Ares Management (ARES) 10-K 24 Feb 23 2022 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2022	Feb. 17, 2023	Jun. 30, 2022
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
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
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	ARES
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 9,099,200,883
Documents Incorporated by Reference	Part III of this Form 10-K incorporates by reference information from the registrant’s definitive proxy statement related to the 2023 annual meeting of stockholders.
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001176948
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		176,021,868
Non-voting Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		3,489,911
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		117,231,288

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets
Intangible assets, net	$ 640,420	$ 768,818
Goodwill	999,656	787,972	$ 371,047
Total assets	22,002,839	21,605,164
Liabilities
Operating lease liabilities	190,616
Total liabilities	17,097,810	16,694,730
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	1,970,754	1,913,559
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,589,239	1,825,227
Total equity	3,798,618	3,814,426	2,471,774		$ 1,858,598
Total liabilities, redeemable interest, non-controlling interests and equity	22,002,839	21,605,164
Class A Common Stock
Stockholders’ Equity
Common stock	1,739	1,684
Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Class C Common Stock
Stockholders’ Equity
Common stock	1,172	1,186
Consolidated Funds
Assets
Cash and cash equivalents	724,641	1,049,191
Due from affiliates	15,789	7,234
Other assets	65,570	39,430
Investments held in trust account	1,013,382	1,000,285
Investments, at fair value	12,191,251	11,816,393
Receivable for securities sold	124,050	281,132
Liabilities
Accounts payable, accrued expenses and other liabilities	168,286	103,258
Due to affiliates	4,037	0
Payable for securities purchased	314,193	1,118,456
CLO loan obligations, at fair value	10,701,720	10,657,661
Fund borrowings	168,046	127,771
Redeemable interest	1,013,282	1,000,000	0
Non-controlling interests in Consolidated Funds	1,074,356	591,452
Ares Operating Group
Liabilities
Redeemable interest	93,129	96,008	$ 100,366	$ 99,804
Non-controlling interests in Ares Operating Group entities	1,135,023	1,397,747
Ares Management L.P
Assets
Cash and cash equivalents	389,987	343,655
Investments (includes accrued carried interest of $3,106,577 and $2,998,421 at December 31, 2022 and 2021, respectively)	3,974,734	3,684,264
Due from affiliates	758,472	670,383
Other assets	381,137	334,755
Right-of-use operating lease assets	155,950	167,652
Intangible assets, net	1,208,220	1,422,818
Goodwill	999,656	787,972
Liabilities
Accounts payable, accrued expenses and other liabilities	231,921	279,673
Accrued compensation	510,130	310,222
Due to affiliates	252,798	198,553
Performance related compensation payable	2,282,209	2,190,352
Debt obligations	2,273,854	1,503,709
Operating lease liabilities	190,616	205,075
Stockholders’ Equity
Additional paid-in-capital	1,970,754	1,913,559
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,589,239	1,825,227
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,739	1,684
Ares Management L.P | Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Ares Management L.P | Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Ares Management L.P | Class C Common Stock
Stockholders’ Equity
Common stock	$ 1,172	$ 1,186

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Common stock, shares outstanding (in shares)	294,614,235	290,451,548
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)	173,892,036	168,351,305
Common stock, shares outstanding (in shares)	173,892,036	168,351,305
Non-voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	3,489,911
Common stock, shares outstanding (in shares)	3,489,911	3,489,911
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)	117,231,288	118,609,332
Common stock, shares outstanding (in shares)	117,231,288	118,609,332
Ares Management L.P | Carried interest
Equity method investments:	$ 3,106,577	$ 2,998,421

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Expenses
Compensation and benefits	1,498,590	1,162,633	767,252
Performance related compensation	518,829	1,740,786	404,116
General, administrative and other expenses	695,256	444,178	258,999
Total expenses	2,749,085	3,410,083	1,450,486
Other income (expense)
Net realized and unrealized gains (losses) on investments	4,732	19,102	(9,008)
Interest and dividend income	9,399	9,865	8,071
Interest expense	(71,356)	(36,760)	(24,908)
Other income, net	13,119	14,402	11,291
Total other income (expense), net	204,448	263,682	65,918
Income before taxes	510,806	1,065,690	379,478
Income tax expense	71,891	147,385	54,993
Net income	438,915	918,305	324,485
Net income attributable to Ares Management Corporation	167,541	408,837	152,142
Less: Series A Preferred Stock dividends paid	0	10,850	21,700
Less: Series A Preferred Stock redemption premium	0	11,239	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 167,541	$ 386,748	$ 130,442
Class A Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.87	$ 2.24	$ 0.89
Diluted (in dollars per share)	$ 0.87	$ 2.15	$ 0.87
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	175,510,798	163,703,626	135,065,436
Diluted (in shares)	175,510,798	180,112,271	149,508,498
Non-voting Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.87	$ 2.24	$ 0.89
Diluted (in dollars per share)	$ 0.87	$ 2.15	$ 0.87
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	175,510,798	163,703,626	135,065,436
Diluted (in shares)	175,510,798	180,112,271	149,508,498
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 36,410	$ 62,486	$ 20,119
Other income (expense)
Net realized and unrealized gains (losses) on investments	73,386	77,303	(96,864)
Interest expense	(411,361)	(258,048)	(286,316)
Interest and other income of Consolidated Funds	586,529	437,818	463,652
Less: Net income (loss) attributable to non-controlling interests	119,333	120,369	28,085
Ares Operating Group
Other income (expense)
Net income	319,582	797,936	296,400
Less: Net income (loss) attributable to non-controlling interests	152,892	390,440	145,234
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(851)	(1,341)	(976)
Management fees
Revenues
Total revenues	2,136,433	1,611,047	1,150,608
Carried interest allocation
Revenues
Total revenues	458,012	2,073,551	505,608
Incentive fees
Revenues
Total revenues	301,187	332,876	37,902
Principal investment income
Revenues
Total revenues	12,279	99,433	28,552
Administrative, transaction and other fees
Revenues
Total revenues	$ 147,532	$ 95,184	$ 41,376

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Net income	$ 438,915	$ 918,305	$ 324,485
Other comprehensive income:
Foreign currency translation adjustments, net of tax	(33,911)	(21,464)	28,728
Total comprehensive income	405,004	896,841	353,213
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	107,793	103,498	43,184
Ares Operating Group
Net income	319,582	797,936	296,400
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	144,078	388,812	150,795
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	(1,277)	(1,968)	562
Ares Management Corporation | Ares Management L.P
Other comprehensive income:
Comprehensive income attributable to Ares Management Corporation	$ 154,410	$ 406,499	$ 158,672

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling interest Ares Operating Group	Non-Controlling interest Consolidated Funds	Series A Preferred Stock Preferred Stock	Class A Common Stock Common Stock	Non-voting Common Stock Common Stock	Class C Common Stock Common Stock
Beginning balance at Dec. 31, 2019	$ 1,858,598	$ 525,244	$ (50,820)	$ (6,047)	$ 472,288	$ 618,020	$ 298,761	$ 1,152	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity
Consolidation and deconsolidation of funds, net	(2,407)					(2,407)
Changes in ownership interests and related tax benefits	(99,145)	(328,419)			229,229			73		(28)
Issuances of common stock	688,492	687,142						198		1,152
Capital contributions	177,710	481			44,799	132,430		0
Dividends/Distributions	(719,987)		(231,446)		(215,334)	(251,507)	(21,700)
Net income	325,461		130,442		145,234	28,085	21,700
Currency translation adjustment, net of tax	27,190			6,530	5,561	15,099
Equity compensation	122,986	66,394			56,592
Stock option exercises	92,876	92,827						49
Ending balance at Dec. 31, 2020	2,471,774	1,043,669	(151,824)	483	738,369	539,720	298,761	1,472	0	1,124
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(217,492)	(133,289)			(97,735)	13,487		70		(25)
Issuances of common stock	827,430	827,273						122	35
Capital contributions	572,751				539,020	33,644		0		87
Redemption of preferred stock	(310,000)						(310,000)
Dividends/Distributions	(703,253)		(324,306)		(269,200)	(98,897)	(10,850)
Net income	919,646		386,748		390,440	120,369	22,089
Currency translation adjustment, net of tax	(20,837)			(2,338)	(1,628)	(16,871)
Equity compensation	237,191	138,710			98,481
Stock option exercises	37,216	37,196						20
Ending balance at Dec. 31, 2021	3,814,426	1,913,559	(89,382)	(1,855)	1,397,747	591,452	0	1,684	35	1,186
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(198,058)	(96,413)			(105,680)	4,006		43		(14)
Issuances of common stock	12,835	12,834						1
Capital contributions	554,591				5,195	549,396
Dividends/Distributions	(1,012,768)		(447,634)		(386,843)	(178,291)
Net income	439,766		167,541		152,892	119,333
Currency translation adjustment, net of tax	(33,485)			(13,131)	(8,814)	(11,540)
Equity compensation	200,106	119,580			80,526
Stock option exercises	21,205	21,194						11
Ending balance at Dec. 31, 2022	$ 3,798,618	$ 1,970,754	$ (369,475)	$ (14,986)	$ 1,135,023	$ 1,074,356	$ 0	$ 1,739	$ 35	$ 1,172

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 438,915	$ 918,305	$ 324,485
Adjustments to reconcile net income to net cash used in operating activities:
Net cash used in operating activities	(734,112)	(2,596,045)	(425,659)
Cash flows from investing activities:
Net cash used in investing activities	(337,379)	(1,084,633)	(136,764)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	1,128,063	3,503,625	943,895
Effect of exchange rate changes	(10,240)	(19,104)	19,956
Net change in cash and cash equivalents	46,332	(196,157)	401,428
Cash and cash equivalents, beginning of period	343,655	539,812	138,384
Cash and cash equivalents, end of period	389,987	343,655	539,812
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	12,835	510,848	305,338
Cash paid during the period for interest	320,329	205,085	257,132
Cash paid during the period for income taxes	104,864	22,788	38,174
Consolidated Funds
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(73,386)	(77,303)	96,864
Other (income) expense, net	(33,822)	(35,879)	(34,297)
Investments purchased	(9,434,029)	(13,067,564)	(6,615,732)
Proceeds from sale of investments	8,198,812	9,970,609	5,502,325
Change in cash and cash equivalents held at Consolidated Funds	324,550	(526,815)	83,945
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	0	(39,539)	60,895
Change in other assets and receivables held at Consolidated Funds	151,895	(180,953)	(33,298)
Change in other liabilities and payables held at Consolidated Funds	(733,417)	723,616	10,787
Cash flows from investing activities:
Acquisitions, net of cash acquired			120,822
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	549,396	1,033,644	132,430
Distributions to non-controlling interests in Consolidated Funds	(178,291)	(98,897)	(251,507)
Borrowings under loan obligations by Consolidated Funds	1,140,680	2,048,932	1,013,291
Repayments under loan obligations by Consolidated Funds	(145,222)	(80,752)	(190,055)
Ares Management L.P
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	200,391	237,191	122,986
Depreciation and amortization	341,341	113,293	41,248
Net realized and unrealized (gains) losses on investments	10,929	(88,978)	(8,039)
Other (income) expense, net	0	(31,070)	0
Investments purchased	(371,124)	(340,199)	(90,851)
Proceeds from sale of investments	182,493	273,382	174,679
Net carried interest and incentive fees receivable	(20,612)	(745,021)	(17,687)
Due to/from affiliates	39,073	(180,928)	(76,185)
Other assets	(105,205)	213,825	(36,694)
Accrued compensation and benefits	200,769	142,815	47,875
Accounts payable, accrued expenses and other liabilities	(51,685)	125,168	21,035
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)	(27,226)	(15,942)
Acquisitions, net of cash acquired	(301,583)	(1,057,407)	(120,822)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	0	827,430	383,154
Proceeds from Credit Facility	1,380,000	883,000	790,000
Proceeds from issuance of senior and subordinated notes	488,915	450,000	399,084
Repayments of Credit Facility	(1,095,000)	(468,000)	(860,000)
Dividends and distributions	(836,364)	(593,506)	(446,780)
Series A Preferred Stock dividends	0	(10,850)	(21,700)
Redemption of Series A Preferred Stock	0	(310,000)	0
Stock option exercises	21,205	37,216	92,877
Taxes paid related to net share settlement of equity awards	(201,311)	(226,101)	(95,368)
Other financing activities	4,055	11,509	(1,531)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	343,655	539,812
Cash and cash equivalents, end of period	$ 389,987	$ 343,655	$ 539,812

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION	1. ORGANIZATION Ares Management Corporation (the “Company”), a Delaware corporation, together with its subsidiaries, is a leading global alternative investment manager operating integrated groups across Credit, Private Equity, Real Assets, Secondaries and Strategic Initiatives. Information about segments should be read together with “Note 15. 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”). These subsidiaries provide investment advisory services to the Ares Funds in exchange for management fees. The accompanying audited financial statements include the consolidated results of the Company and its subsidiaries. The Company is a holding company that operates and controls all of the businesses and affairs of and conducts all of its material business activities through Ares Holdings L.P. (“Ares Holdings”). Ares Holdings represents all the activities of the “Ares Operating Group” or “AOG” and may be referred to interchangeably. The Company, indirectly through its wholly owned subsidiary, Ares Holdco LLC, is the general partner of the Ares Operating Group entity. The Company and its wholly owned subsidiaries manages or controls certain entities that have been consolidated in the accompanying financial statements as described in “Note 2. Summary of Significant Accounting Policies.” These entities include Ares funds, co-investment vehicles, collateralized loan obligations or funds (collectively “CLOs”) and a special purpose acquisition company (“SPAC”) (collectively, the “Consolidated Funds”). Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to its Stockholders’ Equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable within the Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis within the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP. All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values within the Company’s Consolidated Statements of Financial Condition. Net income attributable to holders of subordinated notes of the CLOs is presented within net income attributable to non-controlling interests in Consolidated Funds within the Consolidated Statements of Operations. The Company has reclassified certain prior period amounts to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other income (expense) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements. Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model (“VIEs”) or voting interest model (“VOE”). As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that the Company concludes are variable interest entities in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, carried interest, incentive fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in many of these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model. Variable Interest Model The Company considers an entity to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary. The Company determines it is the primary beneficiary when it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders the conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment. These judgments include: (1) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support, (2) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity, (3) determining whether two or more parties’ equity interests should be aggregated, (4) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity and (5) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary. Consolidated CLOs As of December 31, 2022 and 2021, the Company consolidated 25 and 23 CLOs, respectively. The Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities within the GAAP fair value hierarchy. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company). The loan obligations issued by the CLOs are collateralized by diversified asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent incentive fee income. In cases where the Company earns fees from a CLO that it consolidates, those fees have been eliminated as intercompany transactions. The Company’s holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes, which are repaid based on available cash flows subject to priority of payments under each consolidated CLO’s governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO. Fair Value Measurements GAAP establishes a hierarchical 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 rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period (see “Note 6. Fair Value” for further detail). Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds. At December 31, 2022 and 2021, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. Investments held in trust account Investments held in trust account represents funds raised through the initial public offering of Ares Acquisition Corporation (“AAC”), a consolidated SPAC that is presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust agreement. AAC’s portfolio of investments is comprised of U.S. government securities or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. The U.S. Treasury bills typically have original maturities of three months or less when purchased and are recorded at fair value. Interest income received on such investments is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds within the Consolidated Statements of Operations. Any remaining change in fair value of such investments, that is not recognized as interest income, is recognized within net realized and unrealized gains (losses) on investments of Consolidated Funds within the Consolidated Statements of Operations. Investments The investments of the Consolidated Funds are reflected within the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). Certain investments are denominated in foreign currency and are translated into U.S. dollars at each reporting date. Equity Method Investments The Company accounts for its investments in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments within the Consolidated Statements of Financial Condition. The carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. In addition, certain of the Company's equity method investments are reported at fair value. Management's determination of fair value includes various valuation techniques. These techniques may include market approach, recent transaction price, net asset value approach, discounted cash flows, acreage valuation and may use one or more significant unobservable inputs such as EBITDA or revenue multiples, discount rates, weighted average cost of capital, exit multiples, terminal growth rates and other unobservable inputs. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is presented within principal investment income or net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued but unpaid carried interest as of the reporting date is presented within investments within the Consolidated Statements of Financial Condition. Derivative 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 interest rate and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. These derivative instruments include foreign currency forward contracts, interest rate swaps, asset swaps and warrants. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities within the 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. By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset within the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Consolidated Statements of Financial Condition with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds generally present derivative and other financial instruments on a net basis. This election is determined at management’s discretion on a fund by fund basis. The Company has retained the Consolidated Fund’s election upon consolidation. Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss). Upon settlement of the instrument, the Company records any realized gain (loss). Unrealized and realized gain (loss) are reflected within net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition, including the fair value of certain elements of contingent consideration, is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase consideration is recognized as a bargain purchase gain. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. The acquisition method of accounting allows for a measurement period for up to one year after the acquisition date to make adjustments to the purchase price allocation as the Company obtains more information regarding asset valuations and liabilities assumed. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. Intangible Assets The Company’s finite-lived intangible assets consists primarily of contractual rights to earn future management fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 1.6 to 13.5 years. The purchase price of an acquired management contract is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses within the Consolidated Statements of Operations. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated undiscounted cash flows attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using a discounted future cash flow methodology. The Company tests indefinite-lived intangible assets annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of impairment as the excess of the carrying amount of the indefinite-lived intangible asset over its fair value. The Company also tests indefinite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable or that the useful lives of these assets are no longer appropriate. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s strategic plans with regard to the indefinite-lived intangible assets. Goodwill Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates . Fixed Assets Fixed assets, consisting of furniture, fixtures, computer hardware, equipment, internal-use software and leasehold improvements are recorded at cost, less accumulated depreciation and amortization. Fixed assets are presented within other assets within the Company’s Consolidated Statements of Financial Condition. Direct costs associated with developing, purchasing or otherwise acquiring software for internal use (“Internal-Use Software”) are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Fixed assets are depreciated or amortized on a straight-line basis over an asset’s estimated useful life, with the corresponding depreciation and amortization expense presented within general, administrative and other expenses within the Company’s Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the lease term or the life of the asset while other fixed assets and internal-use software are generally depreciated between three Leases 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 presented within right-of-use operating lease assets and operating lease liabilities within the Company’s Consolidated Statements of Financial Condition. Finance leases are capitalized as a component of fixed assets and presented within accounts payable, accrued expenses and other liabilities within the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded within the Consolidated Statements of Financial Condition. Right-of-use operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and corresponding lease 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 accounts for the lease and non-lease components as a single lease component. Non-Controlling Interests The non-controlling interests in AOG entities represent a component of equity and net income attributable to the owners of the Ares Operating Group Units (“AOG Units”) that are not held directly or indirectly by the Company. These owners consist predominantly of Ares Owners Holdings L.P. but also include other strategic distribution partnerships with whom the Company has established joint ventures and other non-controlling strategic investors. Non-controlling interests in AOG entities are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the AOG entities either based on their historical ownership percentage for the proportional number of days in the reporting period or based on the activity associated with certain membership interests. The non-controlling interests in Consolidated Funds represents a component of equity and net income attributable related to ownership interests that third parties hold in Consolidated Funds. Redeemable Interest On July 1, 2020, the Company completed its acquisition of a majority interest in SSG Capital Holdings Limited and its operating subsidiaries (“SSG”) (“SSG Acquisition”). In connection with the SSG Acquisition, the former owners of SSG retained an ownership interest in the operations acquired by the Company. In certain circumstances, the Company may acquire full ownership of SSG pursuant to a contractual arrangement that may be initiated by the Company or by the former owners of SSG. Since the acquisition of the remaining interest in SSG is not within the Company’s sole discretion, the ownership interest held by the former owners of SSG is classified as a redeemable interest in AOG and represents mezzanine equity. Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity within the Consolidated Statements of Financial Condition. Income (loss) is allocated based on the ownership percentage attributable to the redeemable interest. The Company determined that the redemption of the redeemable interest is probable as of the date of acquisition. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount, as defined in accordance with the terms of a contractual arrangement between the Company and the former owners of SSG, to the extent that the redemption amount exceeds the initial measurement on the date of acquisition. The Company recognizes changes in the redemption amount with corresponding adjustments against retained earnings, or additional paid-in-capital in the absence of retained earnings, within stockholders’ equity within the Consolidated Statements of Financial Condition. Redeemable interest in Consolidated Funds represent the Class A ordinary shares issued by AAC that are redeemable for cash by the public shareholders in the event that AAC does not complete a business combination or tender offer associated with stockholder approval provisions. The Class A ordinary shareholders have redemption rights that are considered to be outside of AAC’s control. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount. At December 31, 2022, all 100,000,000 Class A ordinary shares of AAC were classified outside of permanent equity. Revenue Recognition The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value (“NAV”), NAV plus unfunded commitments, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability. Management fees also include a quarterly fee on the net investment income (“Part I Fees”) of Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”), a publicly-traded business development company registered under the Investment Company Act and managed by a subsidiary of the Company, and CION Ares Diversified Credit Fund (“CADC”). ARCC Part I Fees are equal to 20.0% of its net investment income (before ARCC Part I Fees and incentive fees payable based on capital gains), subject to a fixed hurdle rate of 1.75% per quarter, or 7.0% per annum. No fees are recognized until ARCC’s net investment income exceeds a 1.75% hurdle rate, with a catch-up provision to ensure that the Company receives 20.0% of the net investment income from the first dollar earned. CADC Part I Fees are equal to 15.0% of its net investment income (before CADC Part I Fees), subject to a fixed hurdle rate of 1.5% per quarter, or 6.0% per annum. No fees are recognized until CADC’s net investment income exceeds the hurdle rate, with a catch-up provision to ensure that the Company receives 15.0% of the net investment income from the first dollar earned. Carried Interest Allocation In certain fund structures, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cum

BUSINESS COMBINATIONS

BUSINESS COMBINATIONS	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
BUSINESS COMBINATIONS	3. BUSINESS COMBINATIONS Acquisition of Landmark Partners, LLC (collectively with its subsidiaries, “Landmark”) On June 2, 2021, a subsidiary of the Company completed the acquisition of 100% of the equity interests of Landmark, a subsidiary of BrightSphere Investment Group Inc. (NYSE: BSIG) and Landmark Investment Holdings L.P., in accordance with the purchase agreement entered into on March 30, 2021 (the “Landmark Acquisition”). As a result of the Landmark Acquisition, the Company expanded into the secondaries market with Landmark’s focus of managing private equity, real estate and infrastructure secondaries funds. Following the completion of the Landmark Acquisition, the results of Landmark are included in a newly created Secondaries Group segment. The acquisition date fair value of the consideration transferred totaled $1.1 billion, which consisted of the following: Cash $ 803,309 Equity (1) 299,420 Total $ 1,102,729 (1) 5,415,278 AOG Units were issued in connection with the Landmark Acquisition and increased Ares Owners Holdings L.P.’s ownership interest in the AOG entities. The following is a summary of the fair values of assets acquired and liabilities assumed for the Landmark Acquisition as of June 2, 2021, based upon third party valuations of certain intangible assets. The fair value of assets acquired and liabilities assumed are estimated to be: Cash $ 25,645 Other tangible assets 23,403 Intangible assets: Management contracts 425,880 Client relationships 197,160 Trade name 86,200 Total intangible assets 709,240 Total identifiable assets acquired 758,288 Accounts payable, accrued expenses and other liabilities 73,216 Net identifiable assets acquired 685,072 Goodwill 417,657 Net assets acquired $ 1,102,729 The carrying value of goodwill associated with Landmark was $417.7 million as of the acquisition date and is entirely allocated to the Secondaries Group segment. The goodwill is attributable primarily to expected synergies and the assembled workforce of Landmark. In connection with the Landmark Acquisition, the Company allocated $425.9 million, $197.2 million and $86.2 million of the purchase price to the fair value of the management contracts, client relationships and trade name, respectively. The acquired management contracts and client relationships had a weighted average amortization period as of the acquisition date of 7.4 years and 11.8 years, respectively. At the acquisition date, the trade name was determined to have an indefinite useful life and was not subject to amortization as the Company intended to operate under its brand name into perpetuity. During the year ended December 31, 2022, the Company recognized non-cash impairment charges on certain of the intangible assets from the Landmark Acquisition. See “Note 4. Goodwill and Intangible Assets” for further discussion. Supplemental information of the Company’s consolidated results on an unaudited pro forma basis, as if the Landmark Acquisition had been consummated as of January 1, 2020, is as follows: Year ended December 31, 2021 2020 Total revenues $ 4,276,706 $ 1,910,792 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 380,169 $ 112,918 The unaudited pro forma supplemental information is based on estimates and assumptions, which the Company believes are reasonable. These results are not necessarily indicative of the Company’s consolidated financial condition or statements of operations in future periods or the results that actually would have been realized had the Company and Landmark been a combined entity during the periods presented. These pro forma amounts have been calculated after applying the following adjustments that were directly attributable to the Landmark Acquisition: • adjustments to include the impact of the additional amortization that would have been charged assuming the fair value adjustments to intangible assets had been applied on January 1, 2020, together with the consequential tax effects; • adjustments to include the AOG Units issued as consideration for the Landmark Acquisition, as if they were issued on January 1, 2020, and the resulting change in ownership attributable to Ares Management Corporation; • adjustments to reflect the pro-rata economic ownership attributable to Ares Management Corporation; • adjustments to reflect the tax effects of the Landmark Acquisition and the related adjustments as if Landmark had been included in the Company’s results as of January 1, 2020; and • adjustments to include Landmark Acquisition related transaction costs in earnings in 2020. Acquisition of Black Creek Group On July 1, 2021, a subsidiary of the Company completed the acquisition of 100% of the equity interests of Black Creek Group’s U.S. real estate investment advisory and distribution business (“Black Creek”) in accordance with the purchase agreement entered into on May 20, 2021 (the “Black Creek Acquisition”). Black Creek is a leading real estate investment management firm that operates in core and core-plus real estate strategies across two non-traded Real Estate Investment Trusts (“REITs”) and various institutional fund vehicles. Following the completion of the Black Creek Acquisition, the results of Black Creek are included within the Real Assets Group segment. Acquisition of AMP Capital’s Infrastructure Debt Platform (“Infrastructure Debt Acquisition”) On February 10, 2022, a subsidiary of the Company completed the acquisition of AMP Capital’s Infrastructure Debt platform in accordance with the purchase agreement entered into on December 23, 2021 (the “Infrastructure Debt Acquisition”). The Infrastructure Debt Acquisition adds complementary investment capabilities to Ares’ current activities in the rapidly growing infrastructure asset class. Following the completion of the Infrastructure Debt Acquisition, the results of the infrastructure debt platform are presented within the Real Assets Group. See “Note 15. Segment Reporting” for further discussion on the Company’s change in segment composition during the first quarter of 2022. The acquisition date fair value of the consideration transferred totaled $328.6 million, consisting of $315.8 million in cash and $12.8 million of restricted units of Class A common stock that were granted and vested on the acquisition close date.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	4. GOODWILL AND INTANGIBLE ASSETS Intangible Assets, Net The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets: Weighted Average Amortization Period (in years) as of December 31, 2022 As of December 31, 2022 2021 Management contracts 4.9 $ 586,077 $ 641,737 Client relationships 9.6 262,301 229,501 Trade name 7.5 11,079 11,079 Other 1.8 500 500 Finite-lived intangible assets 859,957 882,817 Foreign currency translation 935 1,792 Total finite-lived intangible assets 860,892 884,609 Less: accumulated amortization (220,472) (115,791) Finite-lived intangible assets, net 640,420 768,818 Management contracts 567,800 567,800 Trade name — 86,200 Indefinite-lived intangible assets 567,800 654,000 Intangible assets, net $ 1,208,220 $ 1,422,818 In connection with the Infrastructure Debt Acquisition, the Company allocated $68.7 million and $32.8 million of the purchase price to the fair value of the acquired management contracts and client relationships, respectively. The acquired management contracts and client relationships had a weighted average amortization period from the date of acquisition of 5.2 years and 8.4 years, respectively. In connection with the Black Creek Acquisition during the third quarter of 2021, the Company allocated $576.2 million and $7.2 million of the purchase consideration to the fair value of management contracts and client relationships, respectively. Certain management contracts were determined to have indefinite useful lives at the time of the Black Creek Acquisition and are not subject to amortization. The remaining management contracts and client relationships had a weighted average amortization period as of the acquisition date of 6.1 years and 12.0 years, respectively. During the year ended December 31, 2022, the Company decided to rebrand its secondaries group as Ares Secondaries and to discontinue the ongoing use of the Landmark trade name. As a result, the Company recorded an impairment charge equal to the Landmark trade name’s carrying value of $86.2 million. Separately, in connection with lower than expected fundraising for an acquired Landmark private equity secondaries fund, the Company recorded a non-cash impairment charge of $88.4 million to the fair value of a management contract during the year ended December 31, 2022. The primary indicator of impairment was lower fee paying assets under management from the acquired Landmark private equity secondaries fund. Also connected to the lower fundraising projections associated with the acquired Landmark private equity secondaries fund, the Company reversed all previously recorded expenses associated with the Landmark management incentive plan. See “Note 9. Commitments and Contingencies” for further discussion. In addition, the Company recorded non-cash impairment charges of $3.7 million, $3.1 million, and $0.2 million to the fair value of management contracts acquired in connection with the Landmark Acquisition, the Black Creek Acquisition and the SSG Acquisition, respectively. The primary indicator of impairment was the shorter expected lives of certain funds as a result of returning capital to fund investors sooner than initially planned. The impairment charges for the intangible assets acquired in connection with the Landmark Acquisition, the Black Creek Acquisition and the SSG Acquisition are included within the Secondaries Group, the Real Assets Group and Strategic Initiatives, respectively. The non-cash impairment charges totaled $181.6 million for the year ended December 31, 2022. There was no impairment of intangible assets recorded during the years ended 2021 and 2020. Amortization expense associated with intangible assets, excluding the accelerated amortization from the non-cash impairment charges during 2022 described above, was $133.6 million, $91.3 million and $24.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. Amortization expense is presented within general, administrative and other expenses within the Consolidated Statements of Operations. During the year ended December 31, 2022, the Company removed $210.6 million of impaired and fully-amortized intangible assets. At December 31, 2022, future annual amortization of finite-lived intangible assets for the years 2023 through 2027 and thereafter is estimated to be: Year Amortization 2023 $ 125,873 2024 114,928 2025 106,684 2026 78,232 2027 65,285 Thereafter 149,418 Total $ 640,420 Goodwill The following table summarizes the carrying value of the Company’s goodwill: Credit Group Private Real Secondaries Group Strategic Initiatives Total Balance as of December 31, 2020 $ 32,196 $ 58,600 $ 53,120 $ — $ 227,131 $ 371,047 Acquisitions — — — 417,753 — 417,753 Foreign currency translation — — 219 (15) (1,032) (828) Balance as of December 31, 2021 32,196 58,600 53,339 417,738 226,099 787,972 Acquisitions — — 213,314 (96) — 213,218 Reallocation — (10,530) 10,530 — — — Foreign currency translation — — — (22) (1,512) (1,534) Balance as of December 31, 2022 $ 32,196 $ 48,070 $ 277,183 $ 417,620 $ 224,587 $ 999,656 In connection with the Infrastructure Debt Acquisition, the Company allocated $213.3 million of the purchase price to goodwill. In connection with the establishment of the Real Assets Group described in “Note 15. Segment Reporting,” the Company had an associated change in its reporting units and reallocated goodwill of $10.5 million from the Private Equity Group to the Real Assets Group using a relative fair value allocation approach. The former Real Estate Group has been transferred in its entirety to the Real Assets Group and the total goodwill of $53.3 million has been reallocated from the former Real Estate Group to the Real Assets Group accordingly. There was no impairment of goodwill recorded during the years ended December 31, 2022 and 2021. The impact of foreign currency translation is reflected within other comprehensive income.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 2022
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	5. INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments December 31, December 31, 2022 2021 2022 2021 Equity method investments: Equity method - carried interest $ 3,106,577 $ 2,998,421 78.2% 81.4% Equity method private investment partnership interests - principal 543,592 473,887 13.7 12.9 Equity method private investment partnership interests and other (held at fair value) 123,170 117,539 3.1 3.2 Equity method private investment partnership interests and other 47,439 40,580 1.2 1.1 Total equity method investments 3,820,778 3,630,427 96.2 98.6 Collateralized loan obligations 25,163 30,815 0.6 0.8 Other fixed income 51,771 21,582 1.2 0.5 Collateralized loan obligations and other fixed income, at fair value 76,934 52,397 1.8 1.3 Common stock, at fair value 77,022 1,440 2.0 0.1 Total investments $ 3,974,734 $ 3,684,264 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 years ended December 31, 2022, 2021 and 2020, no individual equity method investment held by the Company met the significance criteria. The following tables present summarized financial information for the Company’s equity method investments, which are primarily funds managed by the Company: As of and Year Ended December 31, 2022 Credit Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total Statement of Financial Condition Investments $ 15,704,463 $ 9,376,032 $ 13,052,820 $ 12,719,333 $ 1,980,690 $ 52,833,338 Total assets 18,841,376 9,947,821 14,440,914 12,931,082 2,094,008 58,255,201 Total liabilities 4,848,872 937,326 5,007,250 3,716,111 927,813 15,437,372 Total equity 13,992,504 9,010,495 9,433,664 9,214,971 1,166,195 42,817,829 Statement of Operations Revenues $ 1,333,204 $ 271,873 $ 618,796 $ 2,874 $ 8,164 $ 2,234,911 Expenses (375,506) (153,372) (357,845) (289,741) (64,684) (1,241,148) Net realized and unrealized gains (losses) from investments (172,527) (482,260) 304,068 (11,173) 186,356 (175,536) Income tax benefit (expense) (4,723) 92 (36,501) — (11) (41,143) Net income (loss) $ 780,448 $ (363,667) $ 528,518 $ (298,040) $ 129,825 $ 777,084 As of and Year Ended December 31, 2021 Credit Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total Statement of Financial Condition Investments $ 16,919,068 $ 9,143,164 $ 9,555,266 $ 7,096,073 $ 484,969 $ 43,198,540 Total assets 18,316,775 9,548,551 10,146,133 7,220,604 490,246 45,722,309 Total liabilities 5,268,103 1,539,522 3,155,826 2,960,748 392,347 13,316,546 Total equity 13,048,672 8,009,029 6,990,307 4,259,856 97,899 32,405,763 Statement of Operations Revenues $ 1,318,517 $ 229,539 $ 326,507 $ 911 $ 23,910 $ 1,899,384 Expenses (316,134) (177,380) (170,008) (89,281) (11,927) (764,730) Net realized and unrealized gains (losses) from investments 457,943 2,161,730 1,179,698 1,399,009 (24,758) 5,173,622 Income tax expense (4,511) (19,125) (1,167) — — (24,803) Net income (loss) $ 1,455,815 $ 2,194,764 $ 1,335,030 $ 1,310,639 $ (12,775) $ 6,283,473 Year Ended December 31, 2020 Credit Group Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total Statement of Operations Revenues $ 940,450 $ 263,335 $ 191,543 $ — $ 2,656 $ 1,397,984 Expenses (221,083) (112,325) (81,071) — (5,585) (420,064) Net realized and unrealized gains (losses) from investments (210,881) 1,218,362 11,923 — 2,324 1,021,728 Income tax benefit (expense) (1,693) 57,935 346 — — 56,588 Net income (loss) $ 506,793 $ 1,427,307 $ 122,741 $ — $ (605) $ 2,056,236 The Company recognized net gains related to its equity method investments of $21.7 million, $114.9 million and $22.5 million for the years ended December 31, 2022, 2021 and 2020, respectively. The net gains were included within principal investment income, net realized and unrealized gains (losses) on investments, and interest and dividend income within the 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 Percentage of total investments as of December 31, December 31, 2022 2021 2022 2021 Fixed income investments: Bonds $ 786,961 $ 857,125 6.0% 6.7% Loans 9,280,522 9,910,689 70.3 77.3 Investments held in trust account 1,013,382 1,000,285 7.7 7.8 Total fixed income investments 11,080,865 11,768,099 84.0 91.8 Equity securities 731,599 340,272 5.5 2.7 Partnership interests 1,392,169 708,307 10.5 5.5 Total investments, at fair value $ 13,204,633 $ 12,816,678 As of December 31, 2022 and 2021, no

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE	6. FAIR VALUE Financial Instrument Valuations The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment. CLOs and CLO loan obligations: The fair value of CLOs held by the Company are estimated based on either a third-party pricing service or broker quote and are classified as Level III. The Company measures its CLO loan obligations of the Consolidated Funds by first determining whether the fair values of the financial assets or financial liabilities of its consolidated CLOs are more observable. Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a probability weighted expected return method, including the Monte Carlo simulation model. These models consider a range of assumptions including historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management’s own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. Once the associated targets are achieved, the contingent consideration is reported at the settlement amount. The fair value of the Company’s contingent consideration liabilities are classified as Level III. Liabilities recorded in connection with the Company’s contingent consideration are included within accounts payable, accrued expenses and other liabilities within the Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income, net within the Consolidated Statements of Operations. Corporate debt, bonds, bank loans and derivative instruments: The fair value of corporate debt, bonds, bank loans and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified as Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If management is only able to obtain a single broker quote, or utilizes a pricing model, such securities will generally be classified as Level III. Equity and equity-related securities: Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. Securities that have market prices are not readily available utilize valuation models of third-party pricing service or internal models to determine the fair value and are classified as Level III. Partnership interests: The Company generally values its investments using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses. As of December 31, 2022 and 2021, NAV per share represents the fair value for each of the Company’s investments in partnership interests. Discounted cash flow model has been used to determine the fair value of an investment in a partnership interest held by the Consolidated Funds where NAV per share was not deemed to be representative of fair value. The substantial majority of the Company’s private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interests other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. The Company also has open-ended and evergreen funds where investors have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods generally ranging from one month to three years. In addition, the Company has minority investments in vehicles that may only have a single other investor that may allow such investors to terminate the fund pursuant to the terms of the applicable constituent documents of such vehicle. Fair Value of Financial Instruments Held by the Company and Consolidated Funds The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2022: 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 $ — $ — $ 76,934 $ — $ 76,934 Common stock and other equity securities — 77,022 121,785 — 198,807 Partnership interests — — — 1,385 1,385 Total investments, at fair value — 77,022 198,719 1,385 277,126 Derivatives-foreign currency forward contracts — 4,173 — — 4,173 Total assets, at fair value $ — $ 81,195 $ 198,719 $ 1,385 $ 281,299 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (3,423) $ — $ — $ (3,423) Total liabilities, at fair value $ — $ (3,423) $ — $ — $ (3,423) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 534,137 $ 252,824 $ — $ 786,961 Loans — 8,663,678 616,844 — 9,280,522 Investments held in trust account 1,013,382 — — — 1,013,382 Total fixed income investments 1,013,382 9,197,815 869,668 11,080,865 Equity securities 719 — 730,880 — 731,599 Partnership interests — — 368,655 1,023,514 1,392,169 Total investments, at fair value 1,014,101 9,197,815 1,969,203 1,023,514 13,204,633 Derivatives-foreign currency forward contracts — 2,900 — — 2,900 Total assets, at fair value $ 1,014,101 $ 9,200,715 $ 1,969,203 $ 1,023,514 $ 13,207,533 Liabilities, at fair value Derivatives: Warrants $ (9,326) $ — $ — $ — $ (9,326) Foreign currency forward contracts — (2,942) — — (2,942) Asset swaps — — (3,556) — (3,556) Total derivative liabilities, at fair value (9,326) (2,942) (3,556) — (15,824) Loan obligations of CLOs — (10,701,720) — — (10,701,720) Total liabilities, at fair value $ (9,326) $ (10,704,662) $ (3,556) $ — $ (10,717,544) The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2021: 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 $ — $ — $ 52,397 $ — $ 52,397 Common stock and other equity securities — 1,440 108,949 — 110,389 Partnership interests — — 2,575 6,016 8,591 Total investments, at fair value — 1,440 163,921 6,016 171,377 Derivatives-foreign currency forward contracts and interest rate swaps — 5,682 — — 5,682 Total assets, at fair value $ — $ 7,122 $ 163,921 $ 6,016 $ 177,059 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (328) $ — $ — $ (328) Contingent consideration — — (57,435) — (57,435) Total liabilities, at fair value $ — $ (328) $ (57,435) $ — $ (57,763) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 525,393 $ 331,732 $ — $ 857,125 Loans — 9,499,469 411,220 — 9,910,689 Investments held in trust account 1,000,285 — — — 1,000,285 Total fixed income investments 1,000,285 10,024,862 742,952 — 11,768,099 Equity securities 956 133 339,183 — 340,272 Partnership interests — — 238,673 469,634 708,307 Total assets, at fair value $ 1,001,241 $ 10,024,995 $ 1,320,808 $ 469,634 $ 12,816,678 Liabilities, at fair value Derivatives: Warrants $ (17,822) $ — $ — $ — $ (17,822) Asset swaps — — (3,105) — (3,105) Total derivative liabilities, at fair value (17,822) — (3,105) — (20,927) Loan obligations of CLOs — (10,657,661) — — (10,657,661) Total liabilities, at fair value $ (17,822) $ (10,657,661) $ (3,105) $ — $ (10,678,588) The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2022: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Transfer in due to changes in consolidation 1,491 — — — 1,491 Purchases (1) 894 32,392 — — 33,286 Sales/settlements (2) 68 (2,425) (2,538) 58,873 53,978 Change in fair value — — — (1,438) (1,438) Realized and unrealized appreciation (depreciation), net 10,383 (5,430) (37) — 4,916 Balance, end of period $ 121,785 $ 76,934 $ — $ — $ 198,719 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 12,448 $ (5,430) $ — $ — $ 7,018 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 184,037 94,386 — 278,423 Transfer out — (202,333) — — (202,333) Purchases (1) 323,699 732,477 59,258 — 1,115,434 Sales/settlements (2) (31,932) (536,125) (52,828) — (620,885) Amortized discounts/premiums 13 1,592 — — 1,605 Realized and unrealized appreciation (depreciation), net 99,917 (52,932) 29,166 (451) 75,700 Balance, end of period $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 70,591 $ (54,058) $ 29,166 $ (376) $ 45,323 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments. The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2021: Level III Assets of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (13,290) — — (13,290) Change in fair value — — — (23,235) (23,235) Realized and unrealized appreciation, net 1,259 3,026 — — 4,285 Balance, end of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 1,259 $ 1,575 $ — $ (23,235) $ (20,401) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,306 $ 231,857 $ 1,060 $ 996,266 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 59,845 — — 62,040 Transfer out (33) (214,906) — — (214,939) Purchases (1) 118,963 904,497 15,000 — 1,038,460 Sales/settlements (2) (1,180) (512,505) (45,500) 301 (558,884) Amortized discounts/premiums — 1,683 — — 1,683 Realized and unrealized appreciation (depreciation), net (1,648) 11,358 37,316 (4,466) 42,560 Balance, end of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (848) $ 3,886 $ 37,316 $ (3,627) $ 36,727 (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. 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 tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2022: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 62,129 Market approach Multiple of book value 3.2x 3.2x 44,166 Market approach Multiple of book value 1.3x 1.3x 15,490 Transaction price (1) N/A N/A N/A Collateralized loan obligations 25,163 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 30,189 Transaction price (1) N/A N/A N/A 21,582 Other N/A N/A N/A Total assets $ 198,719 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 401,229 Discounted cash flow Discount rate 8.0% - 18.0% 12.0% 290,258 Market approach Multiple of book value 1.0x - 1.2x 1.2x 36,681 Market approach Net income multiple 30.0x 30.0x 2,064 Market approach EBITDA multiple (2) 6.3x - 31.0x 13.6x 648 Other N/A N/A N/A Partnership interest 368,655 Discounted cash flow Discount rate 10.3% - 22.0% 18.9% Fixed income investments 731,708 Broker quotes and/or 3rd party pricing services N/A N/A N/A 125,612 Market approach Yield 6.6% - 21.7% 12.8% 6,155 Transaction price N/A N/A N/A 4,479 Market approach EBITDA multiple 8.0x - 9.0x 8.5x 1,714 Other N/A N/A N/A Total assets $ 1,969,203 Liabilities Derivative instruments $ (3,556) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (3,556) (1) Transaction price consists of securities 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 tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2021: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 50,690 Discounted cash flow Discount rates 14.0% - 20.0% 14.3% 43,649 Market approach Multiple of book value 1.4x 1.4x 14,610 Transaction price (1) N/A N/A N/A Partnership interests 2,575 Other N/A N/A N/A Collateralized loan obligations 30,815 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 21,582 Other N/A N/A N/A Total assets $ 163,921 Liabilities Contingent consideration $ (47,873) Other N/A N/A N/A (9,562) Monte Carlo simulation Discount rate 8.5% 8.5% Volatility 18.0% 18.0% Total liabilities $ (57,435) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 140,185 Market approach Multiple of book values 1.0x- 1.2x 1.1x 123,685 Discounted cash flow Discount rate 20.0% 20.0% 74,041 Transaction price (1) N/A N/A N/A 1,261 Market approach EBITDA multiples (2) 1.0x - 64.4x 17.5x 11 Broker quotes and/or 3rd party pricing services N/A N/A N/A Partnership interests 238,673 Discounted cash flow Discount rate 23.4% 23.4% Fixed income investments 614,754 Broker quotes and/or 3rd party pricing services N/A N/A N/A 128,198 Income approach Yield 3.5% - 16.2% 6.7% Total assets $ 1,320,808 Liabilities Derivative instruments $ (3,105) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (3,105) (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 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 $1.4 million and $6.0 million as of December 31, 2022 and 2021, respectively. The Company has no unfunded commitments for this investment. The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using NAV per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control. As of December 31, 2022, these investments had a fair value of $1,023.5 million and unfunded commitments of $869.0 million. As of December 31, 2021, these investments had a fair value of $469.6 million and unfunded commitments of $1,200.0 million.

DEBT

DEBT	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
DEBT	7. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of December 31, 2022 2021 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolving 3/31/2027 N/A $ 700,000 5.37% $ 415,000 1.25% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 248,693 4.21 247,979 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,602 3.28 396,156 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 483,802 3.77 — — 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,757 4.13 444,574 4.13 Total debt obligations $ 2,273,854 $ 1,503,709 (1) On March 31, 2022, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.090 billion to $1.275 billion with an accordion feature of $375.0 million, replace the LIBOR based-rate with a Secured Overnight Financing Rate (“SOFR”) based-rate plus an applicable credit spread adjustment and extend the maturity date from March 2026 to March 2027. On July 6, 2022, the Company increased the revolver commitments from $1.275 billion to $1.325 billion via the accordion. The AOG entities are borrowers under the Credit Facility. The Credit Facility has a variable interest rate based on SOFR or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of December 31, 2022, base rate loans bear interest calculated based on the base rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. (2) The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes. (3) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes. (4) The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Notes. (5) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five As of December 31, 2022, 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 2024, 2030 and 2052 Senior Notes (the “Senior Notes”) and 2051 Subordinated Notes are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included within other assets within the Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense within the Consolidated Statements of Operations. The following table presents the activity of the Company’s debt issuance costs: Credit Facility Senior Subordinated Notes Unamortized debt issuance costs as of December 31, 2020 $ 5,232 $ 4,283 $ — Debt issuance costs incurred 1,282 — 5,518 Amortization of debt issuance costs (1,240) (594) (92) Unamortized debt issuance costs as of December 31, 2021 5,274 3,689 5,426 Debt issuance costs incurred 1,516 5,482 — Amortization of debt issuance costs (1,280) (778) (183) Unamortized debt issuance costs as of December 31, 2022 $ 5,510 $ 8,393 $ 5,243 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. The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of December 31, 2022 2021 Fair Value of Weighted Weighted Fair Value of Loan Obligations Weighted Weighted Senior secured notes $ 10,142,545 4.84% 8.8 $ 10,016,638 1.93% 9.4 Subordinated notes (1) 559,175 N/A 7.8 641,023 N/A 8.1 Total loan obligations of Consolidated CLOs $ 10,701,720 $ 10,657,661 (1) 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. As of December 31, 2022 and 2021, the Consolidated Funds were in compliance with all covenants under such credit facilities. The Consolidated Funds had the following revolving bank credit facilities outstanding: As of December 31, 2022 2021 Consolidated Funds’ Debt Facilities Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 10/13/2023 $ 112,817 $ 77,496 5.89% $ 71,500 1.59% 7/1/2023 18,000 15,550 6.25 16,271 1.73 7/23/2024 100,000 75,000 7.28 40,000 3.09 9/24/2026 150,000 — N/A — N/A 9/12/2027 54,000 — N/A N/A N/A Total borrowings of Consolidated Funds $ 168,046 $ 127,771 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2022
Other Assets [Abstract]
OTHER ASSETS	8. OTHER ASSETS The components of other assets were as follows: As of December 31, 2022 2021 Other assets of the Company: Accounts and interest receivable $ 120,903 $ 159,757 Fixed assets, net 79,678 71,260 Deferred tax assets, net 68,933 39,398 Other assets 111,623 64,340 Total other assets of the Company $ 381,137 $ 334,755 Other assets of Consolidated Funds: Dividends and interest receivable $ 60,321 $ 36,350 Income tax and other receivables 5,249 3,080 Total other assets of Consolidated Funds $ 65,570 $ 39,430 Fixed Assets, Net The components of fixed assets were as follows: As of December 31, 2022 2021 Office and computer equipment $ 41,547 $ 31,963 Internal-use software 57,200 53,048 Leasehold improvements 84,820 74,677 Fixed assets, at cost 183,567 159,688 Less: accumulated depreciation (103,889) (88,428) Fixed assets, net $ 79,678 $ 71,260 For the years ended December 31, 2022, 2021 and 2020, depreciation expense was $26.2 million, $22.1 million and $19.0 million, respectively, and is included within general, administrative and other expenses within the Consolidated Statements of Operations. During 2022, the Company disposed of $10.0 million of fixed assets that were fully depreciated.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	9. COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded within the Consolidated Statements of Financial Condition. As of December 31, 2022, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Commitments As of December 31, 2022 and 2021, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $677.9 million and $677.3 million, respectively. Guarantees The Company has entered into agreements with financial institutions to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund. As of December 31, 2022 and 2021, the Company’s maximum exposure to losses from guarantees was $31.5 million and $209.7 million, respectively. Contingent Liabilities In connection with the Landmark Acquisition, the Company established a management incentive program (the “Landmark MIP”) with certain professionals of Landmark. The Landmark MIP represents a contingent liability not to exceed $300.0 million and is based on the achievement of revenue targets from the fundraising of certain Landmark funds during a measurement period. The Landmark MIP has been remeasured each period with incremental changes in fair value included within compensation and benefits expense within the Consolidated Statements of Operations. In connection with the fundraising for an acquired Landmark private equity secondaries fund, the revenue targets on which the Landmark MIP were contingent were not achieved so the Company reversed all previously recorded expenses of $36.7 million associated with the Landmark MIP during the year ended December 31, 2022. The reversal of expense was recorded within compensation and benefits expense within the Consolidated Statements of Operations. The purchase agreement with Black Creek contains provisions obligating the Company to make payments in an aggregate amount not to exceed $275.0 million to certain senior professionals and advisors upon the achievement of certain revenue targets through a measurement period no later than December 31, 2024. The revenue targets were achieved and the maximum contingent payment was recorded during the year ended December 31, 2022. Of the total contingent liability, 96% required continued service through the measurement period and was accounted for as compensation expense instead of as a component of purchase consideration. The fair value of this contingent liability was remeasured at each reporting date with compensation expense recorded ratably over the service period, which was the Black Creek Acquisition date through the achievement date. As of December 31, 2022, the maximum contingent payment was achieved and the Company had $248.0 million recorded within accrued compensation within the Consolidated Statements of Financial Condition. As of December 31, 2021, the fair value of the contingent liability was $229.5 million and the Company recorded $45.9 million within accrued compensation within the Consolidated Statements of Financial Condition. Compensation expense of $218.1 million and $45.9 million for the years ended December 31, 2022 and 2021, respectively, is presented within compensation and benefits within the Consolidated Statements of Operations. The remaining 4% portion of the contingent liability did not require continued service through the measurement period and was accounted for as contingent consideration as a component of purchase consideration. The fair value of this contingent liability was remeasured at each reporting date with changes in fair value recorded within other expense over the service period. As of December 31, 2021, the fair value of the contingent liability was $9.6 million. Other expense of $1.4 million and $4.0 million for the years ended December 31, 2022 and 2021, respectively, is presented within other income, net within the Consolidated Statements of Operations. In connection with the Infrastructure Debt Acquisition, the Company established a management incentive program (the “Infrastructure Debt MIP”) with certain professionals. The Infrastructure Debt MIP represents a contingent liability not to exceed $48.5 million and is based on the achievement of revenue targets from the fundraising of certain infrastructure debt funds during the measurement periods. The Company expects to settle each portion of the liability with a combination of 15% cash and 85% equity awards. Expense associated with the cash components are recognized ratably over the respective measurement periods, which will end on the final fundraising date for each of the infrastructure debt funds included in the Infrastructure Debt MIP agreement. Expense associated with the equity component is recognized ratably over the service periods, which will continue for four years beyond each of the measurement period end dates. The Infrastructure Debt MIP is remeasured each period with incremental changes in fair value included within compensation and benefits expense within the Consolidated Statements of Operations. Following each of the measurement period end dates, the cash component will be paid and restricted units for the portion of the Infrastructure Debt MIP award earned will be granted at fair value. The unpaid liability at the respective measurement period end dates will be reclassified from liability to additional paid-in-capital and any difference between the fair value of the Infrastructure Debt MIP award earned at the respective measurement period end date and the previously recorded compensation expense will be recognized over the remaining four year service period as equity-based compensation expense. The revenue target was achieved for one of the infrastructure debt funds during the year ended December 31, 2022 with the fair value of the contingent liability of $21.8 million as of December 31, 2022. For the year ended December 31, 2022, compensation expense of $7.0 million is presented within compensation and benefits within the Consolidated Statements of Operations with an equal offset presented within accrued compensation within the Consolidated Statements of Financial Condition. As of December 31, 2022, the remaining contingent liability was estimated to be $13.5 million with the remaining maximum contingent liability not to exceed $15.0 million. Compensation expense associated with the remaining contingent liability of $2.2 million for the year ended December 31, 2022 is presented within compensation and benefits within the Consolidated Statements of Operations with an equal offset presented within accrued compensation within the Consolidated Statements of Financial Condition. Carried Interest Carried interest is affected by changes in the fair values of the underlying investments in the funds that are advised by the Company. Valuations, on an unrealized basis, can be significantly affected by a variety of external factors including, but not limited to, public equity market volatility, industry trading multiples and interest rates. 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. Senior professionals of the Company who have received carried interest distributions are responsible for funding their proportionate share of any contingent repayment obligations. However, the governing agreements of certain of the Company’s funds provide that if a current or former professional does not fund his or her respective share for such fund, then the Company may have to fund additional amounts beyond what was received in carried interest, although the Company will generally retain the right to pursue any remedies under such governing agreements against those carried interest recipients who fail to fund their obligations. Additionally, at the end of the life of the funds there could be a payment due to a fund by the Company if the Company has recognized more carried interest than was ultimately earned. The general partner obligation amount, if any, will depend on final realized values of investments at the end of the life of the fund. At December 31, 2022 and 2021, if the Company assumed all existing investments were worthless, the amount of carried interest subject to potential repayment, net of tax distributions, which may differ from the recognition of revenue, would have been approximately $128.4 million and $194.6 million, respectively, of which approximately $101.0 million and $153.3 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such carried interest. Management believes the possibility of all of the investments becoming worthless is remote. As of December 31, 2022 and 2021, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. 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 As of December 31, Classification 2022 2021 Operating lease assets Right-of-use operating lease assets $ 155,950 $ 167,652 Finance lease assets Other assets (1) 400 1,011 Total lease assets $ 156,350 $ 168,663 Operating lease liabilities Operating lease liabilities $ 190,616 $ 205,075 Finance lease obligations Accounts payable, accrued expenses and other liabilities 330 936 Total lease liabilities $ 190,946 $ 206,011 (1) Finance lease assets are recorded net of accumulated amortization of $2.1 million and $1.6 million as of December 31, 2022 and 2021, respectively. Maturity of lease liabilities Operating Leases Finance Leases 2023 $ 46,532 $ 167 2024 42,716 162 2025 37,242 11 2026 25,198 — 2027 15,864 — Thereafter 36,077 — Total future payments 203,629 340 Less: interest 13,013 10 Total lease liabilities $ 190,616 $ 330 Year ended December 31, Classification 2022 2021 2020 Operating lease expense General, administrative and other expenses $ 42,746 $ 38,135 $ 31,713 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 633 561 469 Interest on finance lease liabilities Interest expense 14 27 43 Total lease expense $ 43,393 $ 38,723 $ 32,225 Year ended December 31, Other information 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 46,558 $ 37,500 $ 32,121 Operating cash flows for finance leases 21 39 53 Financing cash flows for finance leases 593 535 460 Leased assets obtained in exchange for new finance lease liabilities 13 189 — Leased assets obtained in exchange for new operating lease liabilities 43,331 57,624 36,935 As of December 31, Lease term and discount rate 2022 2021 Weighted-average remaining lease terms (in years): Operating leases 5.5 6.0 Finance leases 2.1 1.8 Weighted-average discount rate: Operating leases 2.72% 1.81% Finance leases 2.99% 2.94%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	10. RELATED PARTY TRANSACTIONS Substantially all of the Company’s revenue is earned from its affiliates. The related accounts receivable are included within due from affiliates within the Consolidated Statements of Financial Condition, except that accrued carried interest allocations, which is predominantly due from affiliated funds, is presented separately within investments within the Consolidated Statements of Financial Condition. The Company has investment management agreements with the 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 is reimbursed for expenses incurred in providing administrative services to certain related parties, including our public vehicles, and with certain private funds that pay administrative fees based on invested capital. The Company is also party to agreements with certain real estate funds which pay fees to the Company to provide various services, such as administration, acquisition, development, property management and the sale and distribution of fund shares in our non-traded vehicles, among others. 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 fees, carried interest or incentive fees. Carried interest and incentive fees from the funds can be distributed to professionals or their related entities on a current basis, subject, in the case of carried interest programs, to repayment by the subsidiary of the Company that acts as general partner of the relevant fund in the event that certain specified return thresholds are not ultimately achieved. The professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several, and not joint, and are limited to distributions received by the relevant recipient. The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of December 31, 2022 2021 Due from affiliates: Management fees receivable from non-consolidated funds $ 456,314 $ 372,249 Incentive fee receivable from non-consolidated funds 169,979 211,243 Payments made on behalf of and amounts due from non-consolidated funds and employees 132,179 86,891 Due from affiliates—Company $ 758,472 $ 670,383 Amounts due from non-consolidated funds $ 15,789 $ 7,234 Due from affiliates—Consolidated Funds $ 15,789 $ 7,234 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 8,701 $ 10,160 Tax receivable agreement liability 118,466 100,542 Undistributed carried interest and incentive fees 121,332 66,494 Payments made by non-consolidated funds on behalf of and payable by the Company 4,299 21,357 Due to affiliates—Company $ 252,798 $ 198,553 Amounts due to portfolio companies and non-consolidated funds $ 4,037 $ — Due to affiliates—Consolidated Funds $ 4,037 $ — Due from and Due to 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. Conversely, Consolidated Funds and non-consolidated funds may pay certain expenses that are reimbursed by the Company. Amounts advanced on behalf of Consolidated Funds are eliminated in consolidation. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	11. INCOME 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 vehicles that are consolidated in the Company’s consolidated financial statements. 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 2017. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s consolidated financial statements. The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following: Year ended December 31, Provision for Income Taxes 2022 2021 2020 The Company Current: U.S. federal income tax expense $ 42,452 $ 40,861 $ 23,845 State and local income tax expense 7,614 12,121 6,714 Foreign income tax expense 14,119 11,684 9,141 64,185 64,666 39,700 Deferred: U.S. federal income tax expense 10,660 68,201 12,451 State and local income tax expense 2,131 13,040 1,952 Foreign income tax expense (benefit) (5,416) 1,390 772 7,375 82,631 15,175 Total: U.S. federal income tax expense 53,112 109,062 36,296 State and local income tax expense 9,745 25,161 8,666 Foreign income tax expense 8,703 13,074 9,913 Income tax expense 71,560 147,297 54,875 Consolidated Funds Current: Foreign income tax expense 331 88 118 Income tax expense 331 88 118 Total Provision for Income Taxes Total current income tax expense 64,516 64,754 39,818 Total deferred income tax expense 7,375 82,631 15,175 Income tax expense $ 71,891 $ 147,385 $ 54,993 The effective income tax rate differed from the federal statutory rate for the following reasons: Year ended December 31, 2022 2021 2020 Income tax expense at federal statutory rate 21.0% 21.0% 21.0% Income passed through to non-controlling interests (8.9) (9.2) (8.2) State and local taxes, net of federal benefit 2.2 1.9 1.8 Foreign taxes (1.4) (0.1) 0.3 Permanent items 0.6 (0.3) (0.5) Disallowed executive compensation 0.1 0.7 — Other, net 0.3 (0.2) (0.2) Valuation allowance 0.2 — 0.3 Total effective rate 14.1% 13.8% 14.5% Deferred Taxes The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2022 and 2021. Deferred tax assets, net are included within other assets within the Consolidated Statements of Financial Condition. As of December 31, Deferred Tax Assets and Liabilities of the Company 2022 2021 Deferred tax assets Amortizable tax basis for AOG Unit exchanges $ 124,217 $ 108,644 Net operating losses and capital loss carryforwards 2,192 1,292 Other, net 6,089 6,101 Total gross deferred tax assets 132,498 116,037 Valuation allowance (2,155) (1,010) Total net deferred tax assets 130,343 115,027 Deferred tax liabilities Investment in partnerships (61,410) (75,629) Total deferred tax liabilities (61,410) (75,629) Deferred tax assets, net $ 68,933 $ 39,398 In assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements. As of December 31, 2022 and 2021, the valuation allowance for deferred tax assets is $2.2 million and $1.0 million, respectively. The deferred tax assets related to operating losses in foreign jurisdictions and certain capital loss carryforwards do not meet the more likely than not threshold and have a valuation allowance recorded for the net balance. As of, and for the years ended December 31, 2022, 2021 and 2020, the Company had no significant uncertain tax positions.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	12. EARNINGS PER SHARE For the year ended December 31, 2022, the Company had Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes. Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock method. For the year ended December 31, 2022 the two-class stock method was the more dilutive method. For the years ended December 31, 2021 and 2020, the treasury stock method was the more dilutive method. The computation of diluted earnings per share excludes the following restricted units and AOG Units as their effect would have been anti-dilutive: Year ended December 31, 2022 2021 2020 Restricted units — 132 16,599 AOG Units — 116,226,798 115,126,565 The following table presents the computation of basic and diluted earnings per common share: Year ended December 31, 2022 2021 2020 Basic earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,541 $ 386,748 $ 130,442 Distributions on unvested restricted units (14,096) (10,986) (10,454) Undistributed earnings allocable to participating unvested restricted units — (7,138) — Net income available to Class A and non-voting common stockholders $ 153,445 $ 368,624 $ 119,988 Basic weighted-average shares of Class A and non-voting common stock 175,510,798 163,703,626 135,065,436 Basic earnings per share of Class A and non-voting common stock $ 0.87 $ 2.24 $ 0.89 Diluted earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,541 $ 386,748 $ 130,442 Distributions on unvested restricted units (14,096) — — Net income available to Class A and non-voting common stockholders $ 153,445 $ 386,748 $ 130,442 Effect of dilutive shares: Restricted units — 11,209,144 9,207,639 Options — 5,199,501 5,235,423 Diluted weighted-average shares of Class A and non-voting common stock 175,510,798 180,112,271 149,508,498 Diluted earnings per share of Class A and non-voting common stock $ 0.87 $ 2.15 $ 0.87 Dividend declared and paid per Class A and non-voting common stock $ 2.44 $ 1.88 $ 1.60

EQUITY COMPENSATION

EQUITY COMPENSATION	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	13. EQUITY COMPENSATION Equity Incentive Plan Equity-based compensation is granted under the Company’s 2014 Equity Incentive Plan (as amended, the “Equity Incentive Plan”). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2022, the total number of shares available for issuance under the Equity Incentive Plan reset to 49,293,000 shares and as of December 31, 2022, 44,488,640 shares remained available for issuance. Generally, unvested restricted units 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, recorded by the Company is presented in the following table: Year ended December 31, 2022 2021 2020 Restricted units $ 200,391 $ 170,980 $ 115,680 Restricted units with a market condition — 66,211 7,263 Options — — 43 Equity-based compensation expense $ 200,391 $ 237,191 $ 122,986 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) at a rate of one quarter per year, beginning on the second anniversary of the grant date or the holder’s employment commencement date, or (iii) 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 or retirement eligibility provisions). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award. Restricted units are delivered net of the holder’s payroll related taxes upon vesting. For the year ended December 31, 2022, 5.5 million restricted units vested and 3.1 million shares of Class A common stock were delivered to the holders. For the year ended December 31, 2021, 8.3 million restricted units vested and 4.5 million shares of Class A common stock were delivered to the holders. The holders of restricted units, other than awards that have not yet been issued as described in the subsequent sections, generally have the right to receive as current compensation an amount in cash equal to (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). During the year ended December 31, 2022, the Company declared dividends of $0.61 per share to Class A common stockholders at the close of business on March 17, 2022, June 16, 2022, September 16, 2022 and December 16, 2022. For the year ended December 31, 2022, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $31.8 million, which are presented as dividends within the 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 within the Consolidated Statements of Operations. During the first quarter of 2022, the Company approved the future grant of restricted units to certain senior executives in each of 2023, 2024 and 2025, subject to the holder’s continued employment and acceleration in certain instances. The vesting period of these awards are at a rate of 25% per year, beginning on the second anniversary of the grant date. Given that these future restricted units have been communicated to the recipient, the Company accounts for these awards as if they have been granted and recognizes the compensation expense on a straight-line basis over the service period. The restricted units that have been approved and communicated but not yet granted are not eligible to receive a Dividend Equivalent until the grant date. The following table presents unvested restricted units’ activity: Restricted Units Weighted Average Balance - December 31, 2021 18,323,036 $ 36.43 Granted 4,142,621 74.62 Vested (5,524,397) 27.16 Forfeited (278,261) 50.95 Balance - December 31, 2022 16,662,999 $ 48.76 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $545.4 million as of December 31, 2022 and is expected to be recognized over the remaining weighted average period of 3.4 years. Options Upon exercise, each option entitles the holders to purchase from the Company one share of Class A common stock at the stated exercise price. The term of the options is generally 10 years, beginning on the grant date. A summary of options activity during the year ended December 31, 2022 is presented below: Options Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Balance - December 31, 2021 6,306,282 $ 19.00 2.3 $ 392,692 Granted — — — — Exercised (1,136,063) 19.00 — — Expired — — — — Forfeited — — — — Balance - December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Exercisable at December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Net cash proceeds from exercises of stock options were $21.2 million for the year ended December 31, 2022. The Company realized tax benefits of approximately $9.1 million from those exercises. Aggregate intrinsic value represents the value of the Company’s closing share price of Class A common stock on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options exercisable or expected to vest.

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
EQUITY AND REDEEMABLE INTEREST	14. EQUITY AND REDEEMABLE INTEREST Common Stock The Company’s common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. Sumitomo Mitsui Banking Corporation (“SMBC”) is the sole holder of the non-voting common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to 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 (“Ares Voting”) is the sole holder of the Class C common stock. Except as otherwise expressly provided in the Company’s Certificate of Incorporation (the “Certificate of Incorporation”), the Company’s common stockholders are entitled to vote on all matters on which stockholders of a corporation are generally entitled to vote under the Delaware General Corporation Law (the “DGCL”), including the election of the Company’s board of directors. Holders of shares of the Company’s Class A common stock are entitled to one vote per share of the Company’s Class A common stock. On any date on which the Ares Ownership Condition (as defined in the Certificate of Incorporation) is satisfied, holders of shares of the Company’s Class B common stock are, in the aggregate, entitled to a number of votes equal to (x) four times the aggregate number of votes attributable to the Company’s Class A common stock minus (y) the aggregate number of votes attributable to the Company’s Class C common stock. On any date on which the Ares Ownership Condition is not satisfied, holders of shares of the Company’s Class B common stock are not entitled to vote on any matter submitted to a vote of the Company’s stockholders. The holder of shares of the Company’s Class C common stock is generally entitled to a number of votes equal to the number of Ares Operating Group Units (as defined in the Certificate of Incorporation) held of record by each Ares Operating Group Limited Partner (as defined in the Certificate of Incorporation) other than the Company and its subsidiaries. The Company has a stock repurchase program that allows for the repurchase of up to $150.0 million of shares of Class A common stock. Under the 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 renewal of the program is subject to authorization by the Company’s board of directors on an annual basis. As of December 31, 2022, the program was scheduled to expire in March 2023, and the renewal was subsequently authorized by the Company’s board of directors and will expire in March 2024. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the years ended December 31, 2022, 2021 and 2020, the Company did not repurchase any shares as part of the stock repurchase program. The following table presents the changes in each class of common stock: Class A Common Stock Non-Voting Common Stock Class B Common Stock Class C Common Stock Total Balance - December 31, 2021 168,351,305 3,489,911 1,000 118,609,332 290,451,548 Exchanges of AOG Units 1,348,909 — — (1,348,909) — Redemptions of AOG Units — — — (25,000) (25,000) Stock option exercises, net of shares withheld for tax 1,123,509 — — — 1,123,509 Vesting of restricted stock awards, net of shares withheld for tax 3,068,313 — — — 3,068,313 Cancellation of AOG Units — — — (4,135) (4,135) Balance - December 31, 2022 173,892,036 3,489,911 1,000 117,231,288 294,614,235 The following table presents each partner’s AOG Units and corresponding ownership interest in each of the Ares Operating Group entities, as well as its daily average ownership of AOG Units in each of the Ares Operating Group entities: Daily Average Ownership As of December 31, 2022 As of December 31, 2021 Year ended December 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2022 2021 2020 Ares Management Corporation 177,381,947 60.21% 171,841,216 59.16% 59.76% 58.48% 53.98% Ares Owners Holdings, L.P. 117,231,288 39.79 118,609,332 40.84 40.24 41.52 46.02 Total 294,613,235 100.00% 290,450,548 100.00% The Company’s ownership percentage of the AOG Units will continue to change upon: (i) the vesting of restricted units and exercise of options that were granted under the Equity Incentive Plan; (ii) the exchange of AOG Units for shares of Class A common stock; (iii) the cancellation of AOG Units in connection with certain individuals’ forfeiture of AOG Units upon termination of employment and (iv) the issuance of new AOG Units, including in connection with acquisitions, among other strategic reasons. Holders of the AOG Units, subject to any applicable transfer restrictions, may up to four times each year (subject to the terms of the exchange agreement) exchange their AOG Units for shares of Class A common stock on a one-for-one basis. Equity is reallocated among partners upon a change in ownership to ensure each partners’ capital account properly reflects their respective claim on the residual value of the Company. This change is reflected as either a reallocation of interest or as dilution within the Consolidated Statements of Changes in Equity. Redeemable Interest The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities: Total Opening balance at July 1, 2020 $ 99,804 Net loss (976) Currency translation adjustment, net of tax 1,538 Balance - December 31, 2020 100,366 Distribution (2,390) Net loss (1,341) Currency translation adjustment, net of tax (627) Balance - December 31, 2021 96,008 Distribution (1,887) Net loss (851) Currency translation adjustment, net of tax (426) Equity compensation 285 Balance - December 31, 2022 $ 93,129 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance - January 1, 2021 $ — Change in redemption value 1,000,000 Balance - December 31, 2021 1,000,000 Change in redemption value 13,282 Balance - December 31, 2022 $ 1,013,282

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
SEGMENT REPORTING	15. SEGMENT REPORTING The Company operates through its distinct operating segments. On January 1, 2022, the Company changed its segment composition and established the Real Assets Group. The Real Assets Group consists of the activities of the former Real Estate Group and the infrastructure and power strategy, now referred to as infrastructure opportunities, that was formerly presented within the Private Equity Group. The Real Assets Group also includes infrastructure debt following the Infrastructure Debt Acquisition. The Company reclassified activities from the infrastructure opportunities strategy in the Private Equity Group and from the former Real Estate Group to the Real Assets Group to better align the segment presentation with how the asset classes within the investment strategies are managed. The Company has modified historical results to conform with its current presentation. During the third quarter of 2022, the Company renamed the Secondary Solutions Group segment to the Secondaries Group. The segment name change did not result in any change to the composition of the Company’s segments and therefore did not result in any change to historical results. The Company operating segments are summarized below: Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including syndicated loans, high yield bonds, multi-asset credit, alternative credit investments and direct lending. Private Equity Group: The Private Equity Group broadly categorizes its investment strategies as corporate private equity and special opportunities. Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments. Secondaries Group : The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate and infrastructure. Strategic Initiatives: Strategic Initiatives represents an all-other category that includes operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets. The OMG 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, legal, compliance, human resources, strategy, relationship management and distribution. The OMG includes Ares Wealth Management Solutions, LLC (“AWMS”) that facilitates the product development, distribution, marketing and client management activities for investment offerings in the global wealth management channel. Additionally, the OMG provides services to certain of the Company’s managed funds and vehicles, which reimburse the OMG for expenses equal to the costs of services provided. The OMG’s revenues and expenses are not allocated to the Company’s operating segments but the Company does consider the financial results of the OMG when evaluating its financial performance. Segment Profit 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”) is used to assess core operating performance by determining whether recurring revenue, primarily consisting of management fees and fee related performance revenues, is sufficient to cover operating expenses and to generate profits. FRE differs from income before taxes computed in accordance with GAAP as it excludes net performance income, 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. Fee related performance revenues, together with fee related performance compensation, is presented within FRE because it represents incentive fees from perpetual capital vehicles that is measured and received on a recurring basis and not dependent on realization events from the underlying investments. Realized income (“RI”) 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 income before taxes by excluding (i) operating results of the Consolidated Funds, (ii) depreciation and amortization expense, (iii) the effects of changes arising from corporate actions, (iv) unrealized gains and losses related to carried interest, incentive fees and investment performance and (v) 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 activities, underwriting costs and expenses incurred in connection with corporate reorganization. RI is reduced by a placement fee adjustment that represents the net portion of either expense deferral or amortization that is required to match the timing of expense recognition with the period over which management fees are expected to be earned from the associated fund for segment purposes but have been expensed up front in accordance with GAAP. For periods in which the amortization of placement fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. 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. Total assets by segments is not disclosed because such information is not used by the Company’s chief operating decision maker in evaluating the segments. Many of the Ares Funds managed by the Company have mandates that allow for investing across different geographic regions, including North America, Europe and Asia-Pacific. The primary geographic region in which the Company invests in is North America and the majority of its revenues are generated in North America. The following tables present the financial results for the Company’s operating segments, as well as the OMG: Year ended December 31, 2022 Credit Group Private Equity Group Real Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 1,355,975 $ 199,837 $ 347,808 $ 176,694 $ 72,214 $ 2,152,528 $ — $ 2,152,528 Fee related performance revenues 71,497 — 167,693 235 — 239,425 — 239,425 Other fees 31,945 1,888 35,879 — 321 70,033 24,529 94,562 Compensation and benefits (441,778) (86,561) (240,015) (53,743) (33,011) (855,108) (317,396) (1,172,504) General, administrative and other expenses (73,945) (30,697) (39,739) (12,685) (7,578) (164,644) (155,017) (319,661) Fee related earnings 943,694 84,467 271,626 110,501 31,946 1,442,234 (447,884) 994,350 Performance income—realized 156,784 123,806 133,130 4,156 145 418,021 — 418,021 Performance related compensation—realized (97,564) (90,300) (83,105) (3,515) (57) (274,541) — (274,541) Realized net performance income 59,220 33,506 50,025 641 88 143,480 — 143,480 Investment income (loss)—realized 7,071 3,432 3,115 — 868 14,486 (37) 14,449 Interest and other investment income (expense)—realized 26,567 2,546 9,045 3,683 9,851 51,692 (1,588) 50,104 Interest expense (15,395) (15,953) (11,346) (5,660) (22,318) (70,672) (684) (71,356) Realized net investment income (loss) 18,243 (9,975) 814 (1,977) (11,599) (4,494) (2,309) (6,803) Realized income $ 1,021,157 $ 107,998 $ 322,465 $ 109,165 $ 20,435 $ 1,581,220 $ (450,193) $ 1,131,027 Year ended December 31, 2021 Credit Group Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 1,070,608 $ 181,918 $ 218,202 $ 97,945 $ 66,604 $ 1,635,277 $ — $ 1,635,277 Fee related performance revenues 86,480 — 51,399 — — 137,879 — 137,879 Other fees 27,103 1,070 13,038 — 82 41,293 8,478 49,771 Compensation and benefits (410,394) (78,156) (127,679) (25,215) (26,673) (668,117) (226,725) (894,842) General, administrative and other expenses (54,686) (21,625) (24,181) (6,862) (7,778) (115,132) (100,645) (215,777) Fee related earnings 719,111 83,207 130,779 65,868 32,235 1,031,200 (318,892) 712,308 Performance income—realized 207,446 171,637 95,270 70 4 474,427 — 474,427 Performance related compensation—realized (131,900) (137,576) (59,056) (49) (2) (328,583) — (328,583) Realized net performance income 75,546 34,061 36,214 21 2 145,844 — 145,844 Investment income (loss)—realized 1,989 (3,754) 17,700 19 13 15,967 — 15,967 Interest and other investment income—realized 20,377 11,514 7,252 2,261 3,948 45,352 226 45,578 Interest expense (8,038) (7,925) (6,394) (836) (13,031) (36,224) (536) (36,760) Realized net investment income (loss) 14,328 (165) 18,558 1,444 (9,070) 25,095 (310) 24,785 Realized income $ 808,985 $ 117,103 $ 185,551 $ 67,333 $ 23,167 $ 1,202,139 $ (319,202) $ 882,937 Year ended December 31, 2020 Credit Group Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 841,138 $ 181,813 $ 137,027 $ — $ 26,587 $ 1,186,565 $ — $ 1,186,565 Fee related performance revenues 22,160 — 827 — — 22,987 — 22,987 Other fees 18,644 178 974 — 152 19,948 — 19,948 Compensation and benefits (320,111) (77,266) (66,374) — (6,442) (470,193) (155,979) (626,172) General, administrative and other expenses (53,997) (20,460) (13,936) — (2,926) (91,319) (80,778) (172,097) Fee related earnings 507,834 84,265 58,518 — 17,371 667,988 (236,757) 431,231 Performance income—realized 70,148 392,635 61,446 — — 524,229 — 524,229 Performance related compensation—realized (44,582) (315,905) (38,975) — — (399,462) — (399,462) Realized net performance income 25,566 76,730 22,471 — — 124,767 — 124,767 Investment income (loss)—realized (2,309) 25,018 7,228 — 13 29,950 (5,698) 24,252 Interest and other investment income (expense)—realized 16,314 4,027 6,016 — 996 27,353 (739) 26,614 Interest expense (8,722) (7,055) (6,331) — (1,465) (23,573) (1,335) (24,908) Realized net investment income (loss) 5,283 21,990 6,913 — (456) 33,730 (7,772) 25,958 Realized income $ 538,683 $ 182,985 $ 87,902 $ — $ 16,915 $ 826,485 $ (244,529) $ 581,956 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Year ended December 31, 2022 2021 2020 Segment revenues Management fees $ 2,152,528 $ 1,635,277 $ 1,186,565 Fee related performance revenues 239,425 137,879 22,987 Other fees 70,033 41,293 19,948 Performance income—realized 418,021 474,427 524,229 Total segment revenues $ 2,880,007 $ 2,288,876 $ 1,753,729 Segment expenses Compensation and benefits $ 855,108 $ 668,117 $ 470,193 General, administrative and other expenses 164,644 115,132 91,319 Performance related compensation—realized 274,541 328,583 399,462 Total segment expenses $ 1,294,293 $ 1,111,832 $ 960,974 Segment realized net investment income (expense) Investment income—realized $ 14,486 $ 15,967 $ 29,950 Interest and other investment income —realized 51,692 45,352 27,353 Interest expense (70,672) (36,224) (23,573) Total segment realized net investment income (expense) $ (4,494) $ 25,095 $ 33,730 The following table reconciles the Company’s consolidated revenues to segment revenue: Year ended December 31, 2022 2021 2020 Total consolidated revenue $ 3,055,443 $ 4,212,091 $ 1,764,046 Performance (income) loss—unrealized (107,153) (1,744,056) 7,554 Management fees of Consolidated Funds eliminated in consolidation 46,324 44,896 45,268 Carried interest allocation of Consolidated Funds eliminated in consolidation 7,549 — — Incentive fees of Consolidated Funds eliminated in consolidation 3,980 5,458 141 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 17,013 4,483 15,824 Administrative fees (1) (69,414) (49,223) (36,512) OMG revenue (24,354) (8,478) — Performance income reclass (2) (14) 1,434 (3,726) Acquisition-related incentive fees (3) — (47,873) — Principal investment income, net of eliminations (12,278) (99,433) (28,552) Net revenue of non-controlling interests in consolidated subsidiaries (37,089) (30,423) (10,314) Total consolidation adjustments and reconciling items (175,436) (1,923,215) (10,317) Total segment revenue $ 2,880,007 $ 2,288,876 $ 1,753,729 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments within the Company’s Consolidated Statements of Operations. (3) Represents a component of the purchase price from incentive fees associated with one-time contingent consideration recorded in connection with the Black Creek Acquisition. 100% of the fees recognized in 2021 is presented within incentive fees within the Company’s Consolidated Statements of Operations of which 50% is included on an unconsolidated basis for segment reporting purposes. The following table reconciles the Company’s consolidated expenses to segment expenses: Year ended December 31, 2022 2021 2020 Total consolidated expenses $ 2,749,085 $ 3,410,083 $ 1,450,486 Performance related compensation-unrealized (88,502) (1,316,205) 11,552 Expenses of Consolidated Funds added in consolidation (86,988) (113,024) (65,527) Expenses of Consolidated Funds eliminated in consolidation 50,833 50,538 45,408 Administrative fees (1) (68,255) (49,223) (36,512) OMG expenses (472,413) (327,370) (236,757) Acquisition and merger-related expense (15,197) (21,162) (11,124) Equity compensation expense (200,106) (237,191) (122,986) Acquisition-related compensation expense (2) (206,252) (66,893) — Placement fee adjustment (2,088) (78,883) (19,329) Depreciation and amortization expense (335,083) (106,705) (40,662) Expense of non-controlling interests in consolidated subsidiaries (30,741) (32,133) (13,575) Total consolidation adjustments and reconciling items (1,454,792) (2,298,251) (489,512) Total segment expenses $ 1,294,293 $ 1,111,832 $ 960,974 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. The following table reconciles the Company’s consolidated other income to segment realized net investment income: Year ended December 31, 2022 2021 2020 Total consolidated other income $ 204,448 $ 263,682 $ 65,918 Investment (income) loss—unrealized 12,769 (58,694) 47,317 Interest and other investment (income) loss—unrealized (25,603) 6,249 (12,134) Other income from Consolidated Funds added in consolidation, net (250,144) (256,375) (70,994) Other expense from Consolidated Funds eliminated in consolidation, net (16,484) (2,868) (14,053) OMG other (income) expense 14,419 (1,368) (927) Performance income reclass (1) 14 (1,434) 3,726 Principal investment income 48,223 120,896 4,044 Other (income) expense, net 1,873 (19,886) 10,277 Other (income) loss of non-controlling interests in consolidated subsidiaries 5,991 (25,107) 556 Total consolidation adjustments and reconciling items (208,942) (238,587) (32,188) Total segment realized net investment income (expense) $ (4,494) $ 25,095 $ 33,730 (1) Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments within the Company’s Consolidated Statements of Operations. The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE: Year ended December 31, 2022 2021 2020 Income before taxes $ 510,806 $ 1,065,690 $ 379,478 Adjustments: Depreciation and amortization expense 335,083 106,705 40,662 Equity compensation expense 198,948 237,191 122,986 Acquisition-related compensation expense (1) 206,252 66,893 — Acquisition-related incentive fees (2) — (47,873) — Acquisition and merger-related expense 15,197 21,162 11,194 Placement fee adjustment 2,088 78,883 19,329 OMG expense, net 462,478 317,524 235,830 Other (income) expense, net 1,874 (19,886) 10,207 Net (income) expense of non-controlling interests in consolidated subsidiaries (357) (23,397) 3,817 Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (119,664) (120,457) (28,203) Total performance (income) loss—unrealized (107,153) (1,744,056) 7,554 Total performance related compensation—unrealized 88,502 1,316,205 (11,552) Total investment (income) loss—unrealized (12,834) (52,445) 35,183 Realized income 1,581,220 1,202,139 826,485 Total performance income—realized (418,021) (474,427) (524,229) Total performance related compensation—realized 274,541 328,583 399,462 Total investment income—realized 4,494 (25,095) (33,730) Fee related earnings $ 1,442,234 $ 1,031,200 $ 667,988 (1) Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations.

CONSOLIDATION

CONSOLIDATION	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	16. CONSOLIDATION Deconsolidated Funds Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the year ended December 31, 2022, the Company did not deconsolidate any entity. During the year ended December 31, 2021, one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity. During the year ended December 31, 2020, one entity was liquidated/dissolved and one CLO experienced a significant change in ownership that resulted in deconsolidation of the entity. 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 within the Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Consolidated Statements of Operations, are as follows: As of December 31, 2022 2021 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 393,549 $ 353,768 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 537,239 583,192 Assets of consolidated VIEs 13,128,088 13,197,321 Liabilities of consolidated VIEs 11,593,867 12,018,655 (1) As of December 31, 2022 and 2021, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs and totaled $82.0 million and $103.8 million, respectively. Year ended December 31, 2022 2021 2020 Net income attributable to non-controlling interests related to consolidated VIEs $ 105,797 $ 115,217 $ 28,085 Consolidating Schedules The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows: As of December 31, 2022 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 389,987 $ — $ — $ 389,987 Investments (includes $3,106,577 of accrued carried interest) 4,515,955 — (541,221) 3,974,734 Due from affiliates 949,532 — (191,060) 758,472 Other assets 381,137 — — 381,137 Right-of-use operating lease assets 155,950 — — 155,950 Intangible assets, net 1,208,220 — — 1,208,220 Goodwill 999,656 — — 999,656 Assets of Consolidated Funds Cash and cash equivalents — 724,641 — 724,641 Investments held in trust account — 1,013,382 — 1,013,382 Investments, at fair value — 12,187,392 3,859 12,191,251 Due from affiliates — 26,531 (10,742) 15,789 Receivable for securities sold — 124,050 — 124,050 Other assets — 65,570 — 65,570 Total assets $ 8,600,437 $ 14,141,566 $ (739,164) $ 22,002,839 Liabilities Accounts payable, accrued expenses and other liabilities $ 242,663 $ — $ (10,742) $ 231,921 Accrued compensation 510,130 — — 510,130 Due to affiliates 252,798 — — 252,798 Performance related compensation payable 2,282,209 — — 2,282,209 Debt obligations 2,273,854 — — 2,273,854 Operating lease liabilities 190,616 — — 190,616 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 175,435 (7,149) 168,286 Due to affiliates — 191,238 (187,201) 4,037 Payable for securities purchased — 314,193 — 314,193 CLO loan obligations, at fair value — 10,797,332 (95,612) 10,701,720 Fund borrowings — 168,046 — 168,046 Total liabilities 5,752,270 11,646,244 (300,704) 17,097,810 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,013,282 — 1,013,282 Redeemable interest in Ares Operating Group entities 93,129 — — 93,129 Non-controlling interest in Consolidated Funds — 1,482,040 (407,684) 1,074,356 Non-controlling interest in Ares Operating Group entities 1,147,269 — (12,246) 1,135,023 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (173,892,036 shares issued and outstanding) 1,739 — — 1,739 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 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 (117,231,288 shares issued and outstanding) 1,172 — — 1,172 Additional paid-in-capital 1,989,284 — (18,530) 1,970,754 Accumulated deficit (369,475) — — (369,475) Accumulated other comprehensive loss, net of tax (14,986) — — (14,986) Total stockholders’ equity 1,607,769 — (18,530) 1,589,239 Total equity 2,755,038 1,482,040 (438,460) 3,798,618 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,600,437 $ 14,141,566 $ (739,164) $ 22,002,839 As of December 31, 2021 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 343,655 $ — $ — $ 343,655 Investments (includes $2,998,421 of accrued carried interest) 4,271,836 — (587,572) 3,684,264 Due from affiliates 696,963 — (26,580) 670,383 Other assets 338,685 — (3,930) 334,755 Right-of-use operating lease assets 167,652 — — 167,652 Intangible assets, net 1,422,818 — — 1,422,818 Goodwill 787,972 — — 787,972 Assets of Consolidated Funds Cash and cash equivalents — 1,049,191 — 1,049,191 Investments held in trust account — 1,000,285 — 1,000,285 Investments, at fair value — 11,812,093 4,300 11,816,393 Due from affiliates — 16,761 (9,527) 7,234 Receivable for securities sold — 281,132 — 281,132 Other assets — 39,430 — 39,430 Total assets $ 8,029,581 $ 14,198,892 $ (623,309) $ 21,605,164 Liabilities Accounts payable, accrued expenses and other liabilities $ 289,200 $ — $ (9,527) $ 279,673 Accrued compensation 310,222 — — 310,222 Due to affiliates 198,553 — — 198,553 Performance related compensation payable 2,190,352 — — 2,190,352 Debt obligations 1,503,709 — — 1,503,709 Operating lease liabilities 205,075 — — 205,075 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 117,139 (13,881) 103,258 Due to affiliates — 26,210 (26,210) — Payable for securities purchased — 1,118,456 — 1,118,456 CLO loan obligations, at fair value — 10,698,681 (41,020) 10,657,661 Fund borrowings — 127,771 — 127,771 Total liabilities 4,697,111 12,088,257 (90,638) 16,694,730 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,000,000 — 1,000,000 Redeemable interest in Ares Operating Group entities 96,008 — — 96,008 Non-controlling interest in Consolidated Funds — 1,110,635 (519,183) 591,452 Non-controlling interest in Ares Operating Group entities 1,403,255 — (5,508) 1,397,747 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (168,351,305 shares issued and outstanding) 1,684 — — 1,684 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 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 (118,609,332 shares issued and outstanding) 1,186 — — 1,186 Additional paid-in-capital 1,921,539 — (7,980) 1,913,559 Accumulated deficit (89,382) — — (89,382) Accumulated other comprehensive loss, net of tax (1,855) — — (1,855) Total stockholders’ equity 1,833,207 — (7,980) 1,825,227 Total equity 3,236,462 1,110,635 (532,671) 3,814,426 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,029,581 $ 14,198,892 $ (623,309) $ 21,605,164 Year ended December 31, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,182,757 $ — $ (46,324) $ 2,136,433 Carried interest allocation 465,561 — (7,549) 458,012 Incentive fees 305,167 — (3,980) 301,187 Principal investment income 48,222 — (35,943) 12,279 Administrative, transaction and other fees 164,545 — (17,013) 147,532 Total revenues 3,166,252 — (110,809) 3,055,443 Expenses Compensation and benefits 1,498,590 — — 1,498,590 Performance related compensation 518,829 — — 518,829 General, administrative and other expense 695,511 — (255) 695,256 Expenses of the Consolidated Funds — 86,988 (50,578) 36,410 Total expenses 2,712,930 86,988 (50,833) 2,749,085 Other income (expense) Net realized and unrealized gains (losses) on investments (27,924) — 32,656 4,732 Interest and dividend income 25,196 — (15,797) 9,399 Interest expense (71,356) — — (71,356) Other income, net 11,904 — 1,215 13,119 Net realized and unrealized gains on investments of the Consolidated Funds — 87,287 (13,901) 73,386 Interest and other income of the Consolidated Funds — 587,744 (1,215) 586,529 Interest expense of the Consolidated Funds — (424,887) 13,526 (411,361) Total other income (expense), net (62,180) 250,144 16,484 204,448 Income before taxes 391,142 163,156 (43,492) 510,806 Income tax expense 71,560 331 — 71,891 Net income 319,582 162,825 (43,492) 438,915 Less: Net income attributable to non-controlling interests in Consolidated Funds — 162,825 (43,492) 119,333 Net income attributable to Ares Operating Group entities 319,582 — — 319,582 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (851) — — (851) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 152,892 — — 152,892 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,541 $ — $ — $ 167,541 Year ended December 31, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,655,943 $ — $ (44,896) $ 1,611,047 Carried interest allocation 2,073,551 — — 2,073,551 Incentive fees 338,334 — (5,458) 332,876 Principal investment income 120,896 — (21,463) 99,433 Administrative, transaction and other fees 99,667 — (4,483) 95,184 Total revenues 4,288,391 — (76,300) 4,212,091 Expenses Compensation and benefits 1,162,633 — — 1,162,633 Performance related compensation 1,740,786 — — 1,740,786 General, administrative and other expense 444,178 — — 444,178 Expenses of the Consolidated Funds — 113,024 (50,538) 62,486 Total expenses 3,347,597 113,024 (50,538) 3,410,083 Other income (expense) Net realized and unrealized gains on investments 11,920 — 7,182 19,102 Interest and dividend income 14,199 — (4,334) 9,865 Interest expense (36,760) — — (36,760) Other income, net 15,080 — (678) 14,402 Net realized and unrealized gains on investments of the Consolidated Funds — 91,390 (14,087) 77,303 Interest and other income of the Consolidated Funds — 437,140 678 437,818 Interest expense of the Consolidated Funds — (272,155) 14,107 (258,048) Total other income, net 4,439 256,375 2,868 263,682 Income before taxes 945,233 143,351 (22,894) 1,065,690 Income tax expense 147,297 88 — 147,385 Net income 797,936 143,263 (22,894) 918,305 Less: Net income attributable to non-controlling interests in Consolidated Funds — 143,263 (22,894) 120,369 Net income attributable to Ares Operating Group entities 797,936 — — 797,936 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,341) — — (1,341) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 390,440 — — 390,440 Net income attributable to Ares Management Corporation 408,837 — — 408,837 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Less: Series A Preferred Stock redemption premium 11,239 — — 11,239 Net income attributable to Ares Management Corporation Class A common stockholders $ 386,748 $ — $ — $ 386,748 Year ended December 31, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,195,876 $ — $ (45,268) $ 1,150,608 Carried interest allocation 505,608 — — 505,608 Incentive fees 38,043 — (141) 37,902 Principal investment income 4,044 — 24,508 28,552 Administrative, transaction and other fees 57,200 — (15,824) 41,376 Total revenues 1,800,771 — (36,725) 1,764,046 Expenses Compensation and benefits 767,252 — — 767,252 Performance related compensation 404,116 — — 404,116 General, administrative and other expense 258,999 — — 258,999 Expenses of the Consolidated Funds — 65,527 (45,408) 20,119 Total expenses 1,430,367 65,527 (45,408) 1,450,486 Other income (expense) Net realized and unrealized losses on investments (8,720) — (288) (9,008) Interest and dividend income 11,641 — (3,570) 8,071 Interest expense (24,908) — — (24,908) Other income, net 2,858 — 8,433 11,291 Net realized and unrealized losses on investments of the Consolidated Funds — (109,387) 12,523 (96,864) Interest and other income of the Consolidated Funds — 473,857 (10,205) 463,652 Interest expense of the Consolidated Funds — (293,476) 7,160 (286,316) Total other income (expense), net (19,129) 70,994 14,053 65,918 Income before taxes 351,275 5,467 22,736 379,478 Income tax expense 54,875 118 — 54,993 Net income 296,400 5,349 22,736 324,485 Less: Net income attributable to non-controlling interests in Consolidated Funds — 5,349 22,736 28,085 Net income attributable to Ares Operating Group entities 296,400 — — 296,400 Less: Net loss attributable to redeemable interests in Ares Operating Group entities (976) — — (976) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 145,234 — — 145,234 Net income attributable to Ares Management Corporation 152,142 — — 152,142 Less: Series A Preferred Stock dividends paid 21,700 — — 21,700 Net income attributable to Ares Management Corporation Class A common stockholders $ 130,442 $ — $ — $ 130,442 Year ended December 31, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 319,582 $ 162,825 $ (43,492) $ 438,915 Adjustments to reconcile net income to net cash provided by operating activities: Equity compensation expense 200,391 — — 200,391 Depreciation and amortization 341,341 — — 341,341 Net realized and unrealized losses on investments 15,717 — (4,788) 10,929 Investments purchased (443,505) — 72,381 (371,124) Proceeds from sale of investments 303,987 — (121,494) 182,493 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (87,287) 13,901 (73,386) Other non-cash amounts — (33,822) — (33,822) Investments purchased — (9,408,078) (25,951) (9,434,029) Proceeds from sale of investments — 8,198,812 — 8,198,812 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (28,161) — 7,549 (20,612) Due to/from affiliates (125,407) — 164,480 39,073 Other assets (101,275) — (3,930) (105,205) Accrued compensation and benefits 200,769 — — 200,769 Accounts payable, accrued expenses and other liabilities (50,471) — (1,214) (51,685) Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — 324,550 324,550 Change in other assets and receivables held at Consolidated Funds — 286,895 (135,000) 151,895 Change in other liabilities and payables held at Consolidated Funds — (733,417) — (733,417) Net cash provided by (used in) operating activities 632,968 (1,614,072) 246,992 (734,112) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (35,796) — — (35,796) Acquisitions, net of cash acquired (301,583) — — (301,583) Net cash used in investing activities (337,379) — — (337,379) Cash flows from financing activities: Proceeds from Credit Facility 1,380,000 — — 1,380,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (1,095,000) — — (1,095,000) Dividends and distributions (836,364) — — (836,364) Stock option exercises 21,205 — — 21,205 Taxes paid related to net share settlement of equity awards (201,311) — — (201,311) Other financing activities 4,055 — — 4,055 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 596,777 (47,381) 549,396 Distributions to non-controlling interests in Consolidated Funds — (303,230) 124,939 (178,291) Borrowings under loan obligations by Consolidated Funds — 1,140,680 — 1,140,680 Repayments under loan obligations by Consolidated Funds — (145,222) — (145,222) Net cash provided by (used in) financing activities (238,500) 1,289,005 77,558 1,128,063 Effect of exchange rate changes (10,757) 517 — (10,240) Net change in cash and cash equivalents 46,332 (324,550) 324,550 46,332 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 389,987 $ 724,641 $ (724,641) $ 389,987 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisitions $ 12,835 $ — $ — $ 12,835 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 59,463 $ 260,866 $ — $ 320,329 Cash paid during the period for income taxes $ 104,544 $ 320 $ — $ 104,864 Year ended December 31, 2021 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 797,936 $ 143,263 $ (22,894) $ 918,305 Adjustments to reconcile net income to net cash provided by operating activities: Equity compensation expense 237,191 — — 237,191 Depreciation and amortization 113,293 — — 113,293 Net realized and unrealized gains on investments (96,331) — 7,353 (88,978) Other non-cash amounts (31,070) — — (31,070) Investments purchased (561,762) — 221,563 (340,199) Proceeds from sale of investments 296,483 — (23,101) 273,382 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (91,390) 14,087 (77,303) Other non-cash amounts — (35,879) — (35,879) Investments purchased — (13,075,187) 7,623 (13,067,564) Proceeds from sale of investments — 9,970,609 — 9,970,609 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (745,021) — — (745,021) Due to/from affiliates (187,374) — 6,446 (180,928) Other assets 210,106 — 3,719 213,825 Accrued compensation and benefits 142,815 — — 142,815 Accounts payable, accrued expenses and other liabilities 124,489 — 679 125,168 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — (526,815) (526,815) Net cash relinquished with consolidation/deconsolidation of Consolidated Funds — (39,539) — (39,539) Change in other assets and receivables held at Consolidated Funds — (174,409) (6,544) (180,953) Change in other liabilities and payables held at Consolidated Funds — 746,616 (23,000) 723,616 Net cash provided by (used in) operating activities 300,755 (2,555,916) (340,884) (2,596,045) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (27,226) — — (27,226) Acquisitions, net of cash acquired (1,057,407) — — (1,057,407) Net cash used in investing activities (1,084,633) — — (1,084,633) Cash flows from financing activities: Net proceeds from issuance of Class A and non-voting common stock 827,430 — — 827,430 Proceeds from Credit Facility 883,000 — — 883,000 Proceeds from subordinated notes 450,000 — — 450,000 Repayments of Credit Facility (468,000) — — (468,000) Dividends and distributions (593,506) — — (593,506) Series A Preferred Stock dividends (10,850) — — (10,850) Redemption of Series A Preferred Stock (310,000) — — (310,000) Stock option exercises 37,216 — — 37,216 Taxes paid related to net share settlement of equity awards (226,101) — — (226,101) Other financing activities 11,509 — — 11,509 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 1,239,831 (206,187) 1,033,644 Distributions to non-controlling interests in Consolidated Funds — (119,153) 20,256 (98,897) Borrowings under loan obligations by Consolidated Funds — 2,048,932 — 2,048,932 Repayments under loan obligations by Consolidated Funds — (80,752) — (80,752) Net cash provided by financing activities 600,698 3,088,858 (185,931) 3,503,625 Effect of exchange rate changes (12,977) (6,127) — (19,104) Net change in cash and cash equivalents (196,157) 526,815 (526,815) (196,157) Cash and cash equivalents, beginning of period 539,812 522,376 (522,376) 539,812 Cash and cash equivalents, end of period $ 343,655 $ 1,049,191 $ (1,049,191) $ 343,655 Supplemental disclosure of non-cash financing activities: Issuance of AOG Units in connection with acquisitions $ 510,848 $ — $ — $ 510,848 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 34,170 $ 170,915 $ — $ 205,085 Cash paid during the period for income taxes $ 22,603 $ 185 $ — $ 22,788 Year ended December 31, 2020 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 296,400 $ 5,349 $ 22,736 $ 324,485 Adjustments to reconcile net income to net cash provided by operating activities: Equity compensation expense 122,986 — — 122,986 Depreciation and amortization 41,248 — — 41,248 Net realized and unrealized (gains) losses on investments 20,651 — (28,690) (8,039) Investments purchased (352,750) — 261,899 (90,851) Proceeds from sale of investments 207,986 — (33,307) 174,679 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized losses on investments — 109,387 (12,523) 96,864 Other non-cash amounts — (34,297) — (34,297) Investments purchased — (6,580,784) (34,948) (6,615,732) Proceeds from sale of investments — 5,502,325 — 5,502,325 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (17,687) — — (17,687) Due to/from affiliates (82,222) — 6,037 (76,185) Other assets (34,523) — (2,171) (36,694) Accrued compensation and benefits 47,875 — — 47,875 Accounts payable, accrued expenses and other liabilities 31,240 — (10,205) 21,035 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — 83,945 83,945 Net cash acquired with consolidation/ deconsolidation of Consolidated Funds — 60,895 — 60,895 Change in other assets and receivables held at Consolidated Funds — (55,461) 22,163 (33,298) Change in other liabilities and payables held at Consolidated Funds — 10,787 — 10,787 Net cash provided by (used in) operating activities 281,204 (981,799) 274,936 (425,659) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (15,942) — — (15,942) Acquisitions, net of cash acquired (120,822) — — (120,822) Net cash used in investing activities (136,764) — — (136,764) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 383,154 — — 383,154 Proceeds from Credit Facility 790,000 — — 790,000 Proceeds from Senior Notes 399,084 — — 399,084 Repayments of Credit Facility (860,000) — — (860,000) Dividends and distributions (446,780) — — (446,780) Series A Preferred Stock dividends (21,700) — — (21,700) Stock option exercises 92,877 — — 92,877 Taxes paid related to net share settlement of equity awards (95,368) — — (95,368) Other financing activities (1,531) — — (1,531) Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 359,381 (226,951) 132,430 Distributions to non-controlling interests in Consolidated Funds — (287,467) 35,960 (251,507) Borrowings under loan obligations by Consolidated Funds — 1,013,291 — 1,013,291 Repayments under loan obligations by Consolidated Funds — (190,055) — (190,055) Net cash provided by financing activities 239,736 895,150 (190,991) 943,895 Effect of exchange rate changes 17,252 2,704 — 19,956 Net change in cash and cash equivalents 401,428 (83,945) 83,945 401,428 Cash and cash equivalents, beginning of period 138,384 606,321 (606,321) 138,384 Cash and cash equivalents, end of period $ 539,812 $ 522,376 $ (522,376) $ 539,812 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisitions $ 305,388 $ — $ — $ 305,338 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 22,127 $ 235,005 $ — $ 257,132 Cash paid during the period for income taxes $ 38,005 $ 169 $ — $ 38,174

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	17. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2022 through the date the consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure:

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis within the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP. All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values within the Company’s Consolidated Statements of Financial Condition. Net income attributable to holders of subordinated notes of the CLOs is presented within net income attributable to non-controlling interests in Consolidated Funds within the Consolidated Statements of Operations.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other income (expense) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements.
Principles of Consolidation	Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model (“VIEs”) or voting interest model (“VOE”). As such, the Company consolidates (a) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (b) entities that the Company concludes are variable interest entities in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, carried interest, incentive fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in many of these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model. Variable Interest Model The Company considers an entity to be a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary. The Company determines it is the primary beneficiary when it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.
Consolidated CLOs	Consolidated CLOs As of December 31, 2022 and 2021, the Company consolidated 25 and 23 CLOs, respectively. The Company has determined that the fair value of the financial assets of the consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its consolidated CLOs, which are mostly Level III liabilities within the GAAP fair value hierarchy. As a result, the financial assets of consolidated CLOs are measured at fair value and the financial liabilities of the consolidated CLOs are measured in consolidation as: (1) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (2) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company). The loan obligations issued by the CLOs are collateralized by diversified asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent incentive fee income. In cases where the Company earns fees from a CLO that it consolidates, those fees have been eliminated as intercompany transactions. The Company’s holdings in these CLOs are generally subordinated to other interests in the entities and entitle the Company to receive a pro rata portion of the residual cash flows, if any, from the entities. Additionally, the Company may invest in other senior secured notes, which are repaid based on available cash flows subject to priority of payments under each consolidated CLO’s governing documents. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO.
Fair Value Measurements	Fair Value Measurements GAAP establishes a hierarchical 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 rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period (see “Note 6. Fair Value” for further detail). Financial Instrument Valuations The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment. CLOs and CLO loan obligations: The fair value of CLOs held by the Company are estimated based on either a third-party pricing service or broker quote and are classified as Level III. The Company measures its CLO loan obligations of the Consolidated Funds by first determining whether the fair values of the financial assets or financial liabilities of its consolidated CLOs are more observable. Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a probability weighted expected return method, including the Monte Carlo simulation model. These models consider a range of assumptions including historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management’s own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. Once the associated targets are achieved, the contingent consideration is reported at the settlement amount. The fair value of the Company’s contingent consideration liabilities are classified as Level III. Liabilities recorded in connection with the Company’s contingent consideration are included within accounts payable, accrued expenses and other liabilities within the Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income, net within the Consolidated Statements of Operations. Corporate debt, bonds, bank loans and derivative instruments: The fair value of corporate debt, bonds, bank loans and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified as Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If management is only able to obtain a single broker quote, or utilizes a pricing model, such securities will generally be classified as Level III. Equity and equity-related securities: Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. Securities that have market prices are not readily available utilize valuation models of third-party pricing service or internal models to determine the fair value and are classified as Level III. Partnership interests: The Company generally values its investments using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses. As of December 31, 2022 and 2021, NAV per share represents the fair value for each of the Company’s investments in partnership interests. Discounted cash flow model has been used to determine the fair value of an investment in a partnership interest held by the Consolidated Funds where NAV per share was not deemed to be representative of fair value. The substantial majority of the Company’s private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interests other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. The Company also has open-ended and evergreen funds where investors have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods generally ranging from one month to three years. In addition, the Company has minority investments in vehicles that may only have a single other investor that may allow such investors to terminate the fund pursuant to the terms of the applicable constituent documents of such vehicle.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds. At December 31, 2022 and 2021, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.
Investments	Investments held in trust account Investments held in trust account represents funds raised through the initial public offering of Ares Acquisition Corporation (“AAC”), a consolidated SPAC that is presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust agreement. AAC’s portfolio of investments is comprised of U.S. government securities or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. The U.S. Treasury bills typically have original maturities of three months or less when purchased and are recorded at fair value. Interest income received on such investments is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds within the Consolidated Statements of Operations. Any remaining change in fair value of such investments, that is not recognized as interest income, is recognized within net realized and unrealized gains (losses) on investments of Consolidated Funds within the Consolidated Statements of Operations. Investments The investments of the Consolidated Funds are reflected within the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Fair value is the amount that would be received to sell an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date (i.e., the exit price). Certain investments are denominated in foreign currency and are translated into U.S. dollars at each reporting date.
Equity Method Investments	Equity Method Investments The Company accounts for its investments in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments within the Consolidated Statements of Financial Condition. The carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated
Derivative Instruments	Derivative 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 interest rate and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. These derivative instruments include foreign currency forward contracts, interest rate swaps, asset swaps and warrants. The Company recognizes all of its derivative instruments at fair value as either assets or liabilities within the 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. By using derivatives, the Company and the Consolidated Funds are exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset within the Consolidated Statements of Financial Condition. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. To the extent the master netting arrangements and other criteria meet the applicable requirements, which includes determining the legal enforceability of the arrangements, the Company may choose to offset the derivative assets and liabilities in the same currency by specific derivative type, or in the event of default by the counterparty, offset derivative assets and liabilities with the same counterparty. The Company generally presents derivative and other financial instruments on a gross basis within the Consolidated Statements of Financial Condition with certain instruments subject to enforceable master netting arrangements that could allow for the derivative and other financial instruments to be offset. The Consolidated Funds generally present derivative and other financial instruments on a net basis. This election is determined at management’s discretion on a fund by fund basis. The Company has retained the Consolidated Fund’s election upon consolidation. Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss). Upon settlement of the instrument, the Company records any realized gain (loss). Unrealized and realized gain (loss) are reflected within net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations.
Business Combinations	Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition, including the fair value of certain elements of contingent consideration, is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase consideration is recognized as a bargain purchase gain. Examples of critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. The acquisition method of accounting allows for a measurement period for up to one year
Goodwill and Intangible Assets	Intangible Assets The Company’s finite-lived intangible assets consists primarily of contractual rights to earn future management fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 1.6 to 13.5 years. The purchase price of an acquired management contract is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses within the Consolidated Statements of Operations. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated undiscounted cash flows attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using a discounted future cash flow methodology. The Company tests indefinite-lived intangible assets annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of impairment as the excess of the carrying amount of the indefinite-lived intangible asset over its fair value. The Company also tests indefinite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable or that the useful lives of these assets are no longer appropriate. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s strategic plans with regard to the indefinite-lived intangible assets. Goodwill Goodwill represents the excess cost over identifiable net assets of an acquired business. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates .
Fixed Assets	Fixed Assets Fixed assets, consisting of furniture, fixtures, computer hardware, equipment, internal-use software and leasehold improvements are recorded at cost, less accumulated depreciation and amortization. Fixed assets are presented within other assets within the Company’s Consolidated Statements of Financial Condition. Direct costs associated with developing, purchasing or otherwise acquiring software for internal use (“Internal-Use Software”) are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. three
Leases	Leases 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 presented within right-of-use operating lease assets and operating lease liabilities within the Company’s Consolidated Statements of Financial Condition. Finance leases are capitalized as a component of fixed assets and presented within accounts payable, accrued expenses and other liabilities within the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are not recorded within the Consolidated Statements of Financial Condition. Right-of-use operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and corresponding lease 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 accounts for the lease and non-lease components as a single lease component.
Redeemable Interest	Redeemable Interest On July 1, 2020, the Company completed its acquisition of a majority interest in SSG Capital Holdings Limited and its operating subsidiaries (“SSG”) (“SSG Acquisition”). In connection with the SSG Acquisition, the former owners of SSG retained an ownership interest in the operations acquired by the Company. In certain circumstances, the Company may acquire full ownership of SSG pursuant to a contractual arrangement that may be initiated by the Company or by the former owners of SSG. Since the acquisition of the remaining interest in SSG is not within the Company’s sole discretion, the ownership interest held by the former owners of SSG is classified as a redeemable interest in AOG and represents mezzanine equity. Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity within the Consolidated Statements of Financial Condition. Income (loss) is allocated based on the ownership percentage attributable to the redeemable interest. The Company determined that the redemption of the redeemable interest is probable as of the date of acquisition. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount, as defined in accordance with the terms of a contractual arrangement between the Company and the former owners of SSG, to the extent that the redemption amount exceeds the initial measurement on the date of acquisition. The
Revenue Recognition	Revenue Recognition The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, net asset value (“NAV”), NAV plus unfunded commitments, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability. Management fees also include a quarterly fee on the net investment income (“Part I Fees”) of Ares Capital Corporation (NASDAQ: ARCC) (“ARCC”), a publicly-traded business development company registered under the Investment Company Act and managed by a subsidiary of the Company, and CION Ares Diversified Credit Fund (“CADC”). ARCC Part I Fees are equal to 20.0% of its net investment income (before ARCC Part I Fees and incentive fees payable based on capital gains), subject to a fixed hurdle rate of 1.75% per quarter, or 7.0% per annum. No fees are recognized until ARCC’s net investment income exceeds a 1.75% hurdle rate, with a catch-up provision to ensure that the Company receives 20.0% of the net investment income from the first dollar earned. CADC Part I Fees are equal to 15.0% of its net investment income (before CADC Part I Fees), subject to a fixed hurdle rate of 1.5% per quarter, or 6.0% per annum. No fees are recognized until CADC’s net investment income exceeds the hurdle rate, with a catch-up provision to ensure that the Company receives 15.0% of the net investment income from the first dollar earned. Carried Interest Allocation In certain fund structures, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either (i) positive performance resulting in an increase in the carried interest allocated to the Company or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued but unpaid carried interest as of the reporting date is recorded within investments within the Consolidated Statements of Financial Condition. Carried interest is realized when an underlying investment is profitably disposed of, or upon the return of each limited partner’s capital plus a preferred return, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally does not become realized until the end of a fund’s life. The Company accounts for carried interest, which represents a performance-based capital allocation from an investment fund to the Company, as earnings from financial assets within the scope of ASC 323, Investments-Equity Method and Joint Ventures . The Company recognizes carried interest allocation as a separate revenue line item in the Consolidated Statements of Operations with uncollected carried interest as of the reporting date reported within investments within the Consolidated Statements of Financial Condition. Substantially all carried interest allocation is earned from affiliated funds of the Company. Incentive Fees Incentive fees earned on the performance of certain fund structures, typically in credit funds and certain real estate funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal. Substantially all incentive fees are earned from affiliated funds of the Company. Principal Investment Income Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages. Administrative, Transaction and Other Fees
Equity-Based Compensation	Equity-Based Compensation The Company recognizes expense related to equity-based compensation for which it receives employee services in exchange for (a) equity instruments of the Company, (b) derivatives based on the Company’s Class A common stock or (c) liabilities that are based on the fair value of the Company’s equity instruments. Equity-based compensation expense represents expenses associated with restricted units and options granted under 2014 Equity Incentive Plan, as amended and restated on April 1, 2021 (the “Equity Incentive Plan”). Equity-based compensation expense for restricted units is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period, with a corresponding increase in additional paid-in-capital. Grant date fair value of the restricted units is determined by the most recent closing price of shares of the Company’s Class A common stock. The Company has granted certain performance-based restricted unit awards with market conditions. These awards generally have vesting conditions based upon the volume-weighted, average closing price of Class A common stock meeting or exceeding a stated price over a period of time, referred to as the market condition. Vesting is also generally subject to continued employment at the time such market condition is achieved. The grant date fair values of these awards are based on a probability distributed Monte-Carlo simulation. Due to the existence of the market condition, the vesting period for the awards is not explicit, and as such, compensation expense is recognized on a straight-line basis over the median vesting period derived from the positive iterations of the Monte Carlo simulations where the market condition is achieved. The Company recognizes share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of equity-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized in accordance with GAAP and the actual tax deduction reported in the Company’s income tax returns are presented within income tax expense within the Consolidated Statements of Operations before taking into consideration the tax effects of the investment in AOG. Equity-based compensation expense is presented within compensation and benefits within the Consolidated Statements of Operations.
Performance Related Compensation	Performance Related Compensation The Company has agreed to pay a portion of the carried interest and incentive fees earned from certain funds, including income from Consolidated Funds that is eliminated in consolidation, to certain professionals. Depending on the nature of each fund, carried interest and incentive fees may be structured as a fixed percentage subject to vesting based on continued employment or service (generally over a period of five
Net Realized and Unrealized Gains/(Losses) on Investments	Net Realized and Unrealized Gains/(Losses) on InvestmentsRealized gains (losses) occur when the Company redeems all or a portion of its investment or when the Company receives cash income, such as dividends or distributions. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gains (losses) on investments within the Consolidated Statements of Operations. Also, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is presented within net realized and unrealized gains (losses) on investments.
Interest and Dividend Income	Interest and Dividend Income Interest, dividends and other investment income are included within interest and dividend income. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected using the effective interest method. Dividends and other investment income are recorded when the right to receive payment is established .
Foreign Currency	Foreign Currency The U.S. dollar is the Company’s functional currency; however, certain transactions of the Company may not be denominated in U.S. dollars. Foreign exchange revaluation arising from these transactions is recognized within other income, net within the Consolidated Statements of Operations. For the years ended December 31, 2022 and 2021, the Company recognized $13.5 million and $4.8 million, respectively, in transaction losses related to foreign currencies revaluation. For the year ended December 31, 2020, the Company recognized $13.1 million in transaction gains related to foreign currencies revaluation. In addition, the consolidated results include certain foreign subsidiaries that use functional currencies other than the U.S. dollar. Assets and liabilities of these foreign subsidiaries are translated to U.S. dollars at the prevailing exchange rates as of the reporting date. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Translation adjustments resulting from this process are recorded to currency translation adjustment in accumulated other comprehensive income.
Income Taxes	Income Taxes The Company elects to be taxed as a corporation and all earnings allocated to the Company are subject to U.S. corporate income taxes. A provision for corporate level income taxes imposed on unrealized gains and income items as well as taxes imposed on certain subsidiaries’ earnings is included in the consolidated tax provision. Also included in the consolidated tax provision are entity level income taxes incurred by certain Consolidated Funds. The portion of consolidated earnings not allocated to the Company flows through to owners of the Ares Operating Group entities without being taxed at the corporate level. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income, in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reported on a net basis and the deferred tax assets, net is presented within other assets within the Consolidated Statements of Financial Condition. The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. Both accrued interest and penalties related to UTBs, when incurred, are presented within general, administrative and other expenses within the Consolidated Statements of Operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new legislation is passed or new information becomes available.
Earnings Per Share	Earnings Per Share Basic earnings per share of Class A and non-voting common stock is computed by dividing income available to Class A and non-voting common stockholders by the weighted-average number shares of Class A and non-voting common stock outstanding during the period. Income available to Ares Management Corporation represents net income attributable to Class A and non-voting common stockholders. Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. The two-class method is an earnings allocation method under which earnings per share is calculated for shares of Class A and non-voting common stock and participating securities considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period.
Comprehensive Income	Comprehensive Income Comprehensive income consists of net income and other appreciation (depreciation) affecting stockholders’ equity that, under GAAP, has been excluded from net income. The Company’s other comprehensive income includes foreign currency translation adjustments.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848). The amendments in this update provide optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by reference rate reform if certain criteria are met. The amendments in this update apply only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. In January 2021, the FASB issued ASU No. 2021-01, Reference Rate Reform (Topic 848) , to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivative instruments that use an interest rate for margining, discounting, or contract price alignment that is modified as a result of reference rate reform. An entity may elect to adopt the amendments in ASU 2020-04 and ASU 2021-01 at any time after March 12, 2020. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848) to defer the sunset date of Topic 848 from December 31, 2022 to December 31, 2024. The expedients and exceptions provided by the amendments do not apply to contract modifications and hedging relationships entered into or evaluated after December 31, 2024, except for hedging transactions as of December 31, 2024, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company has concluded this guidance will not have a material impact on its consolidated financial statements.

BUSINESS COMBINATIONS (Tables)

BUSINESS COMBINATIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Business Acquisitions Fair Value Consideration Transferred	The acquisition date fair value of the consideration transferred totaled $1.1 billion, which consisted of the following: Cash $ 803,309 Equity (1) 299,420 Total $ 1,102,729 (1) 5,415,278 AOG Units were issued in connection with the Landmark Acquisition and increased Ares Owners Holdings L.P.’s ownership interest in the AOG entities.
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The fair value of assets acquired and liabilities assumed are estimated to be: Cash $ 25,645 Other tangible assets 23,403 Intangible assets: Management contracts 425,880 Client relationships 197,160 Trade name 86,200 Total intangible assets 709,240 Total identifiable assets acquired 758,288 Accounts payable, accrued expenses and other liabilities 73,216 Net identifiable assets acquired 685,072 Goodwill 417,657 Net assets acquired $ 1,102,729
Schedule of Business Acquisition, Pro Forma Information	Supplemental information of the Company’s consolidated results on an unaudited pro forma basis, as if the Landmark Acquisition had been consummated as of January 1, 2020, is as follows: Year ended December 31, 2021 2020 Total revenues $ 4,276,706 $ 1,910,792 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 380,169 $ 112,918

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
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, of the Company’s intangible assets: Weighted Average Amortization Period (in years) as of December 31, 2022 As of December 31, 2022 2021 Management contracts 4.9 $ 586,077 $ 641,737 Client relationships 9.6 262,301 229,501 Trade name 7.5 11,079 11,079 Other 1.8 500 500 Finite-lived intangible assets 859,957 882,817 Foreign currency translation 935 1,792 Total finite-lived intangible assets 860,892 884,609 Less: accumulated amortization (220,472) (115,791) Finite-lived intangible assets, net 640,420 768,818 Management contracts 567,800 567,800 Trade name — 86,200 Indefinite-lived intangible assets 567,800 654,000 Intangible assets, net $ 1,208,220 $ 1,422,818
Schedule of Estimated Future Annual Amortization of Finite-lived Intangible Assets	At December 31, 2022, future annual amortization of finite-lived intangible assets for the years 2023 through 2027 and thereafter is estimated to be: Year Amortization 2023 $ 125,873 2024 114,928 2025 106,684 2026 78,232 2027 65,285 Thereafter 149,418 Total $ 640,420
Schedule of Goodwill Rollforward	The following table summarizes the carrying value of the Company’s goodwill: Credit Group Private Real Secondaries Group Strategic Initiatives Total Balance as of December 31, 2020 $ 32,196 $ 58,600 $ 53,120 $ — $ 227,131 $ 371,047 Acquisitions — — — 417,753 — 417,753 Foreign currency translation — — 219 (15) (1,032) (828) Balance as of December 31, 2021 32,196 58,600 53,339 417,738 226,099 787,972 Acquisitions — — 213,314 (96) — 213,218 Reallocation — (10,530) 10,530 — — — Foreign currency translation — — — (22) (1,512) (1,534) Balance as of December 31, 2022 $ 32,196 $ 48,070 $ 277,183 $ 417,620 $ 224,587 $ 999,656

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2022
Investments in and Advances to Affiliates [Abstract]
Summary of Investments Held	The Company’s investments are comprised of the following: Percentage of total investments December 31, December 31, 2022 2021 2022 2021 Equity method investments: Equity method - carried interest $ 3,106,577 $ 2,998,421 78.2% 81.4% Equity method private investment partnership interests - principal 543,592 473,887 13.7 12.9 Equity method private investment partnership interests and other (held at fair value) 123,170 117,539 3.1 3.2 Equity method private investment partnership interests and other 47,439 40,580 1.2 1.1 Total equity method investments 3,820,778 3,630,427 96.2 98.6 Collateralized loan obligations 25,163 30,815 0.6 0.8 Other fixed income 51,771 21,582 1.2 0.5 Collateralized loan obligations and other fixed income, at fair value 76,934 52,397 1.8 1.3 Common stock, at fair value 77,022 1,440 2.0 0.1 Total investments $ 3,974,734 $ 3,684,264 Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of December 31, December 31, 2022 2021 2022 2021 Fixed income investments: Bonds $ 786,961 $ 857,125 6.0% 6.7% Loans 9,280,522 9,910,689 70.3 77.3 Investments held in trust account 1,013,382 1,000,285 7.7 7.8 Total fixed income investments 11,080,865 11,768,099 84.0 91.8 Equity securities 731,599 340,272 5.5 2.7 Partnership interests 1,392,169 708,307 10.5 5.5 Total investments, at fair value $ 13,204,633 $ 12,816,678
Summary of Equity Method Investments	The following tables present summarized financial information for the Company’s equity method investments, which are primarily funds managed by the Company: As of and Year Ended December 31, 2022 Credit Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total Statement of Financial Condition Investments $ 15,704,463 $ 9,376,032 $ 13,052,820 $ 12,719,333 $ 1,980,690 $ 52,833,338 Total assets 18,841,376 9,947,821 14,440,914 12,931,082 2,094,008 58,255,201 Total liabilities 4,848,872 937,326 5,007,250 3,716,111 927,813 15,437,372 Total equity 13,992,504 9,010,495 9,433,664 9,214,971 1,166,195 42,817,829 Statement of Operations Revenues $ 1,333,204 $ 271,873 $ 618,796 $ 2,874 $ 8,164 $ 2,234,911 Expenses (375,506) (153,372) (357,845) (289,741) (64,684) (1,241,148) Net realized and unrealized gains (losses) from investments (172,527) (482,260) 304,068 (11,173) 186,356 (175,536) Income tax benefit (expense) (4,723) 92 (36,501) — (11) (41,143) Net income (loss) $ 780,448 $ (363,667) $ 528,518 $ (298,040) $ 129,825 $ 777,084 As of and Year Ended December 31, 2021 Credit Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total Statement of Financial Condition Investments $ 16,919,068 $ 9,143,164 $ 9,555,266 $ 7,096,073 $ 484,969 $ 43,198,540 Total assets 18,316,775 9,548,551 10,146,133 7,220,604 490,246 45,722,309 Total liabilities 5,268,103 1,539,522 3,155,826 2,960,748 392,347 13,316,546 Total equity 13,048,672 8,009,029 6,990,307 4,259,856 97,899 32,405,763 Statement of Operations Revenues $ 1,318,517 $ 229,539 $ 326,507 $ 911 $ 23,910 $ 1,899,384 Expenses (316,134) (177,380) (170,008) (89,281) (11,927) (764,730) Net realized and unrealized gains (losses) from investments 457,943 2,161,730 1,179,698 1,399,009 (24,758) 5,173,622 Income tax expense (4,511) (19,125) (1,167) — — (24,803) Net income (loss) $ 1,455,815 $ 2,194,764 $ 1,335,030 $ 1,310,639 $ (12,775) $ 6,283,473 Year Ended December 31, 2020 Credit Group Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total Statement of Operations Revenues $ 940,450 $ 263,335 $ 191,543 $ — $ 2,656 $ 1,397,984 Expenses (221,083) (112,325) (81,071) — (5,585) (420,064) Net realized and unrealized gains (losses) from investments (210,881) 1,218,362 11,923 — 2,324 1,021,728 Income tax benefit (expense) (1,693) 57,935 346 — — 56,588 Net income (loss) $ 506,793 $ 1,427,307 $ 122,741 $ — $ (605) $ 2,056,236

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Summary of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels	The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2022: 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 $ — $ — $ 76,934 $ — $ 76,934 Common stock and other equity securities — 77,022 121,785 — 198,807 Partnership interests — — — 1,385 1,385 Total investments, at fair value — 77,022 198,719 1,385 277,126 Derivatives-foreign currency forward contracts — 4,173 — — 4,173 Total assets, at fair value $ — $ 81,195 $ 198,719 $ 1,385 $ 281,299 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (3,423) $ — $ — $ (3,423) Total liabilities, at fair value $ — $ (3,423) $ — $ — $ (3,423) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 534,137 $ 252,824 $ — $ 786,961 Loans — 8,663,678 616,844 — 9,280,522 Investments held in trust account 1,013,382 — — — 1,013,382 Total fixed income investments 1,013,382 9,197,815 869,668 11,080,865 Equity securities 719 — 730,880 — 731,599 Partnership interests — — 368,655 1,023,514 1,392,169 Total investments, at fair value 1,014,101 9,197,815 1,969,203 1,023,514 13,204,633 Derivatives-foreign currency forward contracts — 2,900 — — 2,900 Total assets, at fair value $ 1,014,101 $ 9,200,715 $ 1,969,203 $ 1,023,514 $ 13,207,533 Liabilities, at fair value Derivatives: Warrants $ (9,326) $ — $ — $ — $ (9,326) Foreign currency forward contracts — (2,942) — — (2,942) Asset swaps — — (3,556) — (3,556) Total derivative liabilities, at fair value (9,326) (2,942) (3,556) — (15,824) Loan obligations of CLOs — (10,701,720) — — (10,701,720) Total liabilities, at fair value $ (9,326) $ (10,704,662) $ (3,556) $ — $ (10,717,544) The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2021: 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 $ — $ — $ 52,397 $ — $ 52,397 Common stock and other equity securities — 1,440 108,949 — 110,389 Partnership interests — — 2,575 6,016 8,591 Total investments, at fair value — 1,440 163,921 6,016 171,377 Derivatives-foreign currency forward contracts and interest rate swaps — 5,682 — — 5,682 Total assets, at fair value $ — $ 7,122 $ 163,921 $ 6,016 $ 177,059 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (328) $ — $ — $ (328) Contingent consideration — — (57,435) — (57,435) Total liabilities, at fair value $ — $ (328) $ (57,435) $ — $ (57,763) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 525,393 $ 331,732 $ — $ 857,125 Loans — 9,499,469 411,220 — 9,910,689 Investments held in trust account 1,000,285 — — — 1,000,285 Total fixed income investments 1,000,285 10,024,862 742,952 — 11,768,099 Equity securities 956 133 339,183 — 340,272 Partnership interests — — 238,673 469,634 708,307 Total assets, at fair value $ 1,001,241 $ 10,024,995 $ 1,320,808 $ 469,634 $ 12,816,678 Liabilities, at fair value Derivatives: Warrants $ (17,822) $ — $ — $ — $ (17,822) Asset swaps — — (3,105) — (3,105) Total derivative liabilities, at fair value (17,822) — (3,105) — (20,927) Loan obligations of CLOs — (10,657,661) — — (10,657,661) Total liabilities, at fair value $ (17,822) $ (10,657,661) $ (3,105) $ — $ (10,678,588)
Summary of Changes in the Fair Value of the Level III Investments, Assets	The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2022: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Transfer in due to changes in consolidation 1,491 — — — 1,491 Purchases (1) 894 32,392 — — 33,286 Sales/settlements (2) 68 (2,425) (2,538) 58,873 53,978 Change in fair value — — — (1,438) (1,438) Realized and unrealized appreciation (depreciation), net 10,383 (5,430) (37) — 4,916 Balance, end of period $ 121,785 $ 76,934 $ — $ — $ 198,719 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 12,448 $ (5,430) $ — $ — $ 7,018 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 184,037 94,386 — 278,423 Transfer out — (202,333) — — (202,333) Purchases (1) 323,699 732,477 59,258 — 1,115,434 Sales/settlements (2) (31,932) (536,125) (52,828) — (620,885) Amortized discounts/premiums 13 1,592 — — 1,605 Realized and unrealized appreciation (depreciation), net 99,917 (52,932) 29,166 (451) 75,700 Balance, end of period $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 70,591 $ (54,058) $ 29,166 $ (376) $ 45,323 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments. The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2021: Level III Assets of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (13,290) — — (13,290) Change in fair value — — — (23,235) (23,235) Realized and unrealized appreciation, net 1,259 3,026 — — 4,285 Balance, end of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 1,259 $ 1,575 $ — $ (23,235) $ (20,401) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,306 $ 231,857 $ 1,060 $ 996,266 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 59,845 — — 62,040 Transfer out (33) (214,906) — — (214,939) Purchases (1) 118,963 904,497 15,000 — 1,038,460 Sales/settlements (2) (1,180) (512,505) (45,500) 301 (558,884) Amortized discounts/premiums — 1,683 — — 1,683 Realized and unrealized appreciation (depreciation), net (1,648) 11,358 37,316 (4,466) 42,560 Balance, end of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (848) $ 3,886 $ 37,316 $ (3,627) $ 36,727 (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 Changes in the Fair Value of the Level III Investments, Liabilities	The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2022: Level III Assets and Liabilities of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Transfer in due to changes in consolidation 1,491 — — — 1,491 Purchases (1) 894 32,392 — — 33,286 Sales/settlements (2) 68 (2,425) (2,538) 58,873 53,978 Change in fair value — — — (1,438) (1,438) Realized and unrealized appreciation (depreciation), net 10,383 (5,430) (37) — 4,916 Balance, end of period $ 121,785 $ 76,934 $ — $ — $ 198,719 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 12,448 $ (5,430) $ — $ — $ 7,018 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 184,037 94,386 — 278,423 Transfer out — (202,333) — — (202,333) Purchases (1) 323,699 732,477 59,258 — 1,115,434 Sales/settlements (2) (31,932) (536,125) (52,828) — (620,885) Amortized discounts/premiums 13 1,592 — — 1,605 Realized and unrealized appreciation (depreciation), net 99,917 (52,932) 29,166 (451) 75,700 Balance, end of period $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 70,591 $ (54,058) $ 29,166 $ (376) $ 45,323 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments. The following tables set forth a summary of changes in the fair value of the Level III measurements for the year ended December 31, 2021: Level III Assets of the Company Equity Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 88,412 $ 53,349 $ 2,575 $ — $ 144,336 Transfer in due to changes in consolidation — 7,623 — — 7,623 Established in connection with acquisition — — — (34,200) (34,200) Purchases (1) 19,278 1,689 — — 20,967 Sales/settlements (2) — (13,290) — — (13,290) Change in fair value — — — (23,235) (23,235) Realized and unrealized appreciation, net 1,259 3,026 — — 4,285 Balance, end of period $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 1,259 $ 1,575 $ — $ (23,235) $ (20,401) Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 221,043 $ 542,306 $ 231,857 $ 1,060 $ 996,266 Transfer out due to changes in consolidation (157) (49,326) — — (49,483) Transfer in 2,195 59,845 — — 62,040 Transfer out (33) (214,906) — — (214,939) Purchases (1) 118,963 904,497 15,000 — 1,038,460 Sales/settlements (2) (1,180) (512,505) (45,500) 301 (558,884) Amortized discounts/premiums — 1,683 — — 1,683 Realized and unrealized appreciation (depreciation), net (1,648) 11,358 37,316 (4,466) 42,560 Balance, end of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (848) $ 3,886 $ 37,316 $ (3,627) $ 36,727 (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 tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2022: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 62,129 Market approach Multiple of book value 3.2x 3.2x 44,166 Market approach Multiple of book value 1.3x 1.3x 15,490 Transaction price (1) N/A N/A N/A Collateralized loan obligations 25,163 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 30,189 Transaction price (1) N/A N/A N/A 21,582 Other N/A N/A N/A Total assets $ 198,719 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 401,229 Discounted cash flow Discount rate 8.0% - 18.0% 12.0% 290,258 Market approach Multiple of book value 1.0x - 1.2x 1.2x 36,681 Market approach Net income multiple 30.0x 30.0x 2,064 Market approach EBITDA multiple (2) 6.3x - 31.0x 13.6x 648 Other N/A N/A N/A Partnership interest 368,655 Discounted cash flow Discount rate 10.3% - 22.0% 18.9% Fixed income investments 731,708 Broker quotes and/or 3rd party pricing services N/A N/A N/A 125,612 Market approach Yield 6.6% - 21.7% 12.8% 6,155 Transaction price N/A N/A N/A 4,479 Market approach EBITDA multiple 8.0x - 9.0x 8.5x 1,714 Other N/A N/A N/A Total assets $ 1,969,203 Liabilities Derivative instruments $ (3,556) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (3,556) (1) Transaction price consists of securities 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 tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2021: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 50,690 Discounted cash flow Discount rates 14.0% - 20.0% 14.3% 43,649 Market approach Multiple of book value 1.4x 1.4x 14,610 Transaction price (1) N/A N/A N/A Partnership interests 2,575 Other N/A N/A N/A Collateralized loan obligations 30,815 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 21,582 Other N/A N/A N/A Total assets $ 163,921 Liabilities Contingent consideration $ (47,873) Other N/A N/A N/A (9,562) Monte Carlo simulation Discount rate 8.5% 8.5% Volatility 18.0% 18.0% Total liabilities $ (57,435) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 140,185 Market approach Multiple of book values 1.0x- 1.2x 1.1x 123,685 Discounted cash flow Discount rate 20.0% 20.0% 74,041 Transaction price (1) N/A N/A N/A 1,261 Market approach EBITDA multiples (2) 1.0x - 64.4x 17.5x 11 Broker quotes and/or 3rd party pricing services N/A N/A N/A Partnership interests 238,673 Discounted cash flow Discount rate 23.4% 23.4% Fixed income investments 614,754 Broker quotes and/or 3rd party pricing services N/A N/A N/A 128,198 Income approach Yield 3.5% - 16.2% 6.7% Total assets $ 1,320,808 Liabilities Derivative instruments $ (3,105) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (3,105) (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.

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of December 31, 2022 2021 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolving 3/31/2027 N/A $ 700,000 5.37% $ 415,000 1.25% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 248,693 4.21 247,979 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,602 3.28 396,156 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 483,802 3.77 — — 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,757 4.13 444,574 4.13 Total debt obligations $ 2,273,854 $ 1,503,709 (1) On March 31, 2022, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.090 billion to $1.275 billion with an accordion feature of $375.0 million, replace the LIBOR based-rate with a Secured Overnight Financing Rate (“SOFR”) based-rate plus an applicable credit spread adjustment and extend the maturity date from March 2026 to March 2027. On July 6, 2022, the Company increased the revolver commitments from $1.275 billion to $1.325 billion via the accordion. The AOG entities are borrowers under the Credit Facility. The Credit Facility has a variable interest rate based on SOFR or a base rate plus an applicable margin, which is subject to adjustment based on the achievement of certain environmental, social and governance-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of December 31, 2022, base rate loans bear interest calculated based on the base rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. (2) The 2024 Senior Notes were issued in October 2014 by Ares Finance Co. LLC, an indirect subsidiary of the Company, at 98.27% of the face amount with interest paid semi-annually. The Company may redeem the 2024 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2024 Notes. (3) The 2030 Senior Notes were issued in June 2020 by Ares Finance Co. II LLC, an indirect subsidiary of the Company, at 99.77% of the face amount with interest paid semi-annually. The Company may redeem the 2030 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2030 Notes. (4) The 2052 Senior Notes were issued in January 2022 by Ares Finance Co. IV LLC, an indirect subsidiary of the Company, at 97.78% of the face amount with interest paid semi-annually. The Company may redeem the 2052 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2052 Notes. (5) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five The following table presents the activity of the Company’s debt issuance costs: Credit Facility Senior Subordinated Notes Unamortized debt issuance costs as of December 31, 2020 $ 5,232 $ 4,283 $ — Debt issuance costs incurred 1,282 — 5,518 Amortization of debt issuance costs (1,240) (594) (92) Unamortized debt issuance costs as of December 31, 2021 5,274 3,689 5,426 Debt issuance costs incurred 1,516 5,482 — Amortization of debt issuance costs (1,280) (778) (183) Unamortized debt issuance costs as of December 31, 2022 $ 5,510 $ 8,393 $ 5,243 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of December 31, 2022 2021 Fair Value of Weighted Weighted Fair Value of Loan Obligations Weighted Weighted Senior secured notes $ 10,142,545 4.84% 8.8 $ 10,016,638 1.93% 9.4 Subordinated notes (1) 559,175 N/A 7.8 641,023 N/A 8.1 Total loan obligations of Consolidated CLOs $ 10,701,720 $ 10,657,661 (1) 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 Consolidated Funds had the following revolving bank credit facilities outstanding: As of December 31, 2022 2021 Consolidated Funds’ Debt Facilities Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 10/13/2023 $ 112,817 $ 77,496 5.89% $ 71,500 1.59% 7/1/2023 18,000 15,550 6.25 16,271 1.73 7/23/2024 100,000 75,000 7.28 40,000 3.09 9/24/2026 150,000 — N/A — N/A 9/12/2027 54,000 — N/A N/A N/A Total borrowings of Consolidated Funds $ 168,046 $ 127,771 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2022
Other Assets [Abstract]
Schedule of Other Assets	The components of other assets were as follows: As of December 31, 2022 2021 Other assets of the Company: Accounts and interest receivable $ 120,903 $ 159,757 Fixed assets, net 79,678 71,260 Deferred tax assets, net 68,933 39,398 Other assets 111,623 64,340 Total other assets of the Company $ 381,137 $ 334,755 Other assets of Consolidated Funds: Dividends and interest receivable $ 60,321 $ 36,350 Income tax and other receivables 5,249 3,080 Total other assets of Consolidated Funds $ 65,570 $ 39,430
Schedule of Fixed Assets, Net	The components of fixed assets were as follows: As of December 31, 2022 2021 Office and computer equipment $ 41,547 $ 31,963 Internal-use software 57,200 53,048 Leasehold improvements 84,820 74,677 Fixed assets, at cost 183,567 159,688 Less: accumulated depreciation (103,889) (88,428) Fixed assets, net $ 79,678 $ 71,260

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Supplemental Quantitative Disclosures	The tables below present certain supplemental quantitative disclosures regarding the Company’s leases: As of December 31, Classification 2022 2021 Operating lease assets Right-of-use operating lease assets $ 155,950 $ 167,652 Finance lease assets Other assets (1) 400 1,011 Total lease assets $ 156,350 $ 168,663 Operating lease liabilities Operating lease liabilities $ 190,616 $ 205,075 Finance lease obligations Accounts payable, accrued expenses and other liabilities 330 936 Total lease liabilities $ 190,946 $ 206,011 (1) Finance lease assets are recorded net of accumulated amortization of $2.1 million and $1.6 million as of December 31, 2022 and 2021, respectively. Year ended December 31, Classification 2022 2021 2020 Operating lease expense General, administrative and other expenses $ 42,746 $ 38,135 $ 31,713 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 633 561 469 Interest on finance lease liabilities Interest expense 14 27 43 Total lease expense $ 43,393 $ 38,723 $ 32,225 Year ended December 31, Other information 2022 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 46,558 $ 37,500 $ 32,121 Operating cash flows for finance leases 21 39 53 Financing cash flows for finance leases 593 535 460 Leased assets obtained in exchange for new finance lease liabilities 13 189 — Leased assets obtained in exchange for new operating lease liabilities 43,331 57,624 36,935 As of December 31, Lease term and discount rate 2022 2021 Weighted-average remaining lease terms (in years): Operating leases 5.5 6.0 Finance leases 2.1 1.8 Weighted-average discount rate: Operating leases 2.72% 1.81% Finance leases 2.99% 2.94%
Schedule of Operating Lease Maturities	Maturity of lease liabilities Operating Leases Finance Leases 2023 $ 46,532 $ 167 2024 42,716 162 2025 37,242 11 2026 25,198 — 2027 15,864 — Thereafter 36,077 — Total future payments 203,629 340 Less: interest 13,013 10 Total lease liabilities $ 190,616 $ 330
Schedule of Finance Lease Maturities	Maturity of lease liabilities Operating Leases Finance Leases 2023 $ 46,532 $ 167 2024 42,716 162 2025 37,242 11 2026 25,198 — 2027 15,864 — Thereafter 36,077 — Total future payments 203,629 340 Less: interest 13,013 10 Total lease liabilities $ 190,616 $ 330

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Schedule of Amounts Due from and to Affiliates	The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of December 31, 2022 2021 Due from affiliates: Management fees receivable from non-consolidated funds $ 456,314 $ 372,249 Incentive fee receivable from non-consolidated funds 169,979 211,243 Payments made on behalf of and amounts due from non-consolidated funds and employees 132,179 86,891 Due from affiliates—Company $ 758,472 $ 670,383 Amounts due from non-consolidated funds $ 15,789 $ 7,234 Due from affiliates—Consolidated Funds $ 15,789 $ 7,234 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 8,701 $ 10,160 Tax receivable agreement liability 118,466 100,542 Undistributed carried interest and incentive fees 121,332 66,494 Payments made by non-consolidated funds on behalf of and payable by the Company 4,299 21,357 Due to affiliates—Company $ 252,798 $ 198,553 Amounts due to portfolio companies and non-consolidated funds $ 4,037 $ — Due to affiliates—Consolidated Funds $ 4,037 $ —

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following: Year ended December 31, Provision for Income Taxes 2022 2021 2020 The Company Current: U.S. federal income tax expense $ 42,452 $ 40,861 $ 23,845 State and local income tax expense 7,614 12,121 6,714 Foreign income tax expense 14,119 11,684 9,141 64,185 64,666 39,700 Deferred: U.S. federal income tax expense 10,660 68,201 12,451 State and local income tax expense 2,131 13,040 1,952 Foreign income tax expense (benefit) (5,416) 1,390 772 7,375 82,631 15,175 Total: U.S. federal income tax expense 53,112 109,062 36,296 State and local income tax expense 9,745 25,161 8,666 Foreign income tax expense 8,703 13,074 9,913 Income tax expense 71,560 147,297 54,875 Consolidated Funds Current: Foreign income tax expense 331 88 118 Income tax expense 331 88 118 Total Provision for Income Taxes Total current income tax expense 64,516 64,754 39,818 Total deferred income tax expense 7,375 82,631 15,175 Income tax expense $ 71,891 $ 147,385 $ 54,993
Schedule of Effective Income Tax Rate Reconciliation	The effective income tax rate differed from the federal statutory rate for the following reasons: Year ended December 31, 2022 2021 2020 Income tax expense at federal statutory rate 21.0% 21.0% 21.0% Income passed through to non-controlling interests (8.9) (9.2) (8.2) State and local taxes, net of federal benefit 2.2 1.9 1.8 Foreign taxes (1.4) (0.1) 0.3 Permanent items 0.6 (0.3) (0.5) Disallowed executive compensation 0.1 0.7 — Other, net 0.3 (0.2) (0.2) Valuation allowance 0.2 — 0.3 Total effective rate 14.1% 13.8% 14.5%
Schedule of Deferred Tax Assets and Liabilities	The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2022 and 2021. Deferred tax assets, net are included within other assets within the Consolidated Statements of Financial Condition. As of December 31, Deferred Tax Assets and Liabilities of the Company 2022 2021 Deferred tax assets Amortizable tax basis for AOG Unit exchanges $ 124,217 $ 108,644 Net operating losses and capital loss carryforwards 2,192 1,292 Other, net 6,089 6,101 Total gross deferred tax assets 132,498 116,037 Valuation allowance (2,155) (1,010) Total net deferred tax assets 130,343 115,027 Deferred tax liabilities Investment in partnerships (61,410) (75,629) Total deferred tax liabilities (61,410) (75,629) Deferred tax assets, net $ 68,933 $ 39,398

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Earnings per Common Unit	The computation of diluted earnings per share excludes the following restricted units and AOG Units as their effect would have been anti-dilutive: Year ended December 31, 2022 2021 2020 Restricted units — 132 16,599 AOG Units — 116,226,798 115,126,565
Schedule of the Computation of Basic and Diluted Earnings per Common Unit	The following table presents the computation of basic and diluted earnings per common share: Year ended December 31, 2022 2021 2020 Basic earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,541 $ 386,748 $ 130,442 Distributions on unvested restricted units (14,096) (10,986) (10,454) Undistributed earnings allocable to participating unvested restricted units — (7,138) — Net income available to Class A and non-voting common stockholders $ 153,445 $ 368,624 $ 119,988 Basic weighted-average shares of Class A and non-voting common stock 175,510,798 163,703,626 135,065,436 Basic earnings per share of Class A and non-voting common stock $ 0.87 $ 2.24 $ 0.89 Diluted earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,541 $ 386,748 $ 130,442 Distributions on unvested restricted units (14,096) — — Net income available to Class A and non-voting common stockholders $ 153,445 $ 386,748 $ 130,442 Effect of dilutive shares: Restricted units — 11,209,144 9,207,639 Options — 5,199,501 5,235,423 Diluted weighted-average shares of Class A and non-voting common stock 175,510,798 180,112,271 149,508,498 Diluted earnings per share of Class A and non-voting common stock $ 0.87 $ 2.15 $ 0.87 Dividend declared and paid per Class A and non-voting common stock $ 2.44 $ 1.88 $ 1.60

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-based Compensation Expense, Net of Assumed Forfeitures	Equity-based compensation expense, net of forfeitures, recorded by the Company is presented in the following table: Year ended December 31, 2022 2021 2020 Restricted units $ 200,391 $ 170,980 $ 115,680 Restricted units with a market condition — 66,211 7,263 Options — — 43 Equity-based compensation expense $ 200,391 $ 237,191 $ 122,986
Summary of Unvested Restricted Units' Activity	The following table presents unvested restricted units’ activity: Restricted Units Weighted Average Balance - December 31, 2021 18,323,036 $ 36.43 Granted 4,142,621 74.62 Vested (5,524,397) 27.16 Forfeited (278,261) 50.95 Balance - December 31, 2022 16,662,999 $ 48.76
Summary of Unvested Options Activity	A summary of options activity during the year ended December 31, 2022 is presented below: Options Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Balance - December 31, 2021 6,306,282 $ 19.00 2.3 $ 392,692 Granted — — — — Exercised (1,136,063) 19.00 — — Expired — — — — Forfeited — — — — Balance - December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Exercisable at December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity Note [Abstract]
Schedule of Stock by Class	The following table presents the changes in each class of common stock: Class A Common Stock Non-Voting Common Stock Class B Common Stock Class C Common Stock Total Balance - December 31, 2021 168,351,305 3,489,911 1,000 118,609,332 290,451,548 Exchanges of AOG Units 1,348,909 — — (1,348,909) — Redemptions of AOG Units — — — (25,000) (25,000) Stock option exercises, net of shares withheld for tax 1,123,509 — — — 1,123,509 Vesting of restricted stock awards, net of shares withheld for tax 3,068,313 — — — 3,068,313 Cancellation of AOG Units — — — (4,135) (4,135) Balance - December 31, 2022 173,892,036 3,489,911 1,000 117,231,288 294,614,235
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 well as its daily average ownership of AOG Units in each of the Ares Operating Group entities: Daily Average Ownership As of December 31, 2022 As of December 31, 2021 Year ended December 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2022 2021 2020 Ares Management Corporation 177,381,947 60.21% 171,841,216 59.16% 59.76% 58.48% 53.98% Ares Owners Holdings, L.P. 117,231,288 39.79 118,609,332 40.84 40.24 41.52 46.02 Total 294,613,235 100.00% 290,450,548 100.00%
Schedule of Redeemable Interests	The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities: Total Opening balance at July 1, 2020 $ 99,804 Net loss (976) Currency translation adjustment, net of tax 1,538 Balance - December 31, 2020 100,366 Distribution (2,390) Net loss (1,341) Currency translation adjustment, net of tax (627) Balance - December 31, 2021 96,008 Distribution (1,887) Net loss (851) Currency translation adjustment, net of tax (426) Equity compensation 285 Balance - December 31, 2022 $ 93,129 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance - January 1, 2021 $ — Change in redemption value 1,000,000 Balance - December 31, 2021 1,000,000 Change in redemption value 13,282 Balance - December 31, 2022 $ 1,013,282

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Financial Results for Company's Operating Segments and OMG	The following tables present the financial results for the Company’s operating segments, as well as the OMG: Year ended December 31, 2022 Credit Group Private Equity Group Real Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 1,355,975 $ 199,837 $ 347,808 $ 176,694 $ 72,214 $ 2,152,528 $ — $ 2,152,528 Fee related performance revenues 71,497 — 167,693 235 — 239,425 — 239,425 Other fees 31,945 1,888 35,879 — 321 70,033 24,529 94,562 Compensation and benefits (441,778) (86,561) (240,015) (53,743) (33,011) (855,108) (317,396) (1,172,504) General, administrative and other expenses (73,945) (30,697) (39,739) (12,685) (7,578) (164,644) (155,017) (319,661) Fee related earnings 943,694 84,467 271,626 110,501 31,946 1,442,234 (447,884) 994,350 Performance income—realized 156,784 123,806 133,130 4,156 145 418,021 — 418,021 Performance related compensation—realized (97,564) (90,300) (83,105) (3,515) (57) (274,541) — (274,541) Realized net performance income 59,220 33,506 50,025 641 88 143,480 — 143,480 Investment income (loss)—realized 7,071 3,432 3,115 — 868 14,486 (37) 14,449 Interest and other investment income (expense)—realized 26,567 2,546 9,045 3,683 9,851 51,692 (1,588) 50,104 Interest expense (15,395) (15,953) (11,346) (5,660) (22,318) (70,672) (684) (71,356) Realized net investment income (loss) 18,243 (9,975) 814 (1,977) (11,599) (4,494) (2,309) (6,803) Realized income $ 1,021,157 $ 107,998 $ 322,465 $ 109,165 $ 20,435 $ 1,581,220 $ (450,193) $ 1,131,027 Year ended December 31, 2021 Credit Group Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 1,070,608 $ 181,918 $ 218,202 $ 97,945 $ 66,604 $ 1,635,277 $ — $ 1,635,277 Fee related performance revenues 86,480 — 51,399 — — 137,879 — 137,879 Other fees 27,103 1,070 13,038 — 82 41,293 8,478 49,771 Compensation and benefits (410,394) (78,156) (127,679) (25,215) (26,673) (668,117) (226,725) (894,842) General, administrative and other expenses (54,686) (21,625) (24,181) (6,862) (7,778) (115,132) (100,645) (215,777) Fee related earnings 719,111 83,207 130,779 65,868 32,235 1,031,200 (318,892) 712,308 Performance income—realized 207,446 171,637 95,270 70 4 474,427 — 474,427 Performance related compensation—realized (131,900) (137,576) (59,056) (49) (2) (328,583) — (328,583) Realized net performance income 75,546 34,061 36,214 21 2 145,844 — 145,844 Investment income (loss)—realized 1,989 (3,754) 17,700 19 13 15,967 — 15,967 Interest and other investment income—realized 20,377 11,514 7,252 2,261 3,948 45,352 226 45,578 Interest expense (8,038) (7,925) (6,394) (836) (13,031) (36,224) (536) (36,760) Realized net investment income (loss) 14,328 (165) 18,558 1,444 (9,070) 25,095 (310) 24,785 Realized income $ 808,985 $ 117,103 $ 185,551 $ 67,333 $ 23,167 $ 1,202,139 $ (319,202) $ 882,937 Year ended December 31, 2020 Credit Group Private Equity Group Real Assets Group Secondaries Group Strategic Initiatives Total OMG Total Management fees $ 841,138 $ 181,813 $ 137,027 $ — $ 26,587 $ 1,186,565 $ — $ 1,186,565 Fee related performance revenues 22,160 — 827 — — 22,987 — 22,987 Other fees 18,644 178 974 — 152 19,948 — 19,948 Compensation and benefits (320,111) (77,266) (66,374) — (6,442) (470,193) (155,979) (626,172) General, administrative and other expenses (53,997) (20,460) (13,936) — (2,926) (91,319) (80,778) (172,097) Fee related earnings 507,834 84,265 58,518 — 17,371 667,988 (236,757) 431,231 Performance income—realized 70,148 392,635 61,446 — — 524,229 — 524,229 Performance related compensation—realized (44,582) (315,905) (38,975) — — (399,462) — (399,462) Realized net performance income 25,566 76,730 22,471 — — 124,767 — 124,767 Investment income (loss)—realized (2,309) 25,018 7,228 — 13 29,950 (5,698) 24,252 Interest and other investment income (expense)—realized 16,314 4,027 6,016 — 996 27,353 (739) 26,614 Interest expense (8,722) (7,055) (6,331) — (1,465) (23,573) (1,335) (24,908) Realized net investment income (loss) 5,283 21,990 6,913 — (456) 33,730 (7,772) 25,958 Realized income $ 538,683 $ 182,985 $ 87,902 $ — $ 16,915 $ 826,485 $ (244,529) $ 581,956
Schedule of Segment Revenue, Expenses and Realized Net Investment Income	The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Year ended December 31, 2022 2021 2020 Segment revenues Management fees $ 2,152,528 $ 1,635,277 $ 1,186,565 Fee related performance revenues 239,425 137,879 22,987 Other fees 70,033 41,293 19,948 Performance income—realized 418,021 474,427 524,229 Total segment revenues $ 2,880,007 $ 2,288,876 $ 1,753,729 Segment expenses Compensation and benefits $ 855,108 $ 668,117 $ 470,193 General, administrative and other expenses 164,644 115,132 91,319 Performance related compensation—realized 274,541 328,583 399,462 Total segment expenses $ 1,294,293 $ 1,111,832 $ 960,974 Segment realized net investment income (expense) Investment income—realized $ 14,486 $ 15,967 $ 29,950 Interest and other investment income —realized 51,692 45,352 27,353 Interest expense (70,672) (36,224) (23,573) Total segment realized net investment income (expense) $ (4,494) $ 25,095 $ 33,730
Schedule of Segment Revenues Components	The following table reconciles the Company’s consolidated revenues to segment revenue: Year ended December 31, 2022 2021 2020 Total consolidated revenue $ 3,055,443 $ 4,212,091 $ 1,764,046 Performance (income) loss—unrealized (107,153) (1,744,056) 7,554 Management fees of Consolidated Funds eliminated in consolidation 46,324 44,896 45,268 Carried interest allocation of Consolidated Funds eliminated in consolidation 7,549 — — Incentive fees of Consolidated Funds eliminated in consolidation 3,980 5,458 141 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 17,013 4,483 15,824 Administrative fees (1) (69,414) (49,223) (36,512) OMG revenue (24,354) (8,478) — Performance income reclass (2) (14) 1,434 (3,726) Acquisition-related incentive fees (3) — (47,873) — Principal investment income, net of eliminations (12,278) (99,433) (28,552) Net revenue of non-controlling interests in consolidated subsidiaries (37,089) (30,423) (10,314) Total consolidation adjustments and reconciling items (175,436) (1,923,215) (10,317) Total segment revenue $ 2,880,007 $ 2,288,876 $ 1,753,729 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Related to performance income for AREA Sponsor Holdings LLC, an investment pool. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments within the Company’s Consolidated Statements of Operations.
Schedule of Segment Expenses Components	The following table reconciles the Company’s consolidated expenses to segment expenses: Year ended December 31, 2022 2021 2020 Total consolidated expenses $ 2,749,085 $ 3,410,083 $ 1,450,486 Performance related compensation-unrealized (88,502) (1,316,205) 11,552 Expenses of Consolidated Funds added in consolidation (86,988) (113,024) (65,527) Expenses of Consolidated Funds eliminated in consolidation 50,833 50,538 45,408 Administrative fees (1) (68,255) (49,223) (36,512) OMG expenses (472,413) (327,370) (236,757) Acquisition and merger-related expense (15,197) (21,162) (11,124) Equity compensation expense (200,106) (237,191) (122,986) Acquisition-related compensation expense (2) (206,252) (66,893) — Placement fee adjustment (2,088) (78,883) (19,329) Depreciation and amortization expense (335,083) (106,705) (40,662) Expense of non-controlling interests in consolidated subsidiaries (30,741) (32,133) (13,575) Total consolidation adjustments and reconciling items (1,454,792) (2,298,251) (489,512) Total segment expenses $ 1,294,293 $ 1,111,832 $ 960,974 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations.
Schedule of Segment Other Income (Expense) Components	The following table reconciles the Company’s consolidated other income to segment realized net investment income: Year ended December 31, 2022 2021 2020 Total consolidated other income $ 204,448 $ 263,682 $ 65,918 Investment (income) loss—unrealized 12,769 (58,694) 47,317 Interest and other investment (income) loss—unrealized (25,603) 6,249 (12,134) Other income from Consolidated Funds added in consolidation, net (250,144) (256,375) (70,994) Other expense from Consolidated Funds eliminated in consolidation, net (16,484) (2,868) (14,053) OMG other (income) expense 14,419 (1,368) (927) Performance income reclass (1) 14 (1,434) 3,726 Principal investment income 48,223 120,896 4,044 Other (income) expense, net 1,873 (19,886) 10,277 Other (income) loss of non-controlling interests in consolidated subsidiaries 5,991 (25,107) 556 Total consolidation adjustments and reconciling items (208,942) (238,587) (32,188) Total segment realized net investment income (expense) $ (4,494) $ 25,095 $ 33,730 (1) Related to performance income for AREA Sponsor Holdings LLC. Changes in value of this investment are reflected within net realized and unrealized gains (losses) on investments within the Company’s Consolidated Statements of Operations.
Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets	The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE: Year ended December 31, 2022 2021 2020 Income before taxes $ 510,806 $ 1,065,690 $ 379,478 Adjustments: Depreciation and amortization expense 335,083 106,705 40,662 Equity compensation expense 198,948 237,191 122,986 Acquisition-related compensation expense (1) 206,252 66,893 — Acquisition-related incentive fees (2) — (47,873) — Acquisition and merger-related expense 15,197 21,162 11,194 Placement fee adjustment 2,088 78,883 19,329 OMG expense, net 462,478 317,524 235,830 Other (income) expense, net 1,874 (19,886) 10,207 Net (income) expense of non-controlling interests in consolidated subsidiaries (357) (23,397) 3,817 Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (119,664) (120,457) (28,203) Total performance (income) loss—unrealized (107,153) (1,744,056) 7,554 Total performance related compensation—unrealized 88,502 1,316,205 (11,552) Total investment (income) loss—unrealized (12,834) (52,445) 35,183 Realized income 1,581,220 1,202,139 826,485 Total performance income—realized (418,021) (474,427) (524,229) Total performance related compensation—realized 274,541 328,583 399,462 Total investment income—realized 4,494 (25,095) (33,730) Fee related earnings $ 1,442,234 $ 1,031,200 $ 667,988 (1) Represents contingent obligations resulting from the Landmark Acquisition, the Black Creek Acquisition and the Infrastructure Debt Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	12 Months Ended
	Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract]
Schedule of Interest in VIEs	The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Consolidated Statements of Operations, are as follows: As of December 31, 2022 2021 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 393,549 $ 353,768 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 537,239 583,192 Assets of consolidated VIEs 13,128,088 13,197,321 Liabilities of consolidated VIEs 11,593,867 12,018,655 (1) As of December 31, 2022 and 2021, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of our capital interest in CLOs and totaled $82.0 million and $103.8 million, respectively. Year ended December 31, 2022 2021 2020 Net income attributable to non-controlling interests related to consolidated VIEs $ 105,797 $ 115,217 $ 28,085
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, results from operations and cash flows: As of December 31, 2022 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 389,987 $ — $ — $ 389,987 Investments (includes $3,106,577 of accrued carried interest) 4,515,955 — (541,221) 3,974,734 Due from affiliates 949,532 — (191,060) 758,472 Other assets 381,137 — — 381,137 Right-of-use operating lease assets 155,950 — — 155,950 Intangible assets, net 1,208,220 — — 1,208,220 Goodwill 999,656 — — 999,656 Assets of Consolidated Funds Cash and cash equivalents — 724,641 — 724,641 Investments held in trust account — 1,013,382 — 1,013,382 Investments, at fair value — 12,187,392 3,859 12,191,251 Due from affiliates — 26,531 (10,742) 15,789 Receivable for securities sold — 124,050 — 124,050 Other assets — 65,570 — 65,570 Total assets $ 8,600,437 $ 14,141,566 $ (739,164) $ 22,002,839 Liabilities Accounts payable, accrued expenses and other liabilities $ 242,663 $ — $ (10,742) $ 231,921 Accrued compensation 510,130 — — 510,130 Due to affiliates 252,798 — — 252,798 Performance related compensation payable 2,282,209 — — 2,282,209 Debt obligations 2,273,854 — — 2,273,854 Operating lease liabilities 190,616 — — 190,616 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 175,435 (7,149) 168,286 Due to affiliates — 191,238 (187,201) 4,037 Payable for securities purchased — 314,193 — 314,193 CLO loan obligations, at fair value — 10,797,332 (95,612) 10,701,720 Fund borrowings — 168,046 — 168,046 Total liabilities 5,752,270 11,646,244 (300,704) 17,097,810 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,013,282 — 1,013,282 Redeemable interest in Ares Operating Group entities 93,129 — — 93,129 Non-controlling interest in Consolidated Funds — 1,482,040 (407,684) 1,074,356 Non-controlling interest in Ares Operating Group entities 1,147,269 — (12,246) 1,135,023 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (173,892,036 shares issued and outstanding) 1,739 — — 1,739 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 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 (117,231,288 shares issued and outstanding) 1,172 — — 1,172 Additional paid-in-capital 1,989,284 — (18,530) 1,970,754 Accumulated deficit (369,475) — — (369,475) Accumulated other comprehensive loss, net of tax (14,986) — — (14,986) Total stockholders’ equity 1,607,769 — (18,530) 1,589,239 Total equity 2,755,038 1,482,040 (438,460) 3,798,618 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,600,437 $ 14,141,566 $ (739,164) $ 22,002,839 As of December 31, 2021 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 343,655 $ — $ — $ 343,655 Investments (includes $2,998,421 of accrued carried interest) 4,271,836 — (587,572) 3,684,264 Due from affiliates 696,963 — (26,580) 670,383 Other assets 338,685 — (3,930) 334,755 Right-of-use operating lease assets 167,652 — — 167,652 Intangible assets, net 1,422,818 — — 1,422,818 Goodwill 787,972 — — 787,972 Assets of Consolidated Funds Cash and cash equivalents — 1,049,191 — 1,049,191 Investments held in trust account — 1,000,285 — 1,000,285 Investments, at fair value — 11,812,093 4,300 11,816,393 Due from affiliates — 16,761 (9,527) 7,234 Receivable for securities sold — 281,132 — 281,132 Other assets — 39,430 — 39,430 Total assets $ 8,029,581 $ 14,198,892 $ (623,309) $ 21,605,164 Liabilities Accounts payable, accrued expenses and other liabilities $ 289,200 $ — $ (9,527) $ 279,673 Accrued compensation 310,222 — — 310,222 Due to affiliates 198,553 — — 198,553 Performance related compensation payable 2,190,352 — — 2,190,352 Debt obligations 1,503,709 — — 1,503,709 Operating lease liabilities 205,075 — — 205,075 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 117,139 (13,881) 103,258 Due to affiliates — 26,210 (26,210) — Payable for securities purchased — 1,118,456 — 1,118,456 CLO loan obligations, at fair value — 10,698,681 (41,020) 10,657,661 Fund borrowings — 127,771 — 127,771 Total liabilities 4,697,111 12,088,257 (90,638) 16,694,730 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,000,000 — 1,000,000 Redeemable interest in Ares Operating Group entities 96,008 — — 96,008 Non-controlling interest in Consolidated Funds — 1,110,635 (519,183) 591,452 Non-controlling interest in Ares Operating Group entities 1,403,255 — (5,508) 1,397,747 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (168,351,305 shares issued and outstanding) 1,684 — — 1,684 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 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 (118,609,332 shares issued and outstanding) 1,186 — — 1,186 Additional paid-in-capital 1,921,539 — (7,980) 1,913,559 Accumulated deficit (89,382) — — (89,382) Accumulated other comprehensive loss, net of tax (1,855) — — (1,855) Total stockholders’ equity 1,833,207 — (7,980) 1,825,227 Total equity 3,236,462 1,110,635 (532,671) 3,814,426 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,029,581 $ 14,198,892 $ (623,309) $ 21,605,164
Schedule of Results from Operations	Year ended December 31, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,182,757 $ — $ (46,324) $ 2,136,433 Carried interest allocation 465,561 — (7,549) 458,012 Incentive fees 305,167 — (3,980) 301,187 Principal investment income 48,222 — (35,943) 12,279 Administrative, transaction and other fees 164,545 — (17,013) 147,532 Total revenues 3,166,252 — (110,809) 3,055,443 Expenses Compensation and benefits 1,498,590 — — 1,498,590 Performance related compensation 518,829 — — 518,829 General, administrative and other expense 695,511 — (255) 695,256 Expenses of the Consolidated Funds — 86,988 (50,578) 36,410 Total expenses 2,712,930 86,988 (50,833) 2,749,085 Other income (expense) Net realized and unrealized gains (losses) on investments (27,924) — 32,656 4,732 Interest and dividend income 25,196 — (15,797) 9,399 Interest expense (71,356) — — (71,356) Other income, net 11,904 — 1,215 13,119 Net realized and unrealized gains on investments of the Consolidated Funds — 87,287 (13,901) 73,386 Interest and other income of the Consolidated Funds — 587,744 (1,215) 586,529 Interest expense of the Consolidated Funds — (424,887) 13,526 (411,361) Total other income (expense), net (62,180) 250,144 16,484 204,448 Income before taxes 391,142 163,156 (43,492) 510,806 Income tax expense 71,560 331 — 71,891 Net income 319,582 162,825 (43,492) 438,915 Less: Net income attributable to non-controlling interests in Consolidated Funds — 162,825 (43,492) 119,333 Net income attributable to Ares Operating Group entities 319,582 — — 319,582 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (851) — — (851) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 152,892 — — 152,892 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,541 $ — $ — $ 167,541 Year ended December 31, 2021 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,655,943 $ — $ (44,896) $ 1,611,047 Carried interest allocation 2,073,551 — — 2,073,551 Incentive fees 338,334 — (5,458) 332,876 Principal investment income 120,896 — (21,463) 99,433 Administrative, transaction and other fees 99,667 — (4,483) 95,184 Total revenues 4,288,391 — (76,300) 4,212,091 Expenses Compensation and benefits 1,162,633 — — 1,162,633 Performance related compensation 1,740,786 — — 1,740,786 General, administrative and other expense 444,178 — — 444,178 Expenses of the Consolidated Funds — 113,024 (50,538) 62,486 Total expenses 3,347,597 113,024 (50,538) 3,410,083 Other income (expense) Net realized and unrealized gains on investments 11,920 — 7,182 19,102 Interest and dividend income 14,199 — (4,334) 9,865 Interest expense (36,760) — — (36,760) Other income, net 15,080 — (678) 14,402 Net realized and unrealized gains on investments of the Consolidated Funds — 91,390 (14,087) 77,303 Interest and other income of the Consolidated Funds — 437,140 678 437,818 Interest expense of the Consolidated Funds — (272,155) 14,107 (258,048) Total other income, net 4,439 256,375 2,868 263,682 Income before taxes 945,233 143,351 (22,894) 1,065,690 Income tax expense 147,297 88 — 147,385 Net income 797,936 143,263 (22,894) 918,305 Less: Net income attributable to non-controlling interests in Consolidated Funds — 143,263 (22,894) 120,369 Net income attributable to Ares Operating Group entities 797,936 — — 797,936 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,341) — — (1,341) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 390,440 — — 390,440 Net income attributable to Ares Management Corporation 408,837 — — 408,837 Less: Series A Preferred Stock dividends paid 10,850 — — 10,850 Less: Series A Preferred Stock redemption premium 11,239 — — 11,239 Net income attributable to Ares Management Corporation Class A common stockholders $ 386,748 $ — $ — $ 386,748 Year ended December 31, 2020 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,195,876 $ — $ (45,268) $ 1,150,608 Carried interest allocation 505,608 — — 505,608 Incentive fees 38,043 — (141) 37,902 Principal investment income 4,044 — 24,508 28,552 Administrative, transaction and other fees 57,200 — (15,824) 41,376 Total revenues 1,800,771 — (36,725) 1,764,046 Expenses Compensation and benefits 767,252 — — 767,252 Performance related compensation 404,116 — — 404,116 General, administrative and other expense 258,999 — — 258,999 Expenses of the Consolidated Funds — 65,527 (45,408) 20,119 Total expenses 1,430,367 65,527 (45,408) 1,450,486 Other income (expense) Net realized and unrealized losses on investments (8,720) — (288) (9,008) Interest and dividend income 11,641 — (3,570) 8,071 Interest expense (24,908) — — (24,908) Other income, net 2,858 — 8,433 11,291 Net realized and unrealized losses on investments of the Consolidated Funds — (109,387) 12,523 (96,864) Interest and other income of the Consolidated Funds — 473,857 (10,205) 463,652 Interest expense of the Consolidated Funds — (293,476) 7,160 (286,316) Total other income (expense), net (19,129) 70,994 14,053 65,918 Income before taxes 351,275 5,467 22,736 379,478 Income tax expense 54,875 118 — 54,993 Net income 296,400 5,349 22,736 324,485 Less: Net income attributable to non-controlling interests in Consolidated Funds — 5,349 22,736 28,085 Net income attributable to Ares Operating Group entities 296,400 — — 296,400 Less: Net loss attributable to redeemable interests in Ares Operating Group entities (976) — — (976) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 145,234 — — 145,234 Net income attributable to Ares Management Corporation 152,142 — — 152,142 Less: Series A Preferred Stock dividends paid 21,700 — — 21,700 Net income attributable to Ares Management Corporation Class A common stockholders $ 130,442 $ — $ — $ 130,442
Schedule of Cash Flows	Year ended December 31, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 319,582 $ 162,825 $ (43,492) $ 438,915 Adjustments to reconcile net income to net cash provided by operating activities: Equity compensation expense 200,391 — — 200,391 Depreciation and amortization 341,341 — — 341,341 Net realized and unrealized losses on investments 15,717 — (4,788) 10,929 Investments purchased (443,505) — 72,381 (371,124) Proceeds from sale of investments 303,987 — (121,494) 182,493 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (87,287) 13,901 (73,386) Other non-cash amounts — (33,822) — (33,822) Investments purchased — (9,408,078) (25,951) (9,434,029) Proceeds from sale of investments — 8,198,812 — 8,198,812 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (28,161) — 7,549 (20,612) Due to/from affiliates (125,407) — 164,480 39,073 Other assets (101,275) — (3,930) (105,205) Accrued compensation and benefits 200,769 — — 200,769 Accounts payable, accrued expenses and other liabilities (50,471) — (1,214) (51,685) Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — 324,550 324,550 Change in other assets and receivables held at Consolidated Funds — 286,895 (135,000) 151,895 Change in other liabilities and payables held at Consolidated Funds — (733,417) — (733,417) Net cash provided by (used in) operating activities 632,968 (1,614,072) 246,992 (734,112) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (35,796) — — (35,796) Acquisitions, net of cash acquired (301,583) — — (301,583) Net cash used in investing activities (337,379) — — (337,379) Cash flows from financing activities: Proceeds from Credit Facility 1,380,000 — — 1,380,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (1,095,000) — — (1,095,000) Dividends and distributions (836,364) — — (836,364) Stock option exercises 21,205 — — 21,205 Taxes paid related to net share settlement of equity awards (201,311) — — (201,311) Other financing activities 4,055 — — 4,055 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 596,777 (47,381) 549,396 Distributions to non-controlling interests in Consolidated Funds — (303,230) 124,939 (178,291) Borrowings under loan obligations by Consolidated Funds — 1,140,680 — 1,140,680 Repayments under loan obligations by Consolidated Funds — (145,222) — (145,222) Net cash provided by (used in) financing activities (238,500) 1,289,005 77,558 1,128,063 Effect of exchange rate changes (10,757) 517 — (10,240) Net change in cash and cash equivalents 46,332 (324,550) 324,550 46,332 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 389,987 $ 724,641 $ (724,641) $ 389,987 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisitions $ 12,835 $ — $ — $ 12,835 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 59,463 $ 260,866 $ — $ 320,329 Cash paid during the period for income taxes $ 104,544 $ 320 $ — $ 104,864 Year ended December 31, 2021 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 797,936 $ 143,263 $ (22,894) $ 918,305 Adjustments to reconcile net income to net cash provided by operating activities: Equity compensation expense 237,191 — — 237,191 Depreciation and amortization 113,293 — — 113,293 Net realized and unrealized gains on investments (96,331) — 7,353 (88,978) Other non-cash amounts (31,070) — — (31,070) Investments purchased (561,762) — 221,563 (340,199) Proceeds from sale of investments 296,483 — (23,101) 273,382 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (91,390) 14,087 (77,303) Other non-cash amounts — (35,879) — (35,879) Investments purchased — (13,075,187) 7,623 (13,067,564) Proceeds from sale of investments — 9,970,609 — 9,970,609 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (745,021) — — (745,021) Due to/from affiliates (187,374) — 6,446 (180,928) Other assets 210,106 — 3,719 213,825 Accrued compensation and benefits 142,815 — — 142,815 Accounts payable, accrued expenses and other liabilities 124,489 — 679 125,168 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — (526,815) (526,815) Net cash relinquished with consolidation/deconsolidation of Consolidated Funds — (39,539) — (39,539) Change in other assets and receivables held at Consolidated Funds — (174,409) (6,544) (180,953) Change in other liabilities and payables held at Consolidated Funds — 746,616 (23,000) 723,616 Net cash provided by (used in) operating activities 300,755 (2,555,916) (340,884) (2,596,045) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (27,226) — — (27,226) Acquisitions, net of cash acquired (1,057,407) — — (1,057,407) Net cash used in investing activities (1,084,633) — — (1,084,633) Cash flows from financing activities: Net proceeds from issuance of Class A and non-voting common stock 827,430 — — 827,430 Proceeds from Credit Facility 883,000 — — 883,000 Proceeds from subordinated notes 450,000 — — 450,000 Repayments of Credit Facility (468,000) — — (468,000) Dividends and distributions (593,506) — — (593,506) Series A Preferred Stock dividends (10,850) — — (10,850) Redemption of Series A Preferred Stock (310,000) — — (310,000) Stock option exercises 37,216 — — 37,216 Taxes paid related to net share settlement of equity awards (226,101) — — (226,101) Other financing activities 11,509 — — 11,509 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 1,239,831 (206,187) 1,033,644 Distributions to non-controlling interests in Consolidated Funds — (119,153) 20,256 (98,897) Borrowings under loan obligations by Consolidated Funds — 2,048,932 — 2,048,932 Repayments under loan obligations by Consolidated Funds — (80,752) — (80,752) Net cash provided by financing activities 600,698 3,088,858 (185,931) 3,503,625 Effect of exchange rate changes (12,977) (6,127) — (19,104) Net change in cash and cash equivalents (196,157) 526,815 (526,815) (196,157) Cash and cash equivalents, beginning of period 539,812 522,376 (522,376) 539,812 Cash and cash equivalents, end of period $ 343,655 $ 1,049,191 $ (1,049,191) $ 343,655 Supplemental disclosure of non-cash financing activities: Issuance of AOG Units in connection with acquisitions $ 510,848 $ — $ — $ 510,848 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 34,170 $ 170,915 $ — $ 205,085 Cash paid during the period for income taxes $ 22,603 $ 185 $ — $ 22,788

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) loan_obligation shares	Dec. 31, 2021 USD ($) loan_obligation	Dec. 31, 2020 USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of CLOs consolidated | loan_obligation	25	23
Foreign currency transaction gain (loss) | $	$ (13.5)	$ (4.8)	$ 13.1
ARCC
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	20%
Hurdle rate per quarter	1.75%
Hurdle rate per annum	7%
Percentage of net investment income received from first dollar earned	20%
CADC
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	15%
Hurdle rate per quarter	1.50%
Hurdle rate per annum	6%
Percentage of net investment income received from first dollar earned	15%
Class A Common Stock | Ares Acquisition Corporation
Summary of Significant Accounting Policies [Line Items]
Temporary equity, shares outstanding (in shares) | shares	100,000,000
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives, intangible assets	1 year 7 months 6 days
Performance fee compensation, employment or service period	5 years
Minimum | Property Plant And Equipment Other Than Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, fixed assets	3 years
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives, intangible assets	13 years 6 months
Performance fee compensation, employment or service period	6 years
Maximum | Property Plant And Equipment Other Than Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, fixed assets	7 years

BUSINESS COMBINATIONS - Narrati

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended	12 Months Ended
	Feb. 10, 2022	Jun. 02, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Jul. 01, 2021	Dec. 31, 2020
Asset Acquisition [Line Items]
Goodwill				$ 999,656	$ 787,972		$ 371,047
Landmark Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage		100%
Business combination, consideration transferred		$ 1,102,729
Goodwill		417,657
Cash		803,309
Equity consideration transferred		299,420
Landmark Acquisition | Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 425,900
Acquired finite lived intangible assets useful life		7 years 4 months 24 days
Landmark Acquisition | Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 197,200
Acquired finite lived intangible assets useful life		11 years 9 months 18 days
Landmark Acquisition | Trade name
Asset Acquisition [Line Items]
Acquisition and merger-related expense		$ 86,200
Black Creek Acquisition
Asset Acquisition [Line Items]
Business combination equity interest in acquiree, percentage						100%
Black Creek Acquisition | Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense			$ 576,200
Acquired finite lived intangible assets useful life			6 years 1 month 6 days
Black Creek Acquisition | Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense			$ 7,200
Acquired finite lived intangible assets useful life			12 years
Infrastructure Debt Acquisition
Asset Acquisition [Line Items]
Business combination, consideration transferred	$ 328,600
Cash	315,800
Equity consideration transferred	$ 12,800
Infrastructure Debt Acquisition | Management contracts
Asset Acquisition [Line Items]
Acquisition and merger-related expense				68,700
Infrastructure Debt Acquisition | Client relationships
Asset Acquisition [Line Items]
Acquisition and merger-related expense				$ 32,800

BUSINESS COMBINATIONS - Acquisi

BUSINESS COMBINATIONS - Acquisition Date Fair Value (Details) - Landmark Acquisition $ in Thousands	Jun. 02, 2021 USD ($) shares
Asset Acquisition [Line Items]
Cash	$ 803,309
Equity	299,420
Total	$ 1,102,729
Ares Operating Group
Asset Acquisition [Line Items]
Equity interest issued or issuable (in shares) | shares	5,415,278

BUSINESS COMBINATIONS - Fair Va

BUSINESS COMBINATIONS - Fair Value of Assets Acquired and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Jun. 02, 2021	Dec. 31, 2020
Intangible assets:
Goodwill	$ 999,656	$ 787,972		$ 371,047
Landmark Acquisition
Asset Acquisition [Line Items]
Cash			$ 25,645
Other tangible assets			23,403
Intangible assets:
Total intangible assets			709,240
Total identifiable assets acquired			758,288
Accounts payable, accrued expenses and other liabilities			73,216
Net identifiable assets acquired			685,072
Goodwill			417,657
Net assets acquired			1,102,729
Landmark Acquisition | Management contracts
Intangible assets:
Total intangible assets			425,880
Landmark Acquisition | Client relationships
Intangible assets:
Total intangible assets			197,160
Landmark Acquisition | Trade name
Intangible assets:
Total intangible assets			$ 86,200

BUSINESS COMBINATIONS - Supplem

BUSINESS COMBINATIONS - Supplemental Information on Unaudited Pro Forma (Details) - Landmark Acquisition - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Total revenues	$ 4,276,706	$ 1,910,792
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 380,169	$ 112,918

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 859,957	$ 882,817
Foreign currency translation	935	1,792
Total finite-lived intangible assets	860,892	884,609
Less: accumulated amortization	(220,472)	(115,791)
Finite-lived intangible assets, net	640,420	768,818
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	654,000
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	1,208,220	1,422,818
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	567,800
Trade name
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 0	86,200
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	4 years 10 months 24 days
Finite-lived intangible assets	$ 586,077	641,737
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	9 years 7 months 6 days
Finite-lived intangible assets	$ 262,301	229,501
Trade name
Finite-lived intangible assets, net
Weighted average amortization period	7 years 6 months
Finite-lived intangible assets	$ 11,079	11,079
Other
Finite-lived intangible assets, net
Weighted average amortization period	1 year 9 months 18 days
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)		3 Months Ended	12 Months Ended
	Jun. 02, 2021	Sep. 30, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			$ 181,600,000	$ 0	$ 0
Impaired and fully amortized intangibles, amount removed during the period			210,600,000
Purchase price to goodwill			213,218,000	417,753,000
Reallocation			0
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			86,200,000
Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			88,400,000
Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price to goodwill			213,314,000	0
Reallocation			10,530,000
From Private Equity Group To Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation			10,500,000
From Real Estate Group To Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation			53,300,000
General, administrative and other expense
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization expense			133,600,000	$ 91,300,000	$ 24,500,000
Infrastructure Debt Acquisition | Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price to goodwill			213,300,000
Infrastructure Debt Acquisition | Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense			$ 68,700,000
Estimated useful lives, intangible assets			5 years 2 months 12 days
Infrastructure Debt Acquisition | Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense			$ 32,800,000
Estimated useful lives, intangible assets			8 years 4 months 24 days
Landmark Acquisition | Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			$ 3,700,000
Landmark Acquisition | Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 425,900,000
Acquired finite lived intangible assets useful life	7 years 4 months 24 days
Landmark Acquisition | Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense	$ 197,200,000
Acquired finite lived intangible assets useful life	11 years 9 months 18 days
Black Creek Acquisition | Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			3,100,000
Black Creek Acquisition | Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense		$ 576,200,000
Acquired finite lived intangible assets useful life		6 years 1 month 6 days
Black Creek Acquisition | Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition and merger-related expense		$ 7,200,000
Acquired finite lived intangible assets useful life		12 years
SSG Acquisition | Management Contract
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)			$ 200,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
2023	$ 125,873
2024	114,928
2025	106,684
2026	78,232
2027	65,285
Thereafter	149,418
Finite-lived intangible assets, net	$ 640,420	$ 768,818

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 787,972	$ 371,047
Acquisitions	213,218	417,753
Reallocation	0
Foreign currency translation	(1,534)	(828)
Goodwill, ending balance	999,656	787,972
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196	32,196
Acquisitions	0	0
Reallocation	0
Foreign currency translation	0	0
Goodwill, ending balance	32,196	32,196
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance	58,600	58,600
Acquisitions	0	0
Reallocation	(10,530)
Foreign currency translation	0	0
Goodwill, ending balance	48,070	58,600
Real Assets Group
Goodwill [Roll Forward]
Goodwill, beginning balance	53,339	53,120
Acquisitions	213,314	0
Reallocation	10,530
Foreign currency translation	0	219
Goodwill, ending balance	277,183	53,339
Secondaries Group
Goodwill [Roll Forward]
Goodwill, beginning balance	417,738	0
Acquisitions	(96)	417,753
Reallocation	0
Foreign currency translation	(22)	(15)
Goodwill, ending balance	417,620	417,738
Strategic Initiatives
Goodwill [Roll Forward]
Goodwill, beginning balance	226,099	227,131
Acquisitions	0	0
Reallocation	0
Foreign currency translation	(1,512)	(1,032)
Goodwill, ending balance	$ 224,587	$ 226,099

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments
Equity method private investment partnership interests and other	$ 1,385	$ 8,591
Other fixed income	277,126	171,377
Common stock, at fair value	198,807	110,389
Total investments	3,974,734	3,684,264
Partnership Interests
Investments
Equity method investments:	$ 3,820,778	$ 3,630,427
Percentage of total investments	96.20%	98.60%
Collateralized loan obligations and other fixed income
Investments
Collateralized loan obligations	$ 76,934	$ 52,397
Percentage of total investments	1.80%	1.30%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 25,163	$ 30,815
Percentage of total investments	0.60%	0.80%
Other fixed income
Investments
Other fixed income	$ 51,771	$ 21,582
Percentage of total investments	1.20%	0.50%
Common stock, at fair value
Investments
Common stock, at fair value	$ 77,022	$ 1,440
Percentage of total investments	2%	0.10%
Equity method - carried interest
Investments
Equity method investments:	$ 3,106,577	$ 2,998,421
Percentage of total investments	78.20%	81.40%
Partnership Interests
Investments
Equity method investments:	$ 543,592	$ 473,887
Percentage of total investments	13.70%	12.90%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 123,170	$ 117,539
Percentage of total investments	3.10%	3.20%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 47,439	$ 40,580
Percentage of total investments	1.20%	1.10%

INVESTMENTS - Equity Method Inv

INVESTMENTS - Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Condition
Assets	$ 22,002,839	$ 21,605,164
Liabilities	17,097,810	16,694,730
Total equity	3,798,618	3,814,426	$ 2,471,774	$ 1,858,598
Statement of Operations
Total revenues	3,055,443	4,212,091	1,764,046
Expenses	(2,749,085)	(3,410,083)	(1,450,486)
Net realized and unrealized gains (losses) on investments	4,732	19,102	(9,008)
Income tax expense	(71,891)	(147,385)	(54,993)
Net income	438,915	918,305	324,485
Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	52,833,338	43,198,540
Assets	58,255,201	45,722,309
Liabilities	15,437,372	13,316,546
Total equity	42,817,829	32,405,763
Statement of Operations
Total revenues	2,234,911	1,899,384	1,397,984
Expenses	(1,241,148)	(764,730)	(420,064)
Net realized and unrealized gains (losses) on investments	(175,536)	5,173,622	1,021,728
Income tax expense	(41,143)	(24,803)	56,588
Net income	777,084	6,283,473	2,056,236
Credit Group | Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	15,704,463	16,919,068
Assets	18,841,376	18,316,775
Liabilities	4,848,872	5,268,103
Total equity	13,992,504	13,048,672
Statement of Operations
Total revenues	1,333,204	1,318,517	940,450
Expenses	(375,506)	(316,134)	(221,083)
Net realized and unrealized gains (losses) on investments	(172,527)	457,943	(210,881)
Income tax expense	(4,723)	(4,511)	(1,693)
Net income	780,448	1,455,815	506,793
Private Equity Group | Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	9,376,032	9,143,164
Assets	9,947,821	9,548,551
Liabilities	937,326	1,539,522
Total equity	9,010,495	8,009,029
Statement of Operations
Total revenues	271,873	229,539	263,335
Expenses	(153,372)	(177,380)	(112,325)
Net realized and unrealized gains (losses) on investments	(482,260)	2,161,730	1,218,362
Income tax expense	92	(19,125)	57,935
Net income	(363,667)	2,194,764	1,427,307
Real Assets Group | Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	13,052,820	9,555,266
Assets	14,440,914	10,146,133
Liabilities	5,007,250	3,155,826
Total equity	9,433,664	6,990,307
Statement of Operations
Total revenues	618,796	326,507	191,543
Expenses	(357,845)	(170,008)	(81,071)
Net realized and unrealized gains (losses) on investments	304,068	1,179,698	11,923
Income tax expense	(36,501)	(1,167)	346
Net income	528,518	1,335,030	122,741
Secondaries Group | Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	12,719,333	7,096,073
Assets	12,931,082	7,220,604
Liabilities	3,716,111	2,960,748
Total equity	9,214,971	4,259,856
Statement of Operations
Total revenues	2,874	911	0
Expenses	(289,741)	(89,281)	0
Net realized and unrealized gains (losses) on investments	(11,173)	1,399,009	0
Income tax expense	0	0	0
Net income	(298,040)	1,310,639	0
Strategic Initiatives | Equity Method Investment, Nonconsolidated Investee
Statement of Financial Condition
Total investments	1,980,690	484,969
Assets	2,094,008	490,246
Liabilities	927,813	392,347
Total equity	1,166,195	97,899
Statement of Operations
Total revenues	8,164	23,910	2,656
Expenses	(64,684)	(11,927)	(5,585)
Net realized and unrealized gains (losses) on investments	186,356	(24,758)	2,324
Income tax expense	(11)	0	0
Net income	$ 129,825	$ (12,775)	$ (605)

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Summary of Investment Holdings [Line Items]
Equity method investments net gains	$ 21.7	$ 114.9	$ 22.5
Consolidated Funds
Summary of Investment Holdings [Line Items]
Percent of total assets	5%	5%

INVESTMENTS - Investments of th

INVESTMENTS - Investments of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Investments
Total investments, at fair value	$ 13,204,633	$ 12,816,678
Fixed income investments:
Investments
Total investments, at fair value	$ 11,080,865	$ 11,768,099
Percentage of total investments	84%	91.80%
Fixed income investments: | Bonds
Investments
Total investments, at fair value	$ 786,961	$ 857,125
Percentage of total investments	6%	6.70%
Fixed income investments: | Loans
Investments
Total investments, at fair value	$ 9,280,522	$ 9,910,689
Percentage of total investments	70.30%	77.30%
Fixed income investments: | Investments held in trust account
Investments
Total investments, at fair value	$ 1,013,382	$ 1,000,285
Percentage of total investments	7.70%	7.80%
Equity securities
Investments
Total investments, at fair value	$ 731,599	$ 340,272
Percentage of total investments	5.50%	2.70%
Partnership interests
Investments
Total investments, at fair value	$ 1,392,169	$ 708,307
Percentage of total investments	10.50%	5.50%

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Minimum
FAIR VALUE
Right to withdraw period	1 month
Maximum
FAIR VALUE
Right to withdraw period	3 years
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 11,080,865	$ 11,768,099
Common stock and other equity securities	731,599	340,272
Partnership interests	1,392,169	708,307
Total investments, at fair value	13,204,633	12,816,678
Total assets, at fair value	13,207,533	12,816,678
Liabilities, at fair value
Derivative liabilities	(15,824)	(20,927)
Loan obligations of CLOs	(10,701,720)	(10,657,661)
Total liabilities, at fair value	$ (10,717,544)	(10,678,588)
Derivative liability, statement of financial position	Liabilities
Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	$ 2,900
Liabilities, at fair value
Derivative liabilities	(2,942)
Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	(9,326)	(17,822)
Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	(3,556)	(3,105)
Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	786,961	857,125
Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,280,522	9,910,689
Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	1,013,382	1,000,285
Level I  | Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	1,013,382	1,000,285
Common stock and other equity securities	719	956
Partnership interests	0	0
Total investments, at fair value	1,014,101
Total assets, at fair value	1,014,101	1,001,241
Liabilities, at fair value
Derivative liabilities	(9,326)	(17,822)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(9,326)	(17,822)
Level I  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Level I  | Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	(9,326)	(17,822)
Level I  | Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level I  | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level I  | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level I  | Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	1,013,382	1,000,285
Level II  | Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	9,197,815	10,024,862
Common stock and other equity securities	0	133
Partnership interests	0	0
Total investments, at fair value	9,197,815
Total assets, at fair value	9,200,715	10,024,995
Liabilities, at fair value
Derivative liabilities	(2,942)	0
Loan obligations of CLOs	(10,701,720)	(10,657,661)
Total liabilities, at fair value	(10,704,662)	(10,657,661)
Level II  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	2,900
Liabilities, at fair value
Derivative liabilities	(2,942)
Level II  | Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	0	0
Level II  | Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level II  | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	534,137	525,393
Level II  | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	8,663,678	9,499,469
Level II  | Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level III  | Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	869,668	742,952
Common stock and other equity securities	730,880	339,183
Partnership interests	368,655	238,673
Total investments, at fair value	1,969,203
Total assets, at fair value	1,969,203	1,320,808
Liabilities, at fair value
Derivative liabilities	(3,556)	(3,105)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(3,556)	(3,105)
Level III  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Level III  | Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	0	0
Level III  | Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	(3,556)	(3,105)
Level III  | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	252,824	331,732
Level III  | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	616,844	411,220
Level III  | Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Investments Measured at NAV | Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income		0
Common stock and other equity securities	0	0
Partnership interests	1,023,514	469,634
Total investments, at fair value	1,023,514
Total assets, at fair value	1,023,514	469,634
Liabilities, at fair value
Derivative liabilities	0	0
Loan obligations of CLOs	0	0
Total liabilities, at fair value	0	0
Investments Measured at NAV | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Investments Measured at NAV | Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	0	0
Investments Measured at NAV | Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Investments Measured at NAV | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Investments Measured at NAV | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Investments Measured at NAV | Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	198,807	110,389
Partnership interests	1,385	8,591
Total investments, at fair value	277,126	171,377
Total assets, at fair value	281,299	177,059
Liabilities, at fair value
Derivative liabilities		(328)
Contingent consideration		(57,435)
Total liabilities, at fair value	(3,423)	(57,763)
Ares Management L.P | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	4,173
Liabilities, at fair value
Derivative liabilities	(3,423)
Ares Management L.P | Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		5,682
Ares Management L.P | Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	76,934	52,397
Ares Management L.P | Level I
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	0	0
Total assets, at fair value	0	0
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration		0
Total liabilities, at fair value	0	0
Ares Management L.P | Level I  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P | Level I  | Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Ares Management L.P | Level I  | Collateralized loan obligations and other fixed income
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	77,022	1,440
Partnership interests	0	0
Total investments, at fair value	77,022	1,440
Total assets, at fair value	81,195	7,122
Liabilities, at fair value
Derivative liabilities		(328)
Contingent consideration		0
Total liabilities, at fair value	(3,423)	(328)
Ares Management L.P | Level II  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	4,173
Liabilities, at fair value
Derivative liabilities	(3,423)
Ares Management L.P | Level II  | Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		5,682
Ares Management L.P | Level II  | Collateralized loan obligations and other fixed income
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	121,785	108,949
Partnership interests	0	2,575
Total investments, at fair value	198,719	163,921
Total assets, at fair value	198,719	163,921
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration		(57,435)
Total liabilities, at fair value	0	(57,435)
Ares Management L.P | Level III  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P | Level III  | Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Ares Management L.P | Level III  | Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	76,934	52,397
Ares Management L.P | Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	1,385	6,016
Total investments, at fair value	1,385	6,016
Total assets, at fair value	1,385	6,016
Liabilities, at fair value
Derivative liabilities		0
Contingent consideration		0
Total liabilities, at fair value	0	0
Ares Management L.P | Investments Measured at NAV | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0
Liabilities, at fair value
Derivative liabilities	0
Ares Management L.P | Investments Measured at NAV | Derivatives-foreign currency forward contracts and interest rate swaps
Assets, at fair value
Derivatives-foreign currency forward contracts		0
Ares Management L.P | Investments Measured at NAV | Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 0	$ 0

FAIR VALUE - Changes in Fair Va

FAIR VALUE - Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,317,703	$ 996,266
Transfer in due to changes in consolidation		49,483
Transfer in	278,423	62,040
Transfer out	(202,333)	(214,939)
Purchases	1,115,434	1,038,460
Sales/settlements	(620,885)	(558,884)
Amortized discounts/premiums	1,605	1,683
Realized and unrealized appreciation(depreciation), net	75,700	42,560
Balance, end of period	1,965,647	1,317,703
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ 45,323	36,727
Level III Liabilities of the Company
Fair value recurring basis unobservable input reconciliation asset gain loss statement of other comprehensive income extensible list not disclosed	Net realized and unrealized gains (losses) on investments
Fair value, asset, recurring basis, unobservable input reconciliation, asset, gain (loss), statement of other comprehensive income or comprehensive income	Net realized and unrealized gains (losses) on investments
Consolidated Funds  | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 339,183	221,043
Transfer in due to changes in consolidation		157
Transfer in	0	2,195
Transfer out	0	(33)
Purchases	323,699	118,963
Sales/settlements	(31,932)	(1,180)
Amortized discounts/premiums	13	0
Realized and unrealized appreciation(depreciation), net	99,917	(1,648)
Balance, end of period	730,880	339,183
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	70,591	(848)
Consolidated Funds  | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	742,952	542,306
Transfer in due to changes in consolidation		49,326
Transfer in	184,037	59,845
Transfer out	(202,333)	(214,906)
Purchases	732,477	904,497
Sales/settlements	(536,125)	(512,505)
Amortized discounts/premiums	1,592	1,683
Realized and unrealized appreciation(depreciation), net	(52,932)	11,358
Balance, end of period	869,668	742,952
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(54,058)	3,886
Consolidated Funds  | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	238,673	231,857
Transfer in due to changes in consolidation		0
Transfer in	94,386	0
Transfer out	0	0
Purchases	59,258	15,000
Sales/settlements	(52,828)	(45,500)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation(depreciation), net	29,166	37,316
Balance, end of period	368,655	238,673
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	29,166	37,316
Consolidated Funds  | Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(3,105)	1,060
Transfer in due to changes in consolidation		0
Transfer in	0	0
Transfer out	0	0
Purchases	0	0
Sales/settlements	0	301
Amortized discounts/premiums	0	0
Realized and unrealized appreciation(depreciation), net	(451)	(4,466)
Balance, end of period	(3,556)	(3,105)
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(376)	(3,627)
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	106,486	144,336
Transfer in due to changes in consolidation	1,491	(7,623)
Established in connection with acquisition		(34,200)
Purchases	33,286	20,967
Sales/settlements	53,978	(13,290)
Change in fair value	(1,438)	(23,235)
Realized and unrealized appreciation(depreciation), net	4,916	4,285
Balance, end of period	198,719	106,486
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	7,018	(20,401)
Ares Management L.P | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	108,949	88,412
Transfer in due to changes in consolidation	1,491	0
Established in connection with acquisition		0
Purchases	894	19,278
Sales/settlements	68	0
Change in fair value	0	0
Realized and unrealized appreciation(depreciation), net	10,383	1,259
Balance, end of period	121,785	108,949
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	12,448	1,259
Ares Management L.P | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	52,397	53,349
Transfer in due to changes in consolidation	0	(7,623)
Established in connection with acquisition		0
Purchases	32,392	1,689
Sales/settlements	(2,425)	(13,290)
Change in fair value	0	0
Realized and unrealized appreciation(depreciation), net	(5,430)	3,026
Balance, end of period	76,934	52,397
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(5,430)	1,575
Ares Management L.P | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	2,575	2,575
Transfer in due to changes in consolidation	0	0
Established in connection with acquisition		0
Purchases	0	0
Sales/settlements	(2,538)	0
Change in fair value	0	0
Realized and unrealized appreciation(depreciation), net	(37)	0
Balance, end of period	0	2,575
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	0	0
Ares Management L.P | Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period	(57,435)	0
Transfer in due to changes in consolidation	0	0
Established in connection with acquisition		(34,200)
Purchases	0	0
Sales/settlements	58,873	0
Change in fair value	(1,438)	(23,235)
Realized and unrealized appreciation (depreciation), net	0	0
Balance, end of period	0	(57,435)
Change in net unrealized appreciation and fair value included in earnings related to financial liabilities still held at the reporting date	$ 0	$ (23,235)

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) $ in Thousands	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Consolidated Funds
Assets
Equity securities	$ 731,599	$ 340,272
Partnership interests	1,392,169	708,307
Collateralized loan obligations	10,701,720	10,657,661
Other fixed income	11,080,865	11,768,099
Total assets, at fair value	13,207,533	12,816,678
Liabilities
Derivative instruments	(15,824)	(20,927)
Total liabilities, at fair value	(10,717,544)	(10,678,588)
Consolidated Funds  | Level III
Assets
Equity securities	730,880	339,183
Partnership interests	368,655	238,673
Collateralized loan obligations	0	0
Other fixed income	869,668	742,952
Total assets, at fair value	1,969,203	1,320,808
Liabilities
Derivative instruments	(3,556)	(3,105)
Total liabilities, at fair value	(3,556)	(3,105)
Consolidated Funds  | Level III  | Market approach
Assets
Equity securities		1,261
Other fixed income	125,612
Consolidated Funds  | Level III  | Market approach | Multiple of book value
Assets
Equity securities	$ 290,258	$ 140,185
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Minimum
Significant Unobservable Input(s)
Equity securities	1	1
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Maximum
Significant Unobservable Input(s)
Equity securities	1.2	1.2
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Weighted Average
Significant Unobservable Input(s)
Equity securities	1.2	1.1
Consolidated Funds  | Level III  | Market approach | Net income multiple
Significant Unobservable Input(s)
Equity securities	30
Consolidated Funds  | Level III  | Market approach | Net income multiple | Equity Securities One
Assets
Equity securities	$ 36,681
Consolidated Funds  | Level III  | Market approach | Net income multiple | Weighted Average
Significant Unobservable Input(s)
Equity securities	30
Consolidated Funds  | Level III  | Market approach | EBITDA multiple
Assets
Equity securities	$ 2,064
Other fixed income	$ 4,479
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum
Significant Unobservable Input(s)
Equity securities	6.3	1
Fixed income investments	8
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum
Significant Unobservable Input(s)
Equity securities	31	64.4
Fixed income investments	9
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average
Significant Unobservable Input(s)
Equity securities	13.6	17.5
Fixed income investments	8.5
Consolidated Funds  | Level III  | Market approach | Yield | Minimum
Significant Unobservable Input(s)
Fixed income investments	0.066
Consolidated Funds  | Level III  | Market approach | Yield | Maximum
Significant Unobservable Input(s)
Fixed income investments	0.217
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average
Significant Unobservable Input(s)
Fixed income investments	0.128
Consolidated Funds  | Level III  | Transaction price
Assets
Equity securities		$ 74,041
Other fixed income	$ 6,155
Consolidated Funds  | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Equity securities		11
Other fixed income	731,708	614,754
Liabilities
Derivative instruments	(3,556)
Consolidated Funds  | Level III  | Other
Assets
Equity securities	648
Other fixed income	1,714
Consolidated Funds  | Level III  | Discounted cash flow
Assets
Equity securities	401,229	123,685
Partnership interests	$ 368,655	$ 238,673
Consolidated Funds  | Level III  | Discounted cash flow | Discount rates
Significant Unobservable Input(s)
Equity securities		0.200
Partnership interest		0.234
Consolidated Funds  | Level III  | Discounted cash flow | Discount rates | Minimum
Significant Unobservable Input(s)
Equity securities	0.080
Partnership interest	0.103
Consolidated Funds  | Level III  | Discounted cash flow | Discount rates | Maximum
Significant Unobservable Input(s)
Equity securities	0.180
Partnership interest	0.220
Consolidated Funds  | Level III  | Discounted cash flow | Discount rates | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.120	0.200
Partnership interest	0.189	0.234
Consolidated Funds  | Level III  | Income approach
Assets
Other fixed income		$ 128,198
Consolidated Funds  | Level III  | Income approach | Yield | Minimum
Significant Unobservable Input(s)
Fixed income investments		3.5
Consolidated Funds  | Level III  | Income approach | Yield | Maximum
Significant Unobservable Input(s)
Fixed income investments		16.2
Consolidated Funds  | Level III  | Income approach | Yield | Weighted Average
Significant Unobservable Input(s)
Fixed income investments		6.7
Ares Management L.P
Assets
Equity securities	$ 198,807	$ 110,389
Partnership interests	1,385	8,591
Total assets, at fair value	281,299	177,059
Liabilities
Contingent consideration		(57,435)
Derivative instruments		(328)
Total liabilities, at fair value	(3,423)	(57,763)
Ares Management L.P | Level III
Assets
Equity securities	121,785	108,949
Partnership interests	0	2,575
Total assets, at fair value	198,719	163,921
Liabilities
Contingent consideration		(57,435)
Derivative instruments		0
Total liabilities, at fair value	0	(57,435)
Ares Management L.P | Level III  | Market approach
Assets
Equity securities		$ 43,649
Ares Management L.P | Level III  | Market approach | Equity Securities One
Assets
Equity securities	62,129
Ares Management L.P | Level III  | Market approach | Equity Securities Two
Assets
Equity securities	$ 44,166
Ares Management L.P | Level III  | Market approach | Multiple of book value
Significant Unobservable Input(s)
Equity securities		1.4
Ares Management L.P | Level III  | Market approach | Multiple of book value | Equity Securities One
Significant Unobservable Input(s)
Equity securities	3.2
Ares Management L.P | Level III  | Market approach | Multiple of book value | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	1.3
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average
Significant Unobservable Input(s)
Equity securities		1.4
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One
Significant Unobservable Input(s)
Equity securities	3.2
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	1.3
Ares Management L.P | Level III  | Transaction price
Assets
Equity securities	$ 15,490	$ 14,610
Other fixed income	30,189
Ares Management L.P | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	25,163	30,815
Ares Management L.P | Level III  | Other
Assets
Partnership interests		2,575
Other fixed income	$ 21,582	21,582
Liabilities
Contingent consideration		(47,873)
Ares Management L.P | Level III  | Discounted cash flow
Assets
Equity securities		$ 50,690
Ares Management L.P | Level III  | Discounted cash flow | Discount rates | Minimum
Significant Unobservable Input(s)
Equity securities		0.140
Ares Management L.P | Level III  | Discounted cash flow | Discount rates | Maximum
Significant Unobservable Input(s)
Equity securities		0.200
Ares Management L.P | Level III  | Discounted cash flow | Discount rates | Weighted Average
Significant Unobservable Input(s)
Equity securities		0.143
Ares Management L.P | Level III  | Monte Carlo simulation
Liabilities
Contingent consideration		$ (9,562)
Ares Management L.P | Level III  | Monte Carlo simulation | Discount rates
Significant Unobservable Input(s)
Contingent consideration		8.5
Ares Management L.P | Level III  | Monte Carlo simulation | Discount rates | Weighted Average
Significant Unobservable Input(s)
Contingent consideration		0.085
Ares Management L.P | Level III  | Monte Carlo simulation | Volatility
Significant Unobservable Input(s)
Contingent consideration		0.180
Ares Management L.P | Level III  | Monte Carlo simulation | Volatility | Weighted Average
Significant Unobservable Input(s)
Contingent consideration		0.180

FAIR VALUE - Investments Using

FAIR VALUE - Investments Using NAV per Share (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Consolidated Funds
FAIR VALUE
Fair value	$ 1,392,169,000	$ 708,307,000
Investments Measured at NAV | Consolidated Funds
FAIR VALUE
Fair value	1,023,514,000	469,634,000
Investments Measured at NAV | Non-core investments
FAIR VALUE
Fair value	1,400,000	6,000,000
Unfunded commitments	0	0
Investments Measured at NAV | Non-core investments | Consolidated Funds
FAIR VALUE
Fair value	1,023,500,000	469,600,000
Unfunded commitments	$ 869,000,000	$ 1,200,000,000

DEBT - Debt Obligations (Detail

DEBT - Debt Obligations (Details) - Ares Management L.P - USD ($)	1 Months Ended				12 Months Ended
	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Dec. 31, 2022	Jul. 06, 2022	Mar. 31, 2022	Mar. 30, 2022	Dec. 31, 2021
DEBT
Carrying Value					$ 2,273,854,000				$ 1,503,709,000
Credit Facility
DEBT
Carrying Value					$ 700,000,000				$ 415,000,000
Interest Rate					5.37%				1.25%
Maximum borrowing capacity						$ 1,325,000,000	$ 1,275,000,000	$ 1,090,000,000
Accordion feature							$ 375,000,000
Unused commitment fees					0.10%
Interest rate					0%
Credit Facility | SOFR
DEBT
Interest rate spread					1%
Senior Notes 2024
DEBT
Original Borrowing Amount					$ 250,000,000
Carrying Value					$ 248,693,000				$ 247,979,000
Interest Rate					4.21%				4.21%
Debt issuance rate				98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount					$ 400,000,000
Carrying Value					$ 396,602,000				$ 396,156,000
Interest Rate					3.28%				3.28%
Debt issuance rate			99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount					$ 500,000,000
Carrying Value					$ 483,802,000				$ 0
Interest Rate					3.77%				0%
Debt issuance rate	97.78%
Subordinated Notes 2051
DEBT
Original Borrowing Amount					$ 450,000,000
Carrying Value					$ 444,757,000				$ 444,574,000
Interest Rate					4.13%				4.13%
Interest rate		4.125%
Debt term		5 years
Subordinated Notes 2051 | US Treasury
DEBT
Interest rate		3.237%

DEBT - Debt Issuance Costs (Det

DEBT - Debt Issuance Costs (Details) - Ares Management L.P - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 5,274	$ 5,232
Debt issuance costs incurred	1,516	1,282
Amortization of debt issuance costs	(1,280)	(1,240)
Unamortized debt issuance costs, ending balance	5,510	5,274
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	3,689	4,283
Debt issuance costs incurred	5,482	0
Amortization of debt issuance costs	(778)	(594)
Unamortized debt issuance costs, ending balance	8,393	3,689
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,426	0
Debt issuance costs incurred	0	5,518
Amortization of debt issuance costs	(183)	(92)
Unamortized debt issuance costs, ending balance	$ 5,243	$ 5,426

DEBT - Loan Obligations of the

DEBT - Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds  - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
DEBT
Fair Value of Loan Obligations	$ 10,701,720	$ 10,657,661
Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	10,701,720	10,657,661
Senior secured notes | Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 10,142,545	$ 10,016,638
Weighted  Average Interest Rate	4.84%	1.93%
Weighted  Average Remaining Maturity  (in years)	8 years 9 months 18 days	9 years 4 months 24 days
Subordinated notes | Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 559,175	$ 641,023
Weighted  Average Remaining Maturity  (in years)	7 years 9 months 18 days	8 years 1 month 6 days

DEBT - Credit Facilities of the

DEBT - Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds  - USD ($)	Dec. 31, 2022	Dec. 31, 2021
DEBT
Total borrowings of Consolidated Funds	$ 168,046,000	$ 127,771,000
Credit Facility Maturing 10/13/2022
DEBT
Total Capacity	112,817,000
Outstanding loan	$ 77,496,000	$ 71,500,000
Effective Rate	5.89%	1.59%
Credit Facility Maturing 7/1/2023
DEBT
Total Capacity	$ 18,000,000
Outstanding loan	$ 15,550,000	$ 16,271,000
Effective Rate	6.25%	1.73%
Credit Facility Maturing 7/23/2024
DEBT
Total Capacity	$ 100,000,000
Outstanding loan	$ 75,000,000	$ 40,000,000
Effective Rate	7.28%	309%
Credit Facility Maturing 9/24/2026
DEBT
Total Capacity	$ 150,000,000
Outstanding loan	0	$ 0
Credit Facility Maturing 9/12/2027
DEBT
Total Capacity	54,000,000
Outstanding loan	$ 0

OTHER ASSETS - Components of Ot

OTHER ASSETS - Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Consolidated Funds
Other Assets [Line Items]
Dividends and interest receivable	$ 60,321	$ 36,350
Income tax and other receivables	5,249	3,080
Total other assets	65,570	39,430
Ares Management L.P
Other Assets [Line Items]
Accounts and interest receivable	120,903	159,757
Fixed assets, net	79,678	71,260
Deferred tax assets, net	68,933	39,398
Other assets	111,623	64,340
Total other assets	$ 381,137	$ 334,755

OTHER ASSETS - Fixed Assets, Ne

OTHER ASSETS - Fixed Assets, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment [Line Items]
Depreciation	$ 26,200	$ 22,100	$ 19,000
Fully depreciated fixed assets disposed	10,000
Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	183,567	159,688
Less: accumulated depreciation	(103,889)	(88,428)
Fixed assets, net	79,678	71,260
Office and computer equipment | Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	41,547	31,963
Internal-use software | Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	57,200	53,048
Leasehold improvements | Ares Management L.P
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 84,820	$ 74,677

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) infrastructureDebtFund	Dec. 31, 2021 USD ($)	Feb. 10, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 677,900,000	$ 677,300,000
Maximum exposure from guarantees	$ 31,500,000	209,700,000
Percent of the contingent liability requiring continued service	96%
Percent of the contingent liability not requiring continued service	4%
Recognition period	4 years
Performance Income
Carried interest, contingent repayment obligations	$ 0	0
Performance income
Performance Income
Performance income subject to potential clawback provision	128,400,000	194,600,000
Performance income subject to potential claw back provision that are reimbursable by professionals	101,000,000	153,300,000
Ares Management L.P
COMMITMENTS AND CONTINGENCIES
Accrued compensation		57,435,000
Ares Management L.P | Contingent Consideration
COMMITMENTS AND CONTINGENCIES
Other expense	1,400,000	4,000,000
Landmark Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	300,000,000
Compensation expense	36,700,000
Black Creek Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	275,000,000
Compensation expense	218,100,000	45,900,000
Accrued compensation	248,000,000	45,900,000
Black Creek Acquisition | Contingency Subject To Continued Service Requirement
COMMITMENTS AND CONTINGENCIES
Fair value of contingent liability		229,500,000
Black Creek Acquisition | Contingency Not Subject To Continued Service Requirement
COMMITMENTS AND CONTINGENCIES
Fair value of contingent liability		$ 9,600,000
Infrastructure Debt Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	15,000,000		$ 48,500,000
Compensation expense	$ 2,200,000
Business combination, percentage	15%
Business combination equity awards percentage	85%
Estimated fair value of the contingent consideration liability	$ 13,500,000
Infrastructure Debt Acquisition | Revenue Target
COMMITMENTS AND CONTINGENCIES
Compensation expense	$ 7,000,000
Number of infrastructure debt funds revenue targets achieved | infrastructureDebtFund	1
Contingent liability recognized	$ 21,800,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Leases: Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 190,616
Finance lease obligations	330
Accumulated amortization	$ 2,100	$ 1,600
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets	Other assets
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Ares Management L.P
Lessee, Lease, Description [Line Items]
Operating lease assets	$ 155,950	$ 167,652
Finance lease assets	400	1,011
Total lease assets	156,350	168,663
Operating lease liabilities	190,616	205,075
Finance lease obligations	330	936
Total lease liabilities	$ 190,946	$ 206,011
Minimum
Lessee, Lease, Description [Line Items]
Lease term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term	11 years

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Leases: Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Operating Leases
2023	$ 46,532
2024	42,716
2025	37,242
2026	25,198
2027	15,864
Thereafter	36,077
Total future payments	203,629
Less: interest	13,013
Operating lease liabilities	190,616
Finance Leases
2023	167
2024	162
2025	11
2026	0
2027	0
Thereafter	0
Total future payments	340
Less: interest	10
Total lease liabilities	$ 330

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Leases: Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 42,746	$ 38,135	$ 31,713
Amortization of finance lease assets	633	561	469
Interest on finance lease liabilities	14	27	43
Total lease expense	$ 43,393	$ 38,723	$ 32,225

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Leases: Other Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 46,558	$ 37,500	$ 32,121
Operating cash flows for finance leases	21	39	53
Financing cash flows for finance leases	593	535	460
Leased assets obtained in exchange for new finance lease liabilities	13	189	0
Leased assets obtained in exchange for new operating lease liabilities	$ 43,331	$ 57,624	$ 36,935

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - Leases: Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Weighted-average remaining lease terms (in years):
Operating leases	5 years 6 months	6 years
Finance leases	2 years 1 month 6 days	1 year 9 months 18 days
Weighted-average discount rate:
Operating leases	2.72%	1.81%
Finance leases	2.99%	2.94%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 15,789	$ 7,234
Due to affiliates:
Due to affiliates	4,037	0
Consolidated Funds  | Affiliated entity
Due from affiliates:
Due from affiliates	15,789	7,234
Due to affiliates:
Due to affiliates	4,037	0
Amounts due to portfolio companies and non-consolidated funds	4,037	0
Ares Management L.P
Due from affiliates:
Due from affiliates	758,472	670,383
Due to affiliates:
Due to affiliates	252,798	198,553
Ares Management L.P | Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds	456,314	372,249
Incentive fee receivable from non-consolidated funds	169,979	211,243
Payments made on behalf of and amounts due from non-consolidated funds and employees	132,179	86,891
Due from affiliates	758,472	670,383
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	8,701	10,160
Tax receivable agreement liability	118,466	100,542
Undistributed carried interest and incentive fees	121,332	66,494
Payments made by non-consolidated funds on behalf of and payable by the Company	4,299	21,357
Due to affiliates	$ 252,798	$ 198,553

INCOME TAXES - Provision for In

INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Income tax expense	$ 64,516	$ 64,754	$ 39,818
Deferred:
Total deferred income tax expense (benefit)	7,375	82,631	15,175
Total:
Income tax expense (benefit)	71,891	147,385	54,993
Consolidated Funds
Current:
Foreign income tax expense	331	88	118
Income tax expense	331	88	118
Ares Management L.P
Current:
U.S. federal income tax expense	42,452	40,861	23,845
State and local income tax expense	7,614	12,121	6,714
Foreign income tax expense	14,119	11,684	9,141
Income tax expense	64,185	64,666	39,700
Deferred:
U.S. federal income tax expense	10,660	68,201	12,451
State and local income tax expense	2,131	13,040	1,952
Foreign income tax expense (benefit)	(5,416)	1,390	772
Total deferred income tax expense (benefit)	7,375	82,631	15,175
Total:
U.S. federal income tax expense	53,112	109,062	36,296
State and local income tax expense	9,745	25,161	8,666
Foreign income tax expense	8,703	13,074	9,913
Income tax expense (benefit)	$ 71,560	$ 147,297	$ 54,875

INCOME TAXES - Effective Income

INCOME TAXES - Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	21%	21%	21%
Income passed through to non-controlling interests	(8.90%)	(9.20%)	(8.20%)
State and local taxes, net of federal benefit	2.20%	1.90%	1.80%
Foreign taxes	(1.40%)	(0.10%)	0.30%
Permanent items	0.60%	(0.30%)	(0.50%)
Disallowed executive compensation	0.10%	0.70%	0%
Other, net	0.30%	(0.20%)	(0.20%)
Valuation allowance	0.20%	0%	0.30%
Total effective rate	14.10%	13.80%	14.50%

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred tax assets
Valuation allowance	$ (2,200)	$ (1,000)
Ares Management L.P
Deferred tax assets
Amortizable tax basis for AOG Unit exchanges	124,217	108,644
Net operating losses and capital loss carryforwards	2,192	1,292
Other, net	6,089	6,101
Total gross deferred tax assets	132,498	116,037
Valuation allowance	(2,155)	(1,010)
Total net deferred tax assets	130,343	115,027
Deferred tax liabilities
Investment in partnerships	(61,410)	(75,629)
Total deferred tax liabilities	(61,410)	(75,629)
Deferred tax assets, net	$ 68,933	$ 39,398

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Valuation allowance	$ 2,200,000	$ 1,000,000
Unrecognized tax	$ 0	$ 0	$ 0

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities Excluded (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
AOG Units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)			115,126,565
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	132	16,599
AOG Units | AOG Units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	116,226,798

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Dec. 16, 2022	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders					$ 167,541	$ 386,748	$ 130,442
Distributions on unvested restricted units					(14,096)	(10,986)	(10,454)
Undistributed earnings allocable to participating unvested restricted units					0	(7,138)	0
Net income available to Class A and non-voting common stockholders					153,445	368,624	119,988
Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders					167,541	386,748	130,442
Distributions on unvested restricted units					(14,096)	0	0
Net income available to Class A and non-voting common stockholders					$ 153,445	$ 386,748	$ 130,442
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61	$ 0.61
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)					0	11,209,144	9,207,639
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)					0	5,199,501	5,235,423
Class A Common Stock
Basic earnings per share of Class A and non-voting common stock:
Basic weighted-average shares of Class A and non-voting common stock (in shares)					175,510,798	163,703,626	135,065,436
Basic earnings per share of Class A and non-voting common stock (in dollars per share)					$ 0.87	$ 2.24	$ 0.89
Diluted earnings per share of Class A and non-voting common stock:
Diluted weighted-average shares of Class A and non-voting common stock (in shares)					175,510,798	180,112,271	149,508,498
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)					$ 0.87	$ 2.15	$ 0.87
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)					$ 2.44	$ 1.88	$ 1.60
Non-voting Common Stock
Basic earnings per share of Class A and non-voting common stock:
Basic weighted-average shares of Class A and non-voting common stock (in shares)					175,510,798	163,703,626	135,065,436
Basic earnings per share of Class A and non-voting common stock (in dollars per share)					$ 0.87	$ 2.24	$ 0.89
Diluted earnings per share of Class A and non-voting common stock:
Diluted weighted-average shares of Class A and non-voting common stock (in shares)					175,510,798	180,112,271	149,508,498
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)					$ 0.87	$ 2.15	$ 0.87
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)					$ 2.44	$ 1.88	$ 1.60

EQUITY COMPENSATION - Equity In

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 01, 2022
Equity compensation
Equity-based compensation expense	$ 200,391	$ 237,191	$ 122,986
Restricted units
Equity compensation
Equity-based compensation expense	200,391	170,980	115,680
Restricted units with a market condition
Equity compensation
Equity-based compensation expense	0	66,211	7,263
Options
Equity compensation
Equity-based compensation expense	$ 0	$ 0	$ 43
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	44,488,640			49,293,000

EQUITY COMPENSATION - Restricte

EQUITY COMPENSATION - Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions					3 Months Ended	12 Months Ended
	Dec. 16, 2022	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity compensation
Dividend declared and paid per class A common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61	$ 0.61
Distribution equivalents made to holders						$ 31.8
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)						3,100,000	4,500,000
Dividend declared and paid per class A common stock (in dollars per share)						$ 2.44	$ 1.88	$ 1.60
Restricted units
Equity compensation
Shares delivered in period (in shares)						5,500,000	8,300,000
Restricted Units
Balance at the beginning of the period (in shares)					18,323,036	18,323,036
Granted (in shares)						4,142,621
Vested (in shares)						(5,524,397)
Forfeited (in shares)						(278,261)
Balance at the end of the period (in shares)						16,662,999	18,323,036
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share)					$ 36.43	$ 36.43
Granted (in dollars per share)						74.62
Vested (in dollars per share)						27.16
Forfeited (in dollars per share)						50.95
Balance at the end of the period (in dollars per share)						$ 48.76	$ 36.43
Unrecognized compensation expenses						$ 545.4
Weighted average period of compensation expense expected to be recognized						3 years 4 months 24 days
Restricted units | Senior executives
Equity compensation
Annual award vesting percentage					25%

EQUITY COMPENSATION - Summary O

EQUITY COMPENSATION - Summary Of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Options
Exercised (in shares)	(1,123,509)
Aggregate Intrinsic Value
Net cash proceeds from exercises of stock options	$ 21,200
Options
Equity compensation
Shares purchased (in shares)	1
Term of option	10 years
Options
Balance at the beginning of the period (in shares)	6,306,282
Granted (in shares)	0
Exercised (in shares)	(1,136,063)
Expired (in shares)	0
Forfeited (in shares)	0
Balance at the end of the period (in shares)	5,170,219	6,306,282
Options, Exercisable at the end of the period (in shares)	5,170,219
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per shares)	$ 19
Granted (in dollars per shares)	0
Exercised (in dollars per shares)	19
Expired (in dollars per shares)	0
Forfeited (in dollars per shares)	0
Balance at the end of the period (in dollars per shares)	19	$ 19
Weighted average exercise price, Exercisable at the end of the period (in dollars per shares)	$ 19
Weighted Average Remaining Life (in years)
Weighted average remaining life	1 year 3 months 18 days	2 years 3 months 18 days
Exercisable at the end of the period	1 year 3 months 18 days
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 255,616	$ 392,692
Exercisable	255,616
Tax benefits of exercises	$ 9,100

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2020 shares
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	290,451,548
Stock option exercises, net of shares withheld for tax (in shares)	1,123,509
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	3,068,313
Ending balance (in shares)	294,614,235	290,451,548
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	0
Redemptions of AOG Units (in shares)	(25,000)
Cancellation of AOG Units (in shares)	(4,135)
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of votes per share | vote	1
Authorized amount | $	$ 150
Shares repurchased (in shares)	0	0	0
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	168,351,305
Stock option exercises, net of shares withheld for tax (in shares)	1,123,509
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	3,068,313
Ending balance (in shares)	173,892,036	168,351,305
Class A Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	1,348,909
Redemptions of AOG Units (in shares)	0
Cancellation of AOG Units (in shares)	0
Non-voting Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	3,489,911
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	3,489,911	3,489,911
Non-voting Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	0
Redemptions of AOG Units (in shares)	0
Cancellation of AOG Units (in shares)	0
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number votes per share, mulitplier | vote	4
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	1,000
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	1,000	1,000
Class B Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	0
Redemptions of AOG Units (in shares)	0
Cancellation of AOG Units (in shares)	0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	118,609,332
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	117,231,288	118,609,332
Class C Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Exchanges of AOG units (in shares)	(1,348,909)
Redemptions of AOG Units (in shares)	(25,000)
Cancellation of AOG Units (in shares)	(4,135)

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Stock [Line Items]
AOG units (in shares)	294,613,235	290,450,548
Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	100%	100%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG units (in shares)	117,231,288	118,609,332
Ares Owners Holdings, L.P. | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	39.79%	40.84%
Daily Average Ownership	40.24%	41.52%	46.02%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	177,381,947	171,841,216
Ares Operating Group | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	60.21%	59.16%
Daily Average Ownership	59.76%	58.48%	53.98%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		$ 96,008	$ 100,366
Net loss	$ (976)	(851)	(1,341)
Currency translation adjustment, net of tax	1,538	(426)	(627)
Distribution		(1,887)	(2,390)
Equity compensation		285
Ending balance	93,129	93,129	96,008
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance		1,000,000	0
Change in redemption value		13,282	1,000,000
Ending balance	$ 1,013,282	$ 1,013,282	$ 1,000,000

SEGMENT REPORTING - Operating S

SEGMENT REPORTING - Operating Segments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment reporting
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Compensation and benefits	(1,498,590)	(1,162,633)	(767,252)
General, administrative and other expenses	(695,256)	(444,178)	(258,999)
Total
Segment reporting
Compensation and benefits	(1,172,504)	(894,842)	(626,172)
General, administrative and other expenses	(319,661)	(215,777)	(172,097)
Fee related earnings	994,350	712,308	431,231
Performance income—realized	418,021	474,427	524,229
Performance related compensation—realized	(274,541)	(328,583)	(399,462)
Realized net performance income	143,480	145,844	124,767
Investment income (loss)—realized	14,449	15,967	24,252
Interest and other investment income (expense)—realized	50,104	45,578	26,614
Interest expense	(71,356)	(36,760)	(24,908)
Realized net investment income (loss)	(6,803)	24,785	25,958
Realized income	1,131,027	882,937	581,956
Operating segment
Segment reporting
Fee related earnings	(1,442,234)	(1,031,200)	(667,988)
Performance income—realized	418,021	474,427	524,229
Performance related compensation—realized	(274,541)	(328,583)	(399,462)
Realized net investment income (loss)	(4,494)	25,095	33,730
Realized income	(1,581,220)	(1,202,139)	(826,485)
OMG
Segment reporting
Total revenues	(24,354)	(8,478)	0
Compensation and benefits	(317,396)	(226,725)	(155,979)
General, administrative and other expenses	(155,017)	(100,645)	(80,778)
Fee related earnings	(447,884)	(318,892)	(236,757)
Performance income—realized	0	0	0
Performance related compensation—realized	0	0	0
Realized net performance income	0	0	0
Investment income (loss)—realized	(37)	0	(5,698)
Interest and other investment income (expense)—realized	(1,588)	226	(739)
Interest expense	(684)	(536)	(1,335)
Realized net investment income (loss)	(2,309)	(310)	(7,772)
Realized income	(450,193)	(319,202)	(244,529)
Ares Management L.P
Segment reporting
Total revenues	3,055,443	4,212,091	1,764,046
Ares Management L.P | Operating segment
Segment reporting
Compensation and benefits	(855,108)	(668,117)	(470,193)
General, administrative and other expenses	(164,644)	(115,132)	(91,319)
Fee related earnings	1,442,234	1,031,200	667,988
Performance income—realized	418,021	474,427	524,229
Performance related compensation—realized	(274,541)	(328,583)	(399,462)
Realized net performance income	143,480	145,844	124,767
Investment income (loss)—realized	14,486	15,967	29,950
Interest and other investment income (expense)—realized	51,692	45,352	27,353
Interest expense	(70,672)	(36,224)	(23,573)
Realized net investment income (loss)	(4,494)	25,095	33,730
Realized income	1,581,220	1,202,139	826,485
Ares Management L.P | Operating segment | Credit Group
Segment reporting
Compensation and benefits	(441,778)	(410,394)	(320,111)
General, administrative and other expenses	(73,945)	(54,686)	(53,997)
Fee related earnings	943,694	719,111	507,834
Performance income—realized	156,784	207,446	70,148
Performance related compensation—realized	(97,564)	(131,900)	(44,582)
Realized net performance income	59,220	75,546	25,566
Investment income (loss)—realized	7,071	1,989	(2,309)
Interest and other investment income (expense)—realized	26,567	20,377	16,314
Interest expense	(15,395)	(8,038)	(8,722)
Realized net investment income (loss)	18,243	14,328	5,283
Realized income	1,021,157	808,985	538,683
Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Compensation and benefits	(86,561)	(78,156)	(77,266)
General, administrative and other expenses	(30,697)	(21,625)	(20,460)
Fee related earnings	84,467	83,207	84,265
Performance income—realized	123,806	171,637	392,635
Performance related compensation—realized	(90,300)	(137,576)	(315,905)
Realized net performance income	33,506	34,061	76,730
Investment income (loss)—realized	3,432	(3,754)	25,018
Interest and other investment income (expense)—realized	2,546	11,514	4,027
Interest expense	(15,953)	(7,925)	(7,055)
Realized net investment income (loss)	(9,975)	(165)	21,990
Realized income	107,998	117,103	182,985
Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Compensation and benefits	(240,015)	(127,679)	(66,374)
General, administrative and other expenses	(39,739)	(24,181)	(13,936)
Fee related earnings	271,626	130,779	58,518
Performance income—realized	133,130	95,270	61,446
Performance related compensation—realized	(83,105)	(59,056)	(38,975)
Realized net performance income	50,025	36,214	22,471
Investment income (loss)—realized	3,115	17,700	7,228
Interest and other investment income (expense)—realized	9,045	7,252	6,016
Interest expense	(11,346)	(6,394)	(6,331)
Realized net investment income (loss)	814	18,558	6,913
Realized income	322,465	185,551	87,902
Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Compensation and benefits	(53,743)	(25,215)	0
General, administrative and other expenses	(12,685)	(6,862)	0
Fee related earnings	110,501	65,868	0
Performance income—realized	4,156	70	0
Performance related compensation—realized	(3,515)	(49)	0
Realized net performance income	641	21	0
Investment income (loss)—realized	0	19	0
Interest and other investment income (expense)—realized	3,683	2,261	0
Interest expense	(5,660)	(836)	0
Realized net investment income (loss)	(1,977)	1,444	0
Realized income	109,165	67,333	0
Ares Management L.P | Operating segment | Strategic Initiatives
Segment reporting
Compensation and benefits	(33,011)	(26,673)	(6,442)
General, administrative and other expenses	(7,578)	(7,778)	(2,926)
Fee related earnings	31,946	32,235	17,371
Performance income—realized	145	4	0
Performance related compensation—realized	(57)	(2)	0
Realized net performance income	88	2	0
Investment income (loss)—realized	868	13	13
Interest and other investment income (expense)—realized	9,851	3,948	996
Interest expense	(22,318)	(13,031)	(1,465)
Realized net investment income (loss)	(11,599)	(9,070)	(456)
Realized income	20,435	23,167	16,915
Management fees
Segment reporting
Total revenues	2,136,433	1,611,047	1,150,608
Management fees | Total
Segment reporting
Total revenues	2,152,528	1,635,277	1,186,565
Management fees | OMG
Segment reporting
Total revenues	0	0	0
Management fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	2,152,528	1,635,277	1,186,565
Management fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	1,355,975	1,070,608	841,138
Management fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	199,837	181,918	181,813
Management fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	347,808	218,202	137,027
Management fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	176,694	97,945	0
Management fees | Ares Management L.P | Operating segment | Strategic Initiatives
Segment reporting
Total revenues	72,214	66,604	26,587
Fee related performance revenues | Total
Segment reporting
Total revenues	239,425	137,879	22,987
Fee related performance revenues | OMG
Segment reporting
Total revenues	0	0	0
Fee related performance revenues | Ares Management L.P | Operating segment
Segment reporting
Total revenues	239,425	137,879	22,987
Fee related performance revenues | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	71,497	86,480	22,160
Fee related performance revenues | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	0	0	0
Fee related performance revenues | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	167,693	51,399	827
Fee related performance revenues | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	235	0	0
Fee related performance revenues | Ares Management L.P | Operating segment | Strategic Initiatives
Segment reporting
Total revenues	0	0	0
Other fees | Total
Segment reporting
Total revenues	94,562	49,771	19,948
Other fees | OMG
Segment reporting
Total revenues	24,529	8,478	0
Other fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	70,033	41,293	19,948
Other fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	31,945	27,103	18,644
Other fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	1,888	1,070	178
Other fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	35,879	13,038	974
Other fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	0	0	0
Other fees | Ares Management L.P | Operating segment | Strategic Initiatives
Segment reporting
Total revenues	$ 321	$ 82	$ 152

SEGMENT REPORTING - Revenue, Ex

SEGMENT REPORTING - Revenue, Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment revenues
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Total segment revenues	2,880,007	2,288,876	1,753,729
Segment expenses
Compensation and benefits	1,498,590	1,162,633	767,252
General, administrative and other expenses	695,256	444,178	258,999
Total expenses	2,749,085	3,410,083	1,450,486
Segment realized net investment income (expense)
Total other income (expense), net	204,448	263,682	65,918
Management fees
Segment revenues
Total revenues	2,136,433	1,611,047	1,150,608
Operating segment
Segment revenues
Performance income—realized	418,021	474,427	524,229
Segment expenses
Performance related compensation—realized	274,541	328,583	399,462
Ares Management L.P
Segment revenues
Total revenues	3,055,443	4,212,091	1,764,046
Ares Management L.P | Operating segment
Segment revenues
Performance income—realized	418,021	474,427	524,229
Total segment revenues	2,880,007	2,288,876	1,753,729
Segment expenses
Compensation and benefits	855,108	668,117	470,193
General, administrative and other expenses	164,644	115,132	91,319
Performance related compensation—realized	274,541	328,583	399,462
Total expenses	1,294,293	1,111,832	960,974
Segment realized net investment income (expense)
Investment income—realized	14,486	15,967	29,950
Interest and other investment income —realized	51,692	45,352	27,353
Interest expense	(70,672)	(36,224)	(23,573)
Total other income (expense), net	(4,494)	25,095	33,730
Ares Management L.P | Operating segment | Management fees
Segment revenues
Total revenues	2,152,528	1,635,277	1,186,565
Ares Management L.P | Operating segment | Fee related performance revenues
Segment revenues
Total revenues	239,425	137,879	22,987
Ares Management L.P | Operating segment | Other fees
Segment revenues
Total revenues	$ 70,033	$ 41,293	$ 19,948

SEGMENT REPORTING - Revenue Rec

SEGMENT REPORTING - Revenue Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue adjustment
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Total segment revenue	2,880,007	2,288,876	1,753,729
Ares Management L.P
Revenue adjustment
Total revenues	3,055,443	4,212,091	1,764,046
Operating segment
Revenue adjustment
Acquisition-related incentive fees	0	(47,873)	0
Operating segment | Ares Management L.P
Revenue adjustment
Performance (income) loss—unrealized	(107,153)	(1,744,056)	7,554
Total segment revenue	2,880,007	2,288,876	1,753,729
Reconciling items
Revenue adjustment
Acquisition-related incentive fees	0	(47,873)	0
Principal investment income, net of eliminations	(48,223)	(120,896)	(4,044)
Total segment revenue	(175,436)	(1,923,215)	(10,317)
Reconciling items | Non-Controlling interest | Subsidiaries
Revenue adjustment
Total segment revenue	(37,089)	(30,423)	(10,314)
Reconciling items | Performance income reclass
Revenue adjustment
Performance income reclass	(14)	1,434	(3,726)
OMG
Revenue adjustment
Total revenues	(24,354)	(8,478)	0
Management fees
Revenue adjustment
Total revenues	2,136,433	1,611,047	1,150,608
Management fees | Operating segment | Ares Management L.P
Revenue adjustment
Total revenues	2,152,528	1,635,277	1,186,565
Management fees | OMG
Revenue adjustment
Total revenues	0	0	0
Management fees | Consolidated Funds  | Eliminations
Revenue adjustment
Total segment revenue	46,324	44,896	45,268
Incentive fees
Revenue adjustment
Total revenues	301,187	332,876	37,902
Incentive fees | Consolidated Funds  | Eliminations
Revenue adjustment
Total revenues	3,980	5,458	141
Administrative, transaction and other fees
Revenue adjustment
Total revenues	147,532	95,184	41,376
Administrative, transaction and other fees | Reconciling items
Revenue adjustment
Total revenues	(69,414)	(49,223)	(36,512)
Administrative, transaction and other fees | Consolidated Funds  | Reconciling items
Revenue adjustment
Total revenues	17,013	4,483	15,824
Principal investment income
Revenue adjustment
Total revenues	12,279	99,433	28,552
Principal investment income | Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	(12,278)	(99,433)	(28,552)
Carried interest
Revenue adjustment
Total revenues	458,012	2,073,551	505,608
Carried interest | Consolidated Funds  | Eliminations
Revenue adjustment
Total revenues	$ 7,549	$ 0	$ 0

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ 2,749,085	$ 3,410,083	$ 1,450,486
Equity compensation expense	200,391	237,191	122,986
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(15,197)	(21,162)	(11,194)
Equity compensation expense	198,948	237,191	122,986
Acquisition-related compensation expense	(206,252)	(66,893)	0
Placement fee adjustment	2,088	78,883	19,329
Depreciation and amortization expense	335,083	106,705	40,662
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	1,294,293	1,111,832	960,974
Performance related compensation-unrealized	(88,502)	(1,316,205)	11,552
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	2,749,085	3,410,083	1,450,486
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(1,454,792)	(2,298,251)	(489,512)
Administrative fees	(68,255)	(49,223)	(36,512)
Acquisition and merger-related expense	(15,197)	(21,162)	(11,124)
Equity compensation expense	(200,106)	(237,191)	(122,986)
Acquisition-related compensation expense	(206,252)	(66,893)	0
Placement fee adjustment	(2,088)	(78,883)	(19,329)
Depreciation and amortization expense	(335,083)	(106,705)	(40,662)
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(30,741)	(32,133)	(13,575)
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(86,988)	(113,024)	(65,527)
Expenses of Consolidated Funds eliminated in consolidation	50,833	50,538	45,408
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ 472,413	$ 327,370	$ 236,757

SEGMENT REPORTING - Other Incom

SEGMENT REPORTING - Other Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 204,448	$ 263,682	$ 65,918
Other income, net	13,119	14,402	11,291
Total segment realized net investment income (expense)	(4,494)	25,095	33,730
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense, net	0	31,070	0
Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense, net	33,822	35,879	34,297
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	(12,834)	(52,445)	35,183
Other (income) expense, net	(1,874)	19,886	(10,207)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(4,494)	25,095	33,730
Investment (income) loss—unrealized	12,769	(58,694)	47,317
Interest and other investment (income) loss—unrealized	(25,603)	6,249	(12,134)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	204,448	263,682	65,918
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(208,942)	(238,587)	(32,188)
Principal investment income	48,223	120,896	4,044
Other (income) expense, net	1,873	(19,886)	10,277
Reconciling items | Performance income reclass
Segment Reporting, Other Significant Reconciling Item [Line Items]
Performance income reclass	14	(1,434)	3,726
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	5,991	(25,107)	556
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds added in consolidation, net	(250,144)	(256,375)	(70,994)
Eliminations | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net	(16,484)	(2,868)	(14,053)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ (14,419)	$ 1,368	$ 927

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Income Before Taxes (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Adjustments:
Equity compensation expense	$ 200,391	$ 237,191	$ 122,986
Black Creek Acquisition
Adjustments:
Performance income realized, percentage		1
Performance income realized, unconsolidated basis, percentage		0.50
Consolidated Funds
Adjustments:
Other (income) expense, net	(33,822)	$ (35,879)	(34,297)
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	119,333	120,369	28,085
Total investment income—realized	(586,529)	(437,818)	(463,652)
Operating segment
Economic net income
Income before taxes	510,806	1,065,690	379,478
Adjustments:
Depreciation and amortization expense	335,083	106,705	40,662
Equity compensation expense	198,948	237,191	122,986
Acquisition-related compensation expense	206,252	66,893	0
Acquisition-related incentive fees	0	(47,873)	0
Acquisition and merger-related expense	15,197	21,162	11,194
Placement fee adjustment	2,088	78,883	19,329
Other (income) expense, net	1,874	(19,886)	10,207
Total performance (income) loss—unrealized	(107,153)	(1,744,056)	7,554
Total performance related compensation—unrealized	88,502	1,316,205	(11,552)
Investment (income) loss—unrealized	(12,834)	(52,445)	35,183
Realized income	1,581,220	1,202,139	826,485
Total performance income—realized	(418,021)	(474,427)	(524,229)
Total performance related compensation—realized	274,541	328,583	399,462
Total investment income—realized	4,494	(25,095)	(33,730)
Fee related earnings	1,442,234	1,031,200	667,988
Operating segment | Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(119,664)	(120,457)	(28,203)
Operating segment | Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(357)	(23,397)	3,817
OMG
Adjustments:
OMG expense, net	462,478	317,524	235,830
Realized income	450,193	319,202	244,529
Total performance income—realized	0	0	0
Total performance related compensation—realized	0	0	0
Total investment income—realized	2,309	310	7,772
Fee related earnings	$ 447,884	$ 318,892	$ 236,757

CONSOLIDATION - Narrative (Deta

CONSOLIDATION - Narrative (Details) - entity	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of entities liquidated or dissolved		1
Number of entities that experienced a significant change in ownership or control	1	1

CONSOLIDATION - Variable Intere

CONSOLIDATION - Variable Interest Entities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 22,002,839	$ 21,605,164
Liabilities of consolidated VIEs	17,097,810	16,694,730
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	82,000	103,800
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests related to consolidated VIEs	119,333	120,369	$ 28,085
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	393,549	353,768
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	537,239	583,192
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	13,128,088	13,197,321
Liabilities of consolidated VIEs	11,593,867	12,018,655
Net income attributable to non-controlling interests related to consolidated VIEs	$ 105,797	$ 115,217

CONSOLIDATION - Balance Sheet (

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Assets
Intangible assets, net	$ 640,420	$ 768,818
Goodwill	999,656	787,972	$ 371,047
Total assets	22,002,839	21,605,164
Liabilities
Operating lease liabilities	190,616
Total liabilities	17,097,810	16,694,730
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	1,970,754	1,913,559
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,589,239	1,825,227
Total equity	3,798,618	3,814,426	2,471,774		$ 1,858,598
Total liabilities, redeemable interest, non-controlling interests and equity	$ 22,002,839	$ 21,605,164
Common stock, shares outstanding (in shares)	294,614,235	290,451,548
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,739	$ 1,684
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)	173,892,036	168,351,305
Common stock, shares outstanding (in shares)	173,892,036	168,351,305
Non-voting Common Stock
Stockholders’ Equity
Common stock	$ 35	$ 35
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	3,489,911
Common stock, shares outstanding (in shares)	3,489,911	3,489,911
Class B Common Stock
Stockholders’ Equity
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
Common stock	$ 1,172	$ 1,186
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)	117,231,288	118,609,332
Common stock, shares outstanding (in shares)	117,231,288	118,609,332
Eliminations
Assets
Total assets	$ (739,164)	$ (623,309)
Liabilities
Total liabilities	(300,704)	(90,638)
Commitments and contingencies
Stockholders’ Equity
Total equity	(438,460)	(532,671)
Total liabilities, redeemable interest, non-controlling interests and equity	(739,164)	(623,309)
Consolidated Funds
Assets
Cash and cash equivalents	724,641	1,049,191
Due from affiliates	15,789	7,234
Other assets	65,570	39,430
Investments held in trust account	1,013,382	1,000,285
Investments, at fair value	12,191,251	11,816,393
Receivable for securities sold	124,050	281,132
Liabilities
Accounts payable, accrued expenses and other liabilities	168,286	103,258
Due to affiliates	4,037	0
Payable for securities purchased	314,193	1,118,456
CLO loan obligations, at fair value	10,701,720	10,657,661
Fund borrowings	168,046	127,771
Redeemable interest	1,013,282	1,000,000	0
Non-controlling interests in Consolidated Funds	1,074,356	591,452
Consolidated Funds  | Reportable legal entity
Assets
Cash and cash equivalents	724,641	1,049,191
Due from affiliates	26,531	16,761
Other assets	65,570	39,430
Investments held in trust account	1,013,382	1,000,285
Investments, at fair value	12,187,392	11,812,093
Receivable for securities sold	124,050	281,132
Total assets	14,141,566	14,198,892
Liabilities
Accounts payable, accrued expenses and other liabilities	175,435	117,139
Due to affiliates	191,238	26,210
Payable for securities purchased	314,193	1,118,456
CLO loan obligations, at fair value	10,797,332	10,698,681
Fund borrowings	168,046	127,771
Total liabilities	11,646,244	12,088,257
Commitments and contingencies
Redeemable interest	1,013,282	1,000,000
Non-controlling interests in Consolidated Funds	1,482,040	1,110,635
Stockholders’ Equity
Total equity	1,482,040	1,110,635
Total liabilities, redeemable interest, non-controlling interests and equity	14,141,566	14,198,892
Consolidated Funds  | Eliminations
Assets
Due from affiliates	(10,742)	(9,527)
Investments, at fair value	3,859	4,300
Liabilities
Accounts payable, accrued expenses and other liabilities	(7,149)	(13,881)
Due to affiliates	(187,201)	(26,210)
CLO loan obligations, at fair value	(95,612)	(41,020)
Non-controlling interests in Consolidated Funds	(407,684)	(519,183)
Ares Operating Group
Liabilities
Redeemable interest	93,129	96,008	$ 100,366	$ 99,804
Non-controlling interests in Ares Operating Group entities	1,135,023	1,397,747
Ares Operating Group | Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	1,147,269	1,403,255
Ares Operating Group | Eliminations
Liabilities
Non-controlling interests in Ares Operating Group entities	(12,246)	(5,508)
Ares Management L.P
Assets
Cash and cash equivalents	389,987	343,655
Investments (includes $3,106,577 of accrued carried interest)	3,974,734	3,684,264
Due from affiliates	758,472	670,383
Other assets	381,137	334,755
Right-of-use operating lease assets	155,950	167,652
Intangible assets, net	1,208,220	1,422,818
Goodwill	999,656	787,972
Liabilities
Accounts payable, accrued expenses and other liabilities	231,921	279,673
Accrued compensation	510,130	310,222
Due to affiliates	252,798	198,553
Performance related compensation payable	2,282,209	2,190,352
Debt obligations	2,273,854	1,503,709
Operating lease liabilities	190,616	205,075
Stockholders’ Equity
Additional paid-in-capital	1,970,754	1,913,559
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,589,239	1,825,227
Ares Management L.P | Carried interest
Stockholders’ Equity
Equity method investments:	3,106,577	2,998,421
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,739	1,684
Ares Management L.P | Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Ares Management L.P | Class B Common Stock
Stockholders’ Equity
Common stock	0	0
Ares Management L.P | Class C Common Stock
Stockholders’ Equity
Common stock	1,172	1,186
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	389,987	343,655
Investments (includes $3,106,577 of accrued carried interest)	4,515,955	4,271,836
Due from affiliates	949,532	696,963
Other assets	381,137	338,685
Right-of-use operating lease assets	155,950	167,652
Intangible assets, net	1,208,220	1,422,818
Goodwill	999,656	787,972
Total assets	8,600,437	8,029,581
Liabilities
Accounts payable, accrued expenses and other liabilities	242,663	289,200
Accrued compensation	510,130	310,222
Due to affiliates	252,798	198,553
Performance related compensation payable	2,282,209	2,190,352
Debt obligations	2,273,854	1,503,709
Operating lease liabilities	190,616	205,075
Total liabilities	5,752,270	4,697,111
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	1,989,284	1,921,539
Accumulated deficit	(369,475)	(89,382)
Accumulated other comprehensive loss, net of tax	(14,986)	(1,855)
Total stockholders’ equity	1,607,769	1,833,207
Total equity	2,755,038	3,236,462
Total liabilities, redeemable interest, non-controlling interests and equity	8,600,437	8,029,581
Ares Management L.P | Reportable legal entity | Class A Common Stock
Stockholders’ Equity
Common stock	1,739	1,684
Ares Management L.P | Reportable legal entity | Non-voting Common Stock
Stockholders’ Equity
Common stock	35	35
Ares Management L.P | Reportable legal entity | Class B Common Stock
Stockholders’ Equity
Common stock	0
Ares Management L.P | Reportable legal entity | Class C Common Stock
Stockholders’ Equity
Common stock	1,172	1,186
Ares Management L.P | Eliminations
Assets
Investments (includes $3,106,577 of accrued carried interest)	(541,221)	(587,572)
Due from affiliates	(191,060)	(26,580)
Other assets	0	(3,930)
Liabilities
Accounts payable, accrued expenses and other liabilities	(10,742)	(9,527)
Stockholders’ Equity
Additional paid-in-capital	(18,530)	(7,980)
Total stockholders’ equity	(18,530)	(7,980)
Ares Management L.P | Ares Operating Group | Reportable legal entity
Liabilities
Redeemable interest	$ 93,129	$ 96,008

CONSOLIDATION - Income Statemen

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Total revenues	$ 3,055,443	$ 4,212,091	$ 1,764,046
Expenses
Compensation and benefits	1,498,590	1,162,633	767,252
Performance related compensation	518,829	1,740,786	404,116
General, administrative and other expenses	695,256	444,178	258,999
Total expenses	2,749,085	3,410,083	1,450,486
Other income (expense)
Net realized and unrealized gains (losses) on investments	4,732	19,102	(9,008)
Interest and dividend income	9,399	9,865	8,071
Interest expense	(71,356)	(36,760)	(24,908)
Other income, net	13,119	14,402	11,291
Total other income (expense), net	204,448	263,682	65,918
Income before taxes	510,806	1,065,690	379,478
Income tax expense	71,891	147,385	54,993
Net income	438,915	918,305	324,485
Net income attributable to Ares Management Corporation	167,541	408,837	152,142
Less: Series A Preferred Stock dividends paid	0	10,850	21,700
Less: Series A Preferred Stock redemption premium	0	11,239	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	167,541	386,748	130,442
Eliminations
Revenues
Total revenues	(110,809)	(76,300)	(36,725)
Expenses
Compensation and benefits			0
Performance related compensation			0
General, administrative and other expenses	(255)		0
Total expenses	(50,833)	(50,538)	(45,408)
Other income (expense)
Net realized and unrealized gains (losses) on investments	32,656	7,182	(288)
Interest and dividend income	(15,797)	(4,334)	(3,570)
Other income, net	1,215	(678)	8,433
Total other income (expense), net	16,484	2,868	14,053
Income before taxes	(43,492)	(22,894)	22,736
Income tax expense			0
Net income	(43,492)	(22,894)	22,736
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0		0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	36,410	62,486	20,119
Other income (expense)
Net realized and unrealized gains (losses) on investments	73,386	77,303	(96,864)
Interest expense	(411,361)	(258,048)	(286,316)
Interest and other income of Consolidated Funds	586,529	437,818	463,652
Less: Net income (loss) attributable to non-controlling interests	119,333	120,369	28,085
Consolidated Funds  | Reportable legal entity
Revenues
Total revenues	0	0	0
Expenses
Expenses of Consolidated Funds	86,988	113,024	65,527
Total expenses	86,988	113,024	65,527
Other income (expense)
Net realized and unrealized gains (losses) on investments	87,287	91,390	(109,387)
Interest expense	(424,887)	(272,155)	(293,476)
Interest and other income of Consolidated Funds	587,744	437,140	473,857
Total other income (expense), net	250,144	256,375	70,994
Income before taxes	163,156	143,351	5,467
Income tax expense	331	88	118
Net income	162,825	143,263	5,349
Less: Net income (loss) attributable to non-controlling interests	162,825	143,263	5,349
Consolidated Funds  | Eliminations
Expenses
Expenses of Consolidated Funds	(50,578)	(50,538)	(45,408)
Other income (expense)
Net realized and unrealized gains (losses) on investments	(13,901)	(14,087)	12,523
Interest expense	13,526	14,107	7,160
Interest and other income of Consolidated Funds	(1,215)	678	(10,205)
Less: Net income (loss) attributable to non-controlling interests	(43,492)	(22,894)	22,736
Ares Operating Group
Other income (expense)
Net income	319,582	797,936	296,400
Less: Net income (loss) attributable to redeemable interest	(851)	(1,341)	(976)
Less: Net income (loss) attributable to non-controlling interests	152,892	390,440	145,234
Ares Operating Group | Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests		390,440
Consolidated Company  Entities
Revenues
Total revenues	3,055,443	4,212,091	1,764,046
Other income (expense)
Income tax expense	71,560	147,297	54,875
Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	3,166,252	4,288,391	1,800,771
Expenses
Compensation and benefits	1,498,590	1,162,633	767,252
Performance related compensation	518,829	1,740,786	404,116
General, administrative and other expenses	695,511	444,178	258,999
Total expenses	2,712,930	3,347,597	1,430,367
Other income (expense)
Net realized and unrealized gains (losses) on investments	(27,924)	11,920	(8,720)
Interest and dividend income	25,196	14,199	11,641
Interest expense	(71,356)	(36,760)	(24,908)
Other income, net	11,904	15,080	2,858
Total other income (expense), net	(62,180)	4,439	(19,129)
Income before taxes	391,142	945,233	351,275
Income tax expense	71,560	147,297	54,875
Net income	319,582	797,936	296,400
Net income attributable to Ares Management Corporation		408,837	152,142
Less: Series A Preferred Stock dividends paid		10,850	21,700
Less: Series A Preferred Stock redemption premium		11,239
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	167,541	386,748	130,442
Consolidated Company  Entities  | Consolidated Funds  | Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests		0
Consolidated Company  Entities  | Ares Operating Group | Reportable legal entity
Other income (expense)
Net income	319,582	797,936	296,400
Less: Net income (loss) attributable to redeemable interest	(851)	(1,341)	(976)
Less: Net income (loss) attributable to non-controlling interests	152,892		145,234
Management fees
Revenues
Total revenues	2,136,433	1,611,047	1,150,608
Management fees | Eliminations
Revenues
Total revenues	(46,324)	(44,896)	(45,268)
Management fees | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	2,182,757	1,655,943	1,195,876
Carried interest allocation
Revenues
Total revenues	458,012	2,073,551	505,608
Carried interest allocation | Eliminations
Revenues
Total revenues	(7,549)		0
Carried interest allocation | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	465,561	2,073,551	505,608
Incentive fees
Revenues
Total revenues	301,187	332,876	37,902
Incentive fees | Eliminations
Revenues
Total revenues	(3,980)	(5,458)	(141)
Incentive fees | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	305,167	338,334	38,043
Principal investment income (loss)
Revenues
Total revenues	12,279	99,433	28,552
Principal investment income (loss) | Eliminations
Revenues
Total revenues	(35,943)	(21,463)	24,508
Principal investment income (loss) | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	48,222	120,896	4,044
Administrative, transaction and other fees
Revenues
Total revenues	147,532	95,184	41,376
Administrative, transaction and other fees | Eliminations
Revenues
Total revenues	(17,013)	(4,483)	(15,824)
Administrative, transaction and other fees | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	$ 164,545	$ 99,667	$ 57,200

CONSOLIDATION - Cash Flow State

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 438,915	$ 918,305	$ 324,485
Adjustments to reconcile net income to net cash used in operating activities:
Net cash used in operating activities	(734,112)	(2,596,045)	(425,659)
Cash flows from investing activities:
Net cash used in investing activities	(337,379)	(1,084,633)	(136,764)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	1,128,063	3,503,625	943,895
Effect of exchange rate changes	(10,240)	(19,104)	19,956
Net change in cash and cash equivalents	46,332	(196,157)	401,428
Cash and cash equivalents, beginning of period	343,655	539,812	138,384
Cash and cash equivalents, end of period	389,987	343,655	539,812
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	12,835	510,848	305,338
Cash paid during the period for interest	320,329	205,085	257,132
Cash paid during the period for income taxes	104,864	22,788	38,174
Reportable legal entity
Cash flows from financing activities:
Proceeds from issuance of senior and subordinated notes		450,000
Eliminations
Cash flows from operating activities:
Net income	(43,492)	(22,894)	22,736
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(4,788)	7,353	(28,690)
Investments purchased	72,381	221,563	261,899
Proceeds from sale of investments	(121,494)	(23,101)	(33,307)
Net carried interest and incentive fees receivable	(7,549)
Due to/from affiliates	164,480	6,446	6,037
Other assets	(3,930)	3,719	(2,171)
Accounts payable, accrued expenses and other liabilities	(1,214)	679	(10,205)
Net cash used in operating activities	246,992	(340,884)	274,936
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	77,558	(185,931)	(190,991)
Effect of exchange rate changes	0
Net change in cash and cash equivalents	324,550	(526,815)	83,945
Cash and cash equivalents, beginning of period	(1,049,191)	(522,376)	(606,321)
Cash and cash equivalents, end of period	(724,641)	(1,049,191)	(522,376)
Consolidated Funds
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(73,386)	(77,303)	96,864
Investments purchased	(9,434,029)	(13,067,564)	(6,615,732)
Proceeds from sale of investments	8,198,812	9,970,609	5,502,325
Other (income) expense, net	(33,822)	(35,879)	(34,297)
Change in cash and cash equivalents held at Consolidated Funds	324,550	(526,815)	83,945
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds	0	(39,539)	60,895
Change in other assets and receivables held at Consolidated Funds	151,895	(180,953)	(33,298)
Change in other liabilities and payables held at Consolidated Funds	(733,417)	723,616	10,787
Cash flows from investing activities:
Acquisitions, net of cash acquired			120,822
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	549,396	1,033,644	132,430
Distributions to non-controlling interests in Consolidated Funds	(178,291)	(98,897)	(251,507)
Borrowings under loan obligations by Consolidated Funds	1,140,680	2,048,932	1,013,291
Repayments under loan obligations by Consolidated Funds	(145,222)	(80,752)	(190,055)
Consolidated Funds  | Reportable legal entity
Cash flows from operating activities:
Net income	162,825	143,263	5,349
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	(87,287)	(91,390)	109,387
Investments purchased	(9,408,078)	(13,075,187)	(6,580,784)
Proceeds from sale of investments	8,198,812	9,970,609	5,502,325
Other (income) expense, net	(33,822)	(35,879)	(34,297)
Net cash acquired (relinquished) with consolidation/deconsolidation of Consolidated Funds		(39,539)	60,895
Change in other assets and receivables held at Consolidated Funds	286,895	(174,409)	(55,461)
Change in other liabilities and payables held at Consolidated Funds	(733,417)	746,616	10,787
Net cash used in operating activities	(1,614,072)	(2,555,916)	(981,799)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	596,777	1,239,831	359,381
Distributions to non-controlling interests in Consolidated Funds	(303,230)	(119,153)	(287,467)
Borrowings under loan obligations by Consolidated Funds	1,140,680	2,048,932	1,013,291
Repayments under loan obligations by Consolidated Funds	(145,222)	(80,752)	(190,055)
Net cash provided by financing activities	1,289,005	3,088,858	895,150
Effect of exchange rate changes	517	(6,127)	2,704
Net change in cash and cash equivalents	(324,550)	526,815	(83,945)
Cash and cash equivalents, beginning of period	1,049,191	522,376	606,321
Cash and cash equivalents, end of period	724,641	1,049,191	522,376
Supplemental disclosure of non-cash financing activities:
Cash paid during the period for interest	260,866	170,915	235,005
Cash paid during the period for income taxes	320	185	169
Consolidated Funds  | Eliminations
Adjustments to reconcile net income to net cash used in operating activities:
Net realized and unrealized (gains) losses on investments	13,901	14,087	(12,523)
Investments purchased	(25,951)	7,623	(34,948)
Change in cash and cash equivalents held at Consolidated Funds	324,550	(526,815)	83,945
Change in other assets and receivables held at Consolidated Funds	(135,000)	(6,544)	22,163
Change in other liabilities and payables held at Consolidated Funds	0	(23,000)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	(47,381)	(206,187)	(226,951)
Distributions to non-controlling interests in Consolidated Funds	124,939	20,256	35,960
Borrowings under loan obligations by Consolidated Funds			0
Repayments under loan obligations by Consolidated Funds			0
Ares Management L.P
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	200,391	237,191	122,986
Depreciation and amortization	341,341	113,293	41,248
Net realized and unrealized (gains) losses on investments	10,929	(88,978)	(8,039)
Investments purchased	(371,124)	(340,199)	(90,851)
Proceeds from sale of investments	182,493	273,382	174,679
Other (income) expense, net	0	(31,070)	0
Net carried interest and incentive fees receivable	(20,612)	(745,021)	(17,687)
Due to/from affiliates	39,073	(180,928)	(76,185)
Other assets	(105,205)	213,825	(36,694)
Accrued compensation and benefits	200,769	142,815	47,875
Accounts payable, accrued expenses and other liabilities	(51,685)	125,168	21,035
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)	(27,226)	(15,942)
Acquisitions, net of cash acquired	(301,583)	(1,057,407)	(120,822)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock	0	827,430	383,154
Proceeds from Credit Facility	1,380,000	883,000	790,000
Proceeds from Senior Notes			399,084
Proceeds from issuance of senior and subordinated notes	488,915	450,000	399,084
Repayments of Credit Facility	(1,095,000)	(468,000)	(860,000)
Dividends and distributions	(836,364)	(593,506)	(446,780)
Series A Preferred Stock dividends	0	(10,850)	(21,700)
Redemption of Series A Preferred Stock	0	(310,000)	0
Stock option exercises	21,205	37,216	92,877
Taxes paid related to net share settlement of equity awards	(201,311)	(226,101)	(95,368)
Other financing activities	4,055	11,509	(1,531)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	343,655	539,812
Cash and cash equivalents, end of period	389,987	343,655	539,812
Ares Management L.P | Reportable legal entity
Cash flows from operating activities:
Net income	319,582	797,936	296,400
Adjustments to reconcile net income to net cash used in operating activities:
Equity compensation expense	200,391	237,191	122,986
Depreciation and amortization	341,341	113,293	41,248
Net realized and unrealized (gains) losses on investments	15,717	(96,331)	20,651
Investments purchased	(443,505)	(561,762)	(352,750)
Proceeds from sale of investments	303,987	296,483	207,986
Other (income) expense, net		(31,070)
Net carried interest and incentive fees receivable	(28,161)	(745,021)	(17,687)
Due to/from affiliates	(125,407)	(187,374)	(82,222)
Other assets	(101,275)	210,106	(34,523)
Accrued compensation and benefits	200,769	142,815	47,875
Accounts payable, accrued expenses and other liabilities	(50,471)	124,489	31,240
Net cash used in operating activities	632,968	300,755	281,204
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(35,796)	(27,226)	(15,942)
Acquisitions, net of cash acquired	(301,583)	(1,057,407)
Net cash used in investing activities	(337,379)	(1,084,633)	(136,764)
Cash flows from financing activities:
Net proceeds from issuance of Class A and non-voting common stock		827,430	383,154
Proceeds from Credit Facility	1,380,000	883,000	790,000
Proceeds from Senior Notes			399,084
Proceeds from issuance of senior and subordinated notes	488,915
Repayments of Credit Facility	(1,095,000)	(468,000)	(860,000)
Dividends and distributions	(836,364)	(593,506)	(446,780)
Series A Preferred Stock dividends		(10,850)	(21,700)
Redemption of Series A Preferred Stock		(310,000)
Stock option exercises	21,205	37,216	92,877
Taxes paid related to net share settlement of equity awards	(201,311)	(226,101)	(95,368)
Other financing activities	4,055	11,509	(1,531)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by financing activities	(238,500)	600,698	239,736
Effect of exchange rate changes	(10,757)	(12,977)	17,252
Net change in cash and cash equivalents	46,332	(196,157)	401,428
Cash and cash equivalents, beginning of period	343,655	539,812	138,384
Cash and cash equivalents, end of period	389,987	343,655	539,812
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units and Class A common stock in connection with acquisitions	12,835	510,848	305,388
Cash paid during the period for interest	59,463	34,170	22,127
Cash paid during the period for income taxes	$ 104,544	$ 22,603	$ 38,005

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares					1 Months Ended	12 Months Ended
	Dec. 16, 2022	Sep. 16, 2022	Jun. 16, 2022	Mar. 17, 2022	Feb. 28, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)	$ 0.61	$ 0.61	$ 0.61	$ 0.61
Class A Common Stock
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)						$ 2.44	$ 1.88	$ 1.60
Class A Common Stock | Subsequent event
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)					$ 0.77
Non-voting Common Stock
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)						$ 2.44	$ 1.88	$ 1.60
Non-voting Common Stock | Subsequent event
Subsequent events
Dividend declared and paid per class A common stock (in dollars per share)					$ 0.77