Funds:
Net cash used in operating activities	(1,417,102)	(1,863,095)	(625,655)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net	(18,419)	(33,160)	(11,913)
Net cash used in investing activities	(18,419)	(33,160)	(11,913)
Allocable to non-controlling interest in Consolidated Funds:
Net cash provided by financing activities	1,405,339	1,654,958	880,764
Ares Management L.P
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	89,724	69,711	39,065
Depreciation and amortization	28,517	32,809	37,455
Net realized and unrealized gain on investments	12,935	(67,034)	(28,251)
Contingent consideration	0	(20,156)	(17,674)
Other non-cash amounts	10	(1,731)	0
Investments purchased	(248,460)	(257,295)	(120,413)
Proceeds from sale of investments	381,703	154,278	145,439
Cash flows due to changes in operating assets and liabilities:
Net performance income receivable	29,578	(90,444)	(28,306)
Due to/from affiliates	33,023	(2,483)	(26,000)
Other assets	(49,789)	(28,674)	(162)
Accrued compensation and benefits	114	(105,109)	9,181
Accounts payable, accrued expenses and other liabilities	2,262	14,559	5,328
Deferred taxes	(17,006)	(8,112)	(28,463)
Cash flows from financing activities:
Proceeds from credit facility	680,000	455,000	147,000
Proceeds from term notes	44,050	100,459	26,036
Repayments of credit facility	(655,000)	(245,000)	(257,000)
Repayments of term notes	(206,089)	0	0
Proceeds from issuance of common shares	105,333	0	0
Proceeds from the issuance of preferred equity, net of issuance costs	0	0	298,761
Dividends and distributions	(312,646)	(261,656)	(200,663)
Preferred equity dividends and distributions	(21,700)	(21,700)	(12,176)
Redemption of redeemable interest and put option liability	0	0	(40,000)
Taxes paid in net settlement of vested common units	(18,014)	(14,308)	0
Stock option exercise	950	1,036	0
Tax benefit from share-based payment	44	81	0
Other financing activities	3,128	2,819	(701)
Allocable to non-controlling interest in Consolidated Funds:
Effect of exchange rate changes	21,500	17,365	(21,818)
Net change in cash and cash equivalents	(8,682)	(223,932)	221,378
Cash and cash equivalents, beginning of period	118,929	342,861	121,483
Cash and cash equivalents, end of period	110,247	118,929	342,861
Supplemental information:
Cash paid during the period for interest	19,881	17,222	15,390
Cash paid during the period for income taxes	26,740	18,034	26,402
Consolidated Funds
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized gain on investments	1,583	(100,124)	2,057
Investments purchased	(4,919,118)	(4,058,936)	(2,263,891)
Allocable to non-controlling interests in Consolidated Funds:
Receipt of non-cash interest income and dividends from investments	(2,372)	(453)	(7,720)
Amortization on debt and investments	(2,147)	(4,017)	(4,566)
Proceeds from sale or pay down of investments	2,756,924	2,303,315	1,498,398
Allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	171,856	(101,224)	(295,769)
Cash acquired/relinquished with consolidation/deconsolidation of Consolidated Funds	11,915	198,297	0
Change in other assets and receivables held at Consolidated Funds	11,962	(48,837)	3,872
Change in other liabilities and payables held at Consolidated Funds	137,545	85,654	167,864
Allocable to non-controlling interest in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	71,009	190,154	132,932
Distributions to non-controlling interests in Consolidated Funds	(159,710)	(61,866)	(118,471)
Borrowings under loan obligations by Consolidated Funds	2,901,633	2,949,949	1,621,514
Repayments under loan obligations by Consolidated Funds	(1,027,649)	(1,440,010)	(716,468)
Cash and cash equivalents, beginning of period	556,500
Cash and cash equivalents, end of period	384,644	556,500
Supplemental information:
Cash paid during the period for interest	165,070	76,889	53,704
Cash paid during the period for income taxes	$ 742	$ 145	$ 378

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BASIS OF PRESENTATION	ORGANIZATION AND BASIS OF PRESENTATION Ares Management Corporation (the "Company"), a Delaware corporation, 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 16, “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”). Such subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. Ares is managed and operated by its Board of Directors and Executive Management Committee. Unless the context requires otherwise, references to “Ares” or the “Company” refer to Ares Management, L.P., together with its subsidiaries prior to November 26, 2018 and thereafter to Ares Management Corporation, together with its subsidiaries. The accompanying financial statements include the consolidated results of the Company and its subsidiaries. The Company is a holding company, and the Company’s sole assets are equity interests in Ares Holdings Inc. (“AHI”), Ares Offshore Holdings, Ltd., and Ares AI Holdings L.P. In this annual report, the following of the Company’s subsidiaries are collectively referred to as the “Ares Operating Group”: Ares Offshore Holdings L.P. (“Ares Offshore”), Ares Holdings L.P. (“Ares Holdings”), and Ares Investments L.P. (“Ares Investments”). The Company, indirectly through its wholly owned subsidiaries, is the general partner of each of the Ares Operating Group entities. The Company operates and controls all of the businesses and affairs of and conducts all of its material business activities through the Ares Operating Group. In addition, certain Ares-affiliated funds, related co-investment entities and collateralized loan obligations (“CLOs”) (collectively, the “Consolidated Funds”) managed by Ares Management LLC (“AM LLC”) and its wholly owned subsidiaries have been consolidated in the accompanying financial statements 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 Ares Management Corporation or to Stockholders' Equity. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as non-controlling interests in Consolidated Funds. Further, cash flows allocable to non-controlling interest in Consolidated Funds are specifically identifiable in the Consolidated Statements of Cash Flows. Conversion to a Corporation The Company completed its conversion from a Delaware limited partnership to a Delaware corporation (the "Conversion") effective on November 26, 2018 (the "Effective Date"). At the Effective Date, (i) each common share of the Company outstanding immediately prior to the Effective Date converted into one issued and outstanding, fully paid and nonassessable share of Class A common stock, $0.01 par value per share, of the Company, (ii) the general partner share of the Company outstanding immediately prior to the Effective Date converted into 1,000 issued and outstanding, fully paid and nonassessable shares of Class B common stock, $0.01 par value per share of the Company, (iii) the special voting share of the Company outstanding immediately prior to the Effective Date converted into one issued and outstanding, fully paid and nonassessable share of Class C common stock, $0.01 par value per share, of the Company, and (iv) each preferred share of the Company outstanding immediately prior to the Effective Date converted into one issued and outstanding, fully paid and nonassessable share of preferred stock, $0.01 par value per share, of the Company, designated as “ 7.00% Series A Preferred Stock” (the “Series A Preferred Stock”). As a result of the Conversion, except as otherwise expressly provided in the Company’s Certificate of Incorporation (the “Certificate of Conversion”), the Company’s common stockholders are entitled to vote on all matters on which stockholders of a corporation are generally entitled to vote under the Delaware General Corporation Law (the “DGCL”), including the election of the Company’s board of directors. Holders of shares of the Company’s Class A common stock became entitled to one vote per share of the Company’s Class A common stock. On any date on which the Ares Ownership Condition (as defined in the Certificate of Incorporation) is satisfied, holders of shares of the Company’s Class B common stock are, in the aggregate, entitled to a number of votes equal to (x) four times the aggregate number of votes attributable to the Company’s Class A common stock minus (y) the aggregate number of votes attributable to the Company’s Class C common stock. On any date on which the Ares Ownership Condition is not satisfied, holders of shares of the Company’s Class B common stock are not entitled to vote on any matter submitted to a vote of the Company’s stockholders. The holder of shares of the Company’s Class C common stock is generally entitled to a number of votes equal to the number of Ares Operating Group Units (as defined in the Certificate of Incorporation) held of record by each Ares Operating Group Limited Partner (as defined in the Certificate of Incorporation) other than the Company and its subsidiaries. The Company’s Class B common stock and the Company’s Class C common stock are non-economic and holders thereof shall not be entitled to (i) dividends from the Company or (ii) receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Except as provided in the Certificate of Incorporation and the Company’s Bylaws and under the DGCL and the rules of the NYSE, shares of the Series A Preferred Stock are generally non-voting. Further, other terminology has been modified to be consistent with a corporation’s, as opposed to a limited partnership’s, results; distributions are now referred to as dividends. Comparative periods conform with the current period’s presentation. As a result of the Conversion, the financial impact to the Company's consolidated financial statements consisted of reclassifications from partnership capital to equity accounts reflective of a corporation. See Note 14, "Equity" for detailed description of the Company's capital accounts. Since March 1, 2018, the Company has been treated as a corporation for federal and state income tax purposes and ownership of its shares does not generate any unrelated business taxable income ("UBTI") or income effectively connected with a U.S. trade or business ("ECI"). The Conversion did not impact this treatment. Non-Controlling Interests in Ares Operating Group Entities The non-controlling interests in the Ares Operating Group (“AOG”) entities represent a component of equity and net income attributable to the owners of the AOG Units that are not held directly or indirectly by the Company. These interests are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the AOG entities based on their historical ownership percentage for the proportional number of days in the reporting period.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
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 holders of subordinated notes of the CLOs is included in net income (loss) attributable to non-controlling interests in Consolidated Funds in the Consolidated Statements of Operations. 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 other income (expense) 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 net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements. Principles of Consolidation 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 income, 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. Consolidated CLOs As of December 31, 2018 and 2017 , the Company consolidated thirteen and ten CLOs, respectively. 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 collateralized by diversified 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 incentive fee income. In cases where the Company earns fees from a CLO that it consolidates, 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. 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 5 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 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 cash and cash equivalents for the Company and escrow liability is reported within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. At December 31, 2018 and 2017 , 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 realized and unrealized gain (loss) 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 in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments in the Consolidated Statements of Financial Condition. As the underlying investments of the Company's equity method investments are reported at fair value, the carrying value of the equity method investments approximates fair value. 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. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is included within principal investment income (loss) and net realized and unrealized gain (loss) on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued but unpaid carried interest as of the reporting date is reported in within investments in the Consolidated Statements of Financial Condition. 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 from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 3.5 to 13.5 years. The purchase price of the acquired management contract 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 evaluates impairment by comparing the estimated fair value attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using undiscounted future cash flow. 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 amount, the Company will evaluate impairment quantitatively to determine and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value. 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 amount. 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, 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 basis 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 term or the life of the asset while other fixed assets and internal-use software are generally depreciated 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. Revenue Recognition Revenues primarily consist of management fees, carried interest allocation, incentive fees, principal investment income and administrative, transaction and other fees. Adoption of ASC 606 Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers . The Company adopted ASC 606 to all applicable contracts under the modified retrospective approach using the practical expedient provided for within paragraph 606-10-65-1(f)(3); therefore, the presentation of prior year periods has not been adjusted. The Company recognized the cumulative effect of initially adopting ASC 606 as an adjustment to the opening balance of components of equity as of January 1, 2018. Pursuant to ASC 606, the Company recognizes 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 Company expects to be entitled in exchange for those goods or services. Under this standard, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligation(s) are satisfied and control is transferred to the customer. The Company's adoption of ASC 606 impacted the timing and recognition of incentive fees in the Company’s consolidated statements of operations. The adoption of ASC 606 did not have an impact on the Company’s management fees, administrative fees, transaction fees or other fees. The details of the significant changes and quantitative impact of the adoption of ASC 606 are further discussed below. The adoption of ASC 606 had the following impact on the Company’s revenue streams: Revenues of the Company Impact of ASC 606 Management fees No impact - Management fees are recognized as revenue in the period advisory services are rendered. Performance income - Carried interest allocation No impact. See discussion below for change in accounting policy. Performance income - Incentive fees See discussion below for impact. Administrative, transaction and other fees No impact - Administrative, transaction and other fees are recognized as revenue in the period in which the related services are rendered. 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 incentive fee based 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 Income Performance income revenues consist of carried interest allocation and incentive fees. Performance income is based on certain specific hurdle rates as defined in the applicable investment management agreements or governing documents. Substantially all performance income is earned from affiliated funds of the Company. Carried Interest Allocation 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 reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within investments 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, 2018 , if the funds were liquidated at their fair values, there would be a $0.4 million repayment obligation, and accordingly, the Company recorded a contingent repayment liability as of December 31, 2018 . As of December 31, 2017 , 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 December 31, 2017 . Prior to January 1, 2018, the Company accounted for carried interest under Method 2 described in ASC 605-20-S99-1, which provided guidance on accounting for incentive-based performance income, including carried interest. The Company has reassessed its accounting policy for carried interest, and has determined that carried interest is addressed within scope of ASC 323, Investments-Equity Method and Joint Ventures, and out of scope under the scoping provision of ASC 606. Therefore, following the application of ASC 323, the Company accounted for carried interest, which represents a performance-based capital allocation from an investment fund to the Company, as earnings from financial assets within the scope of ASC 323. Accordingly, the Company recognizes carried interest allocation as a separate revenue line item in the Consolidated Statements of Operations with uncollected carried interest as of the reporting date reported within investments in the Consolidated Statements of Financial Condition. The Company has applied the change in accounting principle on a full retrospective basis, and prior periods presented herein have been recast to conform with the current period's presentation. The change in accounting principle did not change the timing or the amount of carried interest recognized. Instead, the change in accounting principle resulted in reclassification from performance income to carried interest allocation, and therefore did not have any impact on net income. See the tables below for the impact of the change in accounting principle of carried interest . 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 in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal. Prior to January 1, 2018, the Company accounted for incentive fees under Method 2 as described above. However, the accounting for incentive fees is separate and distinct from the accounting for carried interest because the incentive fees are contractual fee arrangements and do not represent allocations of returns from partners' capital accounts. The Company now accounts for incentive fees in accordance with ASC 606. Accordingly, the Company recognizes incentive fee revenue only when the amount is realized and no longer subject to reversal. Therefore, the Company no longer recognizes unrealized incentive fees in revenues in the consolidated financial statements. The adoption of ASC 606 results in the delayed recognition of unrealized incentive fees in the consolidated financial statements until they become realized at the end of the measurement period, which is typically annually. The Company adopted ASC 606 for incentive fees using the modified retrospective approach with an effective date of January 1, 2018. The cumulative effect of the adoption resulted in the reversal of $22.6 million of unrealized incentive fees and is presented as a reduction to the opening balances of components of equity as of January 1, 2018. Principal Investment Income Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages. Administrative, Transaction 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. The following tables present the adjustments made in connection with the Company's change in accounting principle related to carried interest under ASC 323, Investments-Equity Method and Joint Ventures on the financial statement line items for the periods presented in the consolidated financial statements: Consolidated Statement of Financial Condition As of December 31, 2017 As Previously Reported Adjustments As Adjusted (audited) Assets Investments ($1,077,236 of accrued carried interest) $ 647,335 $ 1,077,236 $ 1,724,571 Performance income receivable 1,099,847 (1,099,847 ) — Other assets 107,730 22,611 (1) 130,341 (1) Unrealized incentive fees receivable balance as of December 31, 2017 that was reversed in connection with the adoption of ASC 606. Consolidated Statement of Operations For the Year Ended December 31, 2017 As Previously Reported Adjustments As Adjusted Revenues Performance income $ 636,674 $ (636,674 ) $ — Carried interest allocation — 620,454 620,454 Incentive fees — 16,220 16,220 Principal investment income — 64,444 64,444 Total revenues 1,415,499 64,444 1,479,943 Other income (expense) Net realized and unrealized gain on investments 67,034 (58,772 ) 8,262 Interest and dividend income 12,715 (5,672 ) 7,043 Consolidated Statement of Operations For the Year Ended December 31, 2016 As Previously Reported Adjustments As Adjusted Revenues Performance income $ 517,852 $ (517,852 ) $ — Carried interest allocation — 494,580 494,580 Incentive fees — 23,272 23,272 Principal investment income — 55,168 55,168 Total revenues 1,199,205 55,168 1,254,373 Other income (expense) Net realized and unrealized gain on investments 28,251 (35,880 ) (7,629 ) Interest and dividend income 23,781 (19,288 ) 4,493 The Company's change in accounting policy related to carried interest did not impact the Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Equity or Consolidated Statements of Cash Flows for the years ended December 31, 2017 and 2016. The following tables present the impact of incentive fees on the condensed consolidated financial statements upon the adoption of ASC 606 effective January 1, 2018: Consolidated Statement of Financial Condition As of January 1, 2018 As adjusted December 31, 2017 Adjustments As Adjuste

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2018
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, 2018 2018 2017 Management contracts 2.8 years $ 42,335 $ 67,306 Client relationships 9.5 years 38,600 38,600 Trade name 3.5 years 3,200 3,200 Other Less than 1 year 342 — Intangible assets, gross 84,477 109,106 Less: accumulated amortization (52,899 ) (68,641 ) Intangible assets, net $ 31,578 $ 40,465 Amortization expense associated with intangible assets was $9.3 million , $17.9 million and $26.6 million for the years ended December 31, 2018 , 2017 and 2016 , respectively, and is presented within general, administrative and other expenses within the Consolidated Statements of Operations. During 2018 , the Company removed $25.0 million of intangible assets that were fully amortized. At December 31, 2018 , future annual amortization of finite-lived intangible assets for the years 2019 through 2023 and thereafter is estimated to be: Year Amortization 2019 $ 4,602 2020 4,071 2021 3,987 2022 3,192 2023 2,859 Thereafter 12,867 Total $ 31,578 Goodwill The following table summarizes the carrying value of the Company's goodwill assets: Credit Private Real Total Balance as of December 31, 2016 $ 32,196 $ 58,600 $ 52,928 $ 143,724 Foreign currency translation — — 171 171 Balance as of December 31, 2017 32,196 58,600 53,099 143,895 Foreign currency translation — — (109 ) (109 ) Balance as of December 31, 2018 $ 32,196 $ 58,600 $ 52,990 $ 143,786 There was no impairment of goodwill recorded during the years ended December 31, 2018 , 2017 and 2016 . The impact of foreign currency translation is reflected within other comprehensive income.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
INVESTMENTS	INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments December 31, December 31, 2018 2017 2018 2017 Private Investment Partnership Interests and Other: Equity method private investment partnership interests - principal (1) $ 357,655 $ 340,354 27.0 % 19.7 % Equity method - carried interest (1) 841,079 1,077,236 63.4 % 62.5 % Equity method private investment partnership interests and other (held at fair value) 46,449 80,767 3.5 % 4.7 % Equity method private investment partnership interests and other 18,846 29,420 1.4 % 1.7 % Total private investment partnership interests and other 1,264,029 1,527,777 95.3 % 88.6 % Collateralized loan obligations 20,824 195,158 1.6 % 11.3 % Other fixed income 40,000 — 3.0 % — % Collateralized loan obligations and other fixed income, at fair value 60,824 195,158 4.6 % 11.3 % Common stock, at fair value 1,284 1,636 0.1 % 0.1 % Total investments $ 1,326,137 $ 1,724,571 (1) Investment or portion of the investment is denominated in foreign currency and is translated into U.S. dollars at each reporting date. Equity Method Investments The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the United States Securities and Exchange Commission. As of and for the years ended December 31, 2018 , 2017 and 2016 , no individual equity method investment held by the Company met the significance criteria. As such, the Company is not required to present separate financial statements for any of its equity method investments. The following tables present summarized financial information for the Company's equity method investments, which are primarily funds managed by the Company, for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 and the Year then Ended Credit Private Equity Real Estate Total Statement of Financial Condition Investments $ 8,210,094 $ 9,574,998 $ 3,337,076 $ 21,122,168 Total assets 8,799,290 9,785,312 3,763,907 22,348,509 Total liabilities 1,542,058 423,687 813,269 2,779,014 Total equity 7,257,232 9,361,625 2,950,638 19,569,495 Statement of Operations Revenues $ 766,009 $ 264,376 $ 144,706 $ 1,175,091 Expenses (189,432 ) (85,801 ) (96,353 ) (371,586 ) Net realized and unrealized gain from investments (67,477 ) (892,800 ) 417,974 (542,303 ) Income tax expense (2,526 ) (20,554 ) (4,075 ) (27,155 ) Net income $ 506,574 $ (734,779 ) $ 462,252 $ 234,047 As of December 31, 2017 and the Year then Ended Credit Private Equity Real Estate Total Statement of Financial Condition Investments $ 5,903,009 $ 9,849,829 $ 2,997,789 $ 18,750,627 Total assets 6,435,364 10,033,790 3,174,149 19,643,303 Total liabilities 665,680 519,349 202,174 1,387,203 Total equity 5,769,684 9,514,441 2,971,975 18,256,100 Statement of Operations Revenues $ 603,682 $ 144,829 $ 154,967 903,478 Expenses (169,086 ) (91,803 ) (67,396 ) (328,285 ) Net realized and unrealized gain from investments 41,185 2,335,027 365,091 2,741,303 Income tax expense (2,700 ) (31,359 ) (13,092 ) (47,151 ) Net income $ 473,081 $ 2,356,694 $ 439,570 $ 3,269,345 For the Year Ended December 31, 2016 Credit Private Equity Real Estate Total Statement of Operations Revenues $ 416,228 $ 839,723 $ 114,937 $ 1,370,888 Expenses (107,465 ) (134,573 ) (77,021 ) (319,059 ) Net realized and unrealized gain from investments 36,316 1,489,624 171,467 1,697,407 Income tax expense (345 ) (27,587 ) (5,380 ) (33,312 ) Net income $ 344,734 $ 2,167,187 $ 204,003 $ 2,715,924 The Company recognized net losses related to its equity method investments of $3.8 million for the year ended December 31, 2018 . The Company recognized net gains related to its equity method investments of $78.3 million and $51.0 million for the years ended December 31, 2017 and 2016 , respectively. The net gains and losses are included within principal investment income, net realized and unrealized gain on investments, and interest and dividend income within the Consolidated Statements of Operations. The material assets of the Company's equity method investments are expected to generate either long-term capital appreciation and or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets. Investments of the Consolidated Funds Investments held in the Consolidated Funds are summarized below: Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2018 2017 2018 2017 United States: Fixed income securities: Consumer discretionary $ 1,675,863 $ 1,295,732 22.0 % 23.2 % Consumer staples 58,602 55,073 0.8 % 1.0 % Energy 198,631 176,836 2.6 % 3.2 % Financials 476,542 270,520 6.2 % 4.8 % Healthcare, education and childcare 707,881 449,888 9.2 % 8.1 % Industrials 396,767 370,926 5.2 % 6.6 % Information technology 196,586 167,089 2.6 % 3.0 % Materials 193,378 185,170 2.5 % 3.3 % Telecommunication services 665,576 399,617 8.7 % 7.2 % Utilities 80,233 77,102 1.0 % 1.4 % Total fixed income securities (cost: $4,876,915 and $3,459,318 at December 31, 2018 and December 31, 2017, respectively) 4,650,059 3,447,953 60.8 % 61.8 % Equity securities: Equity securities 335 126 0.0 % 0.0 % Total equity securities (cost: $354 and $2 at December 31, 2018 and December 31, 2017, respectively) 335 126 0.0 % 0.0 % Partnership interests: Partnership interests 271,447 232,332 3.5 % 4.2 % Total partnership interests (cost: $210,000 and $190,000 at December 31, 2018 and December 31, 2017, respectively) 271,447 232,332 3.5 % 4.2 % Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2018 2017 2018 2017 Europe: Fixed income securities: Consumer discretionary $ 946,434 $ 604,608 12.3 % 10.8 % Energy 16,840 2,413 0.2 % 0.0 % Consumer staples 105,464 76,361 1.4 % 1.4 % Financials 273,492 81,987 3.6 % 1.5 % Healthcare, education and childcare 384,350 209,569 5.0 % 3.8 % Industrials 124,469 145,706 1.6 % 2.6 % Information technology 32,632 21,307 0.4 % 0.4 % Materials 222,237 213,395 2.9 % 3.8 % Telecommunication services 297,101 182,543 3.9 % 3.3 % Utilities 14,453 — 0.2 % — % Total fixed income securities (cost: $2,478,349 and $1,545,297 at December 31, 2018 and December 31, 2017, respectively) 2,417,472 1,537,889 31.5 % 27.6 % Equity securities: Healthcare, education and childcare 23,536 63,155 0.3 % 1.1 % Total equity securities (cost: $56,154 and $67,198 at December 31, 2018 and December 31, 2017, respectively) 23,536 63,155 0.3 % 1.1 % Asia and other: Fixed income securities: Consumer discretionary 1,686 2,008 0.0 % 0.0 % Financials 5,878 12,453 0.1 % 0.2 % Telecommunication services 19,753 21,848 0.3 % 0.4 % Total fixed income securities (cost: $28,974 and $36,180 at December 31, 2018 and December 31, 2017, respectively) 27,317 36,309 0.4 % 0.6 % Equity securities: Consumer discretionary 41,820 59,630 0.5 % 1.1 % Consumer staples 41,979 45,098 0.5 % 0.8 % Healthcare, education and childcare 41,562 44,637 0.5 % 0.8 % Industrials 47,238 16,578 0.6 % 0.3 % Total equity securities (cost: $122,418 and $122,418 at December 31, 2018 and December 31, 2017, respectively) 172,599 165,943 2.1 % 3.0 % Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2018 2017 2018 2017 Canada: Fixed income securities: Consumer discretionary $ 8,625 $ 6,757 0.1 % 0.1 % Consumer staples 33,722 15,351 0.4 % 0.3 % Energy 503 33,715 0.0 % 0.6 % Industrials 46,307 18,785 0.6 % 0.3 % Telecommunication services 13,835 6,189 0.2 % 0.1 % Total fixed income securities (cost: $109,084 and $80,201 at December 31, 2018 and December 31, 2017, respectively) 102,992 80,797 1.3 % 1.4 % Equity securities: Consumer discretionary — 5,912 — % 0.1 % Total equity securities (cost: $0 and $17,202 at December 31, 2018 and December 31, 2017, respectively) — 5,912 — % 0.1 % Australia: Fixed income securities: Consumer discretionary 5,973 10,863 0.1 % 0.2 % Energy 1,435 1,563 0.0 % 0.0 % Total fixed income securities (cost: $8,249 and $12,714 at December 31, 2018 and December 31, 2017, respectively) 7,408 12,426 0.1 % 0.2 % Total fixed income securities 7,205,248 5,115,374 94.1 % 91.6 % Total equity securities 196,470 235,136 2.4 % 4.2 % Total partnership interests 271,447 232,332 3.5 % 4.2 % Total investments, at fair value $ 7,673,165 $ 5,582,842 At December 31, 2018 and 2017 , 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 assets.

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2018
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. CLOs and CLO loan obligations: The fair value of CLOs held by the Company are estimated based on various third-party pricing services or broker quotes and are classified as Level III. The Company measures its CLO loan obligations of the Consolidated Funds by first determining whether the fair values of the financial assets or financial liabilities of its consolidated CLOs are more observable. The Company has 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 and derivative instruments: The fair value of corporate debt, bonds, bank loans 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 as 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 utilizes a pricing model, such securities will generally 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 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. As of December 31, 2018 and 2017 , NAV per share represents the fair value of the investments for the Company and discounted cash flow analysis is used to determine the fair value for an investment held by the Consolidated Funds. 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. 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, 2018 : Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 60,824 $ — $ 60,824 Common stock and other equity securities 280 1,004 10,397 — 11,681 Partnership interests — — 35,192 861 36,053 Total investments, at fair value 280 1,004 106,413 861 108,558 Derivatives-foreign exchange contracts — 1,066 — — 1,066 Total assets, at fair value $ 280 $ 2,070 $ 106,413 $ 861 $ 109,624 Liabilities, at fair value Derivatives-foreign exchange contracts $ (869 ) $ — $ — $ (869 ) Total liabilities, at fair value $ — $ (869 ) $ — $ — $ (869 ) Financial Instruments of Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 316,850 $ 1,649 $ 318,499 Loans — 6,340,440 546,309 6,886,749 Total fixed income investments — 6,657,290 547,958 7,205,248 Equity securities 45,718 — 150,752 196,470 Partnership interests — — 271,447 271,447 Total investments, at fair value 45,718 6,657,290 970,157 7,673,165 Derivatives: Foreign exchange contracts — 1,881 — 1,881 Asset swaps - other — — 1,328 1,328 Total derivative assets, at fair value — 1,881 1,328 3,209 Total assets, at fair value $ 45,718 $ 6,659,171 $ 971,485 $ 7,676,374 Liabilities, at fair value Foreign exchange contracts $ — $ (1,864 ) $ — $ (1,864 ) Asset swaps - other — — (648 ) (648 ) Loan obligations of CLOs — (6,678,091 ) — (6,678,091 ) Total liabilities, at fair value $ — $ (6,679,955 ) $ (648 ) $ (6,680,603 ) The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2017 : Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income - collateralized loan obligations $ — $ — $ 195,158 $ — $ 195,158 Equity securities - common stock 520 1,116 — — 1,636 Partnership interests — — 44,769 35,998 80,767 Total investments, at fair value 520 1,116 239,927 35,998 277,561 Derivatives-foreign exchange contracts — 498 — — 498 Total assets, at fair value $ 520 $ 1,614 $ 239,927 $ 35,998 $ 278,059 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (2,639 ) $ — $ — $ (2,639 ) Total liabilities, at fair value $ — $ (2,639 ) $ — $ — $ (2,639 ) Financial Instruments of Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 82,151 $ 7,041 $ 89,192 Loans — 4,755,335 260,848 5,016,183 Collateralized loan obligations — 10,000 — 10,000 Total fixed income investments — 4,847,486 267,889 5,115,375 Equity securities 72,558 — 162,577 235,135 Partnership interests — — 232,332 232,332 Total investments, at fair value 72,558 4,847,486 662,798 5,582,842 Derivatives: Asset swaps - other — — 1,366 1,366 Total derivative assets, at fair value — — 1,366 1,366 Total assets, at fair value $ 72,558 $ 4,847,486 $ 664,164 $ 5,584,208 Liabilities, at fair value Asset swaps - other $ — $ — $ (462 ) $ (462 ) Loan obligations of CLOs — (4,963,194 ) — (4,963,194 ) Total liabilities, at fair value $ — $ (4,963,194 ) $ (462 ) $ (4,963,656 ) The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2018 : Level III Assets Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Total Balance, beginning of period $ — $ 195,158 $ 44,769 $ 239,927 Transfer in 250 — 250 Purchases(1) 1,000 92,797 — 93,797 Sales/settlements(2) — (222,934 ) — (222,934 ) Deconsolidation of fund — 78 — 78 Realized and unrealized appreciation (depreciation), net 9,147 $ (4,275 ) (9,577 ) (4,705 ) Balance, end of period $ 10,397 $ 60,824 $ 35,192 $ 106,413 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 9,147 $ (3,923 ) $ (9,577 ) $ (4,353 ) Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 162,577 $ 267,889 $ 232,332 $ 904 $ 663,702 Additions(3) 506 46,829 — — 47,335 Transfer in — 86,995 — — 86,995 Transfer out — (45,647 ) — — (45,647 ) Purchases(1) 203 492,142 25,000 — 517,345 Sales/settlements(2) (21,141 ) (283,620 ) (5,000 ) (186 ) (309,947 ) Amortized discounts/premiums — 380 — (140 ) 240 Realized and unrealized appreciation (depreciation), net 8,607 (17,010 ) 19,115 102 10,814 Balance, end of period $ 150,752 $ 547,958 $ 271,447 $ 680 $ 970,837 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 8,686 $ (13,157 ) $ 19,115 $ (57 ) $ 14,587 (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) Additions relate to net increase from consolidation of a new fund. The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2017 : Level III Assets Level III Liabilities Level III Assets and Liabilities of the Company Fixed Income Partnership Total Contingent Considerations Balance, beginning of period $ 89,111 $ 33,410 $ 122,521 $ 22,156 Purchases(1) 143,579 169 143,748 — Sales/settlements(2) (39,047 ) — (39,047 ) (1,000 ) Expired contingent considerations — — — (1,000 ) Realized and unrealized appreciation (depreciation), net 1,515 11,190 12,705 (20,156 ) Balance, end of period $ 195,158 $ 44,769 $ 239,927 $ — Increase in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 2,752 $ 11,359 $ 14,111 $ — Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 130,690 $ 242,253 $ 171,696 $ (2,708 ) $ 541,931 Transfer in — 45,526 — — 45,526 Transfer out (6,581 ) (100,643 ) — — (107,224 ) Purchases(1) 6,691 240,723 88,000 — 335,414 Sales/settlements(2) (3,701 ) (180,248 ) (45,000 ) (2,192 ) (231,141 ) Additions(3) 14,479 1,393 15,872 Amortized discounts/premiums — 247 — 244 491 Realized and unrealized appreciation (depreciation), net 35,478 5,552 17,636 4,167 62,833 Balance, end of period $ 162,577 $ 267,889 $ 232,332 $ 904 $ 663,702 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 33,990 $ 31 $ 17,636 $ (705 ) $ 50,952 (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) Additions relates to a CLO that was refinanced and restructured that is now consolidated. 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. The following table summarizes the quantitative inputs and assumptions used for the Company’s Level III measurements as of December 31, 2018 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 10,397 Transaction price(1) N/A N/A Partnership interests 35,192 Discounted cash flow Discount rate 8.0% Collateralized loan obligations 20,824 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 40,000 Other N/A N/A Total $ 106,413 (1) 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 Company’s Level III measurements as of December 31, 2017 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Partnership interests $ 44,769 Other N/A N/A Collateralized loan obligations 195,158 Broker quotes and/or 3rd party pricing services N/A N/A Total $ 239,927 The following table summarizes the quantitative inputs and assumptions used for the Consolidated Funds’ Level III measurements as of December 31, 2018 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Assets Equity securities $ 23,871 Enterprise value market multiple analysis EBITDA multiple(1) 7.2x - 22.9x 7.7x 41,562 Other Net income multiple 38.8x 38.8x Illiquidity discount 25% 25% 271,447 Discounted cash flow Discount rate 20.8% 20.8% 85,319 Transaction price(2) N/A N/A N/A Fixed income securities 441,368 Broker quotes and/or 3rd party pricing services N/A N/A N/A 106,590 Income approach Yield 1.0% - 14.8% 9.6% Derivative instruments 1,328 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 971,485 Liabilities Derivatives instruments $ (648 ) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (648 ) (1) “EBITDA” in the table above is a Non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. (2) Transaction price consists of securities 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, 2017 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Assets Equity securities $ 63,155 Enterprise value market multiple analysis EBITDA multiple(1) 2.7x 2.7x 61,215 Other Net income multiple 27.0x - 36.2x 33.7x 126 Broker quotes and/or 3rd party pricing services N/A N/A N/A 38,081 Transaction price(2) N/A N/A N/A Partnership interests 232,332 Discounted cash flow Discount rate 19.0% 19.0% Fixed income securities 222,413 Broker quotes and/or 3rd party pricing services N/A N/A N/A 45,243 Income approach Yield 10.8% - 22.5% 12.1% 233 Market approach (comparable companies) EBITDA multiple(1) 6.5x 6.5x Derivative instruments 1,366 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 664,164 Liabilities Derivatives instruments $ (462 ) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (462 ) (1) “EBITDA” in the table above is a Non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. (2) Transaction price consists of securities recently 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. The Company's investments valued using net asset value (“NAV”) have terms and conditions that do not allow for redemption without certain events or approvals that are outside the Company's control. As of December 31, 2018 As of December 31, 2017 Fair Value Unfunded Fair Value Unfunded Non Ares managed fund investments(1) $ 861 $ — $ 35,998 $ 16,492 Totals $ 861 $ — $ 35,998 $ 16,492 (1) As of December 31, 2018 amount represents a private fund focused on insurance type investments. As of December 31, 2017 amount represents private funds focused on energy related investments that were sold during 2018.

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
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. Asset Swap: The Consolidated Funds enter into asset swap contracts to hedge against foreign currency exchange rate risk on certain non-Euro denominated loans. Assets swap contracts provide the Consolidated Funds with the opportunity to purchase or sell an underlying asset that are not denominated in Euros and a pre-agreed exchange rate and receive Euro interest payments from the swap counter party in exchange for non-Euro interest payments pegged to the currency of the underlying loan and applicable interest rates. The swap contracts can be optionally cancelled at any time, normally due the disposal or redemption of the underlying asset, however in the absence of sale or redemption the swap contracts maturity matches that of the underlying asset. By entering into asset swap contracts to exchange interest payments and principal on equally valued loans denominated in a different currency than that of the underlying assets the Consolidated Funds can mitigate the risk of exposure to foreign currency fluctuations. Generally, the fair value of asset swap contracts are calculated using a model that utilizes the spread between the fair value of the underlying asset and the exercise value of the contract, as well as any other relevant inputs. Broker quotes may also be used to calculate the fair value of asset swaps, if available. 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, 2018 and 2017 . 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, 2018 As of December 31, 2017 Assets Liabilities Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ 33,026 $ 1,066 $ 27,140 $ 869 $ 13,724 $ 498 $ 51,026 $ 2,639 Total derivatives, at fair value $ 33,026 $ 1,066 $ 27,140 $ 869 $ 13,724 $ 498 $ 51,026 $ 2,639 As of December 31, 2018 As of December 31, 2017 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 $ 1,881 $ 1,881 $ 1,881 $ 1,864 $ — $ — $ — $ — Asset swap - other 5,226 1,328 2,605 648 5,363 1,366 1,840 462 Total derivatives, at fair value 7,107 3,209 4,486 2,512 5,363 1,366 1,840 462 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. 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, 2018 , 2017 and 2016 : For the Year Ended December 31, The Company 2018 2017 2016 Net realized gain (loss) on derivatives Interest rate contracts—Swaps $ — $ — $ (337 ) Foreign currency forward contracts (1,197 ) (1,830 ) 1,783 Net realized gain (loss) on derivatives $ (1,197 ) $ (1,830 ) $ 1,446 Net change in unrealized appreciation (depreciation) on derivatives Interest rate contracts—Swaps $ — $ — $ 214 Foreign currency forward contracts 2,338 (5,299 ) 2,008 Net change in unrealized appreciation (depreciation) on derivatives $ 2,338 $ (5,299 ) $ 2,222 For the Year Ended December 31, Consolidated Funds 2018 2017 2016 Net realized gain (loss) on derivatives of Consolidated Funds Foreign currency forward contracts $ 96 $ (181 ) $ (1,008 ) Asset swap - other (795 ) 903 (1,322 ) Net realized gain (loss) on derivatives of Consolidated Funds $ (699 ) $ 722 $ (2,330 ) Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds Equity contracts: Warrants(1) $ — $ — $ 26 Foreign currency forward contracts 15 (529 ) 900 Asset swap - other (183 ) 2,338 7,685 Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds $ (168 ) $ 1,809 $ 8,611 (1) Realized and unrealized gains (losses) on warrants are also reflected within investments of Consolidated Funds. 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, 2018 and 2017 . 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, 2018 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 1,066 $ — $ 1,066 $ (869 ) $ 197 Liabilities: Derivatives (869 ) — (869 ) 869 — Net derivative assets $ 197 $ — $ 197 $ — $ 197 Gross Amount Not Offset in the Statement of Financial Position The Company as of December 31, 2017 Gross Amounts Gross Amounts Net Amounts of Financial Net Amount Assets: Derivatives $ 498 $ — $ 498 $ (498 ) $ — Liabilities: Derivatives (2,639 ) — (2,639 ) 498 (2,141 ) Net derivative liabilities $ (2,141 ) $ — $ (2,141 ) $ — $ (2,141 ) 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, 2018 and 2017 . 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, 2018 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 8,942 $ (5,733 ) $ 3,209 $ — $ 3,209 Liabilities: Derivatives (8,245 ) 5,733 (2,512 ) — (2,512 ) Net derivatives assets $ 697 $ — $ 697 $ — $ 697 Gross Amounts Not Offset in the Statement of Financial Position Consolidated Funds as of December 31, 2017 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 1,750 $ (384 ) $ 1,366 $ — $ 1,366 Liabilities: Derivatives (846 ) 384 (462 ) — (462 ) Net derivatives liabilities $ 904 $ — $ 904 $ — $ 904

DEBT

DEBT	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of December 31, 2018 As of December 31, 2017 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility(1) Revolver 2/24/2022 N/A $ 235,000 4.00 % $ 210,000 3.09% Senior Notes(2) 10/8/2014 10/8/2024 $ 250,000 245,952 4.21 % 245,308 4.21% 2015 Term Loan(3) 9/2/2015 7/29/2026 $ — — N/A 35,037 2.86% 2016 Term Loan(4) 12/21/2016 1/15/2029 $ — — N/A 25,948 3.08% 2017 Term Loan A(4) 3/22/2017 1/22/2028 $ — — N/A 17,407 2.90% 2017 Term Loan B(4) 5/10/2017 10/15/2029 $ — — N/A 35,062 2.90% 2017 Term Loan C(4) 6/22/2017 7/30/2029 $ — — N/A 17,078 2.88% 2017 Term Loan D(4) 11/16/2017 10/15/2030 $ — — N/A 30,336 2.77% Total debt obligations $ 480,952 $ 616,176 (1) The AOG entities are borrowers under the Credit Facility, which provides a $1.065 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of December 31, 2018 , base rate loans bear interest calculated based on the base rate plus 0.50% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.50%. The unused commitment fee is 0.20% 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, 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 acted as a manager to a CLO. The 2015 Term Loan was secured by collateral in the form of CLO senior tranches owned by the Company. To the extent the assets were not sufficient to cover the Term Loan, there was no further recourse to the Company to fund or repay the remaining balance. Interest was paid quarterly, and the Company also paid a fee of 0.025% of a maximum investment amount . (4) The 2016 and 2017 Term Loans (the “Term Loans”) were entered into by a subsidiary of the Company that acted as a manager to CLOs. The Term Loans were secured by collateral in the form of CLO senior tranches and subordinated notes owned by the Company. Collateral associated with one of the Term Loans could have been used to satisfy outstanding liabilities of another Term Loan should the collateral fall short. To the extent the assets associated with these Term Loans were not sufficient to cover the Term Loans, there was no further recourse to the Company to fund or repay the remaining balance. Interest was paid quarterly, and the Company also paid a fee of 0.03% of a maximum investment amount. As of December 31, 2018 , the Company and its subsidiaries were in compliance with all covenants under the Credit Facility, Senior Notes and Term Loan obligations. Subsequent to the removal of the U.S. risk retention requirements related to open–market CLO managers, the Company sold $219.3 million of its CLO securities and used the proceeds to pay off the related 2015-2017 Term Loans and settle a repurchase agreement of $206.0 million during the year ended December 31, 2018 . There was an immaterial loss on the debt extinguishment. The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the Company's Senior Notes and Term Loans are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included in other assets in the Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the term of the related obligation. The following table shows the activity of the Company's debt issuance costs: Credit Facility Senior Notes Term Loans Repurchase Agreement Loan Unamortized debt issuance costs as of December 31, 2016 $ 4,800 $ 1,803 $ 526 $ — Debt issuance costs incurred 3,394 — 733 — Amortization of debt issuance costs (1,651 ) (232 ) (88 ) — Unamortized debt issuance costs as of December 31, 2017 6,543 1,571 1,171 — Debt issuance costs incurred — — 98 259 Amortization of debt issuance costs (1,571 ) (237 ) (56 ) (7 ) Debt extinguishment expense — — (1,213 ) (252 ) Unamortized debt issuance costs as of December 31, 2018 $ 4,972 $ 1,334 $ — $ — Loan Obligations of the Consolidated CLOs Loan obligations of the Consolidated Funds that are CLOs (the "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. As of December 31, 2018 and 2017 , the following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of December 31, 2018 As of December 31, 2017 Loan Obligations Fair Value of Loan Obligations Weighted Loan Fair Value of Loan Obligations Weighted Average Remaining Maturity In Years Senior secured notes(1) $ 6,642,616 $ 6,391,643 10.94 $ 4,801,582 $ 4,776,883 10.57 Subordinated notes(2) 455,333 286,448 11.21 276,169 186,311 11.25 Total loan obligations of Consolidated CLOs $ 7,097,949 $ 6,678,091 $ 5,077,751 $ 4,963,194 (1) Original borrowings under the senior secured notes totaled $6.6 billion , with various maturity dates ranging from December 2025 to October 2031. The weighted average interest rate as of December 31, 2018 was 4.93% . (2) Original borrowings under the subordinated notes totaled $455.3 million , with various maturity dates ranging from December 2025 to October 2031. 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, 2018 and 2017 , the Consolidated Funds were in compliance with all financial and non‑financial covenants under such credit facilities. The Consolidated Funds had the following revolving bank credit facilities and term loans outstanding as of December 31, 2018 and 2017 : As of December 31, 2018 As of December 31, 2017 Type of Facility Maturity Date Total Capacity Carrying Value(1) Effective Rate Carrying Value(1) Effective Rate Credit Facilities: 1/1/2023 $ 18,000 $ 14,953 3.98% $ 12,942 2.88% 6/29/2019 45,800 43,624 1.55% (2) 48,042 1.55% (2) 3/7/2019 71,500 71,500 3.47% 71,500 2.89% 6/30/2021 200,375 38,844 1.00% (2) — —% 7/15/2028 75,000 39,000 4.75% — —% Revolving Term Loan 8/19/2019 11,429 — —% 5,714 5.86% 1/31/2022 1,900 1,363 8.07% — —% Total borrowings of Consolidated Funds $ 209,284 $ 138,198 (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 or zero , whichever is higher, plus an applicable margin.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2018
Other Assets [Abstract]
OTHER ASSETS	OTHER ASSETS The components of other assets as of December 31, 2018 and 2017 were as follows: As of December 31, 2018 2017 Other assets of the Company: Accounts and interest receivable $ 11,624 $ 3,025 Fixed assets, net 65,069 61,151 Incentive fees receivable 49,697 22,611 Other assets 33,760 43,554 Total other assets of the Company $ 160,150 $ 130,341 Other assets of Consolidated Funds: Income tax and other receivables 4,456 1,989 Total other assets of Consolidated Funds $ 4,456 $ 1,989 Fixed Assets, Net Fixed assets included the following as of December 31, 2018 and 2017 : Year Ended December 31, 2018 2017 Furniture $ 9,536 $ 9,303 Office and computer equipment 21,671 19,164 Internal-use software 29,005 19,055 Leasehold improvements 53,494 52,021 Fixed assets, at cost 113,706 99,543 Less: accumulated depreciation (48,637 ) (38,392 ) Fixed assets, net $ 65,069 $ 61,151 For the years ended December 31, 2018 , 2017 and 2016 , depreciation expense was $16.1 million , $12.6 million and $8.2 million , respectively, which is included in general, administrative and other expense in the Consolidated Statements of Operations. During 2018 , the Company disposed of approximately $5.6 million of fixed assets that were fully depreciated.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
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, 2018 , 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, 2018 and 2017 , the Company had aggregate unfunded commitments of $267.6 million and $285.7 million , respectively, including commitments to both non-consolidated funds and Consolidated Funds. There were no unfunded commitments to funds not managed by the Company as of December 31, 2018 . Total unfunded commitments included $16.5 million in commitments to funds not managed by the Company as of December 31, 2017 . In connection with the acquisition of EIF, contingent consideration was payable to EIF’s former membership interest holders if certain funds and co-investment vehicles met certain revenue and fee paying commitment targets during their commitment period. Since the revenue and fee paying targets were not met, the liability associated with the EIF contingent consideration, which was $20.3 million as of December 31, 2016, was reversed in the first quarter of 2017, resulting in a $20.3 million gain recorded within other income on the Company's Consolidated Statements of Operations. ARCC Fee Waiver In conjunction with the ARCC-ACAS Transaction, the Company agreed to waive up to $10 million per quarter of ARCC's Part I Fees for ten calendar quarters, which began in the second quarter of 2017. ARCC Part I Fees will only be waived to the extent they are paid. If ARCC Part I Fees are less than $10 million in any single quarter, the shortfall will not carryover to the subsequent quarters. As of December 31, 2018 , there are three remaining quarters as part of the fee waiver agreement, with a maximum of $30 million in potential waivers. ARCC Part I Fees are reported net of the fee waiver. Operating Leases The Company leases certain property, computer and communication equipment and other equipment through operating leases. Some of the 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, 2018 , 2017 and 2016 was $30.5 million , $26.1 million and $26.4 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 2019 to 2030. The future minimum commitments for the Company's operating leases are as follows: 2019 $ 32,039 2020 26,799 2021 20,765 2022 22,502 2023 20,290 Thereafter 45,141 Total $ 167,536 Guarantees The Company guaranteed loans provided to certain professionals to support these 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, 2018 and 2017 . Performance Income 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, 2018 and 2017 , if the Company assumed all existing investments were worthless, the amount of performance income subject to potential repayment, net of tax, which may differ from the recognition of revenue, would have been approximately $469.0 million and $476.1 million , respectively, of which approximately $364.4 million and $370.0 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, 2018 , if the funds were liquidated at their fair values, there would be $0.4 million of repayment obligations, and accordingly, the Company recorded a contingent repayment liability as of December 31, 2018 which is presented on a net basis within carried interest allocation on the Company's Consolidated Statements of Financial Condition. As of December 31, 2017 , 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 December 31, 2017 . 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, 2018
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, carried interest allocation, incentive fees, and administrative expense reimbursements. The related accounts receivable are included within due from affiliates within the Consolidated Statements of Financial Condition, except that accrued carried interest allocation and incentive fees receivable, which are predominantly due from affiliated funds, are presented separately within investments and other assets, respectively, within the Consolidated Statements of Financial Condition. The Company has investment management agreements with Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds. The Company also has entered into agreements 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., ACF FinCo I L.P and CION Ares Diversified Credit Fund. 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 incentive fees. Performance income the Company earns from the funds can be distributed to professionals or their related entities 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 composed of the following: As of December 31, 2018 2017 Due from affiliates: Management fees receivable from non-consolidated funds $ 151,455 $ 126,506 Payments made on behalf of and amounts due from non-consolidated funds and employees 47,922 39,244 Due from affiliates—Company $ 199,377 $ 165,750 Amounts due from portfolio companies and non-consolidated funds $ 17,609 $ 15,884 Due from affiliates—Consolidated Funds $ 17,609 $ 15,884 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 2,105 $ 5,213 Management fees received in advance 5,491 1,729 Tax receivable agreement liability 24,927 3,503 Undistributed carried interest and incentive fees(1) 31,162 24,542 Payments made by non-consolidated funds on behalf of and amounts due from the Company 18,726 4,197 Due to affiliates—Company $ 82,411 $ 39,184 (1) Prior year amount of $24.5 million was reclassified from performance related compensation payable to due to affiliates to conform with current year presentation. 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. The Company reimbursed ARCC approximately $0.6 million for certain recurring rent and utilities incurred by ARCC during the first quarter of 2018. In addition, in the quarter ended June 30, 2018, the Company reimbursed ARCC approximately $2.2 million , $3.0 million , $3.2 million and $2.9 million of rent and utilities for the years ended 2017, 2016, 2015 and 2014, respectively, for an aggregate reimbursement to ARCC of $11.8 million . Beginning April 1, 2018, the Company directly incurs these expenses. ARCC Investment Advisory and Management Agreement In connection with ARCC's board approval of the modification of the asset coverage requirement applicable to senior securities from 200% to 150% effective on June 21, 2019, (unless ARCC receives earlier stockholder approval), the investment advisory and management agreement will be amended prior to June 21, 2019 (or such earlier date) to reduce the annual base management fee paid to the Company from 1.5% to 1.0% on all assets financed using leverage over 1.0 times debt to equity. Transaction Support Expense On January 3, 2017, ARCC and American Capital, Ltd. (“ACAS”) consummated a merger transaction 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, paid $275.2 million to ACAS shareholders in accordance with the terms and conditions set forth in the merger agreement.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Effective March 1, 2018, the Company has been treated as a corporation for U.S. federal and state income tax purposes. Upon the effectiveness of the Tax Election, all earnings allocated to the Company is subject to U.S. federal, state and local income taxes and certain of its foreign subsidiaries are subject to foreign income taxes (for which a foreign tax credit can generally offset U.S. corporate taxes imposed on the same income). Prior to March 1, 2018, a substantial portion of the Company's share of carried interest and investment income flowed through to investors without being subject to entity level income taxes. Consequently, we did not reflect a provision for income taxes on such income except those for foreign, state and local income taxes incurred at the entity level. Beginning March 1, 2018, the Company's share of unrealized gains and income items became subject to U.S. corporate tax. 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 U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years before 2015. 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. On December 22, 2017, the Tax Cuts and Jobs Act ("TCJA") was enacted into law creating significant and material updates to the Internal Revenue Code. The most significant change is a decrease of the corporate tax rate from 35% to 21% . The reduction in the corporate tax rate is effective for tax years beginning on or after January 1, 2018. The Company estimated the tax effects of the TCJA in its fourth quarter 2017 tax provision (the enactment date of the TCJA) in accordance with its understanding of the changes and guidance available under Staff Accounting Bulletin (“SAB”) 118. Under SAB 118, companies had a measurement period of up to one year to further analyze and quantify the impacts of tax reform. The measurement period ended on December 22, 2018 and although management no longer deems the provision recorded in 2017 to be an estimate, the income tax effects of the TCJA will continued to be monitored as additional guidance is published. The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following for the years ended December 31, 2018 , 2017 and 2016 . Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the years ended December 31, 2017 and 2016 . Year Ended December 31, Provision for Income Taxes 2018 2017 2016 Unaudited 2017 Pro Forma Unaudited 2016 Pro Forma The Company Current: U.S. federal income tax expense (benefit) $ 16,859 $ (21,559 ) $ 19,419 $ 2,634 $ 36,326 State and local income tax expense 4,306 454 3,706 2,963 5,583 Foreign income tax expense 6,607 3,741 8,458 3,741 8,458 27,772 (17,364 ) 31,583 9,338 50,367 Deferred: U.S. federal income tax expense (benefit) 10,572 (3,466 ) (14,247 ) 18,297 (4,306 ) State and local income tax benefit (4,789 ) (2,414 ) (1,400 ) (721 ) (487 ) Foreign income tax benefit (1,484 ) (1,695 ) (4,180 ) (1,695 ) (4,180 ) 4,299 (7,575 ) (19,827 ) 15,881 (8,973 ) Total: U.S. federal income tax expense (benefit) 27,431 (25,025 ) 5,172 20,931 32,020 State and local income tax expense (benefit) (483 ) (1,960 ) 2,306 2,242 5,096 Foreign income tax expense 5,123 2,046 4,278 2,046 4,278 Income tax expense (benefit) 32,071 (24,939 ) 11,756 25,219 41,394 Consolidated Funds Current: Foreign income tax expense (benefit) 131 1,887 (737 ) 1,887 (737 ) Income tax expense (benefit) 131 1,887 (737 ) 1,887 (737 ) Total Provision for Income Taxes Total current income tax expense (benefit) 27,903 (15,477 ) 30,846 11,225 49,630 Total deferred income tax expense (benefit) 4,299 (7,575 ) (19,827 ) 15,881 (8,973 ) Total income tax expense (benefit) $ 32,202 $ (23,052 ) $ 11,019 $ 27,106 $ 40,657 The effective income tax rate differed from the federal statutory rate for the following reasons for the years ended December 31, 2018 , 2017 and 2016 . Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the years ended December 31, 2017 and 2016 . Year Ended December 31, 2018 2017 2016 Unaudited 2017 Pro Forma Unaudited 2016 Pro Forma Income tax expense at federal statutory rate 21.0 % 35.0 % 35.0 % 35.0 % 35.0 % Income passed through to non-controlling interests (9.9 ) (51.1 ) (27.6 ) (23.2 ) (18.3 ) State and local taxes, net of federal benefit 2.1 (1.4 ) 0.9 0.4 1.5 Foreign taxes 0.3 0.3 (0.9 ) 0.3 (0.9 ) Permanent items (0.8 ) 0.3 (2.2 ) 0.3 (2.2 ) Tax Cuts and Jobs Act (0.4 ) (0.4 ) — 3.3 — Corporate conversion expense 5.4 — — — — Other, net (0.3 ) 0.4 (1.7 ) 0.4 (1.7 ) Valuation allowance 0.1 1.3 0.2 1.3 0.2 Total effective rate 17.5 % (15.6 )% 3.7 % 17.8 % 13.6 % 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, 2018 and 2017 . Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the years ended December 31, 2017 and 2016 . As of December 31, Deferred Tax Assets and Liabilities of the Company 2018 2017 Unaudited 2017 Pro Forma Deferred tax assets Net operating losses $ 865 $ 2,827 $ 2,827 Investment in partnerships 11,527 — (10,552 ) Amortizable tax basis for AOG unit exchanges 25,928 1,775 1,775 Other, net 5,416 4,767 4,767 Total gross deferred tax assets 43,736 9,369 (1,183 ) Valuation allowance (22 ) (15 ) (15 ) Total deferred tax assets, net 43,714 9,354 (1,198 ) Deferred tax liabilities Investment in partnerships (1,577 ) (1,028 ) (1,028 ) Total deferred tax liabilities (1,577 ) (1,028 ) (1,028 ) Net deferred tax assets $ 42,137 $ 8,326 $ (2,226 ) As of December 31, Deferred Tax Assets and Liabilities of the Consolidated Funds 2018 2017 Unaudited 2017 Pro Forma Deferred tax assets Net operating loss $ 5,525 $ 4,703 $ 4,703 Other, net 2,173 2,173 2,173 Total gross deferred tax assets 7,698 6,876 6,876 Valuation allowance (7,698 ) (6,876 ) (6,876 ) Total deferred tax assets, net $ — $ — $ — The 2017 and 2016 pro forma tax information was calculated as if the Company's Tax Election was effective for the years ended December 31, 2017 and 2016 . 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 Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements. In connection with its election to be taxed as a corporation effective March 1, 2018, the Company recorded a significant one-time deferred tax liability arising from the embedded net unrealized gains of both carried interest and the investment portfolio that were not previously subject to corporate taxes. Cash taxes will be paid only on gains to the extent realized. The valuation allowance for deferred tax assets increased by $0.8 million in 2018 due to additional net valuation allowances recorded related to operating losses that generated deductible temporary differences 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 as of December 31, 2018 the related deferred tax asset is more likely than not to be realized. The valuation allowance for deferred tax assets increased by $1.9 million in 2017 due to additional net valuation allowances recorded related to operating losses that generated deductible temporary differences 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 as of December 31, 2017 the related deferred tax asset is more likely than not to be realized. At December 31, 2018, the Company had $39.8 million of foreign net operating loss ("NOL") carryforwards attributable to its consolidated funds 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. As of, and for the three years ended December 31, 2018, 2017 and 2016, the Company had no significant uncertain tax positions.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share of Class A common stock is computed by dividing income available to Class A common stockholders by the weighted‑average number of shares of Class A common stock outstanding during the period. Diluted earnings per share of Class A common stock 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 share is calculated for shares of Class A common stock 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 dividends when declared, the unvested restricted units are considered participating securities to the extent they are expected to vest. For the years ended December 31, 2018 and 2017 , the two-class method was the more dilutive method for the unvested restricted units. For the year ended December 31, 2016 the treasury stock 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 share of Class A common stock for the years ended December 31, 2018, 2017 and 2016 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive: For the Year Ended December 31, 2018 2017 2016 Options 19,194,615 21,001,916 22,781,597 Restricted units 15,970,004 14,105,481 47,182 AOG Units 121,296,583 130,244,013 131,499,652 The following table presents the computation of basic and diluted earnings per common share: For the Year Ended December 31, 2018 2017 2016 Net income attributable to Ares Management Corporation Class A common stockholders $ 35,320 $ 54,478 $ 99,632 Distributions on unvested restricted units (6,948 ) (3,588 ) (1,257 ) Preferred stock dividends(1) — — (8 ) Net income available to Class A common stockholders $ 28,372 $ 50,890 $ 98,367 Basic weighted-average shares of Class A common stock 96,023,147 81,838,007 80,749,671 Basic earnings per share of Class A common stock $ 0.30 $ 0.62 $ 1.22 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ 35,320 $ 54,478 $ 99,632 Distributions on unvested restricted units (6,948 ) (3,588 ) — Preferred stock dividends(1) — — (8 ) Net income available to Class A common stockholders $ 28,372 $ 50,890 $ 99,624 Effect of dilutive shares: Restricted units — — 2,187,359 Diluted weighted-average shares of Class A common stock 96,023,147 81,838,007 82,937,030 Diluted earnings per share of Class A common stock $ 0.30 $ 0.62 $ 1.20 Dividend declared and paid per Class A common stock $ 1.33 $ 1.13 $ 0.83 (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, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
EQUITY COMPENSATION	EQUITY COMPENSATION Equity Incentive Plan In 2014, the Company adopted the 2014 Equity Incentive Plan, as amended and restated on March 1, 2018 and as further amended and restated effective November 26, 2018. Under the 2014 Equity Incentive Plan, the Company has granted options to acquire 24,835,227 shares of Class A common stock, 4,936,051 restricted units to be settled in shares of Class A common stock and 686,395 phantom shares to be settled in cash. Based on a formula as defined in the 2014 Equity Incentive Plan, the total number of shares available to be issued under the 2014 Equity Incentive Plan resets and may increase on January 1 each year. Accordingly, on January 1, 2018 , the total number of shares available for issuance under the 2014 Equity Incentive Plan reset to 31,853,504 shares, and as of December 31, 2018 , 27,281,855 shares of Class A common stock remain available for issuance. Generally, unvested phantom shares, 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 the forfeiture occurs. Equity-based compensation expense, net of forfeitures is included in the following table: For the Year Ended December 31, 2018 2017 2016 Restricted units $ 74,441 $ 54,339 $ 21,894 Restricted units with a market condition 1,524 — — Options 12,449 13,848 15,450 Phantom shares 1,310 1,524 1,721 Equity-based compensation expense $ 89,724 $ 69,711 $ 39,065 Restricted Units During July 2018, the Company granted 2,000,000 restricted units to an executive of which 1,333,334 restricted units are subject to vesting based on the future price of shares of the Company's Class A common stock (described in greater detail below under the heading "Restricted Unit Awards with a Market Condition") and 666,666 restricted units that vest subject to the executive's continued service on terms similar to those described below. Each restricted unit represents an unfunded, unsecured right of the holder to receive a share of the Company's Class A common stock on a specific date. The restricted units generally vest and are settled in shares of Class A common stock either (i) at a rate of one‑third per year, beginning on the third anniversary of the grant date, (ii) in their entirety on the fifth anniversary of the grant date, or (iii) at a rate of one quarter per year, beginning on either the first or second anniversary of the grant date or the holder's employment commencement date in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment). 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 other than the market condition awards described below generally have the right to receive as current compensation an amount in cash equal to (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). During the year ended December 31, 2018 , the Company declared dividends of $0.40 , $0.0933 , $0.28 , $0.28 per share to common shareholders at the close of business on February 26, April 16, June 15, and September 14; and $0.28 per share to Class A common stockholders at the close of business on December 17. For the year ended December 31, 2018 , Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $21.5 million , which are presented as dividends within the Consolidated Statement of Changes in Equity. When units are forfeited, the cumulative amount of distribution equivalents previously paid is reclassified to compensation and benefits expense in the Consolidated Statements of Operations. The following table presents unvested restricted unit activity during the year ended December 31, 2018 : Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - January 1, 2018 13,751,888 $ 17.58 Granted 4,957,869 22.86 Vested (2,035,909 ) 17.12 Forfeited (418,373 ) 19.15 Balance - December 31, 2018 16,255,475 $ 19.21 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $200.3 million as of December 31, 2018 and is expected to be recognized over the remaining weighted average period of 3.26 years. Restricted Unit Awards with a Market Condition In July 2018, the Company granted certain restricted units with a vesting condition based upon the volume-weighted, average closing price of shares of the Company’s Class A common stock meeting or exceeding a stated price for 30 consecutive calendar days on or prior to January 1, 2028, referred to as a market condition. 666,667 restricted units with a market condition of $35.00 per share (“Tranche I”) and 666,667 restricted units with a market condition of $45.00 per share (“Tranche II”) were granted. Vesting is also generally subject to continued employment at the time such market condition is achieved. Under the terms of the awards, if the price target is not achieved by the close of business on January 1, 2028, the unvested market condition awards will be automatically canceled and forfeited. Restricted units subject to a market condition are not eligible to receive a Dividend Equivalent. The grant date fair values for Tranche I and Tranche II awards were $10.92 and $7.68 per share, respectively, based on a probability distributed Monte-Carlo simulation. Due to the existence of the market condition, the vesting period for the awards is not explicit, and as such, compensation expense is recognized on a straight-line basis over the median vesting period derived from the positive iterations of the Monte Carlo simulations where the market condition was achieved. The median vesting period is 3.0 years and 4.3 years for Tranche I and Tranche II, respectively. Below is a summary of the significant assumptions used to estimate the grant date fair value of the market condition awards: Closing price of the Company's common shares as of valuation date $ 20.95 Risk-free interest rate 2.95 % Volatility 30.0 % Dividend yield 5.0 % Cost of equity 10.0 % The following table presents the unvested market condition awards' activity during the year ended December 31, 2018 : Market Condition Award Units Weighted Average Balance - January 1, 2018 — $ — Granted 1,333,334 9.30 Vested — — Forfeited — — Balance - December 31, 2018 1,333,334 $ 9.30 The total compensation expense expected to be recognized in all future periods associated with the market condition awards is approximately $10.9 million as of December 31, 2018 and is expected to be recognized over the remaining weighted average period of 3.13 years. Options Each option entitles the holders to purchase from the Company, upon exercise thereof, one share of Class A common stock 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, 2018 , there was $4.6 million of total unrecognized compensation expense that is expected to be recognized over the remaining weighted average period of 0.38 years. Net cash proceeds from the exercises of stock options was $1.0 million for the year end December 31, 2018 . The Company realized an immaterial amount of tax benefits from those exercises. A summary of unvested options activity during the year ended December 31, 2018 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - January 1, 2018 20,495,025 $ 18.99 6.09 $ 20,611 Granted — — — — Expired (907,046 ) 19.00 — — Exercised (50,000 ) 19.00 — 90 Forfeited (796,475 ) 19.00 — — Balance - December 31, 2018 18,741,504 $ 18.99 4.88 $ — Exercisable at December 31, 2018 13,032,852 $ 19.00 4.66 $ — Aggregate intrinsic value represents the value of the Company’s closing share price of Class A common stock 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 share price of Class A common stock on the date of grant as well as other assumptions including the estimated volatility of the Company’s share price of Class A common stock 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 was measured on the date of the grant using the Black‑Scholes option pricing model. No new options have been granted since 2014. Phantom Shares Each phantom share represents an unfunded, unsecured right of the holder to receive an amount in cash per phantom share equal to the average closing price of a share of Class A common stock for the 15 trading days immediately prior to, and the 15 trading days immediately following, the vesting date. The phantom shares will vest in equal installments over five years at the anniversaries of the IPO date. The phantom shares are accounted for as liability awards with compensation expense being recognized on a straight-line basis based on the number of unvested shares. Forfeitures will reduce the expenses in the period in which the forfeiture occurs. A summary of unvested phantom shares’ activity during the year ended December 31, 2018 is presented below: Phantom Shares Weighted Average Grant Date Fair Value Per Share Balance - January 1, 2018 156,153 $ 19.00 Vested (70,352 ) 19.00 Forfeited (19,514 ) 19.00 December 31, 2018 66,287 $ 19.00 The fair value of the awards is remeasured at each reporting period and was $ 17.78 per phantom share as of December 31, 2018 . Based on the fair value of the awards at December 31, 2018 , $0.4 million of unrecognized compensation expense in connection with phantom shares outstanding is expected to be recognized over a weighted average period of 0.38 years. For the year ended December 31, 2018 , the Company paid $1.6 million to settle vested phantom shares.

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
EQUITY	EQUITY Common Stock Since the Conversion on November 26, 2018, the Company's common stock consists of Class A, Class B and Class C common stock. As a result of the Conversion on November 26, 2018, (i) each outstanding common share representing limited partner interests in the Company before the Conversion converted into one issued and outstanding, fully paid and nonassessable share of Class A common stock, $0.01 par value per share, of the Company, (ii) the general partner share of the Company before the Conversion converted into 1,000 issued and outstanding, fully paid and nonassessable shares of Class B common stock, $0.01 par value per share, of the Company and (iii) the special voting share of the Company before the Conversion converted into one issued and outstanding, fully paid and nonassessable share, of Class C common stock, $0.01 par value per share of the Company. Holders of shares of Class A common stock are entitled to one vote per share of Class A common stock. On any date on which the Ares Ownership Condition (as defined in the Certificate of Incorporation) is satisfied, holders of shares of Class B common stock are, in the aggregate, entitled to a number of votes equal to four times the aggregate number of votes attributable to the shares of Class A common stock minus the aggregate number of votes attributable to the shares of Class C common stock. However, on any date on which the Ares Ownership Condition is not satisfied, holders of shares of Class B common stock are not entitled to vote on any matter submitted to a vote of the stockholders of the Company. The holder of shares of Class C common stock is generally entitled to a number of votes equal to the number of Ares Operating Group Units held of record by each Ares Operating Group Limited Partner, other than the Company and its subsidiaries. The Class B common stock and Class C common stock are non-economic and holders are not entitled to (i) dividends from the Company or (ii) receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC is the sole holder of the Class C common stock. The following table presents the changes in each class of common stock for the year ended December 31, 2018 : Class A Common Stock Class B Common Stock Class C Common Stock Total Balance - January 1, 2018 — — — — Conversion of partnership units to outstanding shares of common stock 101,530,174 1,000 1 101,531,175 AOG units conversions 28,120 — — 28,120 Vesting of restricted stock awards 35,801 — — 35,801 Balance outstanding - December 31, 2018 101,594,095 1,000 1 101,595,096 Preferred Stock In connection with the Conversion on November 26, 2018, each 7.00% Series A preferred share of the Company before the Conversion was converted into one share of 7.00% Series A Preferred Stock, $0.01 par value per share. As of December 31, 2018 and 2017 , the Company had 12,400,000 shares of the Series A Preferred Stock outstanding. When, as and if declared by the Company’s board of directors, dividends on the Series A Preferred Stock are payable quarterly at a rate per annum equal to 7.00% . The Series A Preferred Stock 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 share. In July 2018, the Company's board of directors authorized the repurchase, from time to time in open market purchases or privately negotiated transactions of the Series A Preferred Stock with an aggregate liquidation preference of up to $50.0 million . Such repurchases, if any, will depend on the prevailing market conditions and other factors. AOG Units Exchange During the quarter ended March 31, 2018, an affiliate of Alleghany Corporation (“Alleghany”) exchanged 9,750,000 of its AOG Units into 9,750,000 common shares. During the quarter ended September 30, 2018, Alleghany exchanged its remaining 2,750,000 of AOG Units into 2,750,000 common shares. Common Share Offering On March 12, 2018, AREC Holdings Ltd., a wholly owned subsidiary of Abu Dhabi Investment Authority (collectively, “ADIA”), and the Company completed a public offering of 15,000,000 common shares. In connection with this offering, ADIA sold 10,000,000 of its previously issued and outstanding common shares from which the Company received no proceeds. Additionally, the Company issued 5,000,000 common shares from which it received $105.9 million in gross proceeds. The Company incurred approximately $0.5 million of expenses in connection with this offering transaction. The expenses have been treated as a reduction of the proceeds received from the offering and are presented on a net basis together with the proceeds from the offering in shareholders' equity in the Condensed Consolidated Statements of Changes in Equity. In April 2018, the underwriters in the offering exercised a portion of their option to purchase 1,130,000 additional common shares from ADIA. The Company did not receive any of the proceeds from the underwriters' exercise. The expenses incurred by the Company related to the option exercise have been included in other income (expense), net in the Condensed Consolidated Statements of Operations. ADIA paid the underwriting discounts and commissions and/or similar charges incurred for the sale of the common shares. Prior to the Conversion on November 26, 2018, common shares represented limited partnership interests in the Company. The holders of common shares were entitled to participate pro rata in distributions from the Company and to exercise the rights or privileges that were available to common shareholders under the Company’s limited partnership agreement. The common shareholders had limited voting rights and had 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. The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities as of December 31, 2018 and 2017 , as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, Daily Average Ownership 2018 2017 For the Year Ended December 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2018 2017 2016 Ares Management Corporation 101,594,095 46.47 % 82,280,033 38.75 % 44.19 % 38.59 % 38.04 % Ares Owners Holding L.P. 117,019,274 53.53 % 117,576,663 55.36 % 53.99 % 55.52 % 56.07 % Affiliate of Alleghany Corporation — — % 12,500,000 5.89 % 1.82 % 5.89 % 5.89 % Total 218,613,369 100.00 % 212,356,696 100.00 % 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 2014 Equity Incentive Plan; (ii) the exchange of AOG Units for shares of Class A common stock; (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 shares of Class A common stock 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.

MARKET AND OTHER RISK FACTORS

MARKET AND OTHER RISK FACTORS	12 Months Ended
	Dec. 31, 2018
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, 2018
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company operates through its three distinct operating segments. In 2018, the Company reclassified certain expenses from OMG to its operating segments. 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 $95.9 billion of AUM and 156 funds as of December 31, 2018 . The Credit Group offers a range of credit strategies across the liquid and illiquid spectrum, including syndicated loans, high yield bonds, credit opportunities, alternative 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 borrowers. 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 alternative credit strategy seeks investment opportunities that fall outside of traditional, well-defined markets such as corporate debt, real estate and private equity. Alternative credit investments include certain structural features designed to protect value and minimize loss such as asset security, seniority, covenants, and cash flow prioritization. These investments include asset-backed securities, specialty assets, real assets, and structured credit. The Company has one of the largest self-originating direct lending platforms in 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 Company provides investors access to these capabilities through several vehicles, including commingled funds, separately managed accounts and a publicly traded vehicle. The Credit Group conducts its U.S. lending activities primarily through ARCC, the largest business development company as of December 31, 2018 , by both market capitalization and total assets. In addition, the Credit Group manages a commercial finance business that provides asset-based and cash flow loans to small and middle-market companies, as well as asset-based facilities to specialty finance companies. The Credit Group’s European direct lending platform is one of the most significant participants in the European middle-market, focusing on self-originated investments in illiquid middle-market credits. Private Equity Group: The Company’s Private Equity Group has approximately $23.5 billion of AUM as of December 31, 2018 , broadly categorizing its investment strategies as corporate private equity, infrastructure and power, special opportunities and energy opportunities. As of December 31, 2018 , the group managed five corporate private equity commingled funds focused on North America and Europe and three focused on greater China, five commingled funds and six related co-investment vehicles focused on infrastructure and power, two commingled special opportunities funds and the Company's first energy opportunities fund. 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 infrastructure and power strategy targets infrastructure-related assets across the power generation, transmission, midstream sectors and renewables seeking attractive risk-adjusted equity returns with current cash flow and capital appreciation. The special opportunities strategy seeks to invest opportunistically across a broad spectrum of distressed or mispriced investments, including corporate debt, rescue capital, private asset-backed investments, post-reorganization securities and non-performing portfolios. The energy opportunities strategy targets investments in the energy industry where its flexible capital can provide attractive risk-adjusted returns while mitigating commodity risk. Real Estate Group: The Company’s Real Estate Group manages comprehensive equity and debt strategies, with approximately $11.3 billion of AUM across 43 funds as of December 31, 2018 . 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. The Company has an OMG that consists of shared resource groups to support the Company’s operating segments by providing infrastructure and administrative support in the areas of accounting/finance, operations, information technology, strategy and relationship management, 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. 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. Fee related earnings (“FRE”), a non-GAAP measure, is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes performance income, performance related compensation, investment income from the Consolidated Funds and non-consolidated funds and certain other items that the Company believes are not indicative of its core operating performance. Realized income (“RI”), a non-GAAP measure, is an operating metric used by management to evaluate performance of the business based on operating performance and the contribution of each of the business segments to that performance, while removing the fluctuations of unrealized income and expenses, which may or may not be eventually realized at the levels presented and whose realizations depend more on future outcomes than current business operations. RI differs from net income by excluding (a) income tax expense, (b) operating results of our Consolidated Funds, (c) depreciation and amortization expense, (d) the effects of changes arising from corporate actions, (e) unrealized gains and losses related to performance income and investment performance and (f) certain other items that we believe are not indicative of our operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital transactions, underwriting costs and expenses incurred in connection with corporate reorganization. Beginning in 2018, placement fees are no longer excluded from RI but are amortized to match the period over which management fees are recognized. Prior to the introduction of RI, management used distributable earnings for this evaluation. Management believes RI is a more appropriate metric to evaluate the Company's current business operations. Management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non‑consolidated funds. The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2018 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $128,805) $ 564,899 $ 198,182 $ 73,663 $ 836,744 $ — $ 836,744 Other fees 23,247 1,008 33 24,288 — 24,288 Compensation and benefits (216,843 ) (74,672 ) (38,623 ) (330,138 ) (126,117 ) (456,255 ) General, administrative and other expenses (43,934 ) (18,482 ) (11,123 ) (73,539 ) (75,926 ) (149,465 ) Fee related earnings 327,369 106,036 23,950 457,355 (202,043 ) 255,312 Performance income—realized 121,270 139,820 96,117 357,207 — 357,207 Performance related compensation—realized (75,541 ) (111,764 ) (64,292 ) (251,597 ) — (251,597 ) Realized net performance income 45,729 28,056 31,825 105,610 — 105,610 Investment income—realized 2,492 17,816 11,409 31,717 4,790 36,507 Interest and other investment income—realized 10,350 4,624 2,257 17,231 2,184 19,415 Interest expense (11,386 ) (6,000 ) (1,836 ) (19,222 ) (2,226 ) (21,448 ) Realized net investment income 1,456 16,440 11,830 29,726 4,748 34,474 Realized income $ 374,554 $ 150,532 $ 67,605 $ 592,691 $ (197,295 ) $ 395,396 Total assets $ 729,930 $ 942,928 $ 469,595 $ 2,142,453 $ 65,961 $ 2,208,414 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2017 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $105,467) $ 481,466 $ 198,498 $ 64,861 $ 744,825 $ — $ 744,825 Other fees 20,830 1,495 106 22,431 — 22,431 Compensation and benefits (193,347 ) (68,569 ) (39,586 ) (301,502 ) (112,233 ) (413,735 ) General, administrative and other expenses (33,626 ) (17,561 ) (10,519 ) (61,706 ) (74,825 ) (136,531 ) Fee related earnings 275,323 113,863 14,862 404,048 (187,058 ) 216,990 Performance income—realized 21,087 287,092 9,608 317,787 — 317,787 Performance related compensation—realized (9,218 ) (228,774 ) (4,338 ) (242,330 ) — (242,330 ) Realized net performance income 11,869 58,318 5,270 75,457 — 75,457 Investment income—realized 7,102 22,625 5,534 35,261 3,880 39,141 Interest and other investment income—realized 10,192 3,226 511 13,929 1,142 15,071 Interest expense (12,405 ) (5,218 ) (1,650 ) (19,273 ) (1,946 ) (21,219 ) Realized net investment income 4,889 20,633 4,395 29,917 3,076 32,993 Realized income $ 292,081 $ 192,814 $ 24,527 $ 509,422 $ (183,982 ) $ 325,440 Total assets $ 837,562 $ 1,255,454 $ 306,463 $ 2,399,479 $ 119,702 $ 2,519,181 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 (184,571 ) (61,276 ) (41,091 ) (286,938 ) (97,777 ) (384,715 ) General, administrative and other expenses (29,136 ) (14,679 ) (10,603 ) (54,418 ) (60,319 ) (114,737 ) Fee related earnings 240,910 73,379 16,157 330,446 (158,096 ) 172,350 Performance income—realized 51,435 230,162 11,401 292,998 — 292,998 Performance related compensation—realized (11,772 ) (184,072 ) (2,420 ) (198,264 ) — (198,264 ) Realized net performance income 39,663 46,090 8,981 94,734 — 94,734 Investment income (loss)—realized 4,928 18,773 931 24,632 (14,606 ) 10,026 Interest and other investment income—realized 22,547 16,891 1,598 41,036 163 41,199 Interest expense (8,609 ) (5,589 ) (1,056 ) (15,254 ) (2,727 ) (17,981 ) Realized net investment income (loss) 18,866 30,075 1,473 50,414 (17,170 ) 33,244 Realized income $ 299,439 $ 149,544 $ 26,611 $ 475,594 $ (175,266 ) $ 300,328 Total assets $ 650,435 $ 1,218,412 $ 232,862 $ 2,101,709 $ 74,383 $ 2,176,092 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: For the Year Ended December 31, 2018 2017 2016 Segment Revenues Management fees (includes ARCC Part I Fees of $128,805, $105,467 and $121,181 for the years ended December 31, 2018, 2017 and 2016, respectively) $ 836,744 $ 744,825 $ 659,451 Other fees 24,288 22,431 12,351 Performance income—realized 357,207 317,787 292,998 Total segment revenues $ 1,218,239 $ 1,085,043 $ 964,800 Segment Expenses Compensation and benefits $ 330,138 $ 301,502 $ 286,938 General, administrative and other expenses 73,539 61,706 54,418 Performance related compensation—realized 251,597 242,330 198,264 Total segment expenses $ 655,274 $ 605,538 $ 539,620 Segment Realized Net Investment Income Investment income—realized $ 31,717 $ 35,261 $ 24,632 Interest and other investment income—realized 17,231 13,929 41,036 Interest expense (19,222 ) (19,273 ) (15,254 ) Total segment realized net investment income $ 29,726 $ 29,917 $ 50,414 The following table reconciles the Company's consolidated revenues to segment revenue: For the Year Ended December 31, 2018 2017 2016 Total consolidated revenue $ 958,461 $ 1,479,943 $ 1,254,373 Performance income—unrealized 247,212 (325,915 ) (228,472 ) Management fees of Consolidated Funds eliminated in consolidation 34,242 22,406 17,383 Carried interest allocation of Consolidated Funds eliminated in consolidation — 1,017 (2,926 ) Incentive fees of Consolidated Funds eliminated in consolidation 4,000 4,075 4,065 Principal investment income of Consolidated Funds eliminated in consolidation 2,502 24,587 (4,760 ) Administrative fees(1) (27,380 ) (34,049 ) (26,934 ) Performance income reclass(2) 205 1,936 2,479 Principal investment income (1,047 ) (89,031 ) (50,408 ) Revenue of non-controlling interests in consolidated 44 74 — Total consolidation adjustments and reconciling items 259,778 (394,900 ) (289,573 ) Total segment revenue $ 1,218,239 $ 1,085,043 $ 964,800 (1) Represents administrative fees that are presented in administrative, transaction 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 income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gain (loss) on investments in the Company’s Consolidated Statements of Operations. (3) Adjustments for administrative fees reimbursed attributable to certain of our joint venture partners. The following table reconciles the Company's consolidated expenses to segment expenses: For the Year Ended December 31, 2018 2017 2016 Total consolidated expenses $ 870,362 $ 1,504,758 $ 1,016,420 Performance related compensation—unrealized 221,343 (237,392 ) (189,582 ) Expenses of Consolidated Funds added in consolidation (92,006 ) (65,501 ) (42,520 ) Expenses of Consolidated Funds eliminated in consolidation 38,242 26,481 21,447 Administrative fees(1) (27,380 ) (34,049 ) (26,934 ) OMG expenses (202,043 ) (187,058 ) (158,096 ) Acquisition and merger-related expenses (2,936 ) (280,055 ) (773 ) Equity compensation expense (89,724 ) (69,711 ) (39,065 ) Placement fees and underwriting costs (20,343 ) (19,765 ) (6,424 ) Amortization of intangibles (9,032 ) (17,850 ) (26,638 ) Depreciation expense (16,055 ) (12,631 ) (8,215 ) Other expenses(2) (11,836 ) — — Expenses of non-controlling interests in consolidated subsidiaries(3) (3,318 ) (1,689 ) — Total consolidation adjustments and reconciling items (215,088 ) (899,220 ) (476,800 ) Total segment expenses $ 655,274 $ 605,538 $ 539,620 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Year ended December 31, 2018 includes an $11.8 million payment made to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018. (3) Costs being borne by certain of our joint venture partners. The following table reconciles the Company's consolidated other income to segment realized net investment income: For the Year Ended December 31, 2018 2017 2016 Total consolidated other income $ 96,242 $ 174,674 $ 59,967 Investment (income) loss—unrealized 49,241 (46,860 ) (16,653 ) Interest and other investment (income) loss—unrealized 233 1,868 (3,323 ) Other income from Consolidated Funds added in consolidation, net (114,286 ) (154,869 ) (37,388 ) Other (income) expense from Consolidated Funds eliminated in consolidation, net (865 ) 1,059 (96 ) OMG other expense (3,315 ) (11,828 ) 19,381 Performance income reclass(1) (205 ) (1,936 ) (2,479 ) Principal investment income 1,047 89,031 50,408 Change in value of contingent consideration — (20,156 ) (17,675 ) Other (income) expense 1,653 (1,042 ) (1,728 ) Other income of non-controlling interests in consolidated subsidiaries(2) (19 ) (24 ) — Total consolidation adjustments and reconciling items (66,516 ) (144,757 ) (9,553 ) Total segment realized net investment income $ 29,726 $ 29,917 $ 50,414 (1) Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gain (loss) on investments in the Company’s Consolidated Statements of Operations. (2) Costs being borne by certain of our joint venture partners. The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE: For the Year Ended December 31, 2018 2017 2016 Income before taxes $ 184,341 $ 149,859 $ 297,920 Adjustments: Amortization of intangibles 9,032 17,850 26,638 Depreciation expense 16,055 12,631 8,215 Equity compensation expenses 89,724 69,711 39,065 Acquisition and merger-related expenses 2,936 259,899 (16,902 ) Placement fees and underwriting costs 20,343 19,765 6,424 OMG expenses, net 198,728 175,230 177,477 Other (income) expense(1) 13,489 (1,042 ) (1,728 ) Expense of non-controlling interests in consolidated subsidiaries(2) 3,343 1,739 — Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (20,643 ) (62,705 ) (2,649 ) Total performance (income) loss - unrealized 247,212 (325,915 ) (228,472 ) Total performance related compensation - unrealized (221,343 ) 237,392 189,582 Total net investment (income) loss - unrealized 49,474 (44,992 ) (19,976 ) Realized income 592,691 509,422 475,594 Total performance income - realized (357,207 ) (317,787 ) (292,998 ) Total performance related compensation - realized 251,597 242,330 198,264 Total net investment income - realized (29,726 ) (29,917 ) (50,414 ) Fee related earnings $ 457,355 $ 404,048 $ 330,446 (1) Year ended December 31, 2018 expenses include an $11.8 million payment made to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018. (2) Adjustments for administrative fees reimbursed and other revenue items attributable to certain of our joint venture partners. The reconciliation of total assets reported in the Consolidated Statements of Financial Condition to total segment assets consists of the following: For the Year Ended December 31, 2018 2017 2016 Total consolidated assets $ 10,154,692 $ 8,563,522 $ 5,829,712 Total assets from Consolidated Funds added in consolidation (8,141,280 ) (6,231,245 ) (3,822,010 ) Total assets from the Company eliminated in consolidation 195,002 186,904 168,390 OMG assets (65,961 ) (119,702 ) (74,383 ) Total consolidation adjustments and reconciling items (8,012,239 ) (6,164,043 ) (3,728,003 ) Total segment assets $ 2,142,453 $ 2,399,479 $ 2,101,709

CONSOLIDATION

CONSOLIDATION	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	CONSOLIDATION Deconsolidated Funds Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) the Company deconsolidated such funds as a result of being liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the years ended December 31, 2018 and 2017 , one fund was liquidated or dissolved in each year. There were no 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 in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and 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 carried at fair value. The Company's interests in consolidated and non-consolidated VIEs, as presented in the Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of December 31, 2018 2017 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs $ 222,477 $ 251,376 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs $ 186,455 $ 175,620 Assets of consolidated VIEs $ 8,141,280 $ 6,231,245 Liabilities of consolidated VIEs $ 7,479,383 $ 5,538,054 For the Years Ended December 31, 2018 2017 2016 Net income attributable to non-controlling interests related to consolidated VIEs $ 20,512 $ 60,818 $ 3,386 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, 2018 and 2017 and results from operations for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 110,247 $ — $ — $ 110,247 Investments ($841,079 of accrued carried interest) 1,512,592 — (186,455 ) 1,326,137 Due from affiliates 207,924 — (8,547 ) 199,377 Intangible assets, net 31,578 — — 31,578 Goodwill 143,786 — — 143,786 Deferred tax asset, net 42,137 — — 42,137 Other assets 160,150 — — 160,150 Assets of Consolidated Funds Cash and cash equivalents — 384,644 — 384,644 Investments, at fair value — 7,673,165 — 7,673,165 Due from affiliates — 17,609 — 17,609 Dividends and interest receivable — 19,330 — 19,330 Receivable for securities sold — 42,076 — 42,076 Other assets — 4,456 — 4,456 Total assets $ 2,208,414 $ 8,141,280 $ (195,002 ) $ 10,154,692 Liabilities Accounts payable, accrued expenses and other liabilities $ 83,221 $ — $ — $ 83,221 Accrued compensation 29,389 — — 29,389 Due to affiliates 82,411 — — 82,411 Performance related compensation payable 641,737 — — 641,737 Debt obligations 480,952 — — 480,952 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 83,876 — 83,876 Due to affiliates — 8,547 (8,547 ) — Payable for securities purchased — 471,390 — 471,390 CLO loan obligations — 6,706,286 (28,195 ) 6,678,091 Fund borrowings — 209,284 — 209,284 Total liabilities 1,317,710 7,479,383 (36,742 ) 8,760,351 Commitments and contingencies Non-controlling interest in Consolidated Funds — 661,897 (158,260 ) 503,637 Non-controlling interest in Ares Operating Group entities 302,780 — — 302,780 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 units issued and outstanding at December 31, 2018) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (101,594,095 shares issued and outstanding at December 31, 2018) 1,016 — — 1,016 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding at December 31, 2018) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (1 shares issued and outstanding at December 31, 2018) — — — — Additional paid-in-capital 326,007 — — 326,007 Retained earnings (29,336 ) (29,336 ) Accumulated other comprehensive loss, net of taxes (8,524 ) — — (8,524 ) Total stockholders' equity 587,924 — — 587,924 Total equity 890,704 661,897 (158,260 ) 1,394,341 Total liabilities, non-controlling interests and equity $ 2,208,414 $ 8,141,280 $ (195,002 ) $ 10,154,692 As of December 31, 2017 As adjusted Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 118,929 $ — $ — $ 118,929 Investments ($1,077,236 of accrued carried interest) 1,900,191 — (175,620 ) 1,724,571 Due from affiliates 171,701 — (5,951 ) 165,750 Intangible assets, net 40,465 — — 40,465 Goodwill 143,895 — — 143,895 Deferred tax asset, net 8,326 — — 8,326 Other assets 135,674 — (5,333 ) 130,341 Assets of Consolidated Funds Cash and cash equivalents — 556,500 — 556,500 Investments, at fair value — 5,582,842 — 5,582,842 Due from affiliates — 15,884 — 15,884 Dividends and interest receivable — 12,568 — 12,568 Receivable for securities sold — 61,462 — 61,462 Other assets — 1,989 — 1,989 Total assets $ 2,519,181 $ 6,231,245 $ (186,904 ) $ 8,563,522 Liabilities Accounts payable and accrued expenses $ 81,955 $ — $ — $ 81,955 Accrued compensation 27,978 — — 27,978 Due to affiliates 39,184 — — 39,184 Performance related compensation payable 822,084 — — 822,084 Debt obligations 616,176 — — 616,176 Deferred tax liability, net — — — — Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 64,316 — 64,316 Due to affiliates — 11,285 (11,285 ) — Payable for securities purchased — 350,145 — 350,145 CLO loan obligations — 4,974,110 (10,916 ) 4,963,194 Fund borrowings — 138,198 — 138,198 Total liabilities 1,587,377 5,538,054 (22,201 ) 7,103,230 Commitments and contingencies Preferred equity (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Non-controlling interest in Consolidated Funds — 693,191 (164,703 ) 528,488 Non-controlling interest in Ares Operating Group entities 358,186 — — 358,186 Controlling interest in Ares Management, L.P.: Partners' Capital (82,280,033 shares issued and outstanding) 279,065 — — 279,065 Accumulated other comprehensive loss, net of tax benefit (4,208 ) — — (4,208 ) Total controlling interest in Ares Management, L.P. 274,857 — — 274,857 Total equity 931,804 693,191 (164,703 ) 1,460,292 Total liabilities, non-controlling interests and equity $ 2,519,181 $ 6,231,245 $ (186,904 ) $ 8,563,522 For the Year Ended December 31, 2018 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $128,805) $ 836,744 $ — $ (34,242 ) $ 802,502 Carried interest allocation 42,410 — — 42,410 Incentive fees 67,380 — (4,000 ) 63,380 Principal investment income 1,047 — (2,502 ) (1,455 ) Administrative, transaction and other fees 51,624 — — 51,624 Total revenues 999,205 — (40,744 ) 958,461 Expenses Compensation and benefits 570,380 — — 570,380 Performance related compensation 30,254 — — 30,254 General, administrative and other expense 215,964 — — 215,964 Expenses of Consolidated Funds — 92,006 (38,242 ) 53,764 Total expenses 816,598 92,006 (38,242 ) 870,362 Other income (expense) Net realized and unrealized loss on investments (2,867 ) — 983 (1,884 ) Interest and dividend income 7,121 — (93 ) 7,028 Interest expense (21,448 ) — — (21,448 ) Other income (expense), net (1,715 ) — 864 (851 ) Net realized and unrealized gain (loss) on investments of Consolidated Funds — 664 (2,247 ) (1,583 ) Interest and other income of Consolidated Funds — 337,875 — 337,875 Interest expense of Consolidated Funds — (224,253 ) 1,358 (222,895 ) Total other income (loss) (18,909 ) 114,286 865 96,242 Income before taxes 163,698 22,280 (1,637 ) 184,341 Income tax expense 32,071 131 — 32,202 Net income 131,627 22,149 (1,637 ) 152,139 Less: Net income attributable to non-controlling interests in Consolidated Funds — 22,149 (1,637 ) 20,512 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 74,607 — — 74,607 Net income attributable to Ares Management Corporation 57,020 — — 57,020 Less: Series A Preferred Stock dividends paid 21,700 — — 21,700 Net income attributable to Ares Management Corporation Class A common stock $ 35,320 $ — $ — $ 35,320 For the Year Ended December 31, 2017 As adjusted Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $105,467) $ 744,825 $ — $ (22,406 ) $ 722,419 Carried interest allocation 621,471 — (1,017 ) 620,454 Incentive fees 20,295 — (4,075 ) 16,220 Principal investment income 89,031 — (24,587 ) 64,444 Administrative, transaction and other fees 56,406 — — 56,406 Total revenues 1,532,028 — (52,085 ) 1,479,943 Expenses Compensation and benefits 514,109 — — 514,109 Performance related compensation 479,722 — — 479,722 General, administrative and other expense 196,730 — — 196,730 Transaction support expense 275,177 — — 275,177 Expenses of Consolidated Funds — 65,501 (26,481 ) 39,020 Total expenses 1,465,738 65,501 (26,481 ) 1,504,758 Other income (expense) Net realized and unrealized gain on investments 13,565 — (5,303 ) 8,262 Interest and dividend income 9,048 — (2,005 ) 7,043 Interest expense (21,219 ) — — (21,219 ) Other income, net 19,470 — — 19,470 Net realized and unrealized gain on investments of Consolidated Funds — 126,836 (26,712 ) 100,124 Interest and other income of Consolidated Funds — 187,721 — 187,721 Interest expense of Consolidated Funds — (159,688 ) 32,961 (126,727 ) Total other income 20,864 154,869 (1,059 ) 174,674 Income before taxes 87,154 89,368 (26,663 ) 149,859 Income tax expense (benefit) (24,939 ) 1,887 — (23,052 ) Net income 112,093 87,481 (26,663 ) 172,911 Less: Net income attributable to non-controlling interests in Consolidated Funds — 87,481 (26,663 ) 60,818 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 35,915 — — 35,915 Net income attributable to Ares Management, L.P. 76,178 — — 76,178 Less: Preferred equity dividends paid 21,700 — — — — 21,700 Net income attributable to Ares Management, L.P. common shareholders $ 54,478 $ — $ — $ 54,478 For the Year Ended December 31, 2016 As adjusted Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $121,181) $ 659,451 $ — $ (17,383 ) $ 642,068 Carried interest allocation 491,654 — 2,926 494,580 Incentive fees 27,337 — (4,065 ) 23,272 Principal investment income 50,408 — 4,760 55,168 Administrative, transaction and other fees 39,285 — — 39,285 Total revenues 1,268,135 — (13,762 ) 1,254,373 Expenses Compensation and benefits 447,725 — — 447,725 Performance related compensation 387,846 — — 387,846 General, administrative and other expense 159,776 — — 159,776 Expenses of Consolidated Funds — 42,520 (21,447 ) 21,073 Total expenses 995,347 42,520 (21,447 ) 1,016,420 Other income (expense) Net realized and unrealized loss on investments (3,220 ) — (4,409 ) (7,629 ) Interest and dividend income 8,034 — (3,541 ) 4,493 Interest expense (17,981 ) — — (17,981 ) Other income, net 35,650 — — 35,650 Net realized and unrealized loss on investments of Consolidated Funds — (2,999 ) 942 (2,057 ) Interest and other income of Consolidated Funds — 138,943 — 138,943 Interest expense of Consolidated Funds — (98,556 ) 7,104 (91,452 ) Total other income 22,483 37,388 96 59,967 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 dividends paid 12,176 — — 12,176 Net income attributable to Ares Management, L.P. common shareholders $ 99,632 $ — $ — $ 99,632

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2018 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 2019 , the Company's board of directors declared a quarterly dividend of $0.32 per share of Class A common stock to common stockholders of record at the close of business on March 15, 2019 , with a payment date of March 29, 2019 . In February 2019 , the Company's board of directors declared a quarterly dividend of $0.4375 per share of Series A Preferred Stock to preferred stockholders of record at the close of business on March 15, 2019 , with a payment date of March 31, 2019. In February 2019, the Company's board of directors authorized the repurchase of up to $150 million of shares of Class A common stock. Under this stock repurchase program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. The program is scheduled to expire in February 2020. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. There is no assurance that any shares will be repurchased under the program.

QUARTERLY FINANCIAL DATA (UNAUD

QUARTERLY FINANCIAL DATA (UNAUDITED)	12 Months Ended
	Dec. 31, 2018
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, 2018 and 2017 are presented below. For the Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 266,089 $ 204,163 $ 240,777 $ 247,432 Expenses 206,283 221,017 227,188 215,874 Other income 2,240 67,926 38,754 (12,678 ) Income before provision for income taxes 62,046 51,072 52,343 18,880 Net income 74,421 14,169 47,212 16,337 Net income (loss) attributable to Ares Management Corporation(1) 40,948 (11,775 ) 15,910 11,937 Series A Preferred Stock dividends paid 5,425 5,425 5,425 5,425 Net income (loss) attributable to Ares Management Corporation Class A common stockholders(1) 35,523 (17,200 ) 10,485 6,512 Net income (loss) attributable to Ares Management Corporation per share of Class A common stock(1): Basic $ 0.39 $ (0.20 ) $ 0.09 $ 0.05 Diluted $ 0.28 $ (0.20 ) $ 0.09 $ 0.05 Dividends declared per share of Class A common stock(1) $ 0.24 $ 0.28 $ 0.28 $ 0.28 For the Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 As adjusted Revenues $ 244,244 $ 572,197 $ 288,402 $ 375,100 Expenses 491,467 448,197 254,127 310,967 Other income (loss) 56,635 (8,920 ) 54,149 72,810 Income (loss) before provision for income taxes (190,588 ) 115,080 88,424 136,943 Net income (loss) (156,324 ) 113,827 83,872 131,536 Net income (loss) attributable to Ares Management, L.P. (41,134 ) 49,878 27,838 39,596 Preferred equity dividends paid 5,425 5,425 5,425 5,425 Net income (loss) attributable to Ares Management, L.P. common shareholders (46,559 ) 44,453 22,413 34,171 Net income (loss) attributable to Ares Management L.P. per common share: Basic $ (0.58 ) $ 0.54 $ 0.26 $ 0.40 Diluted $ (0.58 ) $ 0.53 $ 0.26 $ 0.39 Dividends declared per common share(2) $ 0.13 $ 0.31 $ 0.41 $ 0.25 (1) Periods prior to the Conversion on November 26, 2018 were attributable to Ares Management L.P. common shareholders (2) Dividends declared are reflected to match the period the income is earned.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
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 holders of subordinated notes of the CLOs is included in net income (loss) attributable to non-controlling interests in Consolidated Funds in the Consolidated Statements of Operations.
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 other income (expense) 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 net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements.
Principles of Consolidation	Principles of Consolidation 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 income, 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	Consolidated CLOs As of December 31, 2018 and 2017 , the Company consolidated thirteen and ten CLOs, respectively. 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 collateralized by diversified 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 incentive fee income. In cases where the Company earns fees from a CLO that it consolidates, 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.
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. (See Note 5 for further detail).
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 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 cash and cash equivalents for the Company and escrow liability is reported within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. At December 31, 2018 and 2017 , 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 realized and unrealized gain (loss) 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 in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments in the Consolidated Statements of Financial Condition. As the underlying investments of the Company's equity method investments are reported at fair value, the carrying value of the equity method investments approximates fair value. 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. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is included within principal investment income (loss) and net realized and unrealized gain (loss) on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued but unpaid carried interest as of the reporting date is reported in within investments in the Consolidated Statements of Financial Condition.
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. Asset Swap: The Consolidated Funds enter into asset swap contracts to hedge against foreign currency exchange rate risk on certain non-Euro denominated loans. Assets swap contracts provide the Consolidated Funds with the opportunity to purchase or sell an underlying asset that are not denominated in Euros and a pre-agreed exchange rate and receive Euro interest payments from the swap counter party in exchange for non-Euro interest payments pegged to the currency of the underlying loan and applicable interest rates. The swap contracts can be optionally cancelled at any time, normally due the disposal or redemption of the underlying asset, however in the absence of sale or redemption the swap contracts maturity matches that of the underlying asset. By entering into asset swap contracts to exchange interest payments and principal on equally valued loans denominated in a different currency than that of the underlying assets the Consolidated Funds can mitigate the risk of exposure to foreign currency fluctuations. Generally, the fair value of asset swap contracts are calculated using a model that utilizes the spread between the fair value of the underlying asset and the exercise value of the contract, as well as any other relevant inputs. Broker quotes may also be used to calculate the fair value of asset swaps, if available.
Goodwill and Intangible Assets	Goodwill and Intangible Assets The Company's finite-lived intangible assets consist of contractual rights to earn future management 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 3.5 to 13.5 years. The purchase price of the acquired management contract 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 evaluates impairment by comparing the estimated fair value attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using undiscounted future cash flow. 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 amount, the Company will evaluate impairment quantitatively to determine and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value. 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 amount. 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, 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 basis 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 term or the life of the asset while other fixed assets and internal-use software are generally depreciated 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.
Revenue Recognition	Revenue Recognition Revenues primarily consist of management fees, carried interest allocation, incentive fees, principal investment income and administrative, transaction 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 incentive fee based 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 Income Performance income revenues consist of carried interest allocation and incentive fees. Performance income is based on certain specific hurdle rates as defined in the applicable investment management agreements or governing documents. Substantially all performance income is earned from affiliated funds of the Company. Carried Interest Allocation 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 reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within investments 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, 2018 , if the funds were liquidated at their fair values, there would be a $0.4 million repayment obligation, and accordingly, the Company recorded a contingent repayment liability as of December 31, 2018 . As of December 31, 2017 , 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 December 31, 2017 . Prior to January 1, 2018, the Company accounted for carried interest under Method 2 described in ASC 605-20-S99-1, which provided guidance on accounting for incentive-based performance income, including carried interest. The Company has reassessed its accounting policy for carried interest, and has determined that carried interest is addressed within scope of ASC 323, Investments-Equity Method and Joint Ventures, and out of scope under the scoping provision of ASC 606. Therefore, following the application of ASC 323, the Company accounted for carried interest, which represents a performance-based capital allocation from an investment fund to the Company, as earnings from financial assets within the scope of ASC 323. Accordingly, the Company recognizes carried interest allocation as a separate revenue line item in the Consolidated Statements of Operations with uncollected carried interest as of the reporting date reported within investments in the Consolidated Statements of Financial Condition. The Company has applied the change in accounting principle on a full retrospective basis, and prior periods presented herein have been recast to conform with the current period's presentation. The change in accounting principle did not change the timing or the amount of carried interest recognized. Instead, the change in accounting principle resulted in reclassification from performance income to carried interest allocation, and therefore did not have any impact on net income. See the tables below for the impact of the change in accounting principle of carried interest . 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 in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal. Prior to January 1, 2018, the Company accounted for incentive fees under Method 2 as described above. However, the accounting for incentive fees is separate and distinct from the accounting for carried interest because the incentive fees are contractual fee arrangements and do not represent allocations of returns from partners' capital accounts. The Company now accounts for incentive fees in accordance with ASC 606. Accordingly, the Company recognizes incentive fee revenue only when the amount is realized and no longer subject to reversal. Therefore, the Company no longer recognizes unrealized incentive fees in revenues in the consolidated financial statements. The adoption of ASC 606 results in the delayed recognition of unrealized incentive fees in the consolidated financial statements until they become realized at the end of the measurement period, which is typically annually. The Company adopted ASC 606 for incentive fees using the modified retrospective approach with an effective date of January 1, 2018. The cumulative effect of the adoption resulted in the reversal of $22.6 million of unrealized incentive fees and is presented as a reduction to the opening balances of components of equity as of January 1, 2018. Principal Investment Income Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages. Administrative, Transaction 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.
Adoption of ASC 606 and 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. 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 has completed its compilation of all leases and right–of–use terms, and has preliminary concluded that the impact of the adoption of ASU 2016-02 is expected to be a recognition of right-of-use assets and lease liabilities of approximately between $135.0 million and $150.0 million on its Consolidated Statements of Financial Condition. The adoption is not expected to have a material impact on its Consolidated Statements of Operations or on other consolidated financial statements. The Company used the practical expedients provided in the guidance for its adoption of ASU 2016-02. The Company plans on using its Credit Facility rate as its incremental borrowing rate based on information available at the time of implementation of ASU 2016-02 as the Company leases do not provide an implicit rate. 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 is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In February 2018, the FASB issued ASU 2018-02, Income Statement-Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from Public Law No. 115-97 (the “Tax Cuts and Jobs Act”). Consequently, the amendments eliminate the stranded tax effects resulting from the Tax Cuts and Jobs Act and will improve the usefulness of information reported to financial statement users. However, because the amendments only relate to the reclassification of the income tax effects of the Tax Cuts and Jobs Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations is not affected. This ASU also requires certain disclosures about stranded tax effects. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period, (1) for public business entities for reporting periods for which financial statements have not yet been issued and (2) for all other entities for reporting periods for which financial statements have not yet been made available for issuance. The guidance should be applied either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recognized. The Company adopted ASU 2018-02 in the three months ended March 31, 2018. As a result of the adoption of ASU 2018-02, $1.2 million of stranded tax effects resulting from the Tax Cuts and Jobs Act were reclassified from accumulated other comprehensive income to shareholders' equity during the three months ended March 31, 2018. In August 2018, the FASB issued ASU 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force). ASU 2018-15, amends ASC 350-40 to address a customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This ASU aligns the accounting for costs incurred to implement a cloud computing arrangement that is a service arrangement with the guidance on capitalizing costs associated with developing or obtaining internal-use software. Specifically, ASU 2018-15 amends ASC 350 to include in its scope implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. In addition, this ASU states that a cloud computing arrangement that is a service contract does not give rise to a recognizable intangible asset because it is an executory service contract. Consequently, any costs incurred to implement a cloud computing arrangement that is a service contract would not be capitalized as an intangible asset since they do not form part of an intangible asset but instead would be characterized in the financial statements in the same manner as other service costs and assets related to service contracts such as prepaid expense. That is, these costs would be capitalized as part of the service contract and the related amortization would be consistent with the ongoing periodic costs of the underlying cloud computing arrangement. ASU 2018-15 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods, with early adoption permitted. The guidance may be applied either prospectively or retrospectively. The Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. ASU 2018-17, amends ASC 810 to address whether indirect interests held through related parties in common control arrangements should be considered on a proportional basis for determining whether fees paid to decision makers and service providers are variable interests. This is consistent with how indirect interests held through related parties under common control are considered for determining whether a reporting entity must consolidate a VIE. For example, if a decision maker or service provider owns a 20 percent interest in a related party and that related party owns a 40 percent interest in the legal entity being evaluated, the decision maker’s or service provider’s indirect interest in the VIE held through the related party under common control should be considered the equivalent of an eight percent direct interest for determining whether its fees are variable interests. ASU 2018-17 is effective for public entities for annual reporting periods beginning after December 15, 2019 and interim periods within those reporting periods, with early adoption permitted. The guidance should be applied retrospectively. The adoption of this guidance is not expected to have a material impact on the Company's consolidated financial statements. Adoption of ASC 606 Effective January 1, 2018, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 606 (“ASC 606”), Revenue from Contracts with Customers . The Company adopted ASC 606 to all applicable contracts under the modified retrospective approach using the practical expedient provided for within paragraph 606-10-65-1(f)(3); therefore, the presentation of prior year periods has not been adjusted. The Company recognized the cumulative effect of initially adopting ASC 606 as an adjustment to the opening balance of components of equity as of January 1, 2018. Pursuant to ASC 606, the Company recognizes 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 Company expects to be entitled in exchange for those goods or services. Under this standard, revenue is based on a contract with a determinable transaction price and distinct performance obligations with probable collectability. Revenues cannot be recognized until the performance obligation(s) are satisfied and control is transferred to the customer. The Company's adoption of ASC 606 impacted the timing and recognition of incentive fees in the Company’s consolidated statements of operations. The adoption of ASC 606 did not have an impact on the Company’s management fees, administrative fees, transaction fees or other fees. The details of the significant changes and quantitative impact of the adoption of ASC 606 are further discussed below.
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 Class A common stock or (c) liabilities that are based on the fair value of the Company’s equity instruments. Equity-based compensation expense represents expenses associated with restricted units, options and phantom shares granted under the Second Amended and Restated Ares Management Corporation 2014 Equity Incentive Plan (“the 2014 Equity Incentive Plan”). 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 additional paid-in-capital. Grant date fair value of the restricted units was determined to be the most recent closing price of shares of the Company's Class A common stock. 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 shares will be settled in cash and therefore represent a liability that is required to be remeasured at each reporting period. Fair value of phantom shares was determined to be the most recent closing price each reporting period. The Company recognizes 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. 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 additional paid-in-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 Related Compensation The Company has agreed to pay a portion of the performance income 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 income 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 income allocation as set forth in the applicable governing documents of the fund or award documentation. Performance related compensation is recognized in the same period that the related performance income is recognized. Performance related compensation can be reversed during periods when there is a reversal of performance income that was previously recognized. Performance related compensation payable represents the amounts payable to professionals who are entitled to a proportionate share of performance income in one or more funds. The liability is calculated based upon the changes to realized and unrealized performance income but not payable until the performance income itself is realized.
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 from 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. Also, 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.
Interest and Dividend Income	Interest and Dividend Income Interest, dividends and other investment income are included in interest and dividend income. 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 .
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 other income (expense) in the Consolidated Statements of Operations. For the years ended December 31, 2018 and 2017 , the Company recognized $0.1 million and $1.7 million , respectively, in transaction losses related to foreign currencies revaluation. For the year ended December 31, 2016, the Company recognized $16.2 million in transaction gain 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 The Company elected to be taxed as a corporation effective March 1, 2018 (the “Tax Election”). Prior to the Tax Election, the Company's share of carried interest and investment income generally were not subject to U.S. corporate income taxes. Upon the effectiveness of the Tax Election, all earnings allocated to the Company is subject to U.S. corporate income taxes. Prior to March 1, 2018, a significant portion of Company's share of carried interest and investment income flowed through to investors without being subject to entity level income taxes. Consequently, we did not reflect a provision for income taxes on such income except those for foreign, state, and local income taxes at the entity level. Beginning March 1, 2018, the Company's share of unrealized gains and income items became subject to U.S. corporate tax. A provision for corporate level income taxes imposed on these previously unrealized gains and income items as well as taxes imposed on certain subsidiaries’ earnings is included in the consolidated tax provision. Also included in the consolidated tax provision are entity level income taxes incurred by certain affiliated funds and co‑investment entities that are consolidated in these financial statements. The portion of consolidated earnings not allocated to the Company continues to flow through to owners of the Ares Operating Group entities without being taxed at the corporate level. 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. Both accrued interest and penalties, where appropriate, related to UTBs are shown 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 legislation is passed or 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.
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. CLOs and CLO loan obligations: The fair value of CLOs held by the Company are estimated based on various third-party pricing services or broker quotes and are classified as Level III. The Company measures its CLO loan obligations of the Consolidated Funds by first determining whether the fair values of the financial assets or financial liabilities of its consolidated CLOs are more observable. The Company has 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 and derivative instruments: The fair value of corporate debt, bonds, bank loans 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 as 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 utilizes a pricing model, such securities will generally 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 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. As of December 31, 2018 and 2017 , NAV per share represents the fair value of the investments for the Company and discounted cash flow analysis is used to determine the fair value for an investment held by the Consolidated Funds. 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.
Earnings Per Share	Earnings Per Share Basic earnings per share of Class A common stock is computed by dividing income available to Class A common stockholders by the weighted-average number shares of Class A common stock outstanding during the period. Income available to Class A common stockholders represents net income attributable to Ares Management Corporation after giving effect to the Series A Preferred stock dividends paid. Diluted earnings per share of Class A common stock is computed by dividing income available to Class A common stockholders by the weighted-average number of shares of Class A common stock outstanding during the period, increased to include the number of additional shares of Class A common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding options to acquire shares of Class A common stock, unvested restricted units and AOG Units exchangeable for shares of Class A common stock. The effect of potentially dilutive securities is reflected in diluted earnings per share of Class A common stock 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 dividend or dividend equivalents (whether paid or unpaid) are participating securities and are considered in the computation of earnings per share of Class A common stock pursuant to the two-class method. Unvested restricted units that pay dividend equivalents are deemed participating securities and are included in basic and diluted earnings per share of Class A common stock 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 stockholders' equity that, under GAAP, are excluded from net income (loss). The Company's other comprehensive income (loss) includes foreign currency translation adjustments.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of Adoption of ASU 2016-09	The following tables present the adjustments made in connection with the Company's change in accounting principle related to carried interest under ASC 323, Investments-Equity Method and Joint Ventures on the financial statement line items for the periods presented in the consolidated financial statements: Consolidated Statement of Financial Condition As of December 31, 2017 As Previously Reported Adjustments As Adjusted (audited) Assets Investments ($1,077,236 of accrued carried interest) $ 647,335 $ 1,077,236 $ 1,724,571 Performance income receivable 1,099,847 (1,099,847 ) — Other assets 107,730 22,611 (1) 130,341 (1) Unrealized incentive fees receivable balance as of December 31, 2017 that was reversed in connection with the adoption of ASC 606. Consolidated Statement of Operations For the Year Ended December 31, 2017 As Previously Reported Adjustments As Adjusted Revenues Performance income $ 636,674 $ (636,674 ) $ — Carried interest allocation — 620,454 620,454 Incentive fees — 16,220 16,220 Principal investment income — 64,444 64,444 Total revenues 1,415,499 64,444 1,479,943 Other income (expense) Net realized and unrealized gain on investments 67,034 (58,772 ) 8,262 Interest and dividend income 12,715 (5,672 ) 7,043 Consolidated Statement of Operations For the Year Ended December 31, 2016 As Previously Reported Adjustments As Adjusted Revenues Performance income $ 517,852 $ (517,852 ) $ — Carried interest allocation — 494,580 494,580 Incentive fees — 23,272 23,272 Principal investment income — 55,168 55,168 Total revenues 1,199,205 55,168 1,254,373 Other income (expense) Net realized and unrealized gain on investments 28,251 (35,880 ) (7,629 ) Interest and dividend income 23,781 (19,288 ) 4,493 The Company's change in accounting policy related to carried interest did not impact the Consolidated Statements of Comprehensive Income, Consolidated Statements of Changes in Equity or Consolidated Statements of Cash Flows for the years ended December 31, 2017 and 2016. The following tables present the impact of incentive fees on the condensed consolidated financial statements upon the adoption of ASC 606 effective January 1, 2018: Consolidated Statement of Financial Condition As of January 1, 2018 As adjusted December 31, 2017 Adjustments As Adjusted for ASC 606 adoption Investments $ 1,724,571 $ — $ 1,724,571 Other assets 130,341 (22,611 ) (1) 107,730 Total assets 8,563,522 (22,611 ) 8,540,911 Total liabilities 7,103,230 — 7,103,230 Cumulative effect adjustment to equity(2) — (22,611 ) (22,611 ) Total equity 1,460,292 (22,611 ) 1,437,681 Total liabilities, non-controlling interests and equity 8,563,522 (22,611 ) 8,540,911 (1) Unrealized incentive fees receivable balance as of December 31, 2017. (2) See detail below. Consolidated Statement of Changes in Equity Preferred Equity Shareholders' Capital Accumulated Other Comprehensive Loss Non-controlling interest in Ares Operating Group Entities Non-Controlling Interest in Consolidated Funds Total Equity Balance at December 31, 2017 $ 298,761 $ 279,065 $ (4,208 ) $ 358,186 $ 528,488 $ 1,460,292 Cumulative effect of the adoption of ASC 606 — (10,827 ) — (17,117 ) 5,333 (22,611 ) As adjusted balance at January 1, 2018 $ 298,761 $ 268,238 $ (4,208 ) $ 341,069 $ 533,821 $ 1,437,681 In accordance with the ASC 606 disclosure requirements, the following tables present the adjustments made by the Company to remove the effects of adopting ASC 606 on the consolidated financial statements as of and for the year ended December 31, 2018 : Consolidated Statement of Financial Condition As of December 31, 2018 As Reported Adjustments Balances without adoption of ASC 606 Assets Cash and cash equivalents $ 110,247 $ — $ 110,247 Investments ($841,079 of accrued carried interest) 1,326,137 — 1,326,137 Due from affiliates 199,377 199,377 Deferred tax asset, net 42,137 (2,474 ) 39,663 Other assets 160,150 42,848 202,998 Total assets 10,154,692 40,373 10,195,065 Commitments and contingencies Non-controlling interest in Consolidated Funds 503,637 (7,574 ) 496,063 Non-controlling interest in Ares Operating Group entities 302,780 29,663 332,443 Stockholders' Equity Additional paid-in-capital 326,007 23,587 349,594 Retained earnings (29,336 ) (5,095 ) (34,431 ) Accumulated other comprehensive loss, net of tax (8,524 ) (208 ) (8,732 ) Total stockholders' equity 587,924 18,284 606,208 Total equity 1,394,341 40,373 1,434,714 Total liabilities and equity 10,154,692 40,373 10,195,065 Consolidated Statement of Operations For the Year Ended December 31, 2018 As Reported Adjustments Balances without adoption of ASC 606 Revenues Incentive fees $ 63,380 $ 20,997 $ 84,377 Total revenues 958,461 20,997 979,458 Expenses Expenses of Consolidated Funds 53,764 — 53,764 Total expenses 870,362 — 870,362 Other income (expense) Other income, net (851 ) 30 (821 ) Total other income 96,242 30 96,272 Income before taxes 184,341 21,027 205,368 Income tax expense 32,202 2,475 34,677 Net income 152,139 18,552 170,691 Less: Net income attributable to non-controlling interests in Consolidated Funds 20,512 (1,921 ) 18,591 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 74,607 12,808 87,415 Net income attributable to Ares Management Corporation 57,020 7,665 64,685 Less: Series A Preferred Stock dividends paid 21,700 — 21,700 Net income attributable to Ares Management Corporation Class A common stockholders 35,320 7,665 42,985 Consolidated Statement of Comprehensive Income For the Year Ended December 31, 2018 As Reported Adjustments Balances without adoption of ASC 606 Net income $ 152,139 $ 18,552 $ 170,691 Other comprehensive income: Foreign currency translation adjustments (13,190 ) (470 ) (13,660 ) Total comprehensive income 138,949 18,082 157,031 Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds 15,575 (1,921 ) 13,654 Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities 70,670 12,546 83,216 Comprehensive income attributable to Ares Management Corporation $ 52,704 $ 7,457 $ 60,161 Condensed Consolidated Statement of Cash Flows For the Year Ended December 31, 2018 As Reported Adjustments Balances without adoption of ASC 606 Cash flows from operating activities: Net income $ 152,139 $ 18,552 $ 170,691 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Other assets (49,789 ) (22,948 ) (72,737 ) Deferred taxes (17,006 ) 2,475 (14,531 ) Change in other liabilities and payables held at Consolidated Funds 137,545 1,921 139,466 Net cash used in operating activities $ (1,417,102 ) $ — (1,417,102 )

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 2018 2017 Management contracts 2.8 years $ 42,335 $ 67,306 Client relationships 9.5 years 38,600 38,600 Trade name 3.5 years 3,200 3,200 Other Less than 1 year 342 — Intangible assets, gross 84,477 109,106 Less: accumulated amortization (52,899 ) (68,641 ) Intangible assets, net $ 31,578 $ 40,465
Schedule of estimated future annual amortization of finite-lived intangible assets	At December 31, 2018 , future annual amortization of finite-lived intangible assets for the years 2019 through 2023 and thereafter is estimated to be: Year Amortization 2019 $ 4,602 2020 4,071 2021 3,987 2022 3,192 2023 2,859 Thereafter 12,867 Total $ 31,578
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, 2016 $ 32,196 $ 58,600 $ 52,928 $ 143,724 Foreign currency translation — — 171 171 Balance as of December 31, 2017 32,196 58,600 53,099 143,895 Foreign currency translation — — (109 ) (109 ) Balance as of December 31, 2018 $ 32,196 $ 58,600 $ 52,990 $ 143,786

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Investments in and Advances to Affiliates, Schedule of Investments [Abstract]
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, 2018 2017 2018 2017 United States: Fixed income securities: Consumer discretionary $ 1,675,863 $ 1,295,732 22.0 % 23.2 % Consumer staples 58,602 55,073 0.8 % 1.0 % Energy 198,631 176,836 2.6 % 3.2 % Financials 476,542 270,520 6.2 % 4.8 % Healthcare, education and childcare 707,881 449,888 9.2 % 8.1 % Industrials 396,767 370,926 5.2 % 6.6 % Information technology 196,586 167,089 2.6 % 3.0 % Materials 193,378 185,170 2.5 % 3.3 % Telecommunication services 665,576 399,617 8.7 % 7.2 % Utilities 80,233 77,102 1.0 % 1.4 % Total fixed income securities (cost: $4,876,915 and $3,459,318 at December 31, 2018 and December 31, 2017, respectively) 4,650,059 3,447,953 60.8 % 61.8 % Equity securities: Equity securities 335 126 0.0 % 0.0 % Total equity securities (cost: $354 and $2 at December 31, 2018 and December 31, 2017, respectively) 335 126 0.0 % 0.0 % Partnership interests: Partnership interests 271,447 232,332 3.5 % 4.2 % Total partnership interests (cost: $210,000 and $190,000 at December 31, 2018 and December 31, 2017, respectively) 271,447 232,332 3.5 % 4.2 % Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2018 2017 2018 2017 Europe: Fixed income securities: Consumer discretionary $ 946,434 $ 604,608 12.3 % 10.8 % Energy 16,840 2,413 0.2 % 0.0 % Consumer staples 105,464 76,361 1.4 % 1.4 % Financials 273,492 81,987 3.6 % 1.5 % Healthcare, education and childcare 384,350 209,569 5.0 % 3.8 % Industrials 124,469 145,706 1.6 % 2.6 % Information technology 32,632 21,307 0.4 % 0.4 % Materials 222,237 213,395 2.9 % 3.8 % Telecommunication services 297,101 182,543 3.9 % 3.3 % Utilities 14,453 — 0.2 % — % Total fixed income securities (cost: $2,478,349 and $1,545,297 at December 31, 2018 and December 31, 2017, respectively) 2,417,472 1,537,889 31.5 % 27.6 % Equity securities: Healthcare, education and childcare 23,536 63,155 0.3 % 1.1 % Total equity securities (cost: $56,154 and $67,198 at December 31, 2018 and December 31, 2017, respectively) 23,536 63,155 0.3 % 1.1 % Asia and other: Fixed income securities: Consumer discretionary 1,686 2,008 0.0 % 0.0 % Financials 5,878 12,453 0.1 % 0.2 % Telecommunication services 19,753 21,848 0.3 % 0.4 % Total fixed income securities (cost: $28,974 and $36,180 at December 31, 2018 and December 31, 2017, respectively) 27,317 36,309 0.4 % 0.6 % Equity securities: Consumer discretionary 41,820 59,630 0.5 % 1.1 % Consumer staples 41,979 45,098 0.5 % 0.8 % Healthcare, education and childcare 41,562 44,637 0.5 % 0.8 % Industrials 47,238 16,578 0.6 % 0.3 % Total equity securities (cost: $122,418 and $122,418 at December 31, 2018 and December 31, 2017, respectively) 172,599 165,943 2.1 % 3.0 % Fair value at Fair value as a percentage of total investments at December 31, December 31, December 31, December 31, 2018 2017 2018 2017 Canada: Fixed income securities: Consumer discretionary $ 8,625 $ 6,757 0.1 % 0.1 % Consumer staples 33,722 15,351 0.4 % 0.3 % Energy 503 33,715 0.0 % 0.6 % Industrials 46,307 18,785 0.6 % 0.3 % Telecommunication services 13,835 6,189 0.2 % 0.1 % Total fixed income securities (cost: $109,084 and $80,201 at December 31, 2018 and December 31, 2017, respectively) 102,992 80,797 1.3 % 1.4 % Equity securities: Consumer discretionary — 5,912 — % 0.1 % Total equity securities (cost: $0 and $17,202 at December 31, 2018 and December 31, 2017, respectively) — 5,912 — % 0.1 % Australia: Fixed income securities: Consumer discretionary 5,973 10,863 0.1 % 0.2 % Energy 1,435 1,563 0.0 % 0.0 % Total fixed income securities (cost: $8,249 and $12,714 at December 31, 2018 and December 31, 2017, respectively) 7,408 12,426 0.1 % 0.2 % Total fixed income securities 7,205,248 5,115,374 94.1 % 91.6 % Total equity securities 196,470 235,136 2.4 % 4.2 % Total partnership interests 271,447 232,332 3.5 % 4.2 % Total investments, at fair value $ 7,673,165 $ 5,582,842 Percentage of total investments December 31, December 31, 2018 2017 2018 2017 Private Investment Partnership Interests and Other: Equity method private investment partnership interests - principal (1) $ 357,655 $ 340,354 27.0 % 19.7 % Equity method - carried interest (1) 841,079 1,077,236 63.4 % 62.5 % Equity method private investment partnership interests and other (held at fair value) 46,449 80,767 3.5 % 4.7 % Equity method private investment partnership interests and other 18,846 29,420 1.4 % 1.7 % Total private investment partnership interests and other 1,264,029 1,527,777 95.3 % 88.6 % Collateralized loan obligations 20,824 195,158 1.6 % 11.3 % Other fixed income 40,000 — 3.0 % — % Collateralized loan obligations and other fixed income, at fair value 60,824 195,158 4.6 % 11.3 % Common stock, at fair value 1,284 1,636 0.1 % 0.1 % Total investments $ 1,326,137 $ 1,724,571 (1) Investment or portion of the investment is denominated in foreign currency and is translated into U.S. dollars at each reporting date.
Schedule of equity method investments	The following tables present summarized financial information for the Company's equity method investments, which are primarily funds managed by the Company, for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 and the Year then Ended Credit Private Equity Real Estate Total Statement of Financial Condition Investments $ 8,210,094 $ 9,574,998 $ 3,337,076 $ 21,122,168 Total assets 8,799,290 9,785,312 3,763,907 22,348,509 Total liabilities 1,542,058 423,687 813,269 2,779,014 Total equity 7,257,232 9,361,625 2,950,638 19,569,495 Statement of Operations Revenues $ 766,009 $ 264,376 $ 144,706 $ 1,175,091 Expenses (189,432 ) (85,801 ) (96,353 ) (371,586 ) Net realized and unrealized gain from investments (67,477 ) (892,800 ) 417,974 (542,303 ) Income tax expense (2,526 ) (20,554 ) (4,075 ) (27,155 ) Net income $ 506,574 $ (734,779 ) $ 462,252 $ 234,047 As of December 31, 2017 and the Year then Ended Credit Private Equity Real Estate Total Statement of Financial Condition Investments $ 5,903,009 $ 9,849,829 $ 2,997,789 $ 18,750,627 Total assets 6,435,364 10,033,790 3,174,149 19,643,303 Total liabilities 665,680 519,349 202,174 1,387,203 Total equity 5,769,684 9,514,441 2,971,975 18,256,100 Statement of Operations Revenues $ 603,682 $ 144,829 $ 154,967 903,478 Expenses (169,086 ) (91,803 ) (67,396 ) (328,285 ) Net realized and unrealized gain from investments 41,185 2,335,027 365,091 2,741,303 Income tax expense (2,700 ) (31,359 ) (13,092 ) (47,151 ) Net income $ 473,081 $ 2,356,694 $ 439,570 $ 3,269,345 For the Year Ended December 31, 2016 Credit Private Equity Real Estate Total Statement of Operations Revenues $ 416,228 $ 839,723 $ 114,937 $ 1,370,888 Expenses (107,465 ) (134,573 ) (77,021 ) (319,059 ) Net realized and unrealized gain from investments 36,316 1,489,624 171,467 1,697,407 Income tax expense (345 ) (27,587 ) (5,380 ) (33,312 ) Net income $ 344,734 $ 2,167,187 $ 204,003 $ 2,715,924

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
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, 2018 : Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Collateralized loan obligations and other fixed income $ — $ — $ 60,824 $ — $ 60,824 Common stock and other equity securities 280 1,004 10,397 — 11,681 Partnership interests — — 35,192 861 36,053 Total investments, at fair value 280 1,004 106,413 861 108,558 Derivatives-foreign exchange contracts — 1,066 — — 1,066 Total assets, at fair value $ 280 $ 2,070 $ 106,413 $ 861 $ 109,624 Liabilities, at fair value Derivatives-foreign exchange contracts $ (869 ) $ — $ — $ (869 ) Total liabilities, at fair value $ — $ (869 ) $ — $ — $ (869 ) Financial Instruments of Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 316,850 $ 1,649 $ 318,499 Loans — 6,340,440 546,309 6,886,749 Total fixed income investments — 6,657,290 547,958 7,205,248 Equity securities 45,718 — 150,752 196,470 Partnership interests — — 271,447 271,447 Total investments, at fair value 45,718 6,657,290 970,157 7,673,165 Derivatives: Foreign exchange contracts — 1,881 — 1,881 Asset swaps - other — — 1,328 1,328 Total derivative assets, at fair value — 1,881 1,328 3,209 Total assets, at fair value $ 45,718 $ 6,659,171 $ 971,485 $ 7,676,374 Liabilities, at fair value Foreign exchange contracts $ — $ (1,864 ) $ — $ (1,864 ) Asset swaps - other — — (648 ) (648 ) Loan obligations of CLOs — (6,678,091 ) — (6,678,091 ) Total liabilities, at fair value $ — $ (6,679,955 ) $ (648 ) $ (6,680,603 ) The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and Consolidated Funds as of December 31, 2017 : Financial Instruments of the Company Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income - collateralized loan obligations $ — $ — $ 195,158 $ — $ 195,158 Equity securities - common stock 520 1,116 — — 1,636 Partnership interests — — 44,769 35,998 80,767 Total investments, at fair value 520 1,116 239,927 35,998 277,561 Derivatives-foreign exchange contracts — 498 — — 498 Total assets, at fair value $ 520 $ 1,614 $ 239,927 $ 35,998 $ 278,059 Liabilities, at fair value Derivatives-foreign exchange contracts $ — $ (2,639 ) $ — $ — $ (2,639 ) Total liabilities, at fair value $ — $ (2,639 ) $ — $ — $ (2,639 ) Financial Instruments of Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 82,151 $ 7,041 $ 89,192 Loans — 4,755,335 260,848 5,016,183 Collateralized loan obligations — 10,000 — 10,000 Total fixed income investments — 4,847,486 267,889 5,115,375 Equity securities 72,558 — 162,577 235,135 Partnership interests — — 232,332 232,332 Total investments, at fair value 72,558 4,847,486 662,798 5,582,842 Derivatives: Asset swaps - other — — 1,366 1,366 Total derivative assets, at fair value — — 1,366 1,366 Total assets, at fair value $ 72,558 $ 4,847,486 $ 664,164 $ 5,584,208 Liabilities, at fair value Asset swaps - other $ — $ — $ (462 ) $ (462 ) Loan obligations of CLOs — (4,963,194 ) — (4,963,194 ) Total liabilities, at fair value $ — $ (4,963,194 ) $ (462 ) $ (4,963,656 )
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, 2017 : Level III Assets Level III Liabilities Level III Assets and Liabilities of the Company Fixed Income Partnership Total Contingent Considerations Balance, beginning of period $ 89,111 $ 33,410 $ 122,521 $ 22,156 Purchases(1) 143,579 169 143,748 — Sales/settlements(2) (39,047 ) — (39,047 ) (1,000 ) Expired contingent considerations — — — (1,000 ) Realized and unrealized appreciation (depreciation), net 1,515 11,190 12,705 (20,156 ) Balance, end of period $ 195,158 $ 44,769 $ 239,927 $ — Increase in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 2,752 $ 11,359 $ 14,111 $ — Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 130,690 $ 242,253 $ 171,696 $ (2,708 ) $ 541,931 Transfer in — 45,526 — — 45,526 Transfer out (6,581 ) (100,643 ) — — (107,224 ) Purchases(1) 6,691 240,723 88,000 — 335,414 Sales/settlements(2) (3,701 ) (180,248 ) (45,000 ) (2,192 ) (231,141 ) Additions(3) 14,479 1,393 15,872 Amortized discounts/premiums — 247 — 244 491 Realized and unrealized appreciation (depreciation), net 35,478 5,552 17,636 4,167 62,833 Balance, end of period $ 162,577 $ 267,889 $ 232,332 $ 904 $ 663,702 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 33,990 $ 31 $ 17,636 $ (705 ) $ 50,952 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 130,690 $ 242,253 $ 171,696 $ (2,708 ) $ 541,931 Transfer in — 45,526 — — 45,526 Transfer out (6,581 ) (100,643 ) — — (107,224 ) Purchases(1) 6,691 240,723 88,000 — 335,414 Sales/settlements(2) (3,701 ) (180,248 ) (45,000 ) (2,192 ) (231,141 ) Additions(3) 14,479 1,393 15,872 Amortized discounts/premiums — 247 — 244 491 Realized and unrealized appreciation (depreciation), net 35,478 5,552 17,636 4,167 62,833 Balance, end of period $ 162,577 $ 267,889 $ 232,332 $ 904 $ 663,702 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 33,990 $ 31 $ 17,636 $ (705 ) $ 50,952 (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) Additions relates to a CLO that was refinanced and restructured that is now consolidated. Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 162,577 $ 267,889 $ 232,332 $ 904 $ 663,702 Additions(3) 506 46,829 — — 47,335 Transfer in — 86,995 — — 86,995 Transfer out — (45,647 ) — — (45,647 ) Purchases(1) 203 492,142 25,000 — 517,345 Sales/settlements(2) (21,141 ) (283,620 ) (5,000 ) (186 ) (309,947 ) Amortized discounts/premiums — 380 — (140 ) 240 Realized and unrealized appreciation (depreciation), net 8,607 (17,010 ) 19,115 102 10,814 Balance, end of period $ 150,752 $ 547,958 $ 271,447 $ 680 $ 970,837 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 8,686 $ (13,157 ) $ 19,115 $ (57 ) $ 14,587 (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) Additions relate to The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2018 : Level III Assets Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Total Balance, beginning of period $ — $ 195,158 $ 44,769 $ 239,927 Transfer in 250 — 250 Purchases(1) 1,000 92,797 — 93,797 Sales/settlements(2) — (222,934 ) — (222,934 ) Deconsolidation of fund — 78 — 78 Realized and unrealized appreciation (depreciation), net 9,147 $ (4,275 ) (9,577 ) (4,705 ) Balance, end of period $ 10,397 $ 60,824 $ 35,192 $ 106,413 Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 9,147 $ (3,923 ) $ (9,577 ) $ (4,353 )
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, 2018 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Assets Equity securities $ 23,871 Enterprise value market multiple analysis EBITDA multiple(1) 7.2x - 22.9x 7.7x 41,562 Other Net income multiple 38.8x 38.8x Illiquidity discount 25% 25% 271,447 Discounted cash flow Discount rate 20.8% 20.8% 85,319 Transaction price(2) N/A N/A N/A Fixed income securities 441,368 Broker quotes and/or 3rd party pricing services N/A N/A N/A 106,590 Income approach Yield 1.0% - 14.8% 9.6% Derivative instruments 1,328 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 971,485 Liabilities Derivatives instruments $ (648 ) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (648 ) (1) “EBITDA” in the table above is a Non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. (2) Transaction price consists of securities 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, 2017 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Assets Equity securities $ 63,155 Enterprise value market multiple analysis EBITDA multiple(1) 2.7x 2.7x 61,215 Other Net income multiple 27.0x - 36.2x 33.7x 126 Broker quotes and/or 3rd party pricing services N/A N/A N/A 38,081 Transaction price(2) N/A N/A N/A Partnership interests 232,332 Discounted cash flow Discount rate 19.0% 19.0% Fixed income securities 222,413 Broker quotes and/or 3rd party pricing services N/A N/A N/A 45,243 Income approach Yield 10.8% - 22.5% 12.1% 233 Market approach (comparable companies) EBITDA multiple(1) 6.5x 6.5x Derivative instruments 1,366 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 664,164 Liabilities Derivatives instruments $ (462 ) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (462 ) (1) “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 Company’s Level III measurements as of December 31, 2018 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 10,397 Transaction price(1) N/A N/A Partnership interests 35,192 Discounted cash flow Discount rate 8.0% Collateralized loan obligations 20,824 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 40,000 Other N/A N/A Total $ 106,413 (1) 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 Company’s Level III measurements as of December 31, 2017 : Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Partnership interests $ 44,769 Other N/A N/A Collateralized loan obligations 195,158 Broker quotes and/or 3rd party pricing services N/A N/A Total $ 239,927
Summary of fair value by segment along with the remaining unfunded commitment and any redemption restriction of investments valued using NAV per share	As of December 31, 2018 As of December 31, 2017 Fair Value Unfunded Fair Value Unfunded Non Ares managed fund investments(1) $ 861 $ — $ 35,998 $ 16,492 Totals $ 861 $ — $ 35,998 $ 16,492 (1) As of December 31, 2018 amount represents a private fund focused on insurance type investments. As of December 31, 2017 amount represents private funds focused on energy related investments that were sold during 2018.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of fair value and notional amounts of derivative contracts by major product type on a gross basis	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, 2018 As of December 31, 2017 Assets Liabilities Assets Liabilities The Company Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Notional(1) Fair Value Foreign exchange contracts $ 33,026 $ 1,066 $ 27,140 $ 869 $ 13,724 $ 498 $ 51,026 $ 2,639 Total derivatives, at fair value $ 33,026 $ 1,066 $ 27,140 $ 869 $ 13,724 $ 498 $ 51,026 $ 2,639 As of December 31, 2018 As of December 31, 2017 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 $ 1,881 $ 1,881 $ 1,881 $ 1,864 $ — $ — $ — $ — Asset swap - other 5,226 1,328 2,605 648 5,363 1,366 1,840 462 Total derivatives, at fair value 7,107 3,209 4,486 2,512 5,363 1,366 1,840 462 (1) Represents the total contractual amount of derivative assets and liabilities outstanding.
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, 2018 , 2017 and 2016 : For the Year Ended December 31, The Company 2018 2017 2016 Net realized gain (loss) on derivatives Interest rate contracts—Swaps $ — $ — $ (337 ) Foreign currency forward contracts (1,197 ) (1,830 ) 1,783 Net realized gain (loss) on derivatives $ (1,197 ) $ (1,830 ) $ 1,446 Net change in unrealized appreciation (depreciation) on derivatives Interest rate contracts—Swaps $ — $ — $ 214 Foreign currency forward contracts 2,338 (5,299 ) 2,008 Net change in unrealized appreciation (depreciation) on derivatives $ 2,338 $ (5,299 ) $ 2,222 For the Year Ended December 31, Consolidated Funds 2018 2017 2016 Net realized gain (loss) on derivatives of Consolidated Funds Foreign currency forward contracts $ 96 $ (181 ) $ (1,008 ) Asset swap - other (795 ) 903 (1,322 ) Net realized gain (loss) on derivatives of Consolidated Funds $ (699 ) $ 722 $ (2,330 ) Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds Equity contracts: Warrants(1) $ — $ — $ 26 Foreign currency forward contracts 15 (529 ) 900 Asset swap - other (183 ) 2,338 7,685 Net change in unrealized appreciation (depreciation) on derivatives of Consolidated Funds $ (168 ) $ 1,809 $ 8,611 (1) Realized and unrealized gains (losses) on warrants are also reflected within investments of Consolidated Funds.
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, 2018 and 2017 . 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, 2018 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 1,066 $ — $ 1,066 $ (869 ) $ 197 Liabilities: Derivatives (869 ) — (869 ) 869 — Net derivative assets $ 197 $ — $ 197 $ — $ 197 Gross Amount Not Offset in the Statement of Financial Position The Company as of December 31, 2017 Gross Amounts Gross Amounts Net Amounts of Financial Net Amount Assets: Derivatives $ 498 $ — $ 498 $ (498 ) $ — Liabilities: Derivatives (2,639 ) — (2,639 ) 498 (2,141 ) Net derivative liabilities $ (2,141 ) $ — $ (2,141 ) $ — $ (2,141 ) 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, 2018 and 2017 . 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, 2018 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 8,942 $ (5,733 ) $ 3,209 $ — $ 3,209 Liabilities: Derivatives (8,245 ) 5,733 (2,512 ) — (2,512 ) Net derivatives assets $ 697 $ — $ 697 $ — $ 697 Gross Amounts Not Offset in the Statement of Financial Position Consolidated Funds as of December 31, 2017 Gross Amounts of Recognized Assets (Liabilities) Gross Amounts Offset in Assets (Liabilities) Net Amounts of Assets (Liabilities) Presented Financial Instruments Net Amount Assets: Derivatives $ 1,750 $ (384 ) $ 1,366 $ — $ 1,366 Liabilities: Derivatives (846 ) 384 (462 ) — (462 ) Net derivatives liabilities $ 904 $ — $ 904 $ — $ 904

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of borrowings outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of December 31, 2018 As of December 31, 2017 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility(1) Revolver 2/24/2022 N/A $ 235,000 4.00 % $ 210,000 3.09% Senior Notes(2) 10/8/2014 10/8/2024 $ 250,000 245,952 4.21 % 245,308 4.21% 2015 Term Loan(3) 9/2/2015 7/29/2026 $ — — N/A 35,037 2.86% 2016 Term Loan(4) 12/21/2016 1/15/2029 $ — — N/A 25,948 3.08% 2017 Term Loan A(4) 3/22/2017 1/22/2028 $ — — N/A 17,407 2.90% 2017 Term Loan B(4) 5/10/2017 10/15/2029 $ — — N/A 35,062 2.90% 2017 Term Loan C(4) 6/22/2017 7/30/2029 $ — — N/A 17,078 2.88% 2017 Term Loan D(4) 11/16/2017 10/15/2030 $ — — N/A 30,336 2.77% Total debt obligations $ 480,952 $ 616,176 (1) The AOG entities are borrowers under the Credit Facility, which provides a $1.065 billion revolving line of credit. It has a variable interest rate based on LIBOR or a base rate plus an applicable margin with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of December 31, 2018 , base rate loans bear interest calculated based on the base rate plus 0.50% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.50%. The unused commitment fee is 0.20% 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, 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 acted as a manager to a CLO. The 2015 Term Loan was secured by collateral in the form of CLO senior tranches owned by the Company. To the extent the assets were not sufficient to cover the Term Loan, there was no further recourse to the Company to fund or repay the remaining balance. Interest was paid quarterly, and the Company also paid a fee of 0.025% of a maximum investment amount . (4) The 2016 and 2017 Term Loans (the “Term Loans”) were entered into by a subsidiary of the Company that acted as a manager to CLOs. The Term Loans were secured by collateral in the form of CLO senior tranches and subordinated notes owned by the Company. Collateral associated with one of the Term Loans could have been used to satisfy outstanding liabilities of another Term Loan should the collateral fall short. To the extent the assets associated with these Term Loans were not sufficient to cover the Term Loans, there was no further recourse to the Company to fund or repay the remaining balance. Interest was paid quarterly, and the Company also paid a fee of 0.03% of a maximum investment amount. The Consolidated Funds had the following revolving bank credit facilities and term loans outstanding as of December 31, 2018 and 2017 : As of December 31, 2018 As of December 31, 2017 Type of Facility Maturity Date Total Capacity Carrying Value(1) Effective Rate Carrying Value(1) Effective Rate Credit Facilities: 1/1/2023 $ 18,000 $ 14,953 3.98% $ 12,942 2.88% 6/29/2019 45,800 43,624 1.55% (2) 48,042 1.55% (2) 3/7/2019 71,500 71,500 3.47% 71,500 2.89% 6/30/2021 200,375 38,844 1.00% (2) — —% 7/15/2028 75,000 39,000 4.75% — —% Revolving Term Loan 8/19/2019 11,429 — —% 5,714 5.86% 1/31/2022 1,900 1,363 8.07% — —% Total borrowings of Consolidated Funds $ 209,284 $ 138,198 (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 or zero , whichever is higher, plus an applicable margin. As of December 31, 2018 and 2017 , the following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of December 31, 2018 As of December 31, 2017 Loan Obligations Fair Value of Loan Obligations Weighted Loan Fair Value of Loan Obligations Weighted Average Remaining Maturity In Years Senior secured notes(1) $ 6,642,616 $ 6,391,643 10.94 $ 4,801,582 $ 4,776,883 10.57 Subordinated notes(2) 455,333 286,448 11.21 276,169 186,311 11.25 Total loan obligations of Consolidated CLOs $ 7,097,949 $ 6,678,091 $ 5,077,751 $ 4,963,194 (1) Original borrowings under the senior secured notes totaled $6.6 billion , with various maturity dates ranging from December 2025 to October 2031. The weighted average interest rate as of December 31, 2018 was 4.93% . (2) Original borrowings under the subordinated notes totaled $455.3 million , with various maturity dates ranging from December 2025 to October 2031. They do not have contractual interest rates, but instead receive distributions from the excess cash flows generated by each Consolidated CLO. The following table shows the activity of the Company's debt issuance costs: Credit Facility Senior Notes Term Loans Repurchase Agreement Loan Unamortized debt issuance costs as of December 31, 2016 $ 4,800 $ 1,803 $ 526 $ — Debt issuance costs incurred 3,394 — 733 — Amortization of debt issuance costs (1,651 ) (232 ) (88 ) — Unamortized debt issuance costs as of December 31, 2017 6,543 1,571 1,171 — Debt issuance costs incurred — — 98 259 Amortization of debt issuance costs (1,571 ) (237 ) (56 ) (7 ) Debt extinguishment expense — — (1,213 ) (252 ) Unamortized debt issuance costs as of December 31, 2018 $ 4,972 $ 1,334 $ — $ —

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2018
Other Assets [Abstract]
Schedule of other assets	The components of other assets as of December 31, 2018 and 2017 were as follows: As of December 31, 2018 2017 Other assets of the Company: Accounts and interest receivable $ 11,624 $ 3,025 Fixed assets, net 65,069 61,151 Incentive fees receivable 49,697 22,611 Other assets 33,760 43,554 Total other assets of the Company $ 160,150 $ 130,341 Other assets of Consolidated Funds: Income tax and other receivables 4,456 1,989 Total other assets of Consolidated Funds $ 4,456 $ 1,989
Schedule of major classes of depreciable assets	Fixed assets included the following as of December 31, 2018 and 2017 : Year Ended December 31, 2018 2017 Furniture $ 9,536 $ 9,303 Office and computer equipment 21,671 19,164 Internal-use software 29,005 19,055 Leasehold improvements 53,494 52,021 Fixed assets, at cost 113,706 99,543 Less: accumulated depreciation (48,637 ) (38,392 ) Fixed assets, net $ 65,069 $ 61,151

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2018
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: 2019 $ 32,039 2020 26,799 2021 20,765 2022 22,502 2023 20,290 Thereafter 45,141 Total $ 167,536

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Schedule of amounts due from and to affiliates	The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of December 31, 2018 2017 Due from affiliates: Management fees receivable from non-consolidated funds $ 151,455 $ 126,506 Payments made on behalf of and amounts due from non-consolidated funds and employees 47,922 39,244 Due from affiliates—Company $ 199,377 $ 165,750 Amounts due from portfolio companies and non-consolidated funds $ 17,609 $ 15,884 Due from affiliates—Consolidated Funds $ 17,609 $ 15,884 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 2,105 $ 5,213 Management fees received in advance 5,491 1,729 Tax receivable agreement liability 24,927 3,503 Undistributed carried interest and incentive fees(1) 31,162 24,542 Payments made by non-consolidated funds on behalf of and amounts due from the Company 18,726 4,197 Due to affiliates—Company $ 82,411 $ 39,184

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2018
Income Tax Disclosure [Abstract]
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, 2018 , 2017 and 2016 . Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the years ended December 31, 2017 and 2016 . Year Ended December 31, Provision for Income Taxes 2018 2017 2016 Unaudited 2017 Pro Forma Unaudited 2016 Pro Forma The Company Current: U.S. federal income tax expense (benefit) $ 16,859 $ (21,559 ) $ 19,419 $ 2,634 $ 36,326 State and local income tax expense 4,306 454 3,706 2,963 5,583 Foreign income tax expense 6,607 3,741 8,458 3,741 8,458 27,772 (17,364 ) 31,583 9,338 50,367 Deferred: U.S. federal income tax expense (benefit) 10,572 (3,466 ) (14,247 ) 18,297 (4,306 ) State and local income tax benefit (4,789 ) (2,414 ) (1,400 ) (721 ) (487 ) Foreign income tax benefit (1,484 ) (1,695 ) (4,180 ) (1,695 ) (4,180 ) 4,299 (7,575 ) (19,827 ) 15,881 (8,973 ) Total: U.S. federal income tax expense (benefit) 27,431 (25,025 ) 5,172 20,931 32,020 State and local income tax expense (benefit) (483 ) (1,960 ) 2,306 2,242 5,096 Foreign income tax expense 5,123 2,046 4,278 2,046 4,278 Income tax expense (benefit) 32,071 (24,939 ) 11,756 25,219 41,394 Consolidated Funds Current: Foreign income tax expense (benefit) 131 1,887 (737 ) 1,887 (737 ) Income tax expense (benefit) 131 1,887 (737 ) 1,887 (737 ) Total Provision for Income Taxes Total current income tax expense (benefit) 27,903 (15,477 ) 30,846 11,225 49,630 Total deferred income tax expense (benefit) 4,299 (7,575 ) (19,827 ) 15,881 (8,973 ) Total income tax expense (benefit) $ 32,202 $ (23,052 ) $ 11,019 $ 27,106 $ 40,657
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, 2018 , 2017 and 2016 . Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the years ended December 31, 2017 and 2016 . Year Ended December 31, 2018 2017 2016 Unaudited 2017 Pro Forma Unaudited 2016 Pro Forma Income tax expense at federal statutory rate 21.0 % 35.0 % 35.0 % 35.0 % 35.0 % Income passed through to non-controlling interests (9.9 ) (51.1 ) (27.6 ) (23.2 ) (18.3 ) State and local taxes, net of federal benefit 2.1 (1.4 ) 0.9 0.4 1.5 Foreign taxes 0.3 0.3 (0.9 ) 0.3 (0.9 ) Permanent items (0.8 ) 0.3 (2.2 ) 0.3 (2.2 ) Tax Cuts and Jobs Act (0.4 ) (0.4 ) — 3.3 — Corporate conversion expense 5.4 — — — — Other, net (0.3 ) 0.4 (1.7 ) 0.4 (1.7 ) Valuation allowance 0.1 1.3 0.2 1.3 0.2 Total effective rate 17.5 % (15.6 )% 3.7 % 17.8 % 13.6 %
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 2018 2017 Unaudited 2017 Pro Forma Deferred tax assets Net operating loss $ 5,525 $ 4,703 $ 4,703 Other, net 2,173 2,173 2,173 Total gross deferred tax assets 7,698 6,876 6,876 Valuation allowance (7,698 ) (6,876 ) (6,876 ) Total deferred tax assets, net $ — $ — $ — 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, 2018 and 2017 . Supplemental information on an unaudited pro forma basis assumes that the Company's election to be taxed as a corporation for U.S. federal income tax purposes was effective for the years ended December 31, 2017 and 2016 . As of December 31, Deferred Tax Assets and Liabilities of the Company 2018 2017 Unaudited 2017 Pro Forma Deferred tax assets Net operating losses $ 865 $ 2,827 $ 2,827 Investment in partnerships 11,527 — (10,552 ) Amortizable tax basis for AOG unit exchanges 25,928 1,775 1,775 Other, net 5,416 4,767 4,767 Total gross deferred tax assets 43,736 9,369 (1,183 ) Valuation allowance (22 ) (15 ) (15 ) Total deferred tax assets, net 43,714 9,354 (1,198 ) Deferred tax liabilities Investment in partnerships (1,577 ) (1,028 ) (1,028 ) Total deferred tax liabilities (1,577 ) (1,028 ) (1,028 ) Net deferred tax assets $ 42,137 $ 8,326 $ (2,226 )

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2018
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Earnings Per Common share	The computation of diluted earnings per share of Class A common stock for the years ended December 31, 2018, 2017 and 2016 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive: For the Year Ended December 31, 2018 2017 2016 Options 19,194,615 21,001,916 22,781,597 Restricted units 15,970,004 14,105,481 47,182 AOG Units 121,296,583 130,244,013 131,499,652
Schedule of the computation of basic and diluted earnings per common share	The following table presents the computation of basic and diluted earnings per common share: For the Year Ended December 31, 2018 2017 2016 Net income attributable to Ares Management Corporation Class A common stockholders $ 35,320 $ 54,478 $ 99,632 Distributions on unvested restricted units (6,948 ) (3,588 ) (1,257 ) Preferred stock dividends(1) — — (8 ) Net income available to Class A common stockholders $ 28,372 $ 50,890 $ 98,367 Basic weighted-average shares of Class A common stock 96,023,147 81,838,007 80,749,671 Basic earnings per share of Class A common stock $ 0.30 $ 0.62 $ 1.22 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ 35,320 $ 54,478 $ 99,632 Distributions on unvested restricted units (6,948 ) (3,588 ) — Preferred stock dividends(1) — — (8 ) Net income available to Class A common stockholders $ 28,372 $ 50,890 $ 99,624 Effect of dilutive shares: Restricted units — — 2,187,359 Diluted weighted-average shares of Class A common stock 96,023,147 81,838,007 82,937,030 Diluted earnings per share of Class A common stock $ 0.30 $ 0.62 $ 1.20 Dividend declared and paid per Class A common stock $ 1.33 $ 1.13 $ 0.83 (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, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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, 2018 2017 2016 Restricted units $ 74,441 $ 54,339 $ 21,894 Restricted units with a market condition 1,524 — — Options 12,449 13,848 15,450 Phantom shares 1,310 1,524 1,721 Equity-based compensation expense $ 89,724 $ 69,711 $ 39,065
Summary of unvested restricted units' activity	The following table presents the unvested market condition awards' activity during the year ended December 31, 2018 : Market Condition Award Units Weighted Average Balance - January 1, 2018 — $ — Granted 1,333,334 9.30 Vested — — Forfeited — — Balance - December 31, 2018 1,333,334 $ 9.30 The following table presents unvested restricted unit activity during the year ended December 31, 2018 : Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - January 1, 2018 13,751,888 $ 17.58 Granted 4,957,869 22.86 Vested (2,035,909 ) 17.12 Forfeited (418,373 ) 19.15 Balance - December 31, 2018 16,255,475 $ 19.21
Schedule of weighted average assumptions used for fair value	Below is a summary of the significant assumptions used to estimate the grant date fair value of the market condition awards: Closing price of the Company's common shares as of valuation date $ 20.95 Risk-free interest rate 2.95 % Volatility 30.0 % Dividend yield 5.0 % Cost of equity 10.0 %
Summary of unvested options activity	A summary of unvested options activity during the year ended December 31, 2018 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - January 1, 2018 20,495,025 $ 18.99 6.09 $ 20,611 Granted — — — — Expired (907,046 ) 19.00 — — Exercised (50,000 ) 19.00 — 90 Forfeited (796,475 ) 19.00 — — Balance - December 31, 2018 18,741,504 $ 18.99 4.88 $ — Exercisable at December 31, 2018 13,032,852 $ 19.00 4.66 $ —
Summary of unvested Phantom units activity	A summary of unvested phantom shares’ activity during the year ended December 31, 2018 is presented below: Phantom Shares Weighted Average Grant Date Fair Value Per Share Balance - January 1, 2018 156,153 $ 19.00 Vested (70,352 ) 19.00 Forfeited (19,514 ) 19.00 December 31, 2018 66,287 $ 19.00

EQUITY (Tables)

EQUITY (Tables)	12 Months Ended
	Dec. 31, 2018
Equity [Abstract]
Schedule of Stock by Class	The following table presents the changes in each class of common stock for the year ended December 31, 2018 : Class A Common Stock Class B Common Stock Class C Common Stock Total Balance - January 1, 2018 — — — — Conversion of partnership units to outstanding shares of common stock 101,530,174 1,000 1 101,531,175 AOG units conversions 28,120 — — 28,120 Vesting of restricted stock awards 35,801 — — 35,801 Balance outstanding - December 31, 2018 101,594,095 1,000 1 101,595,096
Schedule of Ownership Interests	The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities as of December 31, 2018 and 2017 , as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, Daily Average Ownership 2018 2017 For the Year Ended December 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2018 2017 2016 Ares Management Corporation 101,594,095 46.47 % 82,280,033 38.75 % 44.19 % 38.59 % 38.04 % Ares Owners Holding L.P. 117,019,274 53.53 % 117,576,663 55.36 % 53.99 % 55.52 % 56.07 % Affiliate of Alleghany Corporation — — % 12,500,000 5.89 % 1.82 % 5.89 % 5.89 % Total 218,613,369 100.00 % 212,356,696 100.00 %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2018
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, 2018 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $128,805) $ 564,899 $ 198,182 $ 73,663 $ 836,744 $ — $ 836,744 Other fees 23,247 1,008 33 24,288 — 24,288 Compensation and benefits (216,843 ) (74,672 ) (38,623 ) (330,138 ) (126,117 ) (456,255 ) General, administrative and other expenses (43,934 ) (18,482 ) (11,123 ) (73,539 ) (75,926 ) (149,465 ) Fee related earnings 327,369 106,036 23,950 457,355 (202,043 ) 255,312 Performance income—realized 121,270 139,820 96,117 357,207 — 357,207 Performance related compensation—realized (75,541 ) (111,764 ) (64,292 ) (251,597 ) — (251,597 ) Realized net performance income 45,729 28,056 31,825 105,610 — 105,610 Investment income—realized 2,492 17,816 11,409 31,717 4,790 36,507 Interest and other investment income—realized 10,350 4,624 2,257 17,231 2,184 19,415 Interest expense (11,386 ) (6,000 ) (1,836 ) (19,222 ) (2,226 ) (21,448 ) Realized net investment income 1,456 16,440 11,830 29,726 4,748 34,474 Realized income $ 374,554 $ 150,532 $ 67,605 $ 592,691 $ (197,295 ) $ 395,396 Total assets $ 729,930 $ 942,928 $ 469,595 $ 2,142,453 $ 65,961 $ 2,208,414 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the year ended December 31, 2017 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $105,467) $ 481,466 $ 198,498 $ 64,861 $ 744,825 $ — $ 744,825 Other fees 20,830 1,495 106 22,431 — 22,431 Compensation and benefits (193,347 ) (68,569 ) (39,586 ) (301,502 ) (112,233 ) (413,735 ) General, administrative and other expenses (33,626 ) (17,561 ) (10,519 ) (61,706 ) (74,825 ) (136,531 ) Fee related earnings 275,323 113,863 14,862 404,048 (187,058 ) 216,990 Performance income—realized 21,087 287,092 9,608 317,787 — 317,787 Performance related compensation—realized (9,218 ) (228,774 ) (4,338 ) (242,330 ) — (242,330 ) Realized net performance income 11,869 58,318 5,270 75,457 — 75,457 Investment income—realized 7,102 22,625 5,534 35,261 3,880 39,141 Interest and other investment income—realized 10,192 3,226 511 13,929 1,142 15,071 Interest expense (12,405 ) (5,218 ) (1,650 ) (19,273 ) (1,946 ) (21,219 ) Realized net investment income 4,889 20,633 4,395 29,917 3,076 32,993 Realized income $ 292,081 $ 192,814 $ 24,527 $ 509,422 $ (183,982 ) $ 325,440 Total assets $ 837,562 $ 1,255,454 $ 306,463 $ 2,399,479 $ 119,702 $ 2,519,181 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 (184,571 ) (61,276 ) (41,091 ) (286,938 ) (97,777 ) (384,715 ) General, administrative and other expenses (29,136 ) (14,679 ) (10,603 ) (54,418 ) (60,319 ) (114,737 ) Fee related earnings 240,910 73,379 16,157 330,446 (158,096 ) 172,350 Performance income—realized 51,435 230,162 11,401 292,998 — 292,998 Performance related compensation—realized (11,772 ) (184,072 ) (2,420 ) (198,264 ) — (198,264 ) Realized net performance income 39,663 46,090 8,981 94,734 — 94,734 Investment income (loss)—realized 4,928 18,773 931 24,632 (14,606 ) 10,026 Interest and other investment income—realized 22,547 16,891 1,598 41,036 163 41,199 Interest expense (8,609 ) (5,589 ) (1,056 ) (15,254 ) (2,727 ) (17,981 ) Realized net investment income (loss) 18,866 30,075 1,473 50,414 (17,170 ) 33,244 Realized income $ 299,439 $ 149,544 $ 26,611 $ 475,594 $ (175,266 ) $ 300,328 Total assets $ 650,435 $ 1,218,412 $ 232,862 $ 2,101,709 $ 74,383 $ 2,176,092
Schedule of segment’ revenue, expenses and other income (expense)	The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: For the Year Ended December 31, 2018 2017 2016 Segment Revenues Management fees (includes ARCC Part I Fees of $128,805, $105,467 and $121,181 for the years ended December 31, 2018, 2017 and 2016, respectively) $ 836,744 $ 744,825 $ 659,451 Other fees 24,288 22,431 12,351 Performance income—realized 357,207 317,787 292,998 Total segment revenues $ 1,218,239 $ 1,085,043 $ 964,800 Segment Expenses Compensation and benefits $ 330,138 $ 301,502 $ 286,938 General, administrative and other expenses 73,539 61,706 54,418 Performance related compensation—realized 251,597 242,330 198,264 Total segment expenses $ 655,274 $ 605,538 $ 539,620 Segment Realized Net Investment Income Investment income—realized $ 31,717 $ 35,261 $ 24,632 Interest and other investment income—realized 17,231 13,929 41,036 Interest expense (19,222 ) (19,273 ) (15,254 ) Total segment realized net investment income $ 29,726 $ 29,917 $ 50,414
Schedule of segment revenues components	The following table reconciles the Company's consolidated revenues to segment revenue: For the Year Ended December 31, 2018 2017 2016 Total consolidated revenue $ 958,461 $ 1,479,943 $ 1,254,373 Performance income—unrealized 247,212 (325,915 ) (228,472 ) Management fees of Consolidated Funds eliminated in consolidation 34,242 22,406 17,383 Carried interest allocation of Consolidated Funds eliminated in consolidation — 1,017 (2,926 ) Incentive fees of Consolidated Funds eliminated in consolidation 4,000 4,075 4,065 Principal investment income of Consolidated Funds eliminated in consolidation 2,502 24,587 (4,760 ) Administrative fees(1) (27,380 ) (34,049 ) (26,934 ) Performance income reclass(2) 205 1,936 2,479 Principal investment income (1,047 ) (89,031 ) (50,408 ) Revenue of non-controlling interests in consolidated 44 74 — Total consolidation adjustments and reconciling items 259,778 (394,900 ) (289,573 ) Total segment revenue $ 1,218,239 $ 1,085,043 $ 964,800 (1) Represents administrative fees that are presented in administrative, transaction 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 income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gain (loss) on investments in the Company’s Consolidated Statements of Operations. (3) Adjustments for administrative fees reimbursed attributable to certain of our joint venture partners.
Schedule of segment expenses components	The following table reconciles the Company's consolidated expenses to segment expenses: For the Year Ended December 31, 2018 2017 2016 Total consolidated expenses $ 870,362 $ 1,504,758 $ 1,016,420 Performance related compensation—unrealized 221,343 (237,392 ) (189,582 ) Expenses of Consolidated Funds added in consolidation (92,006 ) (65,501 ) (42,520 ) Expenses of Consolidated Funds eliminated in consolidation 38,242 26,481 21,447 Administrative fees(1) (27,380 ) (34,049 ) (26,934 ) OMG expenses (202,043 ) (187,058 ) (158,096 ) Acquisition and merger-related expenses (2,936 ) (280,055 ) (773 ) Equity compensation expense (89,724 ) (69,711 ) (39,065 ) Placement fees and underwriting costs (20,343 ) (19,765 ) (6,424 ) Amortization of intangibles (9,032 ) (17,850 ) (26,638 ) Depreciation expense (16,055 ) (12,631 ) (8,215 ) Other expenses(2) (11,836 ) — — Expenses of non-controlling interests in consolidated subsidiaries(3) (3,318 ) (1,689 ) — Total consolidation adjustments and reconciling items (215,088 ) (899,220 ) (476,800 ) Total segment expenses $ 655,274 $ 605,538 $ 539,620 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Year ended December 31, 2018 includes an $11.8 million payment made to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018. (3) Costs being borne by certain of our joint venture partners.
Schedule of segment other income (expense) components	The following table reconciles the Company's consolidated other income to segment realized net investment income: For the Year Ended December 31, 2018 2017 2016 Total consolidated other income $ 96,242 $ 174,674 $ 59,967 Investment (income) loss—unrealized 49,241 (46,860 ) (16,653 ) Interest and other investment (income) loss—unrealized 233 1,868 (3,323 ) Other income from Consolidated Funds added in consolidation, net (114,286 ) (154,869 ) (37,388 ) Other (income) expense from Consolidated Funds eliminated in consolidation, net (865 ) 1,059 (96 ) OMG other expense (3,315 ) (11,828 ) 19,381 Performance income reclass(1) (205 ) (1,936 ) (2,479 ) Principal investment income 1,047 89,031 50,408 Change in value of contingent consideration — (20,156 ) (17,675 ) Other (income) expense 1,653 (1,042 ) (1,728 ) Other income of non-controlling interests in consolidated subsidiaries(2) (19 ) (24 ) — Total consolidation adjustments and reconciling items (66,516 ) (144,757 ) (9,553 ) Total segment realized net investment income $ 29,726 $ 29,917 $ 50,414 (1) Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gain (loss) on investments in the Company’s Consolidated Statements of Operations. (2) Costs being borne by certain of our joint venture partners.
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 RI and FRE: For the Year Ended December 31, 2018 2017 2016 Income before taxes $ 184,341 $ 149,859 $ 297,920 Adjustments: Amortization of intangibles 9,032 17,850 26,638 Depreciation expense 16,055 12,631 8,215 Equity compensation expenses 89,724 69,711 39,065 Acquisition and merger-related expenses 2,936 259,899 (16,902 ) Placement fees and underwriting costs 20,343 19,765 6,424 OMG expenses, net 198,728 175,230 177,477 Other (income) expense(1) 13,489 (1,042 ) (1,728 ) Expense of non-controlling interests in consolidated subsidiaries(2) 3,343 1,739 — Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (20,643 ) (62,705 ) (2,649 ) Total performance (income) loss - unrealized 247,212 (325,915 ) (228,472 ) Total performance related compensation - unrealized (221,343 ) 237,392 189,582 Total net investment (income) loss - unrealized 49,474 (44,992 ) (19,976 ) Realized income 592,691 509,422 475,594 Total performance income - realized (357,207 ) (317,787 ) (292,998 ) Total performance related compensation - realized 251,597 242,330 198,264 Total net investment income - realized (29,726 ) (29,917 ) (50,414 ) Fee related earnings $ 457,355 $ 404,048 $ 330,446 (1) Year ended December 31, 2018 expenses include an $11.8 million payment made to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018. (2) Adjustments for administrative fees reimbursed and other revenue items attributable to certain of our joint venture partners.
Schedule of reconciliation of total segment assets to total assets reported in the Consolidated Statements of Financial Condition	The reconciliation of total assets reported in the Consolidated Statements of Financial Condition to total segment assets consists of the following: For the Year Ended December 31, 2018 2017 2016 Total consolidated assets $ 10,154,692 $ 8,563,522 $ 5,829,712 Total assets from Consolidated Funds added in consolidation (8,141,280 ) (6,231,245 ) (3,822,010 ) Total assets from the Company eliminated in consolidation 195,002 186,904 168,390 OMG assets (65,961 ) (119,702 ) (74,383 ) Total consolidation adjustments and reconciling items (8,012,239 ) (6,164,043 ) (3,728,003 ) Total segment assets $ 2,142,453 $ 2,399,479 $ 2,101,709

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	12 Months Ended
	Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]
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 its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of December 31, 2018 2017 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs $ 222,477 $ 251,376 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs $ 186,455 $ 175,620 Assets of consolidated VIEs $ 8,141,280 $ 6,231,245 Liabilities of consolidated VIEs $ 7,479,383 $ 5,538,054 For the Years Ended December 31, 2018 2017 2016 Net income attributable to non-controlling interests related to consolidated VIEs $ 20,512 $ 60,818 $ 3,386
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, 2018 and 2017 and results from operations for the years ended December 31, 2018 , 2017 and 2016 . As of December 31, 2018 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 110,247 $ — $ — $ 110,247 Investments ($841,079 of accrued carried interest) 1,512,592 — (186,455 ) 1,326,137 Due from affiliates 207,924 — (8,547 ) 199,377 Intangible assets, net 31,578 — — 31,578 Goodwill 143,786 — — 143,786 Deferred tax asset, net 42,137 — — 42,137 Other assets 160,150 — — 160,150 Assets of Consolidated Funds Cash and cash equivalents — 384,644 — 384,644 Investments, at fair value — 7,673,165 — 7,673,165 Due from affiliates — 17,609 — 17,609 Dividends and interest receivable — 19,330 — 19,330 Receivable for securities sold — 42,076 — 42,076 Other assets — 4,456 — 4,456 Total assets $ 2,208,414 $ 8,141,280 $ (195,002 ) $ 10,154,692 Liabilities Accounts payable, accrued expenses and other liabilities $ 83,221 $ — $ — $ 83,221 Accrued compensation 29,389 — — 29,389 Due to affiliates 82,411 — — 82,411 Performance related compensation payable 641,737 — — 641,737 Debt obligations 480,952 — — 480,952 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 83,876 — 83,876 Due to affiliates — 8,547 (8,547 ) — Payable for securities purchased — 471,390 — 471,390 CLO loan obligations — 6,706,286 (28,195 ) 6,678,091 Fund borrowings — 209,284 — 209,284 Total liabilities 1,317,710 7,479,383 (36,742 ) 8,760,351 Commitments and contingencies Non-controlling interest in Consolidated Funds — 661,897 (158,260 ) 503,637 Non-controlling interest in Ares Operating Group entities 302,780 — — 302,780 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 units issued and outstanding at December 31, 2018) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (101,594,095 shares issued and outstanding at December 31, 2018) 1,016 — — 1,016 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding at December 31, 2018) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (1 shares issued and outstanding at December 31, 2018) — — — — Additional paid-in-capital 326,007 — — 326,007 Retained earnings (29,336 ) (29,336 ) Accumulated other comprehensive loss, net of taxes (8,524 ) — — (8,524 ) Total stockholders' equity 587,924 — — 587,924 Total equity 890,704 661,897 (158,260 ) 1,394,341 Total liabilities, non-controlling interests and equity $ 2,208,414 $ 8,141,280 $ (195,002 ) $ 10,154,692 As of December 31, 2017 As adjusted Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 118,929 $ — $ — $ 118,929 Investments ($1,077,236 of accrued carried interest) 1,900,191 — (175,620 ) 1,724,571 Due from affiliates 171,701 — (5,951 ) 165,750 Intangible assets, net 40,465 — — 40,465 Goodwill 143,895 — — 143,895 Deferred tax asset, net 8,326 — — 8,326 Other assets 135,674 — (5,333 ) 130,341 Assets of Consolidated Funds Cash and cash equivalents — 556,500 — 556,500 Investments, at fair value — 5,582,842 — 5,582,842 Due from affiliates — 15,884 — 15,884 Dividends and interest receivable — 12,568 — 12,568 Receivable for securities sold — 61,462 — 61,462 Other assets — 1,989 — 1,989 Total assets $ 2,519,181 $ 6,231,245 $ (186,904 ) $ 8,563,522 Liabilities Accounts payable and accrued expenses $ 81,955 $ — $ — $ 81,955 Accrued compensation 27,978 — — 27,978 Due to affiliates 39,184 — — 39,184 Performance related compensation payable 822,084 — — 822,084 Debt obligations 616,176 — — 616,176 Deferred tax liability, net — — — — Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 64,316 — 64,316 Due to affiliates — 11,285 (11,285 ) — Payable for securities purchased — 350,145 — 350,145 CLO loan obligations — 4,974,110 (10,916 ) 4,963,194 Fund borrowings — 138,198 — 138,198 Total liabilities 1,587,377 5,538,054 (22,201 ) 7,103,230 Commitments and contingencies Preferred equity (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Non-controlling interest in Consolidated Funds — 693,191 (164,703 ) 528,488 Non-controlling interest in Ares Operating Group entities 358,186 — — 358,186 Controlling interest in Ares Management, L.P.: Partners' Capital (82,280,033 shares issued and outstanding) 279,065 — — 279,065 Accumulated other comprehensive loss, net of tax benefit (4,208 ) — — (4,208 ) Total controlling interest in Ares Management, L.P. 274,857 — — 274,857 Total equity 931,804 693,191 (164,703 ) 1,460,292 Total liabilities, non-controlling interests and equity $ 2,519,181 $ 6,231,245 $ (186,904 ) $ 8,563,522
Schedule of results from operations	For the Year Ended December 31, 2018 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $128,805) $ 836,744 $ — $ (34,242 ) $ 802,502 Carried interest allocation 42,410 — — 42,410 Incentive fees 67,380 — (4,000 ) 63,380 Principal investment income 1,047 — (2,502 ) (1,455 ) Administrative, transaction and other fees 51,624 — — 51,624 Total revenues 999,205 — (40,744 ) 958,461 Expenses Compensation and benefits 570,380 — — 570,380 Performance related compensation 30,254 — — 30,254 General, administrative and other expense 215,964 — — 215,964 Expenses of Consolidated Funds — 92,006 (38,242 ) 53,764 Total expenses 816,598 92,006 (38,242 ) 870,362 Other income (expense) Net realized and unrealized loss on investments (2,867 ) — 983 (1,884 ) Interest and dividend income 7,121 — (93 ) 7,028 Interest expense (21,448 ) — — (21,448 ) Other income (expense), net (1,715 ) — 864 (851 ) Net realized and unrealized gain (loss) on investments of Consolidated Funds — 664 (2,247 ) (1,583 ) Interest and other income of Consolidated Funds — 337,875 — 337,875 Interest expense of Consolidated Funds — (224,253 ) 1,358 (222,895 ) Total other income (loss) (18,909 ) 114,286 865 96,242 Income before taxes 163,698 22,280 (1,637 ) 184,341 Income tax expense 32,071 131 — 32,202 Net income 131,627 22,149 (1,637 ) 152,139 Less: Net income attributable to non-controlling interests in Consolidated Funds — 22,149 (1,637 ) 20,512 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 74,607 — — 74,607 Net income attributable to Ares Management Corporation 57,020 — — 57,020 Less: Series A Preferred Stock dividends paid 21,700 — — 21,700 Net income attributable to Ares Management Corporation Class A common stock $ 35,320 $ — $ — $ 35,320 For the Year Ended December 31, 2017 As adjusted Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $105,467) $ 744,825 $ — $ (22,406 ) $ 722,419 Carried interest allocation 621,471 — (1,017 ) 620,454 Incentive fees 20,295 — (4,075 ) 16,220 Principal investment income 89,031 — (24,587 ) 64,444 Administrative, transaction and other fees 56,406 — — 56,406 Total revenues 1,532,028 — (52,085 ) 1,479,943 Expenses Compensation and benefits 514,109 — — 514,109 Performance related compensation 479,722 — — 479,722 General, administrative and other expense 196,730 — — 196,730 Transaction support expense 275,177 — — 275,177 Expenses of Consolidated Funds — 65,501 (26,481 ) 39,020 Total expenses 1,465,738 65,501 (26,481 ) 1,504,758 Other income (expense) Net realized and unrealized gain on investments 13,565 — (5,303 ) 8,262 Interest and dividend income 9,048 — (2,005 ) 7,043 Interest expense (21,219 ) — — (21,219 ) Other income, net 19,470 — — 19,470 Net realized and unrealized gain on investments of Consolidated Funds — 126,836 (26,712 ) 100,124 Interest and other income of Consolidated Funds — 187,721 — 187,721 Interest expense of Consolidated Funds — (159,688 ) 32,961 (126,727 ) Total other income 20,864 154,869 (1,059 ) 174,674 Income before taxes 87,154 89,368 (26,663 ) 149,859 Income tax expense (benefit) (24,939 ) 1,887 — (23,052 ) Net income 112,093 87,481 (26,663 ) 172,911 Less: Net income attributable to non-controlling interests in Consolidated Funds — 87,481 (26,663 ) 60,818 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 35,915 — — 35,915 Net income attributable to Ares Management, L.P. 76,178 — — 76,178 Less: Preferred equity dividends paid 21,700 — — — — 21,700 Net income attributable to Ares Management, L.P. common shareholders $ 54,478 $ — $ — $ 54,478 For the Year Ended December 31, 2016 As adjusted Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $121,181) $ 659,451 $ — $ (17,383 ) $ 642,068 Carried interest allocation 491,654 — 2,926 494,580 Incentive fees 27,337 — (4,065 ) 23,272 Principal investment income 50,408 — 4,760 55,168 Administrative, transaction and other fees 39,285 — — 39,285 Total revenues 1,268,135 — (13,762 ) 1,254,373 Expenses Compensation and benefits 447,725 — — 447,725 Performance related compensation 387,846 — — 387,846 General, administrative and other expense 159,776 — — 159,776 Expenses of Consolidated Funds — 42,520 (21,447 ) 21,073 Total expenses 995,347 42,520 (21,447 ) 1,016,420 Other income (expense) Net realized and unrealized loss on investments (3,220 ) — (4,409 ) (7,629 ) Interest and dividend income 8,034 — (3,541 ) 4,493 Interest expense (17,981 ) — — (17,981 ) Other income, net 35,650 — — 35,650 Net realized and unrealized loss on investments of Consolidated Funds — (2,999 ) 942 (2,057 ) Interest and other income of Consolidated Funds — 138,943 — 138,943 Interest expense of Consolidated Funds — (98,556 ) 7,104 (91,452 ) Total other income 22,483 37,388 96 59,967 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 dividends paid 12,176 — — 12,176 Net income attributable to Ares Management, L.P. common shareholders $ 99,632 $ — $ — $ 99,632

QUARTERLY FINANCIAL DATA (UNA_2

QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2018
Quarterly Financial Data [Abstract]
Schedule of quarterly financial data	Unaudited quarterly information for each of the three months in the years ended December 31, 2018 and 2017 are presented below. For the Three Months Ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Revenues $ 266,089 $ 204,163 $ 240,777 $ 247,432 Expenses 206,283 221,017 227,188 215,874 Other income 2,240 67,926 38,754 (12,678 ) Income before provision for income taxes 62,046 51,072 52,343 18,880 Net income 74,421 14,169 47,212 16,337 Net income (loss) attributable to Ares Management Corporation(1) 40,948 (11,775 ) 15,910 11,937 Series A Preferred Stock dividends paid 5,425 5,425 5,425 5,425 Net income (loss) attributable to Ares Management Corporation Class A common stockholders(1) 35,523 (17,200 ) 10,485 6,512 Net income (loss) attributable to Ares Management Corporation per share of Class A common stock(1): Basic $ 0.39 $ (0.20 ) $ 0.09 $ 0.05 Diluted $ 0.28 $ (0.20 ) $ 0.09 $ 0.05 Dividends declared per share of Class A common stock(1) $ 0.24 $ 0.28 $ 0.28 $ 0.28 For the Three Months Ended March 31, 2017 June 30, 2017 September 30, 2017 December 31, 2017 As adjusted Revenues $ 244,244 $ 572,197 $ 288,402 $ 375,100 Expenses 491,467 448,197 254,127 310,967 Other income (loss) 56,635 (8,920 ) 54,149 72,810 Income (loss) before provision for income taxes (190,588 ) 115,080 88,424 136,943 Net income (loss) (156,324 ) 113,827 83,872 131,536 Net income (loss) attributable to Ares Management, L.P. (41,134 ) 49,878 27,838 39,596 Preferred equity dividends paid 5,425 5,425 5,425 5,425 Net income (loss) attributable to Ares Management, L.P. common shareholders (46,559 ) 44,453 22,413 34,171 Net income (loss) attributable to Ares Management L.P. per common share: Basic $ (0.58 ) $ 0.54 $ 0.26 $ 0.40 Diluted $ (0.58 ) $ 0.53 $ 0.26 $ 0.39 Dividends declared per common share(2) $ 0.13 $ 0.31 $ 0.41 $ 0.25 (1) Periods prior to the Conversion on November 26, 2018 were attributable to Ares Management L.P. common shareholders (2) Dividends declared are reflected to match the period the income is earned.

ORGANIZATION AND BASIS OF PRE_2

ORGANIZATION AND BASIS OF PRESENTATION (Organization Structure) (Details)	12 Months Ended
	Dec. 31, 2018segment$ / sharesshares
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of investing groups | segment	3
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share)	$ 0.01
Dividend rate, percentage	7.00%
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares issued (in shares) | shares	101,594,095
Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares issued (in shares) | shares	1,000
Common Class C
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares issued (in shares) | shares	1

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2018USD ($)entity	Dec. 31, 2017USD ($)entity	Dec. 31, 2016USD ($)	Jan. 01, 2018USD ($)	Dec. 31, 2015USD ($)
Equity Appropriated for Consolidated Funds
Number of CLOs consolidated | entity	13	10
Cumulative effect of accounting change		$ 0		$ (22,611,000)	$ (3,367,000)
Fees
Carried interest, contingent repayment obligations	$ 400,000	0
Performance Fees
Performance fee compensation, employment or service period	5 years
Foreign Currency
Foreign currency transaction gain (loss)	$ (100,000)	$ (1,700,000)	$ 16,200,000
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%
Minimum
Goodwill and Intangible Assets
Estimated useful lives, intangible assets	3 years 6 months
Minimum | Property, Plant and Equipment Other Than Leasehold Improvements and Internal Use Software [Member]
Fixed Assets
Estimated useful life	3 years
Maximum
Goodwill and Intangible Assets
Estimated useful lives, intangible assets	13 years 6 months
Maximum | Property, Plant and Equipment Other Than Leasehold Improvements and Internal Use Software [Member]
Fixed Assets
Estimated useful life	7 years

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Financial Condition) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	$ (29,336)		$ 0
Assets
Investments, at fair value			1,724,571
Other assets			130,341
Total assets	10,154,692		8,563,522	$ 5,829,712
Liabilities	8,760,351		7,103,230
Cumulative effect of accounting change		$ (22,611)	0		$ (3,367)
Additional paid-in-capital	326,007		0
Accumulated other comprehensive benefit, net of tax	(8,524)		(4,208)
Total stockholders' equity	587,924		573,618
Total equity	1,394,341		1,460,292	1,377,262	968,406
Total liabilities, non-controlling interests and equity	10,154,692		8,563,522
Ares Management L.P
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	(29,336)
Assets
Cash and cash equivalents	110,247		118,929	$ 342,861	$ 121,483
Investments, at fair value	1,326,137		1,724,571
Due from affiliates	199,377		165,750
Deferred tax asset, net	42,137		8,326
Other assets	160,150		130,341
Accumulated other comprehensive benefit, net of tax	(8,524)		(4,208)
Total stockholders' equity	587,924		274,857
Ares Management L.P | Accrued Interest
Assets
Investments, at fair value	841,079		1,077,236
Consolidated Funds
Assets
Cash and cash equivalents	384,644		556,500
Investments, at fair value	7,673,165		5,582,842
Due from affiliates	17,609		15,884
Other assets	4,456		1,989
Non-controlling interest in Consolidated Funds	503,637		528,488
AOG
Assets
Non-controlling interest in Ares Operating Group entities	302,780		358,186
ASC 323 | Ares Management L.P
Assets
Investments, at fair value			1,724,571
Performance income receivable			0
Other assets			130,341
ASC 323 | As originally reported | Ares Management L.P
Assets
Investments, at fair value			647,335
Performance income receivable			1,099,847
Other assets			107,730
ASC 323 | As adjusted | Ares Management L.P
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings		22,600
Assets
Investments, at fair value			1,077,236
Performance income receivable			(1,099,847)
Other assets			22,611
ASC 606
Assets
Cumulative effect of accounting change			$ (22,611)
ASC 606 | Adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	(5,095)
Assets
Investments, at fair value	0	0
Deferred tax asset, net	(2,474)
Other assets	42,848	(22,611)
Total assets	40,373	(22,611)
Liabilities		0
Cumulative effect of accounting change		(22,611)
Non-controlling interest in Consolidated Funds	(7,574)
Additional paid-in-capital	23,587
Accumulated other comprehensive benefit, net of tax	(208)
Total stockholders' equity	18,284
Total equity	40,373	(22,611)
Total liabilities, non-controlling interests and equity	40,373	(22,611)
ASC 606 | Balances without adoption of ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Retained earnings	(34,431)
Assets
Investments, at fair value		1,724,571
Other assets		107,730
Total assets	10,195,065	8,540,911
Liabilities		7,103,230
Cumulative effect of accounting change		(22,611)
Additional paid-in-capital	349,594
Accumulated other comprehensive benefit, net of tax	(8,732)
Total stockholders' equity	606,208
Total equity	1,434,714	1,437,681
Total liabilities, non-controlling interests and equity	10,195,065	$ 8,540,911
ASC 606 | Ares Management L.P | Adjustments
Assets
Cash and cash equivalents	0
ASC 606 | Ares Management L.P | Balances without adoption of ASC 606
Assets
Cash and cash equivalents	110,247
Investments, at fair value	1,326,137
Due from affiliates	199,377
Deferred tax asset, net	39,663
Other assets	202,998
ASC 606 | Consolidated Funds | Balances without adoption of ASC 606
Assets
Non-controlling interest in Consolidated Funds	496,063
ASC 606 | AOG | Adjustments
Assets
Non-controlling interest in Ares Operating Group entities	29,663
ASC 606 | AOG | Balances without adoption of ASC 606
Assets
Non-controlling interest in Ares Operating Group entities	$ 332,443

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Operations) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenues
Revenues	$ 247,432	$ 240,777	$ 204,163	$ 266,089	$ 375,100	$ 288,402	$ 572,197	$ 244,244
Expenses
Total expenses	215,874	227,188	221,017	206,283	310,967	254,127	448,197	491,467	$ 870,362	$ 1,504,758	$ 1,016,420
Total other income	(12,678)	38,754	67,926	2,240	72,810	54,149	(8,920)	56,635	96,242	174,674	59,967
Income before taxes	18,880	52,343	51,072	62,046	136,943	88,424	115,080	(190,588)	184,341	149,859	297,920
Income tax expense (benefit)									32,202	(23,052)	11,019
Net income	16,337	47,212	14,169	74,421	131,536	83,872	113,827	(156,324)	152,139	172,911	286,901
Net income (loss) attributable to Ares Management Corporation(1)	11,937	15,910	(11,775)	40,948	39,596	27,838	49,878	(41,134)	57,020	76,178	111,808
Less: Series A Preferred Stock dividends paid	5,425	5,425	5,425	5,425	5,425	5,425	5,425	5,425	21,700	21,700	12,176
Net income attributable to Ares Management Corporation Class A common stockholders	$ 6,512	$ 10,485	$ (17,200)	$ 35,523	$ 34,171	$ 22,413	$ 44,453	$ (46,559)	35,320	54,478	99,632
Balances without adoption of ASC 606
Expenses
Less: Series A Preferred Stock dividends paid									21,700
Consolidated Funds
Expenses
Expenses of Consolidated Funds									53,764	39,020	21,073
Net realized and unrealized gain (loss) on investments									(1,583)	100,124	(2,057)
Interest and dividend income									337,875	187,721	138,943
Net income attributable to non-controlling interests related to consolidated VIEs									20,512	60,818	3,386
Consolidated Funds | Balances without adoption of ASC 606
Expenses
Net income attributable to non-controlling interests related to consolidated VIEs									18,591
AOG
Expenses
Net income attributable to non-controlling interests related to consolidated VIEs									74,607	35,915	171,251
AOG | Balances without adoption of ASC 606
Expenses
Net income attributable to non-controlling interests related to consolidated VIEs									87,415
Ares Management L.P
Revenues
Revenues									958,461	1,479,943	1,254,373
Expenses
Total expenses									870,362	1,504,758	1,016,420
Net realized and unrealized gain (loss) on investments									(1,884)	8,262	(7,629)
Interest and dividend income									7,028	7,043	4,493
Other income (expense), net									(851)	19,470	35,650
Total other income									96,242	174,674	59,967
Income tax expense (benefit)									32,071	(24,939)	11,756
ASC 323 | As originally reported | Ares Management L.P
Revenues
Revenues										1,415,499	1,199,205
Expenses
Net realized and unrealized gain (loss) on investments										67,034	28,251
Interest and dividend income										12,715	23,781
ASC 323 | As adjusted | Ares Management L.P
Revenues
Revenues										64,444	55,168
Expenses
Net realized and unrealized gain (loss) on investments										(58,772)	(35,880)
Interest and dividend income										(5,672)	(19,288)
ASC 606 | Adjustments
Expenses
Total expenses									0
Total other income									30
Income before taxes									21,027
Income tax expense (benefit)									2,475
Net income									18,552
Net income (loss) attributable to Ares Management Corporation(1)									7,665
Less: Series A Preferred Stock dividends paid									0
Net income attributable to Ares Management Corporation Class A common stockholders									7,665
ASC 606 | Balances without adoption of ASC 606
Expenses
Total expenses									870,362
Total other income									96,272
Income before taxes									205,368
Income tax expense (benefit)									34,677
Net income									170,691
Net income (loss) attributable to Ares Management Corporation(1)									64,685
Net income attributable to Ares Management Corporation Class A common stockholders									42,985
ASC 606 | Consolidated Funds | Adjustments
Expenses
Expenses of Consolidated Funds									0
Net income attributable to non-controlling interests related to consolidated VIEs									(1,921)
ASC 606 | Consolidated Funds | Balances without adoption of ASC 606
Expenses
Expenses of Consolidated Funds									53,764
ASC 606 | AOG | Adjustments
Expenses
Net income attributable to non-controlling interests related to consolidated VIEs									12,808
ASC 606 | Ares Management L.P | Adjustments
Revenues
Revenues									20,997
Expenses
Other income (expense), net									30
ASC 606 | Ares Management L.P | Balances without adoption of ASC 606
Revenues
Revenues									979,458
Expenses
Other income (expense), net									(821)
Performance fees | Ares Management L.P
Revenues
Revenues										0	0
Performance fees | ASC 323 | As originally reported | Ares Management L.P
Revenues
Revenues										636,674	517,852
Performance fees | ASC 323 | As adjusted | Ares Management L.P
Revenues
Revenues										(636,674)	(517,852)
Carried interest allocation | Ares Management L.P
Revenues
Revenues									42,410	620,454	494,580
Carried interest allocation | ASC 323 | As originally reported | Ares Management L.P
Revenues
Revenues										0	0
Carried interest allocation | ASC 323 | As adjusted | Ares Management L.P
Revenues
Revenues										620,454	494,580
Incentive fees | Ares Management L.P
Revenues
Revenues									63,380	16,220	23,272
Incentive fees | ASC 323 | As originally reported | Ares Management L.P
Revenues
Revenues										0	0
Incentive fees | ASC 323 | As adjusted | Ares Management L.P
Revenues
Revenues										16,220	23,272
Incentive fees | ASC 606 | Ares Management L.P | Adjustments
Revenues
Revenues									20,997
Incentive fees | ASC 606 | Ares Management L.P | Balances without adoption of ASC 606
Revenues
Revenues									84,377
Principal investment income (loss) | Ares Management L.P
Revenues
Revenues									$ (1,455)	64,444	55,168
Principal investment income (loss) | ASC 323 | As originally reported | Ares Management L.P
Revenues
Revenues										0	0
Principal investment income (loss) | ASC 323 | As adjusted | Ares Management L.P
Revenues
Revenues										$ 64,444	$ 55,168

SUMMARY OF SIGNIFICANT ACCOUN_7

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Impact of Incentive Fees) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments, at fair value			$ 1,724,571
Other assets			130,341
Assets	$ 10,154,692		8,563,522	$ 5,829,712
Liabilities of consolidated VIEs	8,760,351		7,103,230
Cumulative effect of the adoption of ASC 606		$ (22,611)	0		$ (3,367)
Total equity	1,394,341		1,460,292	$ 1,377,262	$ 968,406
Total liabilities and equity	10,154,692		8,563,522
ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of ASC 606			$ (22,611)
Adjustments | ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments, at fair value	0	0
Other assets	42,848	(22,611)
Assets	40,373	(22,611)
Liabilities of consolidated VIEs		0
Cumulative effect of the adoption of ASC 606		(22,611)
Total equity	40,373	(22,611)
Total liabilities and equity	40,373	(22,611)
Balances without adoption of ASC 606 | ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investments, at fair value		1,724,571
Other assets		107,730
Assets	10,195,065	8,540,911
Liabilities of consolidated VIEs		7,103,230
Cumulative effect of the adoption of ASC 606		(22,611)
Total equity	1,434,714	1,437,681
Total liabilities and equity	$ 10,195,065	$ 8,540,911

SUMMARY OF SIGNIFICANT ACCOUN_8

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Changes in Equity) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Jan. 01, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	$ 1,394,341		$ 1,460,292	$ 1,377,262	$ 968,406
Cumulative effect of the adoption of ASC 606		$ (22,611)	0		(3,367)
As adjusted balance at January 1, 2018			1,437,681
Ares Management L.P | Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	(8,524)		(4,208)	(8,939)	(4,619)
Cumulative effect of the adoption of ASC 606			(1,202)
As adjusted balance at January 1, 2018			(4,208)
Ares Management L.P | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	302,780		358,186	447,615	397,883
Cumulative effect of the adoption of ASC 606		(17,117)
As adjusted balance at January 1, 2018			341,069
AOG | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			358,186
As adjusted balance at January 1, 2018			341,069
Consolidated Funds | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	503,637		528,488	338,035	320,238
Cumulative effect of the adoption of ASC 606		5,333
As adjusted balance at January 1, 2018			533,821
Partners' Capital | Ares Management L.P
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	0		279,065	301,790	$ 251,537
Cumulative effect of the adoption of ASC 606		$ (10,827)	1,202
As adjusted balance at January 1, 2018			268,238
Partners' Capital | Preferred Partner
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	$ 0		298,761	$ 298,761
As adjusted balance at January 1, 2018			298,761
ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of ASC 606			(22,611)
ASC 606 | Ares Management L.P | Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of ASC 606			0
ASC 606 | AOG | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of ASC 606			(17,117)
ASC 606 | Consolidated Funds | Non-Controlling interest
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of ASC 606			5,333
ASC 606 | Partners' Capital | Ares Management L.P
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of ASC 606			(10,827)
ASC 606 | Partners' Capital | Preferred Partner
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of the adoption of ASC 606			$ 0

SUMMARY OF SIGNIFICANT ACCOUN_9

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income	$ 16,337	$ 47,212	$ 14,169	$ 74,421	$ 131,536	$ 83,872	$ 113,827	$ (156,324)	$ 152,139	$ 172,911	$ 286,901
Ares Management L.P
Other comprehensive income:
Foreign currency translation adjustments, net of tax									(13,190)	13,927	(15,754)
Total comprehensive income									138,949	186,838	271,147
Comprehensive income									52,704	80,909	107,488
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests									15,575	62,165	3,336
AOG
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests									70,670	$ 43,764	$ 159,914
Adjustments | ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income									18,552
Adjustments | Ares Management L.P | ASC 606
Other comprehensive income:
Foreign currency translation adjustments, net of tax									(470)
Total comprehensive income									18,082
Comprehensive income									7,457
Adjustments | Consolidated Funds | ASC 606
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests									(1,921)
Adjustments | AOG | ASC 606
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests									12,546
Balances without adoption of ASC 606 | ASC 606
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net income									170,691
Balances without adoption of ASC 606 | Ares Management L.P | ASC 606
Other comprehensive income:
Foreign currency translation adjustments, net of tax									(13,660)
Total comprehensive income									157,031
Comprehensive income									60,161
Balances without adoption of ASC 606 | Consolidated Funds | ASC 606
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests									13,654
Balances without adoption of ASC 606 | AOG | ASC 606
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests									$ 83,216

SUMMARY OF SIGNIFICANT ACCOU_10

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Condensed Consolidated Statement of Cash Flows) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash flows from operating activities:
Net income	$ 16,337	$ 47,212	$ 14,169	$ 74,421	$ 131,536	$ 83,872	$ 113,827	$ (156,324)	$ 152,139	$ 172,911	$ 286,901
Net cash used in operating activities									(1,417,102)	(1,863,095)	(625,655)
Consolidated Funds
Cash flows from operating activities:
Change in other liabilities and payables held at Consolidated Funds									137,545	85,654	167,864
ASC 606 | Adjustments
Cash flows from operating activities:
Net income									18,552
Net cash used in operating activities									0
ASC 606 | Balances without adoption of ASC 606
Cash flows from operating activities:
Net income									170,691
Net cash used in operating activities									(1,417,102)
ASC 606 | Consolidated Funds | Adjustments
Cash flows from operating activities:
Change in other liabilities and payables held at Consolidated Funds									1,921
ASC 606 | Consolidated Funds | Balances without adoption of ASC 606
Cash flows from operating activities:
Change in other liabilities and payables held at Consolidated Funds									139,466
Ares Management L.P
Cash flows from operating activities:
Other assets									(49,789)	(28,674)	(162)
Deferred taxes									(17,006)	$ (8,112)	$ (28,463)
Ares Management L.P | ASC 606 | Adjustments
Cash flows from operating activities:
Other assets									22,948
Deferred taxes									(2,475)
Ares Management L.P | ASC 606 | Balances without adoption of ASC 606
Cash flows from operating activities:
Other assets									(72,737)
Deferred taxes									$ (14,531)

SUMMARY OF SIGNIFICANT ACCOU_11

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Recent Accounting Pronouncements) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reclassification from accumulated other comprehensive income to shareholders' equity	$ 1.2
ASU 2016-02 | Subsequent event | Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset		$ 135
Lease liability		135
ASU 2016-02 | Subsequent event | Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right-of-use asset		150
Lease liability		$ 150

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Carrying Value of Intangible Assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Finite-lived intangible assets, net
Intangible assets, gross	$ 84,477	$ 109,106
Less: accumulated amortization	(52,899)	(68,641)
Intangible assets, net	31,578	40,465
Fully-amortized intangibles, amount removed during the period	25,000
General, administrative and other expense
Finite-lived intangible assets, net
Amortization expense	$ 9,300	17,900	$ 26,600
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	2 years 9 months 18 days
Intangible assets, gross	$ 42,335	67,306
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	9 years 6 months
Intangible assets, gross	$ 38,600	38,600
Trade name
Finite-lived intangible assets, net
Weighted average amortization period	3 years 6 months
Intangible assets, gross	$ 3,200	3,200
Other
Finite-lived intangible assets, net
Weighted average amortization period	1 year
Intangible assets, gross	$ 342	$ 0

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Future Amortization) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
2,019	$ 4,602
2,020	4,071
2,021	3,987
2,022	3,192
2,023	2,859
Thereafter	12,867
Intangible assets, net	$ 31,578	$ 40,465

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS (Goodwill) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Goodwill
Goodwill, beginning balance	$ 143,895,000	$ 143,724,000
Foreign currency translation	(109,000)	171,000
Goodwill, ending balance	143,786,000	143,895,000	$ 143,724,000
Impairments of goodwill	0	0	0
Credit
Goodwill
Goodwill, beginning balance	32,196,000	32,196,000
Foreign currency translation	0	0
Goodwill, ending balance	32,196,000	32,196,000	32,196,000
Private Equity
Goodwill
Goodwill, beginning balance	58,600,000	58,600,000
Foreign currency translation	0	0
Goodwill, ending balance	58,600,000	58,600,000	58,600,000
Real Estate
Goodwill
Goodwill, beginning balance	53,099,000	52,928,000
Foreign currency translation	(109,000)	171,000
Goodwill, ending balance	$ 52,990,000	$ 53,099,000	$ 52,928,000

INVESTMENTS (Investments, Exclu

INVESTMENTS (Investments, Excluding Held-to-Maturity Investments) (Details) - Ares Management L.P - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Investments
Equity method investments, fair value	$ 1,326,137	$ 1,724,571
Collateralized loan obligations	20,824	195,158
Common stock, at fair value	11,681	1,636
Investments, at fair value	$ 108,558	$ 277,561
Percentage of total investments	1.60%	11.30%
Partnership interests
Investments
Equity method investments, fair value	$ 1,264,029	$ 1,527,777
Percentage of total investments	95.30%	88.60%
Other fixed income
Investments
Investments, at fair value	$ 40,000	$ 0
Percentage of total investments	3.00%	0.00%
Fixed income - collateralized loan obligations
Investments
Collateralized loan obligations	$ 60,824	$ 195,158
Percentage of total investments	4.60%	11.30%
Common Stock
Investments
Common stock, at fair value	$ 1,284	$ 1,636
Percentage of total investments	0.10%	0.10%
Partnership interests
Investments
Equity method investments, fair value	$ 357,655	$ 340,354
Percentage of total investments	27.00%	19.70%
Carried interest allocation
Investments
Equity method investments, fair value	$ 841,079	$ 1,077,236
Percentage of total investments	63.40%	62.50%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments, fair value	$ 46,449	$ 80,767
Percentage of total investments	3.50%	4.70%
Equity method private investment partnership interests and other
Investments
Equity method investments, fair value	$ 18,846	$ 29,420
Percentage of total investments	1.40%	1.70%

INVESTMENTS (Equity Method Inve

INVESTMENTS (Equity Method Investments) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Net gains (losses) related to its equity method investments	$ (3,800)	$ 78,300	$ 51,000
Statement of Financial Condition
Investments	21,122,168	18,750,627
Total Assets	22,348,509	19,643,303
Total Liabilities	2,779,014	1,387,203
Total Equity	19,569,495	18,256,100
Statement of Operations
Revenue	1,175,091	903,478	1,370,888
Expenses	(371,586)	328,285	(319,059)
Net realized/unrealized gain from investments	(542,303)	2,741,303	1,697,407
Income tax expense	(27,155)	47,151	(33,312)
Net income	234,047	3,269,345	2,715,924
Credit
Statement of Financial Condition
Investments	8,210,094	5,903,009
Total Assets	8,799,290	6,435,364
Total Liabilities	1,542,058	665,680
Total Equity	7,257,232	5,769,684
Statement of Operations
Revenue	766,009	603,682	416,228
Expenses	(189,432)	169,086	(107,465)
Net realized/unrealized gain from investments	(67,477)	41,185	36,316
Income tax expense	(2,526)	2,700	(345)
Net income	506,574	473,081	344,734
Private Equity
Statement of Financial Condition
Investments	9,574,998	9,849,829
Total Assets	9,785,312	10,033,790
Total Liabilities	423,687	519,349
Total Equity	9,361,625	9,514,441
Statement of Operations
Revenue	264,376	144,829	839,723
Expenses	(85,801)	91,803	(134,573)
Net realized/unrealized gain from investments	(892,800)	2,335,027	1,489,624
Income tax expense	(20,554)	31,359	(27,587)
Net income	(734,779)	2,356,694	2,167,187
Real Estate
Statement of Financial Condition
Investments	3,337,076	2,997,789
Total Assets	3,763,907	3,174,149
Total Liabilities	813,269	202,174
Total Equity	2,950,638	2,971,975
Statement of Operations
Revenue	144,706	154,967	114,937
Expenses	(96,353)	67,396	(77,021)
Net realized/unrealized gain from investments	417,974	365,091	171,467
Income tax expense	(4,075)	13,092	(5,380)
Net income	$ 462,252	$ 439,570	$ 204,003

INVESTMENTS (Investments of the

INVESTMENTS (Investments of the Consolidated Funds) (Details) - Consolidated Funds $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)issuer	Dec. 31, 2017USD ($)
Investments
Investments, at fair value	$ 7,673,165	$ 5,582,842
Number of single issuers above 5% | issuer	0
Single issuer or investor threshold, as a percent	5.00%
Fixed income asset
Investments
Investments, at fair value	$ 7,205,248	$ 5,115,374
Percentage of total investments	94.10%	91.60%
Equity securities
Investments
Investments, at fair value	$ 196,470	$ 235,136
Percentage of total investments	2.40%	4.20%
Partnership interests
Investments
Investments, at fair value	$ 271,447	$ 232,332
Percentage of total investments	3.50%	4.20%
United States | Fixed income asset
Investments
Investments, at fair value	$ 4,650,059	$ 3,447,953
Percentage of total investments	60.80%	61.80%
Investments, at cost	$ 4,876,915	$ 3,459,318
United States | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 1,675,863	$ 1,295,732
Percentage of total investments	22.00%	23.20%
United States | Fixed income asset | Consumer staples
Investments
Investments, at fair value	$ 58,602	$ 55,073
Percentage of total investments	0.80%	1.00%
United States | Fixed income asset | Energy
Investments
Investments, at fair value	$ 198,631	$ 176,836
Percentage of total investments	2.60%	3.20%
United States | Fixed income asset | Financials
Investments
Investments, at fair value	$ 476,542	$ 270,520
Percentage of total investments	6.20%	4.80%
United States | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 707,881	$ 449,888
Percentage of total investments	9.20%	8.10%
United States | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 396,767	$ 370,926
Percentage of total investments	5.20%	6.60%
United States | Fixed income asset | Information technology
Investments
Investments, at fair value	$ 196,586	$ 167,089
Percentage of total investments	2.60%	3.00%
United States | Fixed income asset | Materials
Investments
Investments, at fair value	$ 193,378	$ 185,170
Percentage of total investments	2.50%	3.30%
United States | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 665,576	$ 399,617
Percentage of total investments	8.70%	7.20%
United States | Fixed income asset | Utilities
Investments
Investments, at fair value	$ 80,233	$ 77,102
Percentage of total investments	1.00%	1.40%
United States | Equity securities
Investments
Investments, at fair value	$ 335	$ 126
Percentage of total investments	0.00%	0.00%
Investments, at cost	$ 354	$ 2
United States | Equity securities | Telecommunication services
Investments
Investments, at fair value	$ 271,447	$ 232,332
Percentage of total investments	3.50%	4.20%
United States | Partnership interests
Investments
Investments, at cost	$ 210,000	$ 190,000
United States | Partnership interests | Partnership interests
Investments
Investments, at fair value	$ 271,447	$ 232,332
Percentage of total investments	3.50%	4.20%
Europe | Fixed income asset
Investments
Investments, at fair value	$ 2,417,472	$ 1,537,889
Percentage of total investments	31.50%	27.60%
Investments, at cost	$ 2,478,349	$ 1,545,297
Europe | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 946,434	$ 604,608
Percentage of total investments	12.30%	10.80%
Europe | Fixed income asset | Consumer staples
Investments
Investments, at fair value	$ 105,464	$ 76,361
Percentage of total investments	1.40%	1.40%
Europe | Fixed income asset | Energy
Investments
Investments, at fair value	$ 16,840	$ 2,413
Percentage of total investments	0.20%	0.00%
Europe | Fixed income asset | Financials
Investments
Investments, at fair value	$ 273,492	$ 81,987
Percentage of total investments	3.60%	1.50%
Europe | Fixed income asset | Healthcare, education and childcare
Investments
Investments, at fair value	$ 384,350	$ 209,569
Percentage of total investments	5.00%	3.80%
Europe | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 124,469	$ 145,706
Percentage of total investments	1.60%	2.60%
Europe | Fixed income asset | Information technology
Investments
Investments, at fair value	$ 32,632	$ 21,307
Percentage of total investments	0.40%	0.40%
Europe | Fixed income asset | Materials
Investments
Investments, at fair value	$ 222,237	$ 213,395
Percentage of total investments	2.90%	3.80%
Europe | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 297,101	$ 182,543
Percentage of total investments	3.90%	3.30%
Europe | Fixed income asset | Utilities
Investments
Investments, at fair value	$ 14,453	$ 0
Percentage of total investments	0.20%	0.00%
Europe | Equity securities
Investments
Investments, at fair value	$ 23,536	$ 63,155
Percentage of total investments	0.30%	1.10%
Investments, at cost	$ 56,154	$ 67,198
Europe | Equity securities | Healthcare, education and childcare
Investments
Investments, at fair value	$ 23,536	$ 63,155
Percentage of total investments	0.30%	1.10%
Asia and other | Fixed income asset
Investments
Investments, at fair value	$ 27,317	$ 36,309
Percentage of total investments	0.40%	0.60%
Investments, at cost	$ 28,974	$ 36,180
Asia and other | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 1,686	$ 2,008
Percentage of total investments	0.00%	0.00%
Asia and other | Fixed income asset | Financials
Investments
Investments, at fair value	$ 5,878	$ 12,453
Percentage of total investments	0.10%	0.20%
Asia and other | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 19,753	$ 21,848
Percentage of total investments	0.30%	0.40%
Asia and other | Equity securities
Investments
Investments, at fair value	$ 172,599	$ 165,943
Percentage of total investments	2.10%	3.00%
Investments, at cost	$ 122,418	$ 122,418
Asia and other | Equity securities | Consumer discretionary
Investments
Investments, at fair value	$ 41,820	$ 59,630
Percentage of total investments	0.50%	1.10%
Asia and other | Equity securities | Consumer staples
Investments
Investments, at fair value	$ 41,979	$ 45,098
Percentage of total investments	0.50%	0.80%
Asia and other | Equity securities | Healthcare, education and childcare
Investments
Investments, at fair value	$ 41,562	$ 44,637
Percentage of total investments	0.50%	0.80%
Asia and other | Equity securities | Industrials
Investments
Investments, at fair value	$ 47,238	$ 16,578
Percentage of total investments	0.60%	0.30%
Canada | Fixed income asset
Investments
Investments, at fair value	$ 102,992	$ 80,797
Percentage of total investments	1.30%	1.40%
Investments, at cost	$ 109,084	$ 80,201
Canada | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 8,625	$ 6,757
Percentage of total investments	0.10%	0.10%
Canada | Fixed income asset | Consumer staples
Investments
Investments, at fair value	$ 33,722	$ 15,351
Percentage of total investments	0.40%	0.30%
Canada | Fixed income asset | Energy
Investments
Investments, at fair value	$ 503	$ 33,715
Percentage of total investments	0.00%	0.60%
Canada | Fixed income asset | Industrials
Investments
Investments, at fair value	$ 46,307	$ 18,785
Percentage of total investments	0.60%	0.30%
Canada | Fixed income asset | Telecommunication services
Investments
Investments, at fair value	$ 13,835	$ 6,189
Percentage of total investments	0.20%	0.10%
Canada | Equity securities
Investments
Investments, at fair value	$ 0	$ 5,912
Percentage of total investments	0.00%	0.10%
Investments, at cost	$ 0	$ 17,202
Canada | Equity securities | Energy
Investments
Investments, at fair value	$ 0	$ 5,912
Percentage of total investments	0.00%	0.10%
Australia | Fixed income asset
Investments
Investments, at fair value	$ 7,408	$ 12,426
Percentage of total investments	0.10%	0.20%
Investments, at cost	$ 8,249	$ 12,714
Australia | Fixed income asset | Consumer discretionary
Investments
Investments, at fair value	$ 5,973	$ 10,863
Percentage of total investments	0.10%	0.20%
Australia | Fixed income asset | Energy
Investments
Investments, at fair value	$ 1,435	$ 1,563
Percentage of total investments	0.00%	0.00%

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
FAIR VALUE
Partnership interests	$ 861	$ 35,998
Minimum
FAIR VALUE
Period within which investors of open ended and evergreen funds can withdraw their capital	1 year
Maximum
FAIR VALUE
Period within which investors of open ended and evergreen funds can withdraw their capital	3 years
Ares Management L.P
FAIR VALUE
Common stock and other equity securities	$ 11,681	1,636
Partnership interests	36,053	80,767
Investments, at fair value	108,558	277,561
Derivative assets, at fair value	1,066	498
Total assets	109,624	278,059
Derivative liabilities, at fair value	(869)	(2,639)
Derivatives-foreign exchange contracts		(2,639)
Liabilities, at fair value	(869)	(2,639)
Ares Management L.P | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	1,066	498
Derivative liabilities, at fair value	(869)	(2,639)
Ares Management L.P | Fixed income - collateralized loan obligations
FAIR VALUE
Fixed income securities	60,824	195,158
Ares Management L.P | Level I
FAIR VALUE
Common stock and other equity securities	280	520
Partnership interests	0	0
Investments, at fair value	280	520
Total assets	280	520
Derivatives-foreign exchange contracts		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
Ares Management L.P | Level I | Fixed income - collateralized loan obligations
FAIR VALUE
Fixed income securities	0	0
Ares Management L.P | Level II
FAIR VALUE
Common stock and other equity securities	1,004	1,116
Partnership interests	0	0
Investments, at fair value	1,004	1,116
Total assets	2,070	1,614
Derivatives-foreign exchange contracts		(2,639)
Liabilities, at fair value	(869)	(2,639)
Ares Management L.P | Level II | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	1,066	498
Derivative liabilities, at fair value	(869)
Ares Management L.P | Level II | Fixed income - collateralized loan obligations
FAIR VALUE
Fixed income securities	0	0
Ares Management L.P | Level III
FAIR VALUE
Common stock and other equity securities	10,397	0
Partnership interests	35,192	44,769
Investments, at fair value	106,413	239,927
Total assets	106,413	239,927
Derivatives-foreign exchange contracts		0
Liabilities, at fair value	0	0
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 | Fixed income - collateralized loan obligations
FAIR VALUE
Fixed income securities	60,824	195,158
Ares Management L.P | Investments Measured at NAV
FAIR VALUE
Partnership interests	861	35,998
Investments, at fair value	861	35,998
Total assets	861	35,998
Consolidated Funds
FAIR VALUE
Fixed income securities	7,205,248	5,115,375
Common stock and other equity securities	196,470	235,135
Partnership interests	271,447	232,332
Investments, at fair value	7,673,165	5,582,842
Derivative assets, at fair value	3,209	1,366
Total assets	7,676,374	5,584,208
Derivative liabilities, at fair value	(2,512)	(462)
Loan obligations of debt	(6,678,091)	(4,963,194)
Liabilities, at fair value	(6,680,603)	(4,963,656)
Consolidated Funds | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	1,881	0
Derivative liabilities, at fair value	(1,864)	0
Consolidated Funds | Asset swaps - other
FAIR VALUE
Derivative assets, at fair value	1,328	1,366
Derivative liabilities, at fair value	(648)	(462)
Consolidated Funds | Fixed income - collateralized loan obligations
FAIR VALUE
Fixed income securities		10,000
Consolidated Funds | Bonds
FAIR VALUE
Fixed income securities	318,499	89,192
Consolidated Funds | Loans
FAIR VALUE
Fixed income securities	6,886,749	5,016,183
Consolidated Funds | Level I
FAIR VALUE
Fixed income securities	0	0
Common stock and other equity securities	45,718	72,558
Partnership interests	0	0
Investments, at fair value	45,718	72,558
Derivative assets, at fair value	0	0
Total assets	45,718	72,558
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 | Asset swaps - other
FAIR VALUE
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated Funds | Level I | Fixed income - collateralized loan obligations
FAIR VALUE
Fixed income securities		0
Consolidated Funds | Level I | Bonds
FAIR VALUE
Fixed income securities	0	0
Consolidated Funds | Level I | Loans
FAIR VALUE
Fixed income securities	0	0
Consolidated Funds | Level II
FAIR VALUE
Fixed income securities	6,657,290	4,847,486
Common stock and other equity securities	0	0
Partnership interests	0	0
Investments, at fair value	6,657,290	4,847,486
Derivative assets, at fair value	1,881	0
Total assets	6,659,171	4,847,486
Loan obligations of debt	(6,678,091)	(4,963,194)
Liabilities, at fair value	(6,679,955)	(4,963,194)
Consolidated Funds | Level II | Foreign exchange contracts
FAIR VALUE
Derivative assets, at fair value	1,881
Derivative liabilities, at fair value	(1,864)
Consolidated Funds | Level II | Asset swaps - other
FAIR VALUE
Derivative assets, at fair value	0	0
Derivative liabilities, at fair value	0	0
Consolidated Funds | Level II | Fixed income - collateralized loan obligations
FAIR VALUE
Fixed income securities		10,000
Consolidated Funds | Level II | Bonds
FAIR VALUE
Fixed income securities	316,850	82,151
Consolidated Funds | Level II | Loans
FAIR VALUE
Fixed income securities	6,340,440	4,755,335
Consolidated Funds | Level III
FAIR VALUE
Fixed income securities	547,958	267,889
Common stock and other equity securities	150,752	162,577
Partnership interests	271,447	232,332
Investments, at fair value	970,157	662,798
Derivative assets, at fair value	1,328	1,366
Total assets	971,485	664,164
Loan obligations of debt	0	0
Liabilities, at fair value	(648)	(462)
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 | Asset swaps - other
FAIR VALUE
Derivative assets, at fair value	1,328	1,366
Derivative liabilities, at fair value	(648)	(462)
Consolidated Funds | Level III | Fixed income - collateralized loan obligations
FAIR VALUE
Fixed income securities		0
Consolidated Funds | Level III | Bonds
FAIR VALUE
Fixed income securities	1,649	7,041
Consolidated Funds | Level III | Loans
FAIR VALUE
Fixed income securities	$ 546,309	$ 260,848

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, 2018	Dec. 31, 2017
Consolidated Funds
Changes in the fair value of the Level III investments
Balance, beginning of period	$ 663,702	$ 541,931
Additions	47,335	15,872
Transfer in	86,995	45,526
Transfer out	(45,647)	(107,224)
Purchases	517,345	335,414
Sales/settlements	(309,947)	(231,141)
Amortized discounts/premiums	240	491
Realized and unrealized appreciation (depreciation), net	10,814	62,833
Balance, end of period	970,837	663,702
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	14,587	50,952
Consolidated Funds | Equity securities
Changes in the fair value of the Level III investments
Balance, beginning of period	162,577	130,690
Additions	506
Transfer in	0	0
Transfer out	0	(6,581)
Purchases	203	6,691
Sales/settlements	(21,141)	(3,701)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation (depreciation), net	8,607	35,478
Balance, end of period	150,752	162,577
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	8,686	33,990
Consolidated Funds | Fixed income asset
Changes in the fair value of the Level III investments
Balance, beginning of period	267,889	242,253
Additions	46,829	14,479
Transfer in	86,995	45,526
Transfer out	(45,647)	(100,643)
Purchases	492,142	240,723
Sales/settlements	(283,620)	(180,248)
Amortized discounts/premiums	380	247
Realized and unrealized appreciation (depreciation), net	(17,010)	5,552
Balance, end of period	547,958	267,889
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(13,157)	31
Consolidated Funds | Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	232,332	171,696
Additions	0
Transfer in	0	0
Transfer out	0	0
Purchases	25,000	88,000
Sales/settlements	(5,000)	(45,000)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation (depreciation), net	19,115	17,636
Balance, end of period	271,447	232,332
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	19,115	17,636
Consolidated Funds | Derivatives, Net
Changes in the fair value of the Level III investments
Balance, beginning of period	904	(2,708)
Additions	0	1,393
Transfer in	0	0
Transfer out	0	0
Purchases	0	0
Sales/settlements	(186)	(2,192)
Amortized discounts/premiums	(140)	244
Realized and unrealized appreciation (depreciation), net	102	4,167
Balance, end of period	680	904
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(57)	(705)
Ares Management L.P
Changes in the fair value of the Level III investments
Balance, beginning of period	239,927	122,521
Transfer in	250
Purchases	93,797	143,748
Sales/settlements	(222,934)	(39,047)
Deconsolidation of fund	78
Realized and unrealized appreciation (depreciation), net	(4,705)	12,705
Balance, end of period	106,413	239,927
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(4,353)	14,111
Total
Balance, beginning of period	0	22,156
Purchases		0
Sales/settlements		(1,000)
Expired contingent considerations		(1,000)
Realized and unrealized appreciation (depreciation), net		(20,156)
Balance, end of period		0
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date		0
Ares Management L.P | Equity securities
Changes in the fair value of the Level III investments
Balance, beginning of period	0
Transfer in	250
Purchases	1,000
Sales/settlements	0
Deconsolidation of fund	0
Realized and unrealized appreciation (depreciation), net	9,147
Balance, end of period	10,397	0
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	9,147
Ares Management L.P | Fixed income asset
Changes in the fair value of the Level III investments
Balance, beginning of period	195,158	89,111
Transfer in	0
Purchases	92,797	143,579
Sales/settlements	(222,934)	(39,047)
Deconsolidation of fund	78
Realized and unrealized appreciation (depreciation), net	(4,275)	1,515
Balance, end of period	60,824	195,158
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(3,923)	2,752
Ares Management L.P | Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	44,769	33,410
Purchases	0	169
Sales/settlements	0	0
Deconsolidation of fund	0
Realized and unrealized appreciation (depreciation), net	(9,577)	11,190
Balance, end of period	35,192	44,769
Increase (decrease) in unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ (9,577)	$ 11,359

FAIR VALUE (Valuation Technique

FAIR VALUE (Valuation Techniques) (Details) $ in Thousands	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
FAIR VALUE
Partnership interests	$ 861	$ 35,998
Consolidated Funds
FAIR VALUE
Common stock and other equity securities	196,470	235,135
Fixed income securities	7,205,248	5,115,375
Partnership interests	271,447	232,332
Collateralized loan obligations	6,678,091	4,963,194
Other fixed income	7,673,165	5,582,842
Derivative assets, at fair value	3,209	1,366
Total assets	7,676,374	5,584,208
Derivative liabilities, at fair value	(2,512)	(462)
Total liabilities	(6,680,603)	(4,963,656)
Consolidated Funds | Level III
FAIR VALUE
Common stock and other equity securities	150,752	162,577
Fixed income securities	547,958	267,889
Partnership interests	271,447	232,332
Collateralized loan obligations	0	0
Other fixed income	970,157	662,798
Derivative assets, at fair value	1,328	1,366
Total assets	971,485	664,164
Total liabilities	(648)	(462)
Consolidated Funds | Level III | Transaction price
FAIR VALUE
Common stock and other equity securities	$ 85,319	$ 38,081
Consolidated Funds | Level III | Other | Net income multiple
FAIR VALUE
Equity securities, input	38.8
Consolidated Funds | Level III | Other | Net income multiple | Minimum
FAIR VALUE
Equity securities, input		27
Consolidated Funds | Level III | Other | Net income multiple | Maximum
FAIR VALUE
Equity securities, input		36.2
Consolidated Funds | Level III | Other | Net income multiple | Weighted Average
FAIR VALUE
Equity securities, input	38.8	33.7
Consolidated Funds | Level III | Other | Illiquidity discount
FAIR VALUE
Equity securities, input		0.25
Consolidated Funds | Level III | Other | Illiquidity discount | Weighted Average
FAIR VALUE
Equity securities, input		0.25
Consolidated Funds | Level III | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Common stock and other equity securities		$ 126
Fixed income securities	$ 441,368	222,413
Derivative assets, at fair value	1,328	1,366
Derivative liabilities, at fair value	(648)	(462)
Consolidated Funds | Level III | Discounted cash flow
FAIR VALUE
Common stock and other equity securities	$ 271,447
Partnership interests		$ 232,332
Consolidated Funds | Level III | Discounted cash flow | Discount rate
FAIR VALUE
Partnership interests, input	0.208	0.190
Consolidated Funds | Level III | Discounted cash flow | Discount rate | Weighted Average
FAIR VALUE
Partnership interests, input	0.208	0.190
Consolidated Funds | Level III | Enterprise value market multiple analysis
FAIR VALUE
Common stock and other equity securities	$ 23,871	$ 63,155
Consolidated Funds | Level III | Enterprise value market multiple analysis | EBITDA multiple
FAIR VALUE
Equity securities, input		2.7
Consolidated Funds | Level III | Enterprise value market multiple analysis | EBITDA multiple | Minimum
FAIR VALUE
Equity securities, input	7.2
Consolidated Funds | Level III | Enterprise value market multiple analysis | EBITDA multiple | Maximum
FAIR VALUE
Equity securities, input	22.9
Consolidated Funds | Level III | Enterprise value market multiple analysis | EBITDA multiple | Weighted Average
FAIR VALUE
Equity securities, input	7.7	2.7
Consolidated Funds | Level III | Market approach
FAIR VALUE
Common stock and other equity securities	$ 41,562	$ 61,215
Fixed income securities		$ 233
Consolidated Funds | Level III | Market approach | EBITDA multiple
FAIR VALUE
Fixed income securities, input		6.5
Consolidated Funds | Level III | Market approach | EBITDA multiple | Weighted Average
FAIR VALUE
Fixed income securities, input		6.5
Consolidated Funds | Level III | Income approach
FAIR VALUE
Fixed income securities	$ 106,590	$ 45,243
Consolidated Funds | Level III | Income approach | Yield | Minimum
FAIR VALUE
Fixed income securities, input	0.010	0.108
Consolidated Funds | Level III | Income approach | Yield | Maximum
FAIR VALUE
Fixed income securities, input	0.148	0.225
Consolidated Funds | Level III | Income approach | Yield | Weighted Average
FAIR VALUE
Fixed income securities, input	0.096	0.121
Ares Management L.P
FAIR VALUE
Common stock and other equity securities	$ 11,681	$ 1,636
Partnership interests	36,053	80,767
Other fixed income	108,558	277,561
Derivative assets, at fair value	1,066	498
Total assets	109,624	278,059
Derivative liabilities, at fair value	(869)	(2,639)
Total liabilities	(869)	(2,639)
Ares Management L.P | Level III
FAIR VALUE
Common stock and other equity securities	10,397	0
Partnership interests	35,192	44,769
Other fixed income	106,413	239,927
Total assets	106,413	239,927
Total liabilities	0	0
Ares Management L.P | Level III | Transaction price
FAIR VALUE
Common stock and other equity securities	10,397
Ares Management L.P | Level III | Other
FAIR VALUE
Fixed income securities	40,000
Partnership interests	35,192	44,769
Ares Management L.P | Level III | Broker quotes and/or 3rd party pricing services
FAIR VALUE
Collateralized loan obligations	$ 20,824	$ 195,158
Ares Management L.P | Level III | Discounted cash flow | Discount rate
FAIR VALUE
Partnership interests, input	0.080

FAIR VALUE (Investments Using N

FAIR VALUE (Investments Using NAV per Share) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
FAIR VALUE
Fair Value	$ 861	$ 35,998
Unfunded Commitments	0	16,492
Non-core investments
FAIR VALUE
Fair Value	861	35,998
Unfunded Commitments	$ 0	$ 16,492

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Notional Amounts of Derivative Contracts) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Consolidated Funds
Assets
Notional amount, Assets	$ 7,107	$ 5,363
Derivative assets, at fair value	3,209	1,366
Liabilities
Notional amount, Liabilities	4,486	1,840
Fair Value, Liabilities	2,512	462
Consolidated Funds | Foreign exchange contracts
Assets
Notional amount, Assets	1,881	0
Derivative assets, at fair value	1,881	0
Liabilities
Notional amount, Liabilities	1,881	0
Fair Value, Liabilities	1,864	0
Consolidated Funds | Asset swap - other
Assets
Notional amount, Assets	5,226	5,363
Derivative assets, at fair value	1,328	1,366
Liabilities
Notional amount, Liabilities	2,605	1,840
Fair Value, Liabilities	648	462
Ares Management L.P
Assets
Notional amount, Assets	33,026	13,724
Derivative assets, at fair value	1,066	498
Liabilities
Notional amount, Liabilities	27,140	51,026
Fair Value, Liabilities	869	2,639
Ares Management L.P | Foreign exchange contracts
Assets
Notional amount, Assets	33,026	13,724
Derivative assets, at fair value	1,066	498
Liabilities
Notional amount, Liabilities	27,140	51,026
Fair Value, Liabilities	$ 869	$ 2,639

DERIVATIVE FINANCIAL INSTRUME_4

DERIVATIVE FINANCIAL INSTRUMENTS (Net Realized Gain/Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Consolidated Funds | Net realized gain (loss) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	$ (699)	$ 722	$ (2,330)
Consolidated Funds | Net change in unrealized appreciation (depreciation) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	(168)	1,809	8,611
Consolidated Funds | Foreign exchange contracts | Foreign currency forward contracts | Net realized gain (loss) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	96	(181)	(1,008)
Total net change in unrealized appreciation (depreciation) on investments	15	(529)	900
Consolidated Funds | Asset swaps - other | Swaps | Net realized gain (loss) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	(795)	903	(1,322)
Total net change in unrealized appreciation (depreciation) on investments	(183)	2,338	7,685
Consolidated Funds | Equity contracts | Warrants | Net realized gain (loss) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	0	0	26
Ares Management L.P | Net realized gain (loss) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	(1,197)	(1,830)	1,446
Ares Management L.P | Net change in unrealized appreciation (depreciation) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	2,338	(5,299)	2,222
Ares Management L.P | Interest rate contracts—Swaps | Net realized gain (loss) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	0	0	(337)
Ares Management L.P | Interest rate contracts—Swaps | Net change in unrealized appreciation (depreciation) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	0	0	214
Ares Management L.P | Foreign exchange contracts | Foreign currency forward contracts | Net realized gain (loss) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net realized gain (loss) on investments	(1,197)	(1,830)	1,783
Ares Management L.P | Foreign exchange contracts | Foreign currency forward contracts | Net change in unrealized appreciation (depreciation) on derivatives
DERIVATIVE FINANCIAL INSTRUMENTS
Total net change in unrealized appreciation (depreciation) on investments	$ 2,338	$ (5,299)	$ 2,008

DERIVATIVE FINANCIAL INSTRUME_5

DERIVATIVE FINANCIAL INSTRUMENTS (Setoff Rows) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Consolidated Funds
Derivatives, Assets
Gross Amounts of Recognized Assets	$ 8,942	$ 1,750
Gross Amounts Offset in Assets	(5,733)	(384)
Net Amounts of Assets Presented	3,209	1,366
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	0
Net amount	3,209	1,366
Derivatives, Liabilities
Gross Amounts of Recognized Liabilities	(8,245)	(846)
Gross Amounts Offset in Liabilities	5,733	384
Net Amounts of Liabilities Presented	(2,512)	(462)
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	0
Net Amount	(2,512)	(462)
Grand Total
Gross Amounts of Recognized Assets (Liabilities)	697	904
Net Amounts of Assets (Liabilities) Presented	697	904
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	0
Net Amount	697	904
Ares Management L.P
Derivatives, Assets
Gross Amounts of Recognized Assets	1,066	498
Gross Amounts Offset in Assets	0	0
Net Amounts of Assets Presented	1,066	498
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	(869)	(498)
Net amount	197	0
Derivatives, Liabilities
Gross Amounts of Recognized Liabilities	(869)	(2,639)
Gross Amounts Offset in Liabilities	0	0
Net Amounts of Liabilities Presented	(869)	(2,639)
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	(869)	(498)
Net Amount	0	(2,141)
Grand Total
Gross Amounts of Recognized Assets (Liabilities)	197	(2,141)
Net Amounts of Assets (Liabilities) Presented	197	(2,141)
Gross Amounts Not Offset in the Statement of Financial Position
Financial Instruments	0	0
Net Amount	$ 197	$ (2,141)

DEBT (Debt Obligations) (Detail

DEBT (Debt Obligations) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 31, 2014	Dec. 31, 2018	Dec. 31, 2017
Ares Management L.P
DEBT
Carrying Value		$ 480,952,000	$ 616,176,000
Credit Facility | Ares Management L.P
DEBT
Carrying Value		$ 235,000,000	$ 210,000,000
Interest Rate		4.00%	3.09%
Maximum borrowing capacity		$ 1,065,000,000
Unused commitment fees (as a percent)		0.20%
Interest rate (as a percent)		0.00%
Credit Facility | Base rate | Ares Management L.P
DEBT
Interest rate spread (as a percent)		0.50%
Credit Facility | LIBOR | Ares Management L.P
DEBT
Interest rate spread (as a percent)		1.50%
Senior Notes | Ares Management L.P
DEBT
Original Borrowing Amount		$ 250,000,000
Carrying Value		$ 245,952,000	$ 245,308,000
Interest Rate		4.21%	4.21%
Term Loan 2015
DEBT
Unused commitment fees (as a percent)		0.025%
Term Loan 2015 | Ares Management L.P
DEBT
Original Borrowing Amount		$ 0
Carrying Value		$ 0	$ 35,037,000
Interest Rate			2.86%
Term Loan 2016
DEBT
Unused commitment fees (as a percent)		0.03%
Term Loan 2016 | Ares Management L.P
DEBT
Original Borrowing Amount		$ 0
Carrying Value		0	$ 25,948,000
Interest Rate			3.08%
2017 Term Loan A | Ares Management L.P
DEBT
Original Borrowing Amount		0
Carrying Value		0	$ 17,407,000
Interest Rate			2.90%
2017 Term Loan B | Ares Management L.P
DEBT
Original Borrowing Amount		0
Carrying Value		0	$ 35,062,000
Interest Rate			2.90%
2017 Term Loan C | Ares Management L.P
DEBT
Original Borrowing Amount		0
Carrying Value		0	$ 17,078,000
Interest Rate			2.88%
2017 Term Loan D | Ares Management L.P
DEBT
Original Borrowing Amount		0
Carrying Value		$ 0	$ 30,336,000
Interest Rate			2.77%
AFC Notes | Ares Management L.P
DEBT
Debt issuance percentage	98.268%

DEBT (Debt Issuance Costs) (Det

DEBT (Debt Issuance Costs) (Details) - Ares Management L.P - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 6,543	$ 4,800
Debt issuance costs incurred	0	3,394
Amortization of debt issuance costs	(1,571)	(1,651)
Debt extinguishment expense	0
Unamortized debt issuance costs, ending balance	4,972	6,543
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	1,571	1,803
Debt issuance costs incurred	0	0
Amortization of debt issuance costs	(237)	(232)
Debt extinguishment expense	0
Unamortized debt issuance costs, ending balance	1,334	1,571
Term Loans
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	1,171	526
Debt issuance costs incurred	98	733
Amortization of debt issuance costs	(56)	(88)
Debt extinguishment expense	(1,213)
Unamortized debt issuance costs, ending balance	0	1,171
Repurchase Agreement Loan
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	0	0
Debt issuance costs incurred	259	0
Amortization of debt issuance costs	(7)	0
Debt extinguishment expense	(252)
Unamortized debt issuance costs, ending balance	$ 0	$ 0

DEBT (Loan Obligations of the C

DEBT (Loan Obligations of the Consolidated CLOs) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
DEBT
Repurchase agreement	$ 206,000,000
Consolidated Funds
DEBT
Fair Value of Loan Obligations	6,678,091,000	$ 4,963,194,000
Consolidated Funds | CLOs
DEBT
Loan Obligations	7,097,949,000	5,077,751,000
Fair Value of Loan Obligations	6,678,091,000	4,963,194,000
Consolidated Funds | Subordinated notes / preferred shares | CLOs
DEBT
Loan Obligations	455,333,000	276,169,000
Fair Value of Loan Obligations	$ 286,448,000	$ 186,311,000
Weighted Average Remaining Maturity In Years	11 years 2 months 15 days	11 years 3 months
Debt instrument face amount	$ 455,300,000
Consolidated Funds | Senior secured notes | CLOs
DEBT
Loan Obligations	6,642,616,000	$ 4,801,582,000
Fair Value of Loan Obligations	$ 6,391,643,000	$ 4,776,883,000
Weighted Average Remaining Maturity In Years	10 years 11 months 8 days	10 years 6 months 25 days
Debt instrument face amount	$ 6,600,000,000
Weighted average interest rate (as a percent)	4.93%
Ares Management L.P
DEBT
Loan Obligations	$ 480,952,000	$ 616,176,000
Ares Management L.P | CLOs
DEBT
Sell of CLOs	$ 219,300,000

DEBT (Credit Facilities of the

DEBT (Credit Facilities of the Consolidated Funds) (Details) - Consolidated Funds - USD ($)	Dec. 31, 2018	Dec. 31, 2017
DEBT
Total borrowings of Consolidated Funds	$ 209,284,000	$ 138,198,000
Maturing 01/01/23
DEBT
Total Capacity	18,000,000
Outstanding Loan	$ 14,953,000	$ 12,942,000
Effective Rate	3.98%	2.88%
Maturing 6/29/2019
DEBT
Total Capacity	$ 45,800,000
Outstanding Loan	$ 43,624,000	$ 48,042,000
Effective Rate	1.55%	1.55%
Interest rate (as a percent)	0.00%	0.00%
Maturing 3/7/2019
DEBT
Total Capacity	$ 71,500,000
Outstanding Loan	$ 71,500,000	$ 71,500,000
Effective Rate	3.47%	2.89%
Maturing 6/30/2021
DEBT
Total Capacity	$ 200,375,000
Outstanding Loan	$ 38,844,000	$ 0
Effective Rate	1.00%	0.00%
Maturing 7/15/2028
DEBT
Total Capacity	$ 75,000,000
Outstanding Loan	$ 39,000,000	$ 0
Effective Rate	4.75%	0.00%
Maturing 08/19/19
DEBT
Total Capacity	$ 11,429,000
Outstanding Loan	$ 0	$ 5,714,000
Effective Rate	0.00%	5.86%
Maturing 1/31/2022
DEBT
Total Capacity	$ 1,900,000
Outstanding Loan	$ 1,363,000	$ 0
Effective Rate	8.07%	0.00%

OTHER ASSETS (Details)

OTHER ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Other assets
Total other assets		$ 130,341
Consolidated Funds
Other assets
Income tax and other receivables	$ 4,456	1,989
Total other assets	4,456	1,989
Ares Management L.P
Other assets
Accounts and interest receivable	11,624	3,025
Fixed assets, net	65,069	61,151
Incentive fees receivable	49,697	22,611
Other assets	33,760	43,554
Total other assets	$ 160,150	$ 130,341

OTHER ASSETS (Depreciable asset

OTHER ASSETS (Depreciable assets) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Fixed assets, net
Depreciation expense	$ 16,100	$ 12,600	$ 8,200
Fixed assets full depreciated	5,600
Ares Management L.P
Fixed assets, net
Fixed assets, at cost	113,706	99,543
Less: accumulated depreciation	(48,637)	(38,392)
Fixed assets, net	65,069	61,151
Furniture | Ares Management L.P
Fixed assets, net
Fixed assets, at cost	9,536	9,303
Office and computer equipment | Ares Management L.P
Fixed assets, net
Fixed assets, at cost	21,671	19,164
Internal-use software | Ares Management L.P
Fixed assets, net
Fixed assets, at cost	29,005	19,055
Leasehold improvements | Ares Management L.P
Fixed assets, net
Fixed assets, at cost	$ 53,494	$ 52,021

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments			$ 267,600,000	$ 285,700,000
Future minimum commitments
2,019			32,039,000
2,020			26,799,000
2,021			20,765,000
2,022			22,502,000
2,023			20,290,000
Thereafter			45,141,000
Total			167,536,000
Performance Income
Carried interest, contingent repayment obligations			400,000	0
Performance Income
Performance Income
Performance fees subject to potential clawback provision			469,000,000	476,100,000
Performance fees subject to potential claw back provision that are reimbursable by professionals			364,400,000	370,000,000
General, administrative and other expense
Operating Leases
Rent expense			$ 30,500,000	26,100,000	$ 26,400,000
EIF Management, LLC
COMMITMENTS AND CONTINGENCIES
Unfunded commitment related to acquisition					$ 20,300,000
Increase (decrease) in contingent consideration liability		$ 20,300,000
Kayne Anderson Capital Advisors L.P.
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments				$ 16,500,000
ARCC | American Capital Ltd.
ARCC Fee Waiver
Maximum fees waived	$ 10,000,000
Term of fee waiver	30 months
Maximum amount shortfall not carry over	$ 10,000,000
Remaining term of fee waiver			9 months
Remaining fees waived			$ 30,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Jan. 03, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Jun. 21, 2019	Mar. 31, 2018	Dec. 31, 2015	Dec. 31, 2014
Ares Management L.P
Due from affiliates:
Due from affiliates		$ 199,377	$ 165,750
Due to affiliates:
Due to affiliates		82,411	39,184
Acquisition and merger-related expenses		0	275,177	$ 0
Ares Management L.P | Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds		151,455	126,506
Payments made on behalf of and amounts due from non-consolidated funds and employees		47,922	39,244
Due to affiliates:
Management fee rebate payable to non-consolidated funds		2,105	5,213
Management fees received in advance		5,491	1,729
Tax receivable agreement liability		24,927	3,503
Undistributed carried interest and incentive fees		31,162	24,542
Payments made by non-consolidated funds on behalf of and amounts due from the Company		$ 18,726	4,197
Ares Management L.P | Affiliated entity | ARCC
Due to affiliates:
Asset coverage percentage		200.00%
Management fee percentage		1.50%
Merger transaction	$ 4,200,000
Ares Management L.P | Affiliated entity | ARCC | Forecast
Due to affiliates:
Asset coverage percentage					150.00%
Management fee percentage					1.00%
Debt to equity ratio					1
Ares Management L.P | Affiliated entity | ACAS
Due to affiliates:
Acquisition and merger-related expenses	$ 275,200
Ares Management L.P | Affiliated entity | Rent and Other Occupancy Expenses | ARCC
Due to affiliates:
Due to affiliates		$ 11,800	2,200	$ 3,000		$ 600	$ 3,200	$ 2,900
Consolidated Funds
Due from affiliates:
Due from affiliates		17,609	15,884
Due to affiliates:
Due to affiliates		0	0
Consolidated Funds | Affiliated entity
Due from affiliates:
Due from affiliates		$ 17,609	$ 15,884

INCOME TAXES (Provision for Inc

INCOME TAXES (Provision for Income Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current:
Total current income tax expense (benefit)	$ 27,903	$ (15,477)	$ 30,846
Deferred:
Total deferred income tax expense (benefit)	4,299	(7,575)	(19,827)
Total:
Income tax expense (benefit)	32,202	(23,052)	11,019
Pro Forma
Current:
Total current income tax expense (benefit)		11,225	49,630
Deferred:
Total deferred income tax expense (benefit)		15,881	(8,973)
Total:
Income tax expense (benefit)		27,106	40,657
Ares Management L.P
Current:
U.S. federal income tax expense (benefit)	16,859	(21,559)	19,419
State and local income tax expense	4,306	454	3,706
Foreign income tax expense (benefit)	6,607	3,741	8,458
Total current income tax expense (benefit)	27,772	(17,364)	31,583
Deferred:
U.S. federal income tax expense (benefit)	10,572	(3,466)	(14,247)
State and local income tax benefit	(4,789)	(2,414)	(1,400)
Foreign income tax benefit	(1,484)	(1,695)	(4,180)
Total deferred income tax expense (benefit)	4,299	(7,575)	(19,827)
Total:
U.S. federal income tax expense (benefit)	27,431	(25,025)	5,172
State and local income tax expense (benefit)	(483)	(1,960)	2,306
Foreign income tax expense	5,123	2,046	4,278
Income tax expense (benefit)	32,071	(24,939)	11,756
Ares Management L.P | Pro Forma
Current:
U.S. federal income tax expense (benefit)		2,634	36,326
State and local income tax expense		2,963	5,583
Foreign income tax expense (benefit)		3,741	8,458
Total current income tax expense (benefit)		9,338	50,367
Deferred:
U.S. federal income tax expense (benefit)		18,297	(4,306)
State and local income tax benefit		(721)	(487)
Foreign income tax benefit		(1,695)	(4,180)
Total deferred income tax expense (benefit)		15,881	(8,973)
Total:
U.S. federal income tax expense (benefit)		20,931	32,020
State and local income tax expense (benefit)		2,242	5,096
Foreign income tax expense		2,046	4,278
Income tax expense (benefit)		25,219	41,394
Consolidated Funds
Current:
Foreign income tax expense (benefit)	131	1,887	(737)
Total current income tax expense (benefit)	$ 131	1,887	(737)
Consolidated Funds | Pro Forma
Current:
Foreign income tax expense (benefit)		1,887	(737)
Total current income tax expense (benefit)		$ 1,887	$ (737)

INCOME TAXES (Effective Income

INCOME TAXES (Effective Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income taxes
Income tax expense at federal statutory rate	21.00%	35.00%	35.00%
Income passed through to non-controlling interests	(9.90%)	(51.10%)	(27.60%)
State and local taxes, net of federal benefit	2.10%	(1.40%)	0.90%
Foreign taxes	0.30%	0.30%	(0.90%)
Permanent items	(0.80%)	0.30%	(2.20%)
Tax Cuts and Jobs Act	(0.40%)	(0.40%)	0.00%
Corporate conversion expense	5.40%	0.00%	0.00%
Other, net	(0.30%)	0.40%	(1.70%)
Valuation allowance	0.10%	1.30%	0.20%
Total effective rate	17.50%	(15.60%)	3.70%
Pro Forma
Income taxes
Income tax expense at federal statutory rate		35.00%	35.00%
Income passed through to non-controlling interests		(23.20%)	(18.30%)
State and local taxes, net of federal benefit		0.40%	1.50%
Foreign taxes		0.30%	(0.90%)
Permanent items		0.30%	(2.20%)
Tax Cuts and Jobs Act		3.30%	0.00%
Corporate conversion expense		0.00%	0.00%
Other, net		0.40%	(1.70%)
Valuation allowance		1.30%	0.20%
Total effective rate		17.80%	13.60%

INCOME TAXES (Deferred Taxes) (

INCOME TAXES (Deferred Taxes) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Ares Management L.P
Deferred tax assets
Net operating losses	$ 865	$ 2,827
Investment in partnerships	11,527	0
Tax basis step-up for AOG exchanges	25,928	1,775
Other, net	5,416	4,767
Total gross deferred tax assets	43,736	9,369
Valuation allowance	(22)	(15)
Total deferred tax assets, net	43,714	9,354
Deferred tax liabilities
Investment in partnerships	(1,577)	(1,028)
Total deferred tax liabilities	(1,577)	(1,028)
Net deferred tax assets	42,137	8,326
Ares Management L.P | Pro Forma
Deferred tax assets
Net operating losses		2,827
Investment in partnerships		(10,552)
Tax basis step-up for AOG exchanges		1,775
Other, net		4,767
Total gross deferred tax assets		(1,183)
Valuation allowance		(15)
Total deferred tax assets, net		(1,198)
Deferred tax liabilities
Investment in partnerships		(1,028)
Total deferred tax liabilities		(1,028)
Net deferred tax liabilities		(2,226)
Consolidated Funds
Deferred tax assets
Net operating losses	5,525	4,703
Other, net	2,173	2,173
Total gross deferred tax assets	7,698	6,876
Valuation allowance	(7,698)	(6,876)
Total deferred tax assets, net	$ 0	0
Consolidated Funds | Pro Forma
Deferred tax assets
Net operating losses		4,703
Other, net		2,173
Total gross deferred tax assets		6,876
Valuation allowance		(6,876)
Total deferred tax assets, net		$ 0

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 39.8
Increase (decrease) in valuation allowance	$ 0.8	$ 1.9

EARNINGS PER SHARE (Antidilutiv

EARNINGS PER SHARE (Antidilutive) (Details) - shares	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Ares Operating Group
Earnings per common share
Antidilutive securities excluded from calculation of earnings per common unit (in units)	121,296,583	130,244,013	131,499,652
Options
Earnings per common share
Antidilutive securities excluded from calculation of earnings per common unit (in units)	19,194,615	21,001,916	22,781,597
Restricted units
Earnings per common share
Antidilutive securities excluded from calculation of earnings per common unit (in units)	15,970,004	14,105,481	47,182

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended								12 Months Ended
		Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Basic
Net income attributable to Ares Management Corporation Class A common stockholders		$ 6,512	$ 10,485	$ (17,200)	$ 35,523	$ 34,171	$ 22,413	$ 44,453	$ (46,559)	$ 35,320	$ 54,478	$ 99,632
Distributions on unvested restricted units										(6,948)	(3,588)	(1,257)
Preferred stock dividends										0	0	(8)
Net income available to Class A common stockholders										$ 28,372	$ 50,890	$ 98,367
Basic weighted-average common shares (in shares)	[1]									96,023,147	81,838,007	80,749,671
Basic earnings per common share (in dollars per share)		$ 0.05	$ 0.09	$ (0.20)	$ 0.39	$ 0.40	$ 0.26	$ 0.54	$ (0.58)
Diluted
Net income attributable to Ares Management Corporation Class A common stockholders		$ 6,512	$ 10,485	$ (17,200)	$ 35,523	$ 34,171	$ 22,413	$ 44,453	$ (46,559)	$ 35,320	$ 54,478	$ 99,632
Distributions on unvested restricted units										(6,948)	(3,588)	0
Preferred stock dividends										0	0	(8)
Net income available to Class A common stockholders										$ 28,372	$ 50,890	$ 99,624
Diluted weighted-average common share (in shares)	[1]									96,023,147	81,838,007	82,937,030
Diluted earnings per common share (in dollars per share)		$ 0.05	$ 0.09	$ (0.20)	$ 0.28	$ 0.39	$ 0.26	$ 0.53	$ (0.58)
Dividend declared and paid per common share (in dollars per share)			$ 0.28	$ 0.28	$ 0.24	$ 0.25	$ 0.41	$ 0.31	$ 0.13	$ 0.28
Restricted units
Diluted
Restricted units										0	0	2,187,359
Common Class A
Basic
Basic earnings per common share (in dollars per share)										$ 0.30	$ 0.62	$ 1.22
Diluted
Diluted earnings per common share (in dollars per share)										0.30	0.62	1.20
Dividend declared and paid per common share (in dollars per share)										$ 1.33	$ 1.13	$ 0.83
[1]	(1) Years ended December 31, 2017 and 2016 represent common units.

EQUITY COMPENSATION (Equity Inc

EQUITY COMPENSATION (Equity Incentive Plan) (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2014	Jan. 01, 2018
Equity compensation
Equity compensation expense		$ 89,724	$ 69,711	$ 39,065
Restricted units
Equity compensation
Stock to be settled (in units)	2,000,000	4,957,869
Equity compensation expense		$ 74,441	54,339	21,894
Restricted units with a market condition
Equity compensation
Stock to be settled (in units)	666,666	1,333,334
Equity compensation expense		$ 1,524	0	0
Options
Equity compensation
Granted (in units)		0
Equity compensation expense		$ 12,449	13,848	15,450
Phantom units
Equity compensation
Equity compensation expense		$ 1,310	$ 1,524	$ 1,721
Ares Management L.P
Equity compensation
Total number of units available for grant under the Equity Incentive Plan		27,281,855				31,853,504
IPO | Restricted units
Equity compensation
Stock to be settled (in units)					4,936,051
IPO | Options
Equity compensation
Granted (in units)					24,835,227
IPO | Phantom units
Equity compensation
Stock to be settled (in units)					686,395

EQUITY COMPENSATION (Restricted

EQUITY COMPENSATION (Restricted Units) (Details) - USD ($) $ / shares in Units, $ in Millions	Dec. 17, 2018	Sep. 14, 2018	Jul. 31, 2018	Jun. 15, 2018	Apr. 16, 2018	Feb. 28, 2018	Jul. 31, 2018	Dec. 31, 2018
Equity compensation
Quarterly distribution declared (in dollars per unit)	$ 0.28	$ 0.28		$ 0.28	$ 0.0933	$ 0.40
Distribution equivalents made to holders								$ 21.5
Restricted units
Units
Balance at the beginning of the period (in units)								13,751,888
Granted (in units)							2,000,000	4,957,869
Vested (in units)								(2,035,909)
Forfeited (in units)								(418,373)
Balance at the end of the period (in units)								16,255,475
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)								$ 17.58
Granted (in dollars per share)								22.86
Vested (in dollars per share)								17.12
Forfeited (in dollars per share)								19.15
Balance at the end of the period (in dollars per share)								$ 19.21
Unrecognized compensation expenses								$ 200.3
Weighted average period of compensation expense expected to be recognized								3 years 3 months 3 days
Contingent Vesting Units Awards
Units
Granted (in units)							1,333,334
Restricted units with a market condition
Units
Balance at the beginning of the period (in units)								0
Granted (in units)							666,666	1,333,334
Vested (in units)								0
Forfeited (in units)								0
Balance at the end of the period (in units)								1,333,334
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)								$ 0
Granted (in dollars per share)								9.30
Vested (in dollars per share)								0
Forfeited (in dollars per share)								0
Balance at the end of the period (in dollars per share)								$ 9.30
Unrecognized compensation expenses								$ 10.9
Weighted average period of compensation expense expected to be recognized								3 years 1 month 17 days
Third Anniversary of Grant Date | Restricted units
Equity compensation
Annual award vesting percentage								33.33%
Third Anniversary of Grant Date | Restricted units with a market condition
Units
Granted (in units)			666,667
Weighted Average Grant Date Fair Value
Balance at the end of the period (in dollars per share)			$ 10.92				$ 10.92
First Anniversary of Grant Date | Restricted units
Equity compensation
Annual award vesting percentage								25.00%
First Anniversary of Grant Date | Restricted units with a market condition
Units
Granted (in units)			666,667
Weighted Average Grant Date Fair Value
Balance at the end of the period (in dollars per share)			$ 7.68				$ 7.68

EQUITY COMPENSATION (Restrict_2

EQUITY COMPENSATION (Restricted Units Awards with a Market Condition) (Details) - Restricted units with a market condition - USD ($) $ / shares in Units, $ in Millions	Jul. 31, 2018	Jul. 31, 2018	Dec. 31, 2018	Dec. 31, 2018	Jul. 31, 2018
Equity compensation
Grant date fair value (USD per share)			$ 0	$ 9.30
Valuation assumptions
Closing price of the Company common share as of valuation date (USD per share)				$ 20.95
Risk-free interest rate			2.95%
Volatility			30.00%
Dividend yield			5.00%
Cost of equity			10.00%
Units
Balance at the beginning of the period (in units)			0
Granted (in units)		666,666	1,333,334
Vested (in units)			0
Forfeited (in units)			0
Balance at the end of the period (in units)			1,333,334
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)			$ 0
Granted (in dollars per share)			9.30
Vested (in dollars per share)			0
Forfeited (in dollars per share)			0
Balance at the end of the period (in dollars per share)			$ 9.30
Unrecognized compensation expenses				$ 10.9
Weighted average period of compensation expense expected to be recognized			3 years 1 month 17 days
Tranche I
Equity compensation
Weighted average closing price (USD per hare)					$ 35
Grant date fair value (USD per share)	$ 10.92	$ 10.92			10.92
Vesting period	3 years
Units
Granted (in units)	666,667
Weighted Average Grant Date Fair Value
Balance at the end of the period (in dollars per share)	$ 10.92	10.92
Tranche II
Equity compensation
Weighted average closing price (USD per hare)					45
Grant date fair value (USD per share)	$ 7.68	7.68			$ 7.68
Vesting period	4 years 3 months 18 days
Units
Granted (in units)	666,667
Weighted Average Grant Date Fair Value
Balance at the end of the period (in dollars per share)	$ 7.68	$ 7.68

EQUITY COMPENSATION (Options) (

EQUITY COMPENSATION (Options) (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Equity compensation
Number of common units which holder is entitle to purchase	1
Term of option	P10Y
Unrecognized compensation expenses	$ 4,600
Weighted average period of compensation expense expected to be recognized	4 months 17 days
Stock option exercise	$ 1,000
Options
Balance at the beginning of the period (in units)	20,495,025
Granted (in units)	0
Expired (in units)	(907,046)
Exercised (in units)	(50,000)
Forfeited (in units)	(796,475)
Balance at the end of the period (in units)	18,741,504	20,495,025
Exercisable at the end of the period (in units)	13,032,852
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per unit)	$ 18.99
Granted (in dollars per unit)	0
Expired (in dollars per unit)	19
Exercised (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)		6 years 1 month 2 days
Expected to vest at the end of the period	4 years 10 months 17 days
Exercisable at the end of the period	4 years 7 months 27 days
Aggregate Intrinsic Value
Balance - January 1, 2018	$ 20,611
Exercised	90
Exercisable at December 31, 2018	0	$ 20,611
Exercisable at December 31, 2018	$ 0

EQUITY COMPENSATION (Phantom Un

EQUITY COMPENSATION (Phantom Units) (Details) - Phantom units $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
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) | shares	156,153
Vested (in units) | shares	(70,352)
Forfeited (in units) | shares	(19,514)
Balance at the end of the period (in units) | shares	66,287
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)	$ 19
Vested (in dollars per share)	19
Forfeited (in dollars per share)	19
Balance at the end of the period (in dollars per share)	19
Share price (USD per share)	$ 17.78
Unrecognized compensation expenses | $	$ 0.4
Weighted average period of compensation expense expected to be recognized	4 months 17 days
Cash paid to settle awards | $	$ 1.6

EQUITY (Common Stock) (Details)

EQUITY (Common Stock) (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Increase (Decrease) in Stockholders' Equity
Balance - January 1, 2018	0
Units conversions	101,531,175
Vesting of restricted stock awards	35,801
Balance outstanding - December 31, 2018	101,595,096
Common Class A
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares issued (in shares)	101,594,095
Increase (Decrease) in Stockholders' Equity
Balance - January 1, 2018	0
Units conversions	101,530,174
Vesting of restricted stock awards	35,801
Balance outstanding - December 31, 2018	101,594,095
Common Class B
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares issued (in shares)	1,000
Increase (Decrease) in Stockholders' Equity
Balance - January 1, 2018	0
Units conversions	1,000
Vesting of restricted stock awards	0
Balance outstanding - December 31, 2018	1,000
Common Class C
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01
Common stock, shares issued (in shares)	1
Increase (Decrease) in Stockholders' Equity
Balance - January 1, 2018	0
Units conversions	1
Vesting of restricted stock awards	0
Balance outstanding - December 31, 2018	1
AOG
Increase (Decrease) in Stockholders' Equity
Units conversions	28,120
AOG | Common Class A
Increase (Decrease) in Stockholders' Equity
Units conversions	28,120
AOG | Common Class B
Increase (Decrease) in Stockholders' Equity
Units conversions	0
AOG | Common Class C
Increase (Decrease) in Stockholders' Equity
Units conversions	0

EQUITY (Preferred Stock) (Detai

EQUITY (Preferred Stock) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Jul. 31, 2018	Dec. 31, 2017
Class of Stock [Line Items]
Dividend rate, percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.01
Redemption price (dollars per unit)	$ 25
Preferred Shares
Class of Stock [Line Items]
Authorized amount in preferred share buyback		$ 50,000,000
Preferred Equity
Class of Stock [Line Items]
Partners' capital (in units)	12,400,000		12,400,000

EQUITY (AOG Units Exchange) (De

EQUITY (AOG Units Exchange) (Details) - Alleghany - shares	3 Months Ended	9 Months Ended
	Mar. 31, 2018	Sep. 30, 2018
AOG
Class of Stock [Line Items]
Shares converted (in shares)	9,750,000	2,750,000
Ares Management L.P
Class of Stock [Line Items]
Shares issued (in shares)	9,750,000	2,750,000

EQUITY (Common Share Offering)

EQUITY (Common Share Offering) (Details) - USD ($)	Mar. 12, 2018	Apr. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Class of Stock [Line Items]
AOG Units (in units)			218,613,369	212,356,696
Direct Ownership Interest			100.00%	100.00%
AOG
Class of Stock [Line Items]
AOG Units (in units)			101,594,095	82,280,033
Direct Ownership Interest			46.47%	38.75%
Daily Average Ownership			44.19%	38.59%	38.04%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG Units (in units)			117,019,274	117,576,663
Direct Ownership Interest			53.53%	55.36%
Daily Average Ownership			53.99%	55.52%	56.07%
Affiliate of Alleghany Corporation
Class of Stock [Line Items]
AOG Units (in units)			0	12,500,000
Direct Ownership Interest			0.00%	5.89%
Daily Average Ownership			1.82%	5.89%	5.89%
Secondary Offering
Class of Stock [Line Items]
Number of units sold (in units)	15,000,000
Fees related to secondary offering	$ 500,000
Secondary Offering | Ares Management L.P
Class of Stock [Line Items]
Number of units sold (in units)	5,000,000
Proceeds from sale of equity	$ 105,900,000
Secondary Offering | ADIA
Class of Stock [Line Items]
Number of units sold (in units)	10,000,000
Proceeds from sale of equity	$ 0
Underwriting | Ares Management L.P
Class of Stock [Line Items]
Number of units sold (in units)		1,130,000

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) $ in Billions	12 Months Ended
	Dec. 31, 2018USD ($)segmentfund
Segment reporting
Number operating segments | segment	3
Ares Management L.P | Credit
Segment reporting
Assets under management | $	$ 95.9
Number of funds managed	156
Ares Management L.P | Private Equity
Segment reporting
Assets under management | $	$ 23.5
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	2
Ares Management L.P | Real Estate
Segment reporting
Assets under management | $	$ 11.3
Number of funds managed	43

SEGMENT REPORTING (Operating Se

SEGMENT REPORTING (Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment reporting
Revenues	$ 247,432	$ 240,777	$ 204,163	$ 266,089	$ 375,100	$ 288,402	$ 572,197	$ 244,244
Financial results for the Company's operating segments, as well as the OMG
Assets	10,154,692				8,563,522				$ 10,154,692	$ 8,563,522	$ 5,829,712
Operating segment
Financial results for the Company's operating segments, as well as the OMG
Fee related earnings									457,355	404,048	330,446
Performance income—realized									(357,207)	(317,787)	(292,998)
Performance related compensation—realized									251,597	242,330	198,264
Realized income									592,691	509,422	475,594
Assets	2,142,453				2,399,479				2,142,453	2,399,479	2,101,709
OMG
Financial results for the Company's operating segments, as well as the OMG
Compensation and benefits									(126,117)	(112,233)	(97,777)
General, administrative and other expenses									(75,926)	(74,825)	(60,319)
Fee related earnings									(202,043)	(187,058)	(158,096)
Performance income—realized									0	0	0
Performance related compensation—realized									0	0	0
Realized net performance income									0	0	0
Investment income (loss)—realized									4,790	3,880	(14,606)
Interest and other investment income—realized									2,184	1,142	163
Interest expense									(2,226)	(1,946)	(2,727)
Realized net investment income (loss)									4,748	3,076	(17,170)
Realized income									(197,295)	(183,982)	(175,266)
Assets	65,961				119,702				65,961	119,702	74,383
Total
Financial results for the Company's operating segments, as well as the OMG
Compensation and benefits									(456,255)	(413,735)	(384,715)
General, administrative and other expenses									(149,465)	(136,531)	(114,737)
Fee related earnings									255,312	216,990	172,350
Performance income—realized									357,207	317,787	292,998
Performance related compensation—realized									(251,597)	(242,330)	(198,264)
Realized net performance income									105,610	75,457	94,734
Investment income (loss)—realized									36,507	39,141	10,026
Interest and other investment income—realized									19,415	15,071	41,199
Interest expense									(21,448)	(21,219)	(17,981)
Realized net investment income (loss)									34,474	32,993	33,244
Realized income									395,396	325,440	300,328
Assets	2,208,414				2,519,181				2,208,414	2,519,181	2,176,092
Ares Management L.P
Segment reporting
Revenues									958,461	1,479,943	1,254,373
Financial results for the Company's operating segments, as well as the OMG
Compensation and benefits									(570,380)	(514,109)	(447,725)
Ares Management L.P | Affiliated entity | ARCC
Financial results for the Company's operating segments, as well as the OMG
Management fees, part I fees									128,805	105,467	121,181
Ares Management L.P | Operating segment
Financial results for the Company's operating segments, as well as the OMG
Compensation and benefits									(330,138)	(301,502)	(286,938)
General, administrative and other expenses									(73,539)	(61,706)	(54,418)
Fee related earnings									457,355	404,048	330,446
Performance income—realized									357,207	317,787	292,998
Performance related compensation—realized									(251,597)	(242,330)	(198,264)
Realized net performance income									105,610	75,457	94,734
Investment income (loss)—realized									31,717	35,261	24,632
Interest and other investment income—realized									17,231	13,929	41,036
Interest expense									(19,222)	(19,273)	(15,254)
Realized net investment income (loss)									29,726	29,917	50,414
Realized income									592,691	509,422	475,594
Assets	2,142,453				2,399,479				2,142,453	2,399,479	2,101,709
Ares Management L.P | Operating segment | Credit Group
Financial results for the Company's operating segments, as well as the OMG
Compensation and benefits									(216,843)	(193,347)	(184,571)
General, administrative and other expenses									(43,934)	(33,626)	(29,136)
Fee related earnings									327,369	275,323	240,910
Performance income—realized									121,270	21,087	51,435
Performance related compensation—realized									(75,541)	(9,218)	(11,772)
Realized net performance income									45,729	11,869	39,663
Investment income (loss)—realized									2,492	7,102	4,928
Interest and other investment income—realized									10,350	10,192	22,547
Interest expense									(11,386)	(12,405)	(8,609)
Realized net investment income (loss)									1,456	4,889	18,866
Realized income									374,554	292,081	299,439
Assets	729,930				837,562				729,930	837,562	650,435
Ares Management L.P | Operating segment | Private Equity Group
Financial results for the Company's operating segments, as well as the OMG
Compensation and benefits									(74,672)	(68,569)	(61,276)
General, administrative and other expenses									(18,482)	(17,561)	(14,679)
Fee related earnings									106,036	113,863	73,379
Performance income—realized									139,820	287,092	230,162
Performance related compensation—realized									(111,764)	(228,774)	(184,072)
Realized net performance income									28,056	58,318	46,090
Investment income (loss)—realized									17,816	22,625	18,773
Interest and other investment income—realized									4,624	3,226	16,891
Interest expense									(6,000)	(5,218)	(5,589)
Realized net investment income (loss)									16,440	20,633	30,075
Realized income									150,532	192,814	149,544
Assets	942,928				1,255,454				942,928	1,255,454	1,218,412
Ares Management L.P | Operating segment | Real Estate Group
Financial results for the Company's operating segments, as well as the OMG
Compensation and benefits									(38,623)	(39,586)	(41,091)
General, administrative and other expenses									(11,123)	(10,519)	(10,603)
Fee related earnings									23,950	14,862	16,157
Performance income—realized									96,117	9,608	11,401
Performance related compensation—realized									(64,292)	(4,338)	(2,420)
Realized net performance income									31,825	5,270	8,981
Investment income (loss)—realized									11,409	5,534	931
Interest and other investment income—realized									2,257	511	1,598
Interest expense									(1,836)	(1,650)	(1,056)
Realized net investment income (loss)									11,830	4,395	1,473
Realized income									67,605	24,527	26,611
Assets	$ 469,595				$ 306,463				469,595	306,463	232,862
Management fees | OMG
Segment reporting
Revenues									0	0	0
Management fees | Total
Segment reporting
Revenues									836,744	744,825	659,451
Management fees | Ares Management L.P
Segment reporting
Revenues									802,502	722,419	642,068
Management fees | Ares Management L.P | Operating segment
Segment reporting
Revenues									836,744	744,825	659,451
Management fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Revenues									564,899	481,466	444,664
Management fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Revenues									198,182	198,498	147,790
Management fees | Ares Management L.P | Operating segment | Real Estate Group
Segment reporting
Revenues									73,663	64,861	66,997
Other fees | OMG
Segment reporting
Revenues									0	0	0
Other fees | Total
Segment reporting
Revenues									24,288	22,431	12,351
Other fees | Ares Management L.P | Operating segment
Segment reporting
Revenues									24,288	22,431	12,351
Other fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Revenues									23,247	20,830	9,953
Other fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Revenues									1,008	1,495	1,544
Other fees | Ares Management L.P | Operating segment | Real Estate Group
Segment reporting
Revenues									$ 33	$ 106	$ 854

SEGMENT REPORTING (Revenue, Exp

SEGMENT REPORTING (Revenue, Expenses and Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Segment Revenues
Revenues	$ 247,432	$ 240,777	$ 204,163	$ 266,089	$ 375,100	$ 288,402	$ 572,197	$ 244,244
Total revenues									$ 1,218,239	$ 1,085,043	$ 964,800
Segment Expenses
Expenses	$ 215,874	$ 227,188	$ 221,017	$ 206,283	$ 310,967	$ 254,127	$ 448,197	$ 491,467	870,362	1,504,758	1,016,420
Operating segment
Segment Revenues
Performance income—realized									(357,207)	(317,787)	(292,998)
Segment Expenses
Performance related compensation—realized									(251,597)	(242,330)	(198,264)
Ares Management L.P
Segment Revenues
Revenues									958,461	1,479,943	1,254,373
Segment Expenses
Compensation and benefits									570,380	514,109	447,725
Expenses									870,362	1,504,758	1,016,420
Ares Management L.P | Operating segment
Segment Revenues
Performance income—realized									357,207	317,787	292,998
Total revenues									1,218,239	1,085,043	964,800
Segment Expenses
Compensation and benefits									330,138	301,502	286,938
General, administrative and other expenses									73,539	61,706	54,418
Performance related compensation—realized									251,597	242,330	198,264
Expenses									655,274	605,538	539,620
Segment Realized Net Investment Income
Investment income (loss)—realized									31,717	35,261	24,632
Interest and other investment income—realized									17,231	13,929	41,036
Interest expense									(19,222)	(19,273)	(15,254)
Realized net investment income (loss)									29,726	29,917	50,414
Affiliated entity | ARCC | Ares Management L.P
Segment Realized Net Investment Income
Management fees, part I fees									128,805	105,467	121,181
Management fees | Ares Management L.P
Segment Revenues
Revenues									802,502	722,419	642,068
Management fees | Ares Management L.P | Operating segment
Segment Revenues
Revenues									836,744	744,825	659,451
Other fees | Ares Management L.P | Operating segment
Segment Revenues
Revenues									$ 24,288	$ 22,431	$ 12,351

SEGMENT REPORTING (Revenue Reco

SEGMENT REPORTING (Revenue Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Revenue adjustment
Revenues									$ 1,218,239	$ 1,085,043	$ 964,800
Revenues	$ 247,432	$ 240,777	$ 204,163	$ 266,089	$ 375,100	$ 288,402	$ 572,197	$ 244,244
Ares Management L.P
Revenue adjustment
Revenues									958,461	1,479,943	1,254,373
Operating segment
Revenue adjustment
Performance income—unrealized									(247,212)	325,915	228,472
Operating segment | Ares Management L.P
Revenue adjustment
Revenues									1,218,239	1,085,043	964,800
Performance income—unrealized									247,212	(325,915)	(228,472)
Reconciling items
Revenue adjustment
Revenues									259,778	(394,900)	(289,573)
Net Investment Income									(1,047)	(89,031)	(50,408)
Reconciling items | Non-Controlling interest | Subsidiaries
Revenue adjustment
Revenues									44	74	0
Reconciling items | Performance fees reclass
Revenue adjustment
Performance fee reclass									205	1,936	2,479
Management fees | Ares Management L.P
Revenue adjustment
Revenues									802,502	722,419	642,068
Management fees | Operating segment | Ares Management L.P
Revenue adjustment
Revenues									836,744	744,825	659,451
Management fees | Consolidated Funds | Eliminations
Revenue adjustment
Revenues									34,242	22,406	17,383
Carried interest allocation | Ares Management L.P
Revenue adjustment
Revenues									42,410	620,454	494,580
Carried interest allocation | Consolidated Funds | Eliminations
Revenue adjustment
Revenues									0	1,017	(2,926)
Incentive fees | Ares Management L.P
Revenue adjustment
Revenues									63,380	16,220	23,272
Incentive fees | Consolidated Funds | Eliminations
Revenue adjustment
Revenues									4,000	4,075	4,065
Principal investment income (loss) | Ares Management L.P
Revenue adjustment
Revenues									(1,455)	64,444	55,168
Principal investment income (loss) | Consolidated Funds | Eliminations
Revenue adjustment
Revenues									2,502	24,587	(4,760)
Administrative, transaction and other fees
Revenue adjustment
Revenues									0	0	0
Administrative, transaction and other fees | Ares Management L.P
Revenue adjustment
Revenues									51,624	56,406	39,285
Administrative, transaction and other fees | Reconciling items
Revenue adjustment
Revenues									$ (27,380)	$ (34,049)	$ (26,934)

SEGMENT REPORTING (Expenses) (D

SEGMENT REPORTING (Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Expenses adjustment
Expenses	$ 215,874	$ 227,188	$ 221,017	$ 206,283	$ 310,967	$ 254,127	$ 448,197	$ 491,467	$ 870,362	$ 1,504,758	$ 1,016,420
Equity compensation expense									89,724	69,711	39,065
Depreciation expense									16,100	12,600	8,200
Ares Management L.P
Expenses adjustment
Expenses									870,362	1,504,758	1,016,420
Acquisition and merger-related expenses									0	275,177	0
Due to affiliates	82,411				39,184				82,411	39,184
Operating segment
Expenses adjustment
Acquisition and merger-related expenses									2,936	259,899	(16,902)
Equity compensation expense									89,724	69,711	39,065
Placement fees and underwriting costs									20,343	19,765	6,424
Amortization of intangibles									9,032	17,850	26,638
Depreciation expense									16,055	12,631	8,215
Operating segment | Ares Management L.P
Expenses adjustment
Expenses									655,274	605,538	539,620
Performance related compensation—unrealized									221,343	(237,392)	(189,582)
Reconciling items
Expenses adjustment
Expenses									(215,088)	(899,220)	(476,800)
Administrative fees									(27,380)	(34,049)	(26,934)
Acquisition and merger-related expenses									(2,936)	(280,055)	(773)
Equity compensation expense									(89,724)	(69,711)	(39,065)
Placement fees and underwriting costs									(20,343)	(19,765)	(6,424)
Amortization of intangibles									(9,032)	(17,850)	(26,638)
Depreciation expense									(16,055)	(12,631)	(8,215)
Other expenses									(11,836)	0	0
Reconciling items | Non-Controlling interest | Subsidiaries
Expenses adjustment
Expenses									(3,318)	(1,689)	0
OMG
Expenses adjustment
Expenses									(202,043)	(187,058)	(158,096)
Consolidated Funds
Expenses adjustment
Due to affiliates	0				0				0	0
Consolidated Funds | Reconciling items
Expenses adjustment
Expenses of Consolidated Funds added in consolidation									(92,006)	(65,501)	(42,520)
Expenses of Consolidated Funds eliminated in consolidation									38,242	26,481	21,447
Rent and Other Occupancy Expenses | Affiliated entity | ARCC | Ares Management L.P
Expenses adjustment
Due to affiliates	$ 11,800			$ 600	$ 2,200				$ 11,800	$ 2,200	$ 3,000	$ 3,200	$ 2,900

SEGMENT REPORTING (Other Income

SEGMENT REPORTING (Other Income (Expense)) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other income adjustment
Total segment realized net investment income	$ (12,678)	$ 38,754	$ 67,926	$ 2,240	$ 72,810	$ 54,149	$ (8,920)	$ 56,635	$ 96,242	$ 174,674	$ 59,967
Ares Management L.P
Other income adjustment
Other income (expense), net									(851)	19,470	35,650
Change in value of contingent consideration									0	20,156	17,674
Other (income) expense									(10)	1,731	0
Total segment realized net investment income									96,242	174,674	59,967
Operating segment
Other income adjustment
Investment (income) loss—unrealized									49,474	(44,992)	(19,976)
Other (income) expense									(13,489)	1,042	1,728
Operating segment | Ares Management L.P
Other income adjustment
Investment (income) loss—unrealized									49,241	(46,860)	(16,653)
Interest and other investment (income) loss—unrealized									233	1,868	(3,323)
Total segment realized net investment income									29,726	29,917	50,414
Reconciling items
Other income adjustment
Principal investment income									1,047	89,031	50,408
Change in value of contingent consideration									0	(20,156)	(17,675)
Other (income) expense									1,653	(1,042)	(1,728)
Total segment realized net investment income									(66,516)	(144,757)	(9,553)
Reconciling items | Subsidiaries | Non-Controlling interest
Other income adjustment
Total segment realized net investment income									(19)	(24)	0
Reconciling items | Performance fees reclass
Other income adjustment
Performance fee reclass									(205)	(1,936)	(2,479)
OMG
Other income adjustment
Total segment realized net investment income									(3,315)	(11,828)	19,381
Consolidated Funds | Reconciling items
Other income adjustment
Other income from Consolidated Funds added in consolidation, net									(114,286)	(154,869)	(37,388)
Consolidated Funds | Eliminations
Other income adjustment
Other income (expense), net									$ (865)	$ 1,059	$ (96)

SEGMENT REPORTING (Reconciliati

SEGMENT REPORTING (Reconciliation of Income Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Economic net income
Income before provision for income taxes	$ 18,880	$ 52,343	$ 51,072	$ 62,046	$ 136,943	$ 88,424	$ 115,080	$ (190,588)	$ 184,341	$ 149,859	$ 297,920
Adjustments:
Depreciation expense									16,100	12,600	8,200
Equity compensation expense									89,724	69,711	39,065
Operating segment
Economic net income
Income before provision for income taxes									184,341	149,859	297,920
Adjustments:
Amortization of intangibles									9,032	17,850	26,638
Depreciation expense									16,055	12,631	8,215
Equity compensation expense									89,724	69,711	39,065
Acquisition and merger-related expenses									2,936	259,899	(16,902)
Placement fees and underwriting costs									20,343	19,765	6,424
Other expenses									13,489	(1,042)	(1,728)
Total performance (income) loss - unrealized									247,212	(325,915)	(228,472)
Total performance related compensation - unrealized									(221,343)	237,392	189,582
Total net investment (income) loss - unrealized									(49,474)	44,992	19,976
Realized income									592,691	509,422	475,594
Performance Fees
Performance income—realized									(357,207)	(317,787)	(292,998)
Performance related compensation—realized									251,597	242,330	198,264
Investment and other income realized, net									(29,726)	(29,917)	(50,414)
Fee related earnings									457,355	404,048	330,446
OMG
Adjustments:
OMG expenses, net									198,728	175,230	177,477
Realized income									(197,295)	(183,982)	(175,266)
Performance Fees
Performance income—realized									0	0	0
Performance related compensation—realized									0	0	0
Fee related earnings									(202,043)	(187,058)	(158,096)
Consolidated Funds
Adjustments:
Less: Net income attributable to non-controlling interests									20,512	60,818	3,386
Performance Fees
Due to affiliates	0				0				0	0
Consolidated Funds | Operating segment
Adjustments:
Less: Net income attributable to non-controlling interests									(20,643)	(62,705)	(2,649)
Ares Management L.P
Adjustments:
Acquisition and merger-related expenses									0	275,177	0
Other expenses									10	(1,731)	0
Performance Fees
Due to affiliates	82,411				39,184				82,411	39,184
Ares Management L.P | Operating segment
Adjustments:
Total performance (income) loss - unrealized									(247,212)	325,915	228,472
Total net investment (income) loss - unrealized									(49,241)	46,860	16,653
Realized income									592,691	509,422	475,594
Performance Fees
Performance income—realized									357,207	317,787	292,998
Performance related compensation—realized									(251,597)	(242,330)	(198,264)
Fee related earnings									457,355	404,048	330,446
Subsidiaries | Operating segment
Adjustments:
Less: Net income attributable to non-controlling interests									3,343	1,739	0
ARCC | Affiliated entity | Rent and Other Occupancy Expenses | Ares Management L.P
Performance Fees
Due to affiliates	$ 11,800			$ 600	$ 2,200				$ 11,800	$ 2,200	$ 3,000	$ 3,200	$ 2,900

SEGMENT REPORTING (Assets) (Det

SEGMENT REPORTING (Assets) (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of total segment assets to total assets
Assets	$ 10,154,692	$ 8,563,522	$ 5,829,712
Operating segment
Reconciliation of total segment assets to total assets
Assets	2,142,453	2,399,479	2,101,709
Eliminations
Reconciliation of total segment assets to total assets
Assets	(195,002)	(186,904)
OMG
Reconciliation of total segment assets to total assets
Assets	65,961	119,702	74,383
Reconciling items
Reconciliation of total segment assets to total assets
Assets	(8,012,239)	(6,164,043)	(3,728,003)
Consolidated Funds | Reportable legal entity
Reconciliation of total segment assets to total assets
Assets	8,141,280	6,231,245	3,822,010
Consolidated Funds | Eliminations
Reconciliation of total segment assets to total assets
Assets	$ (195,002)	$ (186,904)	$ (168,390)

CONSOLIDATION (Variable Interes

CONSOLIDATION (Variable Interest Entities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2018USD ($)fund	Dec. 31, 2017USD ($)fund	Dec. 31, 2016USD ($)fund
Variable Interest Entity [Line Items]
Number of certain funds deconsolidated due to no longer holding majority voting interest | fund	1	1	0
Assets of consolidated VIEs	$ 10,154,692	$ 8,563,522	$ 5,829,712
Liabilities of consolidated VIEs	8,760,351	7,103,230
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests related to consolidated VIEs	20,512	60,818	3,386
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	222,477	251,376
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	186,455	175,620
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	8,141,280
Liabilities of consolidated VIEs	7,479,383
Reportable legal entity | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	8,141,280	6,231,245	3,822,010
Net income attributable to non-controlling interests related to consolidated VIEs	$ 22,149	87,481	$ (4,395)
Reportable legal entity | Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs		6,231,245
Liabilities of consolidated VIEs		$ 5,538,054

CONSOLIDATION (Balance Sheet) (

CONSOLIDATION (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Assets
Investments, at fair value		$ 1,724,571
Other assets		130,341
Goodwill	$ 143,786	143,895	$ 143,724
Total assets	10,154,692	8,563,522	5,829,712
Liabilities
Total liabilities	8,760,351	7,103,230
Commitments and contingencies
Non-controlling interest in Consolidated Funds
Preferred equity (12,400,000 preferred units issued and outstanding at December 31, 2017)	0	298,761
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 units issued and outstanding at December 31, 2018)	298,761	0
Shareholders' equity (82,280,033 common units issued and outstanding at December 31, 2017)	0	279,065
Additional paid-in-capital	326,007	0
Retained earnings	(29,336)	0
Accumulated other comprehensive benefit, net of tax	(8,524)	(4,208)
Total stockholders' equity	587,924	573,618
Total equity	1,394,341	1,460,292	1,377,262	$ 968,406
Total liabilities, non-controlling interests and equity	$ 10,154,692	$ 8,563,522
Preferred equity, units issued (in units)		12,400,000
Preferred equity, units outstanding (in units)		12,400,000
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000
Partners' Capital Units Issued (in shares)	82,280,033
Partners' Capital Units Outstanding (in shares)	82,280,033
Preferred stock, shares issued (in shares)	12,400,000
Preferred stock, shares outstanding (in shares)	12,400,000
Common stock, shares outstanding (in shares)	101,595,096	0
Reportable legal entity
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 units issued and outstanding at December 31, 2018)	$ 298,761
Eliminations
Assets
Total assets	(195,002)	$ (186,904)
Liabilities
Total liabilities	(36,742)	(22,201)
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 units issued and outstanding at December 31, 2018)	0
Total equity	(158,260)	(164,703)
Total liabilities, non-controlling interests and equity	(195,002)	(186,904)
Ares Management L.P
Assets
Cash and cash equivalents	110,247	118,929	342,861	$ 121,483
Investments, at fair value	1,326,137	1,724,571
Due from affiliates	199,377	165,750
Other assets	160,150	130,341
Intangible assets, net	31,578	40,465
Goodwill	143,786	143,895
Deferred tax asset, net	42,137	8,326
Liabilities
Accounts payable, accrued expenses and other liabilities	83,221	81,955
Accrued compensation	29,389	27,978
Due to affiliates	82,411	39,184
Performance related compensation payable	641,737	822,084
Debt obligations	480,952	616,176
Deferred tax liability, net		0
Stockholders' Equity
Shareholders' equity (82,280,033 common units issued and outstanding at December 31, 2017)		279,065
Common stock	1,016
Retained earnings	(29,336)
Accumulated other comprehensive benefit, net of tax	(8,524)	(4,208)
Total stockholders' equity	587,924	274,857
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	110,247	118,929
Investments, at fair value	1,512,592	1,900,191
Due from affiliates	207,924	171,701
Other assets	160,150	135,674
Intangible assets, net	31,578	40,465
Goodwill	143,786	143,895
Deferred tax asset, net	42,137	8,326
Total assets	2,208,414	2,519,181
Liabilities
Accounts payable, accrued expenses and other liabilities	83,221	81,955
Accrued compensation	29,389	27,978
Due to affiliates	82,411	39,184
Performance related compensation payable	641,737	822,084
Debt obligations	480,952	616,176
Total liabilities	1,317,710	1,587,377
Commitments and contingencies
Stockholders' Equity
Shareholders' equity (82,280,033 common units issued and outstanding at December 31, 2017)		279,065
Common stock	1,016
Retained earnings	(29,336)
Accumulated other comprehensive benefit, net of tax	(8,524)	(4,208)
Total stockholders' equity	587,924	274,857
Total equity	890,704	931,804
Total liabilities, non-controlling interests and equity	2,208,414	2,519,181
Ares Management L.P | Eliminations
Assets
Cash and cash equivalents	0
Investments, at fair value	(186,455)	(175,620)
Due from affiliates	(8,547)	(5,951)
Other assets	0	(5,333)
Intangible assets, net	0
Goodwill	0
Deferred tax asset, net	0	0
Liabilities
Accounts payable, accrued expenses and other liabilities	0
Accrued compensation	0
Due to affiliates	0
Performance related compensation payable	0
Debt obligations	0
Stockholders' Equity
Common stock	0
Accumulated other comprehensive benefit, net of tax	0
Total stockholders' equity	0	0
Consolidated Funds
Assets
Cash and cash equivalents	384,644	556,500
Investments, at fair value	7,673,165	5,582,842
Due from affiliates	17,609	15,884
Dividends and interest receivable	19,330	12,568
Receivable for securities sold	42,076	61,462
Other assets	4,456	1,989
Liabilities
Accounts payable, accrued expenses and other liabilities	83,876	64,316
Due to affiliates	0	0
Payable for securities purchased	471,390	350,145
CLO loan obligations, at fair value	6,678,091	4,963,194
Fund borrowings	209,284	138,198
Commitments and contingencies
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	503,637	528,488
Consolidated Funds | Reportable legal entity
Assets
Cash and cash equivalents	384,644	556,500
Investments, at fair value	7,673,165	5,582,842
Due from affiliates	17,609	15,884
Dividends and interest receivable	19,330	12,568
Receivable for securities sold	42,076	61,462
Other assets	4,456	1,989
Total assets	8,141,280	6,231,245	3,822,010
Liabilities
Accounts payable, accrued expenses and other liabilities	83,876	64,316
Due to affiliates	8,547	11,285
Payable for securities purchased	471,390	350,145
CLO loan obligations, at fair value	6,706,286	4,974,110
Fund borrowings	209,284	138,198
Commitments and contingencies
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	661,897	693,191
Stockholders' Equity
Total equity	661,897	693,191
Total liabilities, non-controlling interests and equity	8,141,280	6,231,245
Consolidated Funds | Eliminations
Assets
Cash and cash equivalents	0
Investments, at fair value	0
Due from affiliates	0
Dividends and interest receivable	0
Receivable for securities sold	0
Other assets	0
Total assets	(195,002)	(186,904)	$ (168,390)
Liabilities
Accounts payable, accrued expenses and other liabilities	0
Due to affiliates	(8,547)	(11,285)
Payable for securities purchased	0	0
CLO loan obligations, at fair value	(28,195)	(10,916)
Fund borrowings	0	0
Non-controlling interest in Consolidated Funds
Non-controlling interest in Consolidated Funds	(158,260)	(164,703)
Ares Operating Group
Non-controlling interest in Consolidated Funds
Non-controlling interest	302,780	358,186
Redeemable interest in Ares Operating Group entities		298,761
Ares Operating Group | Reportable legal entity
Non-controlling interest in Consolidated Funds
Non-controlling interest	302,780	358,186
Redeemable interest in Ares Operating Group entities		298,761
Ares Operating Group | Eliminations
Non-controlling interest in Consolidated Funds
Non-controlling interest	0
Common Class A
Stockholders' Equity
Common stock	$ 1,016	$ 0
Common stock, shares issued (in shares)	101,594,095
Common stock, shares outstanding (in shares)	101,594,095	0
Common stock, shares authorized (in shares)	1,500,000,000
Common stock, par value (in dollars per share)	$ 0.01
Common Class A | Ares Management L.P
Stockholders' Equity
Common stock	$ 0
Common Class A | Ares Management L.P | Reportable legal entity
Stockholders' Equity
Common stock	0
Common Class B
Stockholders' Equity
Common stock	$ 0	$ 0
Common stock, shares issued (in shares)	1,000
Common stock, shares outstanding (in shares)	1,000	0
Common stock, shares authorized (in shares)	1,000
Common stock, par value (in dollars per share)	$ 0.01
Common Class B | Ares Management L.P
Stockholders' Equity
Common stock	$ 0
Common Class B | Ares Management L.P | Reportable legal entity
Stockholders' Equity
Common stock	0
Common Class C
Stockholders' Equity
Common stock	$ 0	$ 0
Common stock, shares issued (in shares)	1
Common stock, shares outstanding (in shares)	1	0
Common stock, shares authorized (in shares)	499,999,000
Common stock, par value (in dollars per share)	$ 0.01
Common Class C | Ares Management L.P
Stockholders' Equity
Additional paid-in-capital	$ 326,007
Common Class C | Ares Management L.P | Reportable legal entity
Stockholders' Equity
Additional paid-in-capital	$ 326,007

CONSOLIDATION (Income Statement

CONSOLIDATION (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Statements of Operations
Revenues	$ 247,432	$ 240,777	$ 204,163	$ 266,089	$ 375,100	$ 288,402	$ 572,197	$ 244,244
Expenses
Total expenses	215,874	227,188	221,017	206,283	310,967	254,127	448,197	491,467	$ 870,362	$ 1,504,758	$ 1,016,420
Other income (expense)
Total other income	(12,678)	38,754	67,926	2,240	72,810	54,149	(8,920)	56,635	96,242	174,674	59,967
Income before taxes	18,880	52,343	51,072	62,046	136,943	88,424	115,080	(190,588)	184,341	149,859	297,920
Income tax expense (benefit)									32,202	(23,052)	11,019
Net income	16,337	47,212	14,169	74,421	131,536	83,872	113,827	(156,324)	152,139	172,911	286,901
Net income attributable to Ares Management Corporation	11,937	15,910	(11,775)	40,948	39,596	27,838	49,878	(41,134)	57,020	76,178	111,808
Less: Series A Preferred Stock dividends paid	5,425	5,425	5,425	5,425	5,425	5,425	5,425	5,425	21,700	21,700	12,176
Net income attributable to Ares Management Corporation Class A common stockholders	$ 6,512	$ 10,485	$ (17,200)	$ 35,523	$ 34,171	$ 22,413	$ 44,453	$ (46,559)	35,320	54,478	99,632
Eliminations
Statements of Operations
Revenues									(40,744)	(52,085)	(13,762)
Expenses
Compensation and benefits									0
Performance related compensation									0
General, administrative and other expenses									0
Transaction support expense										0
Total expenses									(38,242)	(26,481)	(21,447)
Other income (expense)
Net realized gain (loss) on investments									983	(5,303)	(4,409)
Interest and dividend income									(93)	(2,005)	(3,541)
Other income (expense), net									864
Total other income									865	(1,059)	96
Income before taxes									(1,637)	(26,663)	7,781
Income tax expense (benefit)									0
Net income									(1,637)	(26,663)	7,781
Less: Series A Preferred Stock dividends paid									0	0	0
Net income attributable to Ares Management Corporation Class A common stockholders									0	0	0
Ares Management L.P
Statements of Operations
Revenues									958,461	1,479,943	1,254,373
Expenses
Compensation and benefits									570,380	514,109	447,725
Performance related compensation									30,254	479,722	387,846
General, administrative and other expenses									215,964	196,730	159,776
Transaction support expense									0	275,177	0
Total expenses									870,362	1,504,758	1,016,420
Other income (expense)
Net realized gain (loss) on investments									(1,884)	8,262	(7,629)
Interest and dividend income									7,028	7,043	4,493
Interest expense									(21,448)	(21,219)	(17,981)
Other income (expense), net									(851)	19,470	35,650
Total other income									96,242	174,674	59,967
Income tax expense (benefit)									32,071	(24,939)	11,756
Ares Management L.P | Affiliated entity | ARCC
Other income (expense)
Management fees, part I fees									128,805	105,467	121,181
Ares Management L.P | Reportable legal entity
Statements of Operations
Revenues									999,205	1,532,028	1,268,135
Expenses
Compensation and benefits									570,380	514,109	447,725
Performance related compensation									30,254	479,722	387,846
General, administrative and other expenses									215,964	196,730	159,776
Transaction support expense										275,177
Total expenses									816,598	1,465,738	995,347
Other income (expense)
Net realized gain (loss) on investments									(2,867)	13,565	(3,220)
Interest and dividend income									7,121	9,048	8,034
Interest expense									(21,448)	(21,219)	(17,981)
Other income (expense), net									(1,715)	19,470	35,650
Total other income									(18,909)	20,864	22,483
Income before taxes									163,698	87,154	295,271
Income tax expense (benefit)									32,071	(24,939)	11,756
Net income									131,627	112,093	283,515
Net income attributable to Ares Management Corporation									57,020	76,178	111,808
Less: Series A Preferred Stock dividends paid									21,700	21,700	12,176
Net income attributable to Ares Management Corporation Class A common stockholders									35,320	54,478	99,632
Consolidated Funds
Expenses
Expenses of Consolidated Funds									53,764	39,020	21,073
Other income (expense)
Net realized gain (loss) on investments									(1,583)	100,124	(2,057)
Interest and dividend income									337,875	187,721	138,943
Interest expense									(222,895)	(126,727)	(91,452)
Less: Net income attributable to non-controlling interests									20,512	60,818	3,386
Consolidated Funds | Reportable legal entity
Expenses
Expenses of Consolidated Funds									92,006	65,501	42,520
Total expenses									92,006	65,501	42,520
Other income (expense)
Net realized gain (loss) on investments									664	126,836	(2,999)
Interest and dividend income									337,875	187,721	138,943
Interest expense									(224,253)	(159,688)	(98,556)
Total other income									114,286	154,869	37,388
Income before taxes									22,280	89,368	(5,132)
Income tax expense (benefit)									131	1,887	(737)
Net income									22,149	87,481	(4,395)
Less: Net income attributable to non-controlling interests									22,149	87,481	(4,395)
Consolidated Funds | Eliminations
Expenses
Expenses of Consolidated Funds									(38,242)	(26,481)	(21,447)
Other income (expense)
Net realized gain (loss) on investments									(2,247)	(26,712)	942
Interest and dividend income									0
Interest expense									1,358	32,961	7,104
Less: Net income attributable to non-controlling interests									(1,637)	(26,663)	7,781
Ares Operating Group
Other income (expense)
Less: Net income attributable to non-controlling interests									74,607	35,915	171,251
Less: Net income (loss) attributable to redeemable interests									0	0	456
Ares Operating Group | Reportable legal entity
Other income (expense)
Less: Net income attributable to non-controlling interests									74,607	35,915	171,251
Less: Net income (loss) attributable to redeemable interests											456
Ares Operating Group | Eliminations
Other income (expense)
Less: Net income attributable to non-controlling interests									0
Management fees | Eliminations
Statements of Operations
Revenues									(34,242)	(22,406)	(17,383)
Management fees | Ares Management L.P
Statements of Operations
Revenues									802,502	722,419	642,068
Management fees | Ares Management L.P | Reportable legal entity
Statements of Operations
Revenues									836,744	744,825	659,451
Carried interest allocation | Eliminations
Statements of Operations
Revenues									0	(1,017)	2,926
Carried interest allocation | Ares Management L.P
Statements of Operations
Revenues									42,410	620,454	494,580
Carried interest allocation | Ares Management L.P | Reportable legal entity
Statements of Operations
Revenues									42,410	621,471	491,654
Incentive fees | Eliminations
Statements of Operations
Revenues									(4,000)	(4,075)	(4,065)
Incentive fees | Ares Management L.P
Statements of Operations
Revenues									63,380	16,220	23,272
Incentive fees | Ares Management L.P | Reportable legal entity
Statements of Operations
Revenues									67,380	20,295	27,337
Principal investment income (loss) | Eliminations
Statements of Operations
Revenues									(2,502)	(24,587)	4,760
Principal investment income (loss) | Ares Management L.P
Statements of Operations
Revenues									(1,455)	64,444	55,168
Principal investment income (loss) | Ares Management L.P | Reportable legal entity
Statements of Operations
Revenues									1,047	89,031	50,408
Administrative, transaction and other fees
Statements of Operations
Revenues									0	0	0
Administrative, transaction and other fees | Eliminations
Statements of Operations
Revenues									0	0	0
Administrative, transaction and other fees | Ares Management L.P
Statements of Operations
Revenues									51,624	56,406	39,285
Administrative, transaction and other fees | Ares Management L.P | Reportable legal entity
Statements of Operations
Revenues									$ 51,624	$ 56,406	$ 39,285

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	Dec. 17, 2018	Sep. 14, 2018	Jun. 15, 2018	Apr. 16, 2018	Feb. 28, 2018	Feb. 28, 2019	Feb. 22, 2019
Subsequent events
Quarterly distribution declared (in dollars per unit)	$ 0.28	$ 0.28	$ 0.28	$ 0.0933	$ 0.40
Subsequent event
Subsequent events
Quarterly distribution declared (in dollars per unit)						$ 0.32
Preferred equity quarterly distribution (in dollars per unit)						$ 0.4375
Common Class A | Subsequent event
Subsequent events
Authorized amount in repurchase program							$ 150,000,000

QUARTERLY FINANCIAL DATA (Detai

QUARTERLY FINANCIAL DATA (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Quarterly Financial Data [Abstract]
Revenues	$ 247,432	$ 240,777	$ 204,163	$ 266,089	$ 375,100	$ 288,402	$ 572,197	$ 244,244
Expenses	215,874	227,188	221,017	206,283	310,967	254,127	448,197	491,467	$ 870,362	$ 1,504,758	$ 1,016,420
Other income (loss)	(12,678)	38,754	67,926	2,240	72,810	54,149	(8,920)	56,635	96,242	174,674	59,967
Income before provision for income taxes	18,880	52,343	51,072	62,046	136,943	88,424	115,080	(190,588)	184,341	149,859	297,920
Net income	16,337	47,212	14,169	74,421	131,536	83,872	113,827	(156,324)	152,139	172,911	286,901
Net income (loss) attributable to Ares Management Corporation(1)	11,937	15,910	(11,775)	40,948	39,596	27,838	49,878	(41,134)	57,020	76,178	111,808
Series A Preferred Stock dividends paid	5,425	5,425	5,425	5,425	5,425	5,425	5,425	5,425	21,700	21,700	12,176
Net income attributable to Ares Management Corporation Class A common stockholders	$ 6,512	$ 10,485	$ (17,200)	$ 35,523	$ 34,171	$ 22,413	$ 44,453	$ (46,559)	$ 35,320	$ 54,478	$ 99,632
Net income attributable to Ares Management Corporation per share of Class A common stock:
Basic (in dollars per share)	$ 0.05	$ 0.09	$ (0.20)	$ 0.39	$ 0.40	$ 0.26	$ 0.54	$ (0.58)
Diluted (in dollars per share)	$ 0.05	0.09	(0.20)	0.28	0.39	0.26	0.53	(0.58)
Dividend declared and paid per common share (in dollars per share)		$ 0.28	$ 0.28	$ 0.24	$ 0.25	$ 0.41	$ 0.31	$ 0.13	$ 0.28