Ares Management (ARES) 10-Q 3 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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	Q2
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		181,355,274
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		119,674,321

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Intangible assets, net	$ 562,873	$ 640,420
Goodwill	998,020	999,656
Total assets	23,118,806	22,002,839
Liabilities
Operating lease liabilities	206,816
Total liabilities	18,103,070	17,097,810
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,182,173	1,970,754
Accumulated deficit	(425,526)	(369,475)
Accumulated other comprehensive loss, net of tax	(9,687)	(14,986)
Total stockholders’ equity	1,750,004	1,589,239
Total equity	3,992,470	3,798,618
Total liabilities, redeemable interest, non-controlling interests and equity	$ 23,118,806	$ 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	$ 1,812	$ 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	1,197	1,172
Consolidated Funds
Assets
Cash and cash equivalents	812,164	724,641
Due from affiliates	11,388	15,789
Other assets	66,890	65,570
Investments held in trust account	1,000,949	1,013,382
Investments, at fair value	13,090,939	12,191,251
Receivable for securities sold	197,729	124,050
Liabilities
Accounts payable, accrued expenses and other liabilities	225,294	168,286
Due to affiliates	920	4,037
Payable for securities purchased	554,555	314,193
CLO loan obligations, at fair value	11,460,999	10,701,720
Fund borrowings	65,050	168,046
Redeemable interest	1,000,749	1,013,282
Non-controlling interests in Consolidated Funds	$ 971,309	$ 1,074,356
Stockholders’ Equity
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
AOG Units
Liabilities
Redeemable interest	$ 22,517	$ 93,129
Non-controlling interests in Ares Operating Group entities	1,271,157	1,135,023
Ares Management L.P
Assets
Cash and cash equivalents	276,827	389,987
Investments (includes accrued carried interest of $3,524,644 and $3,106,577 at June 30, 2023 and December 31, 2022, respectively)	4,466,226	3,974,734
Due from affiliates	643,444	758,472
Other assets	252,646	381,137
Right-of-use operating lease assets	170,911	155,950
Intangible assets, net	1,130,673	1,208,220
Goodwill	998,020	999,656
Liabilities
Accounts payable, accrued expenses and other liabilities	267,198	231,921
Accrued compensation	250,790	510,130
Due to affiliates	192,153	252,798
Performance related compensation payable	2,579,564	2,282,209
Debt obligations	2,299,731	2,273,854
Operating lease liabilities	206,816	190,616
Stockholders’ Equity
Additional paid-in-capital	2,182,173	1,970,754
Accumulated deficit	(425,526)	(369,475)
Accumulated other comprehensive loss, net of tax	(9,687)	(14,986)
Total stockholders’ equity	$ 1,750,004	$ 1,589,239
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]	Related Party [Member]
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,812	$ 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	$ 1,197	$ 1,172

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Common stock, shares outstanding (in shares)	304,397,040	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)	181,231,808	173,892,036
Common stock, shares outstanding (in shares)	181,231,808	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)	119,674,321	117,231,288
Common stock, shares outstanding (in shares)	119,674,321	117,231,288
Ares Management L.P | Carried interest
Equity method investments:	$ 3,524,644	$ 3,106,577

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 1,093,286	$ 601,430	$ 1,906,648	$ 1,316,429
Expenses
Compensation and benefits	367,550	375,775	728,331	729,612
Performance related compensation	315,780	41,073	427,438	173,884
General, administrative and other expenses	141,153	122,566	289,498	243,089
Total expenses	837,738	552,868	1,466,374	1,164,552
Other income (expense)
Net realized and unrealized gains (losses) on investments	5,481	(1,775)	6,996	6,334
Interest and dividend income	2,690	1,476	6,529	2,978
Interest expense	(25,839)	(17,221)	(50,825)	(32,867)
Other income (expense), net	(5,887)	5,809	(6,810)	7,593
Total other income, net	126,421	18,504	182,817	76,498
Income before taxes	381,969	67,066	623,091	228,375
Income tax expense	49,714	13,460	83,520	33,871
Net income	332,255	53,606	539,571	194,504
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 144,514	$ 39,731	$ 238,553	$ 85,594
Class A Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.75	$ 0.21	$ 1.25	$ 0.45
Diluted (in dollars per share)	$ 0.74	$ 0.21	$ 1.24	$ 0.45
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	182,999,515	175,157,558	180,998,934	174,694,645
Diluted (in shares)	194,058,041	175,157,558	192,161,816	174,694,645
Non-voting Common Stock
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.75	$ 0.21	$ 1.25	$ 0.45
Diluted (in dollars per share)	$ 0.74	$ 0.21	$ 1.24	$ 0.45
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	182,999,515	175,157,558	180,998,934	174,694,645
Diluted (in shares)	194,058,041	175,157,558	192,161,816	174,694,645
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 13,255	$ 13,454	$ 21,107	$ 17,967
Other income (expense)
Net realized and unrealized gains (losses) on investments	98,426	(7,907)	109,126	8,061
Interest expense	(182,904)	(79,253)	(339,591)	(153,266)
Interest and other income of Consolidated Funds	234,454	117,375	457,392	237,665
Less: Net income (loss) attributable to non-controlling interests	67,681	(15,022)	94,374	32,360
AOG Units
Other income (expense)
Net income	264,574	68,628	445,197	162,144
Less: Net income (loss) attributable to non-controlling interests	119,326	29,354	207,734	76,608
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	734	(457)	(1,090)	(58)
Management fees
Revenues
Total revenues	615,271	520,560	1,215,787	997,892
Carried interest allocation
Revenues
Total revenues	418,466	47,304	569,954	225,593
Incentive fees
Revenues
Total revenues	7,950	4,675	16,873	21,097
Principal investment income (loss)
Revenues
Total revenues	6,888	(4,387)	29,646	3,939
Administrative, transaction and other fees
Revenues
Total revenues	$ 44,711	$ 33,278	$ 74,388	$ 67,908

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income	$ 332,255	$ 53,606	$ 539,571	$ 194,504
Other comprehensive income:
Foreign currency translation adjustments, net of tax	(4,435)	(29,644)	2,204	(42,037)
Total comprehensive income	327,820	23,962	541,775	152,467
Consolidated Funds
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	58,996	(24,922)	88,079	17,365
AOG Units
Net income	264,574	68,628	445,197	162,144
Other comprehensive income:
Less: Comprehensive income (loss) attributable to non-controlling interests	121,077	21,779	211,241	66,230
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	575	(1,453)	(1,397)	(1,385)
Ares Management Corporation | Ares Management L.P
Other comprehensive income:
Comprehensive income attributable to Ares Management Corporation	$ 147,172	$ 28,558	$ 243,852	$ 70,257

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Non-Controlling interest AOG Units	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
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
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(326,965)	(151)			(4,086)	(322,729)	10		(9)
Issuances of common stock	737	737
Capital contributions	79,703				1,071	78,632
Dividends/Distributions	(273,861)		(149,218)		(109,651)	(14,992)
Net income	331,521		144,514		119,326	67,681
Currency translation adjustment, net of tax	(4,276)			2,658	1,751	(8,685)
Equity compensation	62,281	37,609			24,672
Stock option exercises	43,960	43,935					25
Ending balance at Jun. 30, 2023	$ 3,992,470	$ 2,182,173	$ (425,526)	$ (9,687)	$ 1,271,157	$ 971,309	$ 1,812	$ 35	$ 1,197

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 539,571	$ 194,504
Net cash provided by (used in) operating activities	8,520	(568,198)
Cash flows from investing activities:
Net cash used in investing activities	(21,127)	(320,125)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(97,501)	815,494
Effect of exchange rate changes	(3,052)	(17,959)
Net change in cash and cash equivalents	(113,160)	(90,788)
Cash and cash equivalents, beginning of period	389,987
Cash and cash equivalents, end of period	276,827	252,867
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activity	116,101	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 (used in) operating activities	(884,231)	(855,803)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds	133,981	(125,132)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	680,991	218,280
Distributions to non-controlling interests in Consolidated Funds	(35,925)	(53,638)
Redemptions of redeemable interests in Consolidated Funds	(538,985)	0
Borrowings under loan obligations by Consolidated Funds	535,464	814,183
Repayments under loan obligations by Consolidated Funds	(174,669)	(46,873)
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities	149,773	61,073
Cash flows due to changes in operating assets and liabilities	69,426	157,160
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(21,127)	(18,448)
Acquisitions, net of cash acquired	0	(301,677)
Cash flows from financing activities:
Proceeds from Credit Facility	495,000	700,000
Proceeds from issuance of senior notes	0	488,915
Repayments of Credit Facility	(470,000)	(720,000)
Dividends and distributions	(510,501)	(406,366)
Stock option exercises	53,140	8,644
Taxes paid related to net share settlement of equity awards	(133,570)	(189,485)
Other financing activities	1,554	1,834
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	$ 276,827	$ 252,867

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 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 special purpose acquisition companies (“SPACs”) (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	6 Months Ended
	Jun. 30, 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” and subsequently rebranded as “Ares 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 each of the Company’s sponsored SPACs, as applicable. On April 25, 2023, Ares Acquisition Corporation II (NYSE: AACT) (“AAC II”), Ares’ second sponsored SPAC, consummated its initial public offering. The initial public offering generated gross proceeds of $500.0 million. The Class A ordinary shares, issued by Ares Acquisition Corporation (NYSE: AAC) (“AAC I” and such shares, the “AAC I Class A ordinary shares”) and the Class A ordinary shares, issued by AAC II (the “AAC II Class A ordinary shares”, and, together with the AAC I Class A ordinary shares, the “Class A ordinary shares”) are redeemable for cash by the public shareholders in the event that the SPACs do not complete a business combination or tender offer associated with shareholder approval provisions. The Class A ordinary shareholders have redemption rights that are considered to be outside of either SPAC’s control. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount. During the first quarter of 2023, in connection with the extension of the period to complete a business combination, AAC I shareholders elected to redeem an aggregate amount of $539.0 million that was paid from AAC I’s trust account. At June 30, 2023, the remaining 46,997,081 AAC I Class A ordinary shares and all 50,000,000 AAC II Class A ordinary shares are 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	6 Months Ended
	Jun. 30, 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 June 30, 2023 As of June 30, As of December 31, 2023 2022 Management contracts 4.6 $ 571,750 $ 586,077 Client relationships 9.2 262,301 262,301 Trade name 0.0 — 11,079 Other 1.3 500 500 Finite-lived intangible assets 834,551 859,957 Foreign currency translation (477) 935 Total finite-lived intangible assets 834,074 860,892 Less: accumulated amortization (271,201) (220,472) Finite-lived intangible assets, net 562,873 640,420 Management contracts 567,800 567,800 Indefinite-lived intangible assets 567,800 567,800 Intangible assets, net $ 1,130,673 $ 1,208,220 During the second quarter of 2023, the Company recorded non-cash impairment charges of $4.4 million and $0.7 million to the fair value of management contracts of certain funds within the Real Assets Group and Credit Group, respectively. The primary indicator of impairment was the lower than expected future fee revenue generated from these funds. During the first quarter of 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 in the first quarter of 2023. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $30.4 million and $35.6 million for the three months ended June 30, 2023 and 2022, respectively, and $64.0 million and $68.7 million for the six months ended June 30, 2023 and 2022, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2023, the Company removed $25.4 million of impaired and fully-amortized intangible assets. Goodwill The following table summarizes the carrying value of the Company’s goodwill: Credit Group Private Equity Group Real Assets Group 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 (1,667) — — 9 — (1,658) Balance as of June 30, 2023 $ 255,116 $ 48,070 $ 277,205 $ 417,629 $ — $ 998,020 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 six months ended June 30, 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	6 Months Ended
	Jun. 30, 2023
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	4. INVESTMENTS The Company’s investments are comprised of the following: Percentage of total investments June 30, December 31, June 30, December 31, 2023 2022 2023 2022 Equity method investments: Equity method - carried interest $ 3,524,644 $ 3,106,577 78.9% 78.2% Equity method private investment partnership interests - principal 571,638 543,592 12.8 13.7 Equity method private investment partnership interests and other (held at fair value) 166,496 123,170 3.7 3.1 Equity method private investment partnership interests and other 47,497 47,439 1.1 1.2 Total equity method investments 4,310,275 3,820,778 96.5 96.2 Collateralized loan obligations 20,490 25,163 0.5 0.6 Other fixed income 53,287 51,771 1.2 1.2 Collateralized loan obligations and other fixed income, at fair value 73,777 76,934 1.7 1.8 Common stock, at fair value 82,174 77,022 1.8 2.0 Total investments $ 4,466,226 $ 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 and six months ended June 30, 2023 and 2022, no individual equity method investment held by the Company met the significance criteria. The Company recognized a net gain and a net loss related to its equity method investments of $9.1 million and $6.4 million for the three months ended June 30, 2023 and 2022, respectively, and net gains of $33.1 million and $8.8 million for the six months ended June 30, 2023 and 2022, respectively. The net gains and net losses were included within principal investment income, net realized and unrealized gains (losses) 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 June 30, December 31, June 30, December 31, 2023 2022 2023 2022 Fixed income investments: Loans $ 10,152,326 $ 9,280,522 72.1% 70.3% Investments held in trust account 1,000,949 1,013,382 7.1 7.7 Bonds 579,696 786,961 4.1 6.0 Total fixed income investments 11,732,971 11,080,865 83.3 84.0 Partnership interests 1,287,240 1,392,169 9.1 10.5 Equity securities 1,071,677 731,599 7.6 5.5 Total investments, at fair value $ 14,091,888 $ 13,204,633 As of June 30, 2023 and December 31, 2022, no

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 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 June 30, 2023: Financial Instruments of the Company Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Common stock and other equity securities $ — $ 82,174 $ 165,371 $ — $ 247,545 Collateralized loan obligations and other fixed income — — 73,777 — 73,777 Partnership interests — — — 1,125 1,125 Total investments, at fair value — 82,174 239,148 1,125 322,447 Derivatives-foreign currency forward contracts — 3,345 — — 3,345 Total assets, at fair value $ — $ 85,519 $ 239,148 $ 1,125 $ 325,792 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (2,318) $ — $ — $ (2,318) Total liabilities, at fair value $ — $ (2,318) $ — $ — $ (2,318) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Fixed income investments: Loans $ — $ 9,504,196 $ 648,130 $ — $ 10,152,326 Investments held in trust account 1,000,949 — — — 1,000,949 Bonds — 579,695 1 — 579,696 Total fixed income investments 1,000,949 10,083,891 648,131 — 11,732,971 Partnership interests — — — 1,287,240 1,287,240 Equity securities 701 4,911 1,066,065 — 1,071,677 Total investments, at fair value 1,001,650 10,088,802 1,714,196 1,287,240 14,091,888 Derivatives-foreign currency forward contracts — 2,399 — — 2,399 Total assets, at fair value $ 1,001,650 $ 10,091,201 $ 1,714,196 $ 1,287,240 $ 14,094,287 Liabilities, at fair value Loan obligations of CLOs $ — $ (11,460,999) $ — $ — $ (11,460,999) Derivatives: Warrants (16,000) — — — (16,000) Asset swaps — — (2,693) — (2,693) Foreign currency forward contracts — (2,468) — — (2,468) Total derivative liabilities, at fair value (16,000) (2,468) (2,693) — (21,161) Total liabilities, at fair value $ (16,000) $ (11,463,467) $ (2,693) $ — $ (11,482,160) 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 Measured at NAV Total Assets, at fair value Investments: Common stock and other equity securities $ — $ 77,022 $ 121,785 $ — $ 198,807 Collateralized loan obligations and other fixed income — — 76,934 — 76,934 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 at NAV Total Assets, at fair value Investments: Fixed income investments: Loans $ — $ 8,663,678 $ 616,844 $ — $ 9,280,522 Investments held in trust account 1,013,382 — — — 1,013,382 Bonds — 534,137 252,824 — 786,961 Total fixed income investments 1,013,382 9,197,815 869,668 — 11,080,865 Partnership interests — — 368,655 1,023,514 1,392,169 Equity securities 719 — 730,880 — 731,599 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 Loan obligations of CLOs $ — $ (10,701,720) $ — $ — $ (10,701,720) Derivatives: Warrants (9,326) — — — (9,326) Asset swaps — — (3,556) — (3,556) Foreign currency forward contracts — (2,942) — — (2,942) Total derivative liabilities, at fair value (9,326) (2,942) (3,556) — (15,824) 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 June 30, 2023: Level III Assets of the Company Equity Securities Fixed Income Total Balance, beginning of period $ 125,073 $ 75,169 $ 200,242 Purchases (1) 38,208 771 38,979 Sales/settlements (2) (881) (841) (1,722) Realized and unrealized appreciation (depreciation), net 2,971 (1,322) 1,649 Balance, end of period $ 165,371 $ 73,777 $ 239,148 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,971 $ (1,322) $ 1,649 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 932,635 $ 732,804 $ 374,049 $ (1,698) $ 2,037,790 Transfer out due to changes in consolidation (2,076) (4,563) (374,049) — (380,688) Transfer in — 57,540 — — 57,540 Transfer out — (214,205) — — (214,205) Purchases (1) 48,645 250,912 — — 299,557 Sales/settlements (2) (4) (177,095) — (149) (177,248) Amortized discounts/premiums — 421 — — 421 Realized and unrealized appreciation (depreciation), net 86,865 2,317 — (846) 88,336 Balance, end of period $ 1,066,065 $ 648,131 $ — $ (2,693) $ 1,711,503 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 86,879 $ (27,469) $ — $ (1,055) $ 58,355 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2022: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 114,499 $ 51,458 $ 2,575 $ (10,550) $ 157,982 Change in fair value — — — (198) (198) Sales/settlements (1) (934) (993) — — (1,927) Realized and unrealized appreciation (depreciation), net 316 (4,109) — — (3,793) Balance, end of period $ 113,881 $ 46,356 $ 2,575 $ (10,748) $ 152,064 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 316 $ (4,109) $ — $ (198) $ (3,991) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 351,140 $ 859,301 $ 241,123 $ (3,162) $ 1,448,402 Transfer in — 358,779 — — 358,779 Transfer out — (152,750) — — (152,750) Purchases (2) 110,322 201,882 3,000 — 315,204 Sales/settlements (1) (18,422) (140,607) (9,000) — (168,029) Amortized discounts/premiums — 177 — — 177 Realized and unrealized appreciation (depreciation), net 37,874 (50,528) 15,000 127 2,473 Balance, end of period $ 480,914 $ 1,076,254 $ 250,123 $ (3,035) $ 1,804,256 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 25,622 $ (37,145) $ 15,000 $ (64) $ 3,413 (1) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. (2) Purchases include paid-in-kind interest and securities received in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2023: Level III Assets of the Company Equity Securities Fixed Income Total Balance, beginning of period $ 121,785 $ 76,934 $ 198,719 Purchases (1) 38,260 1,966 40,226 Sales/settlements (2) (836) (2,377) (3,213) Realized and unrealized appreciation (depreciation), net 6,162 (2,746) 3,416 Balance, end of period $ 165,371 $ 73,777 $ 239,148 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 5,949 $ (2,533) $ 3,416 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Transfer out due to changes in consolidation (2,076) (4,563) (374,049) — (380,688) Transfer in — 195,575 — — 195,575 Transfer out — (489,165) — — (489,165) Purchases (1) 229,016 391,086 49,000 — 669,102 Sales/settlements (2) (126) (325,968) (48,889) (149) (375,132) Amortized discounts/premiums — 963 — — 963 Realized and unrealized appreciation, net 108,371 10,535 5,283 1,012 125,201 Balance, end of period $ 1,066,065 $ 648,131 $ — $ (2,693) $ 1,711,503 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 108,324 $ (20,381) $ — $ 814 $ 88,757 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2022: Level III Assets and Liabilities of the Company Equity Securities 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) (1,147) (1,878) — 47,873 44,848 Change in fair value — — — (1,186) (1,186) Realized and unrealized appreciation (depreciation), net 4,588 (4,163) — — 425 Balance, end of period $ 113,881 $ 46,356 $ 2,575 $ (10,748) $ 152,064 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 4,588 $ (4,163) $ — $ (1,186) $ (761) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 338,080 — — 338,080 Transfer out — (80,261) — — (80,261) Purchases (2) 117,642 367,274 27,000 — 511,916 Sales/settlements (1) (28,611) (226,660) (30,500) (2) (285,773) Amortized discounts/premiums — 679 — — 679 Realized and unrealized appreciation (depreciation), net 52,700 (65,810) 14,950 72 1,912 Balance, end of period $ 480,914 $ 1,076,254 $ 250,123 $ (3,035) $ 1,804,256 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 26,150 $ (61,044) $ 14,445 $ (175) $ (20,624) (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 June 30, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 62,702 Market approach Multiple of book value 2.4x 2.4x 52,125 Transaction price (1) N/A N/A N/A 49,778 Market approach Multiple of book value 1.3x 1.3x 766 Market approach EBITDA multiple (2) 13.0 x 13.0 x Fixed income investments 31,705 Transaction price (1) N/A N/A N/A 21,582 Other N/A N/A N/A 20,490 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 239,148 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 592,725 Discounted cash flow Discount rate 8.0% - 18.0% 12.0% 436,375 Market approach Multiple of book value 1.0x - 1.3x 1.2x 36,064 Market approach Net income multiple 30.0x 30.0x 766 Market approach EBITDA multiple (2) 6.3x - 32.5x 15.9x 135 Other N/A N/A N/A Fixed income investments 522,269 Broker quotes and/or 3rd party pricing services N/A N/A N/A 116,265 Market approach Yield 8.8% - 24.5% 13.0% 5,769 Transaction price (1) N/A N/A N/A 2,980 Market approach EBITDA multiple (2) 6.3x - 32.5x 8.8x 848 Other N/A N/A N/A Total assets $ 1,714,196 Liabilities Derivative instruments $ (2,693) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (2,693) (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 Fixed income investments 30,189 Transaction price (1) N/A N/A N/A 25,163 Broker quotes and/or 3rd party pricing services 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 (1) N/A N/A N/A 4,479 Market approach EBITDA multiple (2) 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 $1.1 million and $1.4 million as of June 30, 2023 and December 31, 2022, respectively. The Company has no unfunded commitments for this investment. The Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using NAV per share. The terms and conditions of these funds do not allow for redemptions without certain events or approvals that are outside the Company’s control. As of June 30, 2023, these investments had a fair value of $1,287.2 million and unfunded commitments of $1,002.3 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	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
DEBT	6. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of June 30, 2023 As of December 31, 2022 Debt Origination Date Maturity Original Borrowing Amount Carrying Value Interest Rate Carrying Value Interest Rate Credit Facility (1) Revolving 3/31/2027 N/A $ 725,000 6.19% $ 700,000 5.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 249,055 4.21 248,693 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,825 3.28 396,602 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 484,002 3.77 483,802 3.77 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,849 4.13 444,757 4.13 Total debt obligations $ 2,299,731 $ 2,273,854 (1) The revolver commitments were $1.325 billion as of June 30, 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 June 30, 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 June 30, 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 Notes Subordinated Notes Unamortized debt issuance costs as of December 31, 2022 $ 5,510 $ 8,393 $ 5,243 Amortization of debt issuance costs (649) (391) (92) Unamortized debt issuance costs as of June 30, 2023 $ 4,861 $ 8,002 $ 5,151 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 June 30, 2023 As of December 31, 2022 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 10,813,054 6.08% 8.4 $ 10,142,545 4.84% 8.8 Subordinated notes (1) 647,945 N/A 7.3 559,175 N/A 7.8 Total loan obligations of Consolidated CLOs $ 11,460,999 $ 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 June 30, 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 June 30, 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 (2) $ 112,817 (2) N/A (2) N/A (2) $ 77,496 5.89% 7/1/2024 18,000 $ 15,550 6.75% 15,550 6.25 7/23/2024 100,000 49,500 8.03 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 $ 65,050 $ 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 2023 and December 31, 2022, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $902.4 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 June 30, 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 first quarter of 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 and six months ended June 30, 2022, compensation expense of $2.2 million and $3.3 million, respectively, related to the achieved portion of the award is presented within compensation and benefits within the Condensed Consolidated Statements of Operations. As of June 30, 2023, the maximum contingent liability associated with the remaining Infrastructure Debt MIP is $15.0 million. As of June 30, 2023 and December 31, 2022, the fair value of the contingent liability was $13.7 million. As of June 30, 2023 and December 31, 2022, the Company has recorded $3.3 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 $0.7 million for the three months ended June 30, 2023 and 2022, respectively, and $1.2 million and $1.0 million for the six months ended June 30, 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 June 30, 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 $93.7 million and $128.4 million, respectively, of which approximately $73.5 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 June 30, 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 primarily consists of operating leases for office space and certain office equipment. The Company’s leases have remaining lease terms of one Maturity of operating lease liabilities As of June 30, 2023 2023 $ 21,147 2024 46,864 2025 44,077 2026 32,275 2027 22,920 Thereafter 63,659 Total future payments 230,942 Less: interest 24,126 Total operating lease liabilities $ 206,816 Six months ended June 30, Other information 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows for operating leases $ 22,724 $ 22,170 Leased assets obtained in exchange for new operating lease liabilities 37,277 5,066 As of June 30, As of December 31, Lease term and discount rate 2023 2022 Weighted-average remaining lease terms (in years): 6.2 5.5 Weighted-average discount rate: 3.40% 2.72%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 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 June 30, As of December 31, 2023 2022 Due from affiliates: Management fees receivable from non-consolidated funds $ 488,015 $ 456,314 Incentive fee receivable from non-consolidated funds 15,837 169,979 Payments made on behalf of and amounts due from non-consolidated funds and employees 139,592 132,179 Due from affiliates—Company $ 643,444 $ 758,472 Amounts due from non-consolidated funds $ 11,388 $ 15,789 Due from affiliates—Consolidated Funds $ 11,388 $ 15,789 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 3,972 $ 8,701 Tax receivable agreement liability 132,463 118,466 Undistributed carried interest and incentive fees 48,668 121,332 Payments made by non-consolidated funds on behalf of and payable by the Company 7,050 4,299 Due to affiliates—Company $ 192,153 $ 252,798 Amounts due to portfolio companies and non-consolidated funds $ 920 $ 4,037 Due to affiliates—Consolidated Funds $ 920 $ 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

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023, the Company recorded income tax expense of $49.7 million and $83.5 million, respectively. For the three and six months ended June 30, 2022, the Company recorded income tax expense of $13.5 million and $33.9 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 and six months ended June 30, 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 June 30, 2023 and December 31, 2022, the Company recorded a net deferred tax asset of $14.8 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	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 2023, the treasury stock method was the more dilutive method. For the three and six months ended June 30, 2022, the two-class method was the more dilutive method. The computation of diluted earnings per share excludes the following restricted units and restricted units and AOG Units as their effect would have been anti-dilutive: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Restricted units — — 4,131 — AOG Units 120,137,310 — 119,391,357 — The following table presents the computation of basic and diluted earnings per common share: Three months ended June 30, Six months ended June 30, 2023 2022 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 $ 144,514 $ 39,731 $ 238,553 $ 85,594 Distributions on unvested restricted units (5,316) (3,461) (10,630) (7,046) Net income available to Class A and non-voting common stockholders $ 139,198 $ 36,270 $ 227,923 $ 78,548 Basic weighted-average shares of Class A and non-voting common stock 182,999,515 175,157,558 180,998,934 174,694,645 Basic earnings per share of Class A and non-voting common stock $ 0.75 $ 0.21 $ 1.25 $ 0.45 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 $ 144,514 $ 39,731 $ 238,553 $ 85,594 Distributions on unvested restricted units — (3,461) — (7,046) Net income available to Class A and non-voting common stockholders $ 144,514 $ 36,270 $ 238,553 $ 78,548 Effect of dilutive shares: Restricted units 8,489,883 — 7,991,062 — Options 2,568,643 — 3,171,820 — Diluted weighted-average shares of Class A and non-voting common stock 194,058,041 175,157,558 192,161,816 174,694,645 Diluted earnings per share of Class A and non-voting common stock $ 0.74 $ 0.21 $ 1.24 $ 0.45 Dividend declared and paid per Class A and non-voting common stock $ 0.77 $ 0.61 $ 1.54 $ 1.22

EQUITY COMPENSATION

EQUITY COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	11. EQUITY COMPENSATION Equity Incentive Plan In April 2023, the Company’s board of directors approved the Company’s 2023 Equity Incentive Plan (the “Equity Incentive Plan”), subject to approval by stockholders, to replace the Third Amended and Restated 2014 Equity Incentive Plan (“2014 Equity Incentive Plan”). The Equity Incentive Plan was approved by stockholders on June 12, 2023 and as of that date, the number of shares available for issuance under the Equity Incentive Plan was 69,122,318 and may increase on January 1 of each year, based on a formula set forth in the Equity Incentive Plan. No new equity-based compensation awards will be granted under the 2014 Equity Incentive Plan. As of June 30, 2023, 69,122,318 shares remained available for issuance under the Equity Incentive Plan. 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Restricted units $ 62,282 $ 49,635 $ 131,533 $ 103,286 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 six months ended June 30, 2023, 3.4 million restricted units vested and 1.9 million shares of Class A common stock were delivered to the holders. For the six months ended June 30, 2022, 5.3 million restricted units vested and 2.9 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”). 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. The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the six months ended June 30, 2023: Record Date Dividends Per Share Dividend Equivalents Paid March 17, 2023 $ 0.77 $ 12,032 June 16, 2023 0.77 11,874 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 4,734,184 78.75 Vested (3,427,972) 38.18 Forfeited (183,028) 57.58 Balance - June 30, 2023 17,786,183 $ 58.69 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $776.2 million as of June 30, 2023 and is expected to be recognized over the remaining weighted average period of 3.6 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 six months ended June 30, 2023 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value Balance - December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Exercised (3,249,192) 19.00 — — Expired — — — — Forfeited — — — — Balance - June 30, 2023 1,921,027 $ 19.00 0.8 $ 149,475 Exercisable at June 30, 2023 1,921,027 $ 19.00 0.8 $ 149,475

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023 and 2022, 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 1,391,426 — — — 1,391,426 Issuance of AOG Units (1) — — — 3,473,026 3,473,026 Exchanges of AOG Units 1,029,993 — — (1,029,993) — Stock option exercises, net of shares withheld for tax 2,972,093 — — — 2,972,093 Vesting of restricted stock awards, net of shares withheld for tax 1,946,260 — — — 1,946,260 Balance - June 30, 2023 181,231,808 3,489,911 1,000 119,674,321 304,397,040 (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 June 30, 2023 As of December 31, 2022 Three months ended June 30, Six months ended June 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2023 2022 2023 2022 Ares Management Corporation 184,721,719 60.68 % 177,381,947 60.21 % 60.37 % 59.66 % 60.25 % 59.58 % Ares Owners Holdings, L.P. 119,674,321 39.32 117,231,288 39.79 39.63 40.34 39.75 40.42 Total 304,396,040 100.00 % 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 Net income 734 Currency translation adjustment, net of tax (159) Balance- June 30, 2023 $ 22,517 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 Gross proceeds from the initial public offering of AAC II 500,000 Change in redemption value 15,948 Balance - June 30, 2023 $ 1,000,749

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 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, including through Ares Private Markets Fund (“APMF”). 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) the SPACs sponsored by the Company, 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 our funds and adjusts for 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 adjusting for 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. Placement fee adjustment 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 June 30, 2023 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 422,662 $ 55,518 $ 95,239 $ 41,785 $ 6,548 $ 621,752 $ — $ 621,752 Fee related performance revenues 222 — 334 298 — 854 — 854 Other fees 9,142 738 11,846 5 135 21,866 7,848 29,714 Compensation and benefits (122,922) (20,348) (40,638) (16,623) (3,386) (203,917) (86,011) (289,928) General, administrative and other expenses (23,443) (7,734) (10,863) (4,151) (588) (46,779) (49,467) (96,246) Fee related earnings 285,661 28,174 55,918 21,314 2,709 393,776 (127,630) 266,146 Performance income—realized 62,760 69,678 2,737 5,460 — 140,635 — 140,635 Performance related compensation—realized (39,040) (53,723) (1,668) (4,678) — (99,109) — (99,109) Realized net performance income 23,720 15,955 1,069 782 — 41,526 — 41,526 Investment income (loss)—realized 17,565 2,084 (1,549) — — 18,100 — 18,100 Interest and other investment income—realized 5,672 1,863 2,393 182 1,839 11,949 328 12,277 Interest expense (8,001) (5,735) (4,106) (2,451) (5,535) (25,828) (11) (25,839) Realized net investment income (loss) 15,236 (1,788) (3,262) (2,269) (3,696) 4,221 317 4,538 Realized income $ 324,617 $ 42,341 $ 53,725 $ 19,827 $ (987) $ 439,523 $ (127,313) $ 312,210 Three months ended June 30, 2022 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 338,134 $ 47,396 $ 90,733 $ 46,201 $ 2,417 $ 524,881 $ — $ 524,881 Fee related performance revenues 275 — 965 — — 1,240 — 1,240 Other fees 6,633 408 8,565 — 50 15,656 6,298 21,954 Compensation and benefits (98,688) (24,293) (40,599) (15,133) (1,398) (180,111) (71,341) (251,452) General, administrative and other expenses (19,445) (7,880) (10,639) (2,957) (698) (41,619) (35,225) (76,844) Fee related earnings 226,909 15,631 49,025 28,111 371 320,047 (100,268) 219,779 Performance income—realized 48,533 — 17,405 4,156 — 70,094 — 70,094 Performance related compensation—realized (29,358) — (11,186) (3,514) — (44,058) — (44,058) Realized net performance income 19,175 — 6,219 642 — 26,036 — 26,036 Investment income (loss)—realized 1,607 672 432 — (1) 2,710 — 2,710 Interest and other investment income (expense)—realized 6,682 195 2,640 2,200 5,219 16,936 (995) 15,941 Interest expense (3,657) (3,629) (2,713) (1,557) (5,486) (17,042) (179) (17,221) Realized net investment income (loss) 4,632 (2,762) 359 643 (268) 2,604 (1,174) 1,430 Realized income $ 250,716 $ 12,869 $ 55,603 $ 29,396 $ 103 $ 348,687 $ (101,442) $ 247,245 Six months ended June 30, 2023 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 828,312 $ 110,175 $ 192,709 $ 81,648 $ 11,527 $ 1,224,371 $ — $ 1,224,371 Fee related performance revenues 822 — 334 3,569 — 4,725 — 4,725 Other fees 18,012 1,411 18,308 5 185 37,921 12,488 50,409 Compensation and benefits (239,138) (42,658) (78,624) (30,035) (6,526) (396,981) (170,978) (567,959) General, administrative and other expenses (45,038) (17,300) (23,147) (8,443) (1,196) (95,124) (95,639) (190,763) Fee related earnings 562,970 51,628 109,580 46,744 3,990 774,912 (254,129) 520,783 Performance income—realized 69,353 88,135 8,823 5,460 — 171,771 — 171,771 Performance related compensation—realized (44,037) (68,827) (5,426) (4,678) — (122,968) — (122,968) Realized net performance income 25,316 19,308 3,397 782 — 48,803 — 48,803 Investment income (loss)—realized 18,071 2,963 (3,321) — 170 17,883 — 17,883 Interest and other investment income—realized 12,090 3,724 4,214 1,407 8,187 29,622 236 29,858 Interest expense (15,821) (11,350) (8,002) (4,756) (10,859) (50,788) (37) (50,825) Realized net investment income (loss) 14,340 (4,663) (7,109) (3,349) (2,502) (3,283) 199 (3,084) Realized income $ 602,626 $ 66,273 $ 105,868 $ 44,177 $ 1,488 $ 820,432 $ (253,930) $ 566,502 Six months ended June 30, 2022 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 655,623 $ 93,353 $ 163,220 $ 90,705 $ 4,901 $ 1,007,802 $ — $ 1,007,802 Fee related performance revenues 12,628 — 1,323 — — 13,951 — 13,951 Other fees 12,399 705 16,431 — 100 29,635 12,174 41,809 Compensation and benefits (209,399) (43,859) (74,236) (26,773) (3,784) (358,051) (135,408) (493,459) General, administrative and other expenses (37,638) (14,168) (18,276) (6,035) (928) (77,045) (67,609) (144,654) Fee related earnings 433,613 36,031 88,462 57,897 289 616,292 (190,843) 425,449 Performance income—realized 55,896 2,212 51,698 4,156 — 113,962 — 113,962 Performance related compensation—realized (33,938) (1,786) (33,395) (3,514) — (72,633) — (72,633) Realized net performance income 21,958 426 18,303 642 — 41,329 — 41,329 Investment income—realized 2,022 2,275 3,885 — 860 9,042 — 9,042 Interest and other investment income (expense)—realized 12,410 1,697 5,417 2,844 5,220 27,588 (1,279) 26,309 Interest expense (7,125) (7,002) (5,102) (2,022) (11,270) (32,521) (346) (32,867) Realized net investment income (loss) 7,307 (3,030) 4,200 822 (5,190) 4,109 (1,625) 2,484 Realized income $ 462,878 $ 33,427 $ 110,965 $ 59,361 $ (4,901) $ 661,730 $ (192,468) $ 469,262 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Segment revenues Management fees $ 621,752 $ 524,881 $ 1,224,371 $ 1,007,802 Fee related performance revenues 854 1,240 4,725 13,951 Other fees 21,866 15,656 37,921 29,635 Performance income—realized 140,635 70,094 171,771 113,962 Total segment revenues $ 785,107 $ 611,871 $ 1,438,788 $ 1,165,350 Segment expenses Compensation and benefits $ 203,917 $ 180,111 $ 396,981 $ 358,051 General, administrative and other expenses 46,779 41,619 95,124 77,045 Performance related compensation—realized 99,109 44,058 122,968 72,633 Total segment expenses $ 349,805 $ 265,788 $ 615,073 $ 507,729 Segment realized net investment income (expense) Investment income—realized $ 18,100 $ 2,710 $ 17,883 $ 9,042 Interest and other investment income —realized 11,949 16,936 29,622 27,588 Interest expense (25,828) (17,042) (50,788) (32,521) Total segment realized net investment income (expense) $ 4,221 $ 2,604 $ (3,283) $ 4,109 The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Total consolidated revenue $ 1,093,286 $ 601,430 $ 1,906,648 $ 1,316,429 Performance (income) loss—unrealized (288,220) 24,149 (415,933) (109,383) Management fees of Consolidated Funds eliminated in consolidation 12,005 11,362 23,606 22,841 Performance income of Consolidated Funds eliminated in consolidation 3,946 — 7,491 34 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 2,135 4,315 6,978 9,084 Administrative fees (1) (16,888) (15,373) (30,538) (34,848) OMG revenue (7,848) (6,417) (12,488) (12,293) Principal investment (income) loss, net of eliminations (6,888) 4,387 (29,646) (3,939) Net revenue of non-controlling interests in consolidated subsidiaries (6,421) (11,982) (17,330) (22,575) Total consolidation adjustments and reconciling items (308,179) 10,441 (467,860) (151,079) Total segment revenue $ 785,107 $ 611,871 $ 1,438,788 $ 1,165,350 (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 June 30, Six months ended June 30, 2023 2022 2023 2022 Total consolidated expenses $ 837,738 $ 552,868 $ 1,466,374 $ 1,164,552 Performance related compensation-unrealized (215,496) 8,549 (300,646) (82,649) Expenses of Consolidated Funds added in consolidation (25,395) (24,865) (45,036) (40,942) Expenses of Consolidated Funds eliminated in consolidation 12,171 11,638 24,303 23,202 Administrative fees (1) (16,890) (15,958) (30,167) (34,848) OMG expenses (135,478) (106,566) (266,617) (203,017) Acquisition and merger-related expense (2,757) (1,152) (7,712) (10,194) Equity compensation expense (62,282) (49,559) (131,359) (103,161) Acquisition-related compensation expense (2) (600) (59,491) (1,242) (107,492) Placement fee adjustment 3,744 1,425 6,976 2,118 Depreciation and amortization expense (42,991) (40,330) (88,650) (78,456) Expense of non-controlling interests in consolidated subsidiaries (1,959) (10,771) (11,151) (21,384) Total consolidation adjustments and reconciling items (487,933) (287,080) (851,301) (656,823) Total segment expenses $ 349,805 $ 265,788 $ 615,073 $ 507,729 (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 June 30, Six months ended June 30, 2023 2022 2023 2022 Total consolidated other income $ 126,421 $ 18,504 $ 182,817 $ 76,498 Investment (income) loss—unrealized (43,939) 2,084 (72,924) 9,938 Interest and other investment (income) loss—unrealized 4,310 (6,029) 4,518 (12,061) Other income from Consolidated Funds added in consolidation, net (146,934) (27,570) (209,851) (94,418) Other expense from Consolidated Funds eliminated in consolidation, net (10,492) (4,215) (14,943) (11,733) OMG other expense 1,153 1,091 1,804 5,684 Principal investment income 65,242 13,493 100,699 27,983 Other expense, net 212 13 303 1,994 Other loss of non-controlling interests in consolidated subsidiaries 8,248 5,233 4,294 224 Total consolidation adjustments and reconciling items (122,200) (15,900) (186,100) (72,389) Total segment realized net investment income (expense) $ 4,221 $ 2,604 $ (3,283) $ 4,109 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Income before taxes $ 381,969 $ 67,066 $ 623,091 $ 228,375 Adjustments: Depreciation and amortization expense 42,991 40,330 88,650 78,456 Equity compensation expense 62,284 50,144 130,988 103,161 Acquisition-related compensation expense (1) 600 59,491 1,242 107,492 Acquisition and merger-related expense 2,757 1,152 7,712 10,194 Placement fee adjustment (3,744) (1,425) (6,976) (2,118) OMG expense, net 128,783 101,241 255,933 196,409 Other expense, net 212 12 303 1,993 (Income) loss before taxes of non-controlling interests in consolidated subsidiaries 3,786 4,022 (1,885) (967) (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (67,762) 14,999 (94,933) (32,408) Total performance (income) loss—unrealized (288,220) 24,149 (415,933) (109,383) Total performance related compensation—unrealized 215,496 (8,549) 300,646 82,649 Total investment income—unrealized (39,629) (3,945) (68,406) (2,123) Realized income 439,523 348,687 820,432 661,730 Total performance income—realized (140,635) (70,094) (171,771) (113,962) Total performance related compensation—realized 99,109 44,058 122,968 72,633 Total investment (income) loss—realized (4,221) (2,604) 3,283 (4,109) Fee related earnings $ 393,776 $ 320,047 $ 774,912 $ 616,292 (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	6 Months Ended
	Jun. 30, 2023
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	14. CONSOLIDATION Deconsolidated Funds Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (a) such funds have been liquidated or dissolved; or (b) the Company is no longer deemed to be the primary beneficiary of the VIEs as it no longer has a significant economic interest. During the six months ended June 30, 2023, one private fund experienced a significant change in ownership that resulted in deconsolidation of the entity. During the six months ended June 30, 2022, the Company did not deconsolidate any entity. Investments in Consolidated Variable Interest Entities The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company’s interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value. The Company’s interests in consolidated and non-consolidated VIEs, as presented within the 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 June 30, As of December 31, 2023 2022 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 410,725 $ 393,549 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 786,662 537,239 Assets of consolidated VIEs 14,186,814 13,128,088 Liabilities of consolidated VIEs 12,443,170 11,593,867 (1) As of June 30, 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 $77.9 million and $82.0 million, respectively. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ 63,461 $ (18,725) $ 100,592 $ 19,737 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 June 30, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 276,827 $ — $ — $ 276,827 Investments (includes $3,524,644 of accrued carried interest) 5,272,838 — (806,612) 4,466,226 Due from affiliates 766,101 — (122,657) 643,444 Other assets 252,646 — — 252,646 Right-of-use operating lease assets 170,911 — — 170,911 Intangible assets, net 1,130,673 — — 1,130,673 Goodwill 998,020 — — 998,020 Assets of Consolidated Funds Cash and cash equivalents — 812,164 — 812,164 Investments held in trust account — 1,000,949 — 1,000,949 Investments, at fair value — 13,090,939 — 13,090,939 Due from affiliates — 22,432 (11,044) 11,388 Receivable for securities sold — 197,729 — 197,729 Other assets — 66,890 — 66,890 Total assets $ 8,868,016 $ 15,191,103 $ (940,313) $ 23,118,806 Liabilities Accounts payable, accrued expenses and other liabilities $ 278,207 $ — $ (11,009) $ 267,198 Accrued compensation 250,790 — — 250,790 Due to affiliates 192,153 — — 192,153 Performance related compensation payable 2,579,564 — — 2,579,564 Debt obligations 2,299,731 — — 2,299,731 Operating lease liabilities 206,816 — — 206,816 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 237,560 (12,266) 225,294 Due to affiliates — 123,612 (122,692) 920 Payable for securities purchased — 554,555 — 554,555 CLO loan obligations, at fair value — 11,557,946 (96,947) 11,460,999 Fund borrowings — 65,050 — 65,050 Total liabilities 5,807,261 12,538,723 (242,914) 18,103,070 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,000,749 — 1,000,749 Redeemable interest in Ares Operating Group entities 22,517 — — 22,517 Non-controlling interest in Consolidated Funds — 1,651,631 (680,322) 971,309 Non-controlling interest in Ares Operating Group entities 1,277,871 — (6,714) 1,271,157 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (181,231,808 shares issued and outstanding) 1,812 — — 1,812 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 (119,674,321 shares issued and outstanding) 1,197 — — 1,197 Additional paid-in-capital 2,192,536 — (10,363) 2,182,173 Accumulated deficit (425,526) — — (425,526) Accumulated other comprehensive loss, net of tax (9,687) — — (9,687) Total stockholders’ equity 1,760,367 — (10,363) 1,750,004 Total equity 3,038,238 1,651,631 (697,399) 3,992,470 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,868,016 $ 15,191,103 $ (940,313) $ 23,118,806 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 June 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 627,276 $ — $ (12,005) $ 615,271 Carried interest allocation 422,412 — (3,946) 418,466 Incentive fees 7,950 — — 7,950 Principal investment income 65,242 — (58,354) 6,888 Administrative, transaction and other fees 46,846 — (2,135) 44,711 Total revenues 1,169,726 — (76,440) 1,093,286 Expenses Compensation and benefits 367,550 — — 367,550 Performance related compensation 315,780 — — 315,780 General, administrative and other expense 141,184 — (31) 141,153 Expenses of the Consolidated Funds — 25,395 (12,140) 13,255 Total expenses 824,514 25,395 (12,171) 837,738 Other income (expense) Net realized and unrealized gains (losses) on investments (4,555) — 10,036 5,481 Interest and dividend income 5,487 — (2,797) 2,690 Interest expense (25,839) — — (25,839) Other expense, net (6,098) — 211 (5,887) Net realized and unrealized gains on investments of the Consolidated Funds — 96,288 2,138 98,426 Interest and other income of the Consolidated Funds — 234,665 (211) 234,454 Interest expense of the Consolidated Funds — (184,019) 1,115 (182,904) Total other income (expense), net (31,005) 146,934 10,492 126,421 Income before taxes 314,207 121,539 (53,777) 381,969 Income tax expense 49,633 81 — 49,714 Net income 264,574 121,458 (53,777) 332,255 Less: Net income attributable to non-controlling interests in Consolidated Funds — 121,458 (53,777) 67,681 Net income attributable to Ares Operating Group entities 264,574 — — 264,574 Less: Net income attributable to redeemable interest in Ares Operating Group entities 734 — — 734 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 119,326 — — 119,326 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 144,514 $ — $ — $ 144,514 Three months ended June 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 531,922 $ — $ (11,362) $ 520,560 Carried interest allocation 47,304 — — 47,304 Incentive fees 4,675 — — 4,675 Principal investment income (loss) 13,493 — (17,880) (4,387) Administrative, transaction and other fees 37,593 — (4,315) 33,278 Total revenues 634,987 — (33,557) 601,430 Expenses Compensation and benefits 375,775 — — 375,775 Performance related compensation 41,073 — — 41,073 General, administrative and other expense 122,793 — (227) 122,566 Expenses of the Consolidated Funds — 24,865 (11,411) 13,454 Total expenses 539,641 24,865 (11,638) 552,868 Other income (expense) Net realized and unrealized losses on investments (10,433) — 8,658 (1,775) Interest and dividend income 8,375 — (6,899) 1,476 Interest expense (17,221) — — (17,221) Other income, net 5,998 — (189) 5,809 Net realized and unrealized losses on investments of the Consolidated Funds — (6,806) (1,101) (7,907) Interest and other income of the Consolidated Funds — 117,186 189 117,375 Interest expense of the Consolidated Funds — (82,810) 3,557 (79,253) Total other income (expense), net (13,281) 27,570 4,215 18,504 Income before taxes 82,065 2,705 (17,704) 67,066 Income tax expense 13,437 23 — 13,460 Net income 68,628 2,682 (17,704) 53,606 Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds — 2,682 (17,704) (15,022) Net income attributable to Ares Operating Group entities 68,628 — — 68,628 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (457) — — (457) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 29,354 — — 29,354 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 39,731 $ — $ — $ 39,731 Six months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,239,393 $ — $ (23,606) $ 1,215,787 Carried interest allocation 577,307 — (7,353) 569,954 Incentive fees 17,011 — (138) 16,873 Principal investment income 100,699 — (71,053) 29,646 Administrative, transaction and other fees 81,366 — (6,978) 74,388 Total revenues 2,015,776 — (109,128) 1,906,648 Expenses Compensation and benefits 728,331 — — 728,331 Performance related compensation 427,438 — — 427,438 General, administrative and other expense 289,872 — (374) 289,498 Expenses of the Consolidated Funds — 45,036 (23,929) 21,107 Total expenses 1,445,641 45,036 (24,303) 1,466,374 Other income (expense) Net realized and unrealized gains on investments 3,297 — 3,699 6,996 Interest and dividend income 12,663 — (6,134) 6,529 Interest expense (50,825) — — (50,825) Other expense, net (7,112) — 302 (6,810) Net realized and unrealized gains on investments of the Consolidated Funds — 94,219 14,907 109,126 Interest and other income of the Consolidated Funds — 457,694 (302) 457,392 Interest expense of the Consolidated Funds — (342,062) 2,471 (339,591) Total other income (expense), net (41,977) 209,851 14,943 182,817 Income before taxes 528,158 164,815 (69,882) 623,091 Income tax expense 82,961 559 — 83,520 Net income 445,197 164,256 (69,882) 539,571 Less: Net income attributable to non-controlling interests in Consolidated Funds — 164,256 (69,882) 94,374 Net income attributable to Ares Operating Group entities 445,197 — — 445,197 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,090) — — (1,090) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 207,734 — — 207,734 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 238,553 $ — $ — $ 238,553 Six months ended June 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,020,733 $ — $ (22,841) $ 997,892 Carried interest allocation 225,593 — — 225,593 Incentive fees 21,131 — (34) 21,097 Principal investment income 27,983 — (24,044) 3,939 Administrative, transaction and other fees 76,992 — (9,084) 67,908 Total revenues 1,372,432 — (56,003) 1,316,429 Expenses Compensation and benefits 729,612 — — 729,612 Performance related compensation 173,884 — — 173,884 General, administrative and other expense 243,316 — (227) 243,089 Expenses of the Consolidated Funds — 40,942 (22,975) 17,967 Total expenses 1,146,812 40,942 (23,202) 1,164,552 Other income (expense) Net realized and unrealized gains (losses) on investments (15,359) — 21,693 6,334 Interest and dividend income 11,785 — (8,807) 2,978 Interest expense (32,867) — — (32,867) Other income, net 6,788 — 805 7,593 Net realized and unrealized gains on investments of the Consolidated Funds — 16,205 (8,144) 8,061 Interest and other income of the Consolidated Funds — 238,470 (805) 237,665 Interest expense of the Consolidated Funds — (160,257) 6,991 (153,266) Total other income (expense), net (29,653) 94,418 11,733 76,498 Income before taxes 195,967 53,476 (21,068) 228,375 Income tax expense 33,823 48 — 33,871 Net income 162,144 53,428 (21,068) 194,504 Less: Net income attributable to non-controlling interests in Consolidated Funds — 53,428 (21,068) 32,360 Net income attributable to Ares Operating Group entities 162,144 — — 162,144 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (58) — — (58) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 76,608 — — 76,608 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 85,594 $ — $ — $ 85,594 Six months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 445,197 $ 164,256 $ (69,882) $ 539,571 Adjustments to reconcile net income to net cash provided by operating activities (108,264) — 258,037 149,773 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (869,324) (14,907) (884,231) Cash flows due to changes in operating assets and liabilities 130,743 — (61,317) 69,426 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 144,378 (10,397) 133,981 Net cash provided by (used in) operating activities 467,676 (560,690) 101,534 8,520 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (21,127) — — (21,127) Net cash used in investing activities (21,127) — — (21,127) Cash flows from financing activities: Proceeds from Credit Facility 495,000 — — 495,000 Repayments of Credit Facility (470,000) — — (470,000) Dividends and distributions (510,501) — — (510,501) Stock option exercises 53,140 — — 53,140 Taxes paid related to net share settlement of equity awards (133,570) — — (133,570) Other financing activities 1,554 — — 1,554 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 880,426 (199,435) 680,991 Distributions to non-controlling interests in Consolidated Funds — (46,303) 10,378 (35,925) Redemptions of redeemable interests in Consolidated Funds — (538,985) — (538,985) Borrowings under loan obligations by Consolidated Funds — 535,464 — 535,464 Repayments under loan obligations by Consolidated Funds — (174,669) — (174,669) Net cash provided by (used in) financing activities (564,377) 655,933 (189,057) (97,501) Effect of exchange rate changes 4,668 (7,720) — (3,052) Net change in cash and cash equivalents (113,160) 87,523 (87,523) (113,160) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 276,827 $ 812,164 $ (812,164) $ 276,827 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisition-related activity $ 116,101 $ — $ — $ 116,101 Issuance of AOG Units in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647 Six months ended June 30, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 162,144 $ 53,428 $ (21,068) $ 194,504 Adjustments to reconcile net income to net cash provided by operating activities 147,828 — (86,755) 61,073 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (863,947) 8,144 (855,803) Cash flows due to changes in operating assets and liabilities 48,203 — 108,957 157,160 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (255,233) 130,101 (125,132) Net cash provided by (used in) operating activities 358,175 (1,065,752) 139,379 (568,198) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (18,448) — — (18,448) Acquisitions, net of cash acquired (301,677) — — (301,677) Net cash used in investing activities (320,125) — — (320,125) Cash flows from financing activities: Proceeds from Credit Facility 700,000 — — 700,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (720,000) — — (720,000) Dividends and distributions (406,366) — — (406,366) Stock option exercises 8,644 — — 8,644 Taxes paid related to net share settlement of equity awards (189,485) — — (189,485) Other financing activities 1,834 — — 1,834 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 242,975 (24,695) 218,280 Distributions to non-controlling interests in Consolidated Funds — (164,035) 110,397 (53,638) Borrowings under loan obligations by Consolidated Funds — 814,183 — 814,183 Repayments under loan obligations by Consolidated Funds — (46,873) — (46,873) Net cash provided by (used in) financing activities (116,458) 846,250 85,702 815,494 Effect of exchange rate changes (12,380) (5,579) — (17,959) Net change in cash and cash equivalents (90,788) (225,081) 225,081 (90,788) Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 252,867 $ 824,110 $ (824,110) $ 252,867 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisition-related activity $ 12,835 $ — $ — $ 12,835

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after June 30, 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:

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The table below provides certain information regarding each Plan Participant’s Rule 10b5-1 Trading Plan. Name and Title Plan Date Maximum Shares That May Be Sold Under the Plan Plan Expiration Date R. Kipp deVeer, Director, Head of Credit Group May 8, 2023 281,498 May 8, 2024 Bennett Rosenthal, Director, Co-Founder and Chairman of Private Equity Group May 12, 2023 500,000 April 30, 2024 David Kaplan, Director and Co-Founder May 12, 2023 500,000 June 30, 2024 Ryan Berry, Chief Marketing and Strategy Officer June 15, 2023 75,000 August 30, 2024
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
R. Kipp deVeer [Member]
Trading Arrangements, by Individual
Name	R. Kipp deVeer
Title	Director, Head of Credit Group
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 8, 2023
Arrangement Duration	366 days
Aggregate Available	281,498	281,498
Bennett Rosenthal [Member]
Trading Arrangements, by Individual
Name	Bennett Rosenthal
Title	Director, Co-Founder and Chairman of Private Equity Group
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 12, 2023
Arrangement Duration	354 days
Aggregate Available	500,000	500,000
Dave Kaplan [Member]
Trading Arrangements, by Individual
Name	David Kaplan
Title	Director and Co-Founder
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 12, 2023
Arrangement Duration	415 days
Aggregate Available	500,000	500,000
Ryan Berry [Member]
Trading Arrangements, by Individual
Name	Ryan Berry
Title	Chief Marketing and Strategy Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 15, 2023
Arrangement Duration	442 days
Aggregate Available	75,000	75,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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” and subsequently rebranded as “Ares 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, including through Ares Private Markets Fund (“APMF”). 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) the SPACs sponsored by the Company, 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 our funds and adjusts for 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 adjusting for 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,

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 As of June 30, As of December 31, 2023 2022 Management contracts 4.6 $ 571,750 $ 586,077 Client relationships 9.2 262,301 262,301 Trade name 0.0 — 11,079 Other 1.3 500 500 Finite-lived intangible assets 834,551 859,957 Foreign currency translation (477) 935 Total finite-lived intangible assets 834,074 860,892 Less: accumulated amortization (271,201) (220,472) Finite-lived intangible assets, net 562,873 640,420 Management contracts 567,800 567,800 Indefinite-lived intangible assets 567,800 567,800 Intangible assets, net $ 1,130,673 $ 1,208,220
Schedule of Goodwill Rollforward	The following table summarizes the carrying value of the Company’s goodwill: Credit Group Private Equity Group Real Assets Group 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 (1,667) — — 9 — (1,658) Balance as of June 30, 2023 $ 255,116 $ 48,070 $ 277,205 $ 417,629 $ — $ 998,020

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, December 31, June 30, December 31, 2023 2022 2023 2022 Equity method investments: Equity method - carried interest $ 3,524,644 $ 3,106,577 78.9% 78.2% Equity method private investment partnership interests - principal 571,638 543,592 12.8 13.7 Equity method private investment partnership interests and other (held at fair value) 166,496 123,170 3.7 3.1 Equity method private investment partnership interests and other 47,497 47,439 1.1 1.2 Total equity method investments 4,310,275 3,820,778 96.5 96.2 Collateralized loan obligations 20,490 25,163 0.5 0.6 Other fixed income 53,287 51,771 1.2 1.2 Collateralized loan obligations and other fixed income, at fair value 73,777 76,934 1.7 1.8 Common stock, at fair value 82,174 77,022 1.8 2.0 Total investments $ 4,466,226 $ 3,974,734 Investments held in the Consolidated Funds are summarized below: Fair Value at Percentage of total investments as of June 30, December 31, June 30, December 31, 2023 2022 2023 2022 Fixed income investments: Loans $ 10,152,326 $ 9,280,522 72.1% 70.3% Investments held in trust account 1,000,949 1,013,382 7.1 7.7 Bonds 579,696 786,961 4.1 6.0 Total fixed income investments 11,732,971 11,080,865 83.3 84.0 Partnership interests 1,287,240 1,392,169 9.1 10.5 Equity securities 1,071,677 731,599 7.6 5.5 Total investments, at fair value $ 14,091,888 $ 13,204,633

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023: Financial Instruments of the Company Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Common stock and other equity securities $ — $ 82,174 $ 165,371 $ — $ 247,545 Collateralized loan obligations and other fixed income — — 73,777 — 73,777 Partnership interests — — — 1,125 1,125 Total investments, at fair value — 82,174 239,148 1,125 322,447 Derivatives-foreign currency forward contracts — 3,345 — — 3,345 Total assets, at fair value $ — $ 85,519 $ 239,148 $ 1,125 $ 325,792 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (2,318) $ — $ — $ (2,318) Total liabilities, at fair value $ — $ (2,318) $ — $ — $ (2,318) Financial Instruments of the Consolidated Funds Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Investments: Fixed income investments: Loans $ — $ 9,504,196 $ 648,130 $ — $ 10,152,326 Investments held in trust account 1,000,949 — — — 1,000,949 Bonds — 579,695 1 — 579,696 Total fixed income investments 1,000,949 10,083,891 648,131 — 11,732,971 Partnership interests — — — 1,287,240 1,287,240 Equity securities 701 4,911 1,066,065 — 1,071,677 Total investments, at fair value 1,001,650 10,088,802 1,714,196 1,287,240 14,091,888 Derivatives-foreign currency forward contracts — 2,399 — — 2,399 Total assets, at fair value $ 1,001,650 $ 10,091,201 $ 1,714,196 $ 1,287,240 $ 14,094,287 Liabilities, at fair value Loan obligations of CLOs $ — $ (11,460,999) $ — $ — $ (11,460,999) Derivatives: Warrants (16,000) — — — (16,000) Asset swaps — — (2,693) — (2,693) Foreign currency forward contracts — (2,468) — — (2,468) Total derivative liabilities, at fair value (16,000) (2,468) (2,693) — (21,161) Total liabilities, at fair value $ (16,000) $ (11,463,467) $ (2,693) $ — $ (11,482,160) 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 Measured at NAV Total Assets, at fair value Investments: Common stock and other equity securities $ — $ 77,022 $ 121,785 $ — $ 198,807 Collateralized loan obligations and other fixed income — — 76,934 — 76,934 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 at NAV Total Assets, at fair value Investments: Fixed income investments: Loans $ — $ 8,663,678 $ 616,844 $ — $ 9,280,522 Investments held in trust account 1,013,382 — — — 1,013,382 Bonds — 534,137 252,824 — 786,961 Total fixed income investments 1,013,382 9,197,815 869,668 — 11,080,865 Partnership interests — — 368,655 1,023,514 1,392,169 Equity securities 719 — 730,880 — 731,599 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 Loan obligations of CLOs $ — $ (10,701,720) $ — $ — $ (10,701,720) Derivatives: Warrants (9,326) — — — (9,326) Asset swaps — — (3,556) — (3,556) Foreign currency forward contracts — (2,942) — — (2,942) Total derivative liabilities, at fair value (9,326) (2,942) (3,556) — (15,824) 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 June 30, 2023: Level III Assets of the Company Equity Securities Fixed Income Total Balance, beginning of period $ 125,073 $ 75,169 $ 200,242 Purchases (1) 38,208 771 38,979 Sales/settlements (2) (881) (841) (1,722) Realized and unrealized appreciation (depreciation), net 2,971 (1,322) 1,649 Balance, end of period $ 165,371 $ 73,777 $ 239,148 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,971 $ (1,322) $ 1,649 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 932,635 $ 732,804 $ 374,049 $ (1,698) $ 2,037,790 Transfer out due to changes in consolidation (2,076) (4,563) (374,049) — (380,688) Transfer in — 57,540 — — 57,540 Transfer out — (214,205) — — (214,205) Purchases (1) 48,645 250,912 — — 299,557 Sales/settlements (2) (4) (177,095) — (149) (177,248) Amortized discounts/premiums — 421 — — 421 Realized and unrealized appreciation (depreciation), net 86,865 2,317 — (846) 88,336 Balance, end of period $ 1,066,065 $ 648,131 $ — $ (2,693) $ 1,711,503 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 86,879 $ (27,469) $ — $ (1,055) $ 58,355 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the three months ended June 30, 2022: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance, beginning of period $ 114,499 $ 51,458 $ 2,575 $ (10,550) $ 157,982 Change in fair value — — — (198) (198) Sales/settlements (1) (934) (993) — — (1,927) Realized and unrealized appreciation (depreciation), net 316 (4,109) — — (3,793) Balance, end of period $ 113,881 $ 46,356 $ 2,575 $ (10,748) $ 152,064 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 316 $ (4,109) $ — $ (198) $ (3,991) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 351,140 $ 859,301 $ 241,123 $ (3,162) $ 1,448,402 Transfer in — 358,779 — — 358,779 Transfer out — (152,750) — — (152,750) Purchases (2) 110,322 201,882 3,000 — 315,204 Sales/settlements (1) (18,422) (140,607) (9,000) — (168,029) Amortized discounts/premiums — 177 — — 177 Realized and unrealized appreciation (depreciation), net 37,874 (50,528) 15,000 127 2,473 Balance, end of period $ 480,914 $ 1,076,254 $ 250,123 $ (3,035) $ 1,804,256 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 25,622 $ (37,145) $ 15,000 $ (64) $ 3,413 (1) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. (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 six months ended June 30, 2023: Level III Assets of the Company Equity Securities Fixed Income Total Balance, beginning of period $ 121,785 $ 76,934 $ 198,719 Purchases (1) 38,260 1,966 40,226 Sales/settlements (2) (836) (2,377) (3,213) Realized and unrealized appreciation (depreciation), net 6,162 (2,746) 3,416 Balance, end of period $ 165,371 $ 73,777 $ 239,148 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 5,949 $ (2,533) $ 3,416 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 730,880 $ 869,668 $ 368,655 $ (3,556) $ 1,965,647 Transfer out due to changes in consolidation (2,076) (4,563) (374,049) — (380,688) Transfer in — 195,575 — — 195,575 Transfer out — (489,165) — — (489,165) Purchases (1) 229,016 391,086 49,000 — 669,102 Sales/settlements (2) (126) (325,968) (48,889) (149) (375,132) Amortized discounts/premiums — 963 — — 963 Realized and unrealized appreciation, net 108,371 10,535 5,283 1,012 125,201 Balance, end of period $ 1,066,065 $ 648,131 $ — $ (2,693) $ 1,711,503 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 108,324 $ (20,381) $ — $ 814 $ 88,757 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. The following tables set forth a summary of changes in the fair value of the Level III measurements for the six months ended June 30, 2022: Level III Assets and Liabilities of the Company Equity Securities 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) (1,147) (1,878) — 47,873 44,848 Change in fair value — — — (1,186) (1,186) Realized and unrealized appreciation (depreciation), net 4,588 (4,163) — — 425 Balance, end of period $ 113,881 $ 46,356 $ 2,575 $ (10,748) $ 152,064 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 4,588 $ (4,163) $ — $ (1,186) $ (761) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance, beginning of period $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 338,080 — — 338,080 Transfer out — (80,261) — — (80,261) Purchases (2) 117,642 367,274 27,000 — 511,916 Sales/settlements (1) (28,611) (226,660) (30,500) (2) (285,773) Amortized discounts/premiums — 679 — — 679 Realized and unrealized appreciation (depreciation), net 52,700 (65,810) 14,950 72 1,912 Balance, end of period $ 480,914 $ 1,076,254 $ 250,123 $ (3,035) $ 1,804,256 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 26,150 $ (61,044) $ 14,445 $ (175) $ (20,624) (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 June 30, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 62,702 Market approach Multiple of book value 2.4x 2.4x 52,125 Transaction price (1) N/A N/A N/A 49,778 Market approach Multiple of book value 1.3x 1.3x 766 Market approach EBITDA multiple (2) 13.0 x 13.0 x Fixed income investments 31,705 Transaction price (1) N/A N/A N/A 21,582 Other N/A N/A N/A 20,490 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 239,148 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 592,725 Discounted cash flow Discount rate 8.0% - 18.0% 12.0% 436,375 Market approach Multiple of book value 1.0x - 1.3x 1.2x 36,064 Market approach Net income multiple 30.0x 30.0x 766 Market approach EBITDA multiple (2) 6.3x - 32.5x 15.9x 135 Other N/A N/A N/A Fixed income investments 522,269 Broker quotes and/or 3rd party pricing services N/A N/A N/A 116,265 Market approach Yield 8.8% - 24.5% 13.0% 5,769 Transaction price (1) N/A N/A N/A 2,980 Market approach EBITDA multiple (2) 6.3x - 32.5x 8.8x 848 Other N/A N/A N/A Total assets $ 1,714,196 Liabilities Derivative instruments $ (2,693) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (2,693) (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 Fixed income investments 30,189 Transaction price (1) N/A N/A N/A 25,163 Broker quotes and/or 3rd party pricing services 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 (1) N/A N/A N/A 4,479 Market approach EBITDA multiple (2) 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)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of June 30, 2023 As of December 31, 2022 Debt Origination Date Maturity Original Borrowing Amount Carrying Value Interest Rate Carrying Value Interest Rate Credit Facility (1) Revolving 3/31/2027 N/A $ 725,000 6.19% $ 700,000 5.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 249,055 4.21 248,693 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,825 3.28 396,602 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 484,002 3.77 483,802 3.77 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,849 4.13 444,757 4.13 Total debt obligations $ 2,299,731 $ 2,273,854 (1) The revolver commitments were $1.325 billion as of June 30, 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 June 30, 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 Notes Subordinated Notes Unamortized debt issuance costs as of December 31, 2022 $ 5,510 $ 8,393 $ 5,243 Amortization of debt issuance costs (649) (391) (92) Unamortized debt issuance costs as of June 30, 2023 $ 4,861 $ 8,002 $ 5,151 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of June 30, 2023 As of December 31, 2022 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 10,813,054 6.08% 8.4 $ 10,142,545 4.84% 8.8 Subordinated notes (1) 647,945 N/A 7.3 559,175 N/A 7.8 Total loan obligations of Consolidated CLOs $ 11,460,999 $ 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 June 30, 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 (2) $ 112,817 (2) N/A (2) N/A (2) $ 77,496 5.89% 7/1/2024 18,000 $ 15,550 6.75% 15,550 6.25 7/23/2024 100,000 49,500 8.03 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 $ 65,050 $ 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)	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Schedule of Lease Supplemental Quantitative Disclosures	The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases: Six months ended June 30, Other information 2023 2022 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows for operating leases $ 22,724 $ 22,170 Leased assets obtained in exchange for new operating lease liabilities 37,277 5,066 As of June 30, As of December 31, Lease term and discount rate 2023 2022 Weighted-average remaining lease terms (in years): 6.2 5.5 Weighted-average discount rate: 3.40% 2.72%
Schedule of Operating Lease Maturities	Maturity of operating lease liabilities As of June 30, 2023 2023 $ 21,147 2024 46,864 2025 44,077 2026 32,275 2027 22,920 Thereafter 63,659 Total future payments 230,942 Less: interest 24,126 Total operating lease liabilities $ 206,816

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 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 June 30, As of December 31, 2023 2022 Due from affiliates: Management fees receivable from non-consolidated funds $ 488,015 $ 456,314 Incentive fee receivable from non-consolidated funds 15,837 169,979 Payments made on behalf of and amounts due from non-consolidated funds and employees 139,592 132,179 Due from affiliates—Company $ 643,444 $ 758,472 Amounts due from non-consolidated funds $ 11,388 $ 15,789 Due from affiliates—Consolidated Funds $ 11,388 $ 15,789 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 3,972 $ 8,701 Tax receivable agreement liability 132,463 118,466 Undistributed carried interest and incentive fees 48,668 121,332 Payments made by non-consolidated funds on behalf of and payable by the Company 7,050 4,299 Due to affiliates—Company $ 192,153 $ 252,798 Amounts due to portfolio companies and non-consolidated funds $ 920 $ 4,037 Due to affiliates—Consolidated Funds $ 920 $ 4,037

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Earnings per Common Unit	The computation of diluted earnings per share excludes the following restricted units and restricted units and AOG Units as their effect would have been anti-dilutive: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Restricted units — — 4,131 — AOG Units 120,137,310 — 119,391,357 —
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 June 30, Six months ended June 30, 2023 2022 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 $ 144,514 $ 39,731 $ 238,553 $ 85,594 Distributions on unvested restricted units (5,316) (3,461) (10,630) (7,046) Net income available to Class A and non-voting common stockholders $ 139,198 $ 36,270 $ 227,923 $ 78,548 Basic weighted-average shares of Class A and non-voting common stock 182,999,515 175,157,558 180,998,934 174,694,645 Basic earnings per share of Class A and non-voting common stock $ 0.75 $ 0.21 $ 1.25 $ 0.45 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 $ 144,514 $ 39,731 $ 238,553 $ 85,594 Distributions on unvested restricted units — (3,461) — (7,046) Net income available to Class A and non-voting common stockholders $ 144,514 $ 36,270 $ 238,553 $ 78,548 Effect of dilutive shares: Restricted units 8,489,883 — 7,991,062 — Options 2,568,643 — 3,171,820 — Diluted weighted-average shares of Class A and non-voting common stock 194,058,041 175,157,558 192,161,816 174,694,645 Diluted earnings per share of Class A and non-voting common stock $ 0.74 $ 0.21 $ 1.24 $ 0.45 Dividend declared and paid per Class A and non-voting common stock $ 0.77 $ 0.61 $ 1.54 $ 1.22

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Restricted units $ 62,282 $ 49,635 $ 131,533 $ 103,286
Schedule of Dividends Declared and Paid	The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the six months ended June 30, 2023: Record Date Dividends Per Share Dividend Equivalents Paid March 17, 2023 $ 0.77 $ 12,032 June 16, 2023 0.77 11,874
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 4,734,184 78.75 Vested (3,427,972) 38.18 Forfeited (183,028) 57.58 Balance - June 30, 2023 17,786,183 $ 58.69
Summary of Unvested Options Activity	A summary of options activity during the six months ended June 30, 2023 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value Balance - December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Exercised (3,249,192) 19.00 — — Expired — — — — Forfeited — — — — Balance - June 30, 2023 1,921,027 $ 19.00 0.8 $ 149,475 Exercisable at June 30, 2023 1,921,027 $ 19.00 0.8 $ 149,475

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	6 Months Ended
	Jun. 30, 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 1,391,426 — — — 1,391,426 Issuance of AOG Units (1) — — — 3,473,026 3,473,026 Exchanges of AOG Units 1,029,993 — — (1,029,993) — Stock option exercises, net of shares withheld for tax 2,972,093 — — — 2,972,093 Vesting of restricted stock awards, net of shares withheld for tax 1,946,260 — — — 1,946,260 Balance - June 30, 2023 181,231,808 3,489,911 1,000 119,674,321 304,397,040 (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 June 30, 2023 As of December 31, 2022 Three months ended June 30, Six months ended June 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2023 2022 2023 2022 Ares Management Corporation 184,721,719 60.68 % 177,381,947 60.21 % 60.37 % 59.66 % 60.25 % 59.58 % Ares Owners Holdings, L.P. 119,674,321 39.32 117,231,288 39.79 39.63 40.34 39.75 40.42 Total 304,396,040 100.00 % 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 Net income 734 Currency translation adjustment, net of tax (159) Balance- June 30, 2023 $ 22,517 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 Gross proceeds from the initial public offering of AAC II 500,000 Change in redemption value 15,948 Balance - June 30, 2023 $ 1,000,749

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2023 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 422,662 $ 55,518 $ 95,239 $ 41,785 $ 6,548 $ 621,752 $ — $ 621,752 Fee related performance revenues 222 — 334 298 — 854 — 854 Other fees 9,142 738 11,846 5 135 21,866 7,848 29,714 Compensation and benefits (122,922) (20,348) (40,638) (16,623) (3,386) (203,917) (86,011) (289,928) General, administrative and other expenses (23,443) (7,734) (10,863) (4,151) (588) (46,779) (49,467) (96,246) Fee related earnings 285,661 28,174 55,918 21,314 2,709 393,776 (127,630) 266,146 Performance income—realized 62,760 69,678 2,737 5,460 — 140,635 — 140,635 Performance related compensation—realized (39,040) (53,723) (1,668) (4,678) — (99,109) — (99,109) Realized net performance income 23,720 15,955 1,069 782 — 41,526 — 41,526 Investment income (loss)—realized 17,565 2,084 (1,549) — — 18,100 — 18,100 Interest and other investment income—realized 5,672 1,863 2,393 182 1,839 11,949 328 12,277 Interest expense (8,001) (5,735) (4,106) (2,451) (5,535) (25,828) (11) (25,839) Realized net investment income (loss) 15,236 (1,788) (3,262) (2,269) (3,696) 4,221 317 4,538 Realized income $ 324,617 $ 42,341 $ 53,725 $ 19,827 $ (987) $ 439,523 $ (127,313) $ 312,210 Three months ended June 30, 2022 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 338,134 $ 47,396 $ 90,733 $ 46,201 $ 2,417 $ 524,881 $ — $ 524,881 Fee related performance revenues 275 — 965 — — 1,240 — 1,240 Other fees 6,633 408 8,565 — 50 15,656 6,298 21,954 Compensation and benefits (98,688) (24,293) (40,599) (15,133) (1,398) (180,111) (71,341) (251,452) General, administrative and other expenses (19,445) (7,880) (10,639) (2,957) (698) (41,619) (35,225) (76,844) Fee related earnings 226,909 15,631 49,025 28,111 371 320,047 (100,268) 219,779 Performance income—realized 48,533 — 17,405 4,156 — 70,094 — 70,094 Performance related compensation—realized (29,358) — (11,186) (3,514) — (44,058) — (44,058) Realized net performance income 19,175 — 6,219 642 — 26,036 — 26,036 Investment income (loss)—realized 1,607 672 432 — (1) 2,710 — 2,710 Interest and other investment income (expense)—realized 6,682 195 2,640 2,200 5,219 16,936 (995) 15,941 Interest expense (3,657) (3,629) (2,713) (1,557) (5,486) (17,042) (179) (17,221) Realized net investment income (loss) 4,632 (2,762) 359 643 (268) 2,604 (1,174) 1,430 Realized income $ 250,716 $ 12,869 $ 55,603 $ 29,396 $ 103 $ 348,687 $ (101,442) $ 247,245 Six months ended June 30, 2023 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 828,312 $ 110,175 $ 192,709 $ 81,648 $ 11,527 $ 1,224,371 $ — $ 1,224,371 Fee related performance revenues 822 — 334 3,569 — 4,725 — 4,725 Other fees 18,012 1,411 18,308 5 185 37,921 12,488 50,409 Compensation and benefits (239,138) (42,658) (78,624) (30,035) (6,526) (396,981) (170,978) (567,959) General, administrative and other expenses (45,038) (17,300) (23,147) (8,443) (1,196) (95,124) (95,639) (190,763) Fee related earnings 562,970 51,628 109,580 46,744 3,990 774,912 (254,129) 520,783 Performance income—realized 69,353 88,135 8,823 5,460 — 171,771 — 171,771 Performance related compensation—realized (44,037) (68,827) (5,426) (4,678) — (122,968) — (122,968) Realized net performance income 25,316 19,308 3,397 782 — 48,803 — 48,803 Investment income (loss)—realized 18,071 2,963 (3,321) — 170 17,883 — 17,883 Interest and other investment income—realized 12,090 3,724 4,214 1,407 8,187 29,622 236 29,858 Interest expense (15,821) (11,350) (8,002) (4,756) (10,859) (50,788) (37) (50,825) Realized net investment income (loss) 14,340 (4,663) (7,109) (3,349) (2,502) (3,283) 199 (3,084) Realized income $ 602,626 $ 66,273 $ 105,868 $ 44,177 $ 1,488 $ 820,432 $ (253,930) $ 566,502 Six months ended June 30, 2022 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 655,623 $ 93,353 $ 163,220 $ 90,705 $ 4,901 $ 1,007,802 $ — $ 1,007,802 Fee related performance revenues 12,628 — 1,323 — — 13,951 — 13,951 Other fees 12,399 705 16,431 — 100 29,635 12,174 41,809 Compensation and benefits (209,399) (43,859) (74,236) (26,773) (3,784) (358,051) (135,408) (493,459) General, administrative and other expenses (37,638) (14,168) (18,276) (6,035) (928) (77,045) (67,609) (144,654) Fee related earnings 433,613 36,031 88,462 57,897 289 616,292 (190,843) 425,449 Performance income—realized 55,896 2,212 51,698 4,156 — 113,962 — 113,962 Performance related compensation—realized (33,938) (1,786) (33,395) (3,514) — (72,633) — (72,633) Realized net performance income 21,958 426 18,303 642 — 41,329 — 41,329 Investment income—realized 2,022 2,275 3,885 — 860 9,042 — 9,042 Interest and other investment income (expense)—realized 12,410 1,697 5,417 2,844 5,220 27,588 (1,279) 26,309 Interest expense (7,125) (7,002) (5,102) (2,022) (11,270) (32,521) (346) (32,867) Realized net investment income (loss) 7,307 (3,030) 4,200 822 (5,190) 4,109 (1,625) 2,484 Realized income $ 462,878 $ 33,427 $ 110,965 $ 59,361 $ (4,901) $ 661,730 $ (192,468) $ 469,262
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Segment revenues Management fees $ 621,752 $ 524,881 $ 1,224,371 $ 1,007,802 Fee related performance revenues 854 1,240 4,725 13,951 Other fees 21,866 15,656 37,921 29,635 Performance income—realized 140,635 70,094 171,771 113,962 Total segment revenues $ 785,107 $ 611,871 $ 1,438,788 $ 1,165,350 Segment expenses Compensation and benefits $ 203,917 $ 180,111 $ 396,981 $ 358,051 General, administrative and other expenses 46,779 41,619 95,124 77,045 Performance related compensation—realized 99,109 44,058 122,968 72,633 Total segment expenses $ 349,805 $ 265,788 $ 615,073 $ 507,729 Segment realized net investment income (expense) Investment income—realized $ 18,100 $ 2,710 $ 17,883 $ 9,042 Interest and other investment income —realized 11,949 16,936 29,622 27,588 Interest expense (25,828) (17,042) (50,788) (32,521) Total segment realized net investment income (expense) $ 4,221 $ 2,604 $ (3,283) $ 4,109
Schedule of Segment Revenues Components	The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Total consolidated revenue $ 1,093,286 $ 601,430 $ 1,906,648 $ 1,316,429 Performance (income) loss—unrealized (288,220) 24,149 (415,933) (109,383) Management fees of Consolidated Funds eliminated in consolidation 12,005 11,362 23,606 22,841 Performance income of Consolidated Funds eliminated in consolidation 3,946 — 7,491 34 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 2,135 4,315 6,978 9,084 Administrative fees (1) (16,888) (15,373) (30,538) (34,848) OMG revenue (7,848) (6,417) (12,488) (12,293) Principal investment (income) loss, net of eliminations (6,888) 4,387 (29,646) (3,939) Net revenue of non-controlling interests in consolidated subsidiaries (6,421) (11,982) (17,330) (22,575) Total consolidation adjustments and reconciling items (308,179) 10,441 (467,860) (151,079) Total segment revenue $ 785,107 $ 611,871 $ 1,438,788 $ 1,165,350 (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 June 30, Six months ended June 30, 2023 2022 2023 2022 Total consolidated expenses $ 837,738 $ 552,868 $ 1,466,374 $ 1,164,552 Performance related compensation-unrealized (215,496) 8,549 (300,646) (82,649) Expenses of Consolidated Funds added in consolidation (25,395) (24,865) (45,036) (40,942) Expenses of Consolidated Funds eliminated in consolidation 12,171 11,638 24,303 23,202 Administrative fees (1) (16,890) (15,958) (30,167) (34,848) OMG expenses (135,478) (106,566) (266,617) (203,017) Acquisition and merger-related expense (2,757) (1,152) (7,712) (10,194) Equity compensation expense (62,282) (49,559) (131,359) (103,161) Acquisition-related compensation expense (2) (600) (59,491) (1,242) (107,492) Placement fee adjustment 3,744 1,425 6,976 2,118 Depreciation and amortization expense (42,991) (40,330) (88,650) (78,456) Expense of non-controlling interests in consolidated subsidiaries (1,959) (10,771) (11,151) (21,384) Total consolidation adjustments and reconciling items (487,933) (287,080) (851,301) (656,823) Total segment expenses $ 349,805 $ 265,788 $ 615,073 $ 507,729 (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 June 30, Six months ended June 30, 2023 2022 2023 2022 Total consolidated other income $ 126,421 $ 18,504 $ 182,817 $ 76,498 Investment (income) loss—unrealized (43,939) 2,084 (72,924) 9,938 Interest and other investment (income) loss—unrealized 4,310 (6,029) 4,518 (12,061) Other income from Consolidated Funds added in consolidation, net (146,934) (27,570) (209,851) (94,418) Other expense from Consolidated Funds eliminated in consolidation, net (10,492) (4,215) (14,943) (11,733) OMG other expense 1,153 1,091 1,804 5,684 Principal investment income 65,242 13,493 100,699 27,983 Other expense, net 212 13 303 1,994 Other loss of non-controlling interests in consolidated subsidiaries 8,248 5,233 4,294 224 Total consolidation adjustments and reconciling items (122,200) (15,900) (186,100) (72,389) Total segment realized net investment income (expense) $ 4,221 $ 2,604 $ (3,283) $ 4,109
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 June 30, Six months ended June 30, 2023 2022 2023 2022 Income before taxes $ 381,969 $ 67,066 $ 623,091 $ 228,375 Adjustments: Depreciation and amortization expense 42,991 40,330 88,650 78,456 Equity compensation expense 62,284 50,144 130,988 103,161 Acquisition-related compensation expense (1) 600 59,491 1,242 107,492 Acquisition and merger-related expense 2,757 1,152 7,712 10,194 Placement fee adjustment (3,744) (1,425) (6,976) (2,118) OMG expense, net 128,783 101,241 255,933 196,409 Other expense, net 212 12 303 1,993 (Income) loss before taxes of non-controlling interests in consolidated subsidiaries 3,786 4,022 (1,885) (967) (Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations (67,762) 14,999 (94,933) (32,408) Total performance (income) loss—unrealized (288,220) 24,149 (415,933) (109,383) Total performance related compensation—unrealized 215,496 (8,549) 300,646 82,649 Total investment income—unrealized (39,629) (3,945) (68,406) (2,123) Realized income 439,523 348,687 820,432 661,730 Total performance income—realized (140,635) (70,094) (171,771) (113,962) Total performance related compensation—realized 99,109 44,058 122,968 72,633 Total investment (income) loss—realized (4,221) (2,604) 3,283 (4,109) Fee related earnings $ 393,776 $ 320,047 $ 774,912 $ 616,292 (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)	6 Months Ended
	Jun. 30, 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 June 30, As of December 31, 2023 2022 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 410,725 $ 393,549 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 786,662 537,239 Assets of consolidated VIEs 14,186,814 13,128,088 Liabilities of consolidated VIEs 12,443,170 11,593,867 (1) As of June 30, 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 $77.9 million and $82.0 million, respectively. Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Net income (loss) attributable to non-controlling interests related to consolidated VIEs $ 63,461 $ (18,725) $ 100,592 $ 19,737
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 June 30, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 276,827 $ — $ — $ 276,827 Investments (includes $3,524,644 of accrued carried interest) 5,272,838 — (806,612) 4,466,226 Due from affiliates 766,101 — (122,657) 643,444 Other assets 252,646 — — 252,646 Right-of-use operating lease assets 170,911 — — 170,911 Intangible assets, net 1,130,673 — — 1,130,673 Goodwill 998,020 — — 998,020 Assets of Consolidated Funds Cash and cash equivalents — 812,164 — 812,164 Investments held in trust account — 1,000,949 — 1,000,949 Investments, at fair value — 13,090,939 — 13,090,939 Due from affiliates — 22,432 (11,044) 11,388 Receivable for securities sold — 197,729 — 197,729 Other assets — 66,890 — 66,890 Total assets $ 8,868,016 $ 15,191,103 $ (940,313) $ 23,118,806 Liabilities Accounts payable, accrued expenses and other liabilities $ 278,207 $ — $ (11,009) $ 267,198 Accrued compensation 250,790 — — 250,790 Due to affiliates 192,153 — — 192,153 Performance related compensation payable 2,579,564 — — 2,579,564 Debt obligations 2,299,731 — — 2,299,731 Operating lease liabilities 206,816 — — 206,816 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 237,560 (12,266) 225,294 Due to affiliates — 123,612 (122,692) 920 Payable for securities purchased — 554,555 — 554,555 CLO loan obligations, at fair value — 11,557,946 (96,947) 11,460,999 Fund borrowings — 65,050 — 65,050 Total liabilities 5,807,261 12,538,723 (242,914) 18,103,070 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,000,749 — 1,000,749 Redeemable interest in Ares Operating Group entities 22,517 — — 22,517 Non-controlling interest in Consolidated Funds — 1,651,631 (680,322) 971,309 Non-controlling interest in Ares Operating Group entities 1,277,871 — (6,714) 1,271,157 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (181,231,808 shares issued and outstanding) 1,812 — — 1,812 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 (119,674,321 shares issued and outstanding) 1,197 — — 1,197 Additional paid-in-capital 2,192,536 — (10,363) 2,182,173 Accumulated deficit (425,526) — — (425,526) Accumulated other comprehensive loss, net of tax (9,687) — — (9,687) Total stockholders’ equity 1,760,367 — (10,363) 1,750,004 Total equity 3,038,238 1,651,631 (697,399) 3,992,470 Total liabilities, redeemable interest, non-controlling interests and equity $ 8,868,016 $ 15,191,103 $ (940,313) $ 23,118,806 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 June 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 627,276 $ — $ (12,005) $ 615,271 Carried interest allocation 422,412 — (3,946) 418,466 Incentive fees 7,950 — — 7,950 Principal investment income 65,242 — (58,354) 6,888 Administrative, transaction and other fees 46,846 — (2,135) 44,711 Total revenues 1,169,726 — (76,440) 1,093,286 Expenses Compensation and benefits 367,550 — — 367,550 Performance related compensation 315,780 — — 315,780 General, administrative and other expense 141,184 — (31) 141,153 Expenses of the Consolidated Funds — 25,395 (12,140) 13,255 Total expenses 824,514 25,395 (12,171) 837,738 Other income (expense) Net realized and unrealized gains (losses) on investments (4,555) — 10,036 5,481 Interest and dividend income 5,487 — (2,797) 2,690 Interest expense (25,839) — — (25,839) Other expense, net (6,098) — 211 (5,887) Net realized and unrealized gains on investments of the Consolidated Funds — 96,288 2,138 98,426 Interest and other income of the Consolidated Funds — 234,665 (211) 234,454 Interest expense of the Consolidated Funds — (184,019) 1,115 (182,904) Total other income (expense), net (31,005) 146,934 10,492 126,421 Income before taxes 314,207 121,539 (53,777) 381,969 Income tax expense 49,633 81 — 49,714 Net income 264,574 121,458 (53,777) 332,255 Less: Net income attributable to non-controlling interests in Consolidated Funds — 121,458 (53,777) 67,681 Net income attributable to Ares Operating Group entities 264,574 — — 264,574 Less: Net income attributable to redeemable interest in Ares Operating Group entities 734 — — 734 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 119,326 — — 119,326 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 144,514 $ — $ — $ 144,514 Three months ended June 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 531,922 $ — $ (11,362) $ 520,560 Carried interest allocation 47,304 — — 47,304 Incentive fees 4,675 — — 4,675 Principal investment income (loss) 13,493 — (17,880) (4,387) Administrative, transaction and other fees 37,593 — (4,315) 33,278 Total revenues 634,987 — (33,557) 601,430 Expenses Compensation and benefits 375,775 — — 375,775 Performance related compensation 41,073 — — 41,073 General, administrative and other expense 122,793 — (227) 122,566 Expenses of the Consolidated Funds — 24,865 (11,411) 13,454 Total expenses 539,641 24,865 (11,638) 552,868 Other income (expense) Net realized and unrealized losses on investments (10,433) — 8,658 (1,775) Interest and dividend income 8,375 — (6,899) 1,476 Interest expense (17,221) — — (17,221) Other income, net 5,998 — (189) 5,809 Net realized and unrealized losses on investments of the Consolidated Funds — (6,806) (1,101) (7,907) Interest and other income of the Consolidated Funds — 117,186 189 117,375 Interest expense of the Consolidated Funds — (82,810) 3,557 (79,253) Total other income (expense), net (13,281) 27,570 4,215 18,504 Income before taxes 82,065 2,705 (17,704) 67,066 Income tax expense 13,437 23 — 13,460 Net income 68,628 2,682 (17,704) 53,606 Less: Net income (loss) attributable to non-controlling interests in Consolidated Funds — 2,682 (17,704) (15,022) Net income attributable to Ares Operating Group entities 68,628 — — 68,628 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (457) — — (457) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 29,354 — — 29,354 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 39,731 $ — $ — $ 39,731 Six months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,239,393 $ — $ (23,606) $ 1,215,787 Carried interest allocation 577,307 — (7,353) 569,954 Incentive fees 17,011 — (138) 16,873 Principal investment income 100,699 — (71,053) 29,646 Administrative, transaction and other fees 81,366 — (6,978) 74,388 Total revenues 2,015,776 — (109,128) 1,906,648 Expenses Compensation and benefits 728,331 — — 728,331 Performance related compensation 427,438 — — 427,438 General, administrative and other expense 289,872 — (374) 289,498 Expenses of the Consolidated Funds — 45,036 (23,929) 21,107 Total expenses 1,445,641 45,036 (24,303) 1,466,374 Other income (expense) Net realized and unrealized gains on investments 3,297 — 3,699 6,996 Interest and dividend income 12,663 — (6,134) 6,529 Interest expense (50,825) — — (50,825) Other expense, net (7,112) — 302 (6,810) Net realized and unrealized gains on investments of the Consolidated Funds — 94,219 14,907 109,126 Interest and other income of the Consolidated Funds — 457,694 (302) 457,392 Interest expense of the Consolidated Funds — (342,062) 2,471 (339,591) Total other income (expense), net (41,977) 209,851 14,943 182,817 Income before taxes 528,158 164,815 (69,882) 623,091 Income tax expense 82,961 559 — 83,520 Net income 445,197 164,256 (69,882) 539,571 Less: Net income attributable to non-controlling interests in Consolidated Funds — 164,256 (69,882) 94,374 Net income attributable to Ares Operating Group entities 445,197 — — 445,197 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,090) — — (1,090) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 207,734 — — 207,734 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 238,553 $ — $ — $ 238,553 Six months ended June 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,020,733 $ — $ (22,841) $ 997,892 Carried interest allocation 225,593 — — 225,593 Incentive fees 21,131 — (34) 21,097 Principal investment income 27,983 — (24,044) 3,939 Administrative, transaction and other fees 76,992 — (9,084) 67,908 Total revenues 1,372,432 — (56,003) 1,316,429 Expenses Compensation and benefits 729,612 — — 729,612 Performance related compensation 173,884 — — 173,884 General, administrative and other expense 243,316 — (227) 243,089 Expenses of the Consolidated Funds — 40,942 (22,975) 17,967 Total expenses 1,146,812 40,942 (23,202) 1,164,552 Other income (expense) Net realized and unrealized gains (losses) on investments (15,359) — 21,693 6,334 Interest and dividend income 11,785 — (8,807) 2,978 Interest expense (32,867) — — (32,867) Other income, net 6,788 — 805 7,593 Net realized and unrealized gains on investments of the Consolidated Funds — 16,205 (8,144) 8,061 Interest and other income of the Consolidated Funds — 238,470 (805) 237,665 Interest expense of the Consolidated Funds — (160,257) 6,991 (153,266) Total other income (expense), net (29,653) 94,418 11,733 76,498 Income before taxes 195,967 53,476 (21,068) 228,375 Income tax expense 33,823 48 — 33,871 Net income 162,144 53,428 (21,068) 194,504 Less: Net income attributable to non-controlling interests in Consolidated Funds — 53,428 (21,068) 32,360 Net income attributable to Ares Operating Group entities 162,144 — — 162,144 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (58) — — (58) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 76,608 — — 76,608 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 85,594 $ — $ — $ 85,594
Schedule of Cash Flows	Six months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 445,197 $ 164,256 $ (69,882) $ 539,571 Adjustments to reconcile net income to net cash provided by operating activities (108,264) — 258,037 149,773 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (869,324) (14,907) (884,231) Cash flows due to changes in operating assets and liabilities 130,743 — (61,317) 69,426 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 144,378 (10,397) 133,981 Net cash provided by (used in) operating activities 467,676 (560,690) 101,534 8,520 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (21,127) — — (21,127) Net cash used in investing activities (21,127) — — (21,127) Cash flows from financing activities: Proceeds from Credit Facility 495,000 — — 495,000 Repayments of Credit Facility (470,000) — — (470,000) Dividends and distributions (510,501) — — (510,501) Stock option exercises 53,140 — — 53,140 Taxes paid related to net share settlement of equity awards (133,570) — — (133,570) Other financing activities 1,554 — — 1,554 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 880,426 (199,435) 680,991 Distributions to non-controlling interests in Consolidated Funds — (46,303) 10,378 (35,925) Redemptions of redeemable interests in Consolidated Funds — (538,985) — (538,985) Borrowings under loan obligations by Consolidated Funds — 535,464 — 535,464 Repayments under loan obligations by Consolidated Funds — (174,669) — (174,669) Net cash provided by (used in) financing activities (564,377) 655,933 (189,057) (97,501) Effect of exchange rate changes 4,668 (7,720) — (3,052) Net change in cash and cash equivalents (113,160) 87,523 (87,523) (113,160) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 276,827 $ 812,164 $ (812,164) $ 276,827 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisition-related activity $ 116,101 $ — $ — $ 116,101 Issuance of AOG Units in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647 Six months ended June 30, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 162,144 $ 53,428 $ (21,068) $ 194,504 Adjustments to reconcile net income to net cash provided by operating activities 147,828 — (86,755) 61,073 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds — (863,947) 8,144 (855,803) Cash flows due to changes in operating assets and liabilities 48,203 — 108,957 157,160 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (255,233) 130,101 (125,132) Net cash provided by (used in) operating activities 358,175 (1,065,752) 139,379 (568,198) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (18,448) — — (18,448) Acquisitions, net of cash acquired (301,677) — — (301,677) Net cash used in investing activities (320,125) — — (320,125) Cash flows from financing activities: Proceeds from Credit Facility 700,000 — — 700,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (720,000) — — (720,000) Dividends and distributions (406,366) — — (406,366) Stock option exercises 8,644 — — 8,644 Taxes paid related to net share settlement of equity awards (189,485) — — (189,485) Other financing activities 1,834 — — 1,834 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 242,975 (24,695) 218,280 Distributions to non-controlling interests in Consolidated Funds — (164,035) 110,397 (53,638) Borrowings under loan obligations by Consolidated Funds — 814,183 — 814,183 Repayments under loan obligations by Consolidated Funds — (46,873) — (46,873) Net cash provided by (used in) financing activities (116,458) 846,250 85,702 815,494 Effect of exchange rate changes (12,380) (5,579) — (17,959) Net change in cash and cash equivalents (90,788) (225,081) 225,081 (90,788) Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 252,867 $ 824,110 $ (824,110) $ 252,867 Supplemental disclosure of non-cash financing activities: Issuance of Class A common stock in connection with acquisition-related activity $ 12,835 $ — $ — $ 12,835

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Millions		6 Months Ended
	Apr. 25, 2023	Jun. 30, 2023
Ares Acquisition Corporation II
Summary of Significant Accounting Policies [Line Items]
Gross proceeds from the initial public offering of AAC II	$ 500
Ares Acquisition Corporation II | Class A Common Stock
Summary of Significant Accounting Policies [Line Items]
Temporary equity, shares outstanding (in shares)		50,000,000
Ares Acquisition Corporation I | Class A Common Stock
Summary of Significant Accounting Policies [Line Items]
Amount redeemed		$ 539
Temporary equity, shares outstanding (in shares)		46,997,081
Ares SSG's Fee-Generating Business
Summary of Significant Accounting Policies [Line Items]
Ownership percentage acquired		20%
Ownership percentage		100%

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 834,551	$ 859,957
Foreign currency translation	(477)	935
Total finite-lived intangible assets	834,074	860,892
Less: accumulated amortization	(271,201)	(220,472)
Finite-lived intangible assets, net	562,873	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	1,130,673	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 7 months 6 days
Finite-lived intangible assets	$ 571,750	586,077
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	9 years 2 months 12 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 3 months 18 days
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Impaired and fully amortized intangibles, amount removed during the period				$ 25,400,000
Reallocation				0
Goodwill impairment				0	$ 0
General, administrative and other expense
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization expense	$ 30,400,000		$ 35,600,000	64,000,000	$ 68,700,000
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment of intangible assets (excluding goodwill)		$ 7,800,000
Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment charge	4,400,000
Reallocation				0
Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment charge	$ 700,000
From Ares SSG To Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation				$ 224,600,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 999,656
Acquisitions	22
Reallocation	0
Foreign currency translation	(1,658)
Goodwill, ending balance	998,020
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196
Acquisitions	0
Reallocation	224,587
Foreign currency translation	(1,667)
Goodwill, ending balance	255,116
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	9
Goodwill, ending balance	417,629
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	Jun. 30, 2023	Dec. 31, 2022
Investments
Equity method private investment partnership interests and other	$ 1,125	$ 1,385
Other fixed income	322,447	277,126
Common stock, at fair value	247,545	198,807
Total investments	4,466,226	3,974,734
Partnership Interests
Investments
Equity method investments:	$ 4,310,275	$ 3,820,778
Percentage of total investments	96.50%	96.20%
Collateralized loan obligations and other fixed income
Investments
Collateralized loan obligations	$ 73,777	$ 76,934
Percentage of total investments	1.70%	1.80%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 20,490	$ 25,163
Percentage of total investments	0.50%	0.60%
Other fixed income
Investments
Other fixed income	$ 53,287	$ 51,771
Percentage of total investments	1.20%	1.20%
Common stock, at fair value
Investments
Common stock, at fair value	$ 82,174	$ 77,022
Percentage of total investments	1.80%	2%
Equity method - carried interest
Investments
Equity method investments:	$ 3,524,644	$ 3,106,577
Percentage of total investments	78.90%	78.20%
Partnership Interests
Investments
Equity method investments:	$ 571,638	$ 543,592
Percentage of total investments	12.80%	13.70%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 166,496	$ 123,170
Percentage of total investments	3.70%	3.10%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 47,497	$ 47,439
Percentage of total investments	1.10%	1.20%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Summary of Investment Holdings [Line Items]
Equity method investments net gains (loss)	$ 9.1	$ (6.4)	$ 33.1	$ 8.8
Consolidated Funds
Summary of Investment Holdings [Line Items]
Percent of total assets threshold	5%		5%		5%

INVESTMENTS - Investments of th

INVESTMENTS - Investments of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Investments
Total investments, at fair value	$ 14,091,888	$ 13,204,633
Fixed income investments:
Investments
Total investments, at fair value	$ 11,732,971	$ 11,080,865
Percentage of total investments	83.30%	84%
Fixed income investments: | Loans
Investments
Total investments, at fair value	$ 10,152,326	$ 9,280,522
Percentage of total investments	72.10%	70.30%
Fixed income investments: | Investments held in trust account
Investments
Total investments, at fair value	$ 1,000,949	$ 1,013,382
Percentage of total investments	7.10%	7.70%
Fixed income investments: | Bonds
Investments
Total investments, at fair value	$ 579,696	$ 786,961
Percentage of total investments	4.10%	6%
Partnership interests
Investments
Total investments, at fair value	$ 1,287,240	$ 1,392,169
Percentage of total investments	9.10%	10.50%
Equity securities
Investments
Total investments, at fair value	$ 1,071,677	$ 731,599
Percentage of total investments	7.60%	5.50%

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Consolidated Funds
Assets, at fair value
Common stock and other equity securities	$ 1,071,677	$ 731,599
Collateralized loan obligations and other fixed income	11,732,971	11,080,865
Partnership interests	1,287,240	1,392,169
Total investments, at fair value	14,091,888	13,204,633
Total assets, at fair value	14,094,287	13,207,533
Liabilities, at fair value
Loan obligations of CLOs	(11,460,999)	(10,701,720)
Derivative liabilities	(21,161)	(15,824)
Total liabilities, at fair value	$ (11,482,160)	$ (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	$ 2,399	$ 2,900
Liabilities, at fair value
Derivative liabilities	(2,468)	(2,942)
Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	(16,000)	(9,326)
Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	(2,693)	(3,556)
Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	10,152,326	9,280,522
Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	1,000,949	1,013,382
Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	579,696	786,961
Level I  | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	701	719
Collateralized loan obligations and other fixed income	1,000,949	1,013,382
Partnership interests	0	0
Total investments, at fair value	1,001,650	1,014,101
Total assets, at fair value	1,001,650	1,014,101
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	(16,000)	(9,326)
Total liabilities, at fair value	(16,000)	(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	(16,000)	(9,326)
Level I  | Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level I  | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level I  | Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	1,000,949	1,013,382
Level I  | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Level II  | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	4,911	0
Collateralized loan obligations and other fixed income	10,083,891	9,197,815
Partnership interests	0	0
Total investments, at fair value	10,088,802	9,197,815
Total assets, at fair value	10,091,201	9,200,715
Liabilities, at fair value
Loan obligations of CLOs	(11,460,999)	(10,701,720)
Derivative liabilities	(2,468)	(2,942)
Total liabilities, at fair value	(11,463,467)	(10,704,662)
Level II  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	2,399	2,900
Liabilities, at fair value
Derivative liabilities	(2,468)	(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  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	9,504,196	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  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	579,695	534,137
Level III  | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	1,066,065	730,880
Collateralized loan obligations and other fixed income	648,131	869,668
Partnership interests	0	368,655
Total investments, at fair value	1,714,196	1,969,203
Total assets, at fair value	1,714,196	1,969,203
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	(2,693)	(3,556)
Total liabilities, at fair value	(2,693)	(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	(2,693)	(3,556)
Level III  | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	648,130	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  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	1	252,824
Investments Measured at NAV | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	0	0
Collateralized loan obligations and other fixed income	0	0
Partnership interests	1,287,240	1,023,514
Total investments, at fair value	1,287,240	1,023,514
Total assets, at fair value	1,287,240	1,023,514
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	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  | 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  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	0	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	247,545	198,807
Partnership interests	1,125	1,385
Total investments, at fair value	322,447	277,126
Total assets, at fair value	325,792	281,299
Liabilities, at fair value
Total liabilities, at fair value	(2,318)	(3,423)
Ares Management L.P | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	3,345	4,173
Liabilities, at fair value
Derivative liabilities	(2,318)	(3,423)
Ares Management L.P | Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	73,777	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	82,174	77,022
Partnership interests	0	0
Total investments, at fair value	82,174	77,022
Total assets, at fair value	85,519	81,195
Liabilities, at fair value
Total liabilities, at fair value	(2,318)	(3,423)
Ares Management L.P | Level II  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	3,345	4,173
Liabilities, at fair value
Derivative liabilities	(2,318)	(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	165,371	121,785
Partnership interests	0	0
Total investments, at fair value	239,148	198,719
Total assets, at fair value	239,148	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	73,777	76,934
Ares Management L.P | Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	1,125	1,385
Total investments, at fair value	1,125	1,385
Total assets, at fair value	1,125	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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 2,037,790	$ 1,448,402	$ 1,965,647	$ 1,317,703
Transfer in (out) due to changes in consolidated	(380,688)		(380,688)
Transfer in	57,540	358,779	195,575	338,080
Transfer out	(214,205)	(152,750)	(489,165)	(80,261)
Purchases	299,557	315,204	669,102	511,916
Sales/settlements	(177,248)	(168,029)	(375,132)	(285,773)
Amortized discounts/premiums	421	177	963	679
Realized and unrealized appreciation (depreciation), net	88,336	2,473	125,201	1,912
Balance, end of period	1,711,503	1,804,256	1,711,503	1,804,256
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 58,355	$ 3,413	$ 88,757	(20,624)
Level III Liabilities of the Company
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized and unrealized gains on investments	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 [Extensible Enumeration]	Net realized and unrealized gains on investments	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	$ 932,635	$ 351,140	$ 730,880	339,183
Transfer in (out) due to changes in consolidated	(2,076)		(2,076)
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	48,645	110,322	229,016	117,642
Sales/settlements	(4)	(18,422)	(126)	(28,611)
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	86,865	37,874	108,371	52,700
Balance, end of period	1,066,065	480,914	1,066,065	480,914
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	86,879	25,622	108,324	26,150
Consolidated Funds  | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	732,804	859,301	869,668	742,952
Transfer in (out) due to changes in consolidated	(4,563)		(4,563)
Transfer in	57,540	358,779	195,575	338,080
Transfer out	(214,205)	(152,750)	(489,165)	(80,261)
Purchases	250,912	201,882	391,086	367,274
Sales/settlements	(177,095)	(140,607)	(325,968)	(226,660)
Amortized discounts/premiums	421	177	963	679
Realized and unrealized appreciation (depreciation), net	2,317	(50,528)	10,535	(65,810)
Balance, end of period	648,131	1,076,254	648,131	1,076,254
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(27,469)	(37,145)	(20,381)	(61,044)
Consolidated Funds  | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	374,049	241,123	368,655	238,673
Transfer in (out) due to changes in consolidated	(374,049)		(374,049)
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	0	3,000	49,000	27,000
Sales/settlements	0	(9,000)	(48,889)	(30,500)
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	0	15,000	5,283	14,950
Balance, end of period	0	250,123	0	250,123
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	0	15,000	0	14,445
Consolidated Funds  | Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(1,698)	(3,162)	(3,556)	(3,105)
Transfer in (out) due to changes in consolidated	0		0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	0	0	0	0
Sales/settlements	(149)	0	(149)	(2)
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	(846)	127	1,012	72
Balance, end of period	(2,693)	(3,035)	(2,693)	(3,035)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(1,055)	(64)	814	(175)
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	200,242	157,982	198,719	106,486
Transfer in (out) due to changes in consolidated				1,491
Purchases	38,979		40,226
Change in fair value		(198)		(1,186)
Sales/settlements	(1,722)	(1,927)	(3,213)	44,848
Realized and unrealized appreciation (depreciation), net	1,649	(3,793)	3,416	425
Balance, end of period	239,148	152,064	239,148	152,064
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	1,649	(3,991)	3,416	(761)
Ares Management L.P | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	125,073	114,499	121,785	108,949
Transfer in (out) due to changes in consolidated				1,491
Purchases	38,208		38,260
Change in fair value		0		0
Sales/settlements	(881)	(934)	(836)	(1,147)
Realized and unrealized appreciation (depreciation), net	2,971	316	6,162	4,588
Balance, end of period	165,371	113,881	165,371	113,881
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	2,971	316	5,949	4,588
Ares Management L.P | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	75,169	51,458	76,934	52,397
Transfer in (out) due to changes in consolidated				0
Purchases	771		1,966
Change in fair value		0		0
Sales/settlements	(841)	(993)	(2,377)	(1,878)
Realized and unrealized appreciation (depreciation), net	(1,322)	(4,109)	(2,746)	(4,163)
Balance, end of period	73,777	46,356	73,777	46,356
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ (1,322)	(4,109)	$ (2,533)	(4,163)
Ares Management L.P | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period		2,575		2,575
Transfer in (out) due to changes in consolidated				0
Change in fair value		0		0
Sales/settlements		0		0
Realized and unrealized appreciation (depreciation), net		0		0
Balance, end of period		2,575		2,575
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date		0		0
Ares Management L.P | Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period		(10,550)		(57,435)
Transfer in due to changes in consolidation				0
Sales/settlements		0		47,873
Change in fair value		(198)		(1,186)
Realized and unrealized appreciation (depreciation), net		0		0
Balance, end of period		(10,748)		(10,748)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date		$ (198)		$ (1,186)

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Consolidated Funds
Assets
Equity securities	$ 1,071,677,000	$ 731,599,000
Partnership interests	1,287,240,000	1,392,169,000
Collateralized loan obligations	11,460,999,000	10,701,720,000
Fixed income investments	11,732,971,000	11,080,865,000
Total assets, at fair value	14,094,287,000	13,207,533,000
Liabilities
Derivative instruments	(21,161,000)	(15,824,000)
Total liabilities, at fair value	(11,482,160,000)	(10,717,544,000)
Consolidated Funds  | Level III
Assets
Equity securities	1,066,065,000	730,880,000
Partnership interests	0	368,655,000
Collateralized loan obligations	0	0
Fixed income investments	648,131,000	869,668,000
Total assets, at fair value	1,714,196,000	1,969,203,000
Liabilities
Derivative instruments	(2,693,000)	(3,556,000)
Total liabilities, at fair value	(2,693,000)	(3,556,000)
Consolidated Funds  | Level III  | Discounted cash flow
Assets
Equity securities	$ 592,725,000	401,229,000
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate
Assets
Partnership interests		$ 368,655,000
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Minimum
Significant Unobservable Input(s)
Equity securities	0.080	0.080
Partnership interest		0.103
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Maximum
Significant Unobservable Input(s)
Equity securities	0.180	0.180
Partnership interest		0.220
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.120	12
Partnership interest		0.189
Consolidated Funds  | Level III  | Market approach
Assets
Fixed income investments		$ 125,612,000
Consolidated Funds  | Level III  | Market approach | Multiple of book value
Assets
Equity securities	$ 436,375,000	$ 290,258,000
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	1.3	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	$ 36,064,000	$ 36,681,000
Significant Unobservable Input(s)
Equity securities	30	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	$ 766,000	$ 2,064,000
Fixed income investments	$ 2,980,000	$ 4,479,000
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum
Significant Unobservable Input(s)
Equity securities	6.3	6.3
Fixed income investments	6.3	8
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum
Significant Unobservable Input(s)
Equity securities	32.5	31
Fixed income investments	32.5	9
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average
Significant Unobservable Input(s)
Equity securities	15.9	13.6
Fixed income investments	8.8	8.5
Consolidated Funds  | Level III  | Market approach | Yield
Assets
Fixed income investments	$ 116,265,000
Consolidated Funds  | Level III  | Market approach | Yield | Minimum
Significant Unobservable Input(s)
Fixed income investments	0.088	0.066
Consolidated Funds  | Level III  | Market approach | Yield | Maximum
Significant Unobservable Input(s)
Fixed income investments	0.245	0.217
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average
Significant Unobservable Input(s)
Fixed income investments	0.130	0.128
Consolidated Funds  | Level III  | Transaction price
Assets
Fixed income investments	$ 5,769,000	$ 6,155,000
Consolidated Funds  | Level III  | Other
Assets
Equity securities	135,000	648,000
Fixed income investments		1,714,000
Consolidated Funds  | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Fixed income investments	522,269,000	731,708,000
Liabilities
Derivative instruments	(2,693,000)	(3,556,000)
Ares Management L.P
Assets
Equity securities	247,545,000	198,807,000
Partnership interests	1,125,000	1,385,000
Total assets, at fair value	325,792,000	281,299,000
Liabilities
Total liabilities, at fair value	(2,318,000)	(3,423,000)
Ares Management L.P | Level III
Assets
Equity securities	165,371,000	121,785,000
Partnership interests	0	0
Total assets, at fair value	239,148,000	198,719,000
Liabilities
Total liabilities, at fair value	0	0
Ares Management L.P | Level III  | Market approach | Equity Securities One
Assets
Equity securities	62,702,000	62,129,000
Ares Management L.P | Level III  | Market approach | Equity Securities Two
Assets
Equity securities	$ 49,778,000	$ 44,166,000
Ares Management L.P | Level III  | Market approach | Multiple of book value | Equity Securities One
Significant Unobservable Input(s)
Equity securities	2.4	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	2.4	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  | Market approach | EBITDA multiple
Significant Unobservable Input(s)
Equity securities	13
Ares Management L.P | Level III  | Market approach | EBITDA multiple | Weighted Average
Assets
Equity securities	$ 766,000
Significant Unobservable Input(s)
Equity securities	13
Ares Management L.P | Level III  | Transaction price
Assets
Equity securities	$ 52,125,000	$ 15,490,000
Fixed income investments	31,705,000	30,189,000
Ares Management L.P | Level III  | Other
Assets
Fixed income investments	21,582,000	21,582,000
Ares Management L.P | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	20,490,000	$ 25,163,000
Ares Management L.P | Consolidated Funds  | Level III  | Other
Assets
Fixed income investments	$ 848,000

FAIR VALUE - Investments Using

FAIR VALUE - Investments Using NAV per Share (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Consolidated Funds
FAIR VALUE
Fair value	$ 1,287,240,000	$ 1,392,169,000
Investments Measured at NAV | Consolidated Funds
FAIR VALUE
Fair value	1,287,240,000	1,023,514,000
Investments Measured at NAV | Non-core investments
FAIR VALUE
Fair value	1,100,000	1,400,000
Unfunded commitments	0	0
Investments Measured at NAV | Non-core investments | Consolidated Funds
FAIR VALUE
Fair value	1,287,200,000	1,023,500,000
Unfunded commitments	$ 1,002,300,000	$ 869,000,000

DEBT - Debt Obligations (Detail

DEBT - Debt Obligations (Details) - Ares Management L.P - USD ($) $ in Thousands	1 Months Ended			6 Months Ended	12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Jun. 30, 2023	Dec. 31, 2022
DEBT
Carrying Value				$ 2,299,731	$ 2,273,854
Credit Facility
DEBT
Carrying Value				$ 725,000	$ 700,000
Interest Rate				6.19%	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				$ 249,055	$ 248,693
Interest Rate				4.21%	4.21%
Debt issuance rate			98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount				$ 400,000
Carrying Value				$ 396,825	$ 396,602
Interest Rate				3.28%	3.28%
Debt issuance rate		99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount				$ 500,000
Carrying Value				$ 484,002	$ 483,802
Interest Rate				3.77%	3.77%
Debt issuance rate					97.78%
Subordinated Notes 2051
DEBT
Original Borrowing Amount				$ 450,000
Carrying Value				$ 444,849	$ 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	6 Months Ended
	Jun. 30, 2023 USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 5,510
Amortization of debt issuance costs	(649)
Unamortized debt issuance costs, ending balance	4,861
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	8,393
Amortization of debt issuance costs	(391)
Unamortized debt issuance costs, ending balance	8,002
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,243
Amortization of debt issuance costs	(92)
Unamortized debt issuance costs, ending balance	$ 5,151

DEBT - Loan Obligations of the

DEBT - Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds  - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
DEBT
Fair Value of Loan Obligations	$ 11,460,999	$ 10,701,720
Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	11,460,999	10,701,720
Senior secured notes | Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 10,813,054	$ 10,142,545
Weighted  Average Interest Rate	6.08%	4.84%
Weighted  Average Remaining Maturity  (in years)	8 years 4 months 24 days	8 years 9 months 18 days
Subordinated notes | Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 647,945	$ 559,175
Weighted  Average Remaining Maturity  (in years)	7 years 3 months 18 days	7 years 9 months 18 days

DEBT - Credit Facilities of the

DEBT - Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
DEBT
Total borrowings of Consolidated Funds	$ 65,050	$ 168,046
Credit Facility Maturing 7/1/2023
DEBT
Total Capacity	18,000
Outstanding loan	$ 15,550	$ 15,550
Effective Rate	6.75%	6.25%
Credit Facility Maturing 10/13/2022
DEBT
Total Capacity	$ 112,817
Outstanding loan		$ 77,496
Effective Rate		5.89%
Credit Facility Maturing 7/23/2024
DEBT
Total Capacity	100,000
Outstanding loan	$ 49,500	$ 75,000
Effective Rate	8.03%	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			6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) infrastructureDebtFund	Mar. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 902,400,000			$ 902,400,000		$ 677,900,000
Maximum exposure from guarantees	76,700,000			$ 76,700,000		31,500,000
Recognition period				4 years
Cash payment		$ 3,400,000
Performance Income
Carried interest, contingent repayment obligations	0			$ 0		0
Operating lease expense	$ 10,400,000		$ 10,100,000	$ 22,300,000	$ 20,100,000
Minimum
Performance Income
Lease terms	1 year			1 year
Maximum
Performance Income
Lease terms	11 years			11 years
Performance income
Performance Income
Performance income subject to potential clawback provision	$ 93,700,000			$ 93,700,000		128,400,000
Performance income subject to potential claw back provision that are reimbursable by professionals	73,500,000			73,500,000		101,000,000
Infrastructure Debt Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	15,000,000			$ 15,000,000			$ 48,500,000
Business combination, percentage				15%
Business combination equity awards percentage				85%
Contingent liability recognized				$ 13,700,000
Management incentive program, amount accrued	3,300,000			3,300,000		$ 2,200,000
Compensation expense	$ 600,000		700,000	$ 1,200,000	1,000,000
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
Compensation expense			$ 2,200,000		$ 3,300,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Leases: Maturity of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2023 USD ($)
As of June 30, 2023
2023	$ 21,147
2024	46,864
2025	44,077
2026	32,275
2027	22,920
Thereafter	63,659
Total future payments	230,942
Less: interest	24,126
Total operating lease liabilities	$ 206,816

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Leases: Other Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows for operating leases	$ 22,724	$ 22,170
Leased assets obtained in exchange for new operating lease liabilities	$ 37,277	$ 5,066

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Leases: Lease Term and Discount Rate (Details)	Jun. 30, 2023	Dec. 31, 2022
Weighted-average remaining lease terms (in years):
Weighted-average remaining lease terms (in years):	6 years 2 months 12 days	5 years 6 months
Weighted-average discount rate:
Weighted-average discount rate:	3.40%	2.72%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 11,388	$ 15,789
Due to affiliates:
Due to affiliates	920	4,037
Consolidated Funds  | Affiliated entity
Due from affiliates:
Due from affiliates	11,388	15,789
Due to affiliates:
Due to affiliates	920	4,037
Consolidated Funds  | Affiliated entity | Amounts due from non-consolidated funds
Due from affiliates:
Due from affiliates	11,388	15,789
Consolidated Funds  | Affiliated entity | Amounts due to portfolio companies and non-consolidated funds
Due to affiliates:
Due to affiliates	920	4,037
Ares Management L.P
Due from affiliates:
Due from affiliates	643,444	758,472
Due to affiliates:
Due to affiliates	192,153	252,798
Ares Management L.P | Affiliated entity
Due from affiliates:
Due from affiliates	643,444	758,472
Due to affiliates:
Due to affiliates	192,153	252,798
Ares Management L.P | Affiliated entity | Management fees receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	488,015	456,314
Ares Management L.P | Affiliated entity | Incentive fee receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	15,837	169,979
Ares Management L.P | Affiliated entity | Payments made on behalf of and amounts due from non-consolidated funds and employees
Due from affiliates:
Due from affiliates	139,592	132,179
Ares Management L.P | Affiliated entity | Management fee received in advance and rebates payable to non-consolidated funds
Due to affiliates:
Due to affiliates	3,972	8,701
Ares Management L.P | Affiliated entity | Tax receivable agreement liability
Due to affiliates:
Due to affiliates	132,463	118,466
Ares Management L.P | Affiliated entity | Undistributed carried interest and incentive fees
Due to affiliates:
Due to affiliates	48,668	121,332
Ares Management L.P | Affiliated entity | Payments made by non-consolidated funds on behalf of and payable by the Company
Due to affiliates:
Due to affiliates	$ 7,050	$ 4,299

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense	$ 49,714	$ 13,460	$ 83,520	$ 33,871
Deferred tax asset	$ 14,800		$ 14,800		$ 68,900

EARNINGS PER SHARE - Antidiluti

EARNINGS PER SHARE - Antidilutive Securities Excluded (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
AOG Units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	120,137,310	0	119,391,357	0
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	0	4,131	0

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		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 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	$ 144,514	$ 39,731	$ 238,553	$ 85,594
Distributions on unvested restricted units	(5,316)	(3,461)	(10,630)	(7,046)
Net income available to Class A and non-voting common stockholders	139,198	36,270	227,923	78,548
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	144,514	39,731	238,553	85,594
Distributions on unvested restricted units	0	(3,461)	0	(7,046)
Net income available to Class A and non-voting common stockholders	$ 144,514	$ 36,270	$ 238,553	$ 78,548
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)	8,489,883	0	7,991,062	0
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)	2,568,643	0	3,171,820	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)	182,999,515	175,157,558	180,998,934	174,694,645
Basic earnings per share of Class A and non-voting common stock (in dollars per share)	$ 0.75	$ 0.21	$ 1.25	$ 0.45
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)	194,058,041	175,157,558	192,161,816	174,694,645
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)	$ 0.74	$ 0.21	$ 1.24	$ 0.45
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.77	$ 0.61	$ 1.54	$ 1.22
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)	182,999,515	175,157,558	180,998,934	174,694,645
Basic earnings per share of Class A and non-voting common stock (in dollars per share)	$ 0.75	$ 0.21	$ 1.25	$ 0.45
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)	194,058,041	175,157,558	192,161,816	174,694,645
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)	$ 0.74	$ 0.21	$ 1.24	$ 0.45
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.77	$ 0.61	$ 1.54	$ 1.22

EQUITY COMPENSATION - Equity In

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Jun. 12, 2023
Restricted units
Equity compensation
Restricted units	$ 62,282	$ 49,635	$ 131,533	$ 103,286
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	69,122,318		69,122,318		69,122,318

EQUITY COMPENSATION - Restricte

EQUITY COMPENSATION - Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2023	Jun. 30, 2022
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)		1,900,000	2,900,000
Restricted units
Equity compensation
Shares delivered in period (in shares)		3,400,000	5,300,000
Restricted Units
Balance at the beginning of the period (in shares)	16,662,999	16,662,999
Granted (in shares)		4,734,184
Vested (in shares)		(3,427,972)
Forfeited (in shares)		(183,028)
Balance at the end of the period (in shares)		17,786,183
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share)	$ 48.76	$ 48.76
Granted (in dollars per share)		78.75
Vested (in dollars per share)		38.18
Forfeited (in dollars per share)		57.58
Balance at the end of the period (in dollars per share)		$ 58.69
Unrecognized compensation expenses		$ 776.2
Weighted average period of compensation expense expected to be recognized		3 years 7 months 6 days
Restricted units | Senior executives
Equity compensation
Annual award vesting percentage	25%

EQUITY COMPENSATION - Dividends

EQUITY COMPENSATION - Dividends Declared and Paid (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares
Dividend Tranche One
Equity compensation
Dividends Per Share (in dollars per shares)	$ 0.77
Dividend declared per class A common stock (in dollars per share)	$ 0.77
Dividend Equivalents Paid | $	$ 12,032
Dividend Tranche Two
Equity compensation
Dividends Per Share (in dollars per shares)	$ 0.77
Dividend declared per class A common stock (in dollars per share)	$ 0.77
Dividend Equivalents Paid | $	$ 11,874

EQUITY COMPENSATION - Summary O

EQUITY COMPENSATION - Summary Of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Options
Exercised (in shares)	(2,972,093)
Aggregate Intrinsic Value
Net cash proceeds from exercises of stock options	$ 53,100
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)	(3,249,192)
Expired (in shares)	0
Forfeited (in shares)	0
Balance at the end of the period (in shares)	1,921,027	5,170,219
Options, Exercisable at the end of the period (in shares)	1,921,027
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	9 months 18 days	1 year 3 months 18 days
Exercisable at the end of the period	9 months 18 days
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 149,475	$ 255,616
Exercisable	149,475
Tax benefits of exercises	$ 30,900

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Feb. 28, 2023	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	294,614,235
Issuance of stock (in shares)	1,391,426
Stock option exercises, net of shares withheld for tax (in shares)	2,972,093
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	1,946,260
Ending balance (in shares)	304,397,040
AOG Units
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
Repurchase of stock (in shares)	0	0
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	173,892,036
Issuance of stock (in shares)	1,391,426
Stock option exercises, net of shares withheld for tax (in shares)	2,972,093
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	1,946,260
Ending balance (in shares)	181,231,808
Class A Common Stock | AOG Units
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	0
Exchanges of AOG units (in shares)	1,029,993
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 | AOG Units
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 | AOG Units
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)	119,674,321
Class C Common Stock | AOG Units
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	3,473,026
Exchanges of AOG units (in shares)	(1,029,993)

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
AOG units (in shares)	304,396,040		304,396,040		294,613,235
AOG Units
Class of Stock [Line Items]
Direct Ownership Interest	100%		100%		100%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG units (in shares)	119,674,321		119,674,321		117,231,288
Ares Owners Holdings, L.P. | AOG Units
Class of Stock [Line Items]
Direct Ownership Interest	39.32%		39.32%		39.79%
Daily Average Ownership	39.63%	40.34%	39.75%	40.42%
AOG Units
Class of Stock [Line Items]
AOG units (in shares)	184,721,719		184,721,719		177,381,947
AOG Units | AOG Units
Class of Stock [Line Items]
Direct Ownership Interest	60.68%		60.68%		60.21%
Daily Average Ownership	60.37%	59.66%	60.25%	59.58%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023
AOG Units
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 21,942	$ 93,129	$ 92,108	$ 93,518	$ 96,347	$ 96,008	$ 93,129
Changes in ownership interests and related tax benefits		(66,506)		1,214	(1,445)	231
Net income (loss)	734	(1,824)	(886)	93	(457)	399
Currency translation adjustment, net of tax	(159)	(148)	1,834	(933)	(996)	(331)
Equity compensation		174	83	77	77	48
Distribution		(2,883)	(10)	(1,861)	(8)	(8)
Ending balance	22,517	21,942	93,129	92,108	93,518	96,347	22,517
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	484,801	1,013,282	1,004,994	1,000,000	1,000,000	1,000,000	1,013,282
Change in redemption value	15,948	10,504	8,288	4,994	0	0
Redemption		(538,985)
Gross proceeds from the initial public offering of AAC II	500,000
Ending balance	$ 1,000,749	$ 484,801	$ 1,013,282	$ 1,004,994	$ 1,000,000	$ 1,000,000	$ 1,000,749

SEGMENT REPORTING - Operating S

SEGMENT REPORTING - Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment reporting
Total revenues	$ 1,093,286	$ 601,430	$ 1,906,648	$ 1,316,429
Compensation and benefits	(367,550)	(375,775)	(728,331)	(729,612)
General, administrative and other expenses	(141,153)	(122,566)	(289,498)	(243,089)
Total
Segment reporting
Compensation and benefits	(289,928)	(251,452)	(567,959)	(493,459)
General, administrative and other expenses	(96,246)	(76,844)	(190,763)	(144,654)
Fee related earnings	266,146	219,779	520,783	425,449
Performance income—realized	140,635	70,094	171,771	113,962
Performance related compensation—realized	(99,109)	(44,058)	(122,968)	(72,633)
Realized net performance income	41,526	26,036	48,803	41,329
Investment income (loss)—realized	18,100	2,710	17,883	9,042
Interest and other investment income (expense)—realized	12,277	15,941	29,858	26,309
Interest expense	(25,839)	(17,221)	(50,825)	(32,867)
Realized net investment income (loss)	4,538	1,430	(3,084)	2,484
Realized income	312,210	247,245	566,502	469,262
Operating segment
Segment reporting
Fee related earnings	(393,776)	(320,047)	(774,912)	(616,292)
Performance income—realized	140,635	70,094	171,771	113,962
Performance related compensation—realized	(99,109)	(44,058)	(122,968)	(72,633)
Realized net investment income (loss)	4,221	2,604	(3,283)	4,109
Realized income	(439,523)	(348,687)	(820,432)	(661,730)
OMG
Segment reporting
Total revenues	(7,848)	(6,417)	(12,488)	(12,293)
Compensation and benefits	(86,011)	(71,341)	(170,978)	(135,408)
General, administrative and other expenses	(49,467)	(35,225)	(95,639)	(67,609)
Fee related earnings	(127,630)	(100,268)	(254,129)	(190,843)
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income	0	0	0	0
Investment income (loss)—realized	0	0	0	0
Interest and other investment income (expense)—realized	328	(995)	236	(1,279)
Interest expense	(11)	(179)	(37)	(346)
Realized net investment income (loss)	317	(1,174)	199	(1,625)
Realized income	(127,313)	(101,442)	(253,930)	(192,468)
Ares Management L.P
Segment reporting
Total revenues	1,093,286	601,430	1,906,648	1,316,429
Ares Management L.P | Operating segment
Segment reporting
Compensation and benefits	(203,917)	(180,111)	(396,981)	(358,051)
General, administrative and other expenses	(46,779)	(41,619)	(95,124)	(77,045)
Fee related earnings	393,776	320,047	774,912	616,292
Performance income—realized	140,635	70,094	171,771	113,962
Performance related compensation—realized	(99,109)	(44,058)	(122,968)	(72,633)
Realized net performance income	41,526	26,036	48,803	41,329
Investment income (loss)—realized	18,100	2,710	17,883	9,042
Interest and other investment income (expense)—realized	11,949	16,936	29,622	27,588
Interest expense	(25,828)	(17,042)	(50,788)	(32,521)
Realized net investment income (loss)	4,221	2,604	(3,283)	4,109
Realized income	439,523	348,687	820,432	661,730
Ares Management L.P | Operating segment | Credit Group
Segment reporting
Compensation and benefits	(122,922)	(98,688)	(239,138)	(209,399)
General, administrative and other expenses	(23,443)	(19,445)	(45,038)	(37,638)
Fee related earnings	285,661	226,909	562,970	433,613
Performance income—realized	62,760	48,533	69,353	55,896
Performance related compensation—realized	(39,040)	(29,358)	(44,037)	(33,938)
Realized net performance income	23,720	19,175	25,316	21,958
Investment income (loss)—realized	17,565	1,607	18,071	2,022
Interest and other investment income (expense)—realized	5,672	6,682	12,090	12,410
Interest expense	(8,001)	(3,657)	(15,821)	(7,125)
Realized net investment income (loss)	15,236	4,632	14,340	7,307
Realized income	324,617	250,716	602,626	462,878
Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Compensation and benefits	(20,348)	(24,293)	(42,658)	(43,859)
General, administrative and other expenses	(7,734)	(7,880)	(17,300)	(14,168)
Fee related earnings	28,174	15,631	51,628	36,031
Performance income—realized	69,678	0	88,135	2,212
Performance related compensation—realized	(53,723)	0	(68,827)	(1,786)
Realized net performance income	15,955	0	19,308	426
Investment income (loss)—realized	2,084	672	2,963	2,275
Interest and other investment income (expense)—realized	1,863	195	3,724	1,697
Interest expense	(5,735)	(3,629)	(11,350)	(7,002)
Realized net investment income (loss)	(1,788)	(2,762)	(4,663)	(3,030)
Realized income	42,341	12,869	66,273	33,427
Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Compensation and benefits	(40,638)	(40,599)	(78,624)	(74,236)
General, administrative and other expenses	(10,863)	(10,639)	(23,147)	(18,276)
Fee related earnings	55,918	49,025	109,580	88,462
Performance income—realized	2,737	17,405	8,823	51,698
Performance related compensation—realized	(1,668)	(11,186)	(5,426)	(33,395)
Realized net performance income	1,069	6,219	3,397	18,303
Investment income (loss)—realized	(1,549)	432	(3,321)	3,885
Interest and other investment income (expense)—realized	2,393	2,640	4,214	5,417
Interest expense	(4,106)	(2,713)	(8,002)	(5,102)
Realized net investment income (loss)	(3,262)	359	(7,109)	4,200
Realized income	53,725	55,603	105,868	110,965
Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Compensation and benefits	(16,623)	(15,133)	(30,035)	(26,773)
General, administrative and other expenses	(4,151)	(2,957)	(8,443)	(6,035)
Fee related earnings	21,314	28,111	46,744	57,897
Performance income—realized	5,460	4,156	5,460	4,156
Performance related compensation—realized	(4,678)	(3,514)	(4,678)	(3,514)
Realized net performance income	782	642	782	642
Investment income (loss)—realized	0	0	0	0
Interest and other investment income (expense)—realized	182	2,200	1,407	2,844
Interest expense	(2,451)	(1,557)	(4,756)	(2,022)
Realized net investment income (loss)	(2,269)	643	(3,349)	822
Realized income	19,827	29,396	44,177	59,361
Ares Management L.P | Operating segment | Other
Segment reporting
Compensation and benefits	(3,386)	(1,398)	(6,526)	(3,784)
General, administrative and other expenses	(588)	(698)	(1,196)	(928)
Fee related earnings	2,709	371	3,990	289
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income	0	0	0	0
Investment income (loss)—realized	0	(1)	170	860
Interest and other investment income (expense)—realized	1,839	5,219	8,187	5,220
Interest expense	(5,535)	(5,486)	(10,859)	(11,270)
Realized net investment income (loss)	(3,696)	(268)	(2,502)	(5,190)
Realized income	(987)	103	1,488	(4,901)
Management fees
Segment reporting
Total revenues	615,271	520,560	1,215,787	997,892
Management fees | Total
Segment reporting
Total revenues	621,752	524,881	1,224,371	1,007,802
Management fees | OMG
Segment reporting
Total revenues	0	0	0	0
Management fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	621,752	524,881	1,224,371	1,007,802
Management fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	422,662	338,134	828,312	655,623
Management fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	55,518	47,396	110,175	93,353
Management fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	95,239	90,733	192,709	163,220
Management fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	41,785	46,201	81,648	90,705
Management fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	6,548	2,417	11,527	4,901
Fee related performance revenues
Segment reporting
Total revenues	854	1,240
Fee related performance revenues | Total
Segment reporting
Total revenues			4,725	13,951
Fee related performance revenues | OMG
Segment reporting
Total revenues	0	0	0	0
Fee related performance revenues | Ares Management L.P | Operating segment
Segment reporting
Total revenues	854	1,240	4,725	13,951
Fee related performance revenues | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	222	275	822	12,628
Fee related performance revenues | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	0	0	0	0
Fee related performance revenues | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	334	965	334	1,323
Fee related performance revenues | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	298	0	3,569	0
Fee related performance revenues | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	0	0	0	0
Other fees | Total
Segment reporting
Total revenues	29,714	21,954	50,409	41,809
Other fees | OMG
Segment reporting
Total revenues	7,848	6,298	12,488	12,174
Other fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	21,866	15,656	37,921	29,635
Other fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	9,142	6,633	18,012	12,399
Other fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	738	408	1,411	705
Other fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	11,846	8,565	18,308	16,431
Other fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	5	0	5	0
Other fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	$ 135	$ 50	$ 185	$ 100

SEGMENT REPORTING - Revenue, Ex

SEGMENT REPORTING - Revenue, Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment revenues
Total revenues	$ 1,093,286	$ 601,430	$ 1,906,648	$ 1,316,429
Total segment revenues	785,107	611,871	1,438,788	1,165,350
Segment expenses
Compensation and benefits	367,550	375,775	728,331	729,612
General, administrative and other expenses	141,153	122,566	289,498	243,089
Total expenses	837,738	552,868	1,466,374	1,164,552
Segment realized net investment income (expense)
Total other income, net	126,421	18,504	182,817	76,498
Management fees
Segment revenues
Total revenues	615,271	520,560	1,215,787	997,892
Fee related performance revenues
Segment revenues
Total revenues	854	1,240
Operating segment
Segment revenues
Performance income—realized	140,635	70,094	171,771	113,962
Segment expenses
Performance related compensation—realized	99,109	44,058	122,968	72,633
Ares Management L.P
Segment revenues
Total revenues	1,093,286	601,430	1,906,648	1,316,429
Ares Management L.P | Operating segment
Segment revenues
Performance income—realized	140,635	70,094	171,771	113,962
Total segment revenues	785,107	611,871	1,438,788	1,165,350
Segment expenses
Compensation and benefits	203,917	180,111	396,981	358,051
General, administrative and other expenses	46,779	41,619	95,124	77,045
Performance related compensation—realized	99,109	44,058	122,968	72,633
Total expenses	349,805	265,788	615,073	507,729
Segment realized net investment income (expense)
Investment income—realized	18,100	2,710	17,883	9,042
Interest and other investment income —realized	11,949	16,936	29,622	27,588
Interest expense	(25,828)	(17,042)	(50,788)	(32,521)
Total other income, net	4,221	2,604	(3,283)	4,109
Ares Management L.P | Operating segment | Management fees
Segment revenues
Total revenues	621,752	524,881	1,224,371	1,007,802
Ares Management L.P | Operating segment | Fee related performance revenues
Segment revenues
Total revenues	854	1,240	4,725	13,951
Ares Management L.P | Operating segment | Other fees
Segment revenues
Total revenues	$ 21,866	$ 15,656	$ 37,921	$ 29,635

SEGMENT REPORTING - Revenue Rec

SEGMENT REPORTING - Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue adjustment
Total revenues	$ 1,093,286	$ 601,430	$ 1,906,648	$ 1,316,429
Total segment revenue	785,107	611,871	1,438,788	1,165,350
Ares Management L.P
Revenue adjustment
Total revenues	1,093,286	601,430	1,906,648	1,316,429
Operating segment | Ares Management L.P
Revenue adjustment
Performance (income) loss—unrealized	(288,220)	24,149	(415,933)	(109,383)
Total segment revenue	785,107	611,871	1,438,788	1,165,350
Reconciling items
Revenue adjustment
Principal investment (income) loss, net of eliminations	(65,242)	(13,493)	(100,699)	(27,983)
Total segment revenue	(308,179)	10,441	(467,860)	(151,079)
Reconciling items | Non-Controlling interest | Subsidiaries
Revenue adjustment
Total segment revenue	(6,421)	(11,982)	(17,330)	(22,575)
OMG
Revenue adjustment
Total revenues	(7,848)	(6,417)	(12,488)	(12,293)
Management fees
Revenue adjustment
Total revenues	615,271	520,560	1,215,787	997,892
Management fees | Operating segment | Ares Management L.P
Revenue adjustment
Total revenues	621,752	524,881	1,224,371	1,007,802
Management fees | OMG
Revenue adjustment
Total revenues	0	0	0	0
Management fees | Consolidated Funds  | Eliminations
Revenue adjustment
Total segment revenue	12,005	11,362	23,606	22,841
Carried interest
Revenue adjustment
Total revenues	418,466	47,304	569,954	225,593
Carried interest | Consolidated Funds  | Eliminations
Revenue adjustment
Total revenues	3,946	0	7,491	34
Administrative, transaction and other fees
Revenue adjustment
Total revenues	44,711	33,278	74,388	67,908
Administrative, transaction and other fees | Reconciling items
Revenue adjustment
Total revenues	(16,888)	(15,373)	(30,538)	(34,848)
Administrative, transaction and other fees | Consolidated Funds  | Reconciling items
Revenue adjustment
Total revenues	2,135	4,315	6,978	9,084
Principal investment income (loss)
Revenue adjustment
Total revenues	6,888	(4,387)	29,646	3,939
Principal investment income (loss) | Reconciling items
Revenue adjustment
Principal investment (income) loss, net of eliminations	$ (6,888)	$ 4,387	$ (29,646)	$ (3,939)

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ (837,738)	$ (552,868)	$ (1,466,374)	$ (1,164,552)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(2,757)	(1,152)	(7,712)	(10,194)
Equity compensation expense	62,284	50,144	130,988	103,161
Acquisition-related compensation expense	(600)	(59,491)	(1,242)	(107,492)
Placement fee adjustment	(3,744)	(1,425)	(6,976)	(2,118)
Depreciation and amortization expense	42,991	40,330	88,650	78,456
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(349,805)	(265,788)	(615,073)	(507,729)
Performance related compensation-unrealized	(215,496)	8,549	(300,646)	(82,649)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(837,738)	(552,868)	(1,466,374)	(1,164,552)
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(487,933)	(287,080)	(851,301)	(656,823)
Administrative fees	(16,890)	(15,958)	(30,167)	(34,848)
Acquisition and merger-related expense	(2,757)	(1,152)	(7,712)	(10,194)
Equity compensation expense	62,282	49,559	131,359	103,161
Acquisition-related compensation expense	(600)	(59,491)	(1,242)	(107,492)
Placement fee adjustment	3,744	1,425	6,976	2,118
Depreciation and amortization expense	42,991	40,330	88,650	78,456
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(1,959)	(10,771)	(11,151)	(21,384)
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	25,395	24,865	45,036	40,942
Expenses of Consolidated Funds eliminated in consolidation	(12,171)	(11,638)	(24,303)	(23,202)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ (135,478)	$ (106,566)	$ (266,617)	$ (203,017)

SEGMENT REPORTING - Other Incom

SEGMENT REPORTING - Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 126,421	$ 18,504	$ 182,817	$ 76,498
Other expense from Consolidated Funds eliminated in consolidation, net	(5,887)	5,809	(6,810)	7,593
Total segment realized net investment income (expense)	4,221	2,604	(3,283)	4,109
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	(39,629)	(3,945)	(68,406)	(2,123)
Other expense, net	(212)	(12)	(303)	(1,993)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	4,221	2,604	(3,283)	4,109
Investment (income) loss—unrealized	(43,939)	2,084	(72,924)	9,938
Interest and other investment (income) loss—unrealized	4,310	(6,029)	4,518	(12,061)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	126,421	18,504	182,817	76,498
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(122,200)	(15,900)	(186,100)	(72,389)
Principal investment income	65,242	13,493	100,699	27,983
Other expense, net	212	13	303	1,994
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	8,248	5,233	4,294	224
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income from Consolidated Funds added in consolidation, net	(146,934)	(27,570)	(209,851)	(94,418)
Eliminations | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other expense from Consolidated Funds eliminated in consolidation, net	(10,492)	(4,215)	(14,943)	(11,733)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ (1,153)	$ (1,091)	$ (1,804)	$ (5,684)

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Consolidated Funds
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations	$ 67,681	$ (15,022)	$ 94,374	$ 32,360
Total investment (income) loss—realized	(234,454)	(117,375)	(457,392)	(237,665)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income before taxes	381,969	67,066	623,091	228,375
Adjustments:
Depreciation and amortization expense	42,991	40,330	88,650	78,456
Equity compensation expense	62,284	50,144	130,988	103,161
Acquisition-related compensation expense	600	59,491	1,242	107,492
Acquisition and merger-related expense	2,757	1,152	7,712	10,194
Placement fee adjustment	(3,744)	(1,425)	(6,976)	(2,118)
Other expense, net	212	12	303	1,993
Total performance (income) loss—unrealized	(288,220)	24,149	(415,933)	(109,383)
Total performance related compensation—unrealized	215,496	(8,549)	300,646	82,649
Investment (income) loss—unrealized	(39,629)	(3,945)	(68,406)	(2,123)
Realized income	439,523	348,687	820,432	661,730
Total performance income—realized	(140,635)	(70,094)	(171,771)	(113,962)
Total performance related compensation—realized	99,109	44,058	122,968	72,633
Total investment (income) loss—realized	(4,221)	(2,604)	3,283	(4,109)
Fee related earnings	393,776	320,047	774,912	616,292
Operating segment | Consolidated Funds
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(67,762)	14,999	(94,933)	(32,408)
Operating segment | Subsidiaries
Adjustments:
(Income) loss before taxes of non-controlling interests in Consolidated Funds, net of eliminations	3,786	4,022	(1,885)	(967)
OMG
Adjustments:
OMG expense, net	128,783	101,241	255,933	196,409
Realized income	127,313	101,442	253,930	192,468
Total performance income—realized	0	0	0	0
Total performance related compensation—realized	0	0	0	0
Total investment (income) loss—realized	(317)	1,174	(199)	1,625
Fee related earnings	$ 127,630	$ 100,268	$ 254,129	$ 190,843

CONSOLIDATION - Deconsolidated

CONSOLIDATION - Deconsolidated Funds (Details)	6 Months Ended
	Jun. 30, 2023 cLO
Condensed Financial Information Disclosure [Abstract]
Number of entities that experienced a significant change in ownership or control	1

CONSOLIDATION - Variable Intere

CONSOLIDATION - Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 23,118,806		$ 23,118,806		$ 22,002,839
Liabilities of consolidated VIEs	18,103,070		18,103,070		17,097,810
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	77,900		77,900		82,000
Consolidated Funds
Variable Interest Entity [Line Items]
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	67,681	$ (15,022)	94,374	$ 32,360
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	410,725		410,725		393,549
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	786,662		786,662		537,239
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	14,186,814		14,186,814		13,128,088
Liabilities of consolidated VIEs	12,443,170		12,443,170		$ 11,593,867
Net income (loss) attributable to non-controlling interests related to consolidated VIEs	$ 63,461	$ (18,725)	$ 100,592	$ 19,737

CONSOLIDATION - Balance Sheet (

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Assets
Intangible assets, net	$ 562,873		$ 640,420
Goodwill	998,020		999,656
Total assets	23,118,806		22,002,839
Liabilities
Operating lease liabilities	206,816
Total liabilities	18,103,070		17,097,810
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,182,173		1,970,754
Accumulated deficit	(425,526)		(369,475)
Accumulated other comprehensive loss, net of tax	(9,687)		(14,986)
Total stockholders’ equity	1,750,004		1,589,239
Total equity	3,992,470	$ 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	$ 23,118,806		$ 22,002,839
Common stock, shares outstanding (in shares)	304,397,040		294,614,235
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,812		$ 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)	181,231,808		173,892,036
Common stock, shares outstanding (in shares)	181,231,808		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	$ 1,197		$ 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)	119,674,321		117,231,288
Common stock, shares outstanding (in shares)	119,674,321		117,231,288
Eliminations
Assets
Total assets	$ (940,313)		$ (739,164)
Liabilities
Total liabilities	(242,914)		(300,704)
Commitments and contingencies
Stockholders’ Equity
Total equity	(697,399)		(438,460)
Total liabilities, redeemable interest, non-controlling interests and equity	(940,313)		(739,164)
Consolidated Funds
Assets
Cash and cash equivalents	812,164		724,641
Due from affiliates	11,388		15,789
Other assets	66,890		65,570
Investments held in trust account	1,000,949		1,013,382
Investments, at fair value	13,090,939		12,191,251
Receivable for securities sold	197,729		124,050
Liabilities
Accounts payable, accrued expenses and other liabilities	225,294		168,286
Due to affiliates	920		4,037
Payable for securities purchased	554,555		314,193
CLO loan obligations, at fair value	11,460,999		10,701,720
Fund borrowings	65,050		168,046
Redeemable interest	1,000,749	484,801	1,013,282	1,004,994	1,000,000	1,000,000	1,000,000
Non-controlling interests in Consolidated Funds	$ 971,309		$ 1,074,356
Stockholders’ Equity
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]		Related Party [Member]
Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]		Related Party [Member]
Consolidated Funds  | Reportable legal entity
Assets
Cash and cash equivalents	$ 812,164		$ 724,641
Due from affiliates	22,432		26,531
Other assets	66,890		65,570
Investments held in trust account	1,000,949		1,013,382
Investments, at fair value	13,090,939		12,187,392
Receivable for securities sold	197,729		124,050
Total assets	15,191,103		14,141,566
Liabilities
Accounts payable, accrued expenses and other liabilities	237,560		175,435
Due to affiliates	123,612		191,238
Payable for securities purchased	554,555		314,193
CLO loan obligations, at fair value	11,557,946		10,797,332
Fund borrowings	65,050		168,046
Total liabilities	12,538,723		11,646,244
Commitments and contingencies
Redeemable interest	1,000,749		1,013,282
Non-controlling interests in Consolidated Funds	1,651,631		1,482,040
Stockholders’ Equity
Total equity	1,651,631		1,482,040
Total liabilities, redeemable interest, non-controlling interests and equity	15,191,103		14,141,566
Consolidated Funds  | Eliminations
Assets
Due from affiliates	(11,044)		(10,742)
Investments, at fair value	0		3,859
Liabilities
Accounts payable, accrued expenses and other liabilities	(12,266)		(7,149)
Due to affiliates	(122,692)		(187,201)
CLO loan obligations, at fair value	(96,947)		(95,612)
Non-controlling interests in Consolidated Funds	(680,322)		(407,684)
AOG Units
Liabilities
Redeemable interest	22,517	$ 21,942	93,129	$ 92,108	$ 93,518	$ 96,347	$ 96,008
Non-controlling interests in Ares Operating Group entities	1,271,157		1,135,023
AOG Units | Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	1,277,871		1,147,269
AOG Units | Eliminations
Liabilities
Non-controlling interests in Ares Operating Group entities	(6,714)		(12,246)
Ares Management L.P
Assets
Cash and cash equivalents	276,827		389,987
Investments (includes $3,524,644 of accrued carried interest)	4,466,226		3,974,734
Due from affiliates	643,444		758,472
Other assets	252,646		381,137
Right-of-use operating lease assets	170,911		155,950
Intangible assets, net	1,130,673		1,208,220
Goodwill	998,020		999,656
Liabilities
Accounts payable, accrued expenses and other liabilities	267,198		231,921
Accrued compensation	250,790		510,130
Due to affiliates	192,153		252,798
Performance related compensation payable	2,579,564		2,282,209
Debt obligations	2,299,731		2,273,854
Operating lease liabilities	206,816		190,616
Stockholders’ Equity
Additional paid-in-capital	2,182,173		1,970,754
Accumulated deficit	(425,526)		(369,475)
Accumulated other comprehensive loss, net of tax	(9,687)		(14,986)
Total stockholders’ equity	$ 1,750,004		$ 1,589,239
Other Receivable, after Allowance for Credit Loss, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]		Related Party [Member]
Accounts Payable, Related and Nonrelated Party Status [Extensible Enumeration]	Related Party [Member]		Related Party [Member]
Ares Management L.P | Carried interest
Stockholders’ Equity
Equity method investments:	$ 3,524,644		$ 3,106,577
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,812		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	1,197		1,172
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	276,827		389,987
Investments (includes $3,524,644 of accrued carried interest)	5,272,838		4,515,955
Due from affiliates	766,101		949,532
Other assets	252,646		381,137
Right-of-use operating lease assets	170,911		155,950
Intangible assets, net	1,130,673		1,208,220
Goodwill	998,020		999,656
Total assets	8,868,016		8,600,437
Liabilities
Accounts payable, accrued expenses and other liabilities	278,207		242,663
Accrued compensation	250,790		510,130
Due to affiliates	192,153		252,798
Performance related compensation payable	2,579,564		2,282,209
Debt obligations	2,299,731		2,273,854
Operating lease liabilities	206,816		190,616
Total liabilities	5,807,261		5,752,270
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,192,536		1,989,284
Accumulated deficit	(425,526)		(369,475)
Accumulated other comprehensive loss, net of tax	(9,687)		(14,986)
Total stockholders’ equity	1,760,367		1,607,769
Total equity	3,038,238		2,755,038
Total liabilities, redeemable interest, non-controlling interests and equity	8,868,016		8,600,437
Ares Management L.P | Reportable legal entity | Class A Common Stock
Stockholders’ Equity
Common stock	1,812		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	1,197		1,172
Ares Management L.P | Eliminations
Assets
Investments (includes $3,524,644 of accrued carried interest)	(806,612)		(541,221)
Due from affiliates	(122,657)		(191,060)
Other assets	0		0
Liabilities
Accounts payable, accrued expenses and other liabilities	(11,009)		(10,742)
Stockholders’ Equity
Additional paid-in-capital	(10,363)		(18,530)
Total stockholders’ equity	(10,363)		(18,530)
Ares Management L.P | AOG Units | Reportable legal entity
Liabilities
Redeemable interest	$ 22,517		$ 93,129

CONSOLIDATION - Income Statemen

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues
Total revenues	$ 1,093,286	$ 601,430	$ 1,906,648	$ 1,316,429
Expenses
Compensation and benefits	367,550	375,775	728,331	729,612
Performance related compensation	315,780	41,073	427,438	173,884
General, administrative and other expenses	141,153	122,566	289,498	243,089
Total expenses	837,738	552,868	1,466,374	1,164,552
Other income (expense)
Net realized and unrealized gains on investments	5,481	(1,775)	6,996	6,334
Interest and dividend income	2,690	1,476	6,529	2,978
Interest expense	(25,839)	(17,221)	(50,825)	(32,867)
Other income (expense), net	(5,887)	5,809	(6,810)	7,593
Total other income, net	126,421	18,504	182,817	76,498
Income before taxes	381,969	67,066	623,091	228,375
Income tax expense	49,714	13,460	83,520	33,871
Net income	332,255	53,606	539,571	194,504
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	144,514	39,731	238,553	85,594
Eliminations
Revenues
Total revenues	(76,440)	(33,557)	(109,128)	(56,003)
Expenses
Compensation and benefits	0	0
Performance related compensation	0	0
General, administrative and other expenses	(31)	(227)	(374)	(227)
Total expenses	(12,171)	(11,638)	(24,303)	(23,202)
Other income (expense)
Net realized and unrealized gains on investments	10,036	8,658	3,699	21,693
Interest and dividend income	(2,797)	(6,899)	(6,134)	(8,807)
Other income (expense), net	211	(189)	302	805
Total other income, net	10,492	4,215	14,943	11,733
Income before taxes	(53,777)	(17,704)	(69,882)	(21,068)
Income tax expense	0	0
Net income	(53,777)	(17,704)	(69,882)	(21,068)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0	0	0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	13,255	13,454	21,107	17,967
Other income (expense)
Net realized and unrealized gains on investments	98,426	(7,907)	109,126	8,061
Interest expense	(182,904)	(79,253)	(339,591)	(153,266)
Interest and other income of Consolidated Funds	234,454	117,375	457,392	237,665
Less: Net income (loss) attributable to non-controlling interests	67,681	(15,022)	94,374	32,360
Consolidated Funds  | Reportable legal entity
Revenues
Total revenues	0	0	0	0
Expenses
Expenses of Consolidated Funds	25,395	24,865	45,036	40,942
Total expenses	25,395	24,865	45,036	40,942
Other income (expense)
Net realized and unrealized gains on investments	96,288	(6,806)	94,219	16,205
Interest expense	(184,019)	(82,810)	(342,062)	(160,257)
Interest and other income of Consolidated Funds	234,665	117,186	457,694	238,470
Total other income, net	146,934	27,570	209,851	94,418
Income before taxes	121,539	2,705	164,815	53,476
Income tax expense	81	23	559	48
Net income	121,458	2,682	164,256	53,428
Less: Net income (loss) attributable to non-controlling interests	121,458	2,682	164,256	53,428
Consolidated Funds  | Eliminations
Expenses
Expenses of Consolidated Funds	(12,140)	(11,411)	(23,929)	(22,975)
Other income (expense)
Net realized and unrealized gains on investments	2,138	(1,101)	14,907	(8,144)
Interest expense	1,115	3,557	2,471	6,991
Interest and other income of Consolidated Funds	(211)	189	(302)	(805)
Less: Net income (loss) attributable to non-controlling interests	(53,777)	(17,704)	(69,882)	(21,068)
AOG Units
Other income (expense)
Net income	264,574	68,628	445,197	162,144
Less: Net income (loss) attributable to redeemable interest	734	(457)	(1,090)	(58)
Less: Net income (loss) attributable to non-controlling interests	119,326	29,354	207,734	76,608
AOG Units | Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests				76,608
AOG Units | Eliminations
Other income (expense)
Net income	0	0
Consolidated Company Entities
Revenues
Total revenues	1,093,286	601,430	1,906,648	1,316,429
Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	1,169,726	634,987	2,015,776	1,372,432
Expenses
Compensation and benefits	367,550	375,775	728,331	729,612
Performance related compensation	315,780	41,073	427,438	173,884
General, administrative and other expenses	141,184	122,793	289,872	243,316
Total expenses	824,514	539,641	1,445,641	1,146,812
Other income (expense)
Net realized and unrealized gains on investments	(4,555)	(10,433)	3,297	(15,359)
Interest and dividend income	5,487	8,375	12,663	11,785
Interest expense	(25,839)	(17,221)	(50,825)	(32,867)
Other income (expense), net	(6,098)	5,998	(7,112)	6,788
Total other income, net	(31,005)	(13,281)	(41,977)	(29,653)
Income before taxes	314,207	82,065	528,158	195,967
Income tax expense	49,633	13,437	82,961	33,823
Net income	264,574	68,628	445,197	162,144
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	144,514	39,731	238,553	85,594
Consolidated Company Entities  | Consolidated Funds  | Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests				0
Consolidated Company Entities  | AOG Units | Reportable legal entity
Other income (expense)
Net income	264,574	68,628	445,197	162,144
Less: Net income (loss) attributable to redeemable interest	734	(457)	(1,090)	(58)
Less: Net income (loss) attributable to non-controlling interests	119,326	29,354	207,734
Management fees
Revenues
Total revenues	615,271	520,560	1,215,787	997,892
Management fees | Eliminations
Revenues
Total revenues	(12,005)	(11,362)	(23,606)	(22,841)
Management fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	627,276	531,922	1,239,393	1,020,733
Carried interest allocation
Revenues
Total revenues	418,466	47,304	569,954	225,593
Carried interest allocation | Eliminations
Revenues
Total revenues	(3,946)	0	(7,353)
Carried interest allocation | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	422,412	47,304	577,307	225,593
Incentive fees
Revenues
Total revenues	7,950	4,675	16,873	21,097
Incentive fees | Eliminations
Revenues
Total revenues	0	0	(138)	(34)
Incentive fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	7,950	4,675	17,011	21,131
Principal investment income (loss)
Revenues
Total revenues	6,888	(4,387)	29,646	3,939
Principal investment income (loss) | Eliminations
Revenues
Total revenues	(58,354)	(17,880)	(71,053)	(24,044)
Principal investment income (loss) | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	65,242	13,493	100,699	27,983
Administrative, transaction and other fees
Revenues
Total revenues	44,711	33,278	74,388	67,908
Administrative, transaction and other fees | Eliminations
Revenues
Total revenues	(2,135)	(4,315)	(6,978)	(9,084)
Administrative, transaction and other fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	$ 46,846	$ 37,593	$ 81,366	$ 76,992

CONSOLIDATION - Cash Flow State

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 332,255	$ 53,606	$ 539,571	$ 194,504
Net cash provided by (used in) operating activities			8,520	(568,198)
Cash flows from investing activities:
Net cash used in investing activities			(21,127)	(320,125)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities			(97,501)	815,494
Effect of exchange rate changes			(3,052)	(17,959)
Net change in cash and cash equivalents			(113,160)	(90,788)
Cash and cash equivalents, beginning of period			389,987
Cash and cash equivalents, end of period	276,827	252,867	276,827	252,867
Supplemental disclosure of non-cash financing activities:
Issuance of Class A common stock in connection with acquisition-related activity			116,101	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			116,101
Eliminations
Cash flows from operating activities:
Net income	(53,777)	(17,704)	(69,882)	(21,068)
Cash flows due to changes in operating assets and liabilities			(61,317)
Change in cash and cash equivalents held at Consolidated Funds			(10,397)
Net cash provided by (used in) operating activities			101,534	139,379
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities			(189,057)	85,702
Effect of exchange rate changes			0
Net change in cash and cash equivalents			(87,523)	225,081
Cash and cash equivalents, beginning of period			(724,641)	(1,049,191)
Cash and cash equivalents, end of period	(812,164)	(824,110)	(812,164)	(824,110)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(884,231)	(855,803)
Change in cash and cash equivalents held at Consolidated Funds			133,981	(125,132)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			680,991	218,280
Distributions to non-controlling interests in Consolidated Funds			(35,925)	(53,638)
Redemptions of redeemable interests in Consolidated Funds			(538,985)	0
Borrowings under loan obligations by Consolidated Funds			535,464	814,183
Repayments under loan obligations by Consolidated Funds			(174,669)	(46,873)
Consolidated Funds  | Reportable legal entity
Cash flows from operating activities:
Net income	121,458	2,682	164,256	53,428
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(869,324)	(863,947)
Change in cash and cash equivalents held at Consolidated Funds			144,378	(255,233)
Net cash provided by (used in) operating activities			(560,690)	(1,065,752)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			880,426	242,975
Distributions to non-controlling interests in Consolidated Funds			(46,303)	(164,035)
Redemptions of redeemable interests in Consolidated Funds			(538,985)
Borrowings under loan obligations by Consolidated Funds			535,464	814,183
Repayments under loan obligations by Consolidated Funds			(174,669)	(46,873)
Net cash provided by (used in) financing activities			655,933	846,250
Effect of exchange rate changes			(7,720)	(5,579)
Net change in cash and cash equivalents			87,523	(225,081)
Cash and cash equivalents, beginning of period			724,641	1,049,191
Cash and cash equivalents, end of period	812,164	824,110	812,164	824,110
Consolidated Funds  | Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(14,907)	8,144
Change in cash and cash equivalents held at Consolidated Funds				130,101
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			(199,435)	(24,695)
Distributions to non-controlling interests in Consolidated Funds			10,378	110,397
AOG Units
Cash flows from operating activities:
Net income	264,574	68,628	445,197	162,144
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with settlement of management incentive program			245,647
AOG Units | Eliminations
Cash flows from operating activities:
Net income	0	0
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			149,773	61,073
Cash flows due to changes in operating assets and liabilities			69,426	157,160
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(21,127)	(18,448)
Acquisitions, net of cash acquired			0	(301,677)
Cash flows from financing activities:
Proceeds from Credit Facility			495,000	700,000
Proceeds from issuance of senior notes			0	488,915
Repayments of Credit Facility			(470,000)	(720,000)
Dividends and distributions			(510,501)	(406,366)
Stock option exercises			53,140	8,644
Taxes paid related to net share settlement of equity awards			(133,570)	(189,485)
Other financing activities			1,554	1,834
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period			389,987	343,655
Cash and cash equivalents, end of period	276,827	252,867	276,827	252,867
Ares Management L.P | Reportable legal entity
Cash flows from operating activities:
Net income	264,574	68,628	445,197	162,144
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(108,264)	147,828
Cash flows due to changes in operating assets and liabilities			130,743	48,203
Net cash provided by (used in) operating activities			467,676	358,175
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(21,127)	(18,448)
Acquisitions, net of cash acquired				(301,677)
Net cash used in investing activities			(21,127)	(320,125)
Cash flows from financing activities:
Proceeds from Credit Facility			495,000	700,000
Repayments of Credit Facility			(470,000)	(720,000)
Dividends and distributions			(510,501)	(406,366)
Stock option exercises			53,140	8,644
Taxes paid related to net share settlement of equity awards			(133,570)	(189,485)
Other financing activities			1,554	1,834
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities			(564,377)	(116,458)
Effect of exchange rate changes			4,668	(12,380)
Net change in cash and cash equivalents			(113,160)	(90,788)
Cash and cash equivalents, beginning of period			389,987	343,655
Cash and cash equivalents, end of period	276,827	252,867	276,827	252,867
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 (used in) operating activities			258,037	(86,755)
Cash flows due to changes in operating assets and liabilities				108,957
Ares Management L.P | AOG Units | Reportable legal entity
Cash flows from operating activities:
Net income	$ 264,574	$ 68,628	445,197	$ 162,144
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		6 Months Ended
	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class A Common Stock
Subsequent events
Dividend declared per class A common stock (in dollars per share)		$ 0.77	$ 0.61	$ 1.54	$ 1.22
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	$ 1.54	$ 1.22
Non-voting Common Stock | Subsequent event
Subsequent events
Dividend declared per class A common stock (in dollars per share)	$ 0.77