Ares Management (ARES) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 29, 2019
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-36429
Entity Registrant Name	ARES MANAGEMENT CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	80-0962035
Entity Address, Address Line One	2000 Avenue of the Stars
Entity Address, Address Line Two	12th Floor
Entity Address, City or Town	Los Angeles
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	90067
City Area Code	310
Local Phone Number	201‑4100
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001176948
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A common stock
Entity Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	ARES
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		107,486,372
Series A Preferred Stock [Member]
Entity Information [Line Items]
Title of 12(b) Security	7.00% Series A Preferred Stock, par value $0.01 per share
Trading Symbol	ARES.PRA
Security Exchange Name	NYSE
Class B common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1,000
Class C common stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		1

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Total assets	$ 10,979,749		$ 10,154,692
Liabilities
Right-of-use operating lease liabilities	179,192
Total liabilities	9,377,425		8,760,351
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at June 30, 2019 and December 31, 2018)	298,761		298,761
Additional paid-in-capital	379,789		326,007
Retained earnings	(35,247)		(29,336)
Accumulated other comprehensive loss, net of tax	(8,879)		(8,524)
Total stockholders' equity	635,499		587,924
Total equity	1,602,324	$ 1,479,824	1,394,341	$ 1,491,319	$ 1,535,249	$ 1,565,195	$ 1,460,292
Total liabilities, non-controlling interests and equity	10,979,749		10,154,692
Class A common stock
Stockholders' Equity
Class common stock	1,075		1,016
Class B common stock
Stockholders' Equity
Class common stock	0		0
Class C common stock
Stockholders' Equity
Class common stock	0		0
Consolidated Funds
Assets
Cash and cash equivalents	376,328		384,644
Investments, at fair value	7,926,615		7,673,165
Due from affiliates	15,888		17,609
Other assets	25,912		23,786
Receivable for securities sold	76,993		42,076
Liabilities
Accounts payable, accrued expenses and other liabilities	75,647		83,876
Due to affiliates	0		0
Payable for securities purchased	369,465		471,390
CLO loan obligations, at fair value	7,030,841		6,678,091
Fund borrowings	126,110		209,284
Non-controlling interest in Consolidated Funds	613,943		503,637
AOG
Liabilities
Non-controlling interest in Ares Operating Group entities	352,882		302,780
Ares Management L.P
Assets
Cash and cash equivalents	247,220		110,247		$ 125,448		$ 118,929
Investments, at fair value	1,566,042		1,326,137
Due from affiliates	234,081		199,377
Other assets	358,091		377,651
Right-of-use operating lease assets	152,579		0
Liabilities
Accounts payable, accrued expenses and other liabilities	76,838		83,221
Accrued compensation	114,936		29,389
Due to affiliates	65,527		82,411
Performance related compensation payable	772,592		641,737
Debt obligations	566,277		480,952
Right-of-use operating lease liabilities	179,192		0
Stockholders' Equity
Additional paid-in-capital	379,789		326,007
Retained earnings	(35,247)		(29,336)
Accumulated other comprehensive loss, net of tax	(8,879)		(8,524)
Total stockholders' equity	635,499		587,924
Ares Management L.P | Class A common stock
Stockholders' Equity
Class common stock	1,075		1,016
Ares Management L.P | Class B common stock
Stockholders' Equity
Class common stock	0		0
Ares Management L.P | Class C common stock
Stockholders' Equity
Class common stock	$ 0		$ 0

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Preferred stock, shares issued (in shares)	12,400,000	12,400,000
Preferred stock, shares outstanding (in shares)	12,400,000	12,400,000
Common stock, shares outstanding (in shares)	107,459,310	101,595,096
Class A common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000	1,500,000,000
Common stock, shares issued (in shares)	107,458,309	101,594,095
Common stock, shares outstanding (in shares)	107,458,309	101,594,095
Class B common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C common stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	499,999,000	499,999,000
Common stock, shares issued (in shares)	1	1
Common stock, shares outstanding (in shares)	1	1
Ares Management L.P
Investments	$ 1,566,042	$ 1,326,137
Ares Management L.P | Accrued Interest
Investments	$ 1,071,954	$ 841,079

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands		Jun. 14, 2019	Mar. 15, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Expenses
Total expenses				$ 335,701				$ 221,017		$ 704,808	$ 427,300
Other income (expense)
Total other income				35,262				67,926		63,132	70,166
Income before taxes				84,383				51,072		220,343	113,118
Income tax expense				9,505				36,903		23,889	24,528
Net income				74,878	$ 121,576	$ 16,337	$ 47,212	14,169	$ 74,421	196,454	88,590
Net income (loss) attributable to Ares Management Corporation				32,139				(11,775)		77,088	29,173
Less: Series A Preferred Stock dividends paid				5,425				5,425		10,850	10,850
Net income (loss) attributable to Ares Management Corporation Class A common stockholders				$ 26,714				$ (17,200)		$ 66,238	$ 18,323
Net income (loss) attributable to Ares Management Corporation per share of Class A common stock:
Basic (in dollars per share)				$ 0.24				$ (0.20)		$ 0.60	$ 0.16
Diluted (in dollars per share)				$ 0.23				$ (0.20)		$ 0.58	$ 0.16
Weighted-average shares of Class A common stock:
Basic (in shares)	[1]			105,188,966				98,037,252		104,054,035	91,861,946
Diluted (in shares)	[1]			116,603,887				98,037,252		113,657,864	91,861,946
Dividend declared and paid per share of Class A common stock (in dollar per share)		$ 0.32	$ 0.32	$ 0.32				$ 0.37		$ 0.64	$ 0.77
Consolidated Funds
Expenses
Expenses of Consolidated Funds				$ 15,427				$ 35,112		$ 19,981	$ 36,428
Other income (expense)
Net realized and unrealized gain on investments				(116)				34,487		4,248	21,402
Interest expense				(68,005)				(56,754)		(132,917)	(101,179)
Interest and other income of Consolidated Funds				102,206				92,633		195,390	157,055
Net income attributable to non-controlling interests related to consolidated VIEs				8,346				9,882		25,970	10,249
AOG
Other income (expense)
Net income attributable to non-controlling interests related to consolidated VIEs				34,393				16,062		93,396	49,168
Ares Management L.P
Revenues
Total revenues				384,822				204,163		862,019	470,252
Expenses
Compensation and benefits				162,170				138,992		319,016	273,631
Performance related compensation				92,688				(13,005)		249,208	12,873
General, administrative and other expenses				65,416				59,918		116,603	104,368
Other income (expense)
Net realized and unrealized gain on investments				521				3,267		3,997	2,428
Interest and dividend income				1,652				2,356		3,496	5,703
Interest expense				(5,793)				(6,076)		(11,382)	(12,945)
Other income (expense), net				4,797				(1,987)		300	(2,298)
Management fees | Ares Management L.P
Revenues
Total revenues				237,846				194,032		462,505	383,547
Carried interest allocation
Revenues
Total revenues										317,005
Carried interest allocation | Ares Management L.P
Revenues
Total revenues				119,712				(13,444)		317,005	40,685
Incentive fees | Ares Management L.P
Revenues
Total revenues				10,220				7,740		27,035	12,811
Principal investment income | Ares Management L.P
Revenues
Total revenues				5,844				1,871		34,603	6,780
Administrative, transaction and other fees
Revenues
Total revenues				0				0		0	0
Administrative, transaction and other fees | Ares Management L.P
Revenues
Total revenues				$ 11,200				$ 13,964		$ 20,871	$ 26,429
[1]	Three and six months ended June 30, 2018 represents common units.

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Ares Management L.P | Affiliated entity | ARCC
Management fees, part I fees	$ 39,157	$ 29,866	$ 77,550	$ 58,283

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Net income	$ 74,878	$ 14,169	$ 196,454	$ 88,590
Ares Management L.P
Other comprehensive income:
Foreign currency translation adjustments, net of tax	(1,991)	(12,377)	(907)	(6,892)
Total comprehensive income	72,887	1,792	195,547	81,698
Comprehensive income (loss) attributable to Ares Management Corporation	30,500	(14,532)	76,733	26,623
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	9,852	4,193	25,817	7,735
AOG
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	$ 32,535	$ 12,131	$ 92,997	$ 47,340

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-CapitalAres Management L.P	Retained EarningsAres Management L.P	Accumulated Other Comprehensive Income (loss)Ares Management L.P	Non-Controlling interestAOG	Non-Controlling interestConsolidated Funds	Series A Preferred Stock	Class A common stock	Class A common stockCommon StockAres Management L.P	Partners' CapitalAres Management L.P	Partners' CapitalPreferred Partner	Non-Controlling interestAOG
Increase (Decrease) in Stockholders' Equity
As adjusted balance at January 1, 2018	$ 1,437,681			$ (4,208)	$ 341,069	$ 533,821				$ 268,238	$ 298,761
Balance at Dec. 31, 2017	1,460,292			(4,208)	358,186	528,488				279,065	298,761
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	10,459				18,810					(8,351)
Contributions	113,441					8,000				105,441		$ 0
Dividends/Distributions	(98,188)				(58,677)	(983)				(33,103)	(5,425)
Net income	74,421			0	33,106	367				35,523	5,425
Currency translation adjustment	6,687				2,103	3,175
Equity compensation	20,694				12,409	0				8,285
Balance at Mar. 31, 2018	1,565,195			(4,001)	348,820	544,380				377,235	298,761
Balance at Dec. 31, 2017	1,460,292			(4,208)	358,186	528,488				279,065	298,761
Increase (Decrease) in Stockholders' Equity
Net income	88,590
Balance at Jun. 30, 2018	1,535,249			(6,758)	316,048	577,217				349,981	298,761
Balance at Mar. 31, 2018	1,565,195			(4,001)	348,820	544,380				377,235	298,761
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	11,105				(4,711)					15,816
Contributions	64,596					62,990				842		764
Dividends/Distributions	(129,585)				(53,174)	(34,346)				(36,640)	(5,425)
Net income	14,169			0	16,062	9,882				(17,200)	5,425
Currency translation adjustment	(12,377)			(2,757)	(3,931)	(5,689)
Equity compensation	22,146				12,218	0				9,928
Balance at Jun. 30, 2018	1,535,249			(6,758)	316,048	577,217				349,981	298,761
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(31,179)				3,499					(34,678)
Contributions	917					0						917
Dividends/Distributions	(82,486)				(30,928)	(11,466)				(34,667)	(5,425)
Net income	47,212			0	18,133	13,169				10,485	5,425
Currency translation adjustment	(1,919)			(645)	(774)	(500)
Equity compensation	23,525				12,925	0				10,600
Balance at Sep. 30, 2018	1,491,319			(7,403)	319,820	578,420				301,721	298,761
Increase (Decrease) in Stockholders' Equity
Consolidation of a new fund	42,942					42,942
Changes in ownership interests and related tax benefits	8,404	$ 9,140			(1,237)					501
Contributions	1,466					19						$ 1,447
Dividends/Distributions	(183,797)		$ (30,348)		(35,018)	(112,915)	$ (5,425)			(91)
Net income	16,337		1,012		7,306	(2,906)	5,425			5,500
Currency translation adjustment	(4,379)		0	(1,121)	(1,335)	(1,923)
Equity compensation	22,049	2,820		0	11,797	0				7,432
Reclassifications resulting from conversion to a corporation	0	314,047					298,761		$ 1,016	(315,063)	(298,761)
Balance at Dec. 31, 2018	1,394,341	326,007	(29,336)	(8,524)	302,780	503,637	298,761		1,016	0	0
Increase (Decrease) in Stockholders' Equity
Relinquished with deconsolidation of funds	(55)					(55)
Changes in ownership interests and related tax benefits	(18,397)	(6,339)			(12,073)
Contributions	55,911				1,876	54,035
Dividends/Distributions	(101,640)		(35,367)		(40,112)	(20,736)	(5,425)
Net income	121,576		39,524		59,003	17,624	5,425
Currency translation adjustment	1,084			1,284	1,459	(1,659)
Equity compensation	27,004	12,637			14,367
Balance at Mar. 31, 2019	1,479,824	332,305	(25,179)	(7,240)	327,300	552,846	298,761		1,031
Balance at Dec. 31, 2018	1,394,341	326,007	(29,336)	(8,524)	302,780	503,637	298,761		1,016	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Repurchases of Class A common stock								$ (10,400)
Net income	196,454
Balance at Jun. 30, 2019	1,602,324	379,789	(35,247)	(8,879)	352,882	613,943	298,761		1,075
Balance at Mar. 31, 2019	1,479,824	332,305	(25,179)	(7,240)	327,300	552,846	298,761		1,031
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(11,508)	(32,128)			20,615
Repurchases of Class A common stock	(10,449)	(10,445)							(4)
Contributions	61,464	0			0	61,464
Dividends/Distributions	(92,529)		(36,782)		(40,103)	(10,219)	(5,425)
Net income	74,878		26,714		34,393	8,346	5,425
Currency translation adjustment	(1,991)			(1,639)	(1,858)	1,506
Equity compensation	23,841	11,306			12,535
Stock option exercises	78,794	78,751							43
Balance at Jun. 30, 2019	$ 1,602,324	$ 379,789	$ (35,247)	$ (8,879)	$ 352,882	$ 613,943	$ 298,761		$ 1,075

Condensed Consolidated Statem_7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income	$ 196,454	$ 88,590
Adjustments to reconcile net income to net cash used in operating activities	48,114	225,963
Cash flows due to changes in operating assets and liabilities	(12,824)	66,969
Net cash used in operating activities	(1,291,312)	(1,287,601)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net	(5,653)	(7,126)
Net cash used in investing activities	(5,653)	(7,126)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	1,445,125	1,293,015
Ares Management L.P
Cash flows from financing activities:
Proceeds from issuance of common shares	0	105,333
Proceeds from credit facility	235,000	325,000
Proceeds from term notes	0	44,050
Repayments of credit facility	(150,000)	(410,000)
Repayments of term loans	0	(206,089)
Dividends and distributions	(152,364)	(181,594)
Series A Preferred Stock dividends and distributions	(10,850)	(10,850)
Repurchases of Class A common stock	(10,449)	0
Stock option exercises	78,794	950
Taxes paid related to net share settlement of equity awards	(31,424)	(17,225)
Other financing activities	(3,258)	764
Allocable to non-controlling interests in Consolidated Funds:
Effect of exchange rate changes	(11,187)	8,231
Net change in cash and cash equivalents	136,973	6,519
Cash and cash equivalents, beginning of period	110,247	118,929
Cash and cash equivalents, end of period	247,220	125,448
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash used in operating activities	(1,360,106)	(1,634,788)
Cash flows due to changes in operating assets and liabilities	(162,950)	(34,335)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from non-controlling interests in Consolidated Funds	115,499	70,990
Distributions to non-controlling interests in Consolidated Funds	(30,955)	(35,329)
Borrowings under loan obligations by Consolidated Funds	1,934,087	2,206,816
Repayments under loan obligations by Consolidated Funds	(528,955)	$ (599,801)
Cash and cash equivalents, beginning of period	384,644
Cash and cash equivalents, end of period	$ 376,328

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	ORGANIZATION Ares Management Corporation ("the Company"), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating three integrated businesses across Credit, Private Equity and Real Estate. Information about segments should be read together with Note 14, “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 unaudited financial statements include the condensed 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 quarterly 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. Non-Controlling Interests in Ares Operating Group Entities

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC. The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation. The Company has reclassified certain prior period amounts to conform to the current year presentation. Adoption of ASC 842 Effective January 1, 2019, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 842 (“ASC 842”), Leases . The Company adopted ASC 842 under the modified retrospective approach using the practical expedient provided for within paragraph 842-10-65-1; therefore, the presentation of prior year periods has not been adjusted. No cumulative effect of initially adopting ASC 842 as an adjustment to the opening balance of components of equity as of January 1, 2019 was necessary as the recognition of the right-of-use operating lease assets equaled the corresponding lease liabilities. The amount established in conjunction with the implementation was consistent with the amount previously disclosed. The Company has entered into operating and finance leases for corporate offices and certain equipment and makes the determination if an arrangement constitutes a lease at inception. Operating leases are included in right-of-use operating lease assets and right-of-use operating lease liabilities in the Company's Condensed Consolidated Statements of Financial Condition. Finance leases are included in accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Statements of Financial Condition. Right-of-use leases assets represent the Company's right to use an underlying asset for the lease term and right-of-use lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses the its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The right-of-use operating lease asset also includes any lease prepayments and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Lease expense is primarily recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. However, for certain equipment leases where the non-lease components are not material, the Company account for the lease and non-lease components as a single lease component. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates ("ASU") issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its condensed consolidated financial statements. 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. In April and May 2019, ASU 2019-04, C odification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, were issued to provide clarification to previously issued credit losses guidance (ASU 2016-13) that has not yet been implemented. These updates are required to be adopted with ASU 2016-13. The Company is currently evaluating the impact of these pronouncements on its condensed consolidated financial statements. 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 Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Finite Lived Intangible Assets, Net The following table summarizes the carrying value, net of accumulated amortization, for the Company's intangible assets, included within other assets in the Condensed Consolidated Statements of Financial Condition: Weighted Average Amortization Period as of June 30, 2019 As of June 30, As of December 31, 2019 2018 Management contracts 2.6 years $ 12,498 $ 42,335 Client relationships 9.0 years 38,600 38,600 Trade name 3.0 years 3,200 3,200 Intangible assets 54,298 84,135 Less: accumulated amortization (25,287 ) (52,701 ) Intangible assets, net $ 29,011 $ 31,434 Amortization expense associated with intangible assets was $1.2 million and $3.3 million for the three months ended June 30, 2019 and 2018 , respectively, and $2.4 million and $6.6 million for the six months ended June 30, 2019 and 2018 , respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the first quarter of 2019, the Company removed $29.8 million of intangible assets that were fully amortized. Goodwill The following table summarizes the carrying value of the Company's goodwill assets, included within other assets in the Condensed Consolidated Statements of Financial Condition: Credit Private Real Total Balance as of December 31, 2018 $ 32,196 $ 58,600 $ 52,990 $ 143,786 Foreign currency translation — — (7 ) (7 ) Balance as of June 30, 2019 $ 32,196 $ 58,600 $ 52,983 $ 143,779 There was no impairment of goodwill recorded during the six months ended June 30, 2019 and 2018

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2019
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments as of June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Private Investment Partnership Interests and Other: Equity method private investment partnership interests - principal (1) $ 364,109 $ 357,655 23.3 % 27.0 % Equity method - carried interest (1) 1,071,954 841,079 68.4 % 63.4 % Equity method private investment partnership interests and other (held at fair value) 48,785 46,450 3.1 % 3.5 % Equity method private investment partnership interests and other 15,969 18,845 1.0 % 1.4 % Total private investment partnership interests and other 1,500,817 1,264,029 95.8 % 95.3 % Collateralized loan obligations 26,241 20,824 1.7 % 1.6 % Other fixed income 37,810 40,000 2.4 % 3.0 % Collateralized loan obligations and other fixed income, at fair value 64,051 60,824 4.1 % 4.6 % Common stock, at fair value 1,174 1,284 0.1 % 0.1 % Total investments $ 1,566,042 $ 1,326,137 (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 SEC. As of and for the three and six months ended June 30, 2019 and 2018 , no individual equity method investment held by the Company met the significance criteria. The Company recognized net gains related to its equity method investments of $5.4 million and $3.8 million for the three months ended June 30, 2019 and 2018 , respectively, and $34.5 million and $7.3 million for the six months ended June 30, 2019 and 2018 , respectively. The net gains were included within principal investment income, net realized and unrealized gain on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations. With respect to the Company's equity method investments, the material assets are expected to generate either long-term capital appreciation and or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets. 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 as of June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Fixed income investments: Bonds $ 201,792 $ 318,499 2.6 % 4.3 % Loans 7,229,083 6,886,749 91.2 % 89.8 % Collateralized loan obligations 35,260 — 0.4 % — % Total fixed income investments 7,466,135 7,205,248 94.2 % 94.1 % Equity securities 166,623 196,470 2.1 % 2.4 % Partnership interests 293,857 271,447 3.7 % 3.5 % Total investments, at fair value $ 7,926,615 $ 7,673,165

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE 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 price 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. 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 the Consolidated Funds as of June 30, 2019 : 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 $ — $ — $ 64,051 $ — $ 64,051 Common stock and other equity securities 137 1,037 12,397 — 13,571 Partnership interests — — 35,192 1,196 36,388 Total investments, at fair value 137 1,037 111,640 1,196 114,010 Derivatives—foreign exchange contracts — 1,890 — — 1,890 Total assets, at fair value $ 137 $ 2,927 $ 111,640 $ 1,196 $ 115,900 Liabilities, at fair value Derivatives—foreign exchange contracts $ — $ (610 ) $ — $ — $ (610 ) Total liabilities, at fair value $ — $ (610 ) $ — $ — $ (610 ) Financial Instruments of the Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 201,792 $ — $ 201,792 Loans — 6,954,671 274,412 7,229,083 Collateralized loan obligations — 35,260 — 35,260 Total fixed income investments — 7,191,723 274,412 7,466,135 Equity securities 34,891 — 131,732 166,623 Partnership interests — — 293,857 293,857 Total investments, at fair value 34,891 7,191,723 700,001 7,926,615 Derivatives: Foreign exchange contracts — 342 — 342 Asset swaps - other — — 705 705 Total assets, at fair value $ 34,891 $ 7,192,065 $ 700,706 $ 7,927,662 Liabilities, at fair value Foreign exchange contracts $ — $ (345 ) $ — $ (345 ) Asset swaps - other — — (647 ) (647 ) Loan obligations of CLOs — (7,030,841 ) — (7,030,841 ) Total liabilities, at fair value $ — $ (7,031,186 ) $ (647 ) $ (7,031,833 ) The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the 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 the 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 following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2019 : Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Total Balance, beginning of period $ 10,397 $ 67,190 $ 35,192 $ 112,779 Deconsolidation of fund — 1,883 — 1,883 Purchases(1) 2,000 — — 2,000 Sales/settlements(2) — (6,206 ) — (6,206 ) Realized and unrealized appreciation, net — 1,184 — 1,184 Balance, end of period $ 12,397 $ 64,051 $ 35,192 $ 111,640 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 1,818 $ — $ 1,818 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 159,032 $ 564,304 $ 283,059 $ (3,031 ) $ 1,003,364 Deconsolidation of fund (10,325 ) (115,711 ) — — (126,036 ) Transfer in — 29,438 — — 29,438 Transfer out — (261,674 ) — — (261,674 ) Purchases(1) 110 113,708 4,000 — 117,818 Sales/settlements(2) (51 ) (56,530 ) (2,000 ) (555 ) (59,136 ) Amortized discounts/premiums — (345 ) — 171 (174 ) Realized and unrealized appreciation (depreciation), net (17,034 ) 1,222 8,798 3,473 (3,541 ) Balance, end of period $ 131,732 $ 274,412 $ 293,857 $ 58 $ 700,059 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (17,031 ) $ (389 ) $ 8,798 $ 2,865 $ (5,757 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2019 : Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Total Balance, beginning of period $ 10,397 $ 60,824 $ 35,192 $ 106,413 Deconsolidation of fund — 10,021 — 10,021 Purchases(1) 2,000 2,146 — 4,146 Sales/settlements(2) — (11,169 ) — (11,169 ) Realized and unrealized appreciation, net — 2,229 — 2,229 Balance, end of period $ 12,397 $ 64,051 $ 35,192 $ 111,640 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 2,479 $ — $ 2,479 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 150,752 $ 547,958 $ 271,447 $ 680 $ 970,837 Deconsolidation of fund (10,325 ) (174,593 ) — — (184,918 ) Transfer in — 41,245 — — 41,245 Transfer out — (247,573 ) — — (247,573 ) Purchases(1) 10,882 238,870 8,000 — 257,752 Sales/settlements(2) (5,137 ) (136,329 ) (2,000 ) (581 ) (144,047 ) Amortized discounts/premiums — (37 ) — 22 (15 ) Realized and unrealized appreciation (depreciation), net (14,440 ) 4,871 16,410 (63 ) 6,778 Balance, end of period $ 131,732 $ 274,412 $ 293,857 $ 58 $ 700,059 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (14,442 ) $ 1,114 $ 16,410 $ (49 ) $ 3,033 (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2018 : Level III Assets Level III Assets of the Company Fixed Income Partnership Total Balance, beginning of period $ 242,984 $ 44,769 $ 287,753 Sales/settlements(2) (219,744 ) — (219,744 ) Realized and unrealized appreciation (depreciation), net (1,115 ) 2,450 1,335 Balance, end of period $ 22,125 $ 47,219 $ 69,344 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (100 ) $ 2,450 $ 2,350 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 160,422 $ 240,763 $ 252,700 $ 86 $ 653,971 Transfer in — 94,776 — — 94,776 Transfer out — (68,328 ) — — (68,328 ) Purchases(1) — 273,879 6,000 — 279,879 Sales/settlements(2) — (57,206 ) — (17 ) (57,223 ) Amortized discounts/premiums — (9 ) — (21 ) (30 ) Realized and unrealized appreciation (depreciation), net 24,161 (1,500 ) (7,092 ) 182 15,751 Balance, end of period $ 184,583 $ 482,375 $ 251,608 $ 230 $ 918,796 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (2,090 ) $ (3,785 ) $ — $ 134 $ (5,741 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2018 : Level III Assets Level III Assets of the Company Fixed Income Partnership Total Balance, beginning of period $ 195,158 $ 44,769 $ 239,927 Deconsolidation of fund 78 — 78 Purchases(1) 48,731 — 48,731 Sales/settlements(2) (220,571 ) — (220,571 ) Realized and unrealized appreciation (depreciation), net (1,271 ) 2,450 1,179 Balance, end of period $ 22,125 $ 47,219 $ 69,344 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (829 ) $ 2,450 $ 1,621 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 162,577 $ 267,889 $ 232,332 $ 904 $ 663,702 Deconsolidation of fund — (233 ) — — (233 ) Transfer in — 95,450 — — 95,450 Transfer out — (73,777 ) — — (73,777 ) Purchases(1) — 313,462 16,000 — 329,462 Sales/settlements(2) — (117,503 ) — (194 ) (117,697 ) Amortized discounts/premiums — 35 — (14 ) 21 Realized and unrealized appreciation (depreciation), net 22,006 (2,948 ) 3,276 (466 ) 21,868 Balance, end of period $ 184,583 $ 482,375 $ 251,608 $ 230 $ 918,796 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (12,211 ) $ (1,671 ) $ 3,276 $ (566 ) $ (11,172 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The 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 and the Consolidated Funds' Level III measurements as of June 30, 2019 : Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 12,397 Transaction price(1) N/A N/A Partnership interests 35,192 Discounted cash flow Discount rate 8.0% Collateralized loan obligations 26,241 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 37,810 Other N/A N/A Total $ 111,640 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Assets Equity securities $ 609 Enterprise value market multiple analysis EBITDA multiple(2) 8.7x - 22.4x 13.2x 74,241 Other Net income multiple 36.1x - 40.0x 37.8x Illiquidity discount 25.0% 25.0% 56,882 Transaction price(1) N/A N/A N/A Partnership interest 293,857 Discounted cash flow Discount rate 21.4% 21.4% Fixed income securities 191,789 Broker quotes and/or 3rd party pricing services N/A N/A N/A 82,623 Income approach Yield 5.0% - 13.2% 8.9% Derivative instruments 705 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 700,706 Liabilities Derivatives instruments $ (647 ) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (647 ) (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. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2018 : Level III Measurements of the Company 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 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 23,871 Enterprise value market multiple analysis EBITDA multiple(2) 7.2x - 22.9x 7.7x 41,562 Other Net income multiple 38.8x 38.8x Illiquidity discount 25.0% 25.0% 271,447 Discounted cash flow Discount rate 20.8% 20.8% 85,319 Transaction price(1) 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) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The Company has an insurance-related investment in a private fund managed by a third party that is valued using net asset value (“NAV”) per share. The terms and conditions of this fund do not allow for redemptions without certain events or approvals that are outside the Company's control. This investment had a fair value of $1.2 million and $0.8 million as of June 30, 2019 and December 31, 2018 , respectively. The Company has no

DERIVATIVE FINANCIAL INSTRUMENT

DERIVATIVE FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2019
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 are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. 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 June 30, 2019 and December 31, 2018 : As of June 30, 2019 As of December 31, 2018 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 $ 37,667 $ 1,890 $ 75,252 $ 610 $ 33,026 $ 1,066 $ 27,140 $ 869 Total derivatives, at fair value(2) $ 37,667 $ 1,890 $ 75,252 $ 610 $ 33,026 $ 1,066 $ 27,140 $ 869 As of June 30, 2019 As of December 31, 2018 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 $ 342 $ 342 $ 342 $ 345 $ 1,881 $ 1,881 $ 1,881 $ 1,864 Asset swap - other 4,830 705 2,292 647 5,226 1,328 2,605 648 Total derivatives, at fair value(3) $ 5,172 $ 1,047 $ 2,634 $ 992 $ 7,107 $ 3,209 $ 4,486 $ 2,512 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of June 30, 2019 and December 31, 2018 , the Company had the right to, but elected not to, offset $0.6 million and $0.9 million of its derivative liabilities, respectively. (3) As of June 30, 2019 and December 31, 2018 , the Consolidated Funds offset $10.6 million and $5.7 million of their derivative assets and liabilities, respectively.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of June 30, 2019 As of December 31, 2018 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility(1) Revolver 3/21/2024 N/A $ 320,000 3.69% $ 235,000 4.00% Senior Notes(2) 10/8/2014 10/8/2024 $ 250,000 246,277 4.21% 245,952 4.21% Total debt obligations $ 566,277 $ 480,952 (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. On March 21, 2019, the Company amended the Credit Facility to, among other things, extend the maturity date from February 2022 to March 2024 and to reduce borrowing costs on the drawn and undrawn amounts. As of June 30, 2019 , base rate loans bear interest calculated based on the base rate plus 0.25% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.25%. The unused commitment fee is 0.15% 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 . As of June 30, 2019 , the Company and its subsidiaries were in compliance with all covenants under the debt obligations. The Company typically incurs and pays debt issuance costs when entering into a new debt obligation or when amending an existing debt agreement. Debt issuance costs related to the Company's Senior Notes 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 Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation. The following table presents the activity of the Company's debt issuance costs: Credit Facility Senior Notes Unamortized debt issuance costs as of December 31, 2018 $ 4,972 $ 1,334 Debt issuance costs incurred 1,521 — Amortization of debt issuance costs (677 ) (116 ) Unamortized debt issuance costs as of June 30, 2019 $ 5,816 $ 1,218 Loan Obligations of the Consolidated CLOs Loan obligations of the Consolidated Funds that are CLOs ("Consolidated CLOs") represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs. As of June 30, 2019 and December 31, 2018 , the following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of June 30, 2019 As of December 31, 2018 Loan Obligations Fair Value of Loan Obligations Weighted Loan Fair Value of Loan Obligations Weighted Average Remaining Maturity In Years Senior secured notes(1) $ 6,879,407 $ 6,789,415 11.14 $ 6,642,616 $ 6,391,643 10.94 Subordinated notes(2) 383,443 241,426 11.20 455,333 286,448 11.21 Total loan obligations of Consolidated CLOs $ 7,262,850 $ 7,030,841 $ 7,097,949 $ 6,678,091 (1) Original borrowings under the senior secured notes totaled $6.9 billion , with various maturity dates ranging from July 2028 to April 2032. The weighted average interest rate as of June 30, 2019 was 3.56% . (2) Original borrowings under the subordinated notes totaled $383.4 million , with various maturity dates ranging from July 2028 to April 2032. The notes do not have contractual interest rates, instead holders of the notes 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 and only have recourse to a subsidiary of the Company to the extent the debt is guaranteed by such subsidiary. Credit facilities of the Consolidated Funds are reflected at cost in the Condensed Consolidated Statements of Financial Condition. As of June 30, 2019 and December 31, 2018 , the Consolidated Funds were in compliance with all covenants under such credit facilities. The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding as of June 30, 2019 and December 31, 2018 : As of June 30, 2019 As of December 31, 2018 Consolidated Funds' Debt Facilities Maturity Date Total Capacity Outstanding Loan(1) Effective Rate Outstanding Loan(1) Effective Rate Credit Facilities: 1/1/2023 $ 18,000 $ 16,153 4.00% $ 14,953 3.98% 12/29/2019(2) 28,033 28,033 1.55% (3) 43,624 1.55% (3) 3/7/2020 71,500 71,500 3.47% 71,500 3.47% 6/30/2021 200,375 — N/A 38,844 1.00% (3) 7/15/2028 75,000 9,000 4.75% 39,000 4.75% Revolving Term Loan 1/31/2022 1,900 1,424 8.07% 1,363 8.07% Total borrowings of Consolidated Funds $ 126,110 $ 209,284 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) On June 27, 2019, one of the Consolidated Funds amended the Credit Facility to, among other things, extend the maturity date from June 2019 to December 2019 and to reduce the facility size from €40.0 million to €24.6 million . (3) The effective rate is based on the three month EURIBOR or zero , whichever is higher, plus an applicable margin.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2019
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 Condensed Consolidated Statements of Financial Condition. As of June 30, 2019 , 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 June 30, 2019 and December 31, 2018 , the Company had aggregate unfunded commitments of $304.1 million and $267.6 million , respectively. ARCC Fee Waiver In conjunction with ARCC's acquisition of American Capital, Ltd. (“ACAS”), 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. The maximum amount of fees that may be waived in a quarter is $10 million , and if ARCC Part I Fees are less than $10 million in any single quarter, the shortfall will not carry over to subsequent quarters. As of June 30, 2019 , there is one remaining quarter as part of the fee waiver agreement, with a maximum of $10 million in potential waivers. ARCC Part I Fees are reported net of the fee waiver. 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 June 30, 2019 and December 31, 2018 , 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 $401.0 million and $469.0 million , respectively, of which approximately $297.5 million and $351.9 million , respectively, is reimbursable to the Company by certain professionals who are the recipients of such performance income. Management believes the possibility of all of the investments becoming worthless is remote. As of June 30, 2019 and December 31, 2018 , if the funds were liquidated at their fair values, there would be $0.6 million and $0.4 million , respectively, of repayment obligations, so the Company recorded a contingent repayment liability as of each respective period that is presented on a gross basis within accrued carried interest within investments and performance related compensation payable on the Company's Condensed Consolidated Statements of Financial Condition. Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows. Leases The Company leases office space and certain office equipment. The Company's leases have remaining lease terms of one to 11 years. The tables below present certain supplemental quantitative disclosures regarding the Company's leases as of and for the period ending June 30, 2019 : Classification As of June 30, 2019 Operating lease assets Right-of-use operating lease assets $ 152,579 Finance lease assets Other assets(1) 1,313 Total lease assets $ 153,892 Operating lease liabilities Right-of-use operating lease liabilities $ 179,192 Finance lease obligations Accounts payable, accrued expenses and other liabilities 1,009 Total lease liabilities $ 180,201 (1)Finance lease assets are recorded net of accumulated amortization of $0.4 million as of June 30, 2019 . Classification Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease expense General, administrative and other expenses $ 7,211 $ 14,149 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 78 105 Interest on finance lease liabilities Interest expense 8 21 Total lease expense $ 7,297 $ 14,275 Maturity of lease liabilities Operating Leases Finance Leases 2019 $ 16,006 $ 32 2020 29,516 356 2021 28,627 356 2022 30,067 321 2023 26,923 — After 2023 74,530 — Total future payments 205,669 1,065 Less: interest 26,477 56 Total lease liabilities $ 179,192 $ 1,009 Lease term and discount rate As of June 30, 2019 Weighted-average remaining lease terms (in years): Operating leases 6.9 Finance leases 2.8 Weighted-average discount rate: Operating leases 4.00 % Finance leases 3.43 % Other information Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 15,313 Operating cash flows from finance leases 52 Financing cash flows from finance leases 264 Leased assets obtained in exchange for new finance lease liabilities 114 Leased assets obtained in exchange for new operating lease liabilities 47,866

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
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, principal investment income and administrative expense reimbursements. The related accounts receivable are included within due from affiliates within the Condensed Consolidated Statements of Financial Condition, except that accrued carried interest allocations and incentive fees receivable, which are predominantly due from affiliated funds, are presented separately within investments and other assets, respectively, within the Condensed 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 to be reimbursed for its expenses incurred for providing administrative services to certain 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 performance income. 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 June 30, As of December 31, 2019 2018 Due from affiliates: Management fees receivable from non-consolidated funds $ 174,668 $ 151,455 Payments made on behalf of and amounts due from non-consolidated funds and employees 59,413 47,922 Due from affiliates—Company $ 234,081 $ 199,377 Amounts due from portfolio companies and non-consolidated funds $ 15,888 $ 17,609 Due from affiliates—Consolidated Funds $ 15,888 $ 17,609 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 2,125 $ 2,105 Management fees received in advance 3,724 5,491 Tax receivable agreement liability 24,927 24,927 Undistributed carried interest and incentive fees 25,700 31,162 Payments made by non-consolidated funds on behalf of and payable by the Company 9,051 18,726 Due to affiliates—Company $ 65,527 $ 82,411 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 second 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, the investment advisory and management agreement was amended effective June 6, 2019 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

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Effective March 1, 2018, the Company elected to be treated as a corporation for U.S. federal and state income tax purposes (the “Tax Election”). Upon the effectiveness of this election, all earnings are 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 corporate level income taxes. Consequently, the Company 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 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. For the three and six months ended June 30, 2019 , the Company recorded income tax expense of $9.5 million and $23.9 million , respectively. For the three and six months ended June 30, 2018 , the Company recorded income tax expense of $36.9 million and $24.5 million , respectively. 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. The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment entities that are consolidated in the Company's condensed consolidated financial statements. For the three and six months ended June 30, 2019 , the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate. In 2018 , the Company utilized the discrete effective tax rate method to calculate its interim income tax provision since the conversion to a U.S. corporation for tax purposes occurred in an interim period. The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of June 30, 2019 and December 31, 2018 , the Company recorded a net deferred tax asset of $42.4 million and $42.1 million , respectively, within other assets in the Condensed Consolidated Statements of Financial Condition. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years prior to 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 condensed consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE Basic earnings per share of Class A common stock is computed by using the two-class method. 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. For the three and six months ended June 30, 2019 , the treasury stock method was the more dilutive method. For the three and six months ended June 30, 2018 , the two-class method was the more dilutive method. The computation of diluted earnings per share for the three and six months ended June 30, 2019 and 2018 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Options 9,841,385 19,111,390 10,788,784 19,471,589 Restricted units 9,172,641 15,271,381 10,036,334 15,811,964 AOG Units 116,831,583 120,231,237 116,913,353 124,211,007 The following table presents the computation of basic and diluted earnings per share: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ 26,714 $ (17,200 ) $ 66,238 $ 18,323 Distributions on participating unvested restricted units (1,886 ) (1,970 ) (3,693 ) (3,877 ) Net income (loss) available to Class A common stockholders $ 24,828 $ (19,170 ) $ 62,545 $ 14,446 Basic weighted-average shares of Class A common stock 105,188,966 98,037,252 104,054,035 91,861,946 Basic earnings (loss) per share of Class A common stock $ 0.24 $ (0.20 ) $ 0.60 $ 0.16 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ 26,714 $ (17,200 ) $ 66,238 $ 18,323 Distributions on unvested restricted units — (1,970 ) — (3,877 ) Net income (loss) available to Class A common stockholders $ 26,714 $ (19,170 ) $ 66,238 $ 14,446 Effect of dilutive shares: Restricted units 7,212,754 — 6,349,061 — Options 4,202,167 — 3,254,768 — Diluted weighted-average shares of Class A common stock 116,603,887 98,037,252 113,657,864 91,861,946 Diluted earnings (loss) per share of Class A common stock $ 0.23 $ (0.20 ) $ 0.58 $ 0.16 Dividends declared and paid per Class A common stock $ 0.32 $ 0.37 $ 0.64 $ 0.77

EQUITY COMPENSATION

EQUITY COMPENSATION	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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 (the “Equity Incentive Plan”). Based on a formula as defined in the Equity Incentive Plan, the total number of shares available to be issued under the Equity Incentive Plan resets and may increase on January 1 each year. Accordingly, on January 1, 2019 , the total number of shares available for issuance under the Equity Incentive Plan reset to 32,792,005 shares, and as of June 30, 2019 , 29,536,100 shares remain available for issuance. Generally, unvested phantom shares, restricted units and options are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs. Equity-based compensation expense, net of forfeitures is included in the following table: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Restricted units $ 21,783 $ 18,516 $ 44,796 $ 36,547 Restricted units with a market condition 901 — 1,791 — Options 1,157 3,630 4,258 6,293 Phantom shares 188 361 736 754 Equity-based compensation expense $ 24,029 $ 22,507 $ 51,581 $ 43,594 Restricted Units Each restricted unit represents an unfunded, unsecured right of the holder to receive a share of the Company's Class A common stock on a specific date. The restricted units generally vest and are settled in shares of Class A common stock 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, (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, or (iv) at a rate of one third per year, beginning on the first anniversary of the grant date in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment). 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 six months ended June 30, 2019 , the Company declared dividends of $0.32 and $0.32 per share to Class A common stockholders at the close of business on March 15, 2019 and June 14, 2019, respectively. For the three and six months ended June 30, 2019 , Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $5.2 million and $10.8 million , respectively, which are presented as dividends within the Condensed Consolidated Statements of Changes in Equity. When units are forfeited, the cumulative amount of dividend equivalents previously paid is reclassified to compensation and benefits expense in the Condensed Consolidated Statements of Operations. The following table presents unvested restricted units' activity during the six months ended June 30, 2019 : Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - January 1, 2019 16,255,475 $ 19.21 Granted 3,881,203 20.01 Vested (3,534,621 ) 17.92 Forfeited (216,662 ) 19.21 Balance - June 30, 2019 16,385,395 $ 19.68 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $229.0 million as of June 30, 2019 and is expected to be recognized over the remaining weighted average period of 3.08 years. Restricted Unit Awards with a Market Condition The following table presents the unvested market condition awards' activity during the six months ended June 30, 2019 : Market Condition Awards Units Weighted Average Balance - January 1, 2019 1,333,334 $ 9.30 Granted — — Vested — — Forfeited — — Balance - June 30, 2019 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 $9.1 million as of June 30, 2019 and is expected to be recognized over the remaining weighted average period of 2.66 years. Options A summary of options activity during the six months ended June 30, 2019 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - January 1, 2019 18,741,504 $ 18.99 4.88 $ — Exercised (4,289,316 ) 19.00 — — Expired (366,366 ) 19.00 — — Forfeited (42,270 ) 19.00 — — Balance - June 30, 2019 14,043,552 $ 18.99 4.75 $ 100,858 Exercisable at June 30, 2019 13,933,735 $ 18.99 4.74 $ 100,015 Net cash proceeds from exercises of stock options were $78.8 million for the six months ended June 30, 2019 . The Company realized tax benefits of approximately $3.3 million from those exercises. Phantom Shares A summary of unvested phantom shares' activity during the six months ended June 30, 2019 is presented below: Phantom Shares Weighted Average Balance - January 1, 2019 66,287 $ 19.00 Vested (61,502 ) 19.00 Forfeited (4,785 ) 19.00 Balance - June 30, 2019 — $ — During the six months ended June 30, 2019 the Company paid $1.5 million to settle vested phantom shares.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
EQUITY	EQUITY Common Stock The Company completed its conversion from a Delaware limited partnership to a Delaware corporation (the "Conversion") effective on November 26, 2018. Prior to the Conversion, 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. 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. 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. 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. During the three and six months ended June 30, 2019 , the Company repurchased 0.4 million shares as part of the stock repurchase program at a total cost of $10.4 million . As of June 30, 2019 , the amount remaining available for repurchases under the program was $139.6 million . The following table presents the changes in each class of common stock for the six months ended June 30, 2019 : Class A Common Stock Class B Common Stock Class C Common Stock Total Balance - January 1, 2019 101,594,095 1,000 1 101,595,096 Exchanges of AOG Units 97,493 — — 97,493 Stock option exercises 4,168,449 — — 4,168,449 Repurchases of stock (400,000 ) — — (400,000 ) Vesting of restricted stock awards 1,998,272 — — 1,998,272 Balance outstanding - June 30, 2019 107,458,309 1,000 1 107,459,310 The following table presents each partner's AOG Units and corresponding ownership interest in each of the Ares Operating Group entities as of June 30, 2019 and December 31, 2018 , as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities for the three and six months ended June 30, 2019 and 2018 . Daily Average Ownership As of June 30, 2019 As of December 31, 2018 For the Three Months Ended June 30, For the Six Months Ended June 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2019 2018 2019 2018 Ares Management Corporation 107,458,309 47.94 % 101,594,095 46.47 % 47.38 % 44.92 % 47.09 % 42.51 % Ares Owners Holding L.P. 116,707,849 52.06 % 117,019,274 53.53 % 52.62 % 53.82 % 52.91 % 54.4 % Affiliate of Alleghany Corporation — — % — — % — % 1.26 % — % 3.09 % Total 224,166,158 100.00 % 218,613,369 100.00 % 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 of the Company. As of June 30, 2019 and December 31, 2018 , 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 per share of $25.00 .

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING The Company operates through its three distinct operating segments. During the six months ended June 30, 2019 , 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 $105.5 billion of AUM and 170 funds as of June 30, 2019 . 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. direct lending activities primarily through ARCC, the largest business development company as of June 30, 2019 , 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 $24.7 billion of AUM as of June 30, 2019 , broadly categorizing its investment strategies as corporate private equity, infrastructure and power, special opportunities and energy opportunities. As of June 30, 2019 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, three commingled special opportunities funds and the Company's first energy opportunities fund. In its North American and European flexible capital corporate private equity 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 $11.9 billion of AUM across 45 funds as of June 30, 2019 . 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 the 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 the Company believes are not indicative of operating performance. Changes arising from corporate actions include equity-based compensation expenses, the amortization of intangible assets, transaction costs associated with mergers, acquisitions and capital 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. 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 three months ended June 30, 2019 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $39,157) $ 172,347 $ 52,162 $ 21,770 $ 246,279 $ — $ 246,279 Other fees 3,939 — 672 4,611 — 4,611 Compensation and benefits (64,965 ) (21,291 ) (11,928 ) (98,184 ) (33,994 ) (132,178 ) General, administrative and other expenses (13,381 ) (4,912 ) (3,523 ) (21,816 ) (19,874 ) (41,690 ) Fee related earnings 97,940 25,959 6,991 130,890 (53,868 ) 77,022 Performance income—realized 15,959 18,369 1,666 35,994 — 35,994 Performance related compensation—realized (9,564 ) (14,696 ) (969 ) (25,229 ) — (25,229 ) Realized net performance income 6,395 3,673 697 10,765 — 10,765 Investment income (loss)—realized (310 ) 1,030 1,546 2,266 — 2,266 Interest and other investment income (expense) —realized 4,631 3,318 2,119 10,068 (17 ) 10,051 Interest expense (1,908 ) (2,436 ) (1,050 ) (5,394 ) (399 ) (5,793 ) Realized net investment income (loss) 2,413 1,912 2,615 6,940 (416 ) 6,524 Realized income $ 106,748 $ 31,544 $ 10,303 $ 148,595 $ (54,284 ) $ 94,311 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended June 30, 2018 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $29,866) $ 135,848 $ 49,318 $ 17,138 $ 202,304 $ — $ 202,304 Other fees 6,877 337 7 7,221 — 7,221 Compensation and benefits (52,271 ) (18,672 ) (8,768 ) (79,711 ) (30,680 ) (110,391 ) General, administrative and other expenses (11,294 ) (4,175 ) (2,391 ) (17,860 ) (19,236 ) (37,096 ) Fee related earnings 79,160 26,808 5,986 111,954 (49,916 ) 62,038 Performance income—realized 41,672 80,415 521 122,608 — 122,608 Performance related compensation—realized (23,577 ) (64,311 ) 7 (87,881 ) — (87,881 ) Realized net performance income 18,095 16,104 528 34,727 — 34,727 Investment income (loss)—realized 595 9,016 (250 ) 9,361 798 10,159 Interest and other investment income—realized 3,035 2,920 667 6,622 584 7,206 Interest expense (3,596 ) (1,440 ) (452 ) (5,488 ) (588 ) (6,076 ) Realized net investment income (loss) 34 10,496 (35 ) 10,495 794 11,289 Realized income $ 97,289 $ 53,408 $ 6,479 $ 157,176 $ (49,122 ) $ 108,054 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the six months ended June 30, 2019 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $77,550) $ 335,313 $ 103,558 $ 40,420 $ 479,291 $ — $ 479,291 Other fees 7,005 — 681 7,686 — 7,686 Compensation and benefits (125,313 ) (42,487 ) (21,212 ) (189,012 ) (66,655 ) (255,667 ) General, administrative and other expenses (26,886 ) (8,969 ) (6,655 ) (42,510 ) (40,506 ) (83,016 ) Fee related earnings 190,119 52,102 13,234 255,455 (107,161 ) 148,294 Performance income—realized 37,884 62,492 4,191 104,567 — 104,567 Performance related compensation—realized (22,227 ) (49,993 ) (2,226 ) (74,446 ) — (74,446 ) Realized net performance income 15,657 12,499 1,965 30,121 — 30,121 Investment income—realized 548 11,966 5,026 17,540 — 17,540 Interest and other investment income (expense) —realized 7,536 3,612 3,224 14,372 (2 ) 14,370 Interest expense (3,807 ) (4,611 ) (2,169 ) (10,587 ) (795 ) (11,382 ) Realized net investment income (loss) 4,277 10,967 6,081 21,325 (797 ) 20,528 Realized income $ 210,053 $ 75,568 $ 21,280 $ 306,901 $ (107,958 ) $ 198,943 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the six months ended June 30, 2018 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $58,283) $ 267,614 $ 99,205 $ 32,311 $ 399,130 $ — $ 399,130 Other fees 12,607 677 10 13,294 — 13,294 Compensation and benefits (102,965 ) (37,871 ) (16,407 ) (157,243 ) (60,872 ) (218,115 ) General, administrative and other expenses (21,148 ) (8,216 ) (4,823 ) (34,187 ) (37,627 ) (71,814 ) Fee related earnings 156,108 53,795 11,091 220,994 (98,499 ) 122,495 Performance income—realized 46,743 84,813 14,159 145,715 — 145,715 Performance related compensation—realized (26,665 ) (67,871 ) (8,214 ) (102,750 ) — (102,750 ) Realized net performance income 20,078 16,942 5,945 42,965 — 42,965 Investment income—realized 1,366 9,687 3,100 14,153 1,636 15,789 Interest and other investment income—realized 6,224 2,979 884 10,087 1,736 11,823 Interest expense (8,269 ) (2,668 ) (872 ) (11,809 ) (1,136 ) (12,945 ) Realized net investment income (loss) (679 ) 9,998 3,112 12,431 2,236 14,667 Realized income $ 175,507 $ 80,735 $ 20,148 $ 276,390 $ (96,263 ) $ 180,127 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Segment revenues Management fees (includes ARCC Part I Fees of $39,157, $77,550 and $29,866, $58,283 for the three and six months ended June 30, 2019 and 2018, respectively) $ 246,279 $ 202,304 $ 479,291 $ 399,130 Other fees 4,611 7,221 7,686 13,294 Performance income—realized 35,994 122,608 104,567 145,715 Total segment revenues $ 286,884 $ 332,133 $ 591,544 $ 558,139 Segment expenses Compensation and benefits $ 98,184 $ 79,711 $ 189,012 $ 157,243 General, administrative and other expenses 21,816 17,860 42,510 34,187 Performance related compensation—realized 25,229 87,881 74,446 102,750 Total segment expenses $ 145,229 $ 185,452 $ 305,968 $ 294,180 Segment realized net investment income Investment income—realized $ 2,266 $ 9,361 $ 17,540 $ 14,153 Interest and other investment income- realized 10,068 6,622 14,372 10,087 Interest expense (5,394 ) (5,488 ) (10,587 ) (11,809 ) Total segment realized net investment income $ 6,940 $ 10,495 $ 21,325 $ 12,431 The following table reconciles the Company's consolidated revenues to segment revenue: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Total consolidated revenue $ 384,822 $ 204,163 $ 862,019 $ 470,252 Performance income-unrealized (98,662 ) 124,343 (245,237 ) 89,225 Management fees of Consolidated Funds eliminated in consolidation 8,735 8,272 17,148 15,583 Incentive fees of Consolidated Funds eliminated in consolidation 4,750 4,000 5,184 4,000 Principal investment income of Consolidated Funds eliminated in consolidation (4,265 ) 12,851 (3,132 ) 10,650 Administrative fees(1) (6,602 ) (6,770 ) (13,204 ) (13,182 ) Performance income reclass(2) (26 ) (31 ) 580 (1,006 ) Principal investment income (1,579 ) (14,722 ) (31,471 ) (17,430 ) Net (revenue) expense of non-controlling interests in consolidated subsidiaries (289 ) 27 (343 ) 47 Total consolidation adjustments and reconciling items (97,938 ) 127,970 (270,475 ) 87,887 Total segment revenue $ 286,884 $ 332,133 $ 591,544 $ 558,139 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed 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 Condensed Consolidated Statements of Operations. The following table reconciles the Company's consolidated expenses to segment expenses: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Total consolidated expenses $ 335,701 $ 221,017 $ 704,808 $ 427,300 Performance related compensation-unrealized (67,459 ) 100,886 (174,762 ) 89,877 Expenses of Consolidated Funds added in consolidation (28,912 ) (47,382 ) (42,313 ) (56,011 ) Expenses of Consolidated Funds eliminated in consolidation 13,485 12,270 22,332 19,583 Administrative fees(1) (6,602 ) (6,770 ) (13,204 ) (13,182 ) OMG expenses (53,868 ) (49,916 ) (107,161 ) (98,499 ) Acquisition and merger-related expense (4,207 ) (47 ) (5,980 ) 272 Equity compensation expense (24,029 ) (22,507 ) (51,581 ) (43,594 ) Unamortized placement fees (12,432 ) (1,852 ) (12,953 ) (3,516 ) Depreciation and amortization expense (5,221 ) (7,711 ) (11,045 ) (14,887 ) Other expense(2) — (11,836 ) — (11,836 ) Expense of non-controlling interests in consolidated subsidiaries (1,227 ) (700 ) (2,173 ) (1,327 ) Total consolidation adjustments and reconciling items (190,472 ) (35,565 ) (398,840 ) (133,120 ) Total segment expenses $ 145,229 $ 185,452 $ 305,968 $ 294,180 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) 2018 period includes $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018. The following table reconciles the Company's consolidated other income to segment realized net investment income: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Total consolidated other income $ 35,262 $ 67,926 $ 63,132 $ 70,166 Investment (income) loss - unrealized 7,618 (1,382 ) (8,565 ) 4,269 Interest and other investment (income) loss - unrealized (4,628 ) 1,373 350 1,296 Other expense from Consolidated Funds added in consolidation, net (33,008 ) (69,193 ) (64,215 ) (76,445 ) Other (income) expense from Consolidated Funds eliminated in consolidation, net 282 (993 ) (90 ) (534 ) OMG other income (188 ) (3,699 ) (158 ) (6,467 ) Performance income reclass(1) 26 31 (580 ) 1,006 Principal investment income 1,579 14,722 31,471 17,430 Other expense, net 2 1,718 1 1,725 Other income of non-controlling interests in consolidated subsidiaries (5 ) (8 ) (21 ) (15 ) Total consolidation adjustments and reconciling items (28,322 ) (57,431 ) (41,807 ) (57,735 ) Total segment realized net investment income $ 6,940 $ 10,495 $ 21,325 $ 12,431 (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. The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Income before taxes $ 84,383 $ 51,072 $ 220,343 $ 113,118 Adjustments: Depreciation and amortization expense 5,221 7,711 11,045 14,887 Equity compensation expense 24,029 22,507 51,581 43,594 Acquisition and merger-related expense 4,207 47 5,980 (272 ) Unamortized placement fees 12,432 1,852 12,953 3,516 OMG expense, net 53,680 46,217 107,003 92,032 Other expense, net(1) 2 13,554 1 13,561 Expense of non-controlling interests in consolidated subsidiaries 933 719 1,809 1,359 Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (8,079 ) (9,951 ) (25,124 ) (10,318 ) Total performance income - unrealized (98,662 ) 124,343 (245,237 ) 89,225 Total performance related compensation - unrealized 67,459 (100,886 ) 174,762 (89,877 ) Total investment (income) loss - unrealized 2,990 (9 ) (8,215 ) 5,565 Realized income 148,595 157,176 306,901 276,390 Total performance income - realized (35,994 ) (122,608 ) (104,567 ) (145,715 ) Total performance related compensation - realized 25,229 87,881 74,446 102,750 Total investment income - realized (6,940 ) (10,495 ) (21,325 ) (12,431 ) Fee related earnings $ 130,890 $ 111,954 $ 255,455 $ 220,994 (1) 2018 period includes $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018.

CONSOLIDATION

CONSOLIDATION	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	CONSOLIDATION Investments in Consolidated Variable Interest Entities The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company's interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to 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 Condensed Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of June 30, As of December 31, 2019 2018 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs $ 224,154 $ 222,477 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs 197,296 186,455 Assets of consolidated VIEs 8,421,736 8,141,280 Liabilities of consolidated VIEs 7,634,429 7,479,383 For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Net income attributable to non-controlling interests related to consolidated VIEs $ 8,346 $ 9,882 $ 25,970 $ 10,249 Consolidating Schedules The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company's financial condition as of June 30, 2019 and December 31, 2018 and results from operations for the three and six months ended June 30, 2019 and 2018 . As of June 30, 2019 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 247,220 $ — $ — $ 247,220 Investments (includes $1,071,954 of accrued carried interest) 1,763,338 — (197,296 ) 1,566,042 Due from affiliates 242,515 — (8,434 ) 234,081 Other assets 358,091 — — 358,091 Right-of-use operating lease assets 152,579 — — 152,579 Assets of Consolidated Funds Cash and cash equivalents — 376,328 — 376,328 Investments, at fair value — 7,926,615 — 7,926,615 Due from affiliates — 15,888 — 15,888 Receivable for securities sold — 76,993 — 76,993 Other assets — 25,912 — 25,912 Total assets $ 2,763,743 $ 8,421,736 $ (205,730 ) $ 10,979,749 Liabilities Accounts payable, accrued expenses and other liabilities $ 76,838 $ — $ — $ 76,838 Accrued compensation 114,936 — — 114,936 Due to affiliates 65,527 — — 65,527 Performance related compensation payable 772,592 — — 772,592 Debt obligations 566,277 — — 566,277 Right-of-use operating lease liabilities 179,192 — — 179,192 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 75,647 — 75,647 Due to affiliates — 8,434 (8,434 ) — Payable for securities purchased — 369,465 — 369,465 CLO loan obligations, at fair value — 7,054,773 (23,932 ) 7,030,841 Fund borrowings — 126,110 — 126,110 Total liabilities 1,775,362 7,634,429 (32,366 ) 9,377,425 Commitments and contingencies Non-controlling interest in Consolidated Funds — 787,307 (173,364 ) 613,943 Non-controlling interest in Ares Operating Group entities 352,882 — — 352,882 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (107,458,309 shares issued and outstanding) 1,075 — — 1,075 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (1 share issued and outstanding) — — — — Additional paid-in-capital 379,789 — — 379,789 Retained earnings (35,247 ) — — (35,247 ) Accumulated other comprehensive loss, net of tax (8,879 ) — — (8,879 ) Total stockholders' equity 635,499 — — 635,499 Total equity 988,381 787,307 (173,364 ) 1,602,324 Total liabilities, non-controlling interests and equity $ 2,763,743 $ 8,421,736 $ (205,730 ) $ 10,979,749 As of December 31, 2018 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 110,247 $ — $ — $ 110,247 Investments (includes $841,079 of accrued carried interest) 1,512,592 — (186,455 ) 1,326,137 Due from affiliates 207,924 — (8,547 ) 199,377 Other assets 377,651 — — 377,651 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 Receivable for securities sold — 42,076 — 42,076 Other assets — 23,786 — 23,786 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) 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) 1,016 — — 1,016 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (1 share issued and outstanding) — — — — 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 For the Three Months Ended June 30, 2019 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $39,157) $ 246,581 $ — $ (8,735 ) $ 237,846 Carried interest allocation 119,712 — — 119,712 Incentive fees 14,970 — (4,750 ) 10,220 Principal investment income 1,579 — 4,265 5,844 Administrative, transaction and other fees 11,200 — — 11,200 Total revenues 394,042 — (9,220 ) 384,822 Expenses Compensation and benefits 162,170 — — 162,170 Performance related compensation 92,688 — — 92,688 General, administrative and other expense 65,416 — — 65,416 Expenses of the Consolidated Funds — 28,912 (13,485 ) 15,427 Total expenses 320,274 28,912 (13,485 ) 335,701 Other income (expense) Net realized and unrealized gain on investments 927 — (406 ) 521 Interest and dividend income 2,324 — (672 ) 1,652 Interest expense (5,793 ) — — (5,793 ) Other income, net 5,078 — (281 ) 4,797 Net realized and unrealized loss on investments of the Consolidated Funds — (486 ) 370 (116 ) Interest and other income of the Consolidated Funds — 102,206 — 102,206 Interest expense of the Consolidated Funds — (68,712 ) 707 (68,005 ) Total other income 2,536 33,008 (282 ) 35,262 Income before taxes 76,304 4,096 3,983 84,383 Income tax expense (benefit) 9,772 (267 ) — 9,505 Net income 66,532 4,363 3,983 74,878 Less: Net income attributable to non-controlling interests in Consolidated Funds — 4,363 3,983 8,346 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 34,393 — — 34,393 Net income attributable to Ares Management Corporation 32,139 — — 32,139 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 26,714 $ — $ — $ 26,714 For the Three Months Ended June 30, 2018 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $29,866) $ 202,304 $ — $ (8,272 ) $ 194,032 Carried interest allocation (13,444 ) — (13,444 ) Incentive fees 11,740 (4,000 ) 7,740 Principal investment income 14,722 — (12,851 ) 1,871 Administrative, transaction and other fees 13,964 — — 13,964 Total revenues 229,286 — (25,123 ) 204,163 Expenses Compensation and benefits 138,992 — — 138,992 Performance related compensation (13,005 ) — — (13,005 ) General, administrative and other expense 59,918 — — 59,918 Expenses of the Consolidated Funds — 47,382 (12,270 ) 35,112 Total expenses 185,905 47,382 (12,270 ) 221,017 Other income (expense) Net realized and unrealized loss on investments 4,438 — (1,171 ) 3,267 Interest and dividend income 2,356 — — 2,356 Interest expense (6,076 ) — — (6,076 ) Other expense, net (2,978 ) — 991 (1,987 ) Net realized and unrealized gain on investments of the Consolidated Funds — 33,819 668 34,487 Interest and other income of the Consolidated Funds — 92,633 — 92,633 Interest expense of the Consolidated Funds — (57,259 ) 505 (56,754 ) Total other income (expense) (2,260 ) 69,193 993 67,926 Income before taxes 41,121 21,811 (11,860 ) 51,072 Income tax expense 36,834 69 — 36,903 Net income 4,287 21,742 (11,860 ) 14,169 Less: Net income attributable to non-controlling interests in Consolidated Funds — 21,742 (11,860 ) 9,882 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 16,062 — — 16,062 Net loss attributable to Ares Management L.P. (11,775 ) — — (11,775 ) Less: Preferred equity dividends paid 5,425 — — 5,425 Net loss attributable to Ares Management L.P. common shareholders $ (17,200 ) $ — $ — $ (17,200 ) For the Six Months Ended June 30, 2019 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $77,550) $ 479,653 $ — $ (17,148 ) $ 462,505 Carried interest allocation 317,005 — — 317,005 Incentive fees 32,219 — (5,184 ) 27,035 Principal investment income 31,471 — 3,132 34,603 Administrative, transaction and other fees 20,871 — — 20,871 Total revenues 881,219 — (19,200 ) 862,019 Expenses Compensation and benefits 319,016 — — 319,016 Performance related compensation 249,208 — — 249,208 General, administrative and other expense 116,603 — — 116,603 Expenses of the Consolidated Funds — 42,313 (22,332 ) 19,981 Total expenses 684,827 42,313 (22,332 ) 704,808 Other income (expense) Net realized and unrealized gain on investments 5,351 — (1,354 ) 3,997 Interest and dividend income 4,648 — (1,152 ) 3,496 Interest expense (11,382 ) — — (11,382 ) Other income, net 210 — 90 300 Net realized and unrealized gain on investments of the Consolidated Funds — 3,262 986 4,248 Interest and other income of the Consolidated Funds — 195,390 — 195,390 Interest expense of the Consolidated Funds — (134,437 ) 1,520 (132,917 ) Total other income (expense) (1,173 ) 64,215 90 63,132 Income before taxes 195,219 21,902 3,222 220,343 Income tax expense (benefit) 24,735 (846 ) — 23,889 Net income 170,484 22,748 3,222 196,454 Less: Net income attributable to non-controlling interests in Consolidated Funds — 22,748 3,222 25,970 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 93,396 — — 93,396 Net income attributable to Ares Management Corporation 77,088 — — 77,088 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Net income attributable to Ares Management Corporation Class A common stockholders $ 66,238 $ — $ — $ 66,238 For the Six Months Ended June 30, 2018 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $58,283) $ 399,130 $ — $ (15,583 ) $ 383,547 Carried interest allocation 40,685 — — 40,685 Incentive fees 16,811 — (4,000 ) 12,811 Principal investment income 17,430 — (10,650 ) 6,780 Administrative, transaction and other fees 26,429 — — 26,429 Total revenues 500,485 — (30,233 ) 470,252 Expenses Compensation and benefits 273,631 — — 273,631 Performance related compensation 12,873 — — 12,873 General, administrative and other expense 104,368 — — 104,368 Expenses of the Consolidated Funds — 56,011 (19,583 ) 36,428 Total expenses 390,872 56,011 (19,583 ) 427,300 Other income (expense) Net realized and unrealized gain on investments 3,260 — (832 ) 2,428 Interest and dividend income 5,703 — — 5,703 Interest expense (12,945 ) — — (12,945 ) Other expense, net (2,831 ) — 533 (2,298 ) Net realized and unrealized gain on investments of the Consolidated Funds — 21,367 35 21,402 Interest and other income of the Consolidated Funds — 157,055 — 157,055 Interest expense of the Consolidated Funds — (101,977 ) 798 (101,179 ) Total other income (expense) (6,813 ) 76,445 534 70,166 Income before taxes 102,800 20,434 (10,116 ) 113,118 Income tax expense 24,459 69 — 24,528 Net income 78,341 20,365 (10,116 ) 88,590 Less: Net income attributable to non-controlling interests in Consolidated Funds — 20,365 (10,116 ) 10,249 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 49,168 — — 49,168 Net income attributable to Ares Management L.P. 29,173 — — 29,173 Less: Preferred equity dividends paid 10,850 — — 10,850 Net income attributable to Ares Management L.P. common shareholders $ 18,323 $ — $ — $ 18,323

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after June 30, 2019 through the date the condensed consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure: In July 2019 , the Company's board of directors declared a quarterly dividend of $0.32 per share of Class A common stock payable on September 30, 2019 to common stockholders of record at the close of business on September 16, 2019 . In July 2019 , the Company's board of directors declared a quarterly dividend of $0.4375 per share of Series A Preferred Stock payable on September 30, 2019 to preferred stockholders of record at the close of business on September 15, 2019 . As September 15, 2019 falls on a Sunday , the effective record date for the dividend will be Friday , September 13, 2019 .

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Accounting	Basis of Presentation The accompanying condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the condensed consolidated financial statements are presented fairly and that estimates made in preparing its condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC. The condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Adoption of ASC 842 and Recent Accounting Pronouncements	Adoption of ASC 842 Effective January 1, 2019, the Company adopted the Financial Accounting Standards Board (“FASB”) Topic 842 (“ASC 842”), Leases . The Company adopted ASC 842 under the modified retrospective approach using the practical expedient provided for within paragraph 842-10-65-1; therefore, the presentation of prior year periods has not been adjusted. No cumulative effect of initially adopting ASC 842 as an adjustment to the opening balance of components of equity as of January 1, 2019 was necessary as the recognition of the right-of-use operating lease assets equaled the corresponding lease liabilities. The amount established in conjunction with the implementation was consistent with the amount previously disclosed. The Company has entered into operating and finance leases for corporate offices and certain equipment and makes the determination if an arrangement constitutes a lease at inception. Operating leases are included in right-of-use operating lease assets and right-of-use operating lease liabilities in the Company's Condensed Consolidated Statements of Financial Condition. Finance leases are included in accounts payable, accrued expenses and other liabilities in the Condensed Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded on the Condensed Consolidated Statements of Financial Condition. Right-of-use leases assets represent the Company's right to use an underlying asset for the lease term and right-of-use lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses the its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The right-of-use operating lease asset also includes any lease prepayments and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Lease expense is primarily recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. However, for certain equipment leases where the non-lease components are not material, the Company account for the lease and non-lease components as a single lease component. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates ("ASU") issued. ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its condensed consolidated financial statements. 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. In April and May 2019, ASU 2019-04, C odification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments and ASU 2019-05, Financial Instruments-Credit Losses (Topic 326): Targeted Transition Relief, were issued to provide clarification to previously issued credit losses guidance (ASU 2016-13) that has not yet been implemented. These updates are required to be adopted with ASU 2016-13. The Company is currently evaluating the impact of these pronouncements on its condensed consolidated financial statements. 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 Company is currently evaluating the impact of this guidance on its condensed consolidated financial statements.
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 price 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.
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 are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities in the Condensed Consolidated Statements of Financial Condition within other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of carrying value for the Company's intangible assets	The following table summarizes the carrying value, net of accumulated amortization, for the Company's intangible assets, included within other assets in the Condensed Consolidated Statements of Financial Condition: Weighted Average Amortization Period as of June 30, 2019 As of June 30, As of December 31, 2019 2018 Management contracts 2.6 years $ 12,498 $ 42,335 Client relationships 9.0 years 38,600 38,600 Trade name 3.0 years 3,200 3,200 Intangible assets 54,298 84,135 Less: accumulated amortization (25,287 ) (52,701 ) Intangible assets, net $ 29,011 $ 31,434
Schedule of goodwill rollforward	The following table summarizes the carrying value of the Company's goodwill assets, included within other assets in the Condensed Consolidated Statements of Financial Condition: Credit Private Real Total Balance as of December 31, 2018 $ 32,196 $ 58,600 $ 52,990 $ 143,786 Foreign currency translation — — (7 ) (7 ) Balance as of June 30, 2019 $ 32,196 $ 58,600 $ 52,983 $ 143,779

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
Investments in and Advances to Affiliates [Abstract]
Summary of investments held	The Company’s investments are comprised of the following: Percentage of total investments as of June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Private Investment Partnership Interests and Other: Equity method private investment partnership interests - principal (1) $ 364,109 $ 357,655 23.3 % 27.0 % Equity method - carried interest (1) 1,071,954 841,079 68.4 % 63.4 % Equity method private investment partnership interests and other (held at fair value) 48,785 46,450 3.1 % 3.5 % Equity method private investment partnership interests and other 15,969 18,845 1.0 % 1.4 % Total private investment partnership interests and other 1,500,817 1,264,029 95.8 % 95.3 % Collateralized loan obligations 26,241 20,824 1.7 % 1.6 % Other fixed income 37,810 40,000 2.4 % 3.0 % Collateralized loan obligations and other fixed income, at fair value 64,051 60,824 4.1 % 4.6 % Common stock, at fair value 1,174 1,284 0.1 % 0.1 % Total investments $ 1,566,042 $ 1,326,137 (1) Investment or portion of the investment is denominated in foreign currency and is translated into U.S. dollars at each reporting date. Investments held in the Consolidated Funds are summarized below: Fair value at Fair value as a percentage of total investments as of June 30, December 31, June 30, December 31, 2019 2018 2019 2018 Fixed income investments: Bonds $ 201,792 $ 318,499 2.6 % 4.3 % Loans 7,229,083 6,886,749 91.2 % 89.8 % Collateralized loan obligations 35,260 — 0.4 % — % Total fixed income investments 7,466,135 7,205,248 94.2 % 94.1 % Equity securities 166,623 196,470 2.1 % 2.4 % Partnership interests 293,857 271,447 3.7 % 3.5 % Total investments, at fair value $ 7,926,615 $ 7,673,165

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2019
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 the Consolidated Funds as of June 30, 2019 : 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 $ — $ — $ 64,051 $ — $ 64,051 Common stock and other equity securities 137 1,037 12,397 — 13,571 Partnership interests — — 35,192 1,196 36,388 Total investments, at fair value 137 1,037 111,640 1,196 114,010 Derivatives—foreign exchange contracts — 1,890 — — 1,890 Total assets, at fair value $ 137 $ 2,927 $ 111,640 $ 1,196 $ 115,900 Liabilities, at fair value Derivatives—foreign exchange contracts $ — $ (610 ) $ — $ — $ (610 ) Total liabilities, at fair value $ — $ (610 ) $ — $ — $ (610 ) Financial Instruments of the Consolidated Funds Level I Level II Level III Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 201,792 $ — $ 201,792 Loans — 6,954,671 274,412 7,229,083 Collateralized loan obligations — 35,260 — 35,260 Total fixed income investments — 7,191,723 274,412 7,466,135 Equity securities 34,891 — 131,732 166,623 Partnership interests — — 293,857 293,857 Total investments, at fair value 34,891 7,191,723 700,001 7,926,615 Derivatives: Foreign exchange contracts — 342 — 342 Asset swaps - other — — 705 705 Total assets, at fair value $ 34,891 $ 7,192,065 $ 700,706 $ 7,927,662 Liabilities, at fair value Foreign exchange contracts $ — $ (345 ) $ — $ (345 ) Asset swaps - other — — (647 ) (647 ) Loan obligations of CLOs — (7,030,841 ) — (7,030,841 ) Total liabilities, at fair value $ — $ (7,031,186 ) $ (647 ) $ (7,031,833 ) The tables below summarize the financial assets and financial liabilities measured at fair value for the Company and the 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 the 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 )
Summary of changes in the fair value of the Level III investments	The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2019 : Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Total Balance, beginning of period $ 10,397 $ 67,190 $ 35,192 $ 112,779 Deconsolidation of fund — 1,883 — 1,883 Purchases(1) 2,000 — — 2,000 Sales/settlements(2) — (6,206 ) — (6,206 ) Realized and unrealized appreciation, net — 1,184 — 1,184 Balance, end of period $ 12,397 $ 64,051 $ 35,192 $ 111,640 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 1,818 $ — $ 1,818 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 159,032 $ 564,304 $ 283,059 $ (3,031 ) $ 1,003,364 Deconsolidation of fund (10,325 ) (115,711 ) — — (126,036 ) Transfer in — 29,438 — — 29,438 Transfer out — (261,674 ) — — (261,674 ) Purchases(1) 110 113,708 4,000 — 117,818 Sales/settlements(2) (51 ) (56,530 ) (2,000 ) (555 ) (59,136 ) Amortized discounts/premiums — (345 ) — 171 (174 ) Realized and unrealized appreciation (depreciation), net (17,034 ) 1,222 8,798 3,473 (3,541 ) Balance, end of period $ 131,732 $ 274,412 $ 293,857 $ 58 $ 700,059 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (17,031 ) $ (389 ) $ 8,798 $ 2,865 $ (5,757 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2019 : Level III Assets Level III Assets of the Company Equity Securities Fixed Income Partnership Total Balance, beginning of period $ 10,397 $ 60,824 $ 35,192 $ 106,413 Deconsolidation of fund — 10,021 — 10,021 Purchases(1) 2,000 2,146 — 4,146 Sales/settlements(2) — (11,169 ) — (11,169 ) Realized and unrealized appreciation, net — 2,229 — 2,229 Balance, end of period $ 12,397 $ 64,051 $ 35,192 $ 111,640 Increase in net unrealized appreciation included in earnings related to financial assets still held at the reporting date $ — $ 2,479 $ — $ 2,479 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Derivatives, Net Total Balance, beginning of period $ 150,752 $ 547,958 $ 271,447 $ 680 $ 970,837 Deconsolidation of fund (10,325 ) (174,593 ) — — (184,918 ) Transfer in — 41,245 — — 41,245 Transfer out — (247,573 ) — — (247,573 ) Purchases(1) 10,882 238,870 8,000 — 257,752 Sales/settlements(2) (5,137 ) (136,329 ) (2,000 ) (581 ) (144,047 ) Amortized discounts/premiums — (37 ) — 22 (15 ) Realized and unrealized appreciation (depreciation), net (14,440 ) 4,871 16,410 (63 ) 6,778 Balance, end of period $ 131,732 $ 274,412 $ 293,857 $ 58 $ 700,059 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (14,442 ) $ 1,114 $ 16,410 $ (49 ) $ 3,033 (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2018 : Level III Assets Level III Assets of the Company Fixed Income Partnership Total Balance, beginning of period $ 242,984 $ 44,769 $ 287,753 Sales/settlements(2) (219,744 ) — (219,744 ) Realized and unrealized appreciation (depreciation), net (1,115 ) 2,450 1,335 Balance, end of period $ 22,125 $ 47,219 $ 69,344 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (100 ) $ 2,450 $ 2,350 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 160,422 $ 240,763 $ 252,700 $ 86 $ 653,971 Transfer in — 94,776 — — 94,776 Transfer out — (68,328 ) — — (68,328 ) Purchases(1) — 273,879 6,000 — 279,879 Sales/settlements(2) — (57,206 ) — (17 ) (57,223 ) Amortized discounts/premiums — (9 ) — (21 ) (30 ) Realized and unrealized appreciation (depreciation), net 24,161 (1,500 ) (7,092 ) 182 15,751 Balance, end of period $ 184,583 $ 482,375 $ 251,608 $ 230 $ 918,796 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (2,090 ) $ (3,785 ) $ — $ 134 $ (5,741 ) (1) Purchases include paid‑in‑kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2018 : Level III Assets Level III Assets of the Company Fixed Income Partnership Total Balance, beginning of period $ 195,158 $ 44,769 $ 239,927 Deconsolidation of fund 78 — 78 Purchases(1) 48,731 — 48,731 Sales/settlements(2) (220,571 ) — (220,571 ) Realized and unrealized appreciation (depreciation), net (1,271 ) 2,450 1,179 Balance, end of period $ 22,125 $ 47,219 $ 69,344 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (829 ) $ 2,450 $ 1,621 Level III Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 162,577 $ 267,889 $ 232,332 $ 904 $ 663,702 Deconsolidation of fund — (233 ) — — (233 ) Transfer in — 95,450 — — 95,450 Transfer out — (73,777 ) — — (73,777 ) Purchases(1) — 313,462 16,000 — 329,462 Sales/settlements(2) — (117,503 ) — (194 ) (117,697 ) Amortized discounts/premiums — 35 — (14 ) 21 Realized and unrealized appreciation (depreciation), net 22,006 (2,948 ) 3,276 (466 ) 21,868 Balance, end of period $ 184,583 $ 482,375 $ 251,608 $ 230 $ 918,796 Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (12,211 ) $ (1,671 ) $ 3,276 $ (566 ) $ (11,172 ) (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.
Summary of quantitative inputs and assumptions used for Level III inputs	The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of June 30, 2019 : Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Assets Equity securities $ 12,397 Transaction price(1) N/A N/A Partnership interests 35,192 Discounted cash flow Discount rate 8.0% Collateralized loan obligations 26,241 Broker quotes and/or 3rd party pricing services N/A N/A Other fixed income 37,810 Other N/A N/A Total $ 111,640 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Assets Equity securities $ 609 Enterprise value market multiple analysis EBITDA multiple(2) 8.7x - 22.4x 13.2x 74,241 Other Net income multiple 36.1x - 40.0x 37.8x Illiquidity discount 25.0% 25.0% 56,882 Transaction price(1) N/A N/A N/A Partnership interest 293,857 Discounted cash flow Discount rate 21.4% 21.4% Fixed income securities 191,789 Broker quotes and/or 3rd party pricing services N/A N/A N/A 82,623 Income approach Yield 5.0% - 13.2% 8.9% Derivative instruments 705 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 700,706 Liabilities Derivatives instruments $ (647 ) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (647 ) (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. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following table summarizes the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds' Level III measurements as of December 31, 2018 : Level III Measurements of the Company 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 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 23,871 Enterprise value market multiple analysis EBITDA multiple(2) 7.2x - 22.9x 7.7x 41,562 Other Net income multiple 38.8x 38.8x Illiquidity discount 25.0% 25.0% 271,447 Discounted cash flow Discount rate 20.8% 20.8% 85,319 Transaction price(1) 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) Transaction price consists of securities purchased or restructured. The Company determined that there has been no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization.

DERIVATIVE FINANCIAL INSTRUME_2

DERIVATIVE FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2019
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	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 June 30, 2019 and December 31, 2018 : As of June 30, 2019 As of December 31, 2018 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 $ 37,667 $ 1,890 $ 75,252 $ 610 $ 33,026 $ 1,066 $ 27,140 $ 869 Total derivatives, at fair value(2) $ 37,667 $ 1,890 $ 75,252 $ 610 $ 33,026 $ 1,066 $ 27,140 $ 869 As of June 30, 2019 As of December 31, 2018 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 $ 342 $ 342 $ 342 $ 345 $ 1,881 $ 1,881 $ 1,881 $ 1,864 Asset swap - other 4,830 705 2,292 647 5,226 1,328 2,605 648 Total derivatives, at fair value(3) $ 5,172 $ 1,047 $ 2,634 $ 992 $ 7,107 $ 3,209 $ 4,486 $ 2,512 (1) Represents the total contractual amount of derivative assets and liabilities outstanding. (2) As of June 30, 2019 and December 31, 2018 , the Company had the right to, but elected not to, offset $0.6 million and $0.9 million of its derivative liabilities, respectively. (3) As of June 30, 2019 and December 31, 2018 , the Consolidated Funds offset $10.6 million and $5.7 million of their derivative assets and liabilities, respectively.

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of borrowings outstanding	The Consolidated Funds had the following revolving bank credit facilities and term loan outstanding as of June 30, 2019 and December 31, 2018 : As of June 30, 2019 As of December 31, 2018 Consolidated Funds' Debt Facilities Maturity Date Total Capacity Outstanding Loan(1) Effective Rate Outstanding Loan(1) Effective Rate Credit Facilities: 1/1/2023 $ 18,000 $ 16,153 4.00% $ 14,953 3.98% 12/29/2019(2) 28,033 28,033 1.55% (3) 43,624 1.55% (3) 3/7/2020 71,500 71,500 3.47% 71,500 3.47% 6/30/2021 200,375 — N/A 38,844 1.00% (3) 7/15/2028 75,000 9,000 4.75% 39,000 4.75% Revolving Term Loan 1/31/2022 1,900 1,424 8.07% 1,363 8.07% Total borrowings of Consolidated Funds $ 126,110 $ 209,284 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) On June 27, 2019, one of the Consolidated Funds amended the Credit Facility to, among other things, extend the maturity date from June 2019 to December 2019 and to reduce the facility size from €40.0 million to €24.6 million . (3) The effective rate is based on the three month EURIBOR or zero , whichever is higher, plus an applicable margin. As of June 30, 2019 and December 31, 2018 , the following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of June 30, 2019 As of December 31, 2018 Loan Obligations Fair Value of Loan Obligations Weighted Loan Fair Value of Loan Obligations Weighted Average Remaining Maturity In Years Senior secured notes(1) $ 6,879,407 $ 6,789,415 11.14 $ 6,642,616 $ 6,391,643 10.94 Subordinated notes(2) 383,443 241,426 11.20 455,333 286,448 11.21 Total loan obligations of Consolidated CLOs $ 7,262,850 $ 7,030,841 $ 7,097,949 $ 6,678,091 (1) Original borrowings under the senior secured notes totaled $6.9 billion , with various maturity dates ranging from July 2028 to April 2032. The weighted average interest rate as of June 30, 2019 was 3.56% . (2) Original borrowings under the subordinated notes totaled $383.4 million , with various maturity dates ranging from July 2028 to April 2032. The notes do not have contractual interest rates, instead holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO. The following table presents the activity of the Company's debt issuance costs: Credit Facility Senior Notes Unamortized debt issuance costs as of December 31, 2018 $ 4,972 $ 1,334 Debt issuance costs incurred 1,521 — Amortization of debt issuance costs (677 ) (116 ) Unamortized debt issuance costs as of June 30, 2019 $ 5,816 $ 1,218 The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of June 30, 2019 As of December 31, 2018 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility(1) Revolver 3/21/2024 N/A $ 320,000 3.69% $ 235,000 4.00% Senior Notes(2) 10/8/2014 10/8/2024 $ 250,000 246,277 4.21% 245,952 4.21% Total debt obligations $ 566,277 $ 480,952 (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. On March 21, 2019, the Company amended the Credit Facility to, among other things, extend the maturity date from February 2022 to March 2024 and to reduce borrowing costs on the drawn and undrawn amounts. As of June 30, 2019 , base rate loans bear interest calculated based on the base rate plus 0.25% and the LIBOR rate loans bear interest calculated based on LIBOR plus 1.25%. The unused commitment fee is 0.15% 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 .

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease	The tables below present certain supplemental quantitative disclosures regarding the Company's leases as of and for the period ending June 30, 2019 : Classification As of June 30, 2019 Operating lease assets Right-of-use operating lease assets $ 152,579 Finance lease assets Other assets(1) 1,313 Total lease assets $ 153,892 Operating lease liabilities Right-of-use operating lease liabilities $ 179,192 Finance lease obligations Accounts payable, accrued expenses and other liabilities 1,009 Total lease liabilities $ 180,201 (1)Finance lease assets are recorded net of accumulated amortization of $0.4 million as of June 30, 2019 . Classification Three months ended June 30, 2019 Six months ended June 30, 2019 Operating lease expense General, administrative and other expenses $ 7,211 $ 14,149 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 78 105 Interest on finance lease liabilities Interest expense 8 21 Total lease expense $ 7,297 $ 14,275 Lease term and discount rate As of June 30, 2019 Weighted-average remaining lease terms (in years): Operating leases 6.9 Finance leases 2.8 Weighted-average discount rate: Operating leases 4.00 % Finance leases 3.43 % Other information Six months ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 15,313 Operating cash flows from finance leases 52 Financing cash flows from finance leases 264 Leased assets obtained in exchange for new finance lease liabilities 114 Leased assets obtained in exchange for new operating lease liabilities 47,866
Operating Lease, Liability, Maturity	Maturity of lease liabilities Operating Leases Finance Leases 2019 $ 16,006 $ 32 2020 29,516 356 2021 28,627 356 2022 30,067 321 2023 26,923 — After 2023 74,530 — Total future payments 205,669 1,065 Less: interest 26,477 56 Total lease liabilities $ 179,192 $ 1,009
Finance Lease, Liability, Maturity	Maturity of lease liabilities Operating Leases Finance Leases 2019 $ 16,006 $ 32 2020 29,516 356 2021 28,627 356 2022 30,067 321 2023 26,923 — After 2023 74,530 — Total future payments 205,669 1,065 Less: interest 26,477 56 Total lease liabilities $ 179,192 $ 1,009

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2019
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 June 30, As of December 31, 2019 2018 Due from affiliates: Management fees receivable from non-consolidated funds $ 174,668 $ 151,455 Payments made on behalf of and amounts due from non-consolidated funds and employees 59,413 47,922 Due from affiliates—Company $ 234,081 $ 199,377 Amounts due from portfolio companies and non-consolidated funds $ 15,888 $ 17,609 Due from affiliates—Consolidated Funds $ 15,888 $ 17,609 Due to affiliates: Management fee rebate payable to non-consolidated funds $ 2,125 $ 2,105 Management fees received in advance 3,724 5,491 Tax receivable agreement liability 24,927 24,927 Undistributed carried interest and incentive fees 25,700 31,162 Payments made by non-consolidated funds on behalf of and payable by the Company 9,051 18,726 Due to affiliates—Company $ 65,527 $ 82,411

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of antidilutive securities excluded from earnings per common unit	The computation of diluted earnings per share for the three and six months ended June 30, 2019 and 2018 excludes the following options, restricted units and AOG Units, as their effect would have been anti-dilutive: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Options 9,841,385 19,111,390 10,788,784 19,471,589 Restricted units 9,172,641 15,271,381 10,036,334 15,811,964 AOG Units 116,831,583 120,231,237 116,913,353 124,211,007
Schedule of the computation of basic and diluted earnings per common unit	The following table presents the computation of basic and diluted earnings per share: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ 26,714 $ (17,200 ) $ 66,238 $ 18,323 Distributions on participating unvested restricted units (1,886 ) (1,970 ) (3,693 ) (3,877 ) Net income (loss) available to Class A common stockholders $ 24,828 $ (19,170 ) $ 62,545 $ 14,446 Basic weighted-average shares of Class A common stock 105,188,966 98,037,252 104,054,035 91,861,946 Basic earnings (loss) per share of Class A common stock $ 0.24 $ (0.20 ) $ 0.60 $ 0.16 Net income (loss) attributable to Ares Management Corporation Class A common stockholders $ 26,714 $ (17,200 ) $ 66,238 $ 18,323 Distributions on unvested restricted units — (1,970 ) — (3,877 ) Net income (loss) available to Class A common stockholders $ 26,714 $ (19,170 ) $ 66,238 $ 14,446 Effect of dilutive shares: Restricted units 7,212,754 — 6,349,061 — Options 4,202,167 — 3,254,768 — Diluted weighted-average shares of Class A common stock 116,603,887 98,037,252 113,657,864 91,861,946 Diluted earnings (loss) per share of Class A common stock $ 0.23 $ (0.20 ) $ 0.58 $ 0.16 Dividends declared and paid per Class A common stock $ 0.32 $ 0.37 $ 0.64 $ 0.77

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2019
Share-based Payment Arrangement [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 Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Restricted units $ 21,783 $ 18,516 $ 44,796 $ 36,547 Restricted units with a market condition 901 — 1,791 — Options 1,157 3,630 4,258 6,293 Phantom shares 188 361 736 754 Equity-based compensation expense $ 24,029 $ 22,507 $ 51,581 $ 43,594
Summary of unvested restricted units' activity	The following table presents unvested restricted units' activity during the six months ended June 30, 2019 : Restricted Units Weighted Average Grant Date Fair Value Per Unit Balance - January 1, 2019 16,255,475 $ 19.21 Granted 3,881,203 20.01 Vested (3,534,621 ) 17.92 Forfeited (216,662 ) 19.21 Balance - June 30, 2019 16,385,395 $ 19.68 The following table presents the unvested market condition awards' activity during the six months ended June 30, 2019 : Market Condition Awards Units Weighted Average Balance - January 1, 2019 1,333,334 $ 9.30 Granted — — Vested — — Forfeited — — Balance - June 30, 2019 1,333,334 $ 9.30
Summary of unvested options activity	A summary of options activity during the six months ended June 30, 2019 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Balance - January 1, 2019 18,741,504 $ 18.99 4.88 $ — Exercised (4,289,316 ) 19.00 — — Expired (366,366 ) 19.00 — — Forfeited (42,270 ) 19.00 — — Balance - June 30, 2019 14,043,552 $ 18.99 4.75 $ 100,858 Exercisable at June 30, 2019 13,933,735 $ 18.99 4.74 $ 100,015
Summary of unvested phantom units activity	A summary of unvested phantom shares' activity during the six months ended June 30, 2019 is presented below: Phantom Shares Weighted Average Balance - January 1, 2019 66,287 $ 19.00 Vested (61,502 ) 19.00 Forfeited (4,785 ) 19.00 Balance - June 30, 2019 — $ —

EQUITY (Tables)

EQUITY (Tables)	6 Months Ended
	Jun. 30, 2019
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	The following table presents the changes in each class of common stock for the six months ended June 30, 2019 : Class A Common Stock Class B Common Stock Class C Common Stock Total Balance - January 1, 2019 101,594,095 1,000 1 101,595,096 Exchanges of AOG Units 97,493 — — 97,493 Stock option exercises 4,168,449 — — 4,168,449 Repurchases of stock (400,000 ) — — (400,000 ) Vesting of restricted stock awards 1,998,272 — — 1,998,272 Balance outstanding - June 30, 2019 107,458,309 1,000 1 107,459,310
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 June 30, 2019 and December 31, 2018 , as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities for the three and six months ended June 30, 2019 and 2018 . Daily Average Ownership As of June 30, 2019 As of December 31, 2018 For the Three Months Ended June 30, For the Six Months Ended June 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2019 2018 2019 2018 Ares Management Corporation 107,458,309 47.94 % 101,594,095 46.47 % 47.38 % 44.92 % 47.09 % 42.51 % Ares Owners Holding L.P. 116,707,849 52.06 % 117,019,274 53.53 % 52.62 % 53.82 % 52.91 % 54.4 % Affiliate of Alleghany Corporation — — % — — % — % 1.26 % — % 3.09 % Total 224,166,158 100.00 % 218,613,369 100.00 %

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2019
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 three months ended June 30, 2019 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $39,157) $ 172,347 $ 52,162 $ 21,770 $ 246,279 $ — $ 246,279 Other fees 3,939 — 672 4,611 — 4,611 Compensation and benefits (64,965 ) (21,291 ) (11,928 ) (98,184 ) (33,994 ) (132,178 ) General, administrative and other expenses (13,381 ) (4,912 ) (3,523 ) (21,816 ) (19,874 ) (41,690 ) Fee related earnings 97,940 25,959 6,991 130,890 (53,868 ) 77,022 Performance income—realized 15,959 18,369 1,666 35,994 — 35,994 Performance related compensation—realized (9,564 ) (14,696 ) (969 ) (25,229 ) — (25,229 ) Realized net performance income 6,395 3,673 697 10,765 — 10,765 Investment income (loss)—realized (310 ) 1,030 1,546 2,266 — 2,266 Interest and other investment income (expense) —realized 4,631 3,318 2,119 10,068 (17 ) 10,051 Interest expense (1,908 ) (2,436 ) (1,050 ) (5,394 ) (399 ) (5,793 ) Realized net investment income (loss) 2,413 1,912 2,615 6,940 (416 ) 6,524 Realized income $ 106,748 $ 31,544 $ 10,303 $ 148,595 $ (54,284 ) $ 94,311 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the three months ended June 30, 2018 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $29,866) $ 135,848 $ 49,318 $ 17,138 $ 202,304 $ — $ 202,304 Other fees 6,877 337 7 7,221 — 7,221 Compensation and benefits (52,271 ) (18,672 ) (8,768 ) (79,711 ) (30,680 ) (110,391 ) General, administrative and other expenses (11,294 ) (4,175 ) (2,391 ) (17,860 ) (19,236 ) (37,096 ) Fee related earnings 79,160 26,808 5,986 111,954 (49,916 ) 62,038 Performance income—realized 41,672 80,415 521 122,608 — 122,608 Performance related compensation—realized (23,577 ) (64,311 ) 7 (87,881 ) — (87,881 ) Realized net performance income 18,095 16,104 528 34,727 — 34,727 Investment income (loss)—realized 595 9,016 (250 ) 9,361 798 10,159 Interest and other investment income—realized 3,035 2,920 667 6,622 584 7,206 Interest expense (3,596 ) (1,440 ) (452 ) (5,488 ) (588 ) (6,076 ) Realized net investment income (loss) 34 10,496 (35 ) 10,495 794 11,289 Realized income $ 97,289 $ 53,408 $ 6,479 $ 157,176 $ (49,122 ) $ 108,054 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the six months ended June 30, 2019 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $77,550) $ 335,313 $ 103,558 $ 40,420 $ 479,291 $ — $ 479,291 Other fees 7,005 — 681 7,686 — 7,686 Compensation and benefits (125,313 ) (42,487 ) (21,212 ) (189,012 ) (66,655 ) (255,667 ) General, administrative and other expenses (26,886 ) (8,969 ) (6,655 ) (42,510 ) (40,506 ) (83,016 ) Fee related earnings 190,119 52,102 13,234 255,455 (107,161 ) 148,294 Performance income—realized 37,884 62,492 4,191 104,567 — 104,567 Performance related compensation—realized (22,227 ) (49,993 ) (2,226 ) (74,446 ) — (74,446 ) Realized net performance income 15,657 12,499 1,965 30,121 — 30,121 Investment income—realized 548 11,966 5,026 17,540 — 17,540 Interest and other investment income (expense) —realized 7,536 3,612 3,224 14,372 (2 ) 14,370 Interest expense (3,807 ) (4,611 ) (2,169 ) (10,587 ) (795 ) (11,382 ) Realized net investment income (loss) 4,277 10,967 6,081 21,325 (797 ) 20,528 Realized income $ 210,053 $ 75,568 $ 21,280 $ 306,901 $ (107,958 ) $ 198,943 The following table presents the financial results for the Company’s operating segments, as well as the OMG, for the six months ended June 30, 2018 : Credit Group Private Equity Group Real Total OMG Total Management fees (Credit Group includes ARCC Part I Fees of $58,283) $ 267,614 $ 99,205 $ 32,311 $ 399,130 $ — $ 399,130 Other fees 12,607 677 10 13,294 — 13,294 Compensation and benefits (102,965 ) (37,871 ) (16,407 ) (157,243 ) (60,872 ) (218,115 ) General, administrative and other expenses (21,148 ) (8,216 ) (4,823 ) (34,187 ) (37,627 ) (71,814 ) Fee related earnings 156,108 53,795 11,091 220,994 (98,499 ) 122,495 Performance income—realized 46,743 84,813 14,159 145,715 — 145,715 Performance related compensation—realized (26,665 ) (67,871 ) (8,214 ) (102,750 ) — (102,750 ) Realized net performance income 20,078 16,942 5,945 42,965 — 42,965 Investment income—realized 1,366 9,687 3,100 14,153 1,636 15,789 Interest and other investment income—realized 6,224 2,979 884 10,087 1,736 11,823 Interest expense (8,269 ) (2,668 ) (872 ) (11,809 ) (1,136 ) (12,945 ) Realized net investment income (loss) (679 ) 9,998 3,112 12,431 2,236 14,667 Realized income $ 175,507 $ 80,735 $ 20,148 $ 276,390 $ (96,263 ) $ 180,127
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 Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Segment revenues Management fees (includes ARCC Part I Fees of $39,157, $77,550 and $29,866, $58,283 for the three and six months ended June 30, 2019 and 2018, respectively) $ 246,279 $ 202,304 $ 479,291 $ 399,130 Other fees 4,611 7,221 7,686 13,294 Performance income—realized 35,994 122,608 104,567 145,715 Total segment revenues $ 286,884 $ 332,133 $ 591,544 $ 558,139 Segment expenses Compensation and benefits $ 98,184 $ 79,711 $ 189,012 $ 157,243 General, administrative and other expenses 21,816 17,860 42,510 34,187 Performance related compensation—realized 25,229 87,881 74,446 102,750 Total segment expenses $ 145,229 $ 185,452 $ 305,968 $ 294,180 Segment realized net investment income Investment income—realized $ 2,266 $ 9,361 $ 17,540 $ 14,153 Interest and other investment income- realized 10,068 6,622 14,372 10,087 Interest expense (5,394 ) (5,488 ) (10,587 ) (11,809 ) Total segment realized net investment income $ 6,940 $ 10,495 $ 21,325 $ 12,431
Schedule of segment revenues components	The following table reconciles the Company's consolidated revenues to segment revenue: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Total consolidated revenue $ 384,822 $ 204,163 $ 862,019 $ 470,252 Performance income-unrealized (98,662 ) 124,343 (245,237 ) 89,225 Management fees of Consolidated Funds eliminated in consolidation 8,735 8,272 17,148 15,583 Incentive fees of Consolidated Funds eliminated in consolidation 4,750 4,000 5,184 4,000 Principal investment income of Consolidated Funds eliminated in consolidation (4,265 ) 12,851 (3,132 ) 10,650 Administrative fees(1) (6,602 ) (6,770 ) (13,204 ) (13,182 ) Performance income reclass(2) (26 ) (31 ) 580 (1,006 ) Principal investment income (1,579 ) (14,722 ) (31,471 ) (17,430 ) Net (revenue) expense of non-controlling interests in consolidated subsidiaries (289 ) 27 (343 ) 47 Total consolidation adjustments and reconciling items (97,938 ) 127,970 (270,475 ) 87,887 Total segment revenue $ 286,884 $ 332,133 $ 591,544 $ 558,139 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed 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 Condensed Consolidated Statements of Operations.
Schedule of segment expenses components	The following table reconciles the Company's consolidated expenses to segment expenses: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Total consolidated expenses $ 335,701 $ 221,017 $ 704,808 $ 427,300 Performance related compensation-unrealized (67,459 ) 100,886 (174,762 ) 89,877 Expenses of Consolidated Funds added in consolidation (28,912 ) (47,382 ) (42,313 ) (56,011 ) Expenses of Consolidated Funds eliminated in consolidation 13,485 12,270 22,332 19,583 Administrative fees(1) (6,602 ) (6,770 ) (13,204 ) (13,182 ) OMG expenses (53,868 ) (49,916 ) (107,161 ) (98,499 ) Acquisition and merger-related expense (4,207 ) (47 ) (5,980 ) 272 Equity compensation expense (24,029 ) (22,507 ) (51,581 ) (43,594 ) Unamortized placement fees (12,432 ) (1,852 ) (12,953 ) (3,516 ) Depreciation and amortization expense (5,221 ) (7,711 ) (11,045 ) (14,887 ) Other expense(2) — (11,836 ) — (11,836 ) Expense of non-controlling interests in consolidated subsidiaries (1,227 ) (700 ) (2,173 ) (1,327 ) Total consolidation adjustments and reconciling items (190,472 ) (35,565 ) (398,840 ) (133,120 ) Total segment expenses $ 145,229 $ 185,452 $ 305,968 $ 294,180 (1) Represents administrative fees that are presented in administrative, transaction and other fees in the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) 2018 period includes $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018.
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 Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Total consolidated other income $ 35,262 $ 67,926 $ 63,132 $ 70,166 Investment (income) loss - unrealized 7,618 (1,382 ) (8,565 ) 4,269 Interest and other investment (income) loss - unrealized (4,628 ) 1,373 350 1,296 Other expense from Consolidated Funds added in consolidation, net (33,008 ) (69,193 ) (64,215 ) (76,445 ) Other (income) expense from Consolidated Funds eliminated in consolidation, net 282 (993 ) (90 ) (534 ) OMG other income (188 ) (3,699 ) (158 ) (6,467 ) Performance income reclass(1) 26 31 (580 ) 1,006 Principal investment income 1,579 14,722 31,471 17,430 Other expense, net 2 1,718 1 1,725 Other income of non-controlling interests in consolidated subsidiaries (5 ) (8 ) (21 ) (15 ) Total consolidation adjustments and reconciling items (28,322 ) (57,431 ) (41,807 ) (57,735 ) Total segment realized net investment income $ 6,940 $ 10,495 $ 21,325 $ 12,431 (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.
Reconciliation of segment results to the Company's income before taxes and total assets	The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Income before taxes $ 84,383 $ 51,072 $ 220,343 $ 113,118 Adjustments: Depreciation and amortization expense 5,221 7,711 11,045 14,887 Equity compensation expense 24,029 22,507 51,581 43,594 Acquisition and merger-related expense 4,207 47 5,980 (272 ) Unamortized placement fees 12,432 1,852 12,953 3,516 OMG expense, net 53,680 46,217 107,003 92,032 Other expense, net(1) 2 13,554 1 13,561 Expense of non-controlling interests in consolidated subsidiaries 933 719 1,809 1,359 Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (8,079 ) (9,951 ) (25,124 ) (10,318 ) Total performance income - unrealized (98,662 ) 124,343 (245,237 ) 89,225 Total performance related compensation - unrealized 67,459 (100,886 ) 174,762 (89,877 ) Total investment (income) loss - unrealized 2,990 (9 ) (8,215 ) 5,565 Realized income 148,595 157,176 306,901 276,390 Total performance income - realized (35,994 ) (122,608 ) (104,567 ) (145,715 ) Total performance related compensation - realized 25,229 87,881 74,446 102,750 Total investment income - realized (6,940 ) (10,495 ) (21,325 ) (12,431 ) Fee related earnings $ 130,890 $ 111,954 $ 255,455 $ 220,994 (1) 2018 period includes $11.8 million payment to ARCC for rent and utilities for the years ended 2017, 2016, 2015 and 2014, and the first quarter of 2018.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	6 Months Ended
	Jun. 30, 2019
Condensed Financial Information Disclosure [Abstract]
Schedule of interest in VIEs	The Company's interests in consolidated and non-consolidated VIEs, as presented in the Condensed Consolidated Statements of Financial Condition, and its respective maximum exposure to loss relating to non-consolidated VIEs are as follows: As of June 30, As of December 31, 2019 2018 Maximum exposure to loss attributable to the Company's investment in non-consolidated VIEs $ 224,154 $ 222,477 Maximum exposure to loss attributable to the Company's investment in consolidated VIEs 197,296 186,455 Assets of consolidated VIEs 8,421,736 8,141,280 Liabilities of consolidated VIEs 7,634,429 7,479,383 For the Three Months Ended For the Six Months Ended 2019 2018 2019 2018 Net income attributable to non-controlling interests related to consolidated VIEs $ 8,346 $ 9,882 $ 25,970 $ 10,249
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 June 30, 2019 and December 31, 2018 and results from operations for the three and six months ended June 30, 2019 and 2018 . As of June 30, 2019 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 247,220 $ — $ — $ 247,220 Investments (includes $1,071,954 of accrued carried interest) 1,763,338 — (197,296 ) 1,566,042 Due from affiliates 242,515 — (8,434 ) 234,081 Other assets 358,091 — — 358,091 Right-of-use operating lease assets 152,579 — — 152,579 Assets of Consolidated Funds Cash and cash equivalents — 376,328 — 376,328 Investments, at fair value — 7,926,615 — 7,926,615 Due from affiliates — 15,888 — 15,888 Receivable for securities sold — 76,993 — 76,993 Other assets — 25,912 — 25,912 Total assets $ 2,763,743 $ 8,421,736 $ (205,730 ) $ 10,979,749 Liabilities Accounts payable, accrued expenses and other liabilities $ 76,838 $ — $ — $ 76,838 Accrued compensation 114,936 — — 114,936 Due to affiliates 65,527 — — 65,527 Performance related compensation payable 772,592 — — 772,592 Debt obligations 566,277 — — 566,277 Right-of-use operating lease liabilities 179,192 — — 179,192 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 75,647 — 75,647 Due to affiliates — 8,434 (8,434 ) — Payable for securities purchased — 369,465 — 369,465 CLO loan obligations, at fair value — 7,054,773 (23,932 ) 7,030,841 Fund borrowings — 126,110 — 126,110 Total liabilities 1,775,362 7,634,429 (32,366 ) 9,377,425 Commitments and contingencies Non-controlling interest in Consolidated Funds — 787,307 (173,364 ) 613,943 Non-controlling interest in Ares Operating Group entities 352,882 — — 352,882 Stockholders' Equity Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding) 298,761 — — 298,761 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (107,458,309 shares issued and outstanding) 1,075 — — 1,075 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (1 share issued and outstanding) — — — — Additional paid-in-capital 379,789 — — 379,789 Retained earnings (35,247 ) — — (35,247 ) Accumulated other comprehensive loss, net of tax (8,879 ) — — (8,879 ) Total stockholders' equity 635,499 — — 635,499 Total equity 988,381 787,307 (173,364 ) 1,602,324 Total liabilities, non-controlling interests and equity $ 2,763,743 $ 8,421,736 $ (205,730 ) $ 10,979,749 As of December 31, 2018 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 110,247 $ — $ — $ 110,247 Investments (includes $841,079 of accrued carried interest) 1,512,592 — (186,455 ) 1,326,137 Due from affiliates 207,924 — (8,547 ) 199,377 Other assets 377,651 — — 377,651 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 Receivable for securities sold — 42,076 — 42,076 Other assets — 23,786 — 23,786 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) 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) 1,016 — — 1,016 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (1 share issued and outstanding) — — — — 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
Schedule of results from operations	For the Three Months Ended June 30, 2019 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $39,157) $ 246,581 $ — $ (8,735 ) $ 237,846 Carried interest allocation 119,712 — — 119,712 Incentive fees 14,970 — (4,750 ) 10,220 Principal investment income 1,579 — 4,265 5,844 Administrative, transaction and other fees 11,200 — — 11,200 Total revenues 394,042 — (9,220 ) 384,822 Expenses Compensation and benefits 162,170 — — 162,170 Performance related compensation 92,688 — — 92,688 General, administrative and other expense 65,416 — — 65,416 Expenses of the Consolidated Funds — 28,912 (13,485 ) 15,427 Total expenses 320,274 28,912 (13,485 ) 335,701 Other income (expense) Net realized and unrealized gain on investments 927 — (406 ) 521 Interest and dividend income 2,324 — (672 ) 1,652 Interest expense (5,793 ) — — (5,793 ) Other income, net 5,078 — (281 ) 4,797 Net realized and unrealized loss on investments of the Consolidated Funds — (486 ) 370 (116 ) Interest and other income of the Consolidated Funds — 102,206 — 102,206 Interest expense of the Consolidated Funds — (68,712 ) 707 (68,005 ) Total other income 2,536 33,008 (282 ) 35,262 Income before taxes 76,304 4,096 3,983 84,383 Income tax expense (benefit) 9,772 (267 ) — 9,505 Net income 66,532 4,363 3,983 74,878 Less: Net income attributable to non-controlling interests in Consolidated Funds — 4,363 3,983 8,346 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 34,393 — — 34,393 Net income attributable to Ares Management Corporation 32,139 — — 32,139 Less: Series A Preferred Stock dividends paid 5,425 — — 5,425 Net income attributable to Ares Management Corporation Class A common stockholders $ 26,714 $ — $ — $ 26,714 For the Three Months Ended June 30, 2018 Consolidated Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $29,866) $ 202,304 $ — $ (8,272 ) $ 194,032 Carried interest allocation (13,444 ) — (13,444 ) Incentive fees 11,740 (4,000 ) 7,740 Principal investment income 14,722 — (12,851 ) 1,871 Administrative, transaction and other fees 13,964 — — 13,964 Total revenues 229,286 — (25,123 ) 204,163 Expenses Compensation and benefits 138,992 — — 138,992 Performance related compensation (13,005 ) — — (13,005 ) General, administrative and other expense 59,918 — — 59,918 Expenses of the Consolidated Funds — 47,382 (12,270 ) 35,112 Total expenses 185,905 47,382 (12,270 ) 221,017 Other income (expense) Net realized and unrealized loss on investments 4,438 — (1,171 ) 3,267 Interest and dividend income 2,356 — — 2,356 Interest expense (6,076 ) — — (6,076 ) Other expense, net (2,978 ) — 991 (1,987 ) Net realized and unrealized gain on investments of the Consolidated Funds — 33,819 668 34,487 Interest and other income of the Consolidated Funds — 92,633 — 92,633 Interest expense of the Consolidated Funds — (57,259 ) 505 (56,754 ) Total other income (expense) (2,260 ) 69,193 993 67,926 Income before taxes 41,121 21,811 (11,860 ) 51,072 Income tax expense 36,834 69 — 36,903 Net income 4,287 21,742 (11,860 ) 14,169 Less: Net income attributable to non-controlling interests in Consolidated Funds — 21,742 (11,860 ) 9,882 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 16,062 — — 16,062 Net loss attributable to Ares Management L.P. (11,775 ) — — (11,775 ) Less: Preferred equity dividends paid 5,425 — — 5,425 Net loss attributable to Ares Management L.P. common shareholders $ (17,200 ) $ — $ — $ (17,200 ) For the Six Months Ended June 30, 2019 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $77,550) $ 479,653 $ — $ (17,148 ) $ 462,505 Carried interest allocation 317,005 — — 317,005 Incentive fees 32,219 — (5,184 ) 27,035 Principal investment income 31,471 — 3,132 34,603 Administrative, transaction and other fees 20,871 — — 20,871 Total revenues 881,219 — (19,200 ) 862,019 Expenses Compensation and benefits 319,016 — — 319,016 Performance related compensation 249,208 — — 249,208 General, administrative and other expense 116,603 — — 116,603 Expenses of the Consolidated Funds — 42,313 (22,332 ) 19,981 Total expenses 684,827 42,313 (22,332 ) 704,808 Other income (expense) Net realized and unrealized gain on investments 5,351 — (1,354 ) 3,997 Interest and dividend income 4,648 — (1,152 ) 3,496 Interest expense (11,382 ) — — (11,382 ) Other income, net 210 — 90 300 Net realized and unrealized gain on investments of the Consolidated Funds — 3,262 986 4,248 Interest and other income of the Consolidated Funds — 195,390 — 195,390 Interest expense of the Consolidated Funds — (134,437 ) 1,520 (132,917 ) Total other income (expense) (1,173 ) 64,215 90 63,132 Income before taxes 195,219 21,902 3,222 220,343 Income tax expense (benefit) 24,735 (846 ) — 23,889 Net income 170,484 22,748 3,222 196,454 Less: Net income attributable to non-controlling interests in Consolidated Funds — 22,748 3,222 25,970 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 93,396 — — 93,396 Net income attributable to Ares Management Corporation 77,088 — — 77,088 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Net income attributable to Ares Management Corporation Class A common stockholders $ 66,238 $ — $ — $ 66,238 For the Six Months Ended June 30, 2018 Consolidated Entities Consolidated Eliminations Consolidated Revenues Management fees (includes ARCC Part I Fees of $58,283) $ 399,130 $ — $ (15,583 ) $ 383,547 Carried interest allocation 40,685 — — 40,685 Incentive fees 16,811 — (4,000 ) 12,811 Principal investment income 17,430 — (10,650 ) 6,780 Administrative, transaction and other fees 26,429 — — 26,429 Total revenues 500,485 — (30,233 ) 470,252 Expenses Compensation and benefits 273,631 — — 273,631 Performance related compensation 12,873 — — 12,873 General, administrative and other expense 104,368 — — 104,368 Expenses of the Consolidated Funds — 56,011 (19,583 ) 36,428 Total expenses 390,872 56,011 (19,583 ) 427,300 Other income (expense) Net realized and unrealized gain on investments 3,260 — (832 ) 2,428 Interest and dividend income 5,703 — — 5,703 Interest expense (12,945 ) — — (12,945 ) Other expense, net (2,831 ) — 533 (2,298 ) Net realized and unrealized gain on investments of the Consolidated Funds — 21,367 35 21,402 Interest and other income of the Consolidated Funds — 157,055 — 157,055 Interest expense of the Consolidated Funds — (101,977 ) 798 (101,179 ) Total other income (expense) (6,813 ) 76,445 534 70,166 Income before taxes 102,800 20,434 (10,116 ) 113,118 Income tax expense 24,459 69 — 24,528 Net income 78,341 20,365 (10,116 ) 88,590 Less: Net income attributable to non-controlling interests in Consolidated Funds — 20,365 (10,116 ) 10,249 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 49,168 — — 49,168 Net income attributable to Ares Management L.P. 29,173 — — 29,173 Less: Preferred equity dividends paid 10,850 — — 10,850 Net income attributable to Ares Management L.P. common shareholders $ 18,323 $ — $ — $ 18,323

ORGANIZATION (Details)

ORGANIZATION (Details)	6 Months Ended
	Jun. 30, 2019segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of investing groups	3

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS (Carrying Value of Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Finite-lived intangible assets, net
Intangible assets	$ 54,298			$ 54,298		$ 84,135
Less: accumulated amortization	(25,287)			(25,287)		(52,701)
Intangible assets, net	29,011			29,011		31,434
Amortization expense				$ 2,400	$ 6,600
Fully-amortized intangibles, amount removed during the period		$ 29,800
General, administrative and other expense
Finite-lived intangible assets, net
Amortization expense	1,200		$ 3,300
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period (less than for other)				2 years 10 months 24 days
Intangible assets	12,498			$ 12,498		42,335
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period (less than for other)				9 years
Intangible assets	38,600			$ 38,600		38,600
Trade name
Finite-lived intangible assets, net
Weighted average amortization period (less than for other)				3 years
Intangible assets	$ 3,200			$ 3,200		$ 3,200

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS (Goodwill) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 143,786,000
Foreign currency translation	(7,000)
Goodwill, ending balance	143,779,000
Goodwill impairment	0	$ 0
Credit
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196,000
Foreign currency translation	0
Goodwill, ending balance	32,196,000
Private Equity
Goodwill [Roll Forward]
Goodwill, beginning balance	58,600,000
Foreign currency translation	0
Goodwill, ending balance	58,600,000
Real Estate
Goodwill [Roll Forward]
Goodwill, beginning balance	52,990,000
Foreign currency translation	(7,000)
Goodwill, ending balance	$ 52,983,000

INVESTMENTS (Fair Value Investm

INVESTMENTS (Fair Value Investments, excluding Equity Method Investments Held at Fair Value) (Details) - Ares Management L.P - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments
Equity method investments	$ 1,566,042	$ 1,326,137
Partnership interests	36,388	36,053
Total private investment partnership interests and other	114,010	108,558
Collateralized loan obligations	26,241	20,824
Equity securities	$ 13,571	$ 11,681
Percentage of total investments as of	1.70%	1.60%
Other fixed income
Investments
Total private investment partnership interests and other	$ 37,810	$ 40,000
Percentage of total investments as of	2.40%	3.00%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 64,051	$ 60,824
Percentage of total investments as of	4.10%	4.60%
Partnership interests
Investments
Total private investment partnership interests and other	$ 1,500,817	$ 1,264,029
Percentage of total investments as of	95.80%	95.30%
Common Stock
Investments
Equity securities	$ 1,174	$ 1,284
Percentage of total investments as of	0.10%	0.10%
Partnership interests
Investments
Equity method investments	$ 364,109	$ 357,655
Percentage of total investments as of	23.30%	27.00%
Carried interest allocation
Investments
Equity method investments	$ 1,071,954	$ 841,079
Percentage of total investments as of	68.40%	63.40%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments	$ 48,785	$ 46,450
Percentage of total investments as of	3.10%	3.50%
Equity method private investment partnership interests and other
Investments
Partnership interests	$ 15,969	$ 18,845
Percentage of total investments as of	1.00%	1.40%

INVESTMENTS (Equity Method Inve

INVESTMENTS (Equity Method Investments) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Investments in and Advances to Affiliates [Abstract]
Equity method investments gain (loss)	$ 5.4	$ 3.8	$ 34.5	$ 7.3

INVESTMENTS (Investments of the

INVESTMENTS (Investments of the Consolidated Funds) (Details) - Consolidated Funds - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Investments
Total investments	$ 7,926,615	$ 7,673,165
Fixed Income
Investments
Total investments	$ 7,466,135	$ 7,205,248
Percentage of total investments as of	94.20%	94.10%
Fixed Income | Bonds
Investments
Total investments	$ 201,792	$ 318,499
Percentage of total investments as of	2.60%	4.30%
Fixed Income | Loans
Investments
Total investments	$ 7,229,083	$ 6,886,749
Percentage of total investments as of	91.20%	89.80%
Fixed Income | Collateralized loan obligations
Investments
Total investments	$ 35,260	$ 0
Percentage of total investments as of	0.40%	0.00%
Equity securities
Investments
Total investments	$ 166,623	$ 196,470
Percentage of total investments as of	2.10%	2.40%
Partnership Interests
Investments
Total investments	$ 293,857	$ 271,447
Percentage of total investments as of	3.70%	3.50%

FAIR VALUE (Assets and Liabilit

FAIR VALUE (Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 7,466,135	$ 7,205,248
Common stock and other equity securities	166,623	196,470
Partnership interests	293,857	271,447
Total investments, at fair value	7,926,615	7,673,165
Total derivative assets, at fair value		3,209
Total assets, at fair value	7,927,662	7,676,374
Liabilities, at fair value
Loan obligations of CLOs	(7,030,841)	(6,678,091)
Total liabilities, at fair value	(7,031,833)	(6,680,603)
Consolidated Funds | Foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value	342	1,881
Liabilities, at fair value
Derivative liabilities	(345)
Derivatives—foreign exchange contracts		(1,864)
Consolidated Funds | Asset swaps - other
Assets, at fair value
Total derivative assets, at fair value	705	1,328
Liabilities, at fair value
Derivative liabilities	(647)	(648)
Consolidated Funds | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	35,260
Consolidated Funds | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	201,792	318,499
Consolidated Funds | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	7,229,083	6,886,749
Consolidated Funds | Level I
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Common stock and other equity securities	34,891	45,718
Partnership interests	0	0
Total investments, at fair value	34,891	45,718
Total derivative assets, at fair value		0
Total assets, at fair value	34,891	45,718
Liabilities, at fair value
Loan obligations of CLOs	0	0
Total liabilities, at fair value	0	0
Consolidated Funds | Level I | Foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0
Derivatives—foreign exchange contracts		0
Consolidated Funds | Level I | Asset swaps - other
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds | Level I | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Consolidated Funds | Level I | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds | Level I | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Consolidated Funds | Level II
Assets, at fair value
Collateralized loan obligations and other fixed income	7,191,723	6,657,290
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	7,191,723	6,657,290
Total derivative assets, at fair value		1,881
Total assets, at fair value	7,192,065	6,659,171
Liabilities, at fair value
Loan obligations of CLOs	(7,030,841)	(6,678,091)
Total liabilities, at fair value	(7,031,186)	(6,679,955)
Consolidated Funds | Level II | Foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value	342	1,881
Liabilities, at fair value
Derivative liabilities	(345)
Derivatives—foreign exchange contracts		(1,864)
Consolidated Funds | Level II | Asset swaps - other
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Consolidated Funds | Level II | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	35,260
Consolidated Funds | Level II | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	201,792	316,850
Consolidated Funds | Level II | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	6,954,671	6,340,440
Consolidated Funds | Level III
Assets, at fair value
Collateralized loan obligations and other fixed income	274,412	547,958
Common stock and other equity securities	131,732	150,752
Partnership interests	293,857	271,447
Total investments, at fair value	700,001	970,157
Total derivative assets, at fair value		1,328
Total assets, at fair value	700,706	971,485
Liabilities, at fair value
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(647)	(648)
Consolidated Funds | Level III | Foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0
Derivatives—foreign exchange contracts		0
Consolidated Funds | Level III | Asset swaps - other
Assets, at fair value
Total derivative assets, at fair value	705	1,328
Liabilities, at fair value
Derivative liabilities	(647)	(648)
Consolidated Funds | Level III | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Consolidated Funds | Level III | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	1,649
Consolidated Funds | Level III | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	274,412	546,309
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	13,571	11,681
Partnership interests	36,388	36,053
Total investments, at fair value	114,010	108,558
Total assets, at fair value	115,900	109,624
Liabilities, at fair value
Derivatives—foreign exchange contracts		(869)
Total liabilities, at fair value	(610)	(869)
Ares Management L.P | Foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value	1,890	1,066
Liabilities, at fair value
Derivative liabilities	(610)
Ares Management L.P | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	64,051	60,824
Ares Management L.P | Level I
Assets, at fair value
Common stock and other equity securities	137	280
Partnership interests	0	0
Total investments, at fair value	137	280
Total assets, at fair value	137	280
Liabilities, at fair value
Derivatives—foreign exchange contracts		0
Total liabilities, at fair value	0	0
Ares Management L.P | Level I | Foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P | Level I | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P | Level II
Assets, at fair value
Common stock and other equity securities	1,037	1,004
Partnership interests	0	0
Total investments, at fair value	1,037	1,004
Total assets, at fair value	2,927	2,070
Liabilities, at fair value
Derivatives—foreign exchange contracts		(869)
Total liabilities, at fair value	(610)	(869)
Ares Management L.P | Level II | Foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value	1,890	1,066
Liabilities, at fair value
Derivative liabilities	(610)
Ares Management L.P | Level II | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P | Level III
Assets, at fair value
Common stock and other equity securities	12,397	10,397
Partnership interests	35,192	35,192
Total investments, at fair value	111,640	106,413
Total assets, at fair value	111,640	106,413
Liabilities, at fair value
Derivatives—foreign exchange contracts		0
Total liabilities, at fair value	0	0
Ares Management L.P | Level III | Foreign exchange contracts
Assets, at fair value
Total derivative assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P | Level III | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	64,051	60,824
Ares Management L.P | Investments Measured at NAV
Assets, at fair value
Partnership interests	1,196	861
Total investments, at fair value	1,196	861
Total assets, at fair value	$ 1,196	$ 861

FAIR VALUE (Changes in Fair Val

FAIR VALUE (Changes in Fair Value of Level III Measurements) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Consolidated Funds
Changes in the fair value of the Level III investments
Balance, beginning of period	$ 1,003,364	$ 653,971	$ 970,837	$ 663,702
Deconsolidation of fund	(126,036)		(184,918)	(233)
Transfer in	29,438	94,776	41,245	95,450
Transfer out	(261,674)	(68,328)	(247,573)	(73,777)
Purchases	117,818	279,879	257,752	329,462
Sales/settlements	(59,136)	(57,223)	(144,047)	(117,697)
Amortized discounts/premiums	(174)	(30)	(15)	21
Realized and unrealized appreciation (depreciation), net	(3,541)	15,751	6,778	21,868
Balance, end of period	700,059	918,796	700,059	918,796
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(5,757)	(5,741)	3,033	(11,172)
Consolidated Funds | Equity securities
Changes in the fair value of the Level III investments
Balance, beginning of period	159,032	160,422	150,752	162,577
Deconsolidation of fund	(10,325)		(10,325)
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	110	0	10,882	0
Sales/settlements	(51)	0	(5,137)	0
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	(17,034)	24,161	(14,440)	22,006
Balance, end of period	131,732	184,583	131,732	184,583
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(17,031)	(2,090)	(14,442)	(12,211)
Consolidated Funds | Fixed Income
Changes in the fair value of the Level III investments
Balance, beginning of period	564,304	240,763	547,958	267,889
Deconsolidation of fund	(115,711)		(174,593)	(233)
Transfer in	29,438	94,776	41,245	95,450
Transfer out	(261,674)	(68,328)	(247,573)	(73,777)
Purchases	113,708	273,879	238,870	313,462
Sales/settlements	(56,530)	(57,206)	(136,329)	(117,503)
Amortized discounts/premiums	(345)	(9)	(37)	35
Realized and unrealized appreciation (depreciation), net	1,222	(1,500)	4,871	(2,948)
Balance, end of period	274,412	482,375	274,412	482,375
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(389)	(3,785)	1,114	(1,671)
Consolidated Funds | Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	283,059	252,700	271,447	232,332
Deconsolidation of fund	0		0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	4,000	6,000	8,000	16,000
Sales/settlements	(2,000)	0	(2,000)	0
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	8,798	(7,092)	16,410	3,276
Balance, end of period	293,857	251,608	293,857	251,608
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	8,798	0	16,410	3,276
Consolidated Funds | Derivatives, Net
Changes in the fair value of the Level III investments
Balance, beginning of period	(3,031)	86	680	904
Deconsolidation of fund	0		0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	0	0	0	0
Sales/settlements	(555)	(17)	(581)	(194)
Amortized discounts/premiums	171	(21)	22	(14)
Realized and unrealized appreciation (depreciation), net	3,473	182	(63)	(466)
Balance, end of period	58	230	58	230
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	2,865	134	(49)	(566)
Ares Management L.P
Changes in the fair value of the Level III investments
Balance, beginning of period	112,779	287,753	106,413	239,927
Deconsolidation of fund	1,883		10,021	78
Purchases	2,000		4,146	48,731
Sales/settlements	(6,206)	(219,744)	(11,169)	(220,571)
Realized and unrealized appreciation (depreciation), net	1,184	1,335	2,229	1,179
Balance, end of period	111,640	69,344	111,640	69,344
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,818	2,350	2,479	1,621
Ares Management L.P | Equity securities
Changes in the fair value of the Level III investments
Balance, beginning of period	10,397		10,397
Deconsolidation of fund	0		0
Purchases	2,000		2,000
Sales/settlements	0		0
Realized and unrealized appreciation (depreciation), net	0		0
Balance, end of period	12,397		12,397
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	0		0
Ares Management L.P | Fixed Income
Changes in the fair value of the Level III investments
Balance, beginning of period	67,190	242,984	60,824	195,158
Deconsolidation of fund	1,883		10,021	78
Purchases	0		2,146	48,731
Sales/settlements	(6,206)	(219,744)	(11,169)	(220,571)
Realized and unrealized appreciation (depreciation), net	1,184	(1,115)	2,229	(1,271)
Balance, end of period	64,051	22,125	64,051	22,125
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,818	(100)	2,479	(829)
Ares Management L.P | Partnership interests
Changes in the fair value of the Level III investments
Balance, beginning of period	35,192	44,769	35,192	44,769
Deconsolidation of fund	0		0	0
Purchases	0		0	0
Sales/settlements	0	0	0	0
Realized and unrealized appreciation (depreciation), net	0	2,450	0	2,450
Balance, end of period	35,192	47,219	35,192	47,219
Increase (decrease) in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 0	$ 2,450	$ 0	$ 2,450

FAIR VALUE (Valuation Technique

FAIR VALUE (Valuation Techniques) (Details) $ in Thousands	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Consolidated Funds
Assets
Equity securities	$ 166,623	$ 196,470
Partnership interests	293,857	271,447
Collateralized loan obligations	7,030,841	6,678,091
Other fixed income	7,466,135	7,205,248
Derivative instruments		3,209
Total assets	7,927,662	7,676,374
Liabilities
Liabilities, at fair value	(7,031,833)	(6,680,603)
Consolidated Funds | Level III
Assets
Equity securities	131,732	150,752
Partnership interests	293,857	271,447
Collateralized loan obligations	0	0
Other fixed income	274,412	547,958
Derivative instruments		1,328
Total assets	700,706	971,485
Liabilities
Liabilities, at fair value	(647)	(648)
Consolidated Funds | Level III | Transaction price
Assets
Equity securities	56,882	85,319
Consolidated Funds | Level III | Discounted cash flow
Assets
Equity securities		$ 271,447
Partnership interests	$ 293,857
Consolidated Funds | Level III | Discounted cash flow | Discount rate
Unobservable Input
Equity securities		0.208
Partnership interest	0.214
Consolidated Funds | Level III | Discounted cash flow | Discount rate | Weighted Average
Unobservable Input
Equity securities		0.208
Partnership interest	0.214
Consolidated Funds | Level III | Broker quotes and/or 3rd party pricing services
Assets
Other fixed income	$ 191,789	$ 441,368
Derivative instruments	705	1,328
Liabilities
Derivatives instruments	(647)	(648)
Consolidated Funds | Level III | Other
Assets
Equity securities	$ 74,241	$ 41,562
Consolidated Funds | Level III | Other | Net income multiple
Unobservable Input
Equity securities		38.8
Consolidated Funds | Level III | Other | Net income multiple | Minimum
Unobservable Input
Equity securities	36.1
Consolidated Funds | Level III | Other | Net income multiple | Maximum
Unobservable Input
Equity securities	40
Consolidated Funds | Level III | Other | Net income multiple | Weighted Average
Unobservable Input
Equity securities	37.8	38.8
Consolidated Funds | Level III | Other | Illiquidity discount
Unobservable Input
Equity securities	0.250	0.250
Consolidated Funds | Level III | Other | Illiquidity discount | Weighted Average
Unobservable Input
Equity securities	0.250	0.250
Consolidated Funds | Level III | Enterprise value market multiple analysis
Assets
Equity securities	$ 609	$ 23,871
Consolidated Funds | Level III | Enterprise value market multiple analysis | EBITDA multiple | Minimum
Unobservable Input
Equity securities	8.7	7.2
Consolidated Funds | Level III | Enterprise value market multiple analysis | EBITDA multiple | Maximum
Unobservable Input
Equity securities	22.4	22.9
Consolidated Funds | Level III | Enterprise value market multiple analysis | EBITDA multiple | Weighted Average
Unobservable Input
Equity securities	13.2	7.7
Consolidated Funds | Level III | Income approach
Assets
Other fixed income	$ 82,623	$ 106,590
Consolidated Funds | Level III | Income approach | Yield | Minimum
Unobservable Input
Fixed income securities	0.050	0.010
Consolidated Funds | Level III | Income approach | Yield | Maximum
Unobservable Input
Fixed income securities	0.132	0.148
Consolidated Funds | Level III | Income approach | Yield | Weighted Average
Unobservable Input
Fixed income securities	0.089	0.096
Ares Management L.P
Assets
Equity securities	$ 13,571	$ 11,681
Partnership interests	36,388	36,053
Total assets	115,900	109,624
Liabilities
Liabilities, at fair value	(610)	(869)
Ares Management L.P | Level III
Assets
Equity securities	12,397	10,397
Partnership interests	35,192	35,192
Total assets	111,640	106,413
Liabilities
Liabilities, at fair value	0	0
Ares Management L.P | Level III | Transaction price
Assets
Equity securities	12,397	10,397
Ares Management L.P | Level III | Discounted cash flow
Assets
Partnership interests	$ 35,192	$ 35,192
Ares Management L.P | Level III | Discounted cash flow | Discount rate
Unobservable Input
Partnership interest	0.080	0.080
Ares Management L.P | Level III | Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	$ 26,241	$ 20,824
Ares Management L.P | Level III | Other
Assets
Other fixed income	$ 37,810	$ 40,000

FAIR VALUE (Investments Using N

FAIR VALUE (Investments Using NAV per Share) (Details) - Non-core investments - USD ($)	Jun. 30, 2019	Dec. 31, 2018
FAIR VALUE
Unfunded Commitments	$ 0
Investments Measured at NAV
FAIR VALUE
Fair Value	$ 1,200,000	$ 800,000

DERIVATIVE FINANCIAL INSTRUME_3

DERIVATIVE FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Consolidated Funds
Assets
Notional amount, Assets	$ 5,172	$ 7,107
Fair Value, Assets	1,047	3,209
Liabilities
Notional amount, Liabilities	2,634	4,486
Fair Value, Liabilities	992	2,512
Derivative asset, amount offset	10,600	10,600
Derivative liability, amount offset	5,700	5,700
Consolidated Funds | Foreign exchange contracts
Assets
Notional amount, Assets	342	1,881
Fair Value, Assets	342	1,881
Liabilities
Notional amount, Liabilities	342	1,881
Fair Value, Liabilities	345	1,864
Consolidated Funds | Asset swap - other
Assets
Notional amount, Assets	4,830	5,226
Fair Value, Assets	705	1,328
Liabilities
Notional amount, Liabilities	2,292	2,605
Fair Value, Liabilities	647	648
Ares Management L.P
Assets
Notional amount, Assets	37,667	33,026
Fair Value, Assets	1,890	1,066
Liabilities
Notional amount, Liabilities	75,252	27,140
Fair Value, Liabilities	610	869
Derivative liability, amount not offset	(600)	(900)
Ares Management L.P | Foreign exchange contracts
Assets
Notional amount, Assets	37,667	33,026
Fair Value, Assets	1,890	1,066
Liabilities
Notional amount, Liabilities	75,252	27,140
Fair Value, Liabilities	$ 610	$ 869

DEBT (Debt Obligations) (Detail

DEBT (Debt Obligations) (Details) - Ares Management L.P - USD ($)	1 Months Ended	6 Months Ended
	Oct. 31, 2014	Jun. 30, 2019	Dec. 31, 2018
DEBT
Carrying Value		$ 566,277,000	$ 480,952,000
Credit Facility
DEBT
Carrying Value		$ 320,000,000	$ 235,000,000
Interest Rate		3.69%	4.00%
Maximum borrowing capacity		$ 1,065,000,000
Unused commitment fees		0.15%
Interest rate		0.00%
Credit Facility | Base rate
DEBT
Interest rate spread		0.25%
Credit Facility | LIBOR
DEBT
Interest rate spread		1.25%
Senior Notes
DEBT
Original Borrowing Amount		$ 250,000,000
Carrying Value		$ 246,277,000	$ 245,952,000
Interest Rate		4.21%	4.21%
AFC Notes
DEBT
Debt issuance rate	98.268%

DEBT (Debt Issuance Costs) (Det

DEBT (Debt Issuance Costs) (Details) - Ares Management L.P $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs as of December 31, 2018	$ 4,972
Debt issuance costs incurred	1,521
Amortization of debt issuance costs	(677)
Unamortized debt issuance costs as of June 30, 2019	5,816
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs as of December 31, 2018	1,334
Debt issuance costs incurred	0
Amortization of debt issuance costs	(116)
Unamortized debt issuance costs as of June 30, 2019	$ 1,218

DEBT (Loan Obligations of the C

DEBT (Loan Obligations of the Consolidated CLOs) (Details) - Consolidated Funds - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
DEBT
Fair Value of Loan Obligations	$ 7,030,841	$ 6,678,091
Collateralized loan obligations
DEBT
Loan Obligations	7,262,850	7,097,949
Fair Value of Loan Obligations	7,030,841	6,678,091
Senior secured notes | Collateralized loan obligations
DEBT
Loan Obligations	6,879,407	6,642,616
Fair Value of Loan Obligations	$ 6,789,415	$ 6,391,643
Weighted Average Remaining Maturity In Years	11 years 1 month 20 days	10 years 11 months 8 days
Debt instrument face amount	$ 6,900,000
Weighted average interest rate (as a percent)	3.56%
Subordinated notes / preferred shares | Collateralized loan obligations
DEBT
Loan Obligations	$ 383,443	$ 455,333
Fair Value of Loan Obligations	$ 241,426	$ 286,448
Weighted Average Remaining Maturity In Years	11 years 2 months 12 days	11 years 2 months 15 days
Debt instrument face amount	$ 383,400

DEBT (Credit Facilities of the

DEBT (Credit Facilities of the Consolidated Funds) (Details) - Consolidated Funds $ in Thousands, € in Millions	Jun. 30, 2019USD ($)	Jun. 30, 2019EUR (€)	Jun. 27, 2019EUR (€)	Dec. 31, 2018USD ($)
DEBT
Total borrowings of Consolidated Funds	$ 126,110			$ 209,284
Credit Facility Maturing 1/1/2023
DEBT
Total Capacity	18,000
Outstanding Loan	$ 16,153			$ 14,953
Effective Rate	4.00%	4.00%		3.98%
Credit Facility Maturing 6/29/2019
DEBT
Total Capacity	$ 28,033	€ 24.6	€ 40
Outstanding Loan	$ 28,033			$ 43,624
Effective Rate	1.55%	1.55%		1.55%
Interest rate	0.00%	0.00%		0.00%
Credit Facility Maturing 3/7/2019
DEBT
Total Capacity	$ 71,500
Outstanding Loan	$ 71,500			$ 71,500
Effective Rate	3.47%	3.47%		3.47%
Credit Facility Maturing 6/30/2021
DEBT
Total Capacity	$ 200,375
Outstanding Loan	0			$ 38,844
Effective Rate				1.00%
Credit Facility Maturing 7/15/2028
DEBT
Total Capacity	75,000
Outstanding Loan	$ 9,000			$ 39,000
Effective Rate	4.75%	4.75%		4.75%
Revolving Term Loan
DEBT
Total Capacity	$ 1,900
Outstanding Loan	$ 1,424			$ 1,363
Effective Rate	8.07%	8.07%		8.07%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2017	Jun. 30, 2019	Dec. 31, 2018
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 304,100,000		$ 304,100,000	$ 267,600,000
Performance Income
Performance Income
Performance income subject to potential clawback provision	401,000,000		401,000,000	469,000,000
Performance income subject to potential claw back provision that are reimbursable by professionals	297,500,000		297,500,000	351,900,000
Performance income subject to potential claw back provision, repayment obligation	600,000		$ 600,000	$ 400,000
ARCC | American Capital Ltd
COMMITMENTS AND CONTINGENCIES
Maximum fees waived	10,000,000	$ 10,000,000
Term of fee waiver		30 months
Maximum amount shortfall that will not carryover, less than	10,000,000
Remaining term			3 months
Remaining fees waived	$ 10,000,000		$ 10,000,000

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Leases: Assets and Liabilities) (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 179,192
Finance lease obligations	1,009
Accumulated amortization	(400)
Ares Management L.P
Lessee, Lease, Description [Line Items]
Operating lease assets	152,579	$ 0
Finance lease assets	1,313
Total lease assets	153,892
Operating lease liabilities	179,192	$ 0
Finance lease obligations	1,009
Total lease liabilities	$ 180,201

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES (Leases: Lease Expense) (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2019USD ($)
Lessee, Lease, Description [Line Items]
Operating lease expense	$ 7,211	$ 14,149
Amortization of finance lease assets	78	105
Interest on finance lease liabilities	8	21
Total lease expense	$ 7,297	$ 14,275
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	11 years	11 years

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES (Leases: Maturity of Lease Liabilities) (Details) $ in Thousands	Jun. 30, 2019USD ($)
Operating Leases
2019	$ 16,006
2020	29,516
2021	28,627
2022	30,067
2023	26,923
After 2023	74,530
Total future payments	205,669
Less: interest	26,477
Operating lease liabilities	179,192
Finance Leases
2019	32
2020	356
2021	356
2022	321
2023	0
After 2023	0
Total future payments	1,065
Less: interest	56
Finance lease obligations	$ 1,009

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES (Leases: Lease Term and Discount Rate) (Details)	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms, operating lease	6 years 10 months 24 days
Weighted-average remaining lease terms, finance lease	2 years 9 months 18 days
Weighted-average discount rate, operating lease	4.00%
Weighted-average discount rate, finance lease	3.43%

COMMITMENTS AND CONTINGENCIES_7

COMMITMENTS AND CONTINGENCIES (Leases: Other Information) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating cash flows from operating leases	$ 15,313
Operating cash flows from finance leases	52
Financing cash flows from finance leases	264
Leased assets obtained in exchange for new finance lease liabilities	114
Leased assets obtained in exchange for new operating lease liabilities	$ 47,866

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jun. 21, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 15,888		$ 17,609
Due to affiliates:
Due to affiliates	0		0
Consolidated Funds | Affiliated entity
Due from affiliates:
Due from affiliates	15,888		17,609
Ares Management L.P
Due from affiliates:
Due from affiliates	234,081		199,377
Due to affiliates:
Due to affiliates	65,527		82,411
Ares Management L.P | Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds	174,668		151,455
Payments made on behalf of and amounts due from non-consolidated funds and employees	59,413		47,922
Due to affiliates:
Management fee rebate payable to non-consolidated funds	2,125		2,105
Management fees received in advance	3,724		5,491
Tax receivable agreement liability	24,927		24,927
Undistributed carried interest and incentive fees	25,700		31,162
Payments made by non-consolidated funds on behalf of and payable by the Company	$ 9,051		18,726
Ares Management L.P | Affiliated entity | ARCC
Due to affiliates:
Asset coverage percentage	200.00%	150.00%
Annual base management fee percentage	1.50%	1.00%
Debt to equity ratio		1
Ares Management L.P | Affiliated entity | ARCC | Rent and other occupancy expenses
Due to affiliates:
Due to affiliates	$ 11,800		$ 11,800	$ 600	$ 2,200	$ 3,000	$ 3,200	$ 2,900

INCOME TAXES (Narrative) (Detai

INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Income tax expense	$ 9,505	$ 36,903	$ 23,889	$ 24,528
Deferred tax asset, net	$ 42,400		$ 42,400		$ 42,100

EARNINGS PER SHARE (Antidilutiv

EARNINGS PER SHARE (Antidilutive) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
AOG
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	116,831,583	120,231,237	116,913,353	124,211,007
Options
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	9,841,385	19,111,390	10,788,784	19,471,589
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in units)	9,172,641	15,271,381	10,036,334	15,811,964

EARNINGS PER SHARE (Computation

EARNINGS PER SHARE (Computation of Basic and Diluted Earnings Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands		Jun. 14, 2019	Mar. 15, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Basic
Net income (loss) attributable to Ares Management Corporation Class A common stockholders				$ 26,714	$ (17,200)	$ 66,238	$ 18,323
Distributions on participating unvested restricted units				(1,886)	(1,970)	(3,693)	(3,877)
Net income (loss) available to Class A common stockholders				$ 24,828	$ (19,170)	$ 62,545	$ 14,446
Basic weighted-average shares of Class A common stock (in shares)	[1]			105,188,966	98,037,252	104,054,035	91,861,946
Basic earnings per share of Class A common stock (in dollars per share)				$ 0.24	$ (0.20)	$ 0.60	$ 0.16
Distributions on unvested restricted units				$ 0	$ (1,970)	$ 0	$ (3,877)
Net income (loss) available to Class A common stockholders				$ 26,714	$ (19,170)	$ 66,238	$ 14,446
Diluted
Diluted weighted-average shares of Class A common stock (in shares)	[1]			116,603,887	98,037,252	113,657,864	91,861,946
Diluted earnings per share of Class A common stock (in dollars per share)				$ 0.23	$ (0.20)	$ 0.58	$ 0.16
Dividend declared and paid per Class A common stock (in dollar per share)		$ 0.32	$ 0.32	$ 0.32	$ 0.37	$ 0.64	$ 0.77
Restricted units
Diluted
Effect of dilutive shares (in shares)				7,212,754	0	6,349,061	0
Options
Diluted
Effect of dilutive shares (in shares)				4,202,167	0	3,254,768	0
[1]	Three and six months ended June 30, 2018 represents common units.

EQUITY COMPENSATION (Equity Inc

EQUITY COMPENSATION (Equity Incentive Plan) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2018
Equity compensation
Equity compensation expenses	$ 24,029	$ 22,507	$ 51,581	$ 43,594
Restricted units
Equity compensation
Equity compensation expenses	21,783	18,516	44,796	36,547
Restricted units with a market condition
Equity compensation
Equity compensation expenses	901	0	1,791	0
Options
Equity compensation
Equity compensation expenses	1,157	3,630	4,258	6,293
Phantom shares
Equity compensation
Equity compensation expenses	$ 188	$ 361	$ 736	$ 754
Ares Management L.P
Equity compensation
Total number of shares available for grant under the Equity Incentive Plan (in shares)	29,536,100		29,536,100		32,792,005

EQUITY COMPENSATION (Restricted

EQUITY COMPENSATION (Restricted Units) (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 14, 2019	Mar. 15, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Equity compensation
Dividend declared and paid per share of Class A common stock (in dollar per share)	$ 0.32	$ 0.32	$ 0.32	$ 0.37	$ 0.64	$ 0.77
Distribution equivalents made to holders					$ 10.8
Weighted Average Grant Date Fair Value
Unrecognized compensation expenses			$ 78.8		$ 78.8
Restricted units
Equity compensation
Units granted (in units)					3,881,203
Distribution equivalents made to holders			$ 5.2
Units
Balance at the beginning of the period (in units or shares)					16,255,475
Granted (in units)					3,881,203
Vested (in units)					(3,534,621)
Forfeited (in units)					(216,662)
Balance at the end of the period (in units or shares)			16,385,395		16,385,395
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)					$ 19.21
Granted (in dollars per share)					20.01
Vested (in dollars per share)					17.92
Forfeited (in dollars per share)					19.21
Balance at the end of the period (in dollars per share)			$ 19.68		$ 19.68
Unrecognized compensation expenses			$ 229		$ 229
Weighted average period of compensation expense expected to be recognized					3 years 29 days
Restricted units with a market condition
Equity compensation
Units granted (in units)					0
Units
Balance at the beginning of the period (in units or shares)					1,333,334
Granted (in units)					0
Vested (in units)					0
Forfeited (in units)					0
Balance at the end of the period (in units or shares)			1,333,334		1,333,334
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share)					$ 9.30
Granted (in dollars per share)					0
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		$ 9.30
Unrecognized compensation expenses			$ 9.1		$ 9.1
Weighted average period of compensation expense expected to be recognized					2 years 7 months 27 days
Third Anniversary of Grant Date | Restricted units
Equity compensation
Annual award vesting percentage					33.33%
First Anniversary of Grant Date | Restricted units
Equity compensation
Annual award vesting percentage					25.00%

EQUITY COMPENSATION (Restrict_2

EQUITY COMPENSATION (Restricted Units Awards with a Market Condition) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Weighted Average Grant Date Fair Value
Unrecognized compensation expenses | $	$ 78.8
Restricted units with a market condition
Units
Balance at the beginning of the period (in units or shares) | shares	1,333,334
Granted (in units) | shares	0
Vested (in units) | shares	0
Forfeited (in units) | shares	0
Balance at the end of the period (in units or shares) | shares	1,333,334
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 9.30
Granted (in dollars per share) | $ / shares	0
Vested (in dollars per share) | $ / shares	0
Forfeited (in dollars per share) | $ / shares	0
Balance at the end of the period (in dollars per share) | $ / shares	$ 9.30
Unrecognized compensation expenses | $	$ 9.1
Weighted average period of compensation expense expected to be recognized	2 years 7 months 27 days

EQUITY COMPENSATION (Options) (

EQUITY COMPENSATION (Options) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Options
Exercised (in units)	(4,168,449)
Aggregate Intrinsic Value
Unrecognized compensation expenses	$ 78,800
Stock Options
Options
Balance at the beginning of the period (in units)	18,741,504
Exercised (in units)	(4,289,316)
Expired (in units)	(366,366)
Forfeited (in units)	(42,270)
Balance at the end of the period (in units)	14,043,552	18,741,504
Exercisable at the end of the period (in units)	13,933,735
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per unit)	$ 18.99
Exercised (in dollars per unit)	19
Expired (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)	$ 18.99
Weighted Average Remaining Life
Weighted average remaining life		4 years 10 months 17 days
Expected to vest at the end of the period	4 years 9 months
Exercisable at the end of the period	4 years 8 months 26 days
Aggregate Intrinsic Value
Beginning balance	$ 0
Exercised	0
Ending balance	100,858	$ 0
Exercisable	100,015
Tax benefits of exercises	$ 3,300

EQUITY COMPENSATION (Phantom Sh

EQUITY COMPENSATION (Phantom Shares) (Details) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares
Weighted Average Grant Date Fair Value
Unrecognized compensation expenses | $	$ 78.8
Phantom Shares
Units
Balance at the beginning of the period (in units or shares) | shares	66,287
Vested (in units) | shares	(61,502)
Forfeited (in units) | shares	(4,785)
Balance at the end of the period (in units or shares) | shares	0
Weighted Average Grant Date Fair Value
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 19
Vested (in dollars per share) | $ / shares	19
Forfeited (in dollars per share) | $ / shares	19
Balance at the end of the period (in dollars per share) | $ / shares	$ 0
Settle vested phantom shares | $	$ 1.5

EQUITY (Common Stock) (Details)

EQUITY (Common Stock) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Feb. 28, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Repurchase program cost	$ 10,449,000
Increase (Decrease) in Stockholders' Equity
Balance - January 1, 2019		101,595,096
Stock option exercises		4,168,449
Repurchases of stock		(400,000)
Vesting of restricted stock awards		1,998,272
Balance outstanding - June 30, 2019	107,459,310	107,459,310
AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units		97,493
Class A common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	107,458,309	107,458,309		101,594,095
Authorized amount			$ 150,000,000
Repurchase program cost		$ 10,400,000
Remaining available for repurchases of common stock	$ 139,600,000	$ 139,600,000
Increase (Decrease) in Stockholders' Equity
Balance - January 1, 2019		101,594,095
Stock option exercises		4,168,449
Repurchases of stock	(400,000)	(400,000)
Vesting of restricted stock awards		1,998,272
Balance outstanding - June 30, 2019	107,458,309	107,458,309
Class A common stock | AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units		97,493
Class B common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	1,000	1,000		1,000
Increase (Decrease) in Stockholders' Equity
Balance - January 1, 2019		1,000
Stock option exercises		0
Repurchases of stock		0
Vesting of restricted stock awards		0
Balance outstanding - June 30, 2019	1,000	1,000
Class B common stock | AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units		0
Class C common stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01		$ 0.01
Common stock, shares issued (in shares)	1	1		1
Increase (Decrease) in Stockholders' Equity
Balance - January 1, 2019		1
Stock option exercises		0
Repurchases of stock		0
Vesting of restricted stock awards		0
Balance outstanding - June 30, 2019	1	1
Class C common stock | AOG
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG Units		0

EQUITY (Preferred Stock) (Detai

EQUITY (Preferred Stock) (Details) - $ / shares	12 Months Ended
	Dec. 31, 2018	Jun. 30, 2019
Class of Stock [Line Items]
Dividend rate, percentage	7.00%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Redemption price (in dollars per share)	$ 25
Preferred Equity
Class of Stock [Line Items]
Partners' capital (in shares)	12,400,000	12,400,000

EQUITY (Common Share Offering)

EQUITY (Common Share Offering) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
AOG Units (in units)	224,166,158		224,166,158		218,613,369
Direct Ownership Interest	100.00%		100.00%		100.00%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG Units (in units)	116,707,849		116,707,849		117,019,274
Direct Ownership Interest	52.06%		52.06%		53.53%
Daily Average Ownership	52.62%	53.82%	52.91%	54.40%
Affiliate of Alleghany Corporation
Class of Stock [Line Items]
AOG Units (in units)	0		0		0
Direct Ownership Interest	0.00%		0.00%		0.00%
Daily Average Ownership	0.00%	1.26%	0.00%	3.09%
AOG
Class of Stock [Line Items]
AOG Units (in units)	107,458,309		107,458,309		101,594,095
Direct Ownership Interest	47.94%		47.94%		46.47%
Daily Average Ownership	47.38%	44.92%	47.09%	42.51%

SEGMENT REPORTING (Narrative) (

SEGMENT REPORTING (Narrative) (Details) $ in Billions	6 Months Ended
	Jun. 30, 2019USD ($)segmentfund
Segment reporting
Number operating segments | segment	3
Credit Group | Ares Management L.P
Segment reporting
Assets under management | $	$ 105.5
Number of funds managed	170
Private Equity | Ares Management L.P
Segment reporting
Assets under management | $	$ 24.7
Number of private equity commingled funds focus North America and Europe	5
Number of commingled funds	5
Number of co-investment vehicles focused on U.S. energy and power assets	6
Number of special situation funds	3
Private Equity | Greater China | Ares Management L.P
Segment reporting
Number of commingled funds	3
Real Estate | Ares Management L.P
Segment reporting
Assets under management | $	$ 11.9
Number of funds managed	45

SEGMENT REPORTING (Operating Se

SEGMENT REPORTING (Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Operating segment
Segment reporting
Fee related earnings	$ 130,890	$ 111,954	$ 255,455	$ 220,994
Performance income—realized	35,994	122,608	104,567	145,715
Performance related compensation—realized	(25,229)	(87,881)	(74,446)	(102,750)
Realized net investment income (loss)	6,940	10,495	21,325	12,431
Realized income	(148,595)	(157,176)	(306,901)	(276,390)
OMG
Segment reporting
Compensation and benefits	(33,994)	(30,680)	(66,655)	(60,872)
General, administrative and other expenses	(19,874)	(19,236)	(40,506)	(37,627)
Fee related earnings	(53,868)	(49,916)	(107,161)	(98,499)
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income	0	0	0	0
Investment income—realized	0	798	0	1,636
Interest and other investment income (expense) —realized	(17)	584	(2)	1,736
Interest expense	(399)	(588)	(795)	(1,136)
Realized net investment income (loss)	(416)	794	(797)	2,236
Realized income	(54,284)	(49,122)	(107,958)	(96,263)
Total
Segment reporting
Compensation and benefits	(132,178)	(110,391)	(255,667)	(218,115)
General, administrative and other expenses	(41,690)	(37,096)	(83,016)	(71,814)
Fee related earnings	77,022	62,038	148,294	122,495
Performance income—realized	35,994	122,608	104,567	145,715
Performance related compensation—realized	(25,229)	(87,881)	(74,446)	(102,750)
Realized net performance income	10,765	34,727	30,121	42,965
Investment income—realized	2,266	10,159	17,540	15,789
Interest and other investment income (expense) —realized	10,051	7,206	14,370	11,823
Interest expense	(5,793)	(6,076)	(11,382)	(12,945)
Realized net investment income (loss)	6,524	11,289	20,528	14,667
Realized income	94,311	108,054	198,943	180,127
Ares Management L.P
Segment reporting
Total revenues	384,822	204,163	862,019	470,252
Compensation and benefits	(162,170)	(138,992)	(319,016)	(273,631)
General, administrative and other expenses	(65,416)	(59,918)	(116,603)	(104,368)
Ares Management L.P | Affiliated entity | ARCC
Segment reporting
Management fees, part I fees	39,157	29,866	77,550	58,283
Ares Management L.P | Operating segment
Segment reporting
Compensation and benefits	(98,184)	(79,711)	(189,012)	(157,243)
General, administrative and other expenses	(21,816)	(17,860)	(42,510)	(34,187)
Fee related earnings	130,890	111,954	255,455	220,994
Performance income—realized	35,994	122,608	104,567	145,715
Performance related compensation—realized	(25,229)	(87,881)	(74,446)	(102,750)
Realized net performance income	10,765	34,727	30,121	42,965
Investment income—realized	2,266	9,361	17,540	14,153
Interest and other investment income (expense) —realized	10,068	6,622	14,372	10,087
Interest expense	(5,394)	(5,488)	(10,587)	(11,809)
Realized net investment income (loss)	6,940	10,495	21,325	12,431
Realized income	148,595	157,176	306,901	276,390
Ares Management L.P | Operating segment | Credit Group
Segment reporting
Compensation and benefits	(64,965)	(52,271)	(125,313)	(102,965)
General, administrative and other expenses	(13,381)	(11,294)	(26,886)	(21,148)
Fee related earnings	97,940	79,160	190,119	156,108
Performance income—realized	15,959	41,672	37,884	46,743
Performance related compensation—realized	(9,564)	(23,577)	(22,227)	(26,665)
Realized net performance income	6,395	18,095	15,657	20,078
Investment income—realized	(310)	595	548	1,366
Interest and other investment income (expense) —realized	4,631	3,035	7,536	6,224
Interest expense	(1,908)	(3,596)	(3,807)	(8,269)
Realized net investment income (loss)	2,413	34	4,277	(679)
Realized income	106,748	97,289	210,053	175,507
Ares Management L.P | Operating segment | Private Equity
Segment reporting
Compensation and benefits	(21,291)	(18,672)	(42,487)	(37,871)
General, administrative and other expenses	(4,912)	(4,175)	(8,969)	(8,216)
Fee related earnings	25,959	26,808	52,102	53,795
Performance income—realized	18,369	80,415	62,492	84,813
Performance related compensation—realized	(14,696)	(64,311)	(49,993)	(67,871)
Realized net performance income	3,673	16,104	12,499	16,942
Investment income—realized	1,030	9,016	11,966	9,687
Interest and other investment income (expense) —realized	3,318	2,920	3,612	2,979
Interest expense	(2,436)	(1,440)	(4,611)	(2,668)
Realized net investment income (loss)	1,912	10,496	10,967	9,998
Realized income	31,544	53,408	75,568	80,735
Ares Management L.P | Operating segment | Real Estate
Segment reporting
Compensation and benefits	(11,928)	(8,768)	(21,212)	(16,407)
General, administrative and other expenses	(3,523)	(2,391)	(6,655)	(4,823)
Fee related earnings	6,991	5,986	13,234	11,091
Performance income—realized	1,666	521	4,191	14,159
Performance related compensation—realized	(969)	7	(2,226)	(8,214)
Realized net performance income	697	528	1,965	5,945
Investment income—realized	1,546	(250)	5,026	3,100
Interest and other investment income (expense) —realized	2,119	667	3,224	884
Interest expense	(1,050)	(452)	(2,169)	(872)
Realized net investment income (loss)	2,615	(35)	6,081	3,112
Realized income	10,303	6,479	21,280	20,148
Management fees | OMG
Segment reporting
Total revenues	0	0	0	0
Management fees | Total
Segment reporting
Total revenues	246,279	202,304	479,291	399,130
Management fees | Ares Management L.P
Segment reporting
Total revenues	237,846	194,032	462,505	383,547
Management fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	246,279	202,304	479,291	399,130
Management fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	172,347	135,848	335,313	267,614
Management fees | Ares Management L.P | Operating segment | Private Equity
Segment reporting
Total revenues	52,162	49,318	103,558	99,205
Management fees | Ares Management L.P | Operating segment | Real Estate
Segment reporting
Total revenues	21,770	17,138	40,420	32,311
Other fees | OMG
Segment reporting
Total revenues	0	0	0	0
Other fees | Total
Segment reporting
Total revenues	4,611	7,221	7,686	13,294
Other fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	4,611	7,221	7,686	13,294
Other fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	3,939	6,877	7,005	12,607
Other fees | Ares Management L.P | Operating segment | Private Equity
Segment reporting
Total revenues	0	337	0	677
Other fees | Ares Management L.P | Operating segment | Real Estate
Segment reporting
Total revenues	$ 672	$ 7	$ 681	$ 10

SEGMENT REPORTING (Revenue, Exp

SEGMENT REPORTING (Revenue, Expenses and Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment revenues
Total segment revenues	$ 286,884	$ 332,133	$ 591,544	$ 558,139
Segment expenses
Total expenses	335,701	221,017	704,808	427,300
Segment other income
Total other income	35,262	67,926	63,132	70,166
Operating segment
Segment revenues
Performance income—realized	35,994	122,608	104,567	145,715
Segment expenses
Total performance related compensation - realized	25,229	87,881	74,446	102,750
Ares Management L.P
Segment revenues
Total revenues	384,822	204,163	862,019	470,252
Segment expenses
Compensation and benefits	162,170	138,992	319,016	273,631
General, administrative and other expenses	65,416	59,918	116,603	104,368
Ares Management L.P | Management fees
Segment revenues
Total revenues	237,846	194,032	462,505	383,547
Ares Management L.P | Operating segment
Segment revenues
Performance income—realized	35,994	122,608	104,567	145,715
Total segment revenues	286,884	332,133	591,544	558,139
Segment expenses
Compensation and benefits	98,184	79,711	189,012	157,243
General, administrative and other expenses	21,816	17,860	42,510	34,187
Total performance related compensation - realized	25,229	87,881	74,446	102,750
Total expenses	145,229	185,452	305,968	294,180
Segment other income
Investment income—realized	2,266	9,361	17,540	14,153
Interest and other investment income—realized	10,068	6,622	14,372	10,087
Interest expense	(5,394)	(5,488)	(10,587)	(11,809)
Total other income	6,940	10,495	21,325	12,431
Ares Management L.P | Operating segment | Management fees
Segment revenues
Total revenues	246,279	202,304	479,291	399,130
Ares Management L.P | Operating segment | Other fees
Segment revenues
Total revenues	$ 4,611	$ 7,221	$ 7,686	$ 13,294

SEGMENT REPORTING (Revenue Reco

SEGMENT REPORTING (Revenue Reconciliation) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenue adjustment
Total segment revenue	$ 286,884	$ 332,133	$ 591,544	$ 558,139
Ares Management L.P
Revenue adjustment
Total revenues	384,822	204,163	862,019	470,252
Operating segment | Ares Management L.P
Revenue adjustment
Performance income-unrealized	(98,662)	124,343	(245,237)	89,225
Total segment revenue	286,884	332,133	591,544	558,139
Reconciling items
Revenue adjustment
Principal investment income	(1,579)	(14,722)	(31,471)	(17,430)
Total segment revenue	(97,938)	127,970	(270,475)	87,887
Reconciling items | Non-Controlling interest | Subsidiaries
Revenue adjustment
Total segment revenue	(289)	27	(343)	47
Reconciling items | Performance income reclass
Revenue adjustment
Performance fee reclass	(26)	(31)	580	(1,006)
Management fees | Ares Management L.P
Revenue adjustment
Total revenues	237,846	194,032	462,505	383,547
Management fees | Operating segment | Ares Management L.P
Revenue adjustment
Total revenues	246,279	202,304	479,291	399,130
Management fees | Consolidated Funds | Eliminations
Revenue adjustment
Total segment revenue	8,735	8,272	17,148	15,583
Incentive fees | Ares Management L.P
Revenue adjustment
Total revenues	10,220	7,740	27,035	12,811
Incentive fees | Consolidated Funds | Eliminations
Revenue adjustment
Total revenues	4,750	4,000	5,184	4,000
Principal investment income | Ares Management L.P
Revenue adjustment
Total revenues	5,844	1,871	34,603	6,780
Principal investment income | Consolidated Funds | Eliminations
Revenue adjustment
Total revenues	(4,265)	12,851	(3,132)	10,650
Administrative, transaction and other fees
Revenue adjustment
Total revenues	0	0	0	0
Administrative, transaction and other fees | Ares Management L.P
Revenue adjustment
Total revenues	11,200	13,964	20,871	26,429
Administrative, transaction and other fees | Reconciling items
Revenue adjustment
Total revenues	$ (6,602)	$ (6,770)	$ (13,204)	$ (13,182)

SEGMENT REPORTING (Expenses) (D

SEGMENT REPORTING (Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	$ 335,701	$ 221,017	$ 704,808	$ 427,300
Equity compensation expense	24,029	22,507	51,581	43,594
Depreciation and amortization expense			2,400	6,600
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Due to affiliates	65,527		65,527		$ 82,411
Ares Management L.P | Affiliated entity | Rent and other occupancy expenses | ARCC
Segment Reporting, Other Significant Reconciling Item [Line Items]
Due to affiliates	11,800	600	11,800	600	11,800	$ 2,200	$ 3,000	$ 3,200	$ 2,900
Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Due to affiliates	0		0		$ 0
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	4,207	47	5,980	(272)
Equity compensation expense	24,029	22,507	51,581	43,594
Unamortized placement fees	12,432	1,852	12,953	3,516
Depreciation and amortization expense	5,221	7,711	11,045	14,887
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	145,229	185,452	305,968	294,180
Performance related compensation-unrealized	(67,459)	100,886	(174,762)	89,877
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	335,701	221,017	704,808	427,300
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	(190,472)	(35,565)	(398,840)	(133,120)
Administrative fees	(6,602)	(6,770)	(13,204)	(13,182)
Acquisition and merger-related expense	(4,207)	(47)	(5,980)	272
Equity compensation expense	(24,029)	(22,507)	(51,581)	(43,594)
Unamortized placement fees	(12,432)	(1,852)	(12,953)	(3,516)
Depreciation and amortization expense	(5,221)	(7,711)	(11,045)	(14,887)
Other expenses	0	(11,836)	0	(11,836)
Reconciling items | Non-Controlling interest | Subsidiaries
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	(1,227)	(700)	(2,173)	(1,327)
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(28,912)	(47,382)	(42,313)	(56,011)
Expenses of Consolidated Funds eliminated in consolidation	13,485	12,270	22,332	19,583
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses	$ 53,868	$ 49,916	$ 107,161	$ 98,499

SEGMENT REPORTING (Other Income

SEGMENT REPORTING (Other Income (Expense)) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ 35,262	$ 67,926	$ 63,132	$ 70,166
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense from Consolidated Funds eliminated in consolidation, net	4,797	(1,987)	300	(2,298)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss - unrealized	(2,990)	9	8,215	(5,565)
Other expense, net	(2)	(13,554)	(1)	(13,561)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	6,940	10,495	21,325	12,431
Investment (income) loss - unrealized	7,618	(1,382)	(8,565)	4,269
Interest and other investment (income) loss - unrealized	(4,628)	1,373	350	1,296
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	35,262	67,926	63,132	70,166
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	(28,322)	(57,431)	(41,807)	(57,735)
Principal investment income	(1,579)	(14,722)	(31,471)	(17,430)
Other expense, net	2	1,718	1	1,725
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	(5)	(8)	(21)	(15)
Reconciling items | Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance fee reclass	26	31	(580)	1,006
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other expense from Consolidated Funds added in consolidation, net	(33,008)	(69,193)	(64,215)	(76,445)
Eliminations | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense from Consolidated Funds eliminated in consolidation, net	282	(993)	(90)	(534)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment realized net investment income	$ (188)	$ (3,699)	$ (158)	$ (6,467)

SEGMENT REPORTING (Reconciliati

SEGMENT REPORTING (Reconciliation of Income Before Taxes) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Economic net income
Income before taxes	$ 84,383	$ 51,072	$ 220,343	$ 113,118
Adjustments:
Depreciation and amortization expense			2,400	6,600
Equity compensation expense	24,029	22,507	51,581	43,594
Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	8,346	9,882	25,970	10,249
Total investment income - realized	(102,206)	(92,633)	(195,390)	(157,055)
Due to affiliates	0		0		$ 0
Operating segment
Economic net income
Income before taxes	84,383	51,072	220,343	113,118
Adjustments:
Depreciation and amortization expense	5,221	7,711	11,045	14,887
Equity compensation expense	24,029	22,507	51,581	43,594
Acquisition and merger-related expense	4,207	47	5,980	(272)
Unamortized placement fees	12,432	1,852	12,953	3,516
Other expense	2	13,554	1	13,561
Total performance income - unrealized	(98,662)	124,343	(245,237)	89,225
Total performance related compensation - unrealized	67,459	(100,886)	174,762	(89,877)
Total investment (income) loss - unrealized	2,990	(9)	(8,215)	5,565
Realized income	148,595	157,176	306,901	276,390
Total performance income - realized	(35,994)	(122,608)	(104,567)	(145,715)
Total performance related compensation - realized	25,229	87,881	74,446	102,750
Total investment income - realized	(6,940)	(10,495)	(21,325)	(12,431)
Fee related earnings	130,890	111,954	255,455	220,994
Operating segment | Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(8,079)	(9,951)	(25,124)	(10,318)
OMG
Adjustments:
OMG expense, net	53,680	46,217	107,003	92,032
Realized income	54,284	49,122	107,958	96,263
Total performance income - realized	0	0	0	0
Total performance related compensation - realized	0	0	0	0
Total investment income - realized	416	(794)	797	(2,236)
Fee related earnings	(53,868)	(49,916)	(107,161)	(98,499)
Subsidiaries | Operating segment
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	933	719	1,809	1,359
Ares Management L.P
Adjustments:
Due to affiliates	65,527		65,527		82,411
Ares Management L.P | Rent and other occupancy expenses | Affiliated entity | ARCC
Adjustments:
Due to affiliates	11,800	600	11,800	600	$ 11,800	$ 2,200	$ 3,000	$ 3,200	$ 2,900
Ares Management L.P | Operating segment
Adjustments:
Total investment (income) loss - unrealized	(7,618)	1,382	8,565	(4,269)
Realized income	(148,595)	(157,176)	(306,901)	(276,390)
Total performance income - realized	(35,994)	(122,608)	(104,567)	(145,715)
Total performance related compensation - realized	25,229	87,881	74,446	102,750
Total investment income - realized	(6,940)	(10,495)	(21,325)	(12,431)
Fee related earnings	$ 130,890	$ 111,954	$ 255,455	$ 220,994

CONSOLIDATION (Variable Interes

CONSOLIDATION (Variable Interest Entities) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 10,979,749		$ 10,979,749		$ 10,154,692
Liabilities of consolidated VIEs	9,377,425		9,377,425		8,760,351
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests related to consolidated VIEs	8,346	$ 9,882	25,970	$ 10,249
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	224,154		224,154		222,477
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the Company's investment in VIEs	197,296		197,296		186,455
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	8,421,736		8,421,736		8,141,280
Liabilities of consolidated VIEs	$ 7,634,429		$ 7,634,429		$ 7,479,383

CONSOLIDATION (Balance Sheet) (

CONSOLIDATION (Balance Sheet) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017
Assets
Total assets	$ 10,979,749		$ 10,154,692
Liabilities
Right-of-use operating lease liabilities	179,192
Total liabilities	9,377,425		8,760,351
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at June 30, 2019 and December 31, 2018)	298,761		298,761
Additional paid-in-capital	379,789		326,007
Retained earnings	(35,247)		(29,336)
Accumulated other comprehensive loss, net of tax	(8,879)		(8,524)
Total stockholders' equity	635,499		587,924
Total equity	1,602,324	$ 1,479,824	1,394,341	$ 1,491,319	$ 1,535,249	$ 1,565,195	$ 1,460,292
Total liabilities, non-controlling interests and equity	$ 10,979,749		$ 10,154,692
Preferred stock, par value (in dollars per share)	$ 0.01		$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000		1,000,000,000
Preferred stock, shares issued (in shares)	12,400,000		12,400,000
Preferred stock, shares outstanding (in shares)	12,400,000		12,400,000
Common stock, shares outstanding (in shares)	107,459,310		101,595,096
Class A common stock
Stockholders' Equity
Class common stock	$ 1,075		$ 1,016
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	1,500,000,000		1,500,000,000
Common stock, shares issued (in shares)	107,458,309		101,594,095
Common stock, shares outstanding (in shares)	107,458,309		101,594,095
Class B common stock
Stockholders' Equity
Class common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	1,000		1,000
Common stock, shares issued (in shares)	1,000		1,000
Common stock, shares outstanding (in shares)	1,000		1,000
Class C common stock
Stockholders' Equity
Class common stock	$ 0		$ 0
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Common stock, shares authorized (in shares)	499,999,000		499,999,000
Common stock, shares issued (in shares)	1		1
Common stock, shares outstanding (in shares)	1		1
Reportable legal entity
Liabilities
Right-of-use operating lease liabilities	$ 179,192
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at June 30, 2019 and December 31, 2018)	298,761		$ 298,761
Eliminations
Assets
Total assets	(205,730)		(195,002)
Liabilities
Total liabilities	(32,366)		(36,742)
Commitments and contingencies
Stockholders' Equity
Series A Preferred Stock, $0.01 par value, 1,000,000,000 shares authorized (12,400,000 shares issued and outstanding at June 30, 2019 and December 31, 2018)	0		0
Total equity	(173,364)		(158,260)
Total liabilities, non-controlling interests and equity	(205,730)		(195,002)
Consolidated Funds
Assets
Cash and cash equivalents	376,328		384,644
Investments, at fair value	7,926,615		7,673,165
Due from affiliates	15,888		17,609
Other assets	25,912		23,786
Receivable for securities sold	76,993		42,076
Liabilities
Accounts payable, accrued expenses and other liabilities	75,647		83,876
Due to affiliates	0		0
Payable for securities purchased	369,465		471,390
CLO loan obligations, at fair value	7,030,841		6,678,091
Fund borrowings	126,110		209,284
Non-controlling interest in Consolidated Funds	613,943		503,637
Consolidated Funds | Reportable legal entity
Assets
Cash and cash equivalents	376,328		384,644
Investments, at fair value	7,926,615		7,673,165
Due from affiliates	15,888		17,609
Other assets	25,912		23,786
Receivable for securities sold	76,993		42,076
Total assets	8,421,736		8,141,280
Liabilities
Accounts payable, accrued expenses and other liabilities	75,647		83,876
Due to affiliates	8,434		8,547
Payable for securities purchased	369,465		471,390
CLO loan obligations, at fair value	7,054,773		6,706,286
Fund borrowings	126,110		209,284
Total liabilities	7,634,429		7,479,383
Commitments and contingencies
Non-controlling interest in Consolidated Funds	787,307		661,897
Stockholders' Equity
Total equity	787,307		661,897
Total liabilities, non-controlling interests and equity	8,421,736		8,141,280
Consolidated Funds | Eliminations
Assets
Cash and cash equivalents	0		0
Investments, at fair value	0		0
Due from affiliates	0		0
Other assets	0		0
Receivable for securities sold	0		0
Liabilities
Accounts payable, accrued expenses and other liabilities	0		0
Due to affiliates	(8,434)		(8,547)
Payable for securities purchased	0		0
CLO loan obligations, at fair value	(23,932)		(28,195)
Fund borrowings	0		0
Non-controlling interest in Consolidated Funds	(173,364)		(158,260)
AOG
Liabilities
Non-controlling interest in Ares Operating Group entities	352,882		302,780
AOG | Reportable legal entity
Liabilities
Non-controlling interest in Ares Operating Group entities	352,882		302,780
AOG | Eliminations
Liabilities
Non-controlling interest in Ares Operating Group entities	0		0
Ares Management L.P
Assets
Cash and cash equivalents	247,220		110,247		$ 125,448		$ 118,929
Investments, at fair value	1,566,042		1,326,137
Due from affiliates	234,081		199,377
Other assets	358,091		377,651
Right-of-use operating lease assets	152,579		0
Liabilities
Accounts payable, accrued expenses and other liabilities	76,838		83,221
Accrued compensation	114,936		29,389
Due to affiliates	65,527		82,411
Performance related compensation payable	772,592		641,737
Debt obligations	566,277		480,952
Right-of-use operating lease liabilities	179,192		0
Stockholders' Equity
Additional paid-in-capital	379,789		326,007
Retained earnings	(35,247)		(29,336)
Accumulated other comprehensive loss, net of tax	(8,879)		(8,524)
Total stockholders' equity	635,499		587,924
Ares Management L.P | Class A common stock
Stockholders' Equity
Class common stock	1,075		1,016
Ares Management L.P | Class B common stock
Stockholders' Equity
Class common stock	0		0
Ares Management L.P | Class C common stock
Stockholders' Equity
Class common stock	0		0
Ares Management L.P | Accrued Interest
Assets
Investments, at fair value	1,071,954		841,079
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	247,220		110,247
Investments, at fair value	1,763,338		1,512,592
Due from affiliates	242,515		207,924
Other assets	358,091		377,651
Right-of-use operating lease assets	152,579
Total assets	2,763,743		2,208,414
Liabilities
Accounts payable, accrued expenses and other liabilities	76,838		83,221
Accrued compensation	114,936		29,389
Due to affiliates	65,527		82,411
Performance related compensation payable	772,592		641,737
Debt obligations	566,277		480,952
Total liabilities	1,775,362		1,317,710
Commitments and contingencies
Stockholders' Equity
Additional paid-in-capital	379,789		326,007
Retained earnings	(35,247)		(29,336)
Accumulated other comprehensive loss, net of tax	(8,879)		(8,524)
Total stockholders' equity	635,499		587,924
Total equity	988,381		890,704
Total liabilities, non-controlling interests and equity	2,763,743		2,208,414
Ares Management L.P | Reportable legal entity | Class A common stock
Stockholders' Equity
Class common stock	1,075		1,016
Ares Management L.P | Reportable legal entity | Class B common stock
Stockholders' Equity
Class common stock			0
Ares Management L.P | Reportable legal entity | Class C common stock
Stockholders' Equity
Class common stock			0
Ares Management L.P | Eliminations
Assets
Cash and cash equivalents	0		0
Investments, at fair value	(197,296)		(186,455)
Due from affiliates	(8,434)		(8,547)
Other assets	0		0
Liabilities
Accounts payable, accrued expenses and other liabilities	0		0
Accrued compensation	0		0
Due to affiliates	0		0
Performance related compensation payable	0		0
Debt obligations	0		0
Stockholders' Equity
Accumulated other comprehensive loss, net of tax	0		0
Total stockholders' equity	0		0
Ares Management L.P | Eliminations | Class A common stock
Stockholders' Equity
Class common stock	$ 0		$ 0

CONSOLIDATION (Income Statement

CONSOLIDATION (Income Statement) (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Expenses
Total expenses	$ 335,701				$ 221,017		$ 704,808	$ 427,300
Other income (expense)
Total other income	35,262				67,926		63,132	70,166
Income before taxes	84,383				51,072		220,343	113,118
Income tax expense (benefit)	9,505				36,903		23,889	24,528
Net income	74,878	$ 121,576	$ 16,337	$ 47,212	14,169	$ 74,421	196,454	88,590
Net income (loss) attributable to Ares Management Corporation	32,139				(11,775)		77,088	29,173
Less: Series A Preferred Stock dividends paid	5,425				5,425		10,850	10,850
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	26,714				(17,200)		66,238	18,323
Eliminations
Revenues
Total revenues	(9,220)				(25,123)		(19,200)	(30,233)
Expenses
Compensation and benefits	0				0		0	0
Performance related compensation	0				0		0	0
General, administrative and other expenses	0				0		0	0
Total expenses	(13,485)				(12,270)		(22,332)	(19,583)
Other income (expense)
Net realized and unrealized gain on investments	(406)				(1,171)		(1,354)	(832)
Interest and dividend income	(672)				0		(1,152)	0
Interest expense					0
Other income (expense), net	(281)				991		90	533
Total other income	(282)				993		90	534
Income before taxes	3,983				(11,860)		3,222	(10,116)
Income tax expense (benefit)	0				0		0	0
Net income	3,983				(11,860)		3,222	(10,116)
Net income (loss) attributable to Ares Management Corporation					0
Less: Series A Preferred Stock dividends paid	0				0		0	0
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	0				0		0	0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	15,427				35,112		19,981	36,428
Other income (expense)
Net realized and unrealized gain on investments	(116)				34,487		4,248	21,402
Interest expense	(68,005)				(56,754)		(132,917)	(101,179)
Interest and other income of Consolidated Funds	102,206				92,633		195,390	157,055
Net income attributable to non-controlling interests related to consolidated VIEs	8,346				9,882		25,970	10,249
Consolidated Funds | Reportable legal entity
Expenses
Expenses of Consolidated Funds	28,912				47,382		42,313	56,011
Total expenses	28,912				47,382		42,313	56,011
Other income (expense)
Net realized and unrealized gain on investments	(486)				33,819		3,262	21,367
Interest expense	(68,712)				(57,259)		(134,437)	(101,977)
Interest and other income of Consolidated Funds	102,206				92,633		195,390	157,055
Total other income	33,008				69,193		64,215	76,445
Income before taxes	4,096				21,811		21,902	20,434
Income tax expense (benefit)	(267)				69		(846)	69
Net income	4,363				21,742		22,748	20,365
Net income attributable to non-controlling interests related to consolidated VIEs	4,363				21,742		22,748	20,365
Consolidated Funds | Eliminations
Expenses
Expenses of Consolidated Funds	(13,485)				(12,270)		(22,332)	(19,583)
Other income (expense)
Net realized and unrealized gain on investments	370				668		986	35
Interest expense	707				505		1,520	798
Interest and other income of Consolidated Funds	0				0		0	0
Net income attributable to non-controlling interests related to consolidated VIEs	3,983				(11,860)		3,222	(10,116)
AOG
Other income (expense)
Net income attributable to non-controlling interests related to consolidated VIEs	34,393				16,062		93,396	49,168
AOG | Reportable legal entity
Other income (expense)
Net income attributable to non-controlling interests related to consolidated VIEs	34,393				16,062		93,396	49,168
AOG | Eliminations
Other income (expense)
Net income attributable to non-controlling interests related to consolidated VIEs	0				0		0	0
Ares Management L.P
Revenues
Total revenues	384,822				204,163		862,019	470,252
Expenses
Compensation and benefits	162,170				138,992		319,016	273,631
Performance related compensation	92,688				(13,005)		249,208	12,873
General, administrative and other expenses	65,416				59,918		116,603	104,368
Other income (expense)
Net realized and unrealized gain on investments	521				3,267		3,997	2,428
Interest and dividend income	1,652				2,356		3,496	5,703
Interest expense	(5,793)				(6,076)		(11,382)	(12,945)
Other income (expense), net	4,797				(1,987)		300	(2,298)
Ares Management L.P | Affiliated entity | ARCC
Other income (expense)
Management fees, part I fees	39,157				29,866		77,550	58,283
Ares Management L.P | Reportable legal entity
Revenues
Total revenues	394,042				229,286		881,219	500,485
Expenses
Compensation and benefits	162,170				138,992		319,016	273,631
Performance related compensation	92,688				(13,005)		249,208	12,873
General, administrative and other expenses	65,416				59,918		116,603	104,368
Total expenses	320,274				185,905		684,827	390,872
Other income (expense)
Net realized and unrealized gain on investments	927				4,438		5,351	3,260
Interest and dividend income	2,324				2,356		4,648	5,703
Interest expense	(5,793)				(6,076)		(11,382)	(12,945)
Other income (expense), net	5,078				(2,978)		210	(2,831)
Total other income	2,536				(2,260)		(1,173)	(6,813)
Income before taxes	76,304				41,121		195,219	102,800
Income tax expense (benefit)	9,772				36,834		24,735	24,459
Net income	66,532				4,287		170,484	78,341
Net income (loss) attributable to Ares Management Corporation	32,139				(11,775)		77,088	29,173
Less: Series A Preferred Stock dividends paid	5,425				5,425		10,850	10,850
Net income (loss) attributable to Ares Management Corporation Class A common stockholders	26,714				(17,200)		66,238	18,323
Management fees | Eliminations
Revenues
Total revenues	(8,735)				(8,272)		(17,148)	(15,583)
Management fees | Ares Management L.P
Revenues
Total revenues	237,846				194,032		462,505	383,547
Management fees | Ares Management L.P | Reportable legal entity
Revenues
Total revenues	246,581				202,304		479,653	399,130
Carried interest allocation
Revenues
Total revenues							317,005
Carried interest allocation | Eliminations
Revenues
Total revenues	0				0		0	0
Carried interest allocation | Ares Management L.P
Revenues
Total revenues	119,712				(13,444)		317,005	40,685
Carried interest allocation | Ares Management L.P | Reportable legal entity
Revenues
Total revenues	119,712				(13,444)		317,005	40,685
Incentive fees | Eliminations
Revenues
Total revenues	(4,750)				(4,000)		(5,184)	(4,000)
Incentive fees | Ares Management L.P
Revenues
Total revenues	10,220				7,740		27,035	12,811
Incentive fees | Ares Management L.P | Reportable legal entity
Revenues
Total revenues	14,970				11,740		32,219	16,811
Principal investment income | Eliminations
Revenues
Total revenues	4,265				(12,851)		3,132	(10,650)
Principal investment income | Ares Management L.P
Revenues
Total revenues	5,844				1,871		34,603	6,780
Principal investment income | Ares Management L.P | Reportable legal entity
Revenues
Total revenues	1,579				14,722		31,471	17,430
Administrative, transaction and other fees
Revenues
Total revenues	0				0		0	0
Administrative, transaction and other fees | Eliminations
Revenues
Total revenues	0				0		0	0
Administrative, transaction and other fees | Ares Management L.P
Revenues
Total revenues	11,200				13,964		20,871	26,429
Administrative, transaction and other fees | Ares Management L.P | Reportable legal entity
Revenues
Total revenues	$ 11,200				$ 13,964		$ 20,871	$ 26,429

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - Subsequent event	1 Months Ended
	Jul. 31, 2019$ / shares
Subsequent events
Quarterly distribution declared (in dollars per unit)	$ 0.32
Preferred equity quarterly distribution (in dollars per unit)	$ 0.4375

Uncategorized Items - aresmanag

Label	Element	Value
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (22,611,000)
Noncontrolling Interest [Member] | Consolidated Funds [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	5,333,000
Noncontrolling Interest [Member] | Ares Operating Group [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(17,117,000)
Parent Company [Member] | Partners Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	(10,827,000)
Accounting Standards Update 2018-02 [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	0
Accounting Standards Update 2018-02 [Member] | Parent Company [Member] | Partners Capital [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	1,202,000
Accounting Standards Update 2018-02 [Member] | Parent Company [Member] | AOCI Attributable to Parent [Member]
Cumulative Effect of New Accounting Principle in Period of Adoption	us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption	$ (1,202,000)