Ares Management (ARES) 10-Q 3 Nov 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 31, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	Q3
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		185,586,803
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		118,132,697

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Assets
Intangible assets, net	$ 465,790	$ 640,420
Goodwill	997,801	999,656
Total assets	23,383,893	22,002,839
Liabilities
Operating lease liabilities	326,902
Total liabilities	18,339,676	17,097,810
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,262,735	1,970,754
Accumulated deficit	(515,351)	(369,475)
Accumulated other comprehensive loss, net of tax	(17,265)	(14,986)
Total stockholders’ equity	1,733,179	1,589,239
Total equity	4,018,454	3,798,618
Total liabilities, redeemable interest, non-controlling interests and equity	23,383,893	22,002,839
Class A Common Stock
Stockholders’ Equity
Common stock	1,844	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	1,181	1,172
Consolidated Funds
Assets
Cash and cash equivalents	885,318	724,641
Due from affiliates	12,352	15,789
Other assets	71,761	65,570
Investments held in trust account	1,002,787	1,013,382
Investments, at fair value	13,221,997	12,191,251
Receivable for securities sold	153,210	124,050
Liabilities
Accounts payable, accrued expenses and other liabilities	243,337	168,286
Due to affiliates	0	4,037
Payable for securities purchased	512,879	314,193
CLO loan obligations, at fair value	11,460,963	10,701,720
Fund borrowings	80,741	168,046
Redeemable interest	1,002,587	1,013,282
Non-controlling interests in Consolidated Funds	$ 1,053,433	$ 1,074,356
Stockholders’ Equity
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Ares Operating Group
Liabilities
Redeemable interest	$ 23,176	$ 93,129
Non-controlling interests in Ares Operating Group entities	1,231,842	1,135,023
Ares Management L.P
Assets
Cash and cash equivalents	311,827	389,987
Investments (includes accrued carried interest of $3,490,841 and $3,106,577 at September 30, 2023 and December 31, 2022, respectively)	4,436,746	3,974,734
Due from affiliates	690,475	758,472
Other assets	306,492	381,137
Right-of-use operating lease assets	259,537	155,950
Intangible assets, net	1,033,590	1,208,220
Goodwill	997,801	999,656
Liabilities
Accounts payable, accrued expenses and other liabilities	264,485	231,921
Accrued compensation	361,017	510,130
Due to affiliates	210,729	252,798
Performance related compensation payable	2,538,450	2,282,209
Debt obligations	2,340,173	2,273,854
Operating lease liabilities	326,902	190,616
Stockholders’ Equity
Additional paid-in-capital	2,262,735	1,970,754
Accumulated deficit	(515,351)	(369,475)
Accumulated other comprehensive loss, net of tax	(17,265)	(14,986)
Total stockholders’ equity	$ 1,733,179	$ 1,589,239
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accounts Payable and Accrued Liabilities	Accounts Payable and Accrued Liabilities
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,844	$ 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	$ 1,181	$ 1,172

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Common stock, shares outstanding (in shares)	305,984,552	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)	184,360,944	173,892,036
Common stock, shares outstanding (in shares)	184,360,944	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)	118,132,697	117,231,288
Common stock, shares outstanding (in shares)	118,132,697	117,231,288
Ares Management L.P | Carried interest
Equity method investments:	$ 3,490,841	$ 3,106,577

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 671,255	$ 801,290	$ 2,577,903	$ 2,117,719
Expenses
Compensation and benefits	367,502	425,419	1,095,833	1,155,031
Performance related compensation	(25,448)	142,934	401,990	316,818
General, administrative and other expenses	211,842	319,352	501,340	562,441
Total expenses	560,960	898,102	2,027,334	2,062,654
Other income (expense)
Net realized and unrealized gains (losses) on investments	(1,770)	4,431	5,226	10,765
Interest and dividend income	4,752	2,086	11,281	5,064
Interest expense	(25,975)	(18,307)	(76,800)	(51,174)
Other income (expense), net	5,742	2,601	(1,068)	10,194
Total other income, net	116,577	36,434	299,394	112,932
Income (loss) before taxes	226,872	(60,378)	849,963	167,997
Income tax expense (benefit)	29,898	(11,599)	113,418	22,272
Net income (loss)	196,974	(48,779)	736,545	145,725
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 61,823	$ (35,546)	$ 300,376	$ 50,048
Class A Common Stock
Net income (loss) per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.30	$ (0.22)	$ 1.54	$ 0.23
Diluted (in dollars per share)	$ 0.30	$ (0.22)	$ 1.54	$ 0.23
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	186,218,638	175,631,144	182,757,955	175,010,241
Diluted (in shares)	186,218,638	175,631,144	182,757,955	175,010,241
Non-voting Common Stock
Net income (loss) per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.30	$ (0.22)	$ 1.54	$ 0.23
Diluted (in dollars per share)	$ 0.30	$ (0.22)	$ 1.54	$ 0.23
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	186,218,638	175,631,144	182,757,955	175,010,241
Diluted (in shares)	186,218,638	175,631,144	182,757,955	175,010,241
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 7,064	$ 10,397	$ 28,171	$ 28,364
Other income (expense)
Net realized and unrealized gains (losses) on investments	79,591	(30)	188,717	8,031
Interest expense	(201,363)	(112,762)	(540,954)	(266,028)
Interest and other income of Consolidated Funds	255,600	158,415	712,992	396,080
Less: Net income (loss) attributable to non-controlling interests	80,289	16,340	174,663	48,700
Ares Operating Group
Other income (expense)
Net income (loss)	116,685	(65,119)	561,882	97,025
Less: Net income (loss) attributable to non-controlling interests	54,104	(29,666)	261,838	46,942
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	758	93	(332)	35
Management fees
Revenues
Total revenues	637,517	548,458	1,853,304	1,546,350
Carried interest allocation
Revenues
Total revenues	(28,126)	192,186	541,828	417,779
Incentive fees
Revenues
Total revenues	16,454	8,882	33,327	29,979
Principal investment income
Revenues
Total revenues	9,339	11,582	38,985	15,521
Administrative, transaction and other fees
Revenues
Total revenues	$ 36,071	$ 40,182	$ 110,459	$ 108,090

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net income (loss)	$ 196,974	$ (48,779)	$ 736,545	$ 145,725
Other comprehensive loss:
Foreign currency translation adjustments, net of tax	(23,984)	(29,611)	(21,780)	(71,648)
Total comprehensive income (loss)	172,990	(78,390)	714,765	74,077
Consolidated Funds
Other comprehensive loss:
Less: Comprehensive income (loss) attributable to non-controlling interests	68,976	7,141	157,055	24,506
Ares Operating Group
Net income (loss)	116,685	(65,119)	561,882	97,025
Other comprehensive loss:
Less: Comprehensive income (loss) attributable to non-controlling interests	49,110	(37,518)	260,351	28,712
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	659	(840)	(738)	(2,225)
Ares Management Corporation | Ares Management L.P
Other comprehensive loss:
Comprehensive income (loss) attributable to Ares Management Corporation	$ 54,245	$ (47,173)	$ 298,097	$ 23,084

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 Ares Operating Group	Non-Controlling interest Consolidated Funds	Class A Common Stock Common Stock	Non-voting Common Stock Common Stock	Class C Common Stock Common Stock
Beginning balance at Dec. 31, 2021	$ 3,814,426	$ 1,913,559	$ (89,382)	$ (1,855)	$ 1,397,747	$ 591,452	$ 1,684	$ 35	$ 1,186
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(182,191)	(110,577)			(90,843)	19,202	28		(1)
Issuances of common stock	12,835	12,834					1
Capital contributions	84,009				1,079	82,930
Dividends/Distributions	(246,844)		(111,406)		(100,480)	(34,958)
Net income (loss)	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 (loss)	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 (loss)	(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 (loss)	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 (loss)	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 (loss)	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
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(6,531)	15,435			(14,757)	(7,210)	17		(16)
Capital contributions	41,526				148	41,378			0
Dividends/Distributions	(270,604)		(151,648)		(97,936)	(21,020)
Net income (loss)	196,216		61,823		54,104	80,289
Currency translation adjustment, net of tax	(23,885)			(7,578)	(4,994)	(11,313)
Equity compensation	61,976	37,856			24,120
Stock option exercises	27,286	27,271					15
Ending balance at Sep. 30, 2023	$ 4,018,454	$ 2,262,735	$ (515,351)	$ (17,265)	$ 1,231,842	$ 1,053,433	$ 1,844	$ 35	$ 1,181

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income	$ 736,545	$ 145,725
Net cash provided by (used in) operating activities	326,791	(543,605)
Cash flows from investing activities:
Net cash used in investing activities	(44,177)	(330,046)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(341,603)	927,081
Effect of exchange rate changes	(19,171)	(35,585)
Net change in cash and cash equivalents	(78,160)	17,845
Cash and cash equivalents, beginning of period	389,987
Cash and cash equivalents, end of period	311,827	361,500
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	(948,908)	(1,128,425)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds	91,314	(195,504)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	735,944	298,646
Distributions to non-controlling interests in Consolidated Funds	(56,945)	(104,432)
Redemptions of redeemable interests in Consolidated Funds	(553,718)	0
Borrowings under loan obligations by Consolidated Funds	549,664	1,120,680
Repayments under loan obligations by Consolidated Funds	(257,370)	(121,273)
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities	312,180	320,950
Cash flows due to changes in operating assets and liabilities	135,660	313,649
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(44,177)	(28,388)
Acquisitions, net of cash acquired	0	(301,658)
Cash flows from financing activities:
Proceeds from Credit Facility	735,000	940,000
Proceeds from issuance of senior notes	0	488,915
Repayments of Credit Facility	(670,000)	(910,000)
Dividends and distributions	(760,085)	(608,220)
Stock option exercises	80,426	14,531
Taxes paid related to net share settlement of equity awards	(145,421)	(194,223)
Other financing activities	902	2,457
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	$ 311,827	$ 361,500

ORGANIZATION

ORGANIZATION	9 Months Ended
	Sep. 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 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2023, in connection with the extensions of the period to complete a business combination, the AAC I shareholders elected to redeem an aggregate amount of $553.7 million that was paid from AAC I’s trust account. As of September 30, 2023, the remaining 45,604,260 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	9 Months Ended
	Sep. 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 September 30, 2023 As of September 30, As of December 31, 2023 2022 Management contracts 4.4 $ 571,542 $ 586,077 Client relationships 8.8 178,620 262,301 Trade name 0.0 — 11,079 Other 1.1 500 500 Finite-lived intangible assets 750,662 859,957 Foreign currency translation (841) 935 Total finite-lived intangible assets 749,821 860,892 Less: accumulated amortization (284,031) (220,472) Finite-lived intangible assets, net 465,790 640,420 Management contracts 567,800 567,800 Indefinite-lived intangible assets 567,800 567,800 Intangible assets, net $ 1,033,590 $ 1,208,220 During the third quarter of 2023, the Company recorded a non-cash impairment charge of $65.7 million to the carrying value of client relationships from the acquisition of Landmark Partners, LLC (the “Landmark Acquisition”) that are included within the Secondaries Group. The primary indicator of impairment was the lower expected fee paying assets under management in a private equity secondaries fund from existing investors as of the date of the Landmark Acquisition. 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. During the third quarter of 2022, the Company recorded non-cash impairment charges of $181.6 million, related to rebranding of our secondaries group as Ares Secondaries and discontinued the ongoing use of the Landmark trade name, and fair value of certain management contracts in connection with lower than expected fee paying assets under management. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $31.0 million and $32.7 million for the three months ended September 30, 2023 and 2022, respectively, and $95.0 million and $101.5 million for the nine months ended September 30, 2023 and 2022, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the nine months ended September 30, 2023, the Company removed $109.3 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 (1,879) — — 2 — (1,877) Balance as of September 30, 2023 $ 254,904 $ 48,070 $ 277,205 $ 417,622 $ — $ 997,801 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 nine months ended September 30, 2023 and 2022. The impact of foreign currency translation is reflected within other comprehensive income (loss) within the Condensed Consolidated Statements of Comprehensive Income.

INVESTMENTS

INVESTMENTS	9 Months Ended
	Sep. 30, 2023
Investments in and Advances to Affiliates [Abstract]
INVESTMENTS	4. INVESTMENTS The following table summarizes the Company’s investments: As of Percentage of total investments as of September 30, December 31, September 30, December 31, 2023 2022 2023 2022 Equity method investments: Equity method - carried interest $ 3,490,841 $ 3,106,577 78.7% 78.2% Equity method private investment partnership interests - principal 580,140 543,592 13.1 13.7 Equity method private investment partnership interests and other (held at fair value) 158,542 123,170 3.6 3.1 Equity method private investment partnership interests and other 45,816 47,439 1.0 1.2 Total equity method investments 4,275,339 3,820,778 96.4 96.2 Collateralized loan obligations 20,879 25,163 0.5 0.6 Other fixed income 54,336 51,771 1.2 1.2 Collateralized loan obligations and other fixed income, at fair value 75,215 76,934 1.7 1.8 Common stock, at fair value 86,192 77,022 1.9 2.0 Total investments $ 4,436,746 $ 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 nine months ended September 30, 2023 and 2022, no individual equity method investment held by the Company met the significance criteria. The following table presents the Company’s other income, net from to its equity method investments, which 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: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Total other income, net related to equity method investments $ 1,845 $ 16,228 $ 34,900 $ 25,065 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 The following table summarizes investments held in the Consolidated Funds: Fair Value as of Percentage of total investments as of September 30, December 31, September 30, December 31, 2023 2022 2023 2022 Fixed income investments: Loans $ 10,001,553 $ 9,280,522 70.3% 70.3% Investments held in trust account 1,002,787 1,013,382 7.0 7.7 Bonds 561,570 786,961 4.0 6.0 Total fixed income investments 11,565,910 11,080,865 81.3 84.0 Partnership interests 1,486,217 1,392,169 10.5 10.5 Equity securities 1,172,657 731,599 8.2 5.5 Total investments, at fair value $ 14,224,784 $ 13,204,633 As of September 30, 2023 and December 31, 2022, no

FAIR VALUE

FAIR VALUE	9 Months Ended
	Sep. 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 September 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 $ — $ 86,192 $ 154,912 $ — $ 241,104 Collateralized loan obligations and other fixed income — — 75,215 — 75,215 Partnership interests — — — 3,630 3,630 Total investments, at fair value — 86,192 230,127 3,630 319,949 Derivatives-foreign currency forward contracts — 2,700 — — 2,700 Total assets, at fair value $ — $ 88,892 $ 230,127 $ 3,630 $ 322,649 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (801) $ — $ — $ (801) Total liabilities, at fair value $ — $ (801) $ — $ — $ (801) 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 $ 1 $ 9,451,293 $ 550,259 $ — $ 10,001,553 Investments held in trust account 1,002,787 — — — 1,002,787 Bonds — 559,801 1,769 — 561,570 Total fixed income investments 1,002,788 10,011,094 552,028 — 11,565,910 Partnership interests — — — 1,486,217 1,486,217 Equity securities 58,139 2,925 1,111,593 — 1,172,657 Total investments, at fair value 1,060,927 10,014,019 1,663,621 1,486,217 14,224,784 Derivatives-foreign currency forward contracts — 5,499 — — 5,499 Total assets, at fair value $ 1,060,927 $ 10,019,518 $ 1,663,621 $ 1,486,217 $ 14,230,283 Liabilities, at fair value Loan obligations of CLOs $ — $ (11,460,963) $ — $ — $ (11,460,963) Derivatives: Warrants (13,220) — — — (13,220) Asset swaps — — (2,145) — (2,145) Foreign currency forward contracts — (5,502) — — (5,502) Total derivative liabilities, at fair value (13,220) (5,502) (2,145) — (20,867) Total liabilities, at fair value $ (13,220) $ (11,466,465) $ (2,145) $ — $ (11,481,830) 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: Level III Assets of the Company Equity Securities Fixed Income Total Balance as of June 30, 2023 $ 165,371 $ 73,777 $ 239,148 Purchases (1) 7 1,499 1,506 Sales/settlements (2) (350) (1,047) (1,397) Realized and unrealized appreciation (depreciation), net (10,116) 986 (9,130) Balance as of September 30, 2023 $ 154,912 $ 75,215 $ 230,127 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (10,116) $ 986 $ (9,130) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of June 30, 2023 $ 1,066,065 $ 648,131 $ (2,693) $ 1,711,503 Transfer in 848 63,379 — 64,227 Transfer out (36,064) (149,624) — (185,688) Purchases (1) 65,220 150,370 26 215,616 Sales/settlements (2) (2,364) (165,177) — (167,541) Amortized discounts/premiums 1 551 — 552 Realized and unrealized appreciation, net 17,887 4,398 522 22,807 Balance as of September 30, 2023 $ 1,111,593 $ 552,028 $ (2,145) $ 1,661,476 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 17,950 $ (23,157) $ 426 $ (4,781) (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: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance as of June 30, 2022 $ 113,881 $ 46,356 $ 2,575 $ (10,748) $ 152,064 Purchases (1) 894 — — — 894 Change in fair value — — — (252) (252) Sales/settlements (2) (1,179) (505) — — (1,684) Realized and unrealized appreciation (depreciation), net 3,676 (26) — — 3,650 Balance as of September 30, 2022 $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 7,111 $ (26) $ — $ (252) $ 6,833 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of June 30, 2022 $ 480,914 $ 1,076,254 $ 250,123 $ (3,035) $ 1,804,256 Transfer in — 171,687 — — 171,687 Transfer out — (350,079) — — (350,079) Purchases (1) 49,024 173,253 31,258 — 253,535 Sales/settlements (2) (64) (132,226) (22,328) — (154,618) Amortized discounts/premiums — 521 — — 521 Realized and unrealized depreciation, net (3,823) (18,801) (6,419) (318) (29,361) Balance as of September 30, 2022 $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ (3,836) $ (9,067) $ 5,421 $ (447) $ (7,929) (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 nine months ended September 30, 2023: Level III Assets of the Company Equity Securities Fixed Income Total Balance as of December 31, 2022 $ 121,785 $ 76,934 $ 198,719 Purchases (1) 38,267 3,465 41,732 Sales/settlements (2) (1,186) (3,424) (4,610) Realized and unrealized depreciation, net (3,954) (1,760) (5,714) Balance as of September 30, 2023 $ 154,912 $ 75,215 $ 230,127 Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date $ (4,167) $ (1,547) $ (5,714) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of December 31, 2022 $ 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 — 192,359 — — 192,359 Transfer out (36,681) (553,638) — — (590,319) Purchases (1) 295,030 484,574 49,000 — 828,604 Sales/settlements (2) (2,490) (451,426) (48,889) (122) (502,927) Amortized discounts/premiums 1 1,476 — — 1,477 Realized and unrealized appreciation, net 126,929 13,578 5,283 1,533 147,323 Balance as of September 30, 2023 $ 1,111,593 $ 552,028 $ — $ (2,145) $ 1,661,476 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 127,001 $ (15,704) $ — $ 1,283 $ 112,580 (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: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance as of December 31, 2021 $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Transfer in due to changes in consolidation 1,491 — — — 1,491 Purchases (1) 894 — — — 894 Sales/settlements (2) (2,326) (2,383) — 47,873 43,164 Change in fair value — — — (1,438) (1,438) Realized and unrealized appreciation (depreciation), net 8,264 (4,189) — — 4,075 Balance as of September 30, 2022 $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 10,330 $ (4,189) $ — $ (1,438) $ 4,703 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of December 31, 2021 $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 321,939 — — 321,939 Transfer out — (213,658) — — (213,658) Purchases (1) 166,667 551,408 58,258 — 776,333 Sales/settlements (2) (28,444) (405,904) (52,828) — (487,176) Amortized discounts/premiums — 1,274 — — 1,274 Realized and unrealized appreciation (depreciation), net 48,645 (77,402) 8,531 (248) (20,474) Balance as of September 30, 2022 $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 22,304 $ (69,982) $ 344 $ (643) $ (47,977) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments. 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 September 30, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 114,225 Market approach Multiple of book value 1.3x - 2.2x 1.8x 37,403 Transaction price (1) N/A N/A N/A 2,777 Other N/A N/A N/A 507 Discounted cash flow Discount rate 20.5% 20.5% Fixed income investments 32,504 Transaction price (1) N/A N/A N/A 21,832 Other N/A N/A N/A 20,879 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 230,127 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 607,252 Discounted cash flow Discount rate 10.0% - 16.0% 13.0% 502,644 Market approach Multiple of book value 1.0x - 1.7x 1.3x 928 Market approach EBITDA multiple (2) 6.3x - 30.0x 16.8x 769 Other N/A N/A N/A Fixed income investments 402,603 Broker quotes and/or 3rd party pricing services N/A N/A N/A 108,666 Market approach Yield 8.4% - 21.9% 12.5% 34,093 Transaction price (1) N/A N/A N/A 2,627 Market approach EBITDA multiple (2) 5.4x - 30.0x 8.7x 4,039 Other N/A N/A N/A Total assets $ 1,663,621 Liabilities Derivative instruments $ (2,145) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (2,145) (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 $ 106,295 Market approach Multiple of book value 1.3x - 3.2x 2.4x 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 $3.6 million and $1.4 million as of September 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. The following tables summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share: As of September 30, 2023 As of December 31, 2022 Investments (held at fair value) $ 1,486,217 $ 1,023,514 Unfunded commitments 830,746 869,016

DEBT

DEBT	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
DEBT	6. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of September 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 $ 765,000 6.37% $ 700,000 5.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 249,240 4.21 248,693 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,937 3.28 396,602 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 484,101 3.77 483,802 3.77 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,895 4.13 444,757 4.13 Total debt obligations $ 2,340,173 $ 2,273,854 (1) The revolver commitments were $1.325 billion as of September 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 (“ESG”)-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 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. Due to the achievement of the ESG-related targets, the Company’s base rate and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2024. 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 September 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 (973) (586) (138) Unamortized debt issuance costs as of September 30, 2023 $ 4,537 $ 7,807 $ 5,105 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 September 30, 2023 As of December 31, 2022 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 10,781,168 6.44% 8.2 $ 10,142,545 4.84% 8.8 Subordinated notes (1) 679,795 N/A 7.0 559,175 N/A 7.8 Total loan obligations of Consolidated CLOs $ 11,460,963 $ 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 September 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 September 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 $ 15,241 6.94% 15,550 6.25 7/23/2024 100,000 65,500 8.28 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 $ 80,741 $ 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	9 Months Ended
	Sep. 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 September 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 September 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 $923.6 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 September 30, 2023 and December 31, 2022, the Company’s maximum exposure to losses from guarantees was $16.4 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 nine months ended September 30, 2022, compensation expense of $2.2 million and $5.5 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 September 30, 2023, the maximum contingent liability associated with the remaining Infrastructure Debt MIP is $15.0 million. As of September 30, 2023 and December 31, 2022, the fair value of the contingent liability was $13.6 million and $13.5 million. As of September 30, 2023 and December 31, 2022, the Company has recorded $3.9 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 for the three months ended September 30, 2023 and 2022, and $1.8 million and $1.6 million for the nine months ended September 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. As of September 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 $84.3 million and $128.4 million, respectively, of which approximately $65.9 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 September 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 September 30, 2023 2023 $ 12,256 2024 52,321 2025 51,412 2026 47,439 2027 36,932 Thereafter 206,003 Total future payments 406,363 Less: interest 79,461 Total operating lease liabilities $ 326,902 Three months ended September 30, Nine months ended September 30, Classification within general, administrative and other expenses 2023 2022 2023 2022 Operating lease expense $ 10,135 $ 11,168 $ 32,434 $ 31,302 Nine months ended September 30, Supplemental information on the measurement of operating lease liabilities 2023 2022 Operating cash flows for operating leases $ 32,733 $ 33,156 Leased assets obtained in exchange for new operating lease liabilities 166,941 20,687 As of September 30, As of December 31, Lease term and discount rate 2023 2022 Weighted-average remaining lease terms (in years) 8.5 5.5 Weighted-average discount rate 4.26% 2.72%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 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 September 30, As of December 31, 2023 2022 Due from affiliates: Management fees receivable from non-consolidated funds $ 519,983 $ 456,314 Incentive fee receivable from non-consolidated funds 17,417 169,979 Payments made on behalf of and amounts due from non-consolidated funds and employees 153,075 132,179 Due from affiliates—Company $ 690,475 $ 758,472 Amounts due from non-consolidated funds $ 12,352 $ 15,789 Due from affiliates—Consolidated Funds $ 12,352 $ 15,789 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 2,785 $ 8,701 Tax receivable agreement liability 165,606 118,466 Undistributed carried interest and incentive fees 35,579 121,332 Payments made by non-consolidated funds on behalf of and payable by the Company 6,759 4,299 Due to affiliates—Company $ 210,729 $ 252,798 Amounts due to portfolio companies and non-consolidated funds $ — $ 4,037 Due to affiliates—Consolidated Funds $ — $ 4,037 Due from and Due to Ares Funds and Portfolio Companies In the normal course of business, the Company pays certain expenses on behalf of Consolidated Funds and non-consolidated funds for which it is reimbursed. Conversely, Consolidated Funds and non-consolidated funds may pay certain expenses that are reimbursed by the Company. Amounts advanced on behalf of Consolidated Funds are eliminated in

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 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. The following table presents the income tax expense (benefit) for the period: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Income tax expense (benefit) $ 29,898 $ (11,599) $ 113,418 $ 22,272 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 nine months ended September 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 September 30, 2023 and December 31, 2022, the Company recorded a net deferred tax asset of $34.2 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2023 and 2022, the two-class method was the more dilutive method. The following table presents the computation of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Basic earnings per share of Class A and non-voting common stock: Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders $ 61,823 $ (35,546) $ 300,376 $ 50,048 Distributions on unvested restricted units (5,337) (3,555) (15,969) (10,601) Net income (loss) available to Class A and non-voting common stockholders $ 56,486 $ (39,101) $ 284,407 $ 39,447 Basic weighted-average shares of Class A and non-voting common stock 186,218,638 175,631,144 182,757,955 175,010,241 Basic earnings (loss) per share of Class A and non-voting common stock $ 0.30 $ (0.22) $ 1.54 $ 0.23 Diluted earnings per share of Class A and non-voting common stock: Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders $ 61,823 $ (35,546) $ 300,376 $ 50,048 Distributions on unvested restricted units (5,337) (3,555) (15,969) (10,601) Net income (loss) available to Class A and non-voting common stockholders $ 56,486 $ (39,101) $ 284,407 $ 39,447 Effect of dilutive shares: Restricted units — — — — Options — — — — Diluted weighted-average shares of Class A and non-voting common stock 186,218,638 175,631,144 182,757,955 175,010,241 Diluted earnings (loss) per share of Class A and non-voting common stock $ 0.30 $ (0.22) $ 1.54 $ 0.23 Dividend declared and paid per Class A and non-voting common stock $ 0.77 $ 0.61 $ 2.31 $ 1.83

EQUITY COMPENSATION

EQUITY COMPENSATION	9 Months Ended
	Sep. 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 reset 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 September 30, 2023, 69,152,767 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Restricted units $ 61,976 $ 48,117 $ 193,509 $ 151,403 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 nine months ended September 30, 2023, 3.6 million restricted units vested and 2.1 million shares of Class A common stock were delivered to the holders. For the nine months ended September 30, 2022, 5.4 million restricted units vested and 3.0 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 nine months ended September 30, 2023: Record Date Dividends Per Share Dividend Equivalents Paid March 17, 2023 $ 0.77 $ 12,032 June 16, 2023 0.77 11,874 September 15, 2023 0.77 11,704 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 as of December 31, 2022 16,662,999 $ 48.76 Granted 4,749,923 78.81 Vested (3,608,734) 38.30 Forfeited (229,216) 58.36 Balance as of September 30, 2023 17,574,972 $ 58.91 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $712.9 million as of September 30, 2023 and is expected to be recognized over the remaining weighted average period of 3.3 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, all of which expire in May 2024. A summary of options activity during the nine months ended September 30, 2023 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value Balance as of December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Exercised (4,799,446) 19.00 — — Expired — — — — Forfeited — — — — Balance as of September 30, 2023 370,773 $ 19.00 0.6 $ 31,097 Exercisable as of September 30, 2023 370,773 $ 19.00 0.6 $ 31,097

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	9 Months Ended
	Sep. 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 nine months ended September 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 as of 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 2,571,617 — — (2,571,617) — Stock option exercises, net of shares withheld for tax 4,450,795 — — — 4,450,795 Vesting of restricted stock awards, net of shares withheld for tax 2,055,070 — — — 2,055,070 Balance as of September 30, 2023 184,360,944 3,489,911 1,000 118,132,697 305,984,552 (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 September 30, 2023 As of December 31, 2022 Three months ended September 30, Nine months ended September 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2023 2022 2023 2022 Ares Management Corporation 187,850,855 61.39 % 177,381,947 60.21 % 61.03 % 59.74 % 60.52 % 59.64 % Ares Owners Holdings, L.P. 118,132,697 38.61 117,231,288 39.79 38.97 40.26 39.48 40.36 Total 305,983,552 100.00 % 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 as of 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 as of 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 as of 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 as of September 30, 2022 92,108 Net loss (886) Currency translation adjustment, net of tax 1,834 Equity compensation 83 Distribution (10) Balance as of 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 as of March 31, 2023 21,942 Net income 734 Currency translation adjustment, net of tax (159) Balance as of June 30, 2023 22,517 Net income 758 Currency translation adjustment, net of tax (99) Balance as of September 30, 2023 $ 23,176 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance as of December 31, 2021 $ 1,000,000 Change in redemption value — Balance as of March 31, 2022 1,000,000 Change in redemption value — Balance as of June 30, 2022 1,000,000 Change in redemption value 4,994 Balance as of September 30, 2022 1,004,994 Change in redemption value 8,288 Balance as of December 31, 2022 1,013,282 Change in redemption value 10,504 Redemption (538,985) Balance as of March 31, 2023 484,801 Gross proceeds from the initial public offering of AAC II 500,000 Change in redemption value 15,948 Balance as of June 30, 2023 1,000,749 Change in redemption value 16,571 Redemption (14,733) Balance as of September 30, 2023 $ 1,002,587

SEGMENT REPORTING

SEGMENT REPORTING	9 Months Ended
	Sep. 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”), a closed-end interval fund. 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 September 30, 2023 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 443,961 $ 56,447 $ 92,754 $ 42,949 $ 7,538 $ 643,649 $ — $ 643,649 Fee related performance revenues 44 — — 2,168 — 2,212 — 2,212 Other fees 6,822 810 6,308 8 83 14,031 5,717 19,748 Compensation and benefits (123,953) (20,364) (37,608) (16,066) (3,233) (201,224) (90,347) (291,571) General, administrative and other expenses (23,441) (8,122) (10,318) (4,541) (924) (47,346) (52,460) (99,806) Fee related earnings 303,433 28,771 51,136 24,518 3,464 411,322 (137,090) 274,232 Performance income—realized 12,223 (15) 5,589 — — 17,797 — 17,797 Performance related compensation—realized (7,181) 15 (3,338) — — (10,504) — (10,504) Realized net performance income 5,042 — 2,251 — — 7,293 — 7,293 Investment income (loss)—realized 1,475 (4,631) (875) — — (4,031) — (4,031) Interest and other investment income—realized 5,136 679 3,148 552 3,305 12,820 114 12,934 Interest expense (5,310) (4,828) (3,985) (2,020) (9,809) (25,952) (23) (25,975) Realized net investment income (loss) 1,301 (8,780) (1,712) (1,468) (6,504) (17,163) 91 (17,072) Realized income $ 309,776 $ 19,991 $ 51,675 $ 23,050 $ (3,040) $ 401,452 $ (136,999) $ 264,453 Three months ended September 30, 2022 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 361,073 $ 52,316 $ 91,013 $ 44,385 $ 2,981 $ 551,768 $ — $ 551,768 Fee related performance revenues — — 855 235 — 1,090 — 1,090 Other fees 8,160 556 11,493 — 50 20,259 7,547 27,806 Compensation and benefits (108,618) (26,865) (46,947) (19,191) (2,080) (203,701) (61,084) (264,785) General, administrative and other expenses (19,250) (7,824) (10,032) (3,215) (493) (40,814) (41,907) (82,721) Fee related earnings 241,365 18,183 46,382 22,214 458 328,602 (95,444) 233,158 Performance income—realized 3,045 — 26,939 — — 29,984 — 29,984 Performance related compensation—realized (1,737) (5) (17,115) (1) — (18,858) — (18,858) Realized net performance income (loss) 1,308 (5) 9,824 (1) — 11,126 — 11,126 Investment income—realized 4,495 8 339 — — 4,842 — 4,842 Interest and other investment income (expense)—realized 8,847 201 2,180 424 1,142 12,794 (171) 12,623 Interest expense (4,066) (4,183) (3,095) (1,753) (5,082) (18,179) (128) (18,307) Realized net investment income (loss) 9,276 (3,974) (576) (1,329) (3,940) (543) (299) (842) Realized income $ 251,949 $ 14,204 $ 55,630 $ 20,884 $ (3,482) $ 339,185 $ (95,743) $ 243,442 Nine months ended September 30, 2023 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,272,273 $ 166,622 $ 285,463 $ 124,597 $ 19,065 $ 1,868,020 $ — $ 1,868,020 Fee related performance revenues 866 — 334 5,737 — 6,937 — 6,937 Other fees 24,834 2,221 24,616 13 268 51,952 18,205 70,157 Compensation and benefits (363,091) (63,022) (116,232) (46,101) (9,759) (598,205) (261,325) (859,530) General, administrative and other expenses (68,479) (25,422) (33,465) (12,984) (2,120) (142,470) (148,099) (290,569) Fee related earnings 866,403 80,399 160,716 71,262 7,454 1,186,234 (391,219) 795,015 Performance income—realized 81,576 88,120 14,412 5,460 — 189,568 — 189,568 Performance related compensation—realized (51,218) (68,812) (8,764) (4,678) — (133,472) — (133,472) Realized net performance income 30,358 19,308 5,648 782 — 56,096 — 56,096 Investment income (loss)—realized 19,546 (1,668) (4,196) — 170 13,852 — 13,852 Interest and other investment income—realized 17,226 4,403 7,362 1,959 11,492 42,442 350 42,792 Interest expense (21,131) (16,178) (11,987) (6,776) (20,668) (76,740) (60) (76,800) Realized net investment income (loss) 15,641 (13,443) (8,821) (4,817) (9,006) (20,446) 290 (20,156) Realized income $ 912,402 $ 86,264 $ 157,543 $ 67,227 $ (1,552) $ 1,221,884 $ (390,929) $ 830,955 Nine months ended September 30, 2022 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,016,696 $ 145,669 $ 254,233 $ 135,090 $ 7,882 $ 1,559,570 $ — $ 1,559,570 Fee related performance revenues 12,628 — 2,178 235 — 15,041 — 15,041 Other fees 20,559 1,261 27,924 — 150 49,894 19,721 69,615 Compensation and benefits (318,017) (70,724) (121,183) (45,964) (5,864) (561,752) (196,492) (758,244) General, administrative and other expenses (56,888) (21,992) (28,308) (9,250) (1,421) (117,859) (109,516) (227,375) Fee related earnings 674,978 54,214 134,844 80,111 747 944,894 (286,287) 658,607 Performance income—realized 58,941 2,212 78,637 4,156 — 143,946 — 143,946 Performance related compensation—realized (35,675) (1,791) (50,510) (3,515) — (91,491) — (91,491) Realized net performance income 23,266 421 28,127 641 — 52,455 — 52,455 Investment income—realized 6,517 2,283 4,224 — 860 13,884 — 13,884 Interest and other investment income (expense)—realized 21,257 1,898 7,597 3,268 6,362 40,382 (1,450) 38,932 Interest expense (11,191) (11,185) (8,197) (3,775) (16,352) (50,700) (474) (51,174) Realized net investment income (loss) 16,583 (7,004) 3,624 (507) (9,130) 3,566 (1,924) 1,642 Realized income $ 714,827 $ 47,631 $ 166,595 $ 80,245 $ (8,383) $ 1,000,915 $ (288,211) $ 712,704 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Segment revenues Management fees $ 643,649 $ 551,768 $ 1,868,020 $ 1,559,570 Fee related performance revenues 2,212 1,090 6,937 15,041 Other fees 14,031 20,259 51,952 49,894 Performance income—realized 17,797 29,984 189,568 143,946 Total segment revenues $ 677,689 $ 603,101 $ 2,116,477 $ 1,768,451 Segment expenses Compensation and benefits $ 201,224 $ 203,701 $ 598,205 $ 561,752 General, administrative and other expenses 47,346 40,814 142,470 117,859 Performance related compensation—realized 10,504 18,858 133,472 91,491 Total segment expenses $ 259,074 $ 263,373 $ 874,147 $ 771,102 Segment realized net investment income (expense) Investment income (loss)—realized $ (4,031) $ 4,842 $ 13,852 $ 13,884 Interest and other investment income —realized 12,820 12,794 42,442 40,382 Interest expense (25,952) (18,179) (76,740) (50,700) Total segment realized net investment income (expense) $ (17,163) $ (543) $ (20,446) $ 3,566 The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Total consolidated revenue $ 671,255 $ 801,290 $ 2,577,903 $ 2,117,719 Performance (income) loss—unrealized 31,400 (170,654) (384,533) (280,037) Management fees of Consolidated Funds eliminated in consolidation 12,181 11,682 35,787 34,523 Performance income of Consolidated Funds eliminated in consolidation 1,874 — 9,365 34 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 83 3,946 7,061 13,030 Administrative fees (1) (16,154) (16,099) (46,692) (50,947) OMG revenue (5,717) (7,681) (18,205) (19,974) Principal investment income, net of eliminations (9,339) (11,582) (38,985) (15,521) Net revenue of non-controlling interests in consolidated subsidiaries (7,894) (7,801) (25,224) (30,376) Total consolidation adjustments and reconciling items 6,434 (198,189) (461,426) (349,268) Total segment revenue $ 677,689 $ 603,101 $ 2,116,477 $ 1,768,451 (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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Total consolidated expenses $ 560,960 $ 898,102 $ 2,027,334 $ 2,062,654 Performance related compensation-unrealized 38,650 (124,466) (261,996) (207,115) Expenses of Consolidated Funds added in consolidation (19,329) (22,129) (64,365) (63,071) Expenses of Consolidated Funds eliminated in consolidation 12,297 11,746 36,600 34,948 Administrative fees (1) (16,154) (15,574) (46,321) (50,422) OMG expenses (142,807) (102,991) (409,424) (306,008) Acquisition and merger-related expense (2,414) (1,852) (10,126) (12,046) Equity compensation expense (61,976) (48,041) (193,335) (151,202) Acquisition-related compensation expense (2) (589) (96,697) (1,831) (204,189) Placement fee adjustment (944) (9,729) 6,032 (7,611) Depreciation and amortization expense (105,524) (219,339) (194,174) (297,795) Expense of non-controlling interests in consolidated subsidiaries (3,096) (5,657) (14,247) (27,041) Total consolidation adjustments and reconciling items (301,886) (634,729) (1,153,187) (1,291,552) Total segment expenses $ 259,074 $ 263,373 $ 874,147 $ 771,102 (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 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Total consolidated other income $ 116,577 $ 36,434 $ 299,394 $ 112,932 Investment (income) loss—unrealized (31,246) 57 (104,170) 9,995 Interest and other investment income—unrealized (5,720) (4,600) (1,202) (16,661) Other income, net from Consolidated Funds added in consolidation (125,857) (38,434) (335,708) (132,852) Other expense, net from Consolidated Funds eliminated in consolidation (383) (1,922) (15,326) (13,655) OMG other (income) expense (591) 3,016 1,213 8,700 Principal investment income 29,980 9,438 130,679 37,421 Other (income) expense, net 286 (1,060) 589 934 Other (income) loss of non-controlling interests in consolidated subsidiaries (209) (3,472) 4,085 (3,248) Total consolidation adjustments and reconciling items (133,740) (36,977) (319,840) (109,366) Total segment realized net investment income (expense) $ (17,163) $ (543) $ (20,446) $ 3,566 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Income (loss) before taxes $ 226,872 $ (60,378) $ 849,963 $ 167,997 Adjustments: Depreciation and amortization expense 105,524 219,339 194,174 297,795 Equity compensation expense 61,976 47,516 192,964 150,677 Acquisition-related compensation expense (1) 589 96,697 1,831 204,189 Acquisition and merger-related expense 2,414 1,852 10,126 12,046 Placement fee adjustment 944 9,729 (6,032) 7,611 OMG expense, net 136,499 98,325 392,432 294,734 Other (income) expense, net 286 (1,059) 589 934 Income before taxes of non-controlling interests in consolidated subsidiaries (5,007) (5,616) (6,892) (6,583) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (84,429) (16,489) (179,362) (48,897) Total performance (income) loss—unrealized 31,400 (170,654) (384,533) (280,037) Total performance related compensation—unrealized (38,650) 124,466 261,996 207,115 Total investment income—unrealized (36,966) (4,543) (105,372) (6,666) Realized income 401,452 339,185 1,221,884 1,000,915 Total performance income—realized (17,797) (29,984) (189,568) (143,946) Total performance related compensation—realized 10,504 18,858 133,472 91,491 Total investment (income) loss—realized 17,163 543 20,446 (3,566) Fee related earnings $ 411,322 $ 328,602 $ 1,186,234 $ 944,894 (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	9 Months Ended
	Sep. 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 nine months ended September 30, 2023, one private fund experienced a significant change in ownership that resulted in deconsolidation of the entity. During the nine months ended September 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 September 30, As of December 31, 2023 2022 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 411,251 $ 393,549 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 808,386 537,239 Assets of consolidated VIEs 14,352,887 13,128,088 Liabilities of consolidated VIEs 12,487,780 11,593,867 (1) As of September 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 $77.4 million and $82.0 million, respectively. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net income attributable to non-controlling interests related to consolidated VIEs $ 66,526 $ 8,733 $ 165,118 $ 28,470 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 September 30, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 311,827 $ — $ — $ 311,827 Investments (includes $3,490,841 of accrued carried interest) 5,275,454 — (838,708) 4,436,746 Due from affiliates 869,372 — (178,897) 690,475 Other assets 306,492 — — 306,492 Right-of-use operating lease assets 259,537 — — 259,537 Intangible assets, net 1,033,590 — — 1,033,590 Goodwill 997,801 — — 997,801 Assets of Consolidated Funds Cash and cash equivalents — 885,318 — 885,318 Investments held in trust account — 1,002,787 — 1,002,787 Investments, at fair value — 13,221,997 — 13,221,997 Due from affiliates — 23,609 (11,257) 12,352 Receivable for securities sold — 153,210 — 153,210 Other assets — 71,761 — 71,761 Total assets $ 9,054,073 $ 15,358,682 $ (1,028,862) $ 23,383,893 Liabilities Accounts payable, accrued expenses and other liabilities $ 275,742 $ — $ (11,257) $ 264,485 Accrued compensation 361,017 — — 361,017 Due to affiliates 210,729 — — 210,729 Performance related compensation payable 2,538,450 — — 2,538,450 Debt obligations 2,340,173 — — 2,340,173 Operating lease liabilities 326,902 — — 326,902 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 253,473 (10,136) 243,337 Due to affiliates — 178,897 (178,897) — Payable for securities purchased — 512,879 — 512,879 CLO loan obligations, at fair value — 11,565,985 (105,022) 11,460,963 Fund borrowings — 80,741 — 80,741 Total liabilities 6,053,013 12,591,975 (305,312) 18,339,676 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,002,587 — 1,002,587 Redeemable interest in Ares Operating Group entities 23,176 — — 23,176 Non-controlling interest in Consolidated Funds — 1,764,120 (710,687) 1,053,433 Non-controlling interest in Ares Operating Group entities 1,236,808 — (4,966) 1,231,842 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (184,360,944 shares issued and outstanding) 1,844 — — 1,844 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,132,697 shares issued and outstanding) 1,181 — — 1,181 Additional paid-in-capital 2,270,632 — (7,897) 2,262,735 Accumulated deficit (515,351) — — (515,351) Accumulated other comprehensive loss, net of tax (17,265) — — (17,265) Total stockholders’ equity 1,741,076 — (7,897) 1,733,179 Total equity 2,977,884 1,764,120 (723,550) 4,018,454 Total liabilities, redeemable interest, non-controlling interests and equity $ 9,054,073 $ 15,358,682 $ (1,028,862) $ 23,383,893 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 September 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 649,698 $ — $ (12,181) $ 637,517 Carried interest allocation (26,252) — (1,874) (28,126) Incentive fees 16,454 — — 16,454 Principal investment income 29,980 — (20,641) 9,339 Administrative, transaction and other fees 36,154 — (83) 36,071 Total revenues 706,034 — (34,779) 671,255 Expenses Compensation and benefits 367,502 — — 367,502 Performance related compensation (25,448) — — (25,448) General, administrative and other expense 211,874 — (32) 211,842 Expenses of the Consolidated Funds — 19,329 (12,265) 7,064 Total expenses 553,928 19,329 (12,297) 560,960 Other income (expense) Net realized and unrealized gains (losses) on investments 4,209 — (5,979) (1,770) Interest and dividend income 6,574 — (1,822) 4,752 Interest expense (25,975) — — (25,975) Other income, net 5,529 — 213 5,742 Net realized and unrealized gains on investments of the Consolidated Funds — 71,666 7,925 79,591 Interest and other income of the Consolidated Funds — 255,813 (213) 255,600 Interest expense of the Consolidated Funds — (201,622) 259 (201,363) Total other income (expense), net (9,663) 125,857 383 116,577 Income before taxes 142,443 106,528 (22,099) 226,872 Income tax expense 25,758 4,140 — 29,898 Net income 116,685 102,388 (22,099) 196,974 Less: Net income attributable to non-controlling interests in Consolidated Funds — 102,388 (22,099) 80,289 Net income attributable to Ares Operating Group entities 116,685 — — 116,685 Less: Net income attributable to redeemable interest in Ares Operating Group entities 758 — — 758 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 54,104 — — 54,104 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 61,823 $ — $ — $ 61,823 Three months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 560,140 $ — $ (11,682) $ 548,458 Carried interest allocation 192,186 — — 192,186 Incentive fees 8,882 — — 8,882 Principal investment income 9,438 — 2,144 11,582 Administrative, transaction and other fees 44,128 — (3,946) 40,182 Total revenues 814,774 — (13,484) 801,290 Expenses Compensation and benefits 425,419 — — 425,419 Performance related compensation 142,934 — — 142,934 General, administrative and other expense 319,366 — (14) 319,352 Expenses of the Consolidated Funds — 22,129 (11,732) 10,397 Total expenses 887,719 22,129 (11,746) 898,102 Other income (expense) Net realized and unrealized gains on investments 5,433 — (1,002) 4,431 Interest and dividend income 5,820 — (3,734) 2,086 Interest expense (18,307) — — (18,307) Other income, net 3,132 — (531) 2,601 Net realized and unrealized losses on investments of the Consolidated Funds — (3,760) 3,730 (30) Interest and other income of the Consolidated Funds — 157,884 531 158,415 Interest expense of the Consolidated Funds — (115,690) 2,928 (112,762) Total other income (expense), net (3,922) 38,434 1,922 36,434 Income (loss) before taxes (76,867) 16,305 184 (60,378) Income tax expense (benefit) (11,748) 149 — (11,599) Net income (loss) (65,119) 16,156 184 (48,779) Less: Net income attributable to non-controlling interests in Consolidated Funds — 16,156 184 16,340 Net loss attributable to Ares Operating Group entities (65,119) — — (65,119) Less: Net income attributable to redeemable interest in Ares Operating Group entities 93 — — 93 Less: Net loss attributable to non-controlling interests in in Ares Operating Group entities (29,666) — — (29,666) Net loss attributable to Ares Management Corporation Class A and non-voting common stockholders $ (35,546) $ — $ — $ (35,546) Nine months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,889,091 $ — $ (35,787) $ 1,853,304 Carried interest allocation 551,055 — (9,227) 541,828 Incentive fees 33,465 — (138) 33,327 Principal investment income 130,679 — (91,694) 38,985 Administrative, transaction and other fees 117,520 — (7,061) 110,459 Total revenues 2,721,810 — (143,907) 2,577,903 Expenses Compensation and benefits 1,095,833 — — 1,095,833 Performance related compensation 401,990 — — 401,990 General, administrative and other expense 501,746 — (406) 501,340 Expenses of the Consolidated Funds — 64,365 (36,194) 28,171 Total expenses 1,999,569 64,365 (36,600) 2,027,334 Other income (expense) Net realized and unrealized gains on investments 7,506 — (2,280) 5,226 Interest and dividend income 19,237 — (7,956) 11,281 Interest expense (76,800) — — (76,800) Other expense, net (1,583) — 515 (1,068) Net realized and unrealized gains on investments of the Consolidated Funds — 165,885 22,832 188,717 Interest and other income of the Consolidated Funds — 713,507 (515) 712,992 Interest expense of the Consolidated Funds — (543,684) 2,730 (540,954) Total other income (expense), net (51,640) 335,708 15,326 299,394 Income before taxes 670,601 271,343 (91,981) 849,963 Income tax expense 108,719 4,699 — 113,418 Net income 561,882 266,644 (91,981) 736,545 Less: Net income attributable to non-controlling interests in Consolidated Funds — 266,644 (91,981) 174,663 Net income attributable to Ares Operating Group entities 561,882 — — 561,882 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (332) — — (332) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 261,838 — — 261,838 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 300,376 $ — $ — $ 300,376 Nine months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,580,873 $ — $ (34,523) $ 1,546,350 Carried interest allocation 417,779 — — 417,779 Incentive fees 30,013 — (34) 29,979 Principal investment income 37,421 — (21,900) 15,521 Administrative, transaction and other fees 121,120 — (13,030) 108,090 Total revenues 2,187,206 — (69,487) 2,117,719 Expenses Compensation and benefits 1,155,031 — — 1,155,031 Performance related compensation 316,818 — — 316,818 General, administrative and other expense 562,682 — (241) 562,441 Expenses of the Consolidated Funds — 63,071 (34,707) 28,364 Total expenses 2,034,531 63,071 (34,948) 2,062,654 Other income (expense) Net realized and unrealized gains (losses) on investments (9,926) — 20,691 10,765 Interest and dividend income 17,605 — (12,541) 5,064 Interest expense (51,174) — — (51,174) Other income, net 9,920 — 274 10,194 Net realized and unrealized gains on investments of the Consolidated Funds — 12,445 (4,414) 8,031 Interest and other income of the Consolidated Funds — 396,354 (274) 396,080 Interest expense of the Consolidated Funds — (275,947) 9,919 (266,028) Total other income (expense), net (33,575) 132,852 13,655 112,932 Income before taxes 119,100 69,781 (20,884) 167,997 Income tax expense 22,075 197 — 22,272 Net income 97,025 69,584 (20,884) 145,725 Less: Net income attributable to non-controlling interests in Consolidated Funds — 69,584 (20,884) 48,700 Net income attributable to Ares Operating Group entities 97,025 — — 97,025 Less: Net income attributable to redeemable interest in Ares Operating Group entities 35 — — 35 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 46,942 — — 46,942 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 50,048 $ — $ — $ 50,048 Nine months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 561,882 $ 266,644 $ (91,981) $ 736,545 Adjustments to reconcile net income to net cash provided by (used in) operating activities 23,920 — 288,260 312,180 Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds — (926,076) (22,832) (948,908) Cash flows due to changes in operating assets and liabilities 139,111 — (3,451) 135,660 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 228,877 (137,563) 91,314 Net cash provided by (used in) operating activities 724,913 (430,555) 32,433 326,791 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (44,177) — — (44,177) Net cash used in investing activities (44,177) — — (44,177) Cash flows from financing activities: Proceeds from Credit Facility 735,000 — — 735,000 Repayments of Credit Facility (670,000) — — (670,000) Dividends and distributions (760,085) — — (760,085) Stock option exercises 80,426 — — 80,426 Taxes paid related to net share settlement of equity awards (145,421) — — (145,421) Other financing activities 902 — — 902 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 944,485 (208,541) 735,944 Distributions to non-controlling interests in Consolidated Funds — (72,375) 15,430 (56,945) Redemptions of redeemable interests in Consolidated Funds — (553,718) — (553,718) Borrowings under loan obligations by Consolidated Funds — 549,664 — 549,664 Repayments under loan obligations by Consolidated Funds — (257,370) — (257,370) Net cash provided by (used in) financing activities (759,178) 610,686 (193,111) (341,603) Effect of exchange rate changes 282 (19,453) — (19,171) Net change in cash and cash equivalents (78,160) 160,678 (160,678) (78,160) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 311,827 $ 885,319 $ (885,319) $ 311,827 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 Nine months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 97,025 $ 69,584 $ (20,884) $ 145,725 Adjustments to reconcile net income to net cash provided by (used in) operating activities 382,823 — (61,873) 320,950 Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds — (1,132,839) 4,414 (1,128,425) Cash flows due to changes in operating assets and liabilities 160,957 — 152,692 313,649 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (427,022) 231,518 (195,504) Net cash provided by (used in) operating activities 640,805 (1,490,277) 305,867 (543,605) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (28,388) — — (28,388) Acquisitions, net of cash acquired (301,658) — — (301,658) Net cash used in investing activities (330,046) — — (330,046) Cash flows from financing activities: Proceeds from Credit Facility 940,000 — — 940,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (910,000) — — (910,000) Dividends and distributions (608,220) — — (608,220) Stock option exercises 14,531 — — 14,531 Taxes paid related to net share settlement of equity awards (194,223) — — (194,223) Other financing activities 2,457 — — 2,457 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 362,752 (64,106) 298,646 Distributions to non-controlling interests in Consolidated Funds — (227,886) 123,454 (104,432) Borrowings under loan obligations by Consolidated Funds — 1,120,680 — 1,120,680 Repayments under loan obligations by Consolidated Funds — (121,273) — (121,273) Net cash provided by (used in) financing activities (266,540) 1,134,273 59,348 927,081 Effect of exchange rate changes (26,374) (9,211) — (35,585) Net change in cash and cash equivalents 17,845 (365,215) 365,215 17,845 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 361,500 $ 683,976 $ (683,976) $ 361,500 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	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after September 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: In October 2023, the Company’s board of directors declared a quarterly dividend of $0.77 per share of Class A and non-voting common stock payable on December 29, 2023 to common stockholders of record at the close of business on December 15, 2023. In October 2023, AAC I and X-Energy Reactor Company, LLC mutually agreed to terminate their business combination agreement. The remaining issued and outstanding AAC I Class A ordinary shares will be redeemed during the fourth quarter of 2023. As of September 30, 2023, the redeemable interest in Consolidated Funds related to the Class A ordinary shares issued by AAC I was $487.0 million.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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 AOG entities are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income
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”), a closed-end interval fund. 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.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 As of September 30, As of December 31, 2023 2022 Management contracts 4.4 $ 571,542 $ 586,077 Client relationships 8.8 178,620 262,301 Trade name 0.0 — 11,079 Other 1.1 500 500 Finite-lived intangible assets 750,662 859,957 Foreign currency translation (841) 935 Total finite-lived intangible assets 749,821 860,892 Less: accumulated amortization (284,031) (220,472) Finite-lived intangible assets, net 465,790 640,420 Management contracts 567,800 567,800 Indefinite-lived intangible assets 567,800 567,800 Intangible assets, net $ 1,033,590 $ 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 (1,879) — — 2 — (1,877) Balance as of September 30, 2023 $ 254,904 $ 48,070 $ 277,205 $ 417,622 $ — $ 997,801

INVESTMENTS (Tables)

INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2023
Investments in and Advances to Affiliates [Abstract]
Summary of Investments Held	The following table summarizes the Company’s investments: As of Percentage of total investments as of September 30, December 31, September 30, December 31, 2023 2022 2023 2022 Equity method investments: Equity method - carried interest $ 3,490,841 $ 3,106,577 78.7% 78.2% Equity method private investment partnership interests - principal 580,140 543,592 13.1 13.7 Equity method private investment partnership interests and other (held at fair value) 158,542 123,170 3.6 3.1 Equity method private investment partnership interests and other 45,816 47,439 1.0 1.2 Total equity method investments 4,275,339 3,820,778 96.4 96.2 Collateralized loan obligations 20,879 25,163 0.5 0.6 Other fixed income 54,336 51,771 1.2 1.2 Collateralized loan obligations and other fixed income, at fair value 75,215 76,934 1.7 1.8 Common stock, at fair value 86,192 77,022 1.9 2.0 Total investments $ 4,436,746 $ 3,974,734 The following table summarizes investments held in the Consolidated Funds: Fair Value as of Percentage of total investments as of September 30, December 31, September 30, December 31, 2023 2022 2023 2022 Fixed income investments: Loans $ 10,001,553 $ 9,280,522 70.3% 70.3% Investments held in trust account 1,002,787 1,013,382 7.0 7.7 Bonds 561,570 786,961 4.0 6.0 Total fixed income investments 11,565,910 11,080,865 81.3 84.0 Partnership interests 1,486,217 1,392,169 10.5 10.5 Equity securities 1,172,657 731,599 8.2 5.5 Total investments, at fair value $ 14,224,784 $ 13,204,633
Summary of Equity Method Investments	The following table presents the Company’s other income, net from to its equity method investments, which 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: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Total other income, net related to equity method investments $ 1,845 $ 16,228 $ 34,900 $ 25,065

FAIR VALUE (Tables)

FAIR VALUE (Tables)	9 Months Ended
	Sep. 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 September 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 $ — $ 86,192 $ 154,912 $ — $ 241,104 Collateralized loan obligations and other fixed income — — 75,215 — 75,215 Partnership interests — — — 3,630 3,630 Total investments, at fair value — 86,192 230,127 3,630 319,949 Derivatives-foreign currency forward contracts — 2,700 — — 2,700 Total assets, at fair value $ — $ 88,892 $ 230,127 $ 3,630 $ 322,649 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (801) $ — $ — $ (801) Total liabilities, at fair value $ — $ (801) $ — $ — $ (801) 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 $ 1 $ 9,451,293 $ 550,259 $ — $ 10,001,553 Investments held in trust account 1,002,787 — — — 1,002,787 Bonds — 559,801 1,769 — 561,570 Total fixed income investments 1,002,788 10,011,094 552,028 — 11,565,910 Partnership interests — — — 1,486,217 1,486,217 Equity securities 58,139 2,925 1,111,593 — 1,172,657 Total investments, at fair value 1,060,927 10,014,019 1,663,621 1,486,217 14,224,784 Derivatives-foreign currency forward contracts — 5,499 — — 5,499 Total assets, at fair value $ 1,060,927 $ 10,019,518 $ 1,663,621 $ 1,486,217 $ 14,230,283 Liabilities, at fair value Loan obligations of CLOs $ — $ (11,460,963) $ — $ — $ (11,460,963) Derivatives: Warrants (13,220) — — — (13,220) Asset swaps — — (2,145) — (2,145) Foreign currency forward contracts — (5,502) — — (5,502) Total derivative liabilities, at fair value (13,220) (5,502) (2,145) — (20,867) Total liabilities, at fair value $ (13,220) $ (11,466,465) $ (2,145) $ — $ (11,481,830) 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: Level III Assets of the Company Equity Securities Fixed Income Total Balance as of June 30, 2023 $ 165,371 $ 73,777 $ 239,148 Purchases (1) 7 1,499 1,506 Sales/settlements (2) (350) (1,047) (1,397) Realized and unrealized appreciation (depreciation), net (10,116) 986 (9,130) Balance as of September 30, 2023 $ 154,912 $ 75,215 $ 230,127 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (10,116) $ 986 $ (9,130) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of June 30, 2023 $ 1,066,065 $ 648,131 $ (2,693) $ 1,711,503 Transfer in 848 63,379 — 64,227 Transfer out (36,064) (149,624) — (185,688) Purchases (1) 65,220 150,370 26 215,616 Sales/settlements (2) (2,364) (165,177) — (167,541) Amortized discounts/premiums 1 551 — 552 Realized and unrealized appreciation, net 17,887 4,398 522 22,807 Balance as of September 30, 2023 $ 1,111,593 $ 552,028 $ (2,145) $ 1,661,476 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 17,950 $ (23,157) $ 426 $ (4,781) (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: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance as of June 30, 2022 $ 113,881 $ 46,356 $ 2,575 $ (10,748) $ 152,064 Purchases (1) 894 — — — 894 Change in fair value — — — (252) (252) Sales/settlements (2) (1,179) (505) — — (1,684) Realized and unrealized appreciation (depreciation), net 3,676 (26) — — 3,650 Balance as of September 30, 2022 $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 7,111 $ (26) $ — $ (252) $ 6,833 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of June 30, 2022 $ 480,914 $ 1,076,254 $ 250,123 $ (3,035) $ 1,804,256 Transfer in — 171,687 — — 171,687 Transfer out — (350,079) — — (350,079) Purchases (1) 49,024 173,253 31,258 — 253,535 Sales/settlements (2) (64) (132,226) (22,328) — (154,618) Amortized discounts/premiums — 521 — — 521 Realized and unrealized depreciation, net (3,823) (18,801) (6,419) (318) (29,361) Balance as of September 30, 2022 $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ (3,836) $ (9,067) $ 5,421 $ (447) $ (7,929) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Summary of Changes in the Fair Value of the Level III Investments, Liabilities	The following tables set forth a summary of changes in the fair value of the Level III measurements for the nine months ended September 30, 2023: Level III Assets of the Company Equity Securities Fixed Income Total Balance as of December 31, 2022 $ 121,785 $ 76,934 $ 198,719 Purchases (1) 38,267 3,465 41,732 Sales/settlements (2) (1,186) (3,424) (4,610) Realized and unrealized depreciation, net (3,954) (1,760) (5,714) Balance as of September 30, 2023 $ 154,912 $ 75,215 $ 230,127 Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date $ (4,167) $ (1,547) $ (5,714) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of December 31, 2022 $ 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 — 192,359 — — 192,359 Transfer out (36,681) (553,638) — — (590,319) Purchases (1) 295,030 484,574 49,000 — 828,604 Sales/settlements (2) (2,490) (451,426) (48,889) (122) (502,927) Amortized discounts/premiums 1 1,476 — — 1,477 Realized and unrealized appreciation, net 126,929 13,578 5,283 1,533 147,323 Balance as of September 30, 2023 $ 1,111,593 $ 552,028 $ — $ (2,145) $ 1,661,476 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 127,001 $ (15,704) $ — $ 1,283 $ 112,580 (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: Level III Assets and Liabilities of the Company Equity Securities Fixed Income Partnership Interests Contingent Consideration Total Balance as of December 31, 2021 $ 108,949 $ 52,397 $ 2,575 $ (57,435) $ 106,486 Transfer in due to changes in consolidation 1,491 — — — 1,491 Purchases (1) 894 — — — 894 Sales/settlements (2) (2,326) (2,383) — 47,873 43,164 Change in fair value — — — (1,438) (1,438) Realized and unrealized appreciation (depreciation), net 8,264 (4,189) — — 4,075 Balance as of September 30, 2022 $ 117,272 $ 45,825 $ 2,575 $ (11,000) $ 154,672 Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date $ 10,330 $ (4,189) $ — $ (1,438) $ 4,703 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of December 31, 2021 $ 339,183 $ 742,952 $ 238,673 $ (3,105) $ 1,317,703 Transfer in — 321,939 — — 321,939 Transfer out — (213,658) — — (213,658) Purchases (1) 166,667 551,408 58,258 — 776,333 Sales/settlements (2) (28,444) (405,904) (52,828) — (487,176) Amortized discounts/premiums — 1,274 — — 1,274 Realized and unrealized appreciation (depreciation), net 48,645 (77,402) 8,531 (248) (20,474) Balance as of September 30, 2022 $ 526,051 $ 920,609 $ 252,634 $ (3,353) $ 1,695,941 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 22,304 $ (69,982) $ 344 $ (643) $ (47,977) (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions, securities disposed of in connection with restructurings and contingent consideration payments.
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 September 30, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 114,225 Market approach Multiple of book value 1.3x - 2.2x 1.8x 37,403 Transaction price (1) N/A N/A N/A 2,777 Other N/A N/A N/A 507 Discounted cash flow Discount rate 20.5% 20.5% Fixed income investments 32,504 Transaction price (1) N/A N/A N/A 21,832 Other N/A N/A N/A 20,879 Broker quotes and/or 3rd party pricing services N/A N/A N/A Total assets $ 230,127 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 607,252 Discounted cash flow Discount rate 10.0% - 16.0% 13.0% 502,644 Market approach Multiple of book value 1.0x - 1.7x 1.3x 928 Market approach EBITDA multiple (2) 6.3x - 30.0x 16.8x 769 Other N/A N/A N/A Fixed income investments 402,603 Broker quotes and/or 3rd party pricing services N/A N/A N/A 108,666 Market approach Yield 8.4% - 21.9% 12.5% 34,093 Transaction price (1) N/A N/A N/A 2,627 Market approach EBITDA multiple (2) 5.4x - 30.0x 8.7x 4,039 Other N/A N/A N/A Total assets $ 1,663,621 Liabilities Derivative instruments $ (2,145) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (2,145) (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 $ 106,295 Market approach Multiple of book value 1.3x - 3.2x 2.4x 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.
Schedule of Investments and Unfunded Commitments Valued Using NAV per Share	The following tables summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share: As of September 30, 2023 As of December 31, 2022 Investments (held at fair value) $ 1,486,217 $ 1,023,514 Unfunded commitments 830,746 869,016

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of September 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 $ 765,000 6.37% $ 700,000 5.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 249,240 4.21 248,693 4.21 2030 Senior Notes (3) 6/15/2020 6/15/2030 400,000 396,937 3.28 396,602 3.28 2052 Senior Notes (4) 1/21/2022 2/1/2052 500,000 484,101 3.77 483,802 3.77 2051 Subordinated Notes (5) 6/30/2021 6/30/2051 450,000 444,895 4.13 444,757 4.13 Total debt obligations $ 2,340,173 $ 2,273,854 (1) The revolver commitments were $1.325 billion as of September 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 (“ESG”)-related targets, with an unused commitment fee paid quarterly, which is subject to change with the Company’s underlying credit agency rating. As of September 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. Due to the achievement of the ESG-related targets, the Company’s base rate and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2024. 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 (973) (586) (138) Unamortized debt issuance costs as of September 30, 2023 $ 4,537 $ 7,807 $ 5,105 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of September 30, 2023 As of December 31, 2022 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 10,781,168 6.44% 8.2 $ 10,142,545 4.84% 8.8 Subordinated notes (1) 679,795 N/A 7.0 559,175 N/A 7.8 Total loan obligations of Consolidated CLOs $ 11,460,963 $ 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 September 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 $ 15,241 6.94% 15,550 6.25 7/23/2024 100,000 65,500 8.28 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 $ 80,741 $ 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)	9 Months Ended
	Sep. 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: Three months ended September 30, Nine months ended September 30, Classification within general, administrative and other expenses 2023 2022 2023 2022 Operating lease expense $ 10,135 $ 11,168 $ 32,434 $ 31,302 Nine months ended September 30, Supplemental information on the measurement of operating lease liabilities 2023 2022 Operating cash flows for operating leases $ 32,733 $ 33,156 Leased assets obtained in exchange for new operating lease liabilities 166,941 20,687 As of September 30, As of December 31, Lease term and discount rate 2023 2022 Weighted-average remaining lease terms (in years) 8.5 5.5 Weighted-average discount rate 4.26% 2.72%
Schedule of Operating Lease Maturities	The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases: Maturity of operating lease liabilities As of September 30, 2023 2023 $ 12,256 2024 52,321 2025 51,412 2026 47,439 2027 36,932 Thereafter 206,003 Total future payments 406,363 Less: interest 79,461 Total operating lease liabilities $ 326,902

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	9 Months Ended
	Sep. 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 September 30, As of December 31, 2023 2022 Due from affiliates: Management fees receivable from non-consolidated funds $ 519,983 $ 456,314 Incentive fee receivable from non-consolidated funds 17,417 169,979 Payments made on behalf of and amounts due from non-consolidated funds and employees 153,075 132,179 Due from affiliates—Company $ 690,475 $ 758,472 Amounts due from non-consolidated funds $ 12,352 $ 15,789 Due from affiliates—Consolidated Funds $ 12,352 $ 15,789 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 2,785 $ 8,701 Tax receivable agreement liability 165,606 118,466 Undistributed carried interest and incentive fees 35,579 121,332 Payments made by non-consolidated funds on behalf of and payable by the Company 6,759 4,299 Due to affiliates—Company $ 210,729 $ 252,798 Amounts due to portfolio companies and non-consolidated funds $ — $ 4,037 Due to affiliates—Consolidated Funds $ — $ 4,037

INCOME TAXES (Tables)

INCOME TAXES (Tables)	9 Months Ended
	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table presents the income tax expense (benefit) for the period: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Income tax expense (benefit) $ 29,898 $ (11,599) $ 113,418 $ 22,272

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of the Computation of Basic and Diluted Earnings per Common Unit	The following table presents the computation of basic and diluted earnings per common share: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Basic earnings per share of Class A and non-voting common stock: Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders $ 61,823 $ (35,546) $ 300,376 $ 50,048 Distributions on unvested restricted units (5,337) (3,555) (15,969) (10,601) Net income (loss) available to Class A and non-voting common stockholders $ 56,486 $ (39,101) $ 284,407 $ 39,447 Basic weighted-average shares of Class A and non-voting common stock 186,218,638 175,631,144 182,757,955 175,010,241 Basic earnings (loss) per share of Class A and non-voting common stock $ 0.30 $ (0.22) $ 1.54 $ 0.23 Diluted earnings per share of Class A and non-voting common stock: Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders $ 61,823 $ (35,546) $ 300,376 $ 50,048 Distributions on unvested restricted units (5,337) (3,555) (15,969) (10,601) Net income (loss) available to Class A and non-voting common stockholders $ 56,486 $ (39,101) $ 284,407 $ 39,447 Effect of dilutive shares: Restricted units — — — — Options — — — — Diluted weighted-average shares of Class A and non-voting common stock 186,218,638 175,631,144 182,757,955 175,010,241 Diluted earnings (loss) per share of Class A and non-voting common stock $ 0.30 $ (0.22) $ 1.54 $ 0.23 Dividend declared and paid per Class A and non-voting common stock $ 0.77 $ 0.61 $ 2.31 $ 1.83

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	9 Months Ended
	Sep. 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Restricted units $ 61,976 $ 48,117 $ 193,509 $ 151,403
Schedule of Dividends Declared and Paid	The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the nine months ended September 30, 2023: Record Date Dividends Per Share Dividend Equivalents Paid March 17, 2023 $ 0.77 $ 12,032 June 16, 2023 0.77 11,874 September 15, 2023 0.77 11,704
Summary of Unvested Restricted Units' Activity	The following table presents unvested restricted units’ activity: Restricted Units Weighted Average Balance as of December 31, 2022 16,662,999 $ 48.76 Granted 4,749,923 78.81 Vested (3,608,734) 38.30 Forfeited (229,216) 58.36 Balance as of September 30, 2023 17,574,972 $ 58.91
Summary of Unvested Options Activity	A summary of options activity during the nine months ended September 30, 2023 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value Balance as of December 31, 2022 5,170,219 $ 19.00 1.3 $ 255,616 Exercised (4,799,446) 19.00 — — Expired — — — — Forfeited — — — — Balance as of September 30, 2023 370,773 $ 19.00 0.6 $ 31,097 Exercisable as of September 30, 2023 370,773 $ 19.00 0.6 $ 31,097

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	9 Months Ended
	Sep. 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 as of 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 2,571,617 — — (2,571,617) — Stock option exercises, net of shares withheld for tax 4,450,795 — — — 4,450,795 Vesting of restricted stock awards, net of shares withheld for tax 2,055,070 — — — 2,055,070 Balance as of September 30, 2023 184,360,944 3,489,911 1,000 118,132,697 305,984,552 (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 September 30, 2023 As of December 31, 2022 Three months ended September 30, Nine months ended September 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2023 2022 2023 2022 Ares Management Corporation 187,850,855 61.39 % 177,381,947 60.21 % 61.03 % 59.74 % 60.52 % 59.64 % Ares Owners Holdings, L.P. 118,132,697 38.61 117,231,288 39.79 38.97 40.26 39.48 40.36 Total 305,983,552 100.00 % 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 as of 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 as of 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 as of 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 as of September 30, 2022 92,108 Net loss (886) Currency translation adjustment, net of tax 1,834 Equity compensation 83 Distribution (10) Balance as of 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 as of March 31, 2023 21,942 Net income 734 Currency translation adjustment, net of tax (159) Balance as of June 30, 2023 22,517 Net income 758 Currency translation adjustment, net of tax (99) Balance as of September 30, 2023 $ 23,176 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance as of December 31, 2021 $ 1,000,000 Change in redemption value — Balance as of March 31, 2022 1,000,000 Change in redemption value — Balance as of June 30, 2022 1,000,000 Change in redemption value 4,994 Balance as of September 30, 2022 1,004,994 Change in redemption value 8,288 Balance as of December 31, 2022 1,013,282 Change in redemption value 10,504 Redemption (538,985) Balance as of March 31, 2023 484,801 Gross proceeds from the initial public offering of AAC II 500,000 Change in redemption value 15,948 Balance as of June 30, 2023 1,000,749 Change in redemption value 16,571 Redemption (14,733) Balance as of September 30, 2023 $ 1,002,587

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	9 Months Ended
	Sep. 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 September 30, 2023 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 443,961 $ 56,447 $ 92,754 $ 42,949 $ 7,538 $ 643,649 $ — $ 643,649 Fee related performance revenues 44 — — 2,168 — 2,212 — 2,212 Other fees 6,822 810 6,308 8 83 14,031 5,717 19,748 Compensation and benefits (123,953) (20,364) (37,608) (16,066) (3,233) (201,224) (90,347) (291,571) General, administrative and other expenses (23,441) (8,122) (10,318) (4,541) (924) (47,346) (52,460) (99,806) Fee related earnings 303,433 28,771 51,136 24,518 3,464 411,322 (137,090) 274,232 Performance income—realized 12,223 (15) 5,589 — — 17,797 — 17,797 Performance related compensation—realized (7,181) 15 (3,338) — — (10,504) — (10,504) Realized net performance income 5,042 — 2,251 — — 7,293 — 7,293 Investment income (loss)—realized 1,475 (4,631) (875) — — (4,031) — (4,031) Interest and other investment income—realized 5,136 679 3,148 552 3,305 12,820 114 12,934 Interest expense (5,310) (4,828) (3,985) (2,020) (9,809) (25,952) (23) (25,975) Realized net investment income (loss) 1,301 (8,780) (1,712) (1,468) (6,504) (17,163) 91 (17,072) Realized income $ 309,776 $ 19,991 $ 51,675 $ 23,050 $ (3,040) $ 401,452 $ (136,999) $ 264,453 Three months ended September 30, 2022 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 361,073 $ 52,316 $ 91,013 $ 44,385 $ 2,981 $ 551,768 $ — $ 551,768 Fee related performance revenues — — 855 235 — 1,090 — 1,090 Other fees 8,160 556 11,493 — 50 20,259 7,547 27,806 Compensation and benefits (108,618) (26,865) (46,947) (19,191) (2,080) (203,701) (61,084) (264,785) General, administrative and other expenses (19,250) (7,824) (10,032) (3,215) (493) (40,814) (41,907) (82,721) Fee related earnings 241,365 18,183 46,382 22,214 458 328,602 (95,444) 233,158 Performance income—realized 3,045 — 26,939 — — 29,984 — 29,984 Performance related compensation—realized (1,737) (5) (17,115) (1) — (18,858) — (18,858) Realized net performance income (loss) 1,308 (5) 9,824 (1) — 11,126 — 11,126 Investment income—realized 4,495 8 339 — — 4,842 — 4,842 Interest and other investment income (expense)—realized 8,847 201 2,180 424 1,142 12,794 (171) 12,623 Interest expense (4,066) (4,183) (3,095) (1,753) (5,082) (18,179) (128) (18,307) Realized net investment income (loss) 9,276 (3,974) (576) (1,329) (3,940) (543) (299) (842) Realized income $ 251,949 $ 14,204 $ 55,630 $ 20,884 $ (3,482) $ 339,185 $ (95,743) $ 243,442 Nine months ended September 30, 2023 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,272,273 $ 166,622 $ 285,463 $ 124,597 $ 19,065 $ 1,868,020 $ — $ 1,868,020 Fee related performance revenues 866 — 334 5,737 — 6,937 — 6,937 Other fees 24,834 2,221 24,616 13 268 51,952 18,205 70,157 Compensation and benefits (363,091) (63,022) (116,232) (46,101) (9,759) (598,205) (261,325) (859,530) General, administrative and other expenses (68,479) (25,422) (33,465) (12,984) (2,120) (142,470) (148,099) (290,569) Fee related earnings 866,403 80,399 160,716 71,262 7,454 1,186,234 (391,219) 795,015 Performance income—realized 81,576 88,120 14,412 5,460 — 189,568 — 189,568 Performance related compensation—realized (51,218) (68,812) (8,764) (4,678) — (133,472) — (133,472) Realized net performance income 30,358 19,308 5,648 782 — 56,096 — 56,096 Investment income (loss)—realized 19,546 (1,668) (4,196) — 170 13,852 — 13,852 Interest and other investment income—realized 17,226 4,403 7,362 1,959 11,492 42,442 350 42,792 Interest expense (21,131) (16,178) (11,987) (6,776) (20,668) (76,740) (60) (76,800) Realized net investment income (loss) 15,641 (13,443) (8,821) (4,817) (9,006) (20,446) 290 (20,156) Realized income $ 912,402 $ 86,264 $ 157,543 $ 67,227 $ (1,552) $ 1,221,884 $ (390,929) $ 830,955 Nine months ended September 30, 2022 Credit Group Private Equity Group Real Assets Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,016,696 $ 145,669 $ 254,233 $ 135,090 $ 7,882 $ 1,559,570 $ — $ 1,559,570 Fee related performance revenues 12,628 — 2,178 235 — 15,041 — 15,041 Other fees 20,559 1,261 27,924 — 150 49,894 19,721 69,615 Compensation and benefits (318,017) (70,724) (121,183) (45,964) (5,864) (561,752) (196,492) (758,244) General, administrative and other expenses (56,888) (21,992) (28,308) (9,250) (1,421) (117,859) (109,516) (227,375) Fee related earnings 674,978 54,214 134,844 80,111 747 944,894 (286,287) 658,607 Performance income—realized 58,941 2,212 78,637 4,156 — 143,946 — 143,946 Performance related compensation—realized (35,675) (1,791) (50,510) (3,515) — (91,491) — (91,491) Realized net performance income 23,266 421 28,127 641 — 52,455 — 52,455 Investment income—realized 6,517 2,283 4,224 — 860 13,884 — 13,884 Interest and other investment income (expense)—realized 21,257 1,898 7,597 3,268 6,362 40,382 (1,450) 38,932 Interest expense (11,191) (11,185) (8,197) (3,775) (16,352) (50,700) (474) (51,174) Realized net investment income (loss) 16,583 (7,004) 3,624 (507) (9,130) 3,566 (1,924) 1,642 Realized income $ 714,827 $ 47,631 $ 166,595 $ 80,245 $ (8,383) $ 1,000,915 $ (288,211) $ 712,704
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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Segment revenues Management fees $ 643,649 $ 551,768 $ 1,868,020 $ 1,559,570 Fee related performance revenues 2,212 1,090 6,937 15,041 Other fees 14,031 20,259 51,952 49,894 Performance income—realized 17,797 29,984 189,568 143,946 Total segment revenues $ 677,689 $ 603,101 $ 2,116,477 $ 1,768,451 Segment expenses Compensation and benefits $ 201,224 $ 203,701 $ 598,205 $ 561,752 General, administrative and other expenses 47,346 40,814 142,470 117,859 Performance related compensation—realized 10,504 18,858 133,472 91,491 Total segment expenses $ 259,074 $ 263,373 $ 874,147 $ 771,102 Segment realized net investment income (expense) Investment income (loss)—realized $ (4,031) $ 4,842 $ 13,852 $ 13,884 Interest and other investment income —realized 12,820 12,794 42,442 40,382 Interest expense (25,952) (18,179) (76,740) (50,700) Total segment realized net investment income (expense) $ (17,163) $ (543) $ (20,446) $ 3,566
Schedule of Segment Revenues Components	The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Total consolidated revenue $ 671,255 $ 801,290 $ 2,577,903 $ 2,117,719 Performance (income) loss—unrealized 31,400 (170,654) (384,533) (280,037) Management fees of Consolidated Funds eliminated in consolidation 12,181 11,682 35,787 34,523 Performance income of Consolidated Funds eliminated in consolidation 1,874 — 9,365 34 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 83 3,946 7,061 13,030 Administrative fees (1) (16,154) (16,099) (46,692) (50,947) OMG revenue (5,717) (7,681) (18,205) (19,974) Principal investment income, net of eliminations (9,339) (11,582) (38,985) (15,521) Net revenue of non-controlling interests in consolidated subsidiaries (7,894) (7,801) (25,224) (30,376) Total consolidation adjustments and reconciling items 6,434 (198,189) (461,426) (349,268) Total segment revenue $ 677,689 $ 603,101 $ 2,116,477 $ 1,768,451 (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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Total consolidated expenses $ 560,960 $ 898,102 $ 2,027,334 $ 2,062,654 Performance related compensation-unrealized 38,650 (124,466) (261,996) (207,115) Expenses of Consolidated Funds added in consolidation (19,329) (22,129) (64,365) (63,071) Expenses of Consolidated Funds eliminated in consolidation 12,297 11,746 36,600 34,948 Administrative fees (1) (16,154) (15,574) (46,321) (50,422) OMG expenses (142,807) (102,991) (409,424) (306,008) Acquisition and merger-related expense (2,414) (1,852) (10,126) (12,046) Equity compensation expense (61,976) (48,041) (193,335) (151,202) Acquisition-related compensation expense (2) (589) (96,697) (1,831) (204,189) Placement fee adjustment (944) (9,729) 6,032 (7,611) Depreciation and amortization expense (105,524) (219,339) (194,174) (297,795) Expense of non-controlling interests in consolidated subsidiaries (3,096) (5,657) (14,247) (27,041) Total consolidation adjustments and reconciling items (301,886) (634,729) (1,153,187) (1,291,552) Total segment expenses $ 259,074 $ 263,373 $ 874,147 $ 771,102 (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 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Total consolidated other income $ 116,577 $ 36,434 $ 299,394 $ 112,932 Investment (income) loss—unrealized (31,246) 57 (104,170) 9,995 Interest and other investment income—unrealized (5,720) (4,600) (1,202) (16,661) Other income, net from Consolidated Funds added in consolidation (125,857) (38,434) (335,708) (132,852) Other expense, net from Consolidated Funds eliminated in consolidation (383) (1,922) (15,326) (13,655) OMG other (income) expense (591) 3,016 1,213 8,700 Principal investment income 29,980 9,438 130,679 37,421 Other (income) expense, net 286 (1,060) 589 934 Other (income) loss of non-controlling interests in consolidated subsidiaries (209) (3,472) 4,085 (3,248) Total consolidation adjustments and reconciling items (133,740) (36,977) (319,840) (109,366) Total segment realized net investment income (expense) $ (17,163) $ (543) $ (20,446) $ 3,566
Schedule of 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 September 30, Nine months ended September 30, 2023 2022 2023 2022 Income (loss) before taxes $ 226,872 $ (60,378) $ 849,963 $ 167,997 Adjustments: Depreciation and amortization expense 105,524 219,339 194,174 297,795 Equity compensation expense 61,976 47,516 192,964 150,677 Acquisition-related compensation expense (1) 589 96,697 1,831 204,189 Acquisition and merger-related expense 2,414 1,852 10,126 12,046 Placement fee adjustment 944 9,729 (6,032) 7,611 OMG expense, net 136,499 98,325 392,432 294,734 Other (income) expense, net 286 (1,059) 589 934 Income before taxes of non-controlling interests in consolidated subsidiaries (5,007) (5,616) (6,892) (6,583) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (84,429) (16,489) (179,362) (48,897) Total performance (income) loss—unrealized 31,400 (170,654) (384,533) (280,037) Total performance related compensation—unrealized (38,650) 124,466 261,996 207,115 Total investment income—unrealized (36,966) (4,543) (105,372) (6,666) Realized income 401,452 339,185 1,221,884 1,000,915 Total performance income—realized (17,797) (29,984) (189,568) (143,946) Total performance related compensation—realized 10,504 18,858 133,472 91,491 Total investment (income) loss—realized 17,163 543 20,446 (3,566) Fee related earnings $ 411,322 $ 328,602 $ 1,186,234 $ 944,894 (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)	9 Months Ended
	Sep. 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 September 30, As of December 31, 2023 2022 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 411,251 $ 393,549 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 808,386 537,239 Assets of consolidated VIEs 14,352,887 13,128,088 Liabilities of consolidated VIEs 12,487,780 11,593,867 (1) As of September 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 $77.4 million and $82.0 million, respectively. Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Net income attributable to non-controlling interests related to consolidated VIEs $ 66,526 $ 8,733 $ 165,118 $ 28,470
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 September 30, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 311,827 $ — $ — $ 311,827 Investments (includes $3,490,841 of accrued carried interest) 5,275,454 — (838,708) 4,436,746 Due from affiliates 869,372 — (178,897) 690,475 Other assets 306,492 — — 306,492 Right-of-use operating lease assets 259,537 — — 259,537 Intangible assets, net 1,033,590 — — 1,033,590 Goodwill 997,801 — — 997,801 Assets of Consolidated Funds Cash and cash equivalents — 885,318 — 885,318 Investments held in trust account — 1,002,787 — 1,002,787 Investments, at fair value — 13,221,997 — 13,221,997 Due from affiliates — 23,609 (11,257) 12,352 Receivable for securities sold — 153,210 — 153,210 Other assets — 71,761 — 71,761 Total assets $ 9,054,073 $ 15,358,682 $ (1,028,862) $ 23,383,893 Liabilities Accounts payable, accrued expenses and other liabilities $ 275,742 $ — $ (11,257) $ 264,485 Accrued compensation 361,017 — — 361,017 Due to affiliates 210,729 — — 210,729 Performance related compensation payable 2,538,450 — — 2,538,450 Debt obligations 2,340,173 — — 2,340,173 Operating lease liabilities 326,902 — — 326,902 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 253,473 (10,136) 243,337 Due to affiliates — 178,897 (178,897) — Payable for securities purchased — 512,879 — 512,879 CLO loan obligations, at fair value — 11,565,985 (105,022) 11,460,963 Fund borrowings — 80,741 — 80,741 Total liabilities 6,053,013 12,591,975 (305,312) 18,339,676 Commitments and contingencies Redeemable interest in Consolidated Funds — 1,002,587 — 1,002,587 Redeemable interest in Ares Operating Group entities 23,176 — — 23,176 Non-controlling interest in Consolidated Funds — 1,764,120 (710,687) 1,053,433 Non-controlling interest in Ares Operating Group entities 1,236,808 — (4,966) 1,231,842 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (184,360,944 shares issued and outstanding) 1,844 — — 1,844 Non-voting common stock, $0.01 par value, 500,000,000 shares authorized (3,489,911 shares issued and outstanding) 35 — — 35 Class B common stock, $0.01 par value, 1,000 shares authorized (1,000 shares issued and outstanding) — — — — Class C common stock, $0.01 par value, 499,999,000 shares authorized (118,132,697 shares issued and outstanding) 1,181 — — 1,181 Additional paid-in-capital 2,270,632 — (7,897) 2,262,735 Accumulated deficit (515,351) — — (515,351) Accumulated other comprehensive loss, net of tax (17,265) — — (17,265) Total stockholders’ equity 1,741,076 — (7,897) 1,733,179 Total equity 2,977,884 1,764,120 (723,550) 4,018,454 Total liabilities, redeemable interest, non-controlling interests and equity $ 9,054,073 $ 15,358,682 $ (1,028,862) $ 23,383,893 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 September 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 649,698 $ — $ (12,181) $ 637,517 Carried interest allocation (26,252) — (1,874) (28,126) Incentive fees 16,454 — — 16,454 Principal investment income 29,980 — (20,641) 9,339 Administrative, transaction and other fees 36,154 — (83) 36,071 Total revenues 706,034 — (34,779) 671,255 Expenses Compensation and benefits 367,502 — — 367,502 Performance related compensation (25,448) — — (25,448) General, administrative and other expense 211,874 — (32) 211,842 Expenses of the Consolidated Funds — 19,329 (12,265) 7,064 Total expenses 553,928 19,329 (12,297) 560,960 Other income (expense) Net realized and unrealized gains (losses) on investments 4,209 — (5,979) (1,770) Interest and dividend income 6,574 — (1,822) 4,752 Interest expense (25,975) — — (25,975) Other income, net 5,529 — 213 5,742 Net realized and unrealized gains on investments of the Consolidated Funds — 71,666 7,925 79,591 Interest and other income of the Consolidated Funds — 255,813 (213) 255,600 Interest expense of the Consolidated Funds — (201,622) 259 (201,363) Total other income (expense), net (9,663) 125,857 383 116,577 Income before taxes 142,443 106,528 (22,099) 226,872 Income tax expense 25,758 4,140 — 29,898 Net income 116,685 102,388 (22,099) 196,974 Less: Net income attributable to non-controlling interests in Consolidated Funds — 102,388 (22,099) 80,289 Net income attributable to Ares Operating Group entities 116,685 — — 116,685 Less: Net income attributable to redeemable interest in Ares Operating Group entities 758 — — 758 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 54,104 — — 54,104 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 61,823 $ — $ — $ 61,823 Three months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 560,140 $ — $ (11,682) $ 548,458 Carried interest allocation 192,186 — — 192,186 Incentive fees 8,882 — — 8,882 Principal investment income 9,438 — 2,144 11,582 Administrative, transaction and other fees 44,128 — (3,946) 40,182 Total revenues 814,774 — (13,484) 801,290 Expenses Compensation and benefits 425,419 — — 425,419 Performance related compensation 142,934 — — 142,934 General, administrative and other expense 319,366 — (14) 319,352 Expenses of the Consolidated Funds — 22,129 (11,732) 10,397 Total expenses 887,719 22,129 (11,746) 898,102 Other income (expense) Net realized and unrealized gains on investments 5,433 — (1,002) 4,431 Interest and dividend income 5,820 — (3,734) 2,086 Interest expense (18,307) — — (18,307) Other income, net 3,132 — (531) 2,601 Net realized and unrealized losses on investments of the Consolidated Funds — (3,760) 3,730 (30) Interest and other income of the Consolidated Funds — 157,884 531 158,415 Interest expense of the Consolidated Funds — (115,690) 2,928 (112,762) Total other income (expense), net (3,922) 38,434 1,922 36,434 Income (loss) before taxes (76,867) 16,305 184 (60,378) Income tax expense (benefit) (11,748) 149 — (11,599) Net income (loss) (65,119) 16,156 184 (48,779) Less: Net income attributable to non-controlling interests in Consolidated Funds — 16,156 184 16,340 Net loss attributable to Ares Operating Group entities (65,119) — — (65,119) Less: Net income attributable to redeemable interest in Ares Operating Group entities 93 — — 93 Less: Net loss attributable to non-controlling interests in in Ares Operating Group entities (29,666) — — (29,666) Net loss attributable to Ares Management Corporation Class A and non-voting common stockholders $ (35,546) $ — $ — $ (35,546) Nine months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,889,091 $ — $ (35,787) $ 1,853,304 Carried interest allocation 551,055 — (9,227) 541,828 Incentive fees 33,465 — (138) 33,327 Principal investment income 130,679 — (91,694) 38,985 Administrative, transaction and other fees 117,520 — (7,061) 110,459 Total revenues 2,721,810 — (143,907) 2,577,903 Expenses Compensation and benefits 1,095,833 — — 1,095,833 Performance related compensation 401,990 — — 401,990 General, administrative and other expense 501,746 — (406) 501,340 Expenses of the Consolidated Funds — 64,365 (36,194) 28,171 Total expenses 1,999,569 64,365 (36,600) 2,027,334 Other income (expense) Net realized and unrealized gains on investments 7,506 — (2,280) 5,226 Interest and dividend income 19,237 — (7,956) 11,281 Interest expense (76,800) — — (76,800) Other expense, net (1,583) — 515 (1,068) Net realized and unrealized gains on investments of the Consolidated Funds — 165,885 22,832 188,717 Interest and other income of the Consolidated Funds — 713,507 (515) 712,992 Interest expense of the Consolidated Funds — (543,684) 2,730 (540,954) Total other income (expense), net (51,640) 335,708 15,326 299,394 Income before taxes 670,601 271,343 (91,981) 849,963 Income tax expense 108,719 4,699 — 113,418 Net income 561,882 266,644 (91,981) 736,545 Less: Net income attributable to non-controlling interests in Consolidated Funds — 266,644 (91,981) 174,663 Net income attributable to Ares Operating Group entities 561,882 — — 561,882 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (332) — — (332) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 261,838 — — 261,838 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 300,376 $ — $ — $ 300,376 Nine months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,580,873 $ — $ (34,523) $ 1,546,350 Carried interest allocation 417,779 — — 417,779 Incentive fees 30,013 — (34) 29,979 Principal investment income 37,421 — (21,900) 15,521 Administrative, transaction and other fees 121,120 — (13,030) 108,090 Total revenues 2,187,206 — (69,487) 2,117,719 Expenses Compensation and benefits 1,155,031 — — 1,155,031 Performance related compensation 316,818 — — 316,818 General, administrative and other expense 562,682 — (241) 562,441 Expenses of the Consolidated Funds — 63,071 (34,707) 28,364 Total expenses 2,034,531 63,071 (34,948) 2,062,654 Other income (expense) Net realized and unrealized gains (losses) on investments (9,926) — 20,691 10,765 Interest and dividend income 17,605 — (12,541) 5,064 Interest expense (51,174) — — (51,174) Other income, net 9,920 — 274 10,194 Net realized and unrealized gains on investments of the Consolidated Funds — 12,445 (4,414) 8,031 Interest and other income of the Consolidated Funds — 396,354 (274) 396,080 Interest expense of the Consolidated Funds — (275,947) 9,919 (266,028) Total other income (expense), net (33,575) 132,852 13,655 112,932 Income before taxes 119,100 69,781 (20,884) 167,997 Income tax expense 22,075 197 — 22,272 Net income 97,025 69,584 (20,884) 145,725 Less: Net income attributable to non-controlling interests in Consolidated Funds — 69,584 (20,884) 48,700 Net income attributable to Ares Operating Group entities 97,025 — — 97,025 Less: Net income attributable to redeemable interest in Ares Operating Group entities 35 — — 35 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 46,942 — — 46,942 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 50,048 $ — $ — $ 50,048
Schedule of Cash Flows	Nine months ended September 30, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 561,882 $ 266,644 $ (91,981) $ 736,545 Adjustments to reconcile net income to net cash provided by (used in) operating activities 23,920 — 288,260 312,180 Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds — (926,076) (22,832) (948,908) Cash flows due to changes in operating assets and liabilities 139,111 — (3,451) 135,660 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 228,877 (137,563) 91,314 Net cash provided by (used in) operating activities 724,913 (430,555) 32,433 326,791 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (44,177) — — (44,177) Net cash used in investing activities (44,177) — — (44,177) Cash flows from financing activities: Proceeds from Credit Facility 735,000 — — 735,000 Repayments of Credit Facility (670,000) — — (670,000) Dividends and distributions (760,085) — — (760,085) Stock option exercises 80,426 — — 80,426 Taxes paid related to net share settlement of equity awards (145,421) — — (145,421) Other financing activities 902 — — 902 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 944,485 (208,541) 735,944 Distributions to non-controlling interests in Consolidated Funds — (72,375) 15,430 (56,945) Redemptions of redeemable interests in Consolidated Funds — (553,718) — (553,718) Borrowings under loan obligations by Consolidated Funds — 549,664 — 549,664 Repayments under loan obligations by Consolidated Funds — (257,370) — (257,370) Net cash provided by (used in) financing activities (759,178) 610,686 (193,111) (341,603) Effect of exchange rate changes 282 (19,453) — (19,171) Net change in cash and cash equivalents (78,160) 160,678 (160,678) (78,160) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 311,827 $ 885,319 $ (885,319) $ 311,827 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 Nine months ended September 30, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 97,025 $ 69,584 $ (20,884) $ 145,725 Adjustments to reconcile net income to net cash provided by (used in) operating activities 382,823 — (61,873) 320,950 Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds — (1,132,839) 4,414 (1,128,425) Cash flows due to changes in operating assets and liabilities 160,957 — 152,692 313,649 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (427,022) 231,518 (195,504) Net cash provided by (used in) operating activities 640,805 (1,490,277) 305,867 (543,605) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (28,388) — — (28,388) Acquisitions, net of cash acquired (301,658) — — (301,658) Net cash used in investing activities (330,046) — — (330,046) Cash flows from financing activities: Proceeds from Credit Facility 940,000 — — 940,000 Proceeds from senior notes 488,915 — — 488,915 Repayments of Credit Facility (910,000) — — (910,000) Dividends and distributions (608,220) — — (608,220) Stock option exercises 14,531 — — 14,531 Taxes paid related to net share settlement of equity awards (194,223) — — (194,223) Other financing activities 2,457 — — 2,457 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 362,752 (64,106) 298,646 Distributions to non-controlling interests in Consolidated Funds — (227,886) 123,454 (104,432) Borrowings under loan obligations by Consolidated Funds — 1,120,680 — 1,120,680 Repayments under loan obligations by Consolidated Funds — (121,273) — (121,273) Net cash provided by (used in) financing activities (266,540) 1,134,273 59,348 927,081 Effect of exchange rate changes (26,374) (9,211) — (35,585) Net change in cash and cash equivalents 17,845 (365,215) 365,215 17,845 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 361,500 $ 683,976 $ (683,976) $ 361,500 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		9 Months Ended
	Apr. 25, 2023	Sep. 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		$ 553.7
Temporary equity, shares outstanding (in shares)		45,604,260
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	Sep. 30, 2023	Dec. 31, 2022
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 750,662	$ 859,957
Foreign currency translation	(841)	935
Total finite-lived intangible assets	749,821	860,892
Less: accumulated amortization	(284,031)	(220,472)
Finite-lived intangible assets, net	465,790	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	1,033,590	1,208,220
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 567,800	567,800
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	8 years 9 months 18 days
Finite-lived intangible assets	$ 178,620	262,301
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	4 years 4 months 24 days
Finite-lived intangible assets	$ 571,542	586,077
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 1 month 6 days
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended				9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization expense	$ 31,000,000			$ 32,700,000	$ 95,000,000	$ 101,500,000
Impaired and fully amortized intangibles, amount removed during the period					109,300,000
Reallocation					0
Goodwill impairment					0	$ 0
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges			$ 7,800,000
Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation					0
Real Assets Group | Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges		$ 4,400,000
From Ares SSG To Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation					224,600,000
Secondaries Group
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges				$ 181,600,000
Reallocation					$ 0
Secondaries Group | Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges	$ 65,700,000
Credit Group | Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges		$ 700,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 999,656
Acquisitions	22
Reallocation	0
Foreign currency translation	(1,877)
Goodwill, ending balance	997,801
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196
Acquisitions	0
Reallocation	224,587
Foreign currency translation	(1,879)
Goodwill, ending balance	254,904
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	2
Goodwill, ending balance	417,622
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	Sep. 30, 2023	Dec. 31, 2022
Investments
Equity method private investment partnership interests and other	$ 3,630	$ 1,385
Other fixed income	319,949	277,126
Common stock, at fair value	241,104	198,807
Total investments	4,436,746	3,974,734
Partnership Interests
Investments
Equity method investments:	$ 4,275,339	$ 3,820,778
Percentage of total investments as of	96.40%	96.20%
Collateralized loan obligations and other fixed income
Investments
Collateralized loan obligations	$ 75,215	$ 76,934
Percentage of total investments as of	1.70%	1.80%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 20,879	$ 25,163
Percentage of total investments as of	0.50%	0.60%
Other fixed income
Investments
Other fixed income	$ 54,336	$ 51,771
Percentage of total investments as of	1.20%	1.20%
Common stock, at fair value
Investments
Common stock, at fair value	$ 86,192	$ 77,022
Percentage of total investments as of	1.90%	2%
Equity method - carried interest
Investments
Equity method investments:	$ 3,490,841	$ 3,106,577
Percentage of total investments as of	78.70%	78.20%
Partnership Interests
Investments
Equity method investments:	$ 580,140	$ 543,592
Percentage of total investments as of	13.10%	13.70%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 158,542	$ 123,170
Percentage of total investments as of	3.60%	3.10%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 45,816	$ 47,439
Percentage of total investments as of	1%	1.20%

INVESTMENTS - Schedule of Equit

INVESTMENTS - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investments, All Other Investments [Abstract]
Total other income, net related to equity method investments	$ 1,845	$ 16,228	$ 34,900	$ 25,065

INVESTMENTS - Investments of th

INVESTMENTS - Investments of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investments
Total investments, at fair value	$ 14,224,784	$ 13,204,633
Fixed income investments:
Investments
Total investments, at fair value	$ 11,565,910	$ 11,080,865
Percentage of total investments	81.30%	84%
Fixed income investments: | Loans
Investments
Total investments, at fair value	$ 10,001,553	$ 9,280,522
Percentage of total investments	70.30%	70.30%
Fixed income investments: | Investments held in trust account
Investments
Total investments, at fair value	$ 1,002,787	$ 1,013,382
Percentage of total investments	7%	7.70%
Fixed income investments: | Bonds
Investments
Total investments, at fair value	$ 561,570	$ 786,961
Percentage of total investments	4%	6%
Partnership interests
Investments
Total investments, at fair value	$ 1,486,217	$ 1,392,169
Percentage of total investments	10.50%	10.50%
Equity securities
Investments
Total investments, at fair value	$ 1,172,657	$ 731,599
Percentage of total investments	8.20%	5.50%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	Sep. 30, 2023	Dec. 31, 2022
Consolidated Funds
Summary of Investment Holdings [Line Items]
Percent of total assets threshold	5%	5%

FAIR VALUE - Assets and Liabili

FAIR VALUE - Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Consolidated Funds
Assets, at fair value
Common stock and other equity securities	$ 1,172,657	$ 731,599
Collateralized loan obligations and other fixed income	11,565,910	11,080,865
Partnership interests	1,486,217	1,392,169
Total investments, at fair value	14,224,784	13,204,633
Total assets, at fair value	14,230,283	13,207,533
Liabilities, at fair value
Loan obligations of CLOs	(11,460,963)	(10,701,720)
Derivative liabilities	(20,867)	(15,824)
Total liabilities, at fair value	$ (11,481,830)	$ (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	$ 5,499	$ 2,900
Liabilities, at fair value
Derivative liabilities	(5,502)	(2,942)
Consolidated Funds  | Warrants
Liabilities, at fair value
Derivative liabilities	(13,220)	(9,326)
Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	(2,145)	(3,556)
Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	10,001,553	9,280,522
Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	1,002,787	1,013,382
Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and other fixed income	561,570	786,961
Level I  | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	58,139	719
Collateralized loan obligations and other fixed income	1,002,788	1,013,382
Partnership interests	0	0
Total investments, at fair value	1,060,927	1,014,101
Total assets, at fair value	1,060,927	1,014,101
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	(13,220)	(9,326)
Total liabilities, at fair value	(13,220)	(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	(13,220)	(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	1	0
Level I  | Consolidated Funds  | Investments held in trust account
Assets, at fair value
Collateralized loan obligations and other fixed income	1,002,787	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	2,925	0
Collateralized loan obligations and other fixed income	10,011,094	9,197,815
Partnership interests	0	0
Total investments, at fair value	10,014,019	9,197,815
Total assets, at fair value	10,019,518	9,200,715
Liabilities, at fair value
Loan obligations of CLOs	(11,460,963)	(10,701,720)
Derivative liabilities	(5,502)	(2,942)
Total liabilities, at fair value	(11,466,465)	(10,704,662)
Level II  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	5,499	2,900
Liabilities, at fair value
Derivative liabilities	(5,502)	(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	9,451,293	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	559,801	534,137
Level III  | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	1,111,593	730,880
Collateralized loan obligations and other fixed income	552,028	869,668
Partnership interests	0	368,655
Total investments, at fair value	1,663,621	1,969,203
Total assets, at fair value	1,663,621	1,969,203
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	(2,145)	(3,556)
Total liabilities, at fair value	(2,145)	(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	(2,145)	(3,556)
Level III  | Consolidated Funds  | Loans
Assets, at fair value
Collateralized loan obligations and other fixed income	550,259	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	1,769	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	1,486,217	1,023,514
Total investments, at fair value	1,486,217	1,023,514
Total assets, at fair value	1,486,217	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	241,104	198,807
Partnership interests	3,630	1,385
Total investments, at fair value	319,949	277,126
Total assets, at fair value	322,649	281,299
Liabilities, at fair value
Total liabilities, at fair value	(801)	(3,423)
Ares Management L.P | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	2,700	4,173
Liabilities, at fair value
Derivative liabilities	(801)	(3,423)
Ares Management L.P | Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	75,215	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	86,192	77,022
Partnership interests	0	0
Total investments, at fair value	86,192	77,022
Total assets, at fair value	88,892	81,195
Liabilities, at fair value
Total liabilities, at fair value	(801)	(3,423)
Ares Management L.P | Level II  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	2,700	4,173
Liabilities, at fair value
Derivative liabilities	(801)	(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	154,912	121,785
Partnership interests	0	0
Total investments, at fair value	230,127	198,719
Total assets, at fair value	230,127	198,719
Liabilities, at fair value
Total liabilities, at fair value	0	0
Ares Management L.P | Level III  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	0	0
Liabilities, at fair value
Derivative liabilities	0	0
Ares Management L.P | Level III  | Collateralized loan obligations and other fixed income
Assets, at fair value
Collateralized loan obligations and other fixed income	75,215	76,934
Ares Management L.P | Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	3,630	1,385
Total investments, at fair value	3,630	1,385
Total assets, at fair value	3,630	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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,711,503	$ 1,804,256	$ 1,965,647	$ 1,317,703
Transfer in (out) due to changes in consolidated			(380,688)
Transfer in	64,227	171,687	192,359	321,939
Transfer out	(185,688)	(350,079)	(590,319)	(213,658)
Purchases	215,616	253,535	828,604	776,333
Sales/settlements	(167,541)	(154,618)	(502,927)	(487,176)
Amortized discounts/premiums	552	521	1,477	1,274
Realized and unrealized appreciation (depreciation), net	22,807	(29,361)	147,323	(20,474)
Balance, end of period	1,661,476	1,695,941	1,661,476	1,695,941
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$ (4,781)	$ (7,929)	$ 112,580	(47,977)
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	$ 1,066,065	$ 480,914	$ 730,880	339,183
Transfer in (out) due to changes in consolidated			(2,076)
Transfer in	848	0	0	0
Transfer out	(36,064)	0	(36,681)	0
Purchases	65,220	49,024	295,030	166,667
Sales/settlements	(2,364)	(64)	(2,490)	(28,444)
Amortized discounts/premiums	1	0	1	0
Realized and unrealized appreciation (depreciation), net	17,887	(3,823)	126,929	48,645
Balance, end of period	1,111,593	526,051	1,111,593	526,051
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	17,950	(3,836)	127,001	22,304
Consolidated Funds  | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	648,131	1,076,254	869,668	742,952
Transfer in (out) due to changes in consolidated			(4,563)
Transfer in	63,379	171,687	192,359	321,939
Transfer out	(149,624)	(350,079)	(553,638)	(213,658)
Purchases	150,370	173,253	484,574	551,408
Sales/settlements	(165,177)	(132,226)	(451,426)	(405,904)
Amortized discounts/premiums	551	521	1,476	1,274
Realized and unrealized appreciation (depreciation), net	4,398	(18,801)	13,578	(77,402)
Balance, end of period	552,028	920,609	552,028	920,609
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	(23,157)	(9,067)	(15,704)	(69,982)
Consolidated Funds  | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period		250,123	368,655	238,673
Transfer in (out) due to changes in consolidated			(374,049)
Transfer in		0	0	0
Transfer out		0	0	0
Purchases		31,258	49,000	58,258
Sales/settlements		(22,328)	(48,889)	(52,828)
Amortized discounts/premiums		0	0	0
Realized and unrealized appreciation (depreciation), net		(6,419)	5,283	8,531
Balance, end of period	0	252,634	0	252,634
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date		5,421	0	344
Consolidated Funds  | Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(2,693)	(3,035)	(3,556)	(3,105)
Transfer in (out) due to changes in consolidated			0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	26	0	0	0
Sales/settlements	0	0	(122)	0
Amortized discounts/premiums	0	0	0	0
Realized and unrealized appreciation (depreciation), net	522	(318)	1,533	(248)
Balance, end of period	(2,145)	(3,353)	(2,145)	(3,353)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	426	(447)	1,283	(643)
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	239,148	152,064	198,719	106,486
Transfer in (out) due to changes in consolidated				1,491
Purchases	1,506	894	41,732	894
Change in fair value		(252)		(1,438)
Sales/settlements	(1,397)	(1,684)	(4,610)	43,164
Realized and unrealized appreciation (depreciation), net	(9,130)	3,650	(5,714)	4,075
Balance, end of period	230,127	154,672	230,127	154,672
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	(9,130)	6,833	(5,714)	4,703
Ares Management L.P | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	165,371	113,881	121,785	108,949
Transfer in (out) due to changes in consolidated				1,491
Purchases	7	894	38,267	894
Change in fair value		0		0
Sales/settlements	(350)	(1,179)	(1,186)	(2,326)
Realized and unrealized appreciation (depreciation), net	(10,116)	3,676	(3,954)	8,264
Balance, end of period	154,912	117,272	154,912	117,272
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	(10,116)	7,111	(4,167)	10,330
Ares Management L.P | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	73,777	46,356	76,934	52,397
Transfer in (out) due to changes in consolidated				0
Purchases	1,499	0	3,465	0
Change in fair value		0		0
Sales/settlements	(1,047)	(505)	(3,424)	(2,383)
Realized and unrealized appreciation (depreciation), net	986	(26)	(1,760)	(4,189)
Balance, end of period	75,215	45,825	75,215	45,825
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date	$ 986	(26)	$ (1,547)	(4,189)
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
Purchases		0		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 and fair value included in earnings related to financial assets and liabilities still held at the reporting date		0		0
Ares Management L.P | Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period		(10,748)		(57,435)
Transfer in due to changes in consolidation				0
Purchases		0		0
Sales/settlements		0		47,873
Change in fair value		(252)		(1,438)
Realized and unrealized appreciation (depreciation), net		0		0
Balance, ending of period		(11,000)		(11,000)
Change in net unrealized appreciation/depreciation and fair value included in earnings related to financial assets and liabilities still held at the reporting date		$ (252)		$ (1,438)

FAIR VALUE - Valuation Techniqu

FAIR VALUE - Valuation Techniques (Details) $ in Thousands	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Consolidated Funds
Assets
Equity securities	$ 1,172,657	$ 731,599
Partnership interests	1,486,217	1,392,169
Collateralized loan obligations	11,460,963	10,701,720
Fixed income investments	11,565,910	11,080,865
Total assets, at fair value	14,230,283	13,207,533
Liabilities
Derivative instruments	(20,867)	(15,824)
Total liabilities, at fair value	(11,481,830)	(10,717,544)
Consolidated Funds  | Level III
Assets
Equity securities	1,111,593	730,880
Partnership interests	0	368,655
Collateralized loan obligations	0	0
Fixed income investments	552,028	869,668
Total assets, at fair value	1,663,621	1,969,203
Liabilities
Derivative instruments	(2,145)	(3,556)
Total liabilities, at fair value	(2,145)	(3,556)
Consolidated Funds  | Level III  | Market approach
Assets
Fixed income investments		125,612
Consolidated Funds  | Level III  | Market approach | Equity Securities One
Assets
Equity securities	502,644
Consolidated Funds  | Level III  | Market approach | Equity Securities Two
Assets
Equity securities	928
Consolidated Funds  | Level III  | Market approach | Fixed Income Investments One
Assets
Fixed income investments	108,666
Consolidated Funds  | Level III  | Market approach | Fixed Income Investments Two
Assets
Fixed income investments	$ 2,627
Consolidated Funds  | Level III  | Market approach | Multiple of book value
Assets
Equity securities		$ 290,258
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Minimum
Significant Unobservable Input(s)
Equity securities		1
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Minimum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Maximum
Significant Unobservable Input(s)
Equity securities		1.2
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.7
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Weighted Average
Significant Unobservable Input(s)
Equity securities		1.2
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.3
Consolidated Funds  | Level III  | Market approach | Net income multiple
Assets
Equity securities		$ 36,681
Significant Unobservable Input(s)
Equity securities		30
Consolidated Funds  | Level III  | Market approach | Net income multiple | Weighted Average
Significant Unobservable Input(s)
Equity securities		30
Consolidated Funds  | Level III  | Market approach | EBITDA multiple
Assets
Equity securities		$ 2,064
Fixed income investments		$ 4,479
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum
Significant Unobservable Input(s)
Equity securities		6.3
Fixed income investments		8
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	6.3
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum | Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments	5.4
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum
Significant Unobservable Input(s)
Equity securities		31
Fixed income investments		9
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	30
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum | Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments	30
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average
Significant Unobservable Input(s)
Equity securities		13.6
Fixed income investments		8.5
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	16.8
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average | Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments	8.7
Consolidated Funds  | Level III  | Market approach | Yield | Minimum
Significant Unobservable Input(s)
Fixed income investments		0.066
Consolidated Funds  | Level III  | Market approach | Yield | Minimum | Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments	0.084
Consolidated Funds  | Level III  | Market approach | Yield | Maximum
Significant Unobservable Input(s)
Fixed income investments		0.217
Consolidated Funds  | Level III  | Market approach | Yield | Maximum | Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments	0.219
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average
Significant Unobservable Input(s)
Fixed income investments		0.128
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average | Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments	0.125
Consolidated Funds  | Level III  | Discounted cash flow
Assets
Equity securities	$ 607,252	$ 401,229
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate
Assets
Partnership interests		$ 368,655
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Minimum
Significant Unobservable Input(s)
Equity securities	0.100	0.080
Partnership interest		0.103
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Maximum
Significant Unobservable Input(s)
Equity securities	0.160	0.180
Partnership interest		0.220
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.130	12
Partnership interest		0.189
Consolidated Funds  | Level III  | Transaction price
Assets
Fixed income investments	$ 34,093	$ 6,155
Consolidated Funds  | Level III  | Other
Assets
Equity securities	769	648
Fixed income investments	4,039	1,714
Consolidated Funds  | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Fixed income investments	402,603	731,708
Liabilities
Derivative instruments	(2,145)	(3,556)
Ares Management L.P
Assets
Equity securities	241,104	198,807
Partnership interests	3,630	1,385
Total assets, at fair value	322,649	281,299
Liabilities
Total liabilities, at fair value	(801)	(3,423)
Ares Management L.P | Level III
Assets
Equity securities	154,912	121,785
Partnership interests	0	0
Total assets, at fair value	230,127	198,719
Liabilities
Total liabilities, at fair value	0	0
Ares Management L.P | Level III  | Market approach
Assets
Equity securities	$ 114,225
Ares Management L.P | Level III  | Market approach | Equity Securities One
Assets
Equity securities		$ 106,295
Ares Management L.P | Level III  | Market approach | Multiple of book value | Equity Securities One
Significant Unobservable Input(s)
Equity securities		1.3
Ares Management L.P | Level III  | Market approach | Multiple of book value | Minimum
Significant Unobservable Input(s)
Equity securities	1.3
Ares Management L.P | Level III  | Market approach | Multiple of book value | Maximum
Significant Unobservable Input(s)
Equity securities	2.2
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average
Significant Unobservable Input(s)
Equity securities	1.8
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
Ares Management L.P | Level III  | Discounted cash flow
Assets
Equity securities	$ 507
Ares Management L.P | Level III  | Discounted cash flow | Discount rate
Significant Unobservable Input(s)
Equity securities	20.5
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities	20.5
Ares Management L.P | Level III  | Transaction price
Assets
Equity securities	$ 37,403	$ 15,490
Fixed income investments	32,504	30,189
Ares Management L.P | Level III  | Other
Assets
Equity securities	2,777
Fixed income investments	21,832	21,582
Ares Management L.P | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Collateralized loan obligations	$ 20,879	$ 25,163

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details) - Investments Measured at NAV - Non-core investments - USD ($)	Sep. 30, 2023	Dec. 31, 2022
FAIR VALUE
Partnership interests	$ 3,600,000	$ 1,400,000
Unfunded commitments	$ 0	$ 0

FAIR VALUE - Investments Using

FAIR VALUE - Investments Using NAV per Share (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Consolidated Funds
FAIR VALUE
Investments (held at fair value)	$ 1,486,217,000	$ 1,392,169,000
Investments Measured at NAV | Consolidated Funds
FAIR VALUE
Investments (held at fair value)	1,486,217,000	1,023,514,000
Investments Measured at NAV | Non-core investments
FAIR VALUE
Investments (held at fair value)	3,600,000	1,400,000
Unfunded commitments	0	0
Investments Measured at NAV | Non-core investments | Consolidated Funds
FAIR VALUE
Investments (held at fair value)	1,486,217,000	1,023,514,000
Unfunded commitments	$ 830,746,000	$ 869,016,000

DEBT - Debt Obligations (Detail

DEBT - Debt Obligations (Details) - Ares Management L.P - USD ($) $ in Thousands	1 Months Ended				9 Months Ended	12 Months Ended
	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Sep. 30, 2023	Jun. 30, 2024	Dec. 31, 2022
DEBT
Carrying Value					$ 2,340,173		$ 2,273,854
Credit Facility
DEBT
Carrying Value					$ 765,000		$ 700,000
Interest Rate					6.37%		5.37%
Maximum borrowing capacity					$ 1,325,000
Unused commitment fees					0.10%
Credit Facility | Forecast
DEBT
Interest rate spread						0.05%
Unused commitment fees						0.01%
Credit Facility | Forecast | Minimum
DEBT
Interest rate						0%
Credit Facility | SOFR
DEBT
Interest rate spread					1%
Senior Notes 2024
DEBT
Original Borrowing Amount					$ 250,000
Carrying Value					$ 249,240		$ 248,693
Interest Rate					4.21%		4.21%
Debt issuance rate				98.27%
Senior Notes 2030
DEBT
Original Borrowing Amount					$ 400,000
Carrying Value					$ 396,937		$ 396,602
Interest Rate					3.28%		3.28%
Debt issuance rate			99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount					$ 500,000
Carrying Value					$ 484,101		$ 483,802
Interest Rate					3.77%		3.77%
Debt issuance rate	97.78%
Subordinated Notes 2051
DEBT
Original Borrowing Amount					$ 450,000
Carrying Value					$ 444,895		$ 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	9 Months Ended
	Sep. 30, 2023 USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 5,510
Amortization of debt issuance costs	(973)
Unamortized debt issuance costs, ending balance	4,537
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	8,393
Amortization of debt issuance costs	(586)
Unamortized debt issuance costs, ending balance	7,807
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,243
Amortization of debt issuance costs	(138)
Unamortized debt issuance costs, ending balance	$ 5,105

DEBT - Loan Obligations of the

DEBT - Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds  - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
DEBT
Fair Value of Loan Obligations	$ 11,460,963	$ 10,701,720
Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	11,460,963	10,701,720
Senior secured notes | Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 10,781,168	$ 10,142,545
Weighted  Average Interest Rate	6.44%	4.84%
Weighted  Average Remaining Maturity  (in years)	8 years 2 months 12 days	8 years 9 months 18 days
Subordinated notes | Loan obligations of Consolidated CLOs
DEBT
Fair Value of Loan Obligations	$ 679,795	$ 559,175
Weighted  Average Remaining Maturity  (in years)	7 years	7 years 9 months 18 days

DEBT - Credit Facilities of the

DEBT - Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
DEBT
Total borrowings of Consolidated Funds	$ 80,741	$ 168,046
Credit Facility Maturing 10/13/2023
DEBT
Total Capacity	112,817
Outstanding loan		$ 77,496
Effective Rate		5.89%
Credit Facility Maturing 7/1/2024
DEBT
Total Capacity	18,000
Outstanding loan	$ 15,241	$ 15,550
Effective Rate	6.94%	6.25%
Credit Facility Maturing 7/23/2024
DEBT
Total Capacity	$ 100,000
Outstanding loan	$ 65,500	$ 75,000
Effective Rate	8.28%	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			9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) infrastructureDebtFund	Mar. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 923,600,000			$ 923,600,000		$ 677,900,000
Maximum exposure from guarantees	16,400,000			$ 16,400,000		31,500,000
Recognition period				4 years
Cash payment		$ 3,400,000
Performance Income
Carried interest, contingent repayment obligations	$ 0			$ 0		0
Minimum
Performance Income
Lease terms	1 year			1 year
Maximum
Performance Income
Lease terms	13 years			13 years
Performance income
Performance Income
Performance income subject to potential clawback provision	$ 84,300,000			$ 84,300,000		128,400,000
Performance income subject to potential claw back provision that are reimbursable by professionals	65,900,000			65,900,000		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				$ 13,600,000		13,500,000
Management incentive program, amount accrued	3,900,000			3,900,000		$ 2,200,000
Compensation expense	$ 600,000		$ 600,000	$ 1,800,000	$ 1,600,000
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		$ 5,500,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Leases: Maturity of Lease Liabilities (Details) $ in Thousands	Sep. 30, 2023 USD ($)
As of September 30, 2023
2023	$ 12,256
2024	52,321
2025	51,412
2026	47,439
2027	36,932
Thereafter	206,003
Total future payments	406,363
Less: interest	79,461
Total operating lease liabilities	$ 326,902

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Classification of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 10,135	$ 11,168	$ 32,434	$ 31,302

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Leases: Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental information on the measurement of operating lease liabilities
Operating cash flows for operating leases	$ 32,733	$ 33,156
Leased assets obtained in exchange for new operating lease liabilities	$ 166,941	$ 20,687

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Leases: Lease Term and Discount Rate (Details)	Sep. 30, 2023	Dec. 31, 2022
Weighted-average remaining lease terms (in years):
Weighted-average remaining lease terms (in years)	8 years 6 months	5 years 6 months
Weighted-average discount rate:
Weighted-average discount rate	4.26%	2.72%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Consolidated Funds
Due from affiliates:
Due from affiliates	$ 12,352	$ 15,789
Due to affiliates:
Due to affiliates	0	4,037
Consolidated Funds  | Affiliated entity
Due from affiliates:
Due from affiliates	12,352	15,789
Due to affiliates:
Due to affiliates	0	4,037
Consolidated Funds  | Affiliated entity | Amounts due from non-consolidated funds
Due from affiliates:
Due from affiliates	12,352	15,789
Consolidated Funds  | Affiliated entity | Amounts due to portfolio companies and non-consolidated funds
Due to affiliates:
Due to affiliates	0	4,037
Ares Management L.P
Due from affiliates:
Due from affiliates	690,475	758,472
Due to affiliates:
Due to affiliates	210,729	252,798
Ares Management L.P | Affiliated entity
Due from affiliates:
Due from affiliates	690,475	758,472
Due to affiliates:
Due to affiliates	210,729	252,798
Ares Management L.P | Affiliated entity | Management fees receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	519,983	456,314
Ares Management L.P | Affiliated entity | Incentive fee receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	17,417	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	153,075	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	2,785	8,701
Ares Management L.P | Affiliated entity | Tax receivable agreement liability
Due to affiliates:
Due to affiliates	165,606	118,466
Ares Management L.P | Affiliated entity | Undistributed carried interest and incentive fees
Due to affiliates:
Due to affiliates	35,579	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	$ 6,759	$ 4,299

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ 29,898	$ (11,599)	$ 113,418	$ 22,272
Deferred tax asset	$ 34,200		$ 34,200		$ 68,900

EARNINGS PER SHARE - Computatio

EARNINGS PER SHARE - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Basic earnings per share of Class A and non-voting common stock:
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 61,823	$ (35,546)	$ 300,376	$ 50,048
Distributions on unvested restricted units	(5,337)	(3,555)	(15,969)	(10,601)
Net income (loss) available to Class A and non-voting common stockholders	56,486	(39,101)	284,407	39,447
Diluted earnings per share of Class A and non-voting common stock:
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	61,823	(35,546)	300,376	50,048
Distributions on unvested restricted units	(5,337)	(3,555)	(15,969)	(10,601)
Net income (loss) available to Class A and non-voting common stockholders	$ 56,486	$ (39,101)	$ 284,407	$ 39,447
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)	0	0	0	0
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)	0	0	0	0
Class A Common Stock
Basic earnings per share of Class A and non-voting common stock:
Basic weighted-average shares of Class A and non-voting common stock (in shares)	186,218,638	175,631,144	182,757,955	175,010,241
Basic earnings (loss) per share of Class A and non-voting common stock (in dollars per share)	$ 0.30	$ (0.22)	$ 1.54	$ 0.23
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)	186,218,638	175,631,144	182,757,955	175,010,241
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)	$ 0.30	$ (0.22)	$ 1.54	$ 0.23
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.77	$ 0.61	$ 2.31	$ 1.83
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)	186,218,638	175,631,144	182,757,955	175,010,241
Basic earnings (loss) per share of Class A and non-voting common stock (in dollars per share)	$ 0.30	$ (0.22)	$ 1.54	$ 0.23
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)	186,218,638	175,631,144	182,757,955	175,010,241
Diluted earnings (loss) per share of Class A and non-voting common stock (in dollars per share)	$ 0.30	$ (0.22)	$ 1.54	$ 0.23
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.77	$ 0.61	$ 2.31	$ 1.83

EQUITY COMPENSATION - Equity In

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Jun. 12, 2023
Restricted units
Equity compensation
Restricted units	$ 61,976	$ 48,117	$ 193,509	$ 151,403
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	69,152,767		69,152,767		69,122,318

EQUITY COMPENSATION - Restricte

EQUITY COMPENSATION - Restricted Units (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2023	Sep. 30, 2023	Sep. 30, 2022
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)		2,100,000	3,000,000
Restricted units
Equity compensation
Shares delivered in period (in shares)		3,600,000	5,400,000
Restricted Units
Balance at the beginning of the period (in shares)	16,662,999	16,662,999
Granted (in shares)		4,749,923
Vested (in shares)		(3,608,734)
Forfeited (in shares)		(229,216)
Balance at the end of the period (in shares)		17,574,972
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)		78.81
Vested (in dollars per share)		38.30
Forfeited (in dollars per share)		58.36
Balance at the end of the period (in dollars per share)		$ 58.91
Unrecognized compensation expenses		$ 712.9
Weighted average period of compensation expense expected to be recognized		3 years 3 months 18 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	9 Months Ended
	Sep. 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
Dividend Tranche Three
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 | $	$ 11,704

EQUITY COMPENSATION - Summary O

EQUITY COMPENSATION - Summary Of Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Options
Exercised (in shares)	(4,450,795)
Aggregate Intrinsic Value
Net cash proceeds from exercises of stock options	$ 80,400
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)	(4,799,446)
Expired (in shares)	0
Forfeited (in shares)	0
Balance at the end of the period (in shares)	370,773	5,170,219
Options, Exercisable at the end of the period (in shares)	370,773
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	7 months 6 days	1 year 3 months 18 days
Exercisable at the end of the period	7 months 6 days
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 31,097	$ 255,616
Exercisable	31,097
Tax benefits of exercises	$ 49,700

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 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)	4,450,795
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	2,055,070
Ending balance (in shares)	305,984,552
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	3,473,026
Exchanges of AOG units (in shares)	0
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Authorized amount			$ 150
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)	4,450,795
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	2,055,070
Ending balance (in shares)	184,360,944
Class A Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	0
Exchanges of AOG units (in shares)	2,571,617
Non-voting Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01			0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	3,489,911
Issuance of stock (in shares)	0
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	3,489,911
Non-voting Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	0
Exchanges of AOG units (in shares)	0
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01			0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	1,000
Issuance of stock (in shares)	0
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	1,000
Class B Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	0
Exchanges of AOG units (in shares)	0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01			$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	117,231,288
Issuance of stock (in shares)	0
Stock option exercises, net of shares withheld for tax (in shares)	0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	118,132,697
Class C Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of AOG Units (in shares)	3,473,026
Exchanges of AOG units (in shares)	(2,571,617)

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Class of Stock [Line Items]
AOG units (in shares)	305,983,552		305,983,552		294,613,235
Ares Operating Group
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)	118,132,697		118,132,697		117,231,288
Ares Owners Holdings, L.P. | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	38.61%		38.61%		39.79%
Daily Average Ownership	38.97%	40.26%	39.48%	40.36%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	187,850,855		187,850,855		177,381,947
Ares Operating Group | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	61.39%		61.39%		60.21%
Daily Average Ownership	61.03%	59.74%	60.52%	59.64%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 22,517	$ 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)	758	734	(1,824)	(886)	93	(457)	399
Currency translation adjustment, net of tax	(99)	(159)	(148)	1,834	(933)	(996)	(331)
Equity compensation			174	83	77	77	48
Distribution			(2,883)	(10)	(1,861)	(8)	(8)
Ending balance	23,176	22,517	21,942	93,129	92,108	93,518	96,347	23,176
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	1,000,749	484,801	1,013,282	1,004,994	1,000,000	1,000,000	1,000,000	1,013,282
Change in redemption value	16,571	15,948	10,504	8,288	4,994	0	0
Redemption	(14,733)		(538,985)
Gross proceeds from the initial public offering of AAC II		500,000
Ending balance	$ 1,002,587	$ 1,000,749	$ 484,801	$ 1,013,282	$ 1,004,994	$ 1,000,000	$ 1,000,000	$ 1,002,587

SEGMENT REPORTING - Operating S

SEGMENT REPORTING - Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment reporting
Total revenues	$ 671,255	$ 801,290	$ 2,577,903	$ 2,117,719
Compensation and benefits	(367,502)	(425,419)	(1,095,833)	(1,155,031)
General, administrative and other expenses	(211,842)	(319,352)	(501,340)	(562,441)
Total
Segment reporting
Compensation and benefits	(291,571)	(264,785)	(859,530)	(758,244)
General, administrative and other expenses	(99,806)	(82,721)	(290,569)	(227,375)
Fee related earnings	274,232	233,158	795,015	658,607
Performance income—realized	17,797	29,984	189,568	143,946
Performance related compensation—realized	(10,504)	(18,858)	(133,472)	(91,491)
Realized net performance income (loss)	7,293	11,126	56,096	52,455
Investment income (loss)—realized	(4,031)	4,842	13,852	13,884
Interest and other investment income (expense)—realized	12,934	12,623	42,792	38,932
Interest expense	(25,975)	(18,307)	(76,800)	(51,174)
Realized net investment income (loss)	(17,072)	(842)	(20,156)	1,642
Realized income	264,453	243,442	830,955	712,704
Operating segment
Segment reporting
Fee related earnings	(411,322)	(328,602)	(1,186,234)	(944,894)
Performance income—realized	17,797	29,984	189,568	143,946
Performance related compensation—realized	(10,504)	(18,858)	(133,472)	(91,491)
Realized income	(401,452)	(339,185)	(1,221,884)	(1,000,915)
OMG
Segment reporting
Total revenues	(5,717)	(7,681)	(18,205)	(19,974)
Compensation and benefits	(90,347)	(61,084)	(261,325)	(196,492)
General, administrative and other expenses	(52,460)	(41,907)	(148,099)	(109,516)
Fee related earnings	(137,090)	(95,444)	(391,219)	(286,287)
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income (loss)	0	0	0	0
Investment income (loss)—realized	0	0	0	0
Interest and other investment income (expense)—realized	114	(171)	350	(1,450)
Interest expense	(23)	(128)	(60)	(474)
Realized net investment income (loss)	91	(299)	290	(1,924)
Realized income	(136,999)	(95,743)	(390,929)	(288,211)
Ares Management L.P
Segment reporting
Total revenues	671,255	801,290	2,577,903	2,117,719
Ares Management L.P | Operating segment
Segment reporting
Compensation and benefits	(201,224)	(203,701)	(598,205)	(561,752)
General, administrative and other expenses	(47,346)	(40,814)	(142,470)	(117,859)
Fee related earnings	411,322	328,602	1,186,234	944,894
Performance income—realized	17,797	29,984	189,568	143,946
Performance related compensation—realized	(10,504)	(18,858)	(133,472)	(91,491)
Realized net performance income (loss)	7,293	11,126	56,096	52,455
Investment income (loss)—realized	(4,031)	4,842	13,852	13,884
Interest and other investment income (expense)—realized	12,820	12,794	42,442	40,382
Interest expense	(25,952)	(18,179)	(76,740)	(50,700)
Realized net investment income (loss)	(17,163)	(543)	(20,446)	3,566
Realized income	401,452	339,185	1,221,884	1,000,915
Ares Management L.P | Operating segment | Credit Group
Segment reporting
Compensation and benefits	(123,953)	(108,618)	(363,091)	(318,017)
General, administrative and other expenses	(23,441)	(19,250)	(68,479)	(56,888)
Fee related earnings	303,433	241,365	866,403	674,978
Performance income—realized	12,223	3,045	81,576	58,941
Performance related compensation—realized	(7,181)	(1,737)	(51,218)	(35,675)
Realized net performance income (loss)	5,042	1,308	30,358	23,266
Investment income (loss)—realized	1,475	4,495	19,546	6,517
Interest and other investment income (expense)—realized	5,136	8,847	17,226	21,257
Interest expense	(5,310)	(4,066)	(21,131)	(11,191)
Realized net investment income (loss)	1,301	9,276	15,641	16,583
Realized income	309,776	251,949	912,402	714,827
Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Compensation and benefits	(20,364)	(26,865)	(63,022)	(70,724)
General, administrative and other expenses	(8,122)	(7,824)	(25,422)	(21,992)
Fee related earnings	28,771	18,183	80,399	54,214
Performance income—realized	(15)	0	88,120	2,212
Performance related compensation—realized	15	(5)	(68,812)	(1,791)
Realized net performance income (loss)	0	(5)	19,308	421
Investment income (loss)—realized	(4,631)	8	(1,668)	2,283
Interest and other investment income (expense)—realized	679	201	4,403	1,898
Interest expense	(4,828)	(4,183)	(16,178)	(11,185)
Realized net investment income (loss)	(8,780)	(3,974)	(13,443)	(7,004)
Realized income	19,991	14,204	86,264	47,631
Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Compensation and benefits	(37,608)	(46,947)	(116,232)	(121,183)
General, administrative and other expenses	(10,318)	(10,032)	(33,465)	(28,308)
Fee related earnings	51,136	46,382	160,716	134,844
Performance income—realized	5,589	26,939	14,412	78,637
Performance related compensation—realized	(3,338)	(17,115)	(8,764)	(50,510)
Realized net performance income (loss)	2,251	9,824	5,648	28,127
Investment income (loss)—realized	(875)	339	(4,196)	4,224
Interest and other investment income (expense)—realized	3,148	2,180	7,362	7,597
Interest expense	(3,985)	(3,095)	(11,987)	(8,197)
Realized net investment income (loss)	(1,712)	(576)	(8,821)	3,624
Realized income	51,675	55,630	157,543	166,595
Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Compensation and benefits	(16,066)	(19,191)	(46,101)	(45,964)
General, administrative and other expenses	(4,541)	(3,215)	(12,984)	(9,250)
Fee related earnings	24,518	22,214	71,262	80,111
Performance income—realized	0	0	5,460	4,156
Performance related compensation—realized	0	(1)	(4,678)	(3,515)
Realized net performance income (loss)	0	(1)	782	641
Investment income (loss)—realized	0	0	0	0
Interest and other investment income (expense)—realized	552	424	1,959	3,268
Interest expense	(2,020)	(1,753)	(6,776)	(3,775)
Realized net investment income (loss)	(1,468)	(1,329)	(4,817)	(507)
Realized income	23,050	20,884	67,227	80,245
Ares Management L.P | Operating segment | Other
Segment reporting
Compensation and benefits	(3,233)	(2,080)	(9,759)	(5,864)
General, administrative and other expenses	(924)	(493)	(2,120)	(1,421)
Fee related earnings	3,464	458	7,454	747
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income (loss)	0	0	0	0
Investment income (loss)—realized	0	0	170	860
Interest and other investment income (expense)—realized	3,305	1,142	11,492	6,362
Interest expense	(9,809)	(5,082)	(20,668)	(16,352)
Realized net investment income (loss)	(6,504)	(3,940)	(9,006)	(9,130)
Realized income	(3,040)	(3,482)	(1,552)	(8,383)
Management fees
Segment reporting
Total revenues	637,517	548,458	1,853,304	1,546,350
Management fees | Total
Segment reporting
Total revenues	643,649	551,768	1,868,020	1,559,570
Management fees | OMG
Segment reporting
Total revenues	0	0	0	0
Management fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	643,649	551,768	1,868,020	1,559,570
Management fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	443,961	361,073	1,272,273	1,016,696
Management fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	56,447	52,316	166,622	145,669
Management fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	92,754	91,013	285,463	254,233
Management fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	42,949	44,385	124,597	135,090
Management fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	7,538	2,981	19,065	7,882
Fee related performance revenues
Segment reporting
Total revenues	2,212	1,090
Fee related performance revenues | Total
Segment reporting
Total revenues			6,937	15,041
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	2,212	1,090	6,937	15,041
Fee related performance revenues | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	44	0	866	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	0	855	334	2,178
Fee related performance revenues | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	2,168	235	5,737	235
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	19,748	27,806	70,157	69,615
Other fees | OMG
Segment reporting
Total revenues	5,717	7,547	18,205	19,721
Other fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	14,031	20,259	51,952	49,894
Other fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	6,822	8,160	24,834	20,559
Other fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	810	556	2,221	1,261
Other fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	6,308	11,493	24,616	27,924
Other fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	8	0	13	0
Other fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	$ 83	$ 50	$ 268	$ 150

SEGMENT REPORTING - Revenue, Ex

SEGMENT REPORTING - Revenue, Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment revenues
Total revenues	$ 671,255	$ 801,290	$ 2,577,903	$ 2,117,719
Total segment revenues	677,689	603,101	2,116,477	1,768,451
Segment expenses
Compensation and benefits	367,502	425,419	1,095,833	1,155,031
General, administrative and other expenses	211,842	319,352	501,340	562,441
Total expenses	560,960	898,102	2,027,334	2,062,654
Segment realized net investment income (expense)
Total other income, net	116,577	36,434	299,394	112,932
Management fees
Segment revenues
Total revenues	637,517	548,458	1,853,304	1,546,350
Fee related performance revenues
Segment revenues
Total revenues	2,212	1,090
Operating segment
Segment revenues
Performance income—realized	17,797	29,984	189,568	143,946
Segment expenses
Performance related compensation—realized	10,504	18,858	133,472	91,491
Ares Management L.P
Segment revenues
Total revenues	671,255	801,290	2,577,903	2,117,719
Ares Management L.P | Operating segment
Segment revenues
Performance income—realized	17,797	29,984	189,568	143,946
Total segment revenues	677,689	603,101	2,116,477	1,768,451
Segment expenses
Compensation and benefits	201,224	203,701	598,205	561,752
General, administrative and other expenses	47,346	40,814	142,470	117,859
Performance related compensation—realized	10,504	18,858	133,472	91,491
Total expenses	259,074	263,373	874,147	771,102
Segment realized net investment income (expense)
Investment income (loss)—realized	(4,031)	4,842	13,852	13,884
Interest and other investment income —realized	12,820	12,794	42,442	40,382
Interest expense	(25,952)	(18,179)	(76,740)	(50,700)
Total other income, net	(17,163)	(543)	(20,446)	3,566
Ares Management L.P | Operating segment | Management fees
Segment revenues
Total revenues	643,649	551,768	1,868,020	1,559,570
Ares Management L.P | Operating segment | Fee related performance revenues
Segment revenues
Total revenues	2,212	1,090	6,937	15,041
Ares Management L.P | Operating segment | Other fees
Segment revenues
Total revenues	$ 14,031	$ 20,259	$ 51,952	$ 49,894

SEGMENT REPORTING - Revenue Rec

SEGMENT REPORTING - Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenue adjustment
Total revenues	$ 671,255	$ 801,290	$ 2,577,903	$ 2,117,719
Total segment revenue	677,689	603,101	2,116,477	1,768,451
Ares Management L.P
Revenue adjustment
Total revenues	671,255	801,290	2,577,903	2,117,719
Operating segment | Ares Management L.P
Revenue adjustment
Performance (income) loss—unrealized	31,400	(170,654)	(384,533)	(280,037)
Total segment revenue	677,689	603,101	2,116,477	1,768,451
Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	(29,980)	(9,438)	(130,679)	(37,421)
Total segment revenue	6,434	(198,189)	(461,426)	(349,268)
Reconciling items | Non-Controlling interest | Subsidiaries
Revenue adjustment
Total segment revenue	(7,894)	(7,801)	(25,224)	(30,376)
OMG
Revenue adjustment
Total revenues	(5,717)	(7,681)	(18,205)	(19,974)
Management fees
Revenue adjustment
Total revenues	637,517	548,458	1,853,304	1,546,350
Management fees | Operating segment | Ares Management L.P
Revenue adjustment
Total revenues	643,649	551,768	1,868,020	1,559,570
Management fees | OMG
Revenue adjustment
Total revenues	0	0	0	0
Management fees | Consolidated Funds  | Eliminations
Revenue adjustment
Total segment revenue	12,181	11,682	35,787	34,523
Carried interest
Revenue adjustment
Total revenues	(28,126)	192,186	541,828	417,779
Carried interest | Consolidated Funds  | Eliminations
Revenue adjustment
Total revenues	1,874	0	9,365	34
Administrative, transaction and other fees
Revenue adjustment
Total revenues	36,071	40,182	110,459	108,090
Administrative, transaction and other fees | Reconciling items
Revenue adjustment
Total revenues	(16,154)	(16,099)	(46,692)	(50,947)
Administrative, transaction and other fees | Consolidated Funds  | Reconciling items
Revenue adjustment
Total revenues	83	3,946	7,061	13,030
Principal investment income
Revenue adjustment
Total revenues	9,339	11,582	38,985	15,521
Principal investment income | Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	$ (9,339)	$ (11,582)	$ (38,985)	$ (15,521)

SEGMENT REPORTING - Expenses (D

SEGMENT REPORTING - Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ (560,960)	$ (898,102)	$ (2,027,334)	$ (2,062,654)
Depreciation and amortization expense	(31,000)	(32,700)	(95,000)	(101,500)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(2,414)	(1,852)	(10,126)	(12,046)
Equity compensation expense	(61,976)	(47,516)	(192,964)	(150,677)
Acquisition-related compensation expense	(589)	(96,697)	(1,831)	(204,189)
Placement fee adjustment	944	9,729	(6,032)	7,611
Depreciation and amortization expense	(105,524)	(219,339)	(194,174)	(297,795)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(259,074)	(263,373)	(874,147)	(771,102)
Performance related compensation-unrealized	38,650	(124,466)	(261,996)	(207,115)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(560,960)	(898,102)	(2,027,334)	(2,062,654)
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(301,886)	(634,729)	(1,153,187)	(1,291,552)
Administrative fees	(16,154)	(15,574)	(46,321)	(50,422)
Acquisition and merger-related expense	(2,414)	(1,852)	(10,126)	(12,046)
Equity compensation expense	(61,976)	(48,041)	(193,335)	(151,202)
Acquisition-related compensation expense	(589)	(96,697)	(1,831)	(204,189)
Placement fee adjustment	(944)	(9,729)	6,032	(7,611)
Depreciation and amortization expense	(105,524)	(219,339)	(194,174)	(297,795)
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	(3,096)	(5,657)	(14,247)	(27,041)
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(19,329)	(22,129)	(64,365)	(63,071)
Expenses of Consolidated Funds eliminated in consolidation	12,297	11,746	36,600	34,948
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Operating expenses	$ (142,807)	$ (102,991)	$ (409,424)	$ (306,008)

SEGMENT REPORTING - Other Incom

SEGMENT REPORTING - Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 116,577	$ 36,434	$ 299,394	$ 112,932
Other expense, net from Consolidated Funds eliminated in consolidation	5,742	2,601	(1,068)	10,194
Total segment realized net investment income (expense)	(17,163)	(543)	(20,446)	3,566
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	(36,966)	(4,543)	(105,372)	(6,666)
Other (income) expense, net	(286)	1,059	(589)	(934)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(17,163)	(543)	(20,446)	3,566
Investment (income) loss—unrealized	(31,246)	57	(104,170)	9,995
Interest and other investment income—unrealized	(5,720)	(4,600)	(1,202)	(16,661)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	116,577	36,434	299,394	112,932
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(133,740)	(36,977)	(319,840)	(109,366)
Principal investment income	29,980	9,438	130,679	37,421
Other (income) expense, net	286	(1,060)	589	934
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(209)	(3,472)	4,085	(3,248)
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net from Consolidated Funds added in consolidation	(125,857)	(38,434)	(335,708)	(132,852)
Eliminations | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other expense, net from Consolidated Funds eliminated in consolidation	(383)	(1,922)	(15,326)	(13,655)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 591	$ (3,016)	$ (1,213)	$ (8,700)

SEGMENT REPORTING - Reconciliat

SEGMENT REPORTING - Reconciliation of Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Adjustments:
Depreciation and amortization expense	$ 31,000	$ 32,700	$ 95,000	$ 101,500
Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	80,289	16,340	174,663	48,700
Total investment (income) loss—realized	(255,600)	(158,415)	(712,992)	(396,080)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income (loss) before taxes	226,872	(60,378)	849,963	167,997
Adjustments:
Depreciation and amortization expense	105,524	219,339	194,174	297,795
Equity compensation expense	61,976	47,516	192,964	150,677
Acquisition-related compensation expense	589	96,697	1,831	204,189
Acquisition and merger-related expense	2,414	1,852	10,126	12,046
Placement fee adjustment	944	9,729	(6,032)	7,611
Other (income) expense, net	286	(1,059)	589	934
Total performance (income) loss—unrealized	31,400	(170,654)	(384,533)	(280,037)
Total performance related compensation—unrealized	(38,650)	124,466	261,996	207,115
Investment (income) loss—unrealized	(36,966)	(4,543)	(105,372)	(6,666)
Realized income	401,452	339,185	1,221,884	1,000,915
Total performance income—realized	(17,797)	(29,984)	(189,568)	(143,946)
Total performance related compensation—realized	10,504	18,858	133,472	91,491
Total investment (income) loss—realized	17,163	543	20,446	(3,566)
Fee related earnings	411,322	328,602	1,186,234	944,894
Operating segment | Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(84,429)	(16,489)	(179,362)	(48,897)
Operating segment | Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(5,007)	(5,616)	(6,892)	(6,583)
OMG
Adjustments:
OMG expense, net	136,499	98,325	392,432	294,734
Realized income	136,999	95,743	390,929	288,211
Total performance income—realized	0	0	0	0
Total performance related compensation—realized	0	0	0	0
Fee related earnings	$ 137,090	$ 95,444	$ 391,219	$ 286,287

CONSOLIDATION - Deconsolidated

CONSOLIDATION - Deconsolidated Funds (Details)	9 Months Ended
	Sep. 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		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 23,383,893		$ 23,383,893		$ 22,002,839
Liabilities of consolidated VIEs	18,339,676		18,339,676		17,097,810
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	77,400		77,400		82,000
Consolidated Funds
Variable Interest Entity [Line Items]
Net income attributable to non-controlling interests related to consolidated VIEs	80,289	$ 16,340	174,663	$ 48,700
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	411,251		411,251		393,549
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	808,386		808,386		537,239
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	14,352,887		14,352,887		13,128,088
Liabilities of consolidated VIEs	12,487,780		12,487,780		$ 11,593,867
Net income attributable to non-controlling interests related to consolidated VIEs	$ 66,526	$ 8,733	$ 165,118	$ 28,470

CONSOLIDATION - Balance Sheet (

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2023	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	$ 465,790			$ 640,420
Goodwill	997,801			999,656
Total assets	23,383,893			22,002,839
Liabilities
Operating lease liabilities	326,902
Total liabilities	18,339,676			17,097,810
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,262,735			1,970,754
Accumulated deficit	(515,351)			(369,475)
Accumulated other comprehensive loss, net of tax	(17,265)			(14,986)
Total stockholders’ equity	1,733,179			1,589,239
Total equity	4,018,454	$ 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	$ 23,383,893			$ 22,002,839
Common stock, shares outstanding (in shares)	305,984,552			294,614,235
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,844			$ 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)	184,360,944			173,892,036
Common stock, shares outstanding (in shares)	184,360,944			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	$ 1,181			$ 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)	118,132,697			117,231,288
Common stock, shares outstanding (in shares)	118,132,697			117,231,288
Eliminations
Assets
Total assets	$ (1,028,862)			$ (739,164)
Liabilities
Total liabilities	(305,312)			(300,704)
Commitments and contingencies
Stockholders’ Equity
Total equity	(723,550)			(438,460)
Total liabilities, redeemable interest, non-controlling interests and equity	(1,028,862)			(739,164)
Consolidated Funds
Assets
Cash and cash equivalents	$ 885,318			$ 724,641
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity			Affiliated entity
Due from affiliates	$ 12,352			$ 15,789
Other assets	71,761			65,570
Investments held in trust account	1,002,787			1,013,382
Investments, at fair value	13,221,997			12,191,251
Receivable for securities sold	153,210			124,050
Liabilities
Accounts payable, accrued expenses and other liabilities	$ 243,337			$ 168,286
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity			Affiliated entity
Due to affiliates	$ 0			$ 4,037
Payable for securities purchased	512,879			314,193
CLO loan obligations, at fair value	11,460,963			10,701,720
Fund borrowings	80,741			168,046
Redeemable interest	1,002,587	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	1,053,433			1,074,356
Consolidated Funds  | Reportable legal entity
Assets
Cash and cash equivalents	885,318			724,641
Due from affiliates	23,609			26,531
Other assets	71,761			65,570
Investments held in trust account	1,002,787			1,013,382
Investments, at fair value	13,221,997			12,187,392
Receivable for securities sold	153,210			124,050
Total assets	15,358,682			14,141,566
Liabilities
Accounts payable, accrued expenses and other liabilities	253,473			175,435
Due to affiliates	178,897			191,238
Payable for securities purchased	512,879			314,193
CLO loan obligations, at fair value	11,565,985			10,797,332
Fund borrowings	80,741			168,046
Total liabilities	12,591,975			11,646,244
Commitments and contingencies
Redeemable interest	1,002,587			1,013,282
Non-controlling interests in Consolidated Funds	1,764,120			1,482,040
Stockholders’ Equity
Total equity	1,764,120			1,482,040
Total liabilities, redeemable interest, non-controlling interests and equity	15,358,682			14,141,566
Consolidated Funds  | Eliminations
Assets
Due from affiliates	(11,257)			(10,742)
Investments, at fair value	0			3,859
Liabilities
Accounts payable, accrued expenses and other liabilities	(10,136)			(7,149)
Due to affiliates	(178,897)			(187,201)
CLO loan obligations, at fair value	(105,022)			(95,612)
Non-controlling interests in Consolidated Funds	(710,687)			(407,684)
Ares Operating Group
Liabilities
Redeemable interest	23,176	$ 22,517	$ 21,942	93,129	$ 92,108	$ 93,518	$ 96,347	$ 96,008
Non-controlling interests in Ares Operating Group entities	1,231,842			1,135,023
Ares Operating Group | Reportable legal entity
Liabilities
Non-controlling interests in Ares Operating Group entities	1,236,808			1,147,269
Ares Operating Group | Eliminations
Liabilities
Non-controlling interests in Ares Operating Group entities	(4,966)			(12,246)
Ares Management L.P
Assets
Cash and cash equivalents	311,827			389,987
Investments (includes $3,490,841 of accrued carried interest)	$ 4,436,746			$ 3,974,734
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity			Affiliated entity
Due from affiliates	$ 690,475			$ 758,472
Other assets	306,492			381,137
Right-of-use operating lease assets	259,537			155,950
Intangible assets, net	1,033,590			1,208,220
Goodwill	997,801			999,656
Liabilities
Accounts payable, accrued expenses and other liabilities	264,485			231,921
Accrued compensation	$ 361,017			$ 510,130
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity			Affiliated entity
Due to affiliates	$ 210,729			$ 252,798
Performance related compensation payable	2,538,450			2,282,209
Debt obligations	2,340,173			2,273,854
Operating lease liabilities	326,902			190,616
Stockholders’ Equity
Additional paid-in-capital	2,262,735			1,970,754
Accumulated deficit	(515,351)			(369,475)
Accumulated other comprehensive loss, net of tax	(17,265)			(14,986)
Total stockholders’ equity	1,733,179			1,589,239
Ares Management L.P | Carried interest
Stockholders’ Equity
Equity method investments:	3,490,841			3,106,577
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,844			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	1,181			1,172
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	311,827			389,987
Investments (includes $3,490,841 of accrued carried interest)	5,275,454			4,515,955
Due from affiliates	869,372			949,532
Other assets	306,492			381,137
Right-of-use operating lease assets	259,537			155,950
Intangible assets, net	1,033,590			1,208,220
Goodwill	997,801			999,656
Total assets	9,054,073			8,600,437
Liabilities
Accounts payable, accrued expenses and other liabilities	275,742			242,663
Accrued compensation	361,017			510,130
Due to affiliates	210,729			252,798
Performance related compensation payable	2,538,450			2,282,209
Debt obligations	2,340,173			2,273,854
Operating lease liabilities	326,902			190,616
Total liabilities	6,053,013			5,752,270
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,270,632			1,989,284
Accumulated deficit	(515,351)			(369,475)
Accumulated other comprehensive loss, net of tax	(17,265)			(14,986)
Total stockholders’ equity	1,741,076			1,607,769
Total equity	2,977,884			2,755,038
Total liabilities, redeemable interest, non-controlling interests and equity	9,054,073			8,600,437
Ares Management L.P | Reportable legal entity | Class A Common Stock
Stockholders’ Equity
Common stock	1,844			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	1,181			1,172
Ares Management L.P | Eliminations
Assets
Investments (includes $3,490,841 of accrued carried interest)	(838,708)			(541,221)
Due from affiliates	(178,897)			(191,060)
Other assets	0			0
Liabilities
Accounts payable, accrued expenses and other liabilities	(11,257)			(10,742)
Stockholders’ Equity
Additional paid-in-capital	(7,897)			(18,530)
Total stockholders’ equity	(7,897)			(18,530)
Ares Management L.P | Ares Operating Group | Reportable legal entity
Liabilities
Redeemable interest	$ 23,176			$ 93,129

CONSOLIDATION - Income Statemen

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues
Total revenues	$ 671,255	$ 801,290	$ 2,577,903	$ 2,117,719
Expenses
Compensation and benefits	367,502	425,419	1,095,833	1,155,031
Performance related compensation	(25,448)	142,934	401,990	316,818
General, administrative and other expenses	211,842	319,352	501,340	562,441
Total expenses	560,960	898,102	2,027,334	2,062,654
Other income (expense)
Net realized and unrealized gains on investments	(1,770)	4,431	5,226	10,765
Interest and dividend income	4,752	2,086	11,281	5,064
Interest expense	(25,975)	(18,307)	(76,800)	(51,174)
Other income (expense), net	5,742	2,601	(1,068)	10,194
Total other income, net	116,577	36,434	299,394	112,932
Income before taxes	226,872	(60,378)	849,963	167,997
Income tax expense (benefit)	29,898	(11,599)	113,418	22,272
Net income (loss)	196,974	(48,779)	736,545	145,725
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	61,823	(35,546)	300,376	50,048
Eliminations
Revenues
Total revenues	(34,779)	(13,484)	(143,907)	(69,487)
Expenses
Compensation and benefits	0	0
Performance related compensation	0	0
General, administrative and other expenses	(32)	(14)	(406)	(241)
Total expenses	(12,297)	(11,746)	(36,600)	(34,948)
Other income (expense)
Net realized and unrealized gains on investments	(5,979)	(1,002)	(2,280)	20,691
Interest and dividend income	(1,822)	(3,734)	(7,956)	(12,541)
Other income (expense), net	213	(531)	515	274
Total other income, net	383	1,922	15,326	13,655
Income before taxes	(22,099)	184	(91,981)	(20,884)
Income tax expense (benefit)	0	0
Net income (loss)	(22,099)	184	(91,981)	(20,884)
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	0	0	0
Consolidated Funds
Expenses
Expenses of Consolidated Funds	7,064	10,397	28,171	28,364
Other income (expense)
Net realized and unrealized gains on investments	79,591	(30)	188,717	8,031
Interest expense	(201,363)	(112,762)	(540,954)	(266,028)
Interest and other income of Consolidated Funds	255,600	158,415	712,992	396,080
Less: Net income (loss) attributable to non-controlling interests	80,289	16,340	174,663	48,700
Consolidated Funds  | Reportable legal entity
Revenues
Total revenues	0	0	0	0
Expenses
Expenses of Consolidated Funds	19,329	22,129	64,365	63,071
Total expenses	19,329	22,129	64,365	63,071
Other income (expense)
Net realized and unrealized gains on investments	71,666	(3,760)	165,885	12,445
Interest expense	(201,622)	(115,690)	(543,684)	(275,947)
Interest and other income of Consolidated Funds	255,813	157,884	713,507	396,354
Total other income, net	125,857	38,434	335,708	132,852
Income before taxes	106,528	16,305	271,343	69,781
Income tax expense (benefit)	4,140	149	4,699	197
Net income (loss)	102,388	16,156	266,644	69,584
Less: Net income (loss) attributable to non-controlling interests	102,388	16,156	266,644	69,584
Consolidated Funds  | Eliminations
Expenses
Expenses of Consolidated Funds	(12,265)	(11,732)	(36,194)	(34,707)
Other income (expense)
Net realized and unrealized gains on investments	7,925	3,730	22,832	(4,414)
Interest expense	259	2,928	2,730	9,919
Interest and other income of Consolidated Funds	(213)	531	(515)	(274)
Less: Net income (loss) attributable to non-controlling interests	(22,099)	184	(91,981)	(20,884)
Ares Operating Group
Other income (expense)
Net income (loss)	116,685	(65,119)	561,882	97,025
Less: Net income (loss) attributable to redeemable interest	758	93	(332)	35
Less: Net income (loss) attributable to non-controlling interests	54,104	(29,666)	261,838	46,942
Ares Operating Group | Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests				46,942
Ares Operating Group | Eliminations
Other income (expense)
Net income (loss)	0	0
Consolidated Company Entities
Revenues
Total revenues	671,255	801,290	2,577,903	2,117,719
Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	706,034	814,774	2,721,810	2,187,206
Expenses
Compensation and benefits	367,502	425,419	1,095,833	1,155,031
Performance related compensation	(25,448)	142,934	401,990	316,818
General, administrative and other expenses	211,874	319,366	501,746	562,682
Total expenses	553,928	887,719	1,999,569	2,034,531
Other income (expense)
Net realized and unrealized gains on investments	4,209	5,433	7,506	(9,926)
Interest and dividend income	6,574	5,820	19,237	17,605
Interest expense	(25,975)	(18,307)	(76,800)	(51,174)
Other income (expense), net	5,529	3,132	(1,583)	9,920
Total other income, net	(9,663)	(3,922)	(51,640)	(33,575)
Income before taxes	142,443	(76,867)	670,601	119,100
Income tax expense (benefit)	25,758	(11,748)	108,719	22,075
Net income (loss)	116,685	(65,119)	561,882	97,025
Net income (loss) attributable to Ares Management Corporation Class A and non-voting common stockholders	61,823	(35,546)	300,376	50,048
Consolidated Company Entities  | Consolidated Funds  | Reportable legal entity
Other income (expense)
Less: Net income (loss) attributable to non-controlling interests				0
Consolidated Company Entities  | Ares Operating Group | Reportable legal entity
Other income (expense)
Net income (loss)	116,685	(65,119)	561,882	97,025
Less: Net income (loss) attributable to redeemable interest	758	93	(332)	35
Less: Net income (loss) attributable to non-controlling interests	54,104	(29,666)	261,838
Management fees
Revenues
Total revenues	637,517	548,458	1,853,304	1,546,350
Management fees | Eliminations
Revenues
Total revenues	(12,181)	(11,682)	(35,787)	(34,523)
Management fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	649,698	560,140	1,889,091	1,580,873
Carried interest allocation
Revenues
Total revenues	(28,126)	192,186	541,828	417,779
Carried interest allocation | Eliminations
Revenues
Total revenues	(1,874)	0	(9,227)
Carried interest allocation | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	(26,252)	192,186	551,055	417,779
Incentive fees
Revenues
Total revenues	16,454	8,882	33,327	29,979
Incentive fees | Eliminations
Revenues
Total revenues	0	0	(138)	(34)
Incentive fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	16,454	8,882	33,465	30,013
Principal investment income (loss)
Revenues
Total revenues	9,339	11,582	38,985	15,521
Principal investment income (loss) | Eliminations
Revenues
Total revenues	(20,641)	2,144	(91,694)	(21,900)
Principal investment income (loss) | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	29,980	9,438	130,679	37,421
Administrative, transaction and other fees
Revenues
Total revenues	36,071	40,182	110,459	108,090
Administrative, transaction and other fees | Eliminations
Revenues
Total revenues	(83)	(3,946)	(7,061)	(13,030)
Administrative, transaction and other fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	$ 36,154	$ 44,128	$ 117,520	$ 121,120

CONSOLIDATION - Cash Flow State

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ 196,974	$ (48,779)	$ 736,545	$ 145,725
Net cash provided by (used in) operating activities			326,791	(543,605)
Cash flows from investing activities:
Net cash used in investing activities			(44,177)	(330,046)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities			(341,603)	927,081
Effect of exchange rate changes			(19,171)	(35,585)
Net change in cash and cash equivalents			(78,160)	17,845
Cash and cash equivalents, beginning of period			389,987
Cash and cash equivalents, end of period	311,827	361,500	311,827	361,500
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 (loss)	(22,099)	184	(91,981)	(20,884)
Cash flows due to changes in operating assets and liabilities			(3,451)
Change in cash and cash equivalents held at Consolidated Funds			(137,563)
Net cash provided by (used in) operating activities			32,433	305,867
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities			(193,111)	59,348
Effect of exchange rate changes			0
Net change in cash and cash equivalents			(160,678)	365,215
Cash and cash equivalents, beginning of period			(724,641)	(1,049,191)
Cash and cash equivalents, end of period	(885,319)	(683,976)	(885,319)	(683,976)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(948,908)	(1,128,425)
Change in cash and cash equivalents held at Consolidated Funds			91,314	(195,504)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			735,944	298,646
Distributions to non-controlling interests in Consolidated Funds			(56,945)	(104,432)
Redemptions of redeemable interests in Consolidated Funds			(553,718)	0
Borrowings under loan obligations by Consolidated Funds			549,664	1,120,680
Repayments under loan obligations by Consolidated Funds			(257,370)	(121,273)
Consolidated Funds  | Reportable legal entity
Cash flows from operating activities:
Net income (loss)	102,388	16,156	266,644	69,584
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(926,076)	(1,132,839)
Change in cash and cash equivalents held at Consolidated Funds			228,877	(427,022)
Net cash provided by (used in) operating activities			(430,555)	(1,490,277)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			944,485	362,752
Distributions to non-controlling interests in Consolidated Funds			(72,375)	(227,886)
Redemptions of redeemable interests in Consolidated Funds			(553,718)
Borrowings under loan obligations by Consolidated Funds			549,664	1,120,680
Repayments under loan obligations by Consolidated Funds			(257,370)	(121,273)
Net cash provided by (used in) financing activities			610,686	1,134,273
Effect of exchange rate changes			(19,453)	(9,211)
Net change in cash and cash equivalents			160,678	(365,215)
Cash and cash equivalents, beginning of period			724,641	1,049,191
Cash and cash equivalents, end of period	885,319	683,976	885,319	683,976
Consolidated Funds  | Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by (used in) operating activities			(22,832)	4,414
Change in cash and cash equivalents held at Consolidated Funds				231,518
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds			(208,541)	(64,106)
Distributions to non-controlling interests in Consolidated Funds			15,430	123,454
Ares Operating Group
Cash flows from operating activities:
Net income (loss)	116,685	(65,119)	561,882	97,025
Supplemental disclosure of non-cash financing activities:
Issuance of AOG Units in connection with settlement of management incentive program			245,647
Ares Operating Group | Eliminations
Cash flows from operating activities:
Net income (loss)	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			312,180	320,950
Cash flows due to changes in operating assets and liabilities			135,660	313,649
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(44,177)	(28,388)
Acquisitions, net of cash acquired			0	(301,658)
Cash flows from financing activities:
Proceeds from Credit Facility			735,000	940,000
Proceeds from issuance of senior notes			0	488,915
Repayments of Credit Facility			(670,000)	(910,000)
Dividends and distributions			(760,085)	(608,220)
Stock option exercises			80,426	14,531
Taxes paid related to net share settlement of equity awards			(145,421)	(194,223)
Other financing activities			902	2,457
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	311,827	361,500	311,827	361,500
Ares Management L.P | Reportable legal entity
Cash flows from operating activities:
Net income (loss)	116,685	(65,119)	561,882	97,025
Adjustments to reconcile net income to net cash provided by (used in) operating activities			23,920	382,823
Cash flows due to changes in operating assets and liabilities			139,111	160,957
Net cash provided by (used in) operating activities			724,913	640,805
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(44,177)	(28,388)
Acquisitions, net of cash acquired				(301,658)
Net cash used in investing activities			(44,177)	(330,046)
Cash flows from financing activities:
Proceeds from Credit Facility			735,000	940,000
Repayments of Credit Facility			(670,000)	(910,000)
Dividends and distributions			(760,085)	(608,220)
Stock option exercises			80,426	14,531
Taxes paid related to net share settlement of equity awards			(145,421)	(194,223)
Other financing activities			902	2,457
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities			(759,178)	(266,540)
Effect of exchange rate changes			282	(26,374)
Net change in cash and cash equivalents			(78,160)	17,845
Cash and cash equivalents, beginning of period			389,987	343,655
Cash and cash equivalents, end of period	311,827	361,500	311,827	361,500
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			288,260	(61,873)
Cash flows due to changes in operating assets and liabilities				152,692
Ares Management L.P | Ares Operating Group | Reportable legal entity
Cash flows from operating activities:
Net income (loss)	$ 116,685	$ (65,119)	561,882	$ 97,025
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) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 31, 2023	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class A Common Stock
Subsequent events
Dividend declared per class A common stock (in dollars per share)		$ 0.77	$ 0.61	$ 2.31	$ 1.83
Class A Common Stock | Ares Acquisition Corporation I
Subsequent events
Redeemable interest		$ 487		$ 487
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	$ 2.31	$ 1.83
Non-voting Common Stock | Subsequent event
Subsequent events
Dividend declared per class A common stock (in dollars per share)	$ 0.77