Ares Management (ARES) 10-Q 5 May 23 2023 FY Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2023	May 02, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001176948
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		178,481,331
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		120,438,398

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Intangible assets, net	$ 598,807	$ 640,420
Goodwill	998,937	999,656
Total assets	21,928,582	22,002,839
Liabilities
Operating lease liabilities	191,090
Total liabilities	17,342,469	17,097,810
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,100,043	1,970,754
Accumulated deficit	(420,822)	(369,475)
Accumulated other comprehensive loss, net of tax	(12,345)	(14,986)
Total stockholders’ equity	1,669,894	1,589,239
Total equity	4,079,370	3,798,618	$ 3,467,648	$ 3,668,147	$ 3,667,621	$ 3,814,426
Total liabilities, redeemable interest, non-controlling interests and equity	$ 21,928,582	$ 22,002,839
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,777	$ 1,739
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	1,206	1,172
Consolidated Funds
Assets
Cash and cash equivalents	754,934	724,641
Due from affiliates	10,878	15,789
Other assets	62,882	65,570
Investments held in trust account	484,901	1,013,382
Investments, at fair value	12,641,251	12,191,251
Receivable for securities sold	305,418	124,050
Liabilities
Accounts payable, accrued expenses and other liabilities	187,505	168,286
Due to affiliates	0	4,037
Payable for securities purchased	549,415	314,193
CLO loan obligations, at fair value	10,918,007	10,701,720
Fund borrowings	103,046	168,046
Redeemable interest	484,801	1,013,282	1,004,994	1,000,000	1,000,000	1,000,000
Non-controlling interests in Consolidated Funds	1,171,402	1,074,356
Ares Operating Group
Liabilities
Redeemable interest	21,942	93,129	$ 92,108	$ 93,518	$ 96,347	$ 96,008
Non-controlling interests in Ares Operating Group entities	1,238,074	1,135,023
Ares Management L.P
Assets
Cash and cash equivalents	272,249	389,987
Investments (includes accrued carried interest of $3,236,418 and $3,106,577 at March 31, 2023 and December 31, 2022, respectively)	4,100,683	3,974,734
Due from affiliates	707,804	758,472
Other assets	267,068	381,137
Right-of-use operating lease assets	154,970	155,950
Intangible assets, net	1,166,607	1,208,220
Goodwill	998,937	999,656
Liabilities
Accounts payable, accrued expenses and other liabilities	261,298	231,921
Accrued compensation	214,135	510,130
Due to affiliates	183,451	252,798
Performance related compensation payable	2,365,230	2,282,209
Debt obligations	2,369,292	2,273,854
Operating lease liabilities	191,090	190,616
Stockholders’ Equity
Additional paid-in-capital	2,100,043	1,970,754
Accumulated deficit	(420,822)	(369,475)
Accumulated other comprehensive loss, net of tax	(12,345)	(14,986)
Total stockholders’ equity	1,669,894	1,589,239
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,777	1,739
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	$ 1,206	$ 1,172

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Common stock, shares outstanding (in shares)	301,803,364	294,614,235
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)	177,674,055	173,892,036
Common stock, shares outstanding (in shares)	177,674,055	173,892,036
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)	120,638,398	117,231,288
Common stock, shares outstanding (in shares)	120,638,398	117,231,288
Ares Management L.P | Carried interest
Equity method investments:	$ 3,236,418	$ 3,106,577

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 813,362	$ 714,999
Expenses
Compensation and benefits	360,781	357,243
Performance related compensation	111,658	129,405
General, administrative and other expenses	148,345	120,523
Total expenses	628,636	611,684
Other income (expense)
Net realized and unrealized gains on investments	1,515	8,109
Interest and dividend income	3,839	1,502
Interest expense	(24,986)	(15,646)
Other income (expense), net	(923)	1,784
Total other income (expense), net	56,396	57,994
Income before taxes	241,122	161,309
Income tax expense	33,806	20,411
Net income	207,316	140,898
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 94,039	$ 45,863
Class A Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.49	$ 0.24
Diluted (in dollars per share)	$ 0.49	$ 0.24
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	178,976,022	174,215,251
Diluted (in shares)	178,976,022	174,215,251
Non-voting Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.49	$ 0.24
Diluted (in dollars per share)	$ 0.49	$ 0.24
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	178,976,022	174,215,251
Diluted (in shares)	178,976,022	174,215,251
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 7,852	$ 4,513
Other income (expense)
Net realized and unrealized gains on investments	10,700	15,968
Interest expense	(156,687)	(74,013)
Interest and other income of Consolidated Funds	222,938	120,290
Less: Net income (loss) attributable to non-controlling interests	26,693	47,382
Ares Operating Group
Other income (expense)
Net income	180,623	93,516
Less: Net income (loss) attributable to non-controlling interests	88,408	47,254
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	(1,824)	399
Management fees
Revenues
Total revenues	600,516	477,332
Carried interest allocation
Revenues
Total revenues	151,488	178,289
Incentive fees
Revenues
Total revenues	8,923	16,422
Principal investment income
Revenues
Total revenues	22,758	8,326
Administrative, transaction and other fees
Revenues
Total revenues	$ 29,677	$ 34,630

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net income	$ 207,316	$ 140,898
Other comprehensive income:
Foreign currency translation adjustments, net of tax	6,639	(12,393)
Total comprehensive income	213,955	128,505
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	29,083	42,287
Ares Operating Group
Net income	180,623	93,516
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	90,164	44,451
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	(1,972)	68
Comprehensive income attributable to Ares Management Corporation	184,872	86,218
Ares Management Corporation | Ares Management L.P
Other comprehensive income:
Comprehensive income attributable to Ares Management Corporation	$ 96,680	$ 41,699

Condensed Consolidated Statem_5

Condensed 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	Class A Common Stock Common Stock	Non-voting Common Stock Common Stock	Class C Common Stock Common Stock
Beginning balance at Dec. 31, 2021	$ 3,814,426	$ 1,913,559	$ (89,382)	$ (1,855)	$ 1,397,747	$ 591,452	$ 1,684	$ 35	$ 1,186
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(182,191)	(110,577)			(90,843)	19,202	28		(1)
Issuances of common stock	12,835	12,834					1
Capital contributions	84,009				1,079	82,930
Dividends/Distributions	(246,844)		(111,406)		(100,480)	(34,958)
Net income	140,499		45,863		47,254	47,382
Currency translation adjustment, net of tax	(12,062)			(4,164)	(2,803)	(5,095)
Equity compensation	53,602	31,896			21,706
Stock option exercises	3,347	3,345					2
Ending balance at Mar. 31, 2022	3,667,621	1,851,057	(154,925)	(6,019)	1,273,660	700,913	1,715	35	1,185
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(2,920)	(5,599)			(3,135)	5,815	0		(1)
Capital contributions	136,319				969	135,350
Dividends/Distributions	(213,144)		(111,506)		(82,958)	(18,680)
Net income	54,063		39,731		29,354	(15,022)
Currency translation adjustment, net of tax	(28,648)			(11,173)	(7,575)	(9,900)
Equity compensation	49,559	29,569			19,990
Stock option exercises	5,297	5,294					3
Ending balance at Jun. 30, 2022	3,668,147	1,880,321	(226,700)	(17,192)	1,230,305	798,476	1,718	35	1,184
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(8,004)	(3,173)			(4,354)	(479)	3		(1)
Capital contributions	81,915				1,549	80,366
Dividends/Distributions	(250,787)		(111,952)		(88,041)	(50,794)
Net income	(48,872)		(35,546)		(29,666)	16,340
Currency translation adjustment, net of tax	(28,678)			(11,627)	(7,852)	(9,199)
Equity compensation	48,040	28,704			19,336
Stock option exercises	5,887	5,884					3
Ending balance at Sep. 30, 2022	3,467,648	1,911,736	(374,198)	(28,819)	1,121,277	834,710	1,724	35	1,183
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(4,943)	22,936			(7,348)	(20,532)	12		(11)
Capital contributions	252,348				1,598	250,750
Dividends/Distributions	(301,993)		(112,770)		(115,364)	(73,859)
Net income	294,076		117,493		105,950	70,633
Currency translation adjustment, net of tax	35,903			13,833	9,416	12,654
Equity compensation	48,905	29,411			19,494
Stock option exercises	6,674	6,671					3
Ending balance at Dec. 31, 2022	3,798,618	1,970,754	(369,475)	(14,986)	1,135,023	1,074,356	1,739	35	1,172
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	46,128	(36,777)			87,541	(4,689)	19		34
Issuances of common stock	115,364	115,350					14		0
Capital contributions	94,757				1,172	93,585
Dividends/Distributions	(269,682)		(145,386)		(103,363)	(20,933)
Net income	209,140		94,039		88,408	26,693
Currency translation adjustment, net of tax	6,787			2,641	1,756	2,390
Equity compensation	69,078	41,541			27,537
Stock option exercises	9,180	9,175					5
Ending balance at Mar. 31, 2023	$ 4,079,370	$ 2,100,043	$ (420,822)	$ (12,345)	$ 1,238,074	$ 1,171,402	$ 1,777	$ 35	$ 1,206

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 207,316	$ 140,898
Net cash provided by operating activities	707,572	224,150
Cash flows from investing activities:
Net cash used in investing activities	(8,877)	(310,148)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(821,144)	93,037
Effect of exchange rate changes	4,711	(4,652)
Net change in cash and cash equivalents	(117,738)	2,387
Cash and cash equivalents, beginning of period	389,987
Cash and cash equivalents, end of period	272,249	346,042
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activity	$ 115,364	$ 12,835
Issuance of AOG Units in connection with settlement of management incentive program	245,647	0
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	$ 328,840	$ (97,772)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds	42,584	(4,795)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	93,585	82,930
Distributions to non-controlling interests in Consolidated Funds	(20,933)	(34,958)
Redemptions of redeemable interests in Consolidated Funds	(538,985)	0
Borrowings under loan obligations by Consolidated Funds	2,914	49,317
Repayments under loan obligations by Consolidated Funds	(97,325)	(57,457)
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	121,761	53,473
Cash flows due to changes in operating assets and liabilities	7,071	132,346
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(8,877)	(8,524)
Acquisitions, net of cash acquired	0	(301,624)
Cash flows from financing activities:
Proceeds from Credit Facility	245,000	860,000
Proceeds from issuance of senior notes	0	488,915
Repayments of Credit Facility	(150,000)	(905,000)
Dividends and distributions	(251,632)	(211,886)
Stock option exercises	9,180	3,347
Taxes paid related to net share settlement of equity awards	(113,431)	(183,027)
Other financing activities	483	856
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	389,987	343,655
Cash and cash equivalents, end of period	$ 272,249	$ 346,042

ORGANIZATION

ORGANIZATION	3 Months Ended
	Mar. 31, 2023
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 and Secondaries . Information about segments should be read together with “Note 13. 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 unaudited financial statements include the condensed 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 unaudited condensed 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 Condensed Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The unaudited condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation. The Company has reclassified certain prior period amounts to conform to the current year presentation. Non-Controlling Interests in Ares Operating Group Entities 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. 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”) (the “SSG Acquisition”). In connection with the SSG Acquisition, the former owners of SSG retained a 20% ownership interest in the operations acquired by the Company. In certain circumstances, the Company had the ability to acquire full ownership of SSG pursuant to a contractual arrangement to be initiated by the Company or by the former owners of SSG. Since the acquisition of the remaining interest in SSG was not within the Company's sole discretion, the ownership interest held by the former owners of SSG was classified as a redeemable interest and represented mezzanine equity. Redeemable interest in AOG entities was initially recorded at fair value on the date of the SSG Acquisition within mezzanine equity within the Condensed Consolidated Statements of Financial Condition. Income (loss) was allocated based on the ownership percentage attributable to the redeemable interest. As of the date of acquisition, the Company determined that the redemption of the redeemable interest was probable. 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 exceeded 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 Condensed Consolidated Statements of Financial Condition. In connection with a merger agreement to acquire the remaining 20% ownership interest in the Ares SSG fee-generating business that was retained by the former owners of SSG (the “SSG Buyout”), a portion of the redeemable interest in AOG entities was purchased on March 31, 2023 and the Company now owns 100% of Ares SSG’s fee-generating business. The SSG Buyout was effectuated through newly issued shares of Class A common stock. The remaining redeemable interest in AOG entities represents ownership in certain investments that were not included in the SSG Buyout and continues to be presented at the redemption amount within mezzanine equity within the Condensed Consolidated Statements of Financial Condition. Redeemable interest in Consolidated Funds represent the Class A ordinary shares issued by Ares Acquisition Corporation (NYSE: AAC) (“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. During the three months ended March 31, 2023, in connection with the extension of the period to complete a business combination, AAC shareholders elected to redeem an aggregate amount of $539.0 million that was paid from AAC’s trust account. At March 31, 2023, the remaining 46,997,081 Class A ordinary shares of AAC continues to be presented at the redemption amount within mezzanine equity within the Condensed Consolidated Statements of Financial Condition. 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 were assessed and determined either to be not applicable or expected to have an immaterial impact on its unaudited condensed consolidated financial statements.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	3. 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 March 31, 2023 As of March 31, 2023 As of December 31, 2022 Management contracts 4.8 $ 580,692 $ 586,077 Client relationships 9.4 262,301 262,301 Trade name 0.0 — 11,079 Other 1.6 500 500 Finite-lived intangible assets 843,493 859,957 Foreign currency translation 461 935 Total finite-lived intangible assets 843,954 860,892 Less: accumulated amortization (245,147) (220,472) Finite-lived intangible assets, net 598,807 640,420 Management contracts 567,800 567,800 Indefinite-lived intangible assets 567,800 567,800 Intangible assets, net $ 1,166,607 $ 1,208,220 During the three months ended March 31, 2023, the Company rebranded Ares SSG as Asia credit and discontinued the use of the SSG trade name. As a result, the Company recorded a non-cash impairment charge equal to the SSG trade name’s carrying value of $7.8 million to accelerate the amortization expense for the three months ended March 31, 2023. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $33.6 million and $33.2 million for the three months ended March 31, 2023 and 2022, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the first quarter of 2023, the Company removed $16.5 million of impaired and fully-amortized intangible assets. Goodwill The following table summarizes the carrying value of the Company’s goodwill: Credit Group Private Real Secondaries Group Other Total Balance as of December 31, 2022 $ 32,196 $ 48,070 $ 277,183 $ 417,620 $ 224,587 $ 999,656 Acquisitions — — 22 — — 22 Reallocation 224,587 — — — (224,587) — Foreign currency translation (744) — — 3 — (741) Balance as of March 31, 2023 $ 256,039 $ 48,070 $ 277,205 $ 417,623 $ — $ 998,937 In connection with the SSG Buyout described in “Note 2. Summary of Significant Accounting Policies,” the former Ares SSG reporting unit has been transferred in its entirety to the Credit Group and the total goodwill of $224.6 million has been reallocated accordingly. There was no impairment of goodwill recorded during the three months ended March 31, 2023 and 2022. The impact of foreign currency translation is reflected within other comprehensive income within the Condensed Consolidated Statements of Comprehensive Income.

INVESTMENTS

INVESTMENTS	3 Months Ended
	Mar. 31, 2023
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	4. INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Equity method investments: Equity method - carried interest $ 3,236,418 $ 3,106,577 78.9% 78.2% Equity method private investment partnership interests - principal 535,922 543,592 13.1 13.7 Equity method private investment partnership interests and other (held at fair value) 126,458 123,170 3.1 3.1 Equity method private investment partnership interests and other 48,390 47,439 1.2 1.2 Total equity method investments 3,947,188 3,820,778 96.3 96.2 Collateralized loan obligations 22,653 25,163 0.6 0.6 Other fixed income 52,516 51,771 1.3 1.2 Collateralized loan obligations and other fixed income, at fair value 75,169 76,934 1.9 1.8 Common stock, at fair value 78,326 77,022 1.8 2.0 Total investments $ 4,100,683 $ 3,974,734 Equity Method Investments The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the three months ended March 31, 2023 and 2022, no individual equity method investment held by the Company met the significance criteria. The Company recognized net gains related to its equity method investments of $23.9 million and $15.2 million for the three months ended March 31, 2023 and 2022, respectively. The net gains were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations. With respect to the Company’s equity method investments, the material assets are expected to generate either long term capital appreciation and/or interest income, the material liabilities are debt instruments collateralized by, or related to, the financing of the assets and net income is materially comprised of the changes in fair value of these net assets. Investments of the Consolidated Funds Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of March 31, December 31, March 31, December 31, 2023 2022 2023 2022 Fixed income investments: Bonds $ 563,275 $ 786,961 4.3% 6.0% Loans 9,516,748 9,280,522 72.5 70.3 Investments held in trust account 484,901 1,013,382 3.7 7.7 Collateralized loan obligations 82,100 — 0.6 — Total fixed income investments 10,647,024 11,080,865 81.1 84.0 Equity securities 933,296 731,599 7.1 5.5 Partnership interests 1,545,832 1,392,169 11.8 10.5 Total investments, at fair value $ 13,126,152 $ 13,204,633 As of March 31, 2023 and December 31, 2022, no

FAIR VALUE

FAIR VALUE	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE	5. FAIR VALUE 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 March 31, 2023: 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 $ — $ — $ 75,169 $ — $ 75,169 Common stock and other equity securities — 78,326 125,073 — 203,399 Partnership interests — — — 1,385 1,385 Total investments, at fair value — 78,326 200,242 1,385 279,953 Derivatives-foreign currency forward contracts — 3,151 — — 3,151 Total assets, at fair value $ — $ 81,477 $ 200,242 $ 1,385 $ 283,104 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (2,266) $ — $ — $ (2,266) Total liabilities, at fair value $ — $ (2,266) $ — $ — $ (2,266) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 559,547 $ 3,728 $ — $ 563,275 Loans — 8,847,972 668,776 — 9,516,748 Investments held in trust account 484,901 — — — 484,901 Collateralized loan obligations — 21,800 60,300 — 82,100 Total fixed income investments 484,901 9,429,319 732,804 — 10,647,024 Equity securities 661 — 932,635 — 933,296 Partnership interests — — 374,049 1,171,783 1,545,832 Total investments, at fair value 485,562 9,429,319 2,039,488 1,171,783 13,126,152 Derivatives-foreign currency forward contracts — 2,440 — — 2,440 Total assets, at fair value $ 485,562 $ 9,431,759 $ 2,039,488 $ 1,171,783 $ 13,128,592 Liabilities, at fair value Derivatives: Warrants $ (17,600) $ — $ — $ — $ (17,600) Foreign currency forward contracts — (2,414) — — (2,414) Asset swaps — — (1,698) — (1,698) Total derivative liabilities, at fair value (17,600) (2,414) (1,698) — (21,712) Loan obligations of CLOs — (10,918,007) — — (10,918,007) Total liabilities, at fair value $ (17,600) $ (10,920,421) $ (1,698) $ — $ (10,939,719) 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 Measured 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 set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 31, 2023: Level III Assets of the Company Equity Fixed Income Total Balance, beginning of period $ 121,785 $ 76,934 $ 198,719 Purchases (1) 52 1,194 1,246 Sales/settlements (2) 45 (1,536) (1,491) Realized and unrealized appreciation (depreciation), net 3,191 (1,423) 1,768 Balance, end of period $ 125,073 $ 75,169 $ 200,242 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets still held at the reporting date $ 2,978 $ (1,211) $ 1,767 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Transfer in — 284,198 — — 284,198 Transfer out — (447,536) — — (447,536) Purchases (1) 180,372 188,232 49,000 — 417,604 Sales/settlements (2) (122) (173,502) (48,889) — (222,513) Amortized discounts/premiums — 749 — — 749 Realized and unrealized appreciation, net 21,505 10,995 5,283 1,858 39,641 Balance, end of period $ 932,635 $ 732,804 $ 374,049 $ (1,698) $ 2,037,790 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 21,436 $ (20,602) $ 5,283 $ 1,848 $ 7,965 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 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 Sales/settlements (1) (213) (885) — 47,873 46,775 Change in fair value — — — (988) (988) Realized and unrealized appreciation (depreciation), net 4,272 (54) — — 4,218 Balance, end of period $ 114,499 $ 51,458 $ 2,575 $ (10,550) $ 157,982 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 4,272 $ (54) $ — $ (988) $ 3,230 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 171,945 — — 171,945 Transfer out — (90,417) — — (90,417) Purchases (2) 7,320 143,577 24,000 — 174,897 Sales/settlements (1) (10,189) (97,975) (21,500) (2) (129,666) Amortized discounts/premiums — 654 — — 654 Realized and unrealized appreciation (depreciation), net 14,826 (11,435) (50) (55) 3,286 Balance, end of period $ 351,140 $ 859,301 $ 241,123 $ (3,162) $ 1,448,402 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 20 $ (9,031) $ (50) $ (112) $ (9,173) (1) Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments. (2) Purchases include paid-in-kind interest and securities received 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 March 31, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 61,934 Market approach Multiple of book value 3.0x 3.0x 47,643 Market approach Multiple of book value 1.3x 1.3x 15,496 Transaction price (1) N/A N/A N/A Collateralized loan obligations 22,653 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 30,934 Transaction price (1) N/A N/A N/A 21,582 Other N/A N/A N/A Total assets $ 200,242 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 534,676 Discounted cash flow Discount rate 8.0% - 18.0% 12.0% 360,533 Market approach Multiple of book value 1.0x - 1.2x 1.2x 34,621 Market approach Net income multiple 30.0x 30.0x 2,156 Market approach EBITDA multiple (2) 6.3x - 38.5x 17.1x 649 Other N/A N/A N/A Partnership interest 374,049 Discounted cash flow Discount rate 11.2% - 23.7% 22.0% Fixed income investments 636,026 Broker quotes and/or 3rd party pricing services N/A N/A N/A 91,030 Market approach Yield 0.8% - 44.7% 13.2% 3,331 Market approach EBITDA multiple 0.1x - 9.0x 8.7x 2,417 Other N/A N/A N/A Total assets $ 2,039,488 Liabilities Derivative instruments $ (1,698) Broker quotes and/or 3rd party pricing services NA N/A N/A Total liabilities $ (1,698) (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, 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 interests 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 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 as of March 31, 2023 and December 31, 2022. 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 March 31, 2023, these investments had a fair value of $1,171.8 million and unfunded commitments of $1,025.3 million. As of December 31, 2022, these investments had a fair value of $1,023.5 million and unfunded commitments of $869.0 million.

DEBT

DEBT	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT	6. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of March 31, 2023 As of December 31, 2022 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolving 3/31/2027 N/A $ 795,000 5.88% $ 700,000 5.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 248,872 4.21 248,693 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,713 3.28 396,602 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 483,904 3.77 483,802 3.77 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,803 4.13 444,757 4.13 Total debt obligations $ 2,369,292 $ 2,273,854 (1) The revolver commitments were $1.325 billion as of March 31, 2023. Ares Holdings is the borrower under the Credit Facility. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“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 March 31, 2023, 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 March 31, 2023, 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 Condensed Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense within the Condensed 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, 2022 $ 5,510 $ 8,393 $ 5,243 Amortization of debt issuance costs (324) (198) (46) Unamortized debt issuance costs as of March 31, 2023 $ 5,186 $ 8,195 $ 5,197 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 March 31, 2023 As of December 31, 2022 Fair Value of Weighted Weighted Fair Value of Loan Obligations Weighted Weighted Senior secured notes $ 10,293,114 5.46% 8.5 $ 10,142,545 4.84% 8.8 Subordinated notes (1) 624,893 N/A 7.5 559,175 N/A 7.8 Total loan obligations of Consolidated CLOs $ 10,918,007 $ 10,701,720 (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 March 31, 2023 and December 31, 2022, 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 March 31, 2023 As of December 31, 2022 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 6.31% $ 77,496 5.89% 7/1/2023 18,000 15,550 6.50 15,550 6.25 7/23/2024 100,000 10,000 7.78 75,000 7.28 9/24/2026 150,000 — N/A — N/A 9/12/2027 54,000 — N/A — N/A Total borrowings of Consolidated Funds $ 103,046 $ 168,046 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	7. 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 Condensed Consolidated Statements of Financial Condition. As of March 31, 2023, 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 March 31, 2023 and December 31, 2022, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $952.3 million and $677.9 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 March 31, 2023 and December 31, 2022, the Company’s maximum exposure to losses from guarantees was $76.7 million and $31.5 million, respectively. Contingent Liabilities In connection with the acquisition of AMP Capital’s Infrastructure Debt platform (the “Infrastructure Debt Acquisition”) during the first quarter of 2022, 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 Condensed 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 fourth quarter of 2022. As of December 31, 2022, the fair value of the contingent liability related to this portion of the award was $21.8 million and the Company recorded $7.0 million within accrued compensation within the Condensed Consolidated Statements of Financial Condition. During the three months ended March 31, 2023, the associated liability for this portion of the award was settled with a $3.4 million cash payment and the remaining amount equity-settled and reclassified to additional paid-in-capital. For the three months ended March 31, 2022, compensation expense of $1.1 million related to the achieved portion of the award is presented within compensation and benefits within the Condensed Consolidated Statements of Operations. As of March 31, 2023, the maximum contingent liability associated with the remaining Infrastructure Debt MIP is $15.0 million. As of March 31, 2023 and December 31, 2022, the fair value of the contingent liability was $13.5 million. As of March 31, 2023 and December 31, 2022, the Company has recorded $2.7 million and $2.2 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense associated with the remaining Infrastructure Debt MIP of $0.6 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations. 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 March 31, 2023 and December 31, 2022, 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 $122.4 million and $128.4 million, respectively, of which approximately $96.2 million and $101.0 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 March 31, 2023 and December 31, 2022, 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 March 31, As of December 31, Classification 2023 2022 Operating lease assets Right-of-use operating lease assets $ 154,970 $ 155,950 Finance lease assets Other assets (1) 280 400 Total lease assets $ 155,250 $ 156,350 Operating lease liabilities Operating lease liabilities $ 191,090 $ 190,616 Finance lease obligations Accounts payable, accrued expenses and other liabilities 300 330 Total lease liabilities $ 191,390 $ 190,946 (1) Finance lease assets are recorded net of accumulated amortization of $2.1 million as of March 31, 2023 and December 31, 2022. As of March 31, 2023 Maturity of lease liabilities Operating Leases Finance Leases 2023 $ 35,727 $ 134 2024 44,063 162 2025 39,069 12 2026 27,254 — 2027 17,902 — Thereafter 42,331 — Total future payments 206,346 308 Less: interest 15,256 8 Total lease liabilities $ 191,090 $ 300 Three months ended March 31, Classification 2023 2022 Operating lease expense General, administrative and other expenses $ 11,888 $ 10,063 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 120 162 Interest on finance lease liabilities Interest expense 2 5 Total lease expense $ 12,010 $ 10,230 Three months ended March 31, Other information 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 10,911 $ 11,125 Operating cash flows for finance leases 2 5 Financing cash flows for finance leases 42 389 Leased assets obtained in exchange for new operating lease liabilities 12,047 1,378 As of March 31, As of December 31, Lease term and discount rate 2023 2022 Weighted-average remaining lease terms (in years): Operating leases 5.6 5.5 Finance leases 1.8 2.1 Weighted-average discount rate: Operating leases 2.92% 2.72% Finance leases 3.00% 2.99%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	8. 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 Condensed 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 Condensed 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 March 31, As of December 31, 2023 2022 Due from affiliates: Management fees receivable from non-consolidated funds $ 551,095 $ 456,314 Incentive fee receivable from non-consolidated funds 18,621 169,979 Payments made on behalf of and amounts due from non-consolidated funds and employees 138,088 132,179 Due from affiliates—Company $ 707,804 $ 758,472 Amounts due from non-consolidated funds $ 10,878 $ 15,789 Due from affiliates—Consolidated Funds $ 10,878 $ 15,789 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 3,918 $ 8,701 Tax receivable agreement liability 113,978 118,466 Undistributed carried interest and incentive fees 61,177 121,332 Payments made by non-consolidated funds on behalf of and payable by the Company 4,378 4,299 Due to affiliates—Company $ 183,451 $ 252,798 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	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	9. INCOME TAXES The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by certain affiliated funds that are consolidated in these financial statements. For the three months ended March 31, 2023 and 2022, the Company recorded income tax expense of $33.8 million and $20.4 million, respectively. 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 unaudited condensed consolidated financial statements. For the three months ended March 31, 2023 and 2022, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate. The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of March 31, 2023 and December 31, 2022, the Company recorded a net deferred tax asset of $28.4 million and $68.9 million, respectively, within other assets within the Condensed Consolidated Statements of Financial Condition. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is generally no longer subject to corporate income tax audits by taxing authorities for any years prior to 2019. 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 unaudited condensed consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EARNINGS PER SHARE	10. EARNINGS PER SHARE The Company has 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 three months ended March 31, 2023 and 2022, the two-class method was the more dilutive method. The following table presents the computation of basic and diluted earnings per common share: Three months ended March 31, 2023 2022 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 $ 94,039 $ 45,863 Distributions on unvested restricted units (5,314) (3,585) Net income available to Class A and non-voting common stockholders $ 88,725 $ 42,278 Basic weighted-average shares of Class A and non-voting common stock 178,976,022 174,215,251 Basic earnings per share of Class A and non-voting common stock $ 0.49 $ 0.24 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 $ 94,039 $ 45,863 Distributions on unvested restricted units (5,314) (3,585) Net income available to Class A and non-voting common stockholders $ 88,725 $ 42,278 Effect of dilutive shares: Restricted units — — Options — — Diluted weighted-average shares of Class A and non-voting common stock 178,976,022 174,215,251 Diluted earnings per share of Class A and non-voting common stock $ 0.49 $ 0.24 Dividend declared and paid per Class A and non-voting common stock $ 0.77 $ 0.61

EQUITY COMPENSATION

EQUITY COMPENSATION	3 Months Ended
	Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	11. 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, 2023, the total number of shares available for issuance under the Equity Incentive Plan reset to 51,149,100 shares and as of March 31, 2023, 45,074,879 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: Three months ended March 31, 2023 2022 Restricted units $ 69,252 $ 53,650 Equity-based compensation expense $ 69,252 $ 53,650 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 three months ended March 31, 2023, 3.3 million restricted units vested and 1.9 million shares of Class A common stock were delivered to the holders. For the three months ended March 31, 2022, 5.1 million restricted units vested and 2.8 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 three months ended March 31, 2023, the Company declared dividends of $0.77 per share to Class A common stockholders at the close of business on March 17, 2023. For the three months ended March 31, 2023, Dividend Equivalents were made to the holders of restricted units in the aggregate amount of $12.0 million, which are presented as dividends within the Condensed Consolidated Statements of Changes in Equity. When units are forfeited, the cumulative amount of Dividend Equivalents previously paid is reclassified to compensation and benefits expense within the Condensed Consolidated Statements of Operations. During the first quarter of 2023, the Company approved the future grant of restricted units to certain senior executives in each of 2024, 2025 and 2026, 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, 2022 16,662,999 $ 48.76 Granted 4,683,244 78.71 Vested (3,260,427) 37.86 Forfeited (94,023) 49.78 Balance - March 31, 2023 17,991,793 $ 58.53 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $840.1 million as of March 31, 2023 and is expected to be recognized over the remaining weighted average period of 3.8 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 three months ended March 31, 2023 is presented below: Options Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Balance - December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Exercised (483,126) 19.00 — — Expired — — — — Forfeited — — — — Balance - March 31, 2023 4,687,093 $ 19.00 1.1 $ 302,036 Exercisable at March 31, 2023 4,687,093 $ 19.00 1.1 $ 302,036

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity Note [Abstract]
EQUITY AND REDEEMABLE INTEREST	12. 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. In February 2023, the Company's board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $150 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 program is scheduled to expire in March 2024. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the three months ended March 31, 2023, 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, 2022 173,892,036 3,489,911 1,000 117,231,288 294,614,235 Issuance of stock 1,382,596 — — — 1,382,596 Issuance of AOG Units (1) — — — 3,473,026 3,473,026 Exchanges of AOG Units 65,916 — — (65,916) — Stock option exercises, net of shares withheld for tax 483,126 — — — 483,126 Vesting of restricted stock awards, net of shares withheld for tax 1,850,381 — — — 1,850,381 Balance - March 31, 2023 177,674,055 3,489,911 1,000 120,638,398 301,803,364 (1) Represents issuance of AOG Units to the recipients of the management incentive program from the acquisition of Black Creek Group’s real estate investment advisory and distribution business (the “Black Creek Acquisition”), which relieved the associated liability following the maximum contingent payment being met as of December 31, 2022. Pursuant to an agreement with the recipients of the Black Creek Acquisition management incentive program, a portion of such AOG Units were issued in lieu of cash consideration which was payable pursuant to the Black Creek Acquisition management incentive program. Issuances of Class C Common stock corresponds with increases in Ares Owners Holdings L.P.’s ownership interest in the AOG entities. 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 March 31, 2023 As of December 31, 2022 Three months ended March 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2023 2022 Ares Management Corporation 181,163,966 60.03 % 177,381,947 60.21 % 60.14 % 59.51 % Ares Owners Holdings, L.P. 120,638,398 39.97 117,231,288 39.79 39.86 40.49 Total 301,802,364 100.00 % 294,613,235 100.00 % Redeemable Interest The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities: Total Balance - December 31, 2021 $ 96,008 Changes in ownership interests and related tax benefits 231 Net income 399 Currency translation adjustment, net of tax (331) Equity compensation 48 Distributions (8) Balance - March 31, 2022 96,347 Changes in ownership interests and related tax benefits (1,445) Net loss (457) Currency translation adjustment, net of tax (996) Equity compensation 77 Distributions (8) Balance- June 30, 2022 93,518 Changes in ownership interests and related tax benefits 1,214 Net income 93 Currency translation adjustment, net of tax (933) Equity compensation 77 Distributions (1,861) Balance- September 30, 2022 92,108 Net loss (886) Currency translation adjustment, net of tax 1,834 Equity compensation 83 Distribution (10) Balance - December 31, 2022 93,129 Changes in ownership interests and related tax benefits (66,506) Net loss (1,824) Currency translation adjustment, net of tax (148) Equity compensation 174 Distributions (2,883) Balance - March 31, 2023 $ 21,942 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance - December 31, 2021 $ 1,000,000 Change in redemption value — Balance - March 31, 2022 1,000,000 Change in redemption value — Balance - June 30, 2022 1,000,000 Change in redemption value 4,994 Balance - September 30, 2022 1,004,994 Change in redemption value 8,288 Balance - December 31, 2022 1,013,282 Change in redemption value 10,504 Redemption (538,985) Balance - March 31, 2023 $ 484,801

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	13. SEGMENT REPORTING The Company operates through its distinct operating segments. On March 31, 2023, the Company executed the SSG Buyout. The Company rebranded Ares SSG as Ares Asia and the Ares SSG credit business, including the Asian special situations, Asian secured lending and APAC direct lending strategies, as Asia credit. Asia credit has been reclassified effective January 1, 2023 and is now presented within the Credit Group. In connection with this reclassification, the Company will no longer use Strategic Initiatives to describe all other operating segments, instead reporting the collective results as Other. The Company reclassified activities of Asia credit to the Credit Group to better align the segment presentation with the global asset classes and investment strategies. The Company has modified historical results to conform with its current presentation. The Company operating segments are summarized below: Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit and direct lending. Our liquid credit investment solutions help traditional fixed income investors access the syndicated loan and high yield bond markets and capitalize on opportunities across multi-asset credit. The syndicated loans strategy focuses on evaluating individual credit opportunities related primarily to non-investment grade senior secured loans and primarily targets first lien secured debt, with a secondary focus on second lien secured loans and subordinated and other unsecured loans. The high yield bond strategy seeks to deliver a diversified portfolio of liquid, traded non-investment grade corporate bonds, including secured, unsecured and subordinated debt instruments. Multi-asset credit is a “go anywhere” strategy designed to offer investors a flexible solution to global credit investing by allowing us to tactically allocate between multiple asset classes in various market conditions. The alternative credit strategy seeks to capitalize on asset-focused investment opportunities that fall outside of traditional, well-defined markets such as corporate debt, real estate and private equity. The alternative credit strategy emphasizes downside protection and capital preservation through a focus on investments that tend to share the following key attributes: asset security, covenants, structural protections and cash flow velocity. The direct lending strategy is one of the largest self-originating direct lenders, lending in the U.S., European and Asia-Pacific markets with a multi-channel origination strategy designed to address a broad set of investment opportunities in the middle market. The direct lending team maintains a flexible investment strategy with the capability to invest in first lien senior secured loans (including unitranche loans which are loans that combine senior and subordinated debt, generally in a first lien position), second lien senior secured loans, subordinated debt, preferred equity and non-control equity co-investments in private middle market companies. U.S. direct lending activities are managed through a publicly-traded business development company (“BDC”), Ares Capital Corporation (“ARCC”), our non-traded BDC, Ares Strategic Income Fund (“ASIF”), as well as through private commingled funds and separately managed accounts (“SMAs”). Our Asia credit platform provides flexible, value-add capital solutions to complex situations through our local origination presence and experience. Private Equity Group: The Private Equity Group broadly categorizes its investment strategies as corporate private equity and special opportunities. In the corporate private equity strategy, the Company targets four principal transactions types: (i) prudently leveraged control buyouts; (ii) growth equity; (iii) rescue capital; and (iv) distressed-for-control. This differentiated strategy, together with the broad resources of the Ares platform, widens our universe of potential investment opportunities and allows us to remain active across various market environments and to be highly selective in making investments by identifying the most attractive relative value opportunities. In the special opportunities strategy, the Company employs a flexible capital strategy to finance debt and non-control equity solutions in middle market companies undergoing transformational change or stress. The strategy seeks to consistently invest in a range of private, special-situation opportunities and flex into distressed public market debt when attractive. Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments. The real estate strategy focuses on activities categorized as core/core-plus, value-add, opportunistic and debt. Real estate equity strategies involve high-quality properties and locations and de-risked developments with an opportunity to create value through repositioning, lease-up, re-tenanting, redevelopment, and/or complex recapitalizations. The U.S. core/core-plus investment activities focuses on the acquisition of assets with strong long-term cash flow potential and durable tenancy diversified across end-user industries and geographies. The value-add investment activities focus on acquiring underperforming, income-producing, institutional-quality assets that can be improved through select value-creation initiatives across the U.S. and Europe. The opportunistic activities focus on capitalizing on distressed and special situations, repositioning underperforming assets and undertaking select development and redevelopment projects across the U.S. and Europe. The real estate debt strategy primarily focuses on directly originating a wide range of financing opportunities in the U.S. and Europe leveraging the Real Asset Group’s diverse sources of capital. In addition to managing private commingled funds and SMAs investing in equity and debt strategies, the real estate strategy also makes investments through Ares Real Estate Income Trust, Inc. (“AREIT”) and Ares Industrial Real Estate Income Trust, Inc. (“AIREIT”), its non-traded REITs, and ACRE, a publicly traded commercial mortgage REIT. The infrastructure strategy focuses on investment strategies broadly categorized as infrastructure opportunities and infrastructure debt. Infrastructure opportunities is a market leader in infrastructure and power investing with a focus on climate infrastructure, natural gas generation and energy transportation sectors. The infrastructure opportunities strategy targets essential infrastructure assets and companies with stable cash flow profiles through long-term contracts and high-barriers to entry. The infrastructure debt strategy targets global assets and businesses with defensive characteristics across the digital, transport, energy and utility sectors. Leveraging the established long standing relationships, the strategy seeks to generate exclusive deal flow and high-quality investment opportunities. Secondaries Group: The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit. The Company acquires interests across a range of partnership vehicles, including funds, multi-asset portfolios and single asset joint ventures. Activities within each strategy include recapitalizing and restructuring the funds, including transactions that can address pending fund maturity, strategy change or the need for additional equity capital. The private equity secondaries strategy seeks to achieve attractive secondary cash flow and diversification characteristics by investing across the spectrum of private equity secondaries transactions. In the real estate secondaries strategy, the Company seeks broad diversification by property sector and geography and to drive investment results through underwriting, transaction structuring and portfolio construction. In the infrastructure secondaries strategy, the Company focuses on achieving diversification through a portfolio that provides inflation protection and exposure to uncorrelated assets. The credit secondaries strategy seeks to create a highly diversified portfolio of primarily senior secured private credit interests across North America and Europe, acquired directly or indirectly through secondary market transactions. Other: Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually do not meet reporting thresholds. These results include activities from (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development and (ii) AAC, among others. 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 Condensed 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. The following tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended March 31, 2023 Credit Group Private Equity Group Real Secondaries Group Other Total OMG Total Management fees $ 405,650 $ 54,657 $ 97,470 $ 39,863 $ 4,979 $ 602,619 $ — $ 602,619 Fee related performance revenues 600 — — 3,271 — 3,871 — 3,871 Other fees 8,870 673 6,462 — 50 16,055 4,640 20,695 Compensation and benefits (116,216) (22,310) (37,986) (13,412) (3,140) (193,064) (84,967) (278,031) General, administrative and other expenses (21,595) (9,566) (12,284) (4,292) (608) (48,345) (46,172) (94,517) Fee related earnings 277,309 23,454 53,662 25,430 1,281 381,136 (126,499) 254,637 Performance income—realized 6,593 18,457 6,086 — — 31,136 — 31,136 Performance related compensation—realized (4,997) (15,104) (3,758) — — (23,859) — (23,859) Realized net performance income 1,596 3,353 2,328 — — 7,277 — 7,277 Investment income (loss)—realized 506 879 (1,772) — 170 (217) — (217) Interest and other investment income (expense)—realized 6,418 1,861 1,821 1,225 6,348 17,673 (92) 17,581 Interest expense (7,820) (5,615) (3,896) (2,305) (5,324) (24,960) (26) (24,986) Realized net investment income (loss) (896) (2,875) (3,847) (1,080) 1,194 (7,504) (118) (7,622) Realized income $ 278,009 $ 23,932 $ 52,143 $ 24,350 $ 2,475 $ 380,909 $ (126,617) $ 254,292 Three months ended March 31, 2022 Credit Group Private Equity Group Real Secondaries Group Other Total OMG Total Management fees $ 317,489 $ 45,957 $ 72,487 $ 44,504 $ 2,484 $ 482,921 $ — $ 482,921 Fee related performance revenues 12,353 — 358 — — 12,711 — 12,711 Other fees 5,766 297 7,866 — 50 13,979 5,876 19,855 Compensation and benefits (110,711) (19,566) (33,637) (11,640) (2,386) (177,940) (64,067) (242,007) General, administrative and other expenses (18,193) (6,288) (7,637) (3,078) (230) (35,426) (32,384) (67,810) Fee related earnings 206,704 20,400 39,437 29,786 (82) 296,245 (90,575) 205,670 Performance income—realized 7,363 2,212 34,293 — — 43,868 — 43,868 Performance related compensation—realized (4,580) (1,786) (22,209) — — (28,575) — (28,575) Realized net performance income 2,783 426 12,084 — — 15,293 — 15,293 Investment income—realized 415 1,603 3,453 — 861 6,332 — 6,332 Interest and other investment income (expense)—realized 5,728 1,502 2,777 644 1 10,652 (284) 10,368 Interest expense (3,468) (3,373) (2,389) (465) (5,784) (15,479) (167) (15,646) Realized net investment income (loss) 2,675 (268) 3,841 179 (4,922) 1,505 (451) 1,054 Realized income $ 212,162 $ 20,558 $ 55,362 $ 29,965 $ (5,004) $ 313,043 $ (91,026) $ 222,017 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended March 31, 2023 2022 Segment revenues Management fees $ 602,619 $ 482,921 Fee related performance revenues 3,871 12,711 Other fees 16,055 13,979 Performance income—realized 31,136 43,868 Total segment revenues $ 653,681 $ 553,479 Segment expenses Compensation and benefits $ 193,064 $ 177,940 General, administrative and other expenses 48,345 35,426 Performance related compensation—realized 23,859 28,575 Total segment expenses $ 265,268 $ 241,941 Segment realized net investment income (expense) Investment income (loss)—realized $ (217) $ 6,332 Interest and other investment income —realized 17,673 10,652 Interest expense (24,960) (15,479) Total segment realized net investment income (expense) $ (7,504) $ 1,505 The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended March 31, 2023 2022 Total consolidated revenue $ 813,362 $ 714,999 Performance income—unrealized (127,713) (133,532) Management fees of Consolidated Funds eliminated in consolidation 11,601 11,479 Carried interest allocation of Consolidated Funds eliminated in consolidation 3,407 — Incentive fees of Consolidated Funds eliminated in consolidation 138 34 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 4,843 4,769 Administrative fees (1) (13,650) (19,475) OMG revenue (4,640) (5,876) Principal investment income, net of eliminations (22,758) (8,326) Net revenue of non-controlling interests in consolidated subsidiaries (10,909) (10,593) Total consolidation adjustments and reconciling items (159,681) (161,520) Total segment revenue $ 653,681 $ 553,479 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. The following table reconciles the Company’s consolidated expenses to segment expenses: Three months ended March 31, 2023 2022 Total consolidated expenses $ 628,636 $ 611,684 Performance related compensation-unrealized (85,150) (91,198) Expenses of Consolidated Funds added in consolidation (19,641) (16,077) Expenses of Consolidated Funds eliminated in consolidation 12,132 11,564 Administrative fees (1) (13,277) (18,890) OMG expenses (131,139) (96,451) Acquisition and merger-related expense (4,955) (9,042) Equity compensation expense (69,077) (53,602) Acquisition-related compensation expense (2) (642) (48,001) Placement fee adjustment 3,232 693 Depreciation and amortization expense (45,659) (38,126) Expense of non-controlling interests in consolidated subsidiaries (9,192) (10,613) Total consolidation adjustments and reconciling items (363,368) (369,743) Total segment expenses $ 265,268 $ 241,941 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents contingent obligations resulting from the acquisition of Landmark Partners, LLC (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 Condensed Consolidated Statements of Operations. The following table reconciles the Company’s consolidated other income to segment realized net investment income: Three months ended March 31, 2023 2022 Total consolidated other income $ 56,396 $ 57,994 Investment (income) loss—unrealized (28,985) 7,854 Interest and other investment (income) loss—unrealized 208 (6,032) Other income from Consolidated Funds added in consolidation, net (62,917) (66,848) Other expense from Consolidated Funds eliminated in consolidation, net (4,451) (7,518) OMG other expense 651 4,593 Principal investment income 35,457 14,490 Other expense, net 91 1,981 Other income of non-controlling interests in consolidated subsidiaries (3,954) (5,009) Total consolidation adjustments and reconciling items (63,900) (56,489) Total segment realized net investment income (expense) $ (7,504) $ 1,505 The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: Three months ended March 31, 2023 2022 Income before taxes $ 241,122 $ 161,309 Adjustments: Depreciation and amortization expense 45,659 38,126 Equity compensation expense 68,704 53,017 Acquisition-related compensation expense (1) 642 48,001 Acquisition and merger-related expense 4,955 9,042 Placement fee adjustment (3,232) (693) OMG expense, net 127,150 95,168 Other expense, net 91 1,981 Net income of non-controlling interests in consolidated subsidiaries (5,671) (4,989) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (27,171) (47,407) Total performance income—unrealized (127,713) (133,532) Total performance related compensation—unrealized 85,150 91,198 Total investment (income) loss—unrealized (28,777) 1,822 Realized income 380,909 313,043 Total performance income—realized (31,136) (43,868) Total performance related compensation—realized 23,859 28,575 Total investment income—realized 7,504 (1,505) Fee related earnings $ 381,136 $ 296,245 (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 Condensed Consolidated Statements of Operations.

CONSOLIDATION

CONSOLIDATION	3 Months Ended
	Mar. 31, 2023
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	14. CONSOLIDATION Investments in Consolidated Variable Interest Entities The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company’s interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value. The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed 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 Condensed Consolidated Statements of Operations, are as follows: As of March 31, As of December 31, 2023 2022 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 370,402 $ 393,549 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 552,278 537,239 Assets of consolidated VIEs 13,781,266 13,128,088 Liabilities of consolidated VIEs 12,108,023 11,593,867 (1) As of March 31, 2023 and December 31, 2022, 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 $81.0 million and $82.0 million, respectively. Three months ended March 31, 2023 2022 Net income attributable to non-controlling interests related to consolidated VIEs $ 37,131 $ 38,462 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 March 31, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 272,249 $ — $ — $ 272,249 Investments (includes $3,236,418 of accrued carried interest) 4,666,602 — (565,919) 4,100,683 Due from affiliates 1,035,397 — (327,593) 707,804 Other assets 267,068 — — 267,068 Right-of-use operating lease assets 154,970 — — 154,970 Intangible assets, net 1,166,607 — — 1,166,607 Goodwill 998,937 — — 998,937 Assets of Consolidated Funds Cash and cash equivalents — 754,934 — 754,934 Investments held in trust account — 484,901 — 484,901 Investments, at fair value — 12,636,458 4,793 12,641,251 Due from affiliates — 21,711 (10,833) 10,878 Receivable for securities sold — 305,418 — 305,418 Other assets — 62,882 — 62,882 Total assets $ 8,561,830 $ 14,266,304 $ (899,552) $ 21,928,582 Liabilities Accounts payable, accrued expenses and other liabilities $ 272,131 $ — $ (10,833) $ 261,298 Accrued compensation 214,135 — — 214,135 Due to affiliates 183,451 — — 183,451 Performance related compensation payable 2,365,230 — — 2,365,230 Debt obligations 2,369,292 — — 2,369,292 Operating lease liabilities 191,090 — — 191,090 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 200,998 (13,493) 187,505 Due to affiliates — 322,800 (322,800) — Payable for securities purchased — 549,415 — 549,415 CLO loan obligations, at fair value — 11,013,602 (95,595) 10,918,007 Fund borrowings — 103,046 — 103,046 Total liabilities 5,595,329 12,189,861 (442,721) 17,342,469 Commitments and contingencies Redeemable interest in Consolidated Funds — 484,801 — 484,801 Redeemable interest in Ares Operating Group entities 21,942 — — 21,942 Non-controlling interest in Consolidated Funds — 1,591,642 (420,240) 1,171,402 Non-controlling interest in Ares Operating Group entities 1,252,700 — (14,626) 1,238,074 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (177,674,055 shares issued and outstanding) 1,777 — — 1,777 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 (120,638,398 shares issued and outstanding) 1,206 — — 1,206 Additional paid-in-capital 2,122,008 — (21,965) 2,100,043 Accumulated deficit (420,822) — — (420,822) Accumulated other comprehensive loss, net of tax (12,345) — — (12,345) Total stockholders’ equity 1,691,859 — (21,965) 1,669,894 Total equity 2,944,559 1,591,642 (456,831) 4,079,370 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,561,830 $ 14,266,304 $ (899,552) $ 21,928,582 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 Three months ended March 31, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 612,117 $ — $ (11,601) $ 600,516 Carried interest allocation 154,895 — (3,407) 151,488 Incentive fees 9,061 — (138) 8,923 Principal investment income 35,457 — (12,699) 22,758 Administrative, transaction and other fees 34,520 — (4,843) 29,677 Total revenues 846,050 — (32,688) 813,362 Expenses Compensation and benefits 360,781 — — 360,781 Performance related compensation 111,658 — — 111,658 General, administrative and other expense 148,688 — (343) 148,345 Expenses of the Consolidated Funds — 19,641 (11,789) 7,852 Total expenses 621,127 19,641 (12,132) 628,636 Other income (expense) Net realized and unrealized gains on investments 7,852 — (6,337) 1,515 Interest and dividend income 7,176 — (3,337) 3,839 Interest expense (24,986) — — (24,986) Other expense, net (1,014) — 91 (923) Net realized and unrealized gains (losses) on investments of the Consolidated Funds — (2,069) 12,769 10,700 Interest and other income of the Consolidated Funds — 223,029 (91) 222,938 Interest expense of the Consolidated Funds — (158,043) 1,356 (156,687) Total other income (expense), net (10,972) 62,917 4,451 56,396 Income before taxes 213,951 43,276 (16,105) 241,122 Income tax expense 33,328 478 — 33,806 Net income 180,623 42,798 (16,105) 207,316 Less: Net income attributable to non-controlling interests in Consolidated Funds — 42,798 (16,105) 26,693 Net income attributable to Ares Operating Group entities 180,623 — — 180,623 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,824) — — (1,824) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 88,408 — — 88,408 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 94,039 $ — $ — $ 94,039 Three months ended March 31, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 488,811 $ — $ (11,479) $ 477,332 Carried interest allocation 178,289 — — 178,289 Incentive fees 16,456 — (34) 16,422 Principal investment income 14,490 — (6,164) 8,326 Administrative, transaction and other fees 39,399 — (4,769) 34,630 Total revenues 737,445 — (22,446) 714,999 Expenses Compensation and benefits 357,243 — — 357,243 Performance related compensation 129,405 — — 129,405 General, administrative and other expense 120,523 — — 120,523 Expenses of the Consolidated Funds — 16,077 (11,564) 4,513 Total expenses 607,171 16,077 (11,564) 611,684 Other income (expense) Net realized and unrealized gains (losses) on investments (4,926) — 13,035 8,109 Interest and dividend income 3,410 — (1,908) 1,502 Interest expense (15,646) — — (15,646) Other income, net 790 — 994 1,784 Net realized and unrealized gains on investments of the Consolidated Funds — 23,011 (7,043) 15,968 Interest and other income of the Consolidated Funds — 121,284 (994) 120,290 Interest expense of the Consolidated Funds — (77,447) 3,434 (74,013) Total other income (expense), net (16,372) 66,848 7,518 57,994 Income before taxes 113,902 50,771 (3,364) 161,309 Income tax expense 20,386 25 — 20,411 Net income 93,516 50,746 (3,364) 140,898 Less: Net income attributable to non-controlling interests in Consolidated Funds — 50,746 (3,364) 47,382 Net income attributable to Ares Operating Group entities 93,516 — — 93,516 Less: Net income attributable to redeemable interest in Ares Operating Group entities 399 — — 399 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 47,254 — — 47,254 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 45,863 $ — $ — $ 45,863 Three months ended March 31, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 180,623 $ 42,798 $ (16,105) $ 207,316 Adjustments to reconcile net income to net cash provided by operating activities 100,469 — 21,292 121,761 Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds — 341,609 (12,769) 328,840 Cash flows due to changes in operating assets and liabilities (132,777) — 139,848 7,071 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 202,877 (160,293) 42,584 Net cash provided by operating activities 148,315 587,284 (28,027) 707,572 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (8,877) — — (8,877) Acquisitions, net of cash acquired — — — — Net cash used in investing activities (8,877) — — (8,877) Cash flows from financing activities: Proceeds from Credit Facility 245,000 — — 245,000 Repayments of Credit Facility (150,000) — — (150,000) Dividends and distributions (251,632) — — (251,632) Stock option exercises 9,180 — — 9,180 Taxes paid related to net share settlement of equity awards (113,431) — — (113,431) Other financing activities 483 — — 483 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 103,808 (10,223) 93,585 Distributions to non-controlling interests in Consolidated Funds — (28,890) 7,957 (20,933) Redemptions of redeemable interests in Consolidated Funds — (538,985) — (538,985) Borrowings under loan obligations by Consolidated Funds — 2,914 — 2,914 Repayments under loan obligations by Consolidated Funds — (97,325) — (97,325) Net cash used in financing activities (260,400) (558,478) (2,266) (821,144) Effect of exchange rate changes 3,224 1,487 — 4,711 Net change in cash and cash equivalents (117,738) 30,293 (30,293) (117,738) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 272,249 $ 754,934 $ (754,934) $ 272,249 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisition-related activity $ 115,364 $ — $ — $ 115,364 Issuance of AOG Units in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647 Three months ended March 31, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 93,516 $ 50,746 $ (3,364) $ 140,898 Adjustments to reconcile net income to net cash provided by operating activities 43,970 — 9,503 53,473 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (104,815) 7,043 (97,772) Cash flows due to changes in operating assets and liabilities 125,246 — 7,100 132,346 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (568,394) 563,599 (4,795) Net cash provided by (used in) operating activities 262,732 (622,463) 583,881 224,150 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (8,524) — — (8,524) Acquisitions, net of cash acquired (301,624) — — (301,624) Net cash used in investing activities (310,148) — — (310,148) Cash flows from financing activities: Proceeds from Credit Facility 860,000 — — 860,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (905,000) — — (905,000) Dividends and distributions (211,886) — — (211,886) Stock option exercises 3,347 — — 3,347 Taxes paid related to net share settlement of equity awards (183,027) — — (183,027) Other financing activities 856 — — 856 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 104,803 (21,873) 82,930 Distributions to non-controlling interests in Consolidated Funds — (38,931) 3,973 (34,958) Borrowings under loan obligations by Consolidated Funds — 49,317 — 49,317 Repayments under loan obligations by Consolidated Funds — (57,457) — (57,457) Net cash provided by financing activities 53,205 57,732 (17,900) 93,037 Effect of exchange rate changes (3,402) (1,250) — (4,652) Net change in cash and cash equivalents 2,387 (565,981) 565,981 2,387 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 346,042 $ 483,210 $ (483,210) $ 346,042 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisition-related activity $ 12,835 $ — $ — $ —

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after March 31, 2023 through the date the unaudited condensed 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)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”) for interim financial information and instructions to the Quarterly Report on Form 10-Q. The unaudited condensed consolidated financial statements, including these notes, are unaudited and exclude some of the disclosures required in annual financial statements. Management believes it has made all necessary adjustments so that the unaudited condensed consolidated financial statements are presented fairly and that estimates made in preparing its unaudited condensed consolidated financial statements are reasonable and prudent, and that all such adjustments are of a normal recurring nature. The operating results presented for interim periods are not necessarily indicative of the results that may be expected for any other interim period or for the entire year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts and activities of the AOG entities, their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation. Non-Controlling Interests in Ares Operating Group Entities 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
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
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”) (the “SSG Acquisition”). In connection with the SSG Acquisition, the former owners of SSG retained a 20% ownership interest in the operations acquired by the Company. In certain circumstances, the Company had the ability to acquire full ownership of SSG pursuant to a contractual arrangement to be initiated by the Company or by the former owners of SSG. Since the acquisition of the remaining interest in SSG was not within the Company's sole discretion, the ownership interest held by the former owners of SSG was classified as a redeemable interest and represented mezzanine equity. Redeemable interest in AOG entities was initially recorded at fair value on the date of the SSG Acquisition within mezzanine equity within the Condensed Consolidated Statements of Financial Condition. Income (loss) was allocated based on the ownership percentage attributable to the redeemable interest. As of the date of acquisition, the Company determined that the redemption of the redeemable interest was probable. 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 exceeded 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 Condensed Consolidated Statements of Financial Condition. In connection with a merger agreement to acquire the remaining 20% ownership interest in the Ares SSG fee-generating business that was retained by the former owners of SSG (the “SSG Buyout”), a portion of the redeemable interest in AOG entities was purchased on March 31, 2023 and the Company now owns 100% of Ares SSG’s fee-generating business. The SSG Buyout was effectuated through newly issued shares of Class A common stock. The remaining redeemable interest in AOG entities represents ownership in certain investments that were not included in the SSG Buyout and continues to be presented at the redemption amount within mezzanine equity within the Condensed Consolidated Statements of Financial Condition.
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 were assessed and determined either to be not applicable or expected to have an immaterial impact on its unaudited condensed consolidated financial statements.
Segment Reporting	The Company operates through its distinct operating segments. On March 31, 2023, the Company executed the SSG Buyout. The Company rebranded Ares SSG as Ares Asia and the Ares SSG credit business, including the Asian special situations, Asian secured lending and APAC direct lending strategies, as Asia credit. Asia credit has been reclassified effective January 1, 2023 and is now presented within the Credit Group. In connection with this reclassification, the Company will no longer use Strategic Initiatives to describe all other operating segments, instead reporting the collective results as Other. The Company reclassified activities of Asia credit to the Credit Group to better align the segment presentation with the global asset classes and investment strategies. The Company has modified historical results to conform with its current presentation. The Company operating segments are summarized below: Credit Group: The Credit Group manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit and direct lending. Our liquid credit investment solutions help traditional fixed income investors access the syndicated loan and high yield bond markets and capitalize on opportunities across multi-asset credit. The syndicated loans strategy focuses on evaluating individual credit opportunities related primarily to non-investment grade senior secured loans and primarily targets first lien secured debt, with a secondary focus on second lien secured loans and subordinated and other unsecured loans. The high yield bond strategy seeks to deliver a diversified portfolio of liquid, traded non-investment grade corporate bonds, including secured, unsecured and subordinated debt instruments. Multi-asset credit is a “go anywhere” strategy designed to offer investors a flexible solution to global credit investing by allowing us to tactically allocate between multiple asset classes in various market conditions. The alternative credit strategy seeks to capitalize on asset-focused investment opportunities that fall outside of traditional, well-defined markets such as corporate debt, real estate and private equity. The alternative credit strategy emphasizes downside protection and capital preservation through a focus on investments that tend to share the following key attributes: asset security, covenants, structural protections and cash flow velocity. The direct lending strategy is one of the largest self-originating direct lenders, lending in the U.S., European and Asia-Pacific markets with a multi-channel origination strategy designed to address a broad set of investment opportunities in the middle market. The direct lending team maintains a flexible investment strategy with the capability to invest in first lien senior secured loans (including unitranche loans which are loans that combine senior and subordinated debt, generally in a first lien position), second lien senior secured loans, subordinated debt, preferred equity and non-control equity co-investments in private middle market companies. U.S. direct lending activities are managed through a publicly-traded business development company (“BDC”), Ares Capital Corporation (“ARCC”), our non-traded BDC, Ares Strategic Income Fund (“ASIF”), as well as through private commingled funds and separately managed accounts (“SMAs”). Our Asia credit platform provides flexible, value-add capital solutions to complex situations through our local origination presence and experience. Private Equity Group: The Private Equity Group broadly categorizes its investment strategies as corporate private equity and special opportunities. In the corporate private equity strategy, the Company targets four principal transactions types: (i) prudently leveraged control buyouts; (ii) growth equity; (iii) rescue capital; and (iv) distressed-for-control. This differentiated strategy, together with the broad resources of the Ares platform, widens our universe of potential investment opportunities and allows us to remain active across various market environments and to be highly selective in making investments by identifying the most attractive relative value opportunities. In the special opportunities strategy, the Company employs a flexible capital strategy to finance debt and non-control equity solutions in middle market companies undergoing transformational change or stress. The strategy seeks to consistently invest in a range of private, special-situation opportunities and flex into distressed public market debt when attractive. Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments. The real estate strategy focuses on activities categorized as core/core-plus, value-add, opportunistic and debt. Real estate equity strategies involve high-quality properties and locations and de-risked developments with an opportunity to create value through repositioning, lease-up, re-tenanting, redevelopment, and/or complex recapitalizations. The U.S. core/core-plus investment activities focuses on the acquisition of assets with strong long-term cash flow potential and durable tenancy diversified across end-user industries and geographies. The value-add investment activities focus on acquiring underperforming, income-producing, institutional-quality assets that can be improved through select value-creation initiatives across the U.S. and Europe. The opportunistic activities focus on capitalizing on distressed and special situations, repositioning underperforming assets and undertaking select development and redevelopment projects across the U.S. and Europe. The real estate debt strategy primarily focuses on directly originating a wide range of financing opportunities in the U.S. and Europe leveraging the Real Asset Group’s diverse sources of capital. In addition to managing private commingled funds and SMAs investing in equity and debt strategies, the real estate strategy also makes investments through Ares Real Estate Income Trust, Inc. (“AREIT”) and Ares Industrial Real Estate Income Trust, Inc. (“AIREIT”), its non-traded REITs, and ACRE, a publicly traded commercial mortgage REIT. The infrastructure strategy focuses on investment strategies broadly categorized as infrastructure opportunities and infrastructure debt. Infrastructure opportunities is a market leader in infrastructure and power investing with a focus on climate infrastructure, natural gas generation and energy transportation sectors. The infrastructure opportunities strategy targets essential infrastructure assets and companies with stable cash flow profiles through long-term contracts and high-barriers to entry. The infrastructure debt strategy targets global assets and businesses with defensive characteristics across the digital, transport, energy and utility sectors. Leveraging the established long standing relationships, the strategy seeks to generate exclusive deal flow and high-quality investment opportunities. Secondaries Group: The Secondaries Group invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit. The Company acquires interests across a range of partnership vehicles, including funds, multi-asset portfolios and single asset joint ventures. Activities within each strategy include recapitalizing and restructuring the funds, including transactions that can address pending fund maturity, strategy change or the need for additional equity capital. The private equity secondaries strategy seeks to achieve attractive secondary cash flow and diversification characteristics by investing across the spectrum of private equity secondaries transactions. In the real estate secondaries strategy, the Company seeks broad diversification by property sector and geography and to drive investment results through underwriting, transaction structuring and portfolio construction. In the infrastructure secondaries strategy, the Company focuses on achieving diversification through a portfolio that provides inflation protection and exposure to uncorrelated assets. The credit secondaries strategy seeks to create a highly diversified portfolio of primarily senior secured private credit interests across North America and Europe, acquired directly or indirectly through secondary market transactions. Other: Other represents a compilation of operating segments and strategic investments that seek to expand the Company’s reach and its scale in new and existing global markets but individually do not meet reporting thresholds. These results include activities from (i) Ares Insurance Solutions (“AIS”), the Company’s insurance platform that provides solutions to insurance clients including asset management, capital solutions and corporate development and (ii) AAC, among others. 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 Condensed 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

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023 As of March 31, 2023 As of December 31, 2022 Management contracts 4.8 $ 580,692 $ 586,077 Client relationships 9.4 262,301 262,301 Trade name 0.0 — 11,079 Other 1.6 500 500 Finite-lived intangible assets 843,493 859,957 Foreign currency translation 461 935 Total finite-lived intangible assets 843,954 860,892 Less: accumulated amortization (245,147) (220,472) Finite-lived intangible assets, net 598,807 640,420 Management contracts 567,800 567,800 Indefinite-lived intangible assets 567,800 567,800 Intangible assets, net $ 1,166,607 $ 1,208,220
Schedule of Goodwill Rollforward	The following table summarizes the carrying value of the Company’s goodwill: Credit Group Private Real Secondaries Group Other Total Balance as of December 31, 2022 $ 32,196 $ 48,070 $ 277,183 $ 417,620 $ 224,587 $ 999,656 Acquisitions — — 22 — — 22 Reallocation 224,587 — — — (224,587) — Foreign currency translation (744) — — 3 — (741) Balance as of March 31, 2023 $ 256,039 $ 48,070 $ 277,205 $ 417,623 $ — $ 998,937

INVESTMENTS (Tables)

INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Investments in and Advances to Affiliates [Abstract]
Summary of Investments Held	The Company’s investments are comprised of the following: Percentage of total investments March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Equity method investments: Equity method - carried interest $ 3,236,418 $ 3,106,577 78.9% 78.2% Equity method private investment partnership interests - principal 535,922 543,592 13.1 13.7 Equity method private investment partnership interests and other (held at fair value) 126,458 123,170 3.1 3.1 Equity method private investment partnership interests and other 48,390 47,439 1.2 1.2 Total equity method investments 3,947,188 3,820,778 96.3 96.2 Collateralized loan obligations 22,653 25,163 0.6 0.6 Other fixed income 52,516 51,771 1.3 1.2 Collateralized loan obligations and other fixed income, at fair value 75,169 76,934 1.9 1.8 Common stock, at fair value 78,326 77,022 1.8 2.0 Total investments $ 4,100,683 $ 3,974,734 Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of March 31, December 31, March 31, December 31, 2023 2022 2023 2022 Fixed income investments: Bonds $ 563,275 $ 786,961 4.3% 6.0% Loans 9,516,748 9,280,522 72.5 70.3 Investments held in trust account 484,901 1,013,382 3.7 7.7 Collateralized loan obligations 82,100 — 0.6 — Total fixed income investments 10,647,024 11,080,865 81.1 84.0 Equity securities 933,296 731,599 7.1 5.5 Partnership interests 1,545,832 1,392,169 11.8 10.5 Total investments, at fair value $ 13,126,152 $ 13,204,633

FAIR VALUE (Tables)

FAIR VALUE (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, 2023: 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 $ — $ — $ 75,169 $ — $ 75,169 Common stock and other equity securities — 78,326 125,073 — 203,399 Partnership interests — — — 1,385 1,385 Total investments, at fair value — 78,326 200,242 1,385 279,953 Derivatives-foreign currency forward contracts — 3,151 — — 3,151 Total assets, at fair value $ — $ 81,477 $ 200,242 $ 1,385 $ 283,104 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (2,266) $ — $ — $ (2,266) Total liabilities, at fair value $ — $ (2,266) $ — $ — $ (2,266) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Total Assets, at fair value Investments: Fixed income investments: Bonds $ — $ 559,547 $ 3,728 $ — $ 563,275 Loans — 8,847,972 668,776 — 9,516,748 Investments held in trust account 484,901 — — — 484,901 Collateralized loan obligations — 21,800 60,300 — 82,100 Total fixed income investments 484,901 9,429,319 732,804 — 10,647,024 Equity securities 661 — 932,635 — 933,296 Partnership interests — — 374,049 1,171,783 1,545,832 Total investments, at fair value 485,562 9,429,319 2,039,488 1,171,783 13,126,152 Derivatives-foreign currency forward contracts — 2,440 — — 2,440 Total assets, at fair value $ 485,562 $ 9,431,759 $ 2,039,488 $ 1,171,783 $ 13,128,592 Liabilities, at fair value Derivatives: Warrants $ (17,600) $ — $ — $ — $ (17,600) Foreign currency forward contracts — (2,414) — — (2,414) Asset swaps — — (1,698) — (1,698) Total derivative liabilities, at fair value (17,600) (2,414) (1,698) — (21,712) Loan obligations of CLOs — (10,918,007) — — (10,918,007) Total liabilities, at fair value $ (17,600) $ (10,920,421) $ (1,698) $ — $ (10,939,719) 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 Measured 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)
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 three months ended March 31, 2023: Level III Assets of the Company Equity Fixed Income Total Balance, beginning of period $ 121,785 $ 76,934 $ 198,719 Purchases (1) 52 1,194 1,246 Sales/settlements (2) 45 (1,536) (1,491) Realized and unrealized appreciation (depreciation), net 3,191 (1,423) 1,768 Balance, end of period $ 125,073 $ 75,169 $ 200,242 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets still held at the reporting date $ 2,978 $ (1,211) $ 1,767 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Transfer in — 284,198 — — 284,198 Transfer out — (447,536) — — (447,536) Purchases (1) 180,372 188,232 49,000 — 417,604 Sales/settlements (2) (122) (173,502) (48,889) — (222,513) Amortized discounts/premiums — 749 — — 749 Realized and unrealized appreciation, net 21,505 10,995 5,283 1,858 39,641 Balance, end of period $ 932,635 $ 732,804 $ 374,049 $ (1,698) $ 2,037,790 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 21,436 $ (20,602) $ 5,283 $ 1,848 $ 7,965 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 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 Sales/settlements (1) (213) (885) — 47,873 46,775 Change in fair value — — — (988) (988) Realized and unrealized appreciation (depreciation), net 4,272 (54) — — 4,218 Balance, end of period $ 114,499 $ 51,458 $ 2,575 $ (10,550) $ 157,982 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 4,272 $ (54) $ — $ (988) $ 3,230 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 171,945 — — 171,945 Transfer out — (90,417) — — (90,417) Purchases (2) 7,320 143,577 24,000 — 174,897 Sales/settlements (1) (10,189) (97,975) (21,500) (2) (129,666) Amortized discounts/premiums — 654 — — 654 Realized and unrealized appreciation (depreciation), net 14,826 (11,435) (50) (55) 3,286 Balance, end of period $ 351,140 $ 859,301 $ 241,123 $ (3,162) $ 1,448,402 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 20 $ (9,031) $ (50) $ (112) $ (9,173) (1) Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments. (2) Purchases include paid-in-kind interest and securities received 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 three months ended March 31, 2023: Level III Assets of the Company Equity Fixed Income Total Balance, beginning of period $ 121,785 $ 76,934 $ 198,719 Purchases (1) 52 1,194 1,246 Sales/settlements (2) 45 (1,536) (1,491) Realized and unrealized appreciation (depreciation), net 3,191 (1,423) 1,768 Balance, end of period $ 125,073 $ 75,169 $ 200,242 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets still held at the reporting date $ 2,978 $ (1,211) $ 1,767 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Derivatives, Net Total Balance, beginning of period $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Transfer in — 284,198 — — 284,198 Transfer out — (447,536) — — (447,536) Purchases (1) 180,372 188,232 49,000 — 417,604 Sales/settlements (2) (122) (173,502) (48,889) — (222,513) Amortized discounts/premiums — 749 — — 749 Realized and unrealized appreciation, net 21,505 10,995 5,283 1,858 39,641 Balance, end of period $ 932,635 $ 732,804 $ 374,049 $ (1,698) $ 2,037,790 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 21,436 $ (20,602) $ 5,283 $ 1,848 $ 7,965 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended March 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 Sales/settlements (1) (213) (885) — 47,873 46,775 Change in fair value — — — (988) (988) Realized and unrealized appreciation (depreciation), net 4,272 (54) — — 4,218 Balance, end of period $ 114,499 $ 51,458 $ 2,575 $ (10,550) $ 157,982 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 4,272 $ (54) $ — $ (988) $ 3,230 Level III Net Assets of Consolidated Funds Equity Fixed Partnership Interests Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 171,945 — — 171,945 Transfer out — (90,417) — — (90,417) Purchases (2) 7,320 143,577 24,000 — 174,897 Sales/settlements (1) (10,189) (97,975) (21,500) (2) (129,666) Amortized discounts/premiums — 654 — — 654 Realized and unrealized appreciation (depreciation), net 14,826 (11,435) (50) (55) 3,286 Balance, end of period $ 351,140 $ 859,301 $ 241,123 $ (3,162) $ 1,448,402 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 20 $ (9,031) $ (50) $ (112) $ (9,173) (1) Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments. (2) Purchases include paid-in-kind interest and securities received 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 March 31, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 61,934 Market approach Multiple of book value 3.0x 3.0x 47,643 Market approach Multiple of book value 1.3x 1.3x 15,496 Transaction price (1) N/A N/A N/A Collateralized loan obligations 22,653 Broker quotes and/or 3rd party pricing services N/A N/A N/A Other fixed income 30,934 Transaction price (1) N/A N/A N/A 21,582 Other N/A N/A N/A Total assets $ 200,242 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 534,676 Discounted cash flow Discount rate 8.0% - 18.0% 12.0% 360,533 Market approach Multiple of book value 1.0x - 1.2x 1.2x 34,621 Market approach Net income multiple 30.0x 30.0x 2,156 Market approach EBITDA multiple (2) 6.3x - 38.5x 17.1x 649 Other N/A N/A N/A Partnership interest 374,049 Discounted cash flow Discount rate 11.2% - 23.7% 22.0% Fixed income investments 636,026 Broker quotes and/or 3rd party pricing services N/A N/A N/A 91,030 Market approach Yield 0.8% - 44.7% 13.2% 3,331 Market approach EBITDA multiple 0.1x - 9.0x 8.7x 2,417 Other N/A N/A N/A Total assets $ 2,039,488 Liabilities Derivative instruments $ (1,698) Broker quotes and/or 3rd party pricing services NA N/A N/A Total liabilities $ (1,698) (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, 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 interests 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 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)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of March 31, 2023 As of December 31, 2022 Debt Origination Date Maturity Original Borrowing Amount Carrying Interest Rate Carrying Interest Rate Credit Facility (1) Revolving 3/31/2027 N/A $ 795,000 5.88% $ 700,000 5.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 248,872 4.21 248,693 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,713 3.28 396,602 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 483,904 3.77 483,802 3.77 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,803 4.13 444,757 4.13 Total debt obligations $ 2,369,292 $ 2,273,854 (1) The revolver commitments were $1.325 billion as of March 31, 2023. Ares Holdings is the borrower under the Credit Facility. The Credit Facility has a variable interest rate based on Secured Overnight Financing Rate (“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 March 31, 2023, 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, 2022 $ 5,510 $ 8,393 $ 5,243 Amortization of debt issuance costs (324) (198) (46) Unamortized debt issuance costs as of March 31, 2023 $ 5,186 $ 8,195 $ 5,197 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of March 31, 2023 As of December 31, 2022 Fair Value of Weighted Weighted Fair Value of Loan Obligations Weighted Weighted Senior secured notes $ 10,293,114 5.46% 8.5 $ 10,142,545 4.84% 8.8 Subordinated notes (1) 624,893 N/A 7.5 559,175 N/A 7.8 Total loan obligations of Consolidated CLOs $ 10,918,007 $ 10,701,720 (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 March 31, 2023 As of December 31, 2022 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 6.31% $ 77,496 5.89% 7/1/2023 18,000 15,550 6.50 15,550 6.25 7/23/2024 100,000 10,000 7.78 75,000 7.28 9/24/2026 150,000 — N/A — N/A 9/12/2027 54,000 — N/A — N/A Total borrowings of Consolidated Funds $ 103,046 $ 168,046 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, As of December 31, Classification 2023 2022 Operating lease assets Right-of-use operating lease assets $ 154,970 $ 155,950 Finance lease assets Other assets (1) 280 400 Total lease assets $ 155,250 $ 156,350 Operating lease liabilities Operating lease liabilities $ 191,090 $ 190,616 Finance lease obligations Accounts payable, accrued expenses and other liabilities 300 330 Total lease liabilities $ 191,390 $ 190,946 (1) Finance lease assets are recorded net of accumulated amortization of $2.1 million as of March 31, 2023 and December 31, 2022. Three months ended March 31, Classification 2023 2022 Operating lease expense General, administrative and other expenses $ 11,888 $ 10,063 Finance lease expense: Amortization of finance lease assets General, administrative and other expenses 120 162 Interest on finance lease liabilities Interest expense 2 5 Total lease expense $ 12,010 $ 10,230 Three months ended March 31, Other information 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 10,911 $ 11,125 Operating cash flows for finance leases 2 5 Financing cash flows for finance leases 42 389 Leased assets obtained in exchange for new operating lease liabilities 12,047 1,378 As of March 31, As of December 31, Lease term and discount rate 2023 2022 Weighted-average remaining lease terms (in years): Operating leases 5.6 5.5 Finance leases 1.8 2.1 Weighted-average discount rate: Operating leases 2.92% 2.72% Finance leases 3.00% 2.99%
Schedule of Operating Lease Maturities	As of March 31, 2023 Maturity of lease liabilities Operating Leases Finance Leases 2023 $ 35,727 $ 134 2024 44,063 162 2025 39,069 12 2026 27,254 — 2027 17,902 — Thereafter 42,331 — Total future payments 206,346 308 Less: interest 15,256 8 Total lease liabilities $ 191,090 $ 300
Schedule of Finance Lease Maturities	As of March 31, 2023 Maturity of lease liabilities Operating Leases Finance Leases 2023 $ 35,727 $ 134 2024 44,063 162 2025 39,069 12 2026 27,254 — 2027 17,902 — Thereafter 42,331 — Total future payments 206,346 308 Less: interest 15,256 8 Total lease liabilities $ 191,090 $ 300

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2023
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 March 31, As of December 31, 2023 2022 Due from affiliates: Management fees receivable from non-consolidated funds $ 551,095 $ 456,314 Incentive fee receivable from non-consolidated funds 18,621 169,979 Payments made on behalf of and amounts due from non-consolidated funds and employees 138,088 132,179 Due from affiliates—Company $ 707,804 $ 758,472 Amounts due from non-consolidated funds $ 10,878 $ 15,789 Due from affiliates—Consolidated Funds $ 10,878 $ 15,789 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 3,918 $ 8,701 Tax receivable agreement liability 113,978 118,466 Undistributed carried interest and incentive fees 61,177 121,332 Payments made by non-consolidated funds on behalf of and payable by the Company 4,378 4,299 Due to affiliates—Company $ 183,451 $ 252,798 Amounts due to portfolio companies and non-consolidated funds $ — $ 4,037 Due to affiliates—Consolidated Funds $ — $ 4,037

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
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: Three months ended March 31, 2023 2022 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 $ 94,039 $ 45,863 Distributions on unvested restricted units (5,314) (3,585) Net income available to Class A and non-voting common stockholders $ 88,725 $ 42,278 Basic weighted-average shares of Class A and non-voting common stock 178,976,022 174,215,251 Basic earnings per share of Class A and non-voting common stock $ 0.49 $ 0.24 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 $ 94,039 $ 45,863 Distributions on unvested restricted units (5,314) (3,585) Net income available to Class A and non-voting common stockholders $ 88,725 $ 42,278 Effect of dilutive shares: Restricted units — — Options — — Diluted weighted-average shares of Class A and non-voting common stock 178,976,022 174,215,251 Diluted earnings per share of Class A and non-voting common stock $ 0.49 $ 0.24 Dividend declared and paid per Class A and non-voting common stock $ 0.77 $ 0.61

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	3 Months Ended
	Mar. 31, 2023
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: Three months ended March 31, 2023 2022 Restricted units $ 69,252 $ 53,650 Equity-based compensation expense $ 69,252 $ 53,650
Summary of Unvested Restricted Units' Activity	The following table presents unvested restricted units’ activity: Restricted Units Weighted Average Balance - December 31, 2022 16,662,999 $ 48.76 Granted 4,683,244 78.71 Vested (3,260,427) 37.86 Forfeited (94,023) 49.78 Balance - March 31, 2023 17,991,793 $ 58.53
Summary of Unvested Options Activity	A summary of options activity during the three months ended March 31, 2023 is presented below: Options Weighted Average Exercise Price Weighted Average Aggregate Intrinsic Value Balance - December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Exercised (483,126) 19.00 — — Expired — — — — Forfeited — — — — Balance - March 31, 2023 4,687,093 $ 19.00 1.1 $ 302,036 Exercisable at March 31, 2023 4,687,093 $ 19.00 1.1 $ 302,036

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	3 Months Ended
	Mar. 31, 2023
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, 2022 173,892,036 3,489,911 1,000 117,231,288 294,614,235 Issuance of stock 1,382,596 — — — 1,382,596 Issuance of AOG Units (1) — — — 3,473,026 3,473,026 Exchanges of AOG Units 65,916 — — (65,916) — Stock option exercises, net of shares withheld for tax 483,126 — — — 483,126 Vesting of restricted stock awards, net of shares withheld for tax 1,850,381 — — — 1,850,381 Balance - March 31, 2023 177,674,055 3,489,911 1,000 120,638,398 301,803,364 (1) Represents issuance of AOG Units to the recipients of the management incentive program from the acquisition of Black Creek Group’s real estate investment advisory and distribution business (the “Black Creek Acquisition”), which relieved the associated liability following the maximum contingent payment being met as of December 31, 2022. Pursuant to an agreement with the recipients of the Black Creek Acquisition management incentive program, a portion of such AOG Units were issued in lieu of cash consideration which was payable pursuant to the Black Creek Acquisition management incentive program. Issuances of Class C Common stock corresponds with increases in Ares Owners Holdings L.P.’s ownership interest in the AOG entities.
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 March 31, 2023 As of December 31, 2022 Three months ended March 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2023 2022 Ares Management Corporation 181,163,966 60.03 % 177,381,947 60.21 % 60.14 % 59.51 % Ares Owners Holdings, L.P. 120,638,398 39.97 117,231,288 39.79 39.86 40.49 Total 301,802,364 100.00 % 294,613,235 100.00 %
Schedule of Redeemable Interests	The following table summarizes the activities associated with the redeemable interest in Ares Operating Group entities: Total Balance - December 31, 2021 $ 96,008 Changes in ownership interests and related tax benefits 231 Net income 399 Currency translation adjustment, net of tax (331) Equity compensation 48 Distributions (8) Balance - March 31, 2022 96,347 Changes in ownership interests and related tax benefits (1,445) Net loss (457) Currency translation adjustment, net of tax (996) Equity compensation 77 Distributions (8) Balance- June 30, 2022 93,518 Changes in ownership interests and related tax benefits 1,214 Net income 93 Currency translation adjustment, net of tax (933) Equity compensation 77 Distributions (1,861) Balance- September 30, 2022 92,108 Net loss (886) Currency translation adjustment, net of tax 1,834 Equity compensation 83 Distribution (10) Balance - December 31, 2022 93,129 Changes in ownership interests and related tax benefits (66,506) Net loss (1,824) Currency translation adjustment, net of tax (148) Equity compensation 174 Distributions (2,883) Balance - March 31, 2023 $ 21,942 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance - December 31, 2021 $ 1,000,000 Change in redemption value — Balance - March 31, 2022 1,000,000 Change in redemption value — Balance - June 30, 2022 1,000,000 Change in redemption value 4,994 Balance - September 30, 2022 1,004,994 Change in redemption value 8,288 Balance - December 31, 2022 1,013,282 Change in redemption value 10,504 Redemption (538,985) Balance - March 31, 2023 $ 484,801

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2023
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: Three months ended March 31, 2023 Credit Group Private Equity Group Real Secondaries Group Other Total OMG Total Management fees $ 405,650 $ 54,657 $ 97,470 $ 39,863 $ 4,979 $ 602,619 $ — $ 602,619 Fee related performance revenues 600 — — 3,271 — 3,871 — 3,871 Other fees 8,870 673 6,462 — 50 16,055 4,640 20,695 Compensation and benefits (116,216) (22,310) (37,986) (13,412) (3,140) (193,064) (84,967) (278,031) General, administrative and other expenses (21,595) (9,566) (12,284) (4,292) (608) (48,345) (46,172) (94,517) Fee related earnings 277,309 23,454 53,662 25,430 1,281 381,136 (126,499) 254,637 Performance income—realized 6,593 18,457 6,086 — — 31,136 — 31,136 Performance related compensation—realized (4,997) (15,104) (3,758) — — (23,859) — (23,859) Realized net performance income 1,596 3,353 2,328 — — 7,277 — 7,277 Investment income (loss)—realized 506 879 (1,772) — 170 (217) — (217) Interest and other investment income (expense)—realized 6,418 1,861 1,821 1,225 6,348 17,673 (92) 17,581 Interest expense (7,820) (5,615) (3,896) (2,305) (5,324) (24,960) (26) (24,986) Realized net investment income (loss) (896) (2,875) (3,847) (1,080) 1,194 (7,504) (118) (7,622) Realized income $ 278,009 $ 23,932 $ 52,143 $ 24,350 $ 2,475 $ 380,909 $ (126,617) $ 254,292 Three months ended March 31, 2022 Credit Group Private Equity Group Real Secondaries Group Other Total OMG Total Management fees $ 317,489 $ 45,957 $ 72,487 $ 44,504 $ 2,484 $ 482,921 $ — $ 482,921 Fee related performance revenues 12,353 — 358 — — 12,711 — 12,711 Other fees 5,766 297 7,866 — 50 13,979 5,876 19,855 Compensation and benefits (110,711) (19,566) (33,637) (11,640) (2,386) (177,940) (64,067) (242,007) General, administrative and other expenses (18,193) (6,288) (7,637) (3,078) (230) (35,426) (32,384) (67,810) Fee related earnings 206,704 20,400 39,437 29,786 (82) 296,245 (90,575) 205,670 Performance income—realized 7,363 2,212 34,293 — — 43,868 — 43,868 Performance related compensation—realized (4,580) (1,786) (22,209) — — (28,575) — (28,575) Realized net performance income 2,783 426 12,084 — — 15,293 — 15,293 Investment income—realized 415 1,603 3,453 — 861 6,332 — 6,332 Interest and other investment income (expense)—realized 5,728 1,502 2,777 644 1 10,652 (284) 10,368 Interest expense (3,468) (3,373) (2,389) (465) (5,784) (15,479) (167) (15,646) Realized net investment income (loss) 2,675 (268) 3,841 179 (4,922) 1,505 (451) 1,054 Realized income $ 212,162 $ 20,558 $ 55,362 $ 29,965 $ (5,004) $ 313,043 $ (91,026) $ 222,017
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: Three months ended March 31, 2023 2022 Segment revenues Management fees $ 602,619 $ 482,921 Fee related performance revenues 3,871 12,711 Other fees 16,055 13,979 Performance income—realized 31,136 43,868 Total segment revenues $ 653,681 $ 553,479 Segment expenses Compensation and benefits $ 193,064 $ 177,940 General, administrative and other expenses 48,345 35,426 Performance related compensation—realized 23,859 28,575 Total segment expenses $ 265,268 $ 241,941 Segment realized net investment income (expense) Investment income (loss)—realized $ (217) $ 6,332 Interest and other investment income —realized 17,673 10,652 Interest expense (24,960) (15,479) Total segment realized net investment income (expense) $ (7,504) $ 1,505
Schedule of Segment Revenues Components	The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended March 31, 2023 2022 Total consolidated revenue $ 813,362 $ 714,999 Performance income—unrealized (127,713) (133,532) Management fees of Consolidated Funds eliminated in consolidation 11,601 11,479 Carried interest allocation of Consolidated Funds eliminated in consolidation 3,407 — Incentive fees of Consolidated Funds eliminated in consolidation 138 34 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 4,843 4,769 Administrative fees (1) (13,650) (19,475) OMG revenue (4,640) (5,876) Principal investment income, net of eliminations (22,758) (8,326) Net revenue of non-controlling interests in consolidated subsidiaries (10,909) (10,593) Total consolidation adjustments and reconciling items (159,681) (161,520) Total segment revenue $ 653,681 $ 553,479 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
Schedule of Segment Expenses Components	The following table reconciles the Company’s consolidated expenses to segment expenses: Three months ended March 31, 2023 2022 Total consolidated expenses $ 628,636 $ 611,684 Performance related compensation-unrealized (85,150) (91,198) Expenses of Consolidated Funds added in consolidation (19,641) (16,077) Expenses of Consolidated Funds eliminated in consolidation 12,132 11,564 Administrative fees (1) (13,277) (18,890) OMG expenses (131,139) (96,451) Acquisition and merger-related expense (4,955) (9,042) Equity compensation expense (69,077) (53,602) Acquisition-related compensation expense (2) (642) (48,001) Placement fee adjustment 3,232 693 Depreciation and amortization expense (45,659) (38,126) Expense of non-controlling interests in consolidated subsidiaries (9,192) (10,613) Total consolidation adjustments and reconciling items (363,368) (369,743) Total segment expenses $ 265,268 $ 241,941 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents contingent obligations resulting from the acquisition of Landmark Partners, LLC (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 Condensed 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: Three months ended March 31, 2023 2022 Total consolidated other income $ 56,396 $ 57,994 Investment (income) loss—unrealized (28,985) 7,854 Interest and other investment (income) loss—unrealized 208 (6,032) Other income from Consolidated Funds added in consolidation, net (62,917) (66,848) Other expense from Consolidated Funds eliminated in consolidation, net (4,451) (7,518) OMG other expense 651 4,593 Principal investment income 35,457 14,490 Other expense, net 91 1,981 Other income of non-controlling interests in consolidated subsidiaries (3,954) (5,009) Total consolidation adjustments and reconciling items (63,900) (56,489) Total segment realized net investment income (expense) $ (7,504) $ 1,505
Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets	The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: Three months ended March 31, 2023 2022 Income before taxes $ 241,122 $ 161,309 Adjustments: Depreciation and amortization expense 45,659 38,126 Equity compensation expense 68,704 53,017 Acquisition-related compensation expense (1) 642 48,001 Acquisition and merger-related expense 4,955 9,042 Placement fee adjustment (3,232) (693) OMG expense, net 127,150 95,168 Other expense, net 91 1,981 Net income of non-controlling interests in consolidated subsidiaries (5,671) (4,989) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (27,171) (47,407) Total performance income—unrealized (127,713) (133,532) Total performance related compensation—unrealized 85,150 91,198 Total investment (income) loss—unrealized (28,777) 1,822 Realized income 380,909 313,043 Total performance income—realized (31,136) (43,868) Total performance related compensation—realized 23,859 28,575 Total investment income—realized 7,504 (1,505) Fee related earnings $ 381,136 $ 296,245 (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 Condensed Consolidated Statements of Operations.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	3 Months Ended
	Mar. 31, 2023
Condensed Financial Information Disclosure [Abstract]
Schedule of Interest in VIEs	The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed 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 Condensed Consolidated Statements of Operations, are as follows: As of March 31, As of December 31, 2023 2022 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 370,402 $ 393,549 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 552,278 537,239 Assets of consolidated VIEs 13,781,266 13,128,088 Liabilities of consolidated VIEs 12,108,023 11,593,867 (1) As of March 31, 2023 and December 31, 2022, 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 $81.0 million and $82.0 million, respectively. Three months ended March 31, 2023 2022 Net income attributable to non-controlling interests related to consolidated VIEs $ 37,131 $ 38,462
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 March 31, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 272,249 $ — $ — $ 272,249 Investments (includes $3,236,418 of accrued carried interest) 4,666,602 — (565,919) 4,100,683 Due from affiliates 1,035,397 — (327,593) 707,804 Other assets 267,068 — — 267,068 Right-of-use operating lease assets 154,970 — — 154,970 Intangible assets, net 1,166,607 — — 1,166,607 Goodwill 998,937 — — 998,937 Assets of Consolidated Funds Cash and cash equivalents — 754,934 — 754,934 Investments held in trust account — 484,901 — 484,901 Investments, at fair value — 12,636,458 4,793 12,641,251 Due from affiliates — 21,711 (10,833) 10,878 Receivable for securities sold — 305,418 — 305,418 Other assets — 62,882 — 62,882 Total assets $ 8,561,830 $ 14,266,304 $ (899,552) $ 21,928,582 Liabilities Accounts payable, accrued expenses and other liabilities $ 272,131 $ — $ (10,833) $ 261,298 Accrued compensation 214,135 — — 214,135 Due to affiliates 183,451 — — 183,451 Performance related compensation payable 2,365,230 — — 2,365,230 Debt obligations 2,369,292 — — 2,369,292 Operating lease liabilities 191,090 — — 191,090 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 200,998 (13,493) 187,505 Due to affiliates — 322,800 (322,800) — Payable for securities purchased — 549,415 — 549,415 CLO loan obligations, at fair value — 11,013,602 (95,595) 10,918,007 Fund borrowings — 103,046 — 103,046 Total liabilities 5,595,329 12,189,861 (442,721) 17,342,469 Commitments and contingencies Redeemable interest in Consolidated Funds — 484,801 — 484,801 Redeemable interest in Ares Operating Group entities 21,942 — — 21,942 Non-controlling interest in Consolidated Funds — 1,591,642 (420,240) 1,171,402 Non-controlling interest in Ares Operating Group entities 1,252,700 — (14,626) 1,238,074 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (177,674,055 shares issued and outstanding) 1,777 — — 1,777 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 (120,638,398 shares issued and outstanding) 1,206 — — 1,206 Additional paid-in-capital 2,122,008 — (21,965) 2,100,043 Accumulated deficit (420,822) — — (420,822) Accumulated other comprehensive loss, net of tax (12,345) — — (12,345) Total stockholders’ equity 1,691,859 — (21,965) 1,669,894 Total equity 2,944,559 1,591,642 (456,831) 4,079,370 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,561,830 $ 14,266,304 $ (899,552) $ 21,928,582 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
Schedule of Results from Operations	Three months ended March 31, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 612,117 $ — $ (11,601) $ 600,516 Carried interest allocation 154,895 — (3,407) 151,488 Incentive fees 9,061 — (138) 8,923 Principal investment income 35,457 — (12,699) 22,758 Administrative, transaction and other fees 34,520 — (4,843) 29,677 Total revenues 846,050 — (32,688) 813,362 Expenses Compensation and benefits 360,781 — — 360,781 Performance related compensation 111,658 — — 111,658 General, administrative and other expense 148,688 — (343) 148,345 Expenses of the Consolidated Funds — 19,641 (11,789) 7,852 Total expenses 621,127 19,641 (12,132) 628,636 Other income (expense) Net realized and unrealized gains on investments 7,852 — (6,337) 1,515 Interest and dividend income 7,176 — (3,337) 3,839 Interest expense (24,986) — — (24,986) Other expense, net (1,014) — 91 (923) Net realized and unrealized gains (losses) on investments of the Consolidated Funds — (2,069) 12,769 10,700 Interest and other income of the Consolidated Funds — 223,029 (91) 222,938 Interest expense of the Consolidated Funds — (158,043) 1,356 (156,687) Total other income (expense), net (10,972) 62,917 4,451 56,396 Income before taxes 213,951 43,276 (16,105) 241,122 Income tax expense 33,328 478 — 33,806 Net income 180,623 42,798 (16,105) 207,316 Less: Net income attributable to non-controlling interests in Consolidated Funds — 42,798 (16,105) 26,693 Net income attributable to Ares Operating Group entities 180,623 — — 180,623 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,824) — — (1,824) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 88,408 — — 88,408 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 94,039 $ — $ — $ 94,039 Three months ended March 31, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 488,811 $ — $ (11,479) $ 477,332 Carried interest allocation 178,289 — — 178,289 Incentive fees 16,456 — (34) 16,422 Principal investment income 14,490 — (6,164) 8,326 Administrative, transaction and other fees 39,399 — (4,769) 34,630 Total revenues 737,445 — (22,446) 714,999 Expenses Compensation and benefits 357,243 — — 357,243 Performance related compensation 129,405 — — 129,405 General, administrative and other expense 120,523 — — 120,523 Expenses of the Consolidated Funds — 16,077 (11,564) 4,513 Total expenses 607,171 16,077 (11,564) 611,684 Other income (expense) Net realized and unrealized gains (losses) on investments (4,926) — 13,035 8,109 Interest and dividend income 3,410 — (1,908) 1,502 Interest expense (15,646) — — (15,646) Other income, net 790 — 994 1,784 Net realized and unrealized gains on investments of the Consolidated Funds — 23,011 (7,043) 15,968 Interest and other income of the Consolidated Funds — 121,284 (994) 120,290 Interest expense of the Consolidated Funds — (77,447) 3,434 (74,013) Total other income (expense), net (16,372) 66,848 7,518 57,994 Income before taxes 113,902 50,771 (3,364) 161,309 Income tax expense 20,386 25 — 20,411 Net income 93,516 50,746 (3,364) 140,898 Less: Net income attributable to non-controlling interests in Consolidated Funds — 50,746 (3,364) 47,382 Net income attributable to Ares Operating Group entities 93,516 — — 93,516 Less: Net income attributable to redeemable interest in Ares Operating Group entities 399 — — 399 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 47,254 — — 47,254 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 45,863 $ — $ — $ 45,863
Schedule of Cash Flows	Three months ended March 31, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 180,623 $ 42,798 $ (16,105) $ 207,316 Adjustments to reconcile net income to net cash provided by operating activities 100,469 — 21,292 121,761 Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds — 341,609 (12,769) 328,840 Cash flows due to changes in operating assets and liabilities (132,777) — 139,848 7,071 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 202,877 (160,293) 42,584 Net cash provided by operating activities 148,315 587,284 (28,027) 707,572 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (8,877) — — (8,877) Acquisitions, net of cash acquired — — — — Net cash used in investing activities (8,877) — — (8,877) Cash flows from financing activities: Proceeds from Credit Facility 245,000 — — 245,000 Repayments of Credit Facility (150,000) — — (150,000) Dividends and distributions (251,632) — — (251,632) Stock option exercises 9,180 — — 9,180 Taxes paid related to net share settlement of equity awards (113,431) — — (113,431) Other financing activities 483 — — 483 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 103,808 (10,223) 93,585 Distributions to non-controlling interests in Consolidated Funds — (28,890) 7,957 (20,933) Redemptions of redeemable interests in Consolidated Funds — (538,985) — (538,985) Borrowings under loan obligations by Consolidated Funds — 2,914 — 2,914 Repayments under loan obligations by Consolidated Funds — (97,325) — (97,325) Net cash used in financing activities (260,400) (558,478) (2,266) (821,144) Effect of exchange rate changes 3,224 1,487 — 4,711 Net change in cash and cash equivalents (117,738) 30,293 (30,293) (117,738) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 272,249 $ 754,934 $ (754,934) $ 272,249 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisition-related activity $ 115,364 $ — $ — $ 115,364 Issuance of AOG Units in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647 Three months ended March 31, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 93,516 $ 50,746 $ (3,364) $ 140,898 Adjustments to reconcile net income to net cash provided by operating activities 43,970 — 9,503 53,473 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (104,815) 7,043 (97,772) Cash flows due to changes in operating assets and liabilities 125,246 — 7,100 132,346 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (568,394) 563,599 (4,795) Net cash provided by (used in) operating activities 262,732 (622,463) 583,881 224,150 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (8,524) — — (8,524) Acquisitions, net of cash acquired (301,624) — — (301,624) Net cash used in investing activities (310,148) — — (310,148) Cash flows from financing activities: Proceeds from Credit Facility 860,000 — — 860,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (905,000) — — (905,000) Dividends and distributions (211,886) — — (211,886) Stock option exercises 3,347 — — 3,347 Taxes paid related to net share settlement of equity awards (183,027) — — (183,027) Other financing activities 856 — — 856 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 104,803 (21,873) 82,930 Distributions to non-controlling interests in Consolidated Funds — (38,931) 3,973 (34,958) Borrowings under loan obligations by Consolidated Funds — 49,317 — 49,317 Repayments under loan obligations by Consolidated Funds — (57,457) — (57,457) Net cash provided by financing activities 53,205 57,732 (17,900) 93,037 Effect of exchange rate changes (3,402) (1,250) — (4,652) Net change in cash and cash equivalents 2,387 (565,981) 565,981 2,387 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 346,042 $ 483,210 $ (483,210) $ 346,042 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisition-related activity $ 12,835 $ — $ — $ —

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($) shares
Ares SSG's Fee-Generating Business
Summary of Significant Accounting Policies [Line Items]
Ownership percentage acquired	20%
Ownership percentage	100%
Class A Common Stock | Ares Acquisition Corporation
Summary of Significant Accounting Policies [Line Items]
Amount redeemed | $	$ 539
Temporary equity, shares outstanding (in shares) | shares	46,997,081

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 843,493	$ 859,957
Foreign currency translation	461	935
Total finite-lived intangible assets	843,954	860,892
Less: accumulated amortization	(245,147)	(220,472)
Finite-lived intangible assets, net	598,807	640,420
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	567,800	567,800
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	1,166,607	1,208,220
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 567,800	567,800
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	4 years 9 months 18 days
Finite-lived intangible assets	$ 580,692	586,077
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	9 years 4 months 24 days
Finite-lived intangible assets	$ 262,301	262,301
Trade name
Finite-lived intangible assets, net
Weighted average amortization period	0 years
Finite-lived intangible assets	$ 0	11,079
Other
Finite-lived intangible assets, net
Weighted average amortization period	1 year 7 months 6 days
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Impaired and fully amortized intangibles, amount removed during the period	$ 16,500,000
Reallocation	0
Goodwill impairment	0	$ 0
From Ares SSG To Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation	224,600,000
General, administrative and other expense
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization expense	33,600,000	$ 33,200,000
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)	$ 7,800,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 999,656
Acquisitions	22
Reallocation	0
Foreign currency translation	(741)
Goodwill, ending balance	998,937
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196
Acquisitions	0
Reallocation	224,587
Foreign currency translation	(744)
Goodwill, ending balance	256,039
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance	48,070
Acquisitions	0
Reallocation	0
Foreign currency translation	0
Goodwill, ending balance	48,070
Real Assets Group
Goodwill [Roll Forward]
Goodwill, beginning balance	277,183
Acquisitions	22
Reallocation	0
Foreign currency translation	0
Goodwill, ending balance	277,205
Secondaries Group
Goodwill [Roll Forward]
Goodwill, beginning balance	417,620
Acquisitions	0
Reallocation	0
Foreign currency translation	3
Goodwill, ending balance	417,623
Other
Goodwill [Roll Forward]
Goodwill, beginning balance	224,587
Acquisitions	0
Reallocation	(224,587)
Foreign currency translation	0
Goodwill, ending balance	$ 0

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments
Equity method private investment partnership interests and other	$ 1,385	$ 1,385
Other fixed income	279,953	277,126
Common stock, at fair value	203,399	198,807
Total investments	4,100,683	3,974,734
Partnership Interests
Investments
Equity method investments:	$ 3,947,188	$ 3,820,778
Percentage of total investments	96.30%	96.20%
Collateralized loan obligations and other fixed income
Investments
Collateralized loan obligations	$ 75,169	$ 76,934
Percentage of total investments	1.90%	1.80%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 22,653	$ 25,163
Percentage of total investments	0.60%	0.60%
Other fixed income
Investments
Other fixed income	$ 52,516	$ 51,771
Percentage of total investments	1.30%	1.20%
Common stock, at fair value
Investments
Common stock, at fair value	$ 78,326	$ 77,022
Percentage of total investments	1.80%	2%
Equity method - carried interest
Investments
Equity method investments:	$ 3,236,418	$ 3,106,577
Percentage of total investments	78.90%	78.20%
Partnership Interests
Investments
Equity method investments:	$ 535,922	$ 543,592
Percentage of total investments	13.10%	13.70%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 126,458	$ 123,170
Percentage of total investments	3.10%	3.10%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 48,390	$ 47,439
Percentage of total investments	1.20%	1.20%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Equity method investments net gains	$ 23.9	$ 15.2
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	Mar. 31, 2023	Dec. 31, 2022
Investments
Total investments, at fair value	$ 13,126,152	$ 13,204,633
Fixed income investments:
Investments
Total investments, at fair value	$ 10,647,024	$ 11,080,865
Percentage of total investments	81.10%	84%
Fixed income investments: | Bonds
Investments
Total investments, at fair value	$ 563,275	$ 786,961
Percentage of total investments	4.30%	6%
Fixed income investments: | Loans
Investments
Total investments, at fair value	$ 9,516,748	$ 9,280,522
Percentage of total investments	72.50%	70.30%
Fixed income investments: | Investments held in trust account
Investments
Total investments, at fair value	$ 484,901	$ 1,013,382
Percentage of total investments	3.70%	7.70%
Fixed income investments: | Collateralized loan obligations
Investments
Total investments, at fair value	$ 82,100	$ 0
Percentage of total investments	0.60%	0%
Equity securities
Investments
Total investments, at fair value	$ 933,296	$ 731,599
Percentage of total investments	7.10%	5.50%
Partnership interests
Investments
Total investments, at fair value	$ 1,545,832	$ 1,392,169
Percentage of total investments	11.80%	10.50%

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	$ 10,647,024	$ 11,080,865
Common stock and other equity securities	933,296	731,599
Partnership interests	1,545,832	1,392,169
Total investments, at fair value	13,126,152	13,204,633
Total assets, at fair value	13,128,592	13,207,533
Liabilities, at fair value
Derivative liabilities	(21,712)	(15,824)
Loan obligations of CLOs	(10,918,007)	(10,701,720)
Total liabilities, at fair value	$ (10,939,719)	$ (10,717,544)
Derivative liability, statement of financial position	Liabilities	Liabilities
Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	$ 2,440	$ 2,900
Liabilities, at fair value
Derivative liabilities	(2,414)	(2,942)
Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	(17,600)	(9,326)
Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	(1,698)	(3,556)
Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	563,275	786,961
Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,516,748	9,280,522
Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	484,901	1,013,382
Consolidated Funds  | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	82,100
Level I  | Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	484,901	1,013,382
Common stock and other equity securities	661	719
Partnership interests	0	0
Total investments, at fair value	485,562	1,014,101
Total assets, at fair value	485,562	1,014,101
Liabilities, at fair value
Derivative liabilities	(17,600)	(9,326)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(17,600)	(9,326)
Level I  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Level I  | Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	(17,600)	(9,326)
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	484,901	1,013,382
Level I  | Consolidated Funds  | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Level II  | Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	9,429,319	9,197,815
Common stock and other equity securities	0	0
Partnership interests	0	0
Total investments, at fair value	9,429,319	9,197,815
Total assets, at fair value	9,431,759	9,200,715
Liabilities, at fair value
Derivative liabilities	(2,414)	(2,942)
Loan obligations of CLOs	(10,918,007)	(10,701,720)
Total liabilities, at fair value	(10,920,421)	(10,704,662)
Level II  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	2,440	2,900
Liabilities, at fair value
Derivative liabilities	(2,414)	(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	559,547	534,137
Level II  | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	8,847,972	8,663,678
Level II  | Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level II  | Consolidated Funds  | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	21,800
Level III  | Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	732,804	869,668
Common stock and other equity securities	932,635	730,880
Partnership interests	374,049	368,655
Total investments, at fair value	2,039,488	1,969,203
Total assets, at fair value	2,039,488	1,969,203
Liabilities, at fair value
Derivative liabilities	(1,698)	(3,556)
Loan obligations of CLOs	0	0
Total liabilities, at fair value	(1,698)	(3,556)
Level III  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	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	(1,698)	(3,556)
Level III  | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	3,728	252,824
Level III  | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	668,776	616,844
Level III  | Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level III  | Consolidated Funds  | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	60,300
Investments Measured at NAV | Consolidated Funds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Common stock and other equity securities	0	0
Partnership interests	1,171,783	1,023,514
Total investments, at fair value	1,171,783	1,023,514
Total assets, at fair value	1,171,783	1,023,514
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	0
Liabilities, at fair value
Derivative liabilities	0	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
Investments Measured at NAV | Consolidated Funds  | Collateralized loan obligations
Assets, at fair value
Collateralized loan obligations and other fixed income	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	203,399	198,807
Partnership interests	1,385	1,385
Total investments, at fair value	279,953	277,126
Total assets, at fair value	283,104	281,299
Liabilities, at fair value
Total liabilities, at fair value	(2,266)	(3,423)
Ares Management L.P | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	3,151	4,173
Liabilities, at fair value
Derivative liabilities	(2,266)	(3,423)
Ares Management L.P | Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	75,169	76,934
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
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	0
Liabilities, at fair value
Derivative liabilities	0	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	78,326	77,022
Partnership interests	0	0
Total investments, at fair value	78,326	77,022
Total assets, at fair value	81,477	81,195
Liabilities, at fair value
Total liabilities, at fair value	(2,266)	(3,423)
Ares Management L.P | Level II  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	3,151	4,173
Liabilities, at fair value
Derivative liabilities	(2,266)	(3,423)
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	125,073	121,785
Partnership interests	0	0
Total investments, at fair value	200,242	198,719
Total assets, at fair value	200,242	198,719
Liabilities, at fair value
Total liabilities, at fair value	0	0
Ares Management L.P | Level III  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	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	75,169	76,934
Ares Management L.P | Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	1,385	1,385
Total investments, at fair value	1,385	1,385
Total assets, at fair value	1,385	1,385
Liabilities, at fair value
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	0
Liabilities, at fair value
Derivative liabilities	0	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	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,965,647	$ 1,317,703
Transfer in	284,198	171,945
Transfer out	(447,536)	(90,417)
Purchases	417,604	174,897
Sales/settlements	(222,513)	(129,666)
Amortized discounts/premiums	749	654
Realized and unrealized appreciation(depreciation), net	39,641	3,286
Balance, end of period	2,037,790	1,448,402
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ 7,965	$ (9,173)
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 on investments	Net realized and unrealized gains 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 on investments	Net realized and unrealized gains on investments
Consolidated Funds  | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 730,880	$ 339,183
Transfer in	0	0
Transfer out	0	0
Purchases	180,372	7,320
Sales/settlements	(122)	(10,189)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation(depreciation), net	21,505	14,826
Balance, end of period	932,635	351,140
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	21,436	20
Consolidated Funds  | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	869,668	742,952
Transfer in	284,198	171,945
Transfer out	(447,536)	(90,417)
Purchases	188,232	143,577
Sales/settlements	(173,502)	(97,975)
Amortized discounts/premiums	749	654
Realized and unrealized appreciation(depreciation), net	10,995	(11,435)
Balance, end of period	732,804	859,301
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(20,602)	(9,031)
Consolidated Funds  | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	368,655	238,673
Transfer in	0	0
Transfer out	0	0
Purchases	49,000	24,000
Sales/settlements	(48,889)	(21,500)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation(depreciation), net	5,283	(50)
Balance, end of period	374,049	241,123
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	5,283	(50)
Consolidated Funds  | Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(3,556)	(3,105)
Transfer in	0	0
Transfer out	0	0
Purchases	0	0
Sales/settlements	0	(2)
Amortized discounts/premiums	0	0
Realized and unrealized appreciation(depreciation), net	1,858	(55)
Balance, end of period	(1,698)	(3,162)
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	1,848	(112)
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	198,719	106,486
Transfer in due to changes in consolidation		(1,491)
Purchases	1,246
Sales/settlements	(1,491)	46,775
Change in fair value		(988)
Realized and unrealized appreciation(depreciation), net	1,768	4,218
Balance, end of period	200,242	157,982
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	1,767	3,230
Ares Management L.P | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	121,785	108,949
Transfer in due to changes in consolidation		(1,491)
Purchases	52
Sales/settlements	45	(213)
Change in fair value		0
Realized and unrealized appreciation(depreciation), net	3,191	4,272
Balance, end of period	125,073	114,499
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	2,978	4,272
Ares Management L.P | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	76,934	52,397
Transfer in due to changes in consolidation		0
Purchases	1,194
Sales/settlements	(1,536)	(885)
Change in fair value		0
Realized and unrealized appreciation(depreciation), net	(1,423)	(54)
Balance, end of period	75,169	51,458
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ (1,211)	(54)
Ares Management L.P | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period		2,575
Transfer in due to changes in consolidation		0
Sales/settlements		0
Change in fair value		0
Realized and unrealized appreciation(depreciation), net		0
Balance, end of period		2,575
Change in net unrealized depreciation included in earnings related to financial assets and liabilities still held at the reporting date		0
Ares Management L.P | Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period		(57,435)
Transfer in due to changes in consolidation		0
Sales/settlements		47,873
Change in fair value		(988)
Realized and unrealized appreciation (depreciation), net		0
Balance, end of period		(10,550)
Change in net unrealized appreciation and fair value included in earnings related to financial liabilities still held at the reporting date		$ (988)

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Consolidated Funds
Assets
Equity securities	$ 933,296	$ 731,599
Partnership interests	1,545,832	1,392,169
Collateralized loan obligations	10,918,007	10,701,720
Other fixed income	10,647,024	11,080,865
Total assets, at fair value	13,128,592	13,207,533
Liabilities
Derivative instruments	(21,712)	(15,824)
Total liabilities, at fair value	(10,939,719)	(10,717,544)
Consolidated Funds  | Level III
Assets
Equity securities	932,635	730,880
Partnership interests	374,049	368,655
Collateralized loan obligations	0	0
Other fixed income	732,804	869,668
Total assets, at fair value	2,039,488	1,969,203
Liabilities
Derivative instruments	(1,698)	(3,556)
Total liabilities, at fair value	(1,698)	(3,556)
Consolidated Funds  | Level III  | Market approach
Assets
Other fixed income		125,612
Consolidated Funds  | Level III  | Market approach | Multiple of book value
Assets
Equity securities	$ 360,533	$ 290,258
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	1.2
Consolidated Funds  | Level III  | Market approach | Net income multiple
Assets
Equity securities	$ 34,621	$ 36,681
Significant Unobservable Input(s)
Equity securities		30
Consolidated Funds  | Level III  | Market approach | Net income multiple | Minimum
Significant Unobservable Input(s)
Equity securities	30
Consolidated Funds  | Level III  | Market approach | Net income multiple | Weighted Average
Significant Unobservable Input(s)
Equity securities	30	30
Consolidated Funds  | Level III  | Market approach | EBITDA multiple
Assets
Equity securities	$ 2,156	$ 2,064
Other fixed income	$ 3,331	$ 4,479
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum
Significant Unobservable Input(s)
Equity securities	6.3	6.3
Fixed income investments	0.1	8
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum
Significant Unobservable Input(s)
Equity securities	38.5	31
Fixed income investments	9	9
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average
Significant Unobservable Input(s)
Equity securities	17.1	13.6
Fixed income investments	8.7	8.5
Consolidated Funds  | Level III  | Market approach | Yield
Assets
Other fixed income	$ 91,030
Consolidated Funds  | Level III  | Market approach | Yield | Minimum
Significant Unobservable Input(s)
Fixed income investments	0.008	0.066
Consolidated Funds  | Level III  | Market approach | Yield | Maximum
Significant Unobservable Input(s)
Fixed income investments	0.447	0.217
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average
Significant Unobservable Input(s)
Fixed income investments	0.132	0.128
Consolidated Funds  | Level III  | Transaction price
Assets
Other fixed income		$ 6,155
Consolidated Funds  | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Other fixed income	$ 636,026	731,708
Liabilities
Derivative instruments	(1,698)	(3,556)
Consolidated Funds  | Level III  | Other
Assets
Equity securities	649	648
Other fixed income		1,714
Consolidated Funds  | Level III  | Discounted cash flow
Assets
Equity securities	534,676	401,229
Partnership interests	$ 374,049
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate
Assets
Partnership interests		$ 368,655
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Minimum
Significant Unobservable Input(s)
Equity securities	0.080	0.080
Partnership interest	0.112	0.103
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Maximum
Significant Unobservable Input(s)
Equity securities	0.180	0.180
Partnership interest	0.237	0.220
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.120	12
Partnership interest	0.220	0.189
Ares Management L.P
Assets
Equity securities	$ 203,399	$ 198,807
Partnership interests	1,385	1,385
Total assets, at fair value	283,104	281,299
Liabilities
Total liabilities, at fair value	(2,266)	(3,423)
Ares Management L.P | Level III
Assets
Equity securities	125,073	121,785
Partnership interests	0	0
Total assets, at fair value	200,242	198,719
Liabilities
Total liabilities, at fair value	0	0
Ares Management L.P | Level III  | Market approach | Equity Securities One
Assets
Equity securities	61,934	62,129
Ares Management L.P | Level III  | Market approach | Equity Securities Two
Assets
Equity securities	$ 47,643	$ 44,166
Ares Management L.P | Level III  | Market approach | Multiple of book value | Equity Securities One
Significant Unobservable Input(s)
Equity securities	3	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	1.3
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One
Significant Unobservable Input(s)
Equity securities	3	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	1.3
Ares Management L.P | Level III  | Transaction price
Assets
Equity securities	$ 15,496	$ 15,490
Other fixed income	30,934	30,189
Ares Management L.P | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	22,653	25,163
Ares Management L.P | Level III  | Other
Assets
Other fixed income	21,582	$ 21,582
Ares Management L.P | Consolidated Funds  | Level III  | Other
Assets
Other fixed income	$ 2,417

FAIR VALUE - Investments Using

FAIR VALUE - Investments Using NAV per Share (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Consolidated Funds
FAIR VALUE
Fair value	$ 1,545,832,000	$ 1,392,169,000
Investments Measured at NAV | Consolidated Funds
FAIR VALUE
Fair value	1,171,783,000	1,023,514,000
Investments Measured at NAV | Non-core investments
FAIR VALUE
Fair value	1,400,000	1,400,000
Unfunded commitments	0	0
Investments Measured at NAV | Non-core investments | Consolidated Funds
FAIR VALUE
Fair value	1,171,800,000	1,023,500,000
Unfunded commitments	$ 1,025,300,000	$ 869,000,000

DEBT - Debt Obligations (Detail

DEBT - Debt Obligations (Details) - Ares Management L.P - USD ($) $ in Thousands	1 Months Ended				3 Months Ended
	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Mar. 31, 2023	Dec. 31, 2022
DEBT
Carrying Value					$ 2,369,292	$ 2,273,854
Credit Facility
DEBT
Carrying Value					$ 795,000	$ 700,000
Interest Rate					5.88%	5.37%
Maximum borrowing capacity					$ 1,325,000
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
Carrying Value					$ 248,872	$ 248,693
Interest Rate					4.21%	4.21%
Debt issuance rate				98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount					$ 400,000
Carrying Value					$ 396,713	$ 396,602
Interest Rate					3.28%	3.28%
Debt issuance rate			99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount					$ 500,000
Carrying Value					$ 483,904	$ 483,802
Interest Rate					3.77%	3.77%
Debt issuance rate	97.78%
Subordinated Notes 2051
DEBT
Original Borrowing Amount					$ 450,000
Carrying Value					$ 444,803	$ 444,757
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 $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 5,510
Amortization of debt issuance costs	(324)
Unamortized debt issuance costs, ending balance	5,186
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	8,393
Amortization of debt issuance costs	(198)
Unamortized debt issuance costs, ending balance	8,195
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,243
Amortization of debt issuance costs	(46)
Unamortized debt issuance costs, ending balance	$ 5,197

DEBT - Loan Obligations of the

DEBT - Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds  - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
DEBT
Fair Value of Loan Obligations	$ 10,918,007	$ 10,701,720
Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	10,918,007	10,701,720
Senior secured notes | Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 10,293,114	$ 10,142,545
Weighted  Average Interest Rate	5.46%	4.84%
Weighted  Average Remaining Maturity  (in years)	8 years 6 months	8 years 9 months 18 days
Subordinated notes | Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 624,893	$ 559,175
Weighted  Average Remaining Maturity  (in years)	7 years 6 months	7 years 9 months 18 days

DEBT - Credit Facilities of the

DEBT - Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
DEBT
Total borrowings of Consolidated Funds	$ 103,046	$ 168,046
Credit Facility Maturing 10/13/2022
DEBT
Total Capacity	112,817
Outstanding loan	$ 77,496	$ 77,496
Effective Rate	6.31%	5.89%
Credit Facility Maturing 7/1/2023
DEBT
Total Capacity	$ 18,000
Outstanding loan	$ 15,550	$ 15,550
Effective Rate	6.50%	6.25%
Credit Facility Maturing 7/23/2024
DEBT
Total Capacity	$ 100,000
Outstanding loan	$ 10,000	$ 75,000
Effective Rate	7.78%	7.28%
Credit Facility Maturing 9/24/2026
DEBT
Total Capacity	$ 150,000
Outstanding loan	0	$ 0
Credit Facility Maturing 9/12/2027
DEBT
Total Capacity	54,000
Outstanding loan	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	3 Months Ended			12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) infrastructureDebtFund	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 952,300,000	$ 677,900,000		$ 677,900,000
Maximum exposure from guarantees	$ 76,700,000	31,500,000		31,500,000
Recognition period	4 years
Cash payment	$ 3,400,000
Performance Income
Carried interest, contingent repayment obligations	0	0		0
Performance income
Performance Income
Performance income subject to potential clawback provision	122,400,000	128,400,000		128,400,000
Performance income subject to potential claw back provision that are reimbursable by professionals	96,200,000	101,000,000		101,000,000
Infrastructure Debt Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	$ 15,000,000				$ 48,500,000
Business combination, percentage	15%
Business combination equity awards percentage	85%
Contingent liability recognized	$ 13,500,000			13,500,000
Management incentive program, amount accrued	2,700,000	$ 2,200,000		2,200,000
Compensation expense	$ 600,000		$ 300,000
Infrastructure Debt Acquisition | Revenue Target
COMMITMENTS AND CONTINGENCIES
Number of infrastructure debt funds revenue targets achieved | infrastructureDebtFund		1
Contingent liability recognized				21,800,000
Management incentive program, amount accrued		$ 7,000,000		$ 7,000,000
Compensation expense			$ 1,100,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Leases: Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Lessee, Lease, Description [Line Items]
Operating lease liabilities	$ 191,090
Finance lease obligations	300
Accumulated amortization	$ 2,100	$ 2,100
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	$ 154,970	$ 155,950
Finance lease assets	280	400
Total lease assets	155,250	156,350
Operating lease liabilities	191,090	190,616
Finance lease obligations	300	330
Total lease liabilities	$ 191,390	$ 190,946
Minimum
Lessee, Lease, Description [Line Items]
Lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease terms	11 years

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Leases: Maturity of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating Leases
2023	$ 35,727
2024	44,063
2025	39,069
2026	27,254
2027	17,902
Thereafter	42,331
Total future payments	206,346
Less: interest	15,256
Operating lease liabilities	191,090
Finance Leases
2023	134
2024	162
2025	12
2026	0
2027	0
Thereafter	0
Total future payments	308
Less: interest	8
Total lease liabilities	$ 300

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Leases: Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 11,888	$ 10,063
Amortization of finance lease assets	120	162
Interest on finance lease liabilities	2	5
Total lease expense	$ 12,010	$ 10,230

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Leases: Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$ 10,911	$ 11,125
Operating cash flows for finance leases	2	5
Financing cash flows for finance leases	42	389
Leased assets obtained in exchange for new operating lease liabilities	$ 12,047	$ 1,378

COMMITMENTS AND CONTINGENCIES_6

COMMITMENTS AND CONTINGENCIES - Leases: Lease Term and Discount Rate (Details)	Mar. 31, 2023	Dec. 31, 2022
Weighted-average remaining lease terms (in years):
Operating leases	5 years 7 months 6 days	5 years 6 months
Finance leases	1 year 9 months 18 days	2 years 1 month 6 days
Weighted-average discount rate:
Operating leases	2.92%	2.72%
Finance leases	3%	2.99%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 10,878	$ 15,789
Due to affiliates:
Due to affiliates	0	4,037
Consolidated Funds  | Affiliated entity
Due from affiliates:
Due from affiliates	10,878	15,789
Due to affiliates:
Due to affiliates	0	4,037
Amounts due to portfolio companies and non-consolidated funds	0	4,037
Ares Management L.P
Due from affiliates:
Due from affiliates	707,804	758,472
Due to affiliates:
Due to affiliates	183,451	252,798
Ares Management L.P | Affiliated entity
Due from affiliates:
Management fees receivable from non-consolidated funds	551,095	456,314
Incentive fee receivable from non-consolidated funds	18,621	169,979
Payments made on behalf of and amounts due from non-consolidated funds and employees	138,088	132,179
Due from affiliates	707,804	758,472
Due to affiliates:
Management fee received in advance and rebates payable to non-consolidated funds	3,918	8,701
Tax receivable agreement liability	113,978	118,466
Undistributed carried interest and incentive fees	61,177	121,332
Payments made by non-consolidated funds on behalf of and payable by the Company	4,378	4,299
Due to affiliates	$ 183,451	$ 252,798

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 33,806	$ 20,411
Deferred tax asset	$ 28,400		$ 68,900

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended
	Mar. 17, 2023	Mar. 31, 2023	Mar. 31, 2022
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		$ 94,039	$ 45,863
Distributions on unvested restricted units		(5,314)	(3,585)
Net income available to Class A and non-voting common stockholders		88,725	42,278
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		94,039	45,863
Distributions on unvested restricted units		(5,314)	(3,585)
Net income available to Class A and non-voting common stockholders		$ 88,725	$ 42,278
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.77
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)		0	0
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)		0	0
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)		178,976,022	174,215,251
Basic earnings per share of Class A and non-voting common stock (in dollars per share)		$ 0.49	$ 0.24
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)		178,976,022	174,215,251
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)		$ 0.49	$ 0.24
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)		$ 0.77	$ 0.61
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)		178,976,022	174,215,251
Basic earnings per share of Class A and non-voting common stock (in dollars per share)		$ 0.49	$ 0.24
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)		178,976,022	174,215,251
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)		$ 0.49	$ 0.24
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)		$ 0.77	$ 0.61

EQUITY COMPENSATION - Equity In

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2022
Equity compensation
Equity-based compensation expense	$ 69,252	$ 53,650
Restricted units
Equity compensation
Equity-based compensation expense	$ 69,252	$ 53,650
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	45,074,879		51,149,100

EQUITY COMPENSATION - Restricte

EQUITY COMPENSATION - Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended
	Mar. 17, 2023	Mar. 31, 2023	Mar. 31, 2022
Equity compensation
Dividend declared per class A common stock (in dollars per share)	$ 0.77
Distribution equivalents made to holders		$ 12
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)		1,900,000	2,800,000
Dividend declared per class A common stock (in dollars per share)		$ 0.77	$ 0.61
Restricted units
Equity compensation
Shares delivered in period (in shares)		3,300,000	5,100,000
Restricted Units
Balance at the beginning of the period (in shares)		16,662,999
Granted (in shares)		4,683,244
Vested (in shares)		(3,260,427)
Forfeited (in shares)		(94,023)
Balance at the end of the period (in shares)		17,991,793
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share)		$ 48.76
Granted (in dollars per share)		78.71
Vested (in dollars per share)		37.86
Forfeited (in dollars per share)		49.78
Balance at the end of the period (in dollars per share)		$ 58.53
Unrecognized compensation expenses		$ 840.1
Weighted average period of compensation expense expected to be recognized		3 years 9 months 18 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	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Options
Exercised (in shares)	(483,126)
Aggregate Intrinsic Value
Net cash proceeds from exercises of stock options	$ 9,200
Options
Equity compensation
Shares purchased (in shares)	1
Term of option	10 years
Options
Balance at the beginning of the period (in shares)	5,170,219
Exercised (in shares)	(483,126)
Expired (in shares)	0
Forfeited (in shares)	0
Balance at the end of the period (in shares)	4,687,093	5,170,219
Options, Exercisable at the end of the period (in shares)	4,687,093
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per shares)	$ 19
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 1 month 6 days	1 year 3 months 18 days
Exercisable at the end of the period	1 year 1 month 6 days
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 302,036	$ 255,616
Exercisable	302,036
Tax benefits of exercises	$ 4,500

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	294,614,235
Issuance of stock (in shares)	1,382,596
Stock option exercises, net of shares withheld for tax (in shares)	483,126
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	1,850,381
Ending balance (in shares)	301,803,364
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	3,473,026
Exchanges of AOG units (in shares)	0
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Authorized amount		$ 150
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	173,892,036
Issuance of stock (in shares)	1,382,596
Stock option exercises, net of shares withheld for tax (in shares)	483,126
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	1,850,381
Ending balance (in shares)	177,674,055
Class A Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	0
Exchanges of AOG units (in shares)	65,916
Non-voting Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	3,489,911
Issuance of stock (in shares)	0
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
Non-voting Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	0
Exchanges of AOG units (in shares)	0
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	1,000
Issuance of stock (in shares)	0
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
Class B Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	0
Exchanges of AOG units (in shares)	0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01		$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	117,231,288
Issuance of stock (in shares)	0
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)	120,638,398
Class C Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	3,473,026
Exchanges of AOG units (in shares)	(65,916)

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class of Stock [Line Items]
AOG units (in shares)	301,802,364		294,613,235
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)	120,638,398		117,231,288
Ares Owners Holdings, L.P. | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	39.97%		39.79%
Daily Average Ownership	39.86%	40.49%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	181,163,966		177,381,947
Ares Operating Group | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	60.03%		60.21%
Daily Average Ownership	60.14%	59.51%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 93,129	$ 92,108	$ 93,518	$ 96,347	$ 96,008
Changes in ownership interests and related tax benefits	(66,506)		1,214	(1,445)	231
Net income (loss)	(1,824)	(886)	93	(457)	399
Currency translation adjustment, net of tax	(148)	1,834	(933)	(996)	(331)
Equity compensation	174	83	77	77	48
Distribution	(2,883)	(10)	(1,861)	(8)	(8)
Ending balance	21,942	93,129	92,108	93,518	96,347
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,013,282	1,004,994	1,000,000	1,000,000	1,000,000
Change in redemption value	10,504	8,288	4,994	0	0
Redemption	(538,985)
Ending balance	$ 484,801	$ 1,013,282	$ 1,004,994	$ 1,000,000	$ 1,000,000

SEGMENT REPORTING - Operating S

SEGMENT REPORTING - Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment reporting
Total revenues	$ 813,362	$ 714,999
Compensation and benefits	(360,781)	(357,243)
General, administrative and other expenses	(148,345)	(120,523)
Total
Segment reporting
Compensation and benefits	(278,031)	(242,007)
General, administrative and other expenses	(94,517)	(67,810)
Fee related earnings	254,637	205,670
Performance income—realized	31,136	43,868
Performance related compensation—realized	(23,859)	(28,575)
Realized net performance income	7,277	15,293
Investment income (loss)—realized	(217)	6,332
Interest and other investment income (expense)—realized	17,581	10,368
Interest expense	(24,986)	(15,646)
Realized net investment income (loss)	(7,622)	1,054
Realized income	254,292	222,017
Operating segment
Segment reporting
Fee related earnings	(381,136)	(296,245)
Performance income—realized	31,136	43,868
Performance related compensation—realized	(23,859)	(28,575)
Realized net investment income (loss)	(7,504)	1,505
Realized income	(380,909)	(313,043)
OMG
Segment reporting
Total revenues	(4,640)	(5,876)
Compensation and benefits	(84,967)	(64,067)
General, administrative and other expenses	(46,172)	(32,384)
Fee related earnings	(126,499)	(90,575)
Performance income—realized	0	0
Performance related compensation—realized	0	0
Realized net performance income	0	0
Investment income (loss)—realized	0	0
Interest and other investment income (expense)—realized	(92)	(284)
Interest expense	(26)	(167)
Realized net investment income (loss)	(118)	(451)
Realized income	(126,617)	(91,026)
Ares Management L.P
Segment reporting
Total revenues	813,362	714,999
Ares Management L.P | Operating segment
Segment reporting
Compensation and benefits	(193,064)	(177,940)
General, administrative and other expenses	(48,345)	(35,426)
Fee related earnings	381,136	296,245
Performance income—realized	31,136	43,868
Performance related compensation—realized	(23,859)	(28,575)
Realized net performance income	7,277	15,293
Investment income (loss)—realized	(217)	6,332
Interest and other investment income (expense)—realized	17,673	10,652
Interest expense	(24,960)	(15,479)
Realized net investment income (loss)	(7,504)	1,505
Realized income	380,909	313,043
Ares Management L.P | Operating segment | Credit Group
Segment reporting
Compensation and benefits	(116,216)	(110,711)
General, administrative and other expenses	(21,595)	(18,193)
Fee related earnings	277,309	206,704
Performance income—realized	6,593	7,363
Performance related compensation—realized	(4,997)	(4,580)
Realized net performance income	1,596	2,783
Investment income (loss)—realized	506	415
Interest and other investment income (expense)—realized	6,418	5,728
Interest expense	(7,820)	(3,468)
Realized net investment income (loss)	(896)	2,675
Realized income	278,009	212,162
Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Compensation and benefits	(22,310)	(19,566)
General, administrative and other expenses	(9,566)	(6,288)
Fee related earnings	23,454	20,400
Performance income—realized	18,457	2,212
Performance related compensation—realized	(15,104)	(1,786)
Realized net performance income	3,353	426
Investment income (loss)—realized	879	1,603
Interest and other investment income (expense)—realized	1,861	1,502
Interest expense	(5,615)	(3,373)
Realized net investment income (loss)	(2,875)	(268)
Realized income	23,932	20,558
Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Compensation and benefits	(37,986)	(33,637)
General, administrative and other expenses	(12,284)	(7,637)
Fee related earnings	53,662	39,437
Performance income—realized	6,086	34,293
Performance related compensation—realized	(3,758)	(22,209)
Realized net performance income	2,328	12,084
Investment income (loss)—realized	(1,772)	3,453
Interest and other investment income (expense)—realized	1,821	2,777
Interest expense	(3,896)	(2,389)
Realized net investment income (loss)	(3,847)	3,841
Realized income	52,143	55,362
Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Compensation and benefits	(13,412)	(11,640)
General, administrative and other expenses	(4,292)	(3,078)
Fee related earnings	25,430	29,786
Performance income—realized	0	0
Performance related compensation—realized	0	0
Realized net performance income	0	0
Investment income (loss)—realized	0	0
Interest and other investment income (expense)—realized	1,225	644
Interest expense	(2,305)	(465)
Realized net investment income (loss)	(1,080)	179
Realized income	24,350	29,965
Ares Management L.P | Operating segment | Other
Segment reporting
Compensation and benefits	(3,140)	(2,386)
General, administrative and other expenses	(608)	(230)
Fee related earnings	1,281	(82)
Performance income—realized	0	0
Performance related compensation—realized	0	0
Realized net performance income	0	0
Investment income (loss)—realized	170	861
Interest and other investment income (expense)—realized	6,348	1
Interest expense	(5,324)	(5,784)
Realized net investment income (loss)	1,194	(4,922)
Realized income	2,475	(5,004)
Management fees
Segment reporting
Total revenues	600,516	477,332
Management fees | Total
Segment reporting
Total revenues	602,619	482,921
Management fees | OMG
Segment reporting
Total revenues	0	0
Management fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	602,619	482,921
Management fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	405,650	317,489
Management fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	54,657	45,957
Management fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	97,470	72,487
Management fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	39,863	44,504
Management fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	4,979	2,484
Fee related performance revenues
Segment reporting
Total revenues		12,711
Fee related performance revenues | Total
Segment reporting
Total revenues	3,871	12,711
Fee related performance revenues | OMG
Segment reporting
Total revenues	0	0
Fee related performance revenues | Ares Management L.P | Operating segment
Segment reporting
Total revenues	3,871	12,711
Fee related performance revenues | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	600	12,353
Fee related performance revenues | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	0	0
Fee related performance revenues | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	0	358
Fee related performance revenues | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	3,271	0
Fee related performance revenues | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	0	0
Other fees | Total
Segment reporting
Total revenues	20,695	19,855
Other fees | OMG
Segment reporting
Total revenues	4,640	5,876
Other fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	16,055	13,979
Other fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	8,870	5,766
Other fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	673	297
Other fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	6,462	7,866
Other fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	0	0
Other fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	$ 50	$ 50

SEGMENT REPORTING - Revenue, Ex

SEGMENT REPORTING - Revenue, Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment revenues
Total revenues	$ 813,362	$ 714,999
Total segment revenues	653,681	553,479
Segment expenses
Compensation and benefits	360,781	357,243
General, administrative and other expenses	148,345	120,523
Total expenses	628,636	611,684
Segment realized net investment income (expense)
Total other income (expense), net	56,396	57,994
Management fees
Segment revenues
Total revenues	600,516	477,332
Fee related performance revenues
Segment revenues
Total revenues		12,711
Operating segment
Segment revenues
Performance income—realized	31,136	43,868
Segment expenses
Performance related compensation—realized	23,859	28,575
Ares Management L.P
Segment revenues
Total revenues	813,362	714,999
Ares Management L.P | Operating segment
Segment revenues
Performance income—realized	31,136	43,868
Total segment revenues	653,681	553,479
Segment expenses
Compensation and benefits	193,064	177,940
General, administrative and other expenses	48,345	35,426
Performance related compensation—realized	23,859	28,575
Total expenses	265,268	241,941
Segment realized net investment income (expense)
Investment income (loss)—realized	(217)	6,332
Interest and other investment income —realized	17,673	10,652
Interest expense	(24,960)	(15,479)
Total other income (expense), net	(7,504)	1,505
Ares Management L.P | Operating segment | Management fees
Segment revenues
Total revenues	602,619	482,921
Ares Management L.P | Operating segment | Fee related performance revenues
Segment revenues
Total revenues	3,871	12,711
Ares Management L.P | Operating segment | Other fees
Segment revenues
Total revenues	$ 16,055	$ 13,979

SEGMENT REPORTING - Revenue Rec

SEGMENT REPORTING - Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue adjustment
Total revenues	$ 813,362	$ 714,999
Total segment revenue	653,681	553,479
Ares Management L.P
Revenue adjustment
Total revenues	813,362	714,999
Operating segment | Ares Management L.P
Revenue adjustment
Performance income—unrealized	(127,713)	(133,532)
Total segment revenue	653,681	553,479
Reconciling items
Revenue adjustment
Total segment revenue	(159,681)	(161,520)
Principal investment income, net of eliminations	(35,457)	(14,490)
Reconciling items | Non-Controlling interest | Subsidiaries
Revenue adjustment
Total segment revenue	(10,909)	(10,593)
OMG
Revenue adjustment
Total revenues	(4,640)	(5,876)
Management fees
Revenue adjustment
Total revenues	600,516	477,332
Management fees | Operating segment | Ares Management L.P
Revenue adjustment
Total revenues	602,619	482,921
Management fees | OMG
Revenue adjustment
Total revenues	0	0
Management fees | Consolidated Funds  | Eliminations
Revenue adjustment
Total segment revenue	11,601	11,479
Carried interest
Revenue adjustment
Total revenues	151,488	178,289
Carried interest | Consolidated Funds  | Eliminations
Revenue adjustment
Total revenues	3,407	0
Incentive fees
Revenue adjustment
Total revenues	8,923	16,422
Incentive fees | Consolidated Funds  | Eliminations
Revenue adjustment
Total revenues	138	34
Administrative, transaction and other fees
Revenue adjustment
Total revenues	29,677	34,630
Administrative, transaction and other fees | Reconciling items
Revenue adjustment
Total revenues	(13,650)	(19,475)
Administrative, transaction and other fees | Consolidated Funds  | Reconciling items
Revenue adjustment
Total revenues	4,843	4,769
Principal investment income
Revenue adjustment
Total revenues	22,758	8,326
Principal investment income | Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	$ (22,758)	$ (8,326)

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ 628,636	$ 611,684
Equity compensation expense	69,252	53,650
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(4,955)	(9,042)
Equity compensation expense	68,704	53,017
Acquisition-related compensation expense	(642)	(48,001)
Placement fee adjustment	(3,232)	(693)
Depreciation and amortization expense	45,659	38,126
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	265,268	241,941
Performance related compensation-unrealized	(85,150)	(91,198)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	628,636	611,684
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(363,368)	(369,743)
Administrative fees	(13,277)	(18,890)
Acquisition and merger-related expense	(4,955)	(9,042)
Equity compensation expense	(69,077)	(53,602)
Acquisition-related compensation expense	(642)	(48,001)
Placement fee adjustment	3,232	693
Depreciation and amortization expense	(45,659)	(38,126)
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(9,192)	(10,613)
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(19,641)	(16,077)
Expenses of Consolidated Funds eliminated in consolidation	12,132	11,564
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ 131,139	$ 96,451

SEGMENT REPORTING - Other Incom

SEGMENT REPORTING - Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 56,396	$ 57,994
Other income (expense), net	(923)	1,784
Total segment realized net investment income (expense)	(7,504)	1,505
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	(28,777)	1,822
Other expense, net	(91)	(1,981)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(7,504)	1,505
Investment (income) loss—unrealized	(28,985)	7,854
Interest and other investment (income) loss—unrealized	208	(6,032)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	56,396	57,994
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(63,900)	(56,489)
Principal investment income	35,457	14,490
Other expense, net	91	1,981
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(3,954)	(5,009)
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds added in consolidation, net	(62,917)	(66,848)
Eliminations | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income (expense), net	(4,451)	(7,518)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ (651)	$ (4,593)

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Adjustments:
Equity compensation expense	$ 69,252	$ 53,650
Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	26,693	47,382
Total investment income—realized	(222,938)	(120,290)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income before taxes	241,122	161,309
Adjustments:
Depreciation and amortization expense	45,659	38,126
Equity compensation expense	68,704	53,017
Acquisition-related compensation expense	642	48,001
Acquisition and merger-related expense	4,955	9,042
Placement fee adjustment	(3,232)	(693)
Other expense, net	91	1,981
Total performance income—unrealized	(127,713)	(133,532)
Total performance related compensation—unrealized	85,150	91,198
Investment (income) loss—unrealized	(28,777)	1,822
Realized income	380,909	313,043
Total performance income—realized	(31,136)	(43,868)
Total performance related compensation—realized	23,859	28,575
Total investment income—realized	7,504	(1,505)
Fee related earnings	381,136	296,245
Operating segment | Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(27,171)	(47,407)
Operating segment | Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(5,671)	(4,989)
OMG
Adjustments:
OMG expense, net	127,150	95,168
Realized income	126,617	91,026
Total performance income—realized	0	0
Total performance related compensation—realized	0	0
Total investment income—realized	118	451
Fee related earnings	$ 126,499	$ 90,575

CONSOLIDATION - Variable Intere

CONSOLIDATION - Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 21,928,582		$ 22,002,839
Liabilities of consolidated VIEs	17,342,469		17,097,810
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	81,000		82,000
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests related to consolidated VIEs	26,693	$ 47,382
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	370,402		393,549
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	552,278		537,239
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	13,781,266		13,128,088
Liabilities of consolidated VIEs	12,108,023		$ 11,593,867
Net income attributable to non-controlling interests related to consolidated VIEs	$ 37,131	$ 38,462

CONSOLIDATION - Balance Sheet (

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Intangible assets, net	$ 598,807	$ 640,420
Goodwill	998,937	999,656
Total assets	21,928,582	22,002,839
Liabilities
Operating lease liabilities	191,090
Total liabilities	17,342,469	17,097,810
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,100,043	1,970,754
Accumulated deficit	(420,822)	(369,475)
Accumulated other comprehensive loss, net of tax	(12,345)	(14,986)
Total stockholders’ equity	1,669,894	1,589,239
Total equity	4,079,370	3,798,618	$ 3,467,648	$ 3,668,147	$ 3,667,621	$ 3,814,426
Total liabilities, redeemable interest, non-controlling interests and equity	$ 21,928,582	$ 22,002,839
Common stock, shares outstanding (in shares)	301,803,364	294,614,235
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,777	$ 1,739
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)	177,674,055	173,892,036
Common stock, shares outstanding (in shares)	177,674,055	173,892,036
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	$ 1,206	$ 1,172
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)	120,638,398	117,231,288
Common stock, shares outstanding (in shares)	120,638,398	117,231,288
Eliminations
Assets
Total assets	$ (899,552)	$ (739,164)
Liabilities
Total liabilities	(442,721)	(300,704)
Commitments and contingencies
Stockholders’ Equity
Total equity	(456,831)	(438,460)
Total liabilities, redeemable interest, non-controlling interests and equity	(899,552)	(739,164)
Consolidated Funds
Assets
Cash and cash equivalents	754,934	724,641
Due from affiliates	10,878	15,789
Other assets	62,882	65,570
Investments held in trust account	484,901	1,013,382
Investments, at fair value	12,641,251	12,191,251
Receivable for securities sold	305,418	124,050
Liabilities
Accounts payable, accrued expenses and other liabilities	187,505	168,286
Due to affiliates	0	4,037
Payable for securities purchased	549,415	314,193
CLO loan obligations, at fair value	10,918,007	10,701,720
Fund borrowings	103,046	168,046
Redeemable interest	484,801	1,013,282	1,004,994	1,000,000	1,000,000	1,000,000
Non-controlling interests in Consolidated Funds	1,171,402	1,074,356
Consolidated Funds  | Reportable legal entity
Assets
Cash and cash equivalents	754,934	724,641
Due from affiliates	21,711	26,531
Other assets	62,882	65,570
Investments held in trust account	484,901	1,013,382
Investments, at fair value	12,636,458	12,187,392
Receivable for securities sold	305,418	124,050
Total assets	14,266,304	14,141,566
Liabilities
Accounts payable, accrued expenses and other liabilities	200,998	175,435
Due to affiliates	322,800	191,238
Payable for securities purchased	549,415	314,193
CLO loan obligations, at fair value	11,013,602	10,797,332
Fund borrowings	103,046	168,046
Total liabilities	12,189,861	11,646,244
Commitments and contingencies
Redeemable interest	484,801	1,013,282
Non-controlling interests in Consolidated Funds	1,591,642	1,482,040
Stockholders’ Equity
Total equity	1,591,642	1,482,040
Total liabilities, redeemable interest, non-controlling interests and equity	14,266,304	14,141,566
Consolidated Funds  | Eliminations
Assets
Due from affiliates	(10,833)	(10,742)
Investments, at fair value	4,793	3,859
Liabilities
Accounts payable, accrued expenses and other liabilities	(13,493)	(7,149)
Due to affiliates	(322,800)	(187,201)
CLO loan obligations, at fair value	(95,595)	(95,612)
Non-controlling interests in Consolidated Funds	(420,240)	(407,684)
Ares Operating Group
Liabilities
Redeemable interest	21,942	93,129	$ 92,108	$ 93,518	$ 96,347	$ 96,008
Non-controlling interests in Ares Operating Group entities	1,238,074	1,135,023
Ares Operating Group | Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	1,252,700	1,147,269
Ares Operating Group | Eliminations
Liabilities
Non-controlling interests in Ares Operating Group entities	(14,626)	(12,246)
Ares Management L.P
Assets
Cash and cash equivalents	272,249	389,987
Investments (includes $3,236,418 of accrued carried interest)	4,100,683	3,974,734
Due from affiliates	707,804	758,472
Other assets	267,068	381,137
Right-of-use operating lease assets	154,970	155,950
Intangible assets, net	1,166,607	1,208,220
Goodwill	998,937	999,656
Liabilities
Accounts payable, accrued expenses and other liabilities	261,298	231,921
Accrued compensation	214,135	510,130
Due to affiliates	183,451	252,798
Performance related compensation payable	2,365,230	2,282,209
Debt obligations	2,369,292	2,273,854
Operating lease liabilities	191,090	190,616
Stockholders’ Equity
Additional paid-in-capital	2,100,043	1,970,754
Accumulated deficit	(420,822)	(369,475)
Accumulated other comprehensive loss, net of tax	(12,345)	(14,986)
Total stockholders’ equity	1,669,894	1,589,239
Ares Management L.P | Carried interest
Stockholders’ Equity
Equity method investments:	3,236,418	3,106,577
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,777	1,739
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	1,206	1,172
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	272,249	389,987
Investments (includes $3,236,418 of accrued carried interest)	4,666,602	4,515,955
Due from affiliates	1,035,397	949,532
Other assets	267,068	381,137
Right-of-use operating lease assets	154,970	155,950
Intangible assets, net	1,166,607	1,208,220
Goodwill	998,937	999,656
Total assets	8,561,830	8,600,437
Liabilities
Accounts payable, accrued expenses and other liabilities	272,131	242,663
Accrued compensation	214,135	510,130
Due to affiliates	183,451	252,798
Performance related compensation payable	2,365,230	2,282,209
Debt obligations	2,369,292	2,273,854
Operating lease liabilities	191,090	190,616
Total liabilities	5,595,329	5,752,270
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,122,008	1,989,284
Accumulated deficit	(420,822)	(369,475)
Accumulated other comprehensive loss, net of tax	(12,345)	(14,986)
Total stockholders’ equity	1,691,859	1,607,769
Total equity	2,944,559	2,755,038
Total liabilities, redeemable interest, non-controlling interests and equity	8,561,830	8,600,437
Ares Management L.P | Reportable legal entity | Class A Common Stock
Stockholders’ Equity
Common stock	1,777	1,739
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	1,206	1,172
Ares Management L.P | Eliminations
Assets
Investments (includes $3,236,418 of accrued carried interest)	(565,919)	(541,221)
Due from affiliates	(327,593)	(191,060)
Other assets	0	0
Liabilities
Accounts payable, accrued expenses and other liabilities	(10,833)	(10,742)
Stockholders’ Equity
Additional paid-in-capital	(21,965)	(18,530)
Total stockholders’ equity	(21,965)	(18,530)
Ares Management L.P | Ares Operating Group | Reportable legal entity
Liabilities
Redeemable interest	$ 21,942	$ 93,129

CONSOLIDATION - Income Statemen

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Total revenues	$ 813,362	$ 714,999
Expenses
Compensation and benefits	360,781	357,243
Performance related compensation	111,658	129,405
General, administrative and other expenses	148,345	120,523
Total expenses	628,636	611,684
Other income (expense)
Net realized and unrealized gains on investments	1,515	8,109
Interest and dividend income	3,839	1,502
Interest expense	(24,986)	(15,646)
Other income (expense), net	(923)	1,784
Total other income (expense), net	56,396	57,994
Income before taxes	241,122	161,309
Income tax expense	33,806	20,411
Net income	207,316	140,898
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	94,039	45,863
Eliminations
Revenues
Total revenues	(32,688)	(22,446)
Expenses
General, administrative and other expenses	(343)
Total expenses	(12,132)	(11,564)
Other income (expense)
Net realized and unrealized gains on investments	(6,337)	13,035
Interest and dividend income	(3,337)	(1,908)
Other income (expense), net	91	994
Total other income (expense), net	4,451	7,518
Income before taxes	(16,105)	(3,364)
Net income	(16,105)	(3,364)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	7,852	4,513
Other income (expense)
Net realized and unrealized gains on investments	10,700	15,968
Interest expense	(156,687)	(74,013)
Interest and other income of Consolidated Funds	222,938	120,290
Less: Net income (loss) attributable to non-controlling interests	26,693	47,382
Consolidated Funds  | Reportable legal entity
Revenues
Total revenues	0	0
Expenses
Expenses of Consolidated Funds	19,641	16,077
Total expenses	19,641	16,077
Other income (expense)
Net realized and unrealized gains on investments	(2,069)	23,011
Interest expense	(158,043)	(77,447)
Interest and other income of Consolidated Funds	223,029	121,284
Total other income (expense), net	62,917	66,848
Income before taxes	43,276	50,771
Income tax expense	478	25
Net income	42,798	50,746
Less: Net income (loss) attributable to non-controlling interests	42,798	50,746
Consolidated Funds  | Eliminations
Expenses
Expenses of Consolidated Funds	(11,789)	(11,564)
Other income (expense)
Net realized and unrealized gains on investments	12,769	(7,043)
Interest expense	1,356	3,434
Interest and other income of Consolidated Funds	(91)	(994)
Less: Net income (loss) attributable to non-controlling interests	(16,105)	(3,364)
Ares Operating Group
Other income (expense)
Net income	180,623	93,516
Less: Net income (loss) attributable to redeemable interest	(1,824)	399
Less: Net income (loss) attributable to non-controlling interests	88,408	47,254
Ares Operating Group | Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests		47,254
Consolidated Company  Entities
Revenues
Total revenues	813,362	714,999
Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	846,050	737,445
Expenses
Compensation and benefits	360,781	357,243
Performance related compensation	111,658	129,405
General, administrative and other expenses	148,688	120,523
Total expenses	621,127	607,171
Other income (expense)
Net realized and unrealized gains on investments	7,852	(4,926)
Interest and dividend income	7,176	3,410
Interest expense	(24,986)	(15,646)
Other income (expense), net	(1,014)	790
Total other income (expense), net	(10,972)	(16,372)
Income before taxes	213,951	113,902
Income tax expense	33,328	20,386
Net income	180,623	93,516
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	94,039	45,863
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	180,623	93,516
Less: Net income (loss) attributable to redeemable interest	(1,824)	399
Less: Net income (loss) attributable to non-controlling interests	88,408
Management fees
Revenues
Total revenues	600,516	477,332
Management fees | Eliminations
Revenues
Total revenues	(11,601)	(11,479)
Management fees | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	612,117	488,811
Carried interest allocation
Revenues
Total revenues	151,488	178,289
Carried interest allocation | Eliminations
Revenues
Total revenues	(3,407)
Carried interest allocation | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	154,895	178,289
Incentive fees
Revenues
Total revenues	8,923	16,422
Incentive fees | Eliminations
Revenues
Total revenues	(138)	(34)
Incentive fees | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	9,061	16,456
Principal investment income (loss)
Revenues
Total revenues	22,758	8,326
Principal investment income (loss) | Eliminations
Revenues
Total revenues	(12,699)	(6,164)
Principal investment income (loss) | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	35,457	14,490
Administrative, transaction and other fees
Revenues
Total revenues	29,677	34,630
Administrative, transaction and other fees | Eliminations
Revenues
Total revenues	(4,843)	(4,769)
Administrative, transaction and other fees | Consolidated Company  Entities  | Reportable legal entity
Revenues
Total revenues	$ 34,520	$ 39,399

CONSOLIDATION - Cash Flow State

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income	$ 207,316	$ 140,898
Net cash provided by operating activities	707,572	224,150
Cash flows from investing activities:
Net cash used in investing activities	(8,877)	(310,148)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(821,144)	93,037
Effect of exchange rate changes	4,711	(4,652)
Net change in cash and cash equivalents	(117,738)	2,387
Cash and cash equivalents, beginning of period	389,987
Cash and cash equivalents, end of period	272,249	346,042
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activity	$ 115,364	$ 12,835
Issuance of AOG Units in connection with settlement of management incentive program	245,647	0
Reportable legal entity
Cash flows from financing activities:
Proceeds from issuance of senior notes		$ 488,915
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activity	$ 115,364
Eliminations
Cash flows from operating activities:
Net income	(16,105)	(3,364)
Cash flows due to changes in operating assets and liabilities	139,848
Change in cash and cash equivalents held at Consolidated Funds	(160,293)
Net cash provided by operating activities	(28,027)	583,881
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(2,266)	(17,900)
Effect of exchange rate changes	0
Net change in cash and cash equivalents	(30,293)	565,981
Cash and cash equivalents, beginning of period	(724,641)	(1,049,191)
Cash and cash equivalents, end of period	(754,934)	(483,210)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	328,840	(97,772)
Change in cash and cash equivalents held at Consolidated Funds	42,584	(4,795)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	93,585	82,930
Distributions to non-controlling interests in Consolidated Funds	(20,933)	(34,958)
Redemptions of redeemable interests in Consolidated Funds	(538,985)	0
Borrowings under loan obligations by Consolidated Funds	2,914	49,317
Repayments under loan obligations by Consolidated Funds	(97,325)	(57,457)
Consolidated Funds  | Reportable legal entity
Cash flows from operating activities:
Net income	42,798	50,746
Adjustments to reconcile net income to net cash provided by operating activities	341,609	(104,815)
Change in cash and cash equivalents held at Consolidated Funds	202,877	(568,394)
Net cash provided by operating activities	587,284	(622,463)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	103,808	104,803
Distributions to non-controlling interests in Consolidated Funds	(28,890)	(38,931)
Redemptions of redeemable interests in Consolidated Funds	(538,985)
Borrowings under loan obligations by Consolidated Funds	2,914	49,317
Repayments under loan obligations by Consolidated Funds	(97,325)	(57,457)
Net cash provided by (used in) financing activities	(558,478)	57,732
Effect of exchange rate changes	1,487	(1,250)
Net change in cash and cash equivalents	30,293	(565,981)
Cash and cash equivalents, beginning of period	724,641	1,049,191
Cash and cash equivalents, end of period	754,934	483,210
Consolidated Funds  | Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	(12,769)	7,043
Change in cash and cash equivalents held at Consolidated Funds		563,599
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	(10,223)	(21,873)
Distributions to non-controlling interests in Consolidated Funds	7,957	3,973
Ares Operating Group
Cash flows from operating activities:
Net income	$ 180,623	93,516
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with settlement of management incentive program	245,647
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	$ 121,761	53,473
Cash flows due to changes in operating assets and liabilities	7,071	132,346
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(8,877)	(8,524)
Acquisitions, net of cash acquired	0	(301,624)
Cash flows from financing activities:
Proceeds from Credit Facility	245,000	860,000
Proceeds from issuance of senior notes	0	488,915
Repayments of Credit Facility	(150,000)	(905,000)
Dividends and distributions	(251,632)	(211,886)
Stock option exercises	9,180	3,347
Taxes paid related to net share settlement of equity awards	(113,431)	(183,027)
Other financing activities	483	856
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	389,987	343,655
Cash and cash equivalents, end of period	272,249	346,042
Ares Management L.P | Reportable legal entity
Cash flows from operating activities:
Net income	180,623	93,516
Adjustments to reconcile net income to net cash provided by operating activities	100,469	43,970
Cash flows due to changes in operating assets and liabilities	(132,777)	125,246
Net cash provided by operating activities	148,315	262,732
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(8,877)	(8,524)
Acquisitions, net of cash acquired	0	(301,624)
Net cash used in investing activities	(8,877)	(310,148)
Cash flows from financing activities:
Proceeds from Credit Facility	245,000	860,000
Repayments of Credit Facility	(150,000)	(905,000)
Dividends and distributions	(251,632)	(211,886)
Stock option exercises	9,180	3,347
Taxes paid related to net share settlement of equity awards	(113,431)	(183,027)
Other financing activities	483	856
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(260,400)	53,205
Effect of exchange rate changes	3,224	(3,402)
Net change in cash and cash equivalents	(117,738)	2,387
Cash and cash equivalents, beginning of period	389,987	343,655
Cash and cash equivalents, end of period	272,249	346,042
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activity		12,835
Ares Management L.P | Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	21,292	9,503
Cash flows due to changes in operating assets and liabilities		7,100
Ares Management L.P | Ares Operating Group | Reportable legal entity
Cash flows from operating activities:
Net income	$ 180,623	$ 93,516
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with settlement of management incentive program	245,647

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares		1 Months Ended	3 Months Ended
	Mar. 17, 2023	Apr. 30, 2023	Mar. 31, 2023	Mar. 31, 2022
Subsequent events
Dividend declared per class A common stock (in dollars per share)	$ 0.77
Class A Common Stock
Subsequent events
Dividend declared per class A common stock (in dollars per share)			$ 0.77	$ 0.61
Class A Common Stock | Subsequent event
Subsequent events
Dividend declared per class A common stock (in dollars per share)		$ 0.77
Non-voting Common Stock
Subsequent events
Dividend declared per class A common stock (in dollars per share)			$ 0.77	$ 0.61
Non-voting Common Stock | Subsequent event
Subsequent events
Dividend declared per class A common stock (in dollars per share)		$ 0.77