Ares Management (ARES) 10-Q 6 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001176948
Current Fiscal Year End Date	--12-31
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		196,178,865
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		113,323,787

Condensed Consolidated Statemen

Condensed Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Assets
Intangible assets, net	$ 433,326	$ 490,695
Goodwill	1,130,327	1,123,976
Total assets	24,192,557	24,730,500
Liabilities
Operating lease liabilities	304,205
Total liabilities	18,435,543	19,709,151
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,721,980	2,391,036
Accumulated deficit	(712,856)	(495,083)
Accumulated other comprehensive loss, net of tax	(10,481)	(5,630)
Total stockholders’ equity	2,001,768	1,893,399
Total equity	5,197,090	4,474,313
Total liabilities, redeemable interest, non-controlling interests and equity	24,192,557	24,730,500
Class A Common Stock
Stockholders’ Equity
Common stock	1,957	1,871
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	1,133	1,170
Consolidated Entity, Excluding VIE, Including Parent
Assets
Total assets	24,192,557	24,730,500
Liabilities
Total liabilities	18,435,543	19,709,151
Ares Management L.P
Assets
Cash and cash equivalents	284,445	348,274
Investments (includes accrued carried interest of $3,222,927 and $3,413,007 as of June 30, 2024 and December 31, 2023, respectively)	4,415,428	4,624,932
Due from affiliates	816,535	896,746
Other assets	579,509	429,979
Right-of-use operating lease assets	231,518	249,326
Intangible assets, net	1,001,126	1,058,495
Goodwill	1,130,327	1,123,976
Liabilities
Accounts payable, accrued expenses and other liabilities	274,144	233,884
Accrued compensation	296,784	287,259
Due to affiliates	349,222	240,254
Performance related compensation payable	2,341,094	2,514,610
Debt obligations	2,566,887	2,965,480
Operating lease liabilities	304,205	319,572
Redeemable interest	23,178	24,098
Non-controlling interests in Ares Operating Group entities	1,289,401	1,322,469
Stockholders’ Equity
Additional paid-in-capital	2,721,980	2,391,036
Accumulated deficit	(712,856)	(495,083)
Accumulated other comprehensive loss, net of tax	(10,481)	(5,630)
Total stockholders’ equity	2,001,768	1,893,399
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,957	1,871
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	1,133	1,170
Consolidated Entity, Excluding VIE
Assets
Cash and cash equivalents	1,241,041	1,149,511
Other assets	94,703	100,823
Investments held in trust account	536,846	523,038
Investments, at fair value	13,678,134	14,078,549
Receivable for securities sold	182,945	146,851
Liabilities
Accounts payable, accrued expenses and other liabilities	170,672	189,523
Due to affiliates	0	3,554
Payable for securities purchased	503,533	484,117
CLO loan obligations, at fair value	11,491,761	12,345,657
Fund borrowings	137,241	125,241
Redeemable interest	536,746	522,938
Non-controlling interests in Ares Operating Group entities	$ 1,905,921	$ 1,258,445

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Common stock, shares outstanding (in shares)	312,512,682	307,585,576
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)	195,697,984	187,069,907
Common stock, shares outstanding (in shares)	195,697,984	187,069,907
Non-voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	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
Common stock, shares authorized (in shares)	499,999,000
Common stock, shares issued (in shares)	113,323,787	117,024,758
Common stock, shares outstanding (in shares)	113,323,787	117,024,758
Ares Management L.P
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 | Carried interest
Equity method investments:	$ 3,222,927	$ 3,413,007
Consolidated Entity, Excluding VIE
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 788,682	$ 1,093,286	$ 1,496,045	$ 1,906,648
Expenses
Compensation and benefits	419,858	367,550	832,809	728,331
Performance related compensation	(28,985)	315,780	(79,517)	427,438
General, administrative and other expenses	169,432	141,153	340,360	289,498
Expenses of Consolidated Funds	4,239	13,255	9,385
Total expenses	564,544	837,738	1,103,037	1,466,374
Other income (expense)
Total other income, net	93,187	126,421	155,365	182,817
Income before taxes	317,325	381,969	548,373	623,091
Income tax expense	41,074	49,714	68,307	83,520
Net income	276,251	332,255	480,066	539,571
Less: Net income attributable to non-controlling interests in Consolidated Funds	105,489	67,681	172,205
Net income (loss)	170,762	264,574	307,861	445,197
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	(387)	734	(314)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	76,211	119,326	140,210
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	94,938	144,514	167,965	$ 238,553
Weighted-average shares of Class A and non-voting common stock:
Diluted (in shares)				192,161,816
Class A Common Stock and Non-Voting Common Stock
Other income (expense)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 94,938	$ 144,514	$ 167,965	$ 238,553
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 0.43	$ 0.75	$ 0.76	$ 1.25
Diluted (in dollars per share)	$ 0.43	$ 0.74	$ 0.76	$ 1.24
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	196,186,922	182,999,515	194,404,932	180,998,934
Diluted (in shares)	196,186,922	194,058,041	194,404,932	192,161,816
Ares Operating Group
Other income (expense)
Net realized and unrealized gains on investments	$ 8,339	$ 5,481	$ 18,855	$ 6,996
Interest and dividend income	7,017	2,690	12,399	6,529
Interest expense	(37,500)	(25,839)	(75,324)	(50,825)
Other expense, net	(938)	(5,887)	(668)	(6,810)
Net income (loss)	170,762	264,574	307,861	445,197
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	(387)	734	(314)	(1,090)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	76,211	119,326	140,210	207,734
Consolidated Funds
Expenses
Expenses of Consolidated Funds	4,239	13,255	9,385	21,107
Other income (expense)
Net realized and unrealized gains on investments	93,523	98,426	127,947	109,126
Interest expense	(217,613)	(182,904)	(425,479)	(339,591)
Interest and other income of Consolidated Funds	240,359	234,454	497,635	457,392
Less: Net income attributable to non-controlling interests in Consolidated Funds	105,489	67,681	172,205	94,374
Management fees
Revenues
Total revenues	721,681	615,271	1,409,373	1,215,787
Carried interest allocation
Revenues
Total revenues	(51,167)	418,466	(83,645)	569,954
Incentive fees
Revenues
Total revenues	47,734	7,950	56,401	16,873
Principal investment income
Revenues
Total revenues	29,461	6,888	36,511	29,646
Administrative, transaction and other fees
Revenues
Total revenues	$ 40,973	$ 44,711	$ 77,405	$ 74,388

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income	$ 276,251	$ 332,255	$ 480,066	$ 539,571
Foreign currency translation adjustments, net of tax	(1,912)	(4,435)	(13,559)	2,204
Total comprehensive income	274,339	327,820	466,507	541,775
Consolidated Funds
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds	103,570	58,996	166,678	88,079
Ares Operating Group
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	(434)	575	(618)	(1,397)
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities	76,266	121,077	137,333	211,241
Ares Management Corporation | Ares Management L.P
Comprehensive income attributable to Ares Management Corporation	$ 94,937	$ 147,172	$ 163,114	$ 243,852

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling interest Ares Operating Group	Non-Controlling interest Consolidated Funds	Class A Common Stock Common Stock	Non-voting Common Stock Common Stock	Class C Common Stock Common Stock
Beginning balance at Dec. 31, 2022	$ 3,798,618	$ 1,970,754	$ (369,475)	$ (14,986)	$ 1,135,023	$ 1,074,356	$ 1,739	$ 35	$ 1,172
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	46,128	(36,777)			87,541	(4,689)	19		34
Issuances of common stock	115,364	115,350					14
Capital contributions	94,757				1,172	93,585
Dividends/distributions	(269,682)		(145,386)		(103,363)	(20,933)
Net income	209,140		94,039		88,408	26,693
Currency translation adjustment, net of tax	6,787			2,641	1,756	2,390
Equity compensation	69,078	41,541			27,537
Stock option exercises	9,180	9,175					5
Ending balance at Mar. 31, 2023	4,079,370	2,100,043	(420,822)	(12,345)	1,238,074	1,171,402	1,777	35	1,206
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(326,965)	(151)			(4,086)	(322,729)	10		(9)
Issuances of common stock	737	737
Capital contributions	79,703				1,071	78,632
Dividends/distributions	(273,861)		(149,218)		(109,651)	(14,992)
Net income	331,521		144,514		119,326	67,681
Currency translation adjustment, net of tax	(4,276)			2,658	1,751	(8,685)
Equity compensation	62,281	37,609			24,672
Stock option exercises	43,960	43,935					25
Ending balance at Jun. 30, 2023	3,992,470	2,182,173	(425,526)	(9,687)	1,271,157	971,309	1,812	35	1,197
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
Dividends/distributions	(270,604)		(151,648)		(97,936)	(21,020)
Net income	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
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	6,845	(39,262)			25,258	20,847	13		(11)
Issuances of common stock	123,444	123,432					12
Capital contributions	108,086				1,496	106,590
Dividends/distributions	(314,764)		(153,682)		(116,899)	(44,183)
Net income	422,989		173,950		149,406	99,633
Currency translation adjustment, net of tax	41,270			11,635	7,510	22,125
Equity compensation	62,456	38,600			23,856
Stock option exercises	5,533	5,531					2
Ending balance at Dec. 31, 2023	4,474,313	2,391,036	(495,083)	(5,630)	1,322,469	1,258,445	1,871	35	1,170
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(114,305)	(62,709)			(103,599)	51,984	39		(20)
Issuances of common stock	7,724				7,723				1
Capital contributions	169,707				1,034	168,673
Dividends/distributions	(346,652)		(190,504)		(129,240)	(26,908)
Net income	203,742		73,027		63,999	66,716
Currency translation adjustment, net of tax	(11,390)			(4,850)	(2,932)	(3,608)
Equity compensation	92,422	57,600			34,822
Stock option exercises	1,511	1,510					1
Ending balance at Mar. 31, 2024	4,477,072	2,387,437	(612,560)	(10,480)	1,194,276	1,515,302	1,911	35	1,151
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(7,678)	(75,616)			103,129	(35,192)	19		(18)
Issuances of common stock	354,395	354,368
Capital contributions	343,206				269	342,937
Dividends/distributions	(332,910)		(195,234)		(116,980)	(20,696)
Net income	276,638		94,938		76,211	105,489
Currency translation adjustment, net of tax	(1,865)			(1)	55	(1,919)
Equity compensation	88,232	55,791			32,441
Ending balance at Jun. 30, 2024	$ 5,197,090	$ 2,721,980	$ (712,856)	$ (10,481)	$ 1,289,401	$ 1,905,921	$ 1,957	$ 35	$ 1,133

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 480,066	$ 539,571
Net cash provided by operating activities	1,142,217	8,520
Cash flows from investing activities:
Net cash used in investing activities	(63,309)	(21,127)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash used in financing activities	(1,125,531)	(97,501)
Effect of exchange rate changes	(17,206)	(3,052)
Net change in cash and cash equivalents	(63,829)	(113,160)
Cash and cash equivalents, beginning of period	348,274
Cash and cash equivalents, end of period	284,445	276,827
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities	7,724	116,101
Issuance of common stock in connection with settlement of management incentive program	0	245,647
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	323,364	(884,231)
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds	(121,962)	133,981
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	511,610	680,991
Distributions to non-controlling interests in Consolidated Funds	(47,604)	(35,925)
Redemptions of redeemable interests in Consolidated Funds	0	(538,985)
Borrowings under loan obligations by Consolidated Funds	167,135	535,464
Repayments under loan obligations by Consolidated Funds	(878,545)	(174,669)
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities	303,360	149,773
Cash flows due to changes in operating assets and liabilities	157,389	69,426
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(55,309)	(21,127)
Acquisitions	(8,000)	0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock	354,395	0
Proceeds from Credit Facility	650,000	495,000
Repayments of Credit Facility	(1,050,000)	(470,000)
Dividends and distributions	(632,260)	(510,501)
Stock option exercises	1,511	53,140
Taxes paid related to net share settlement of equity awards	(203,076)	(133,570)
Other financing activities	1,303	1,554
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	348,274	389,987
Cash and cash equivalents, end of period	$ 284,445	$ 276,827

ORGANIZATION

ORGANIZATION	6 Months Ended
	Jun. 30, 2024
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, Real Assets, Private Equity 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 manages or controls certain entities that have been consolidated in the accompanying financial statements as described in “Note 2. Summary of Significant Accounting Policies.” These entities include Ares funds, co-investment vehicles, collateralized loan obligations or funds (collectively “CLOs”) and special purpose acquisition companies (“SPACs”) (collectively, the “Consolidated Funds”). Including the results of the Consolidated Funds significantly increases the reported amounts of the assets, liabilities, revenues, expenses and cash flows within the accompanying unaudited condensed consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to its stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable within the Condensed Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2024
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 (“U.S.”) (“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, 2023 filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts and activities of the Ares Operating Group entities (“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. Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the Company’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for the Company’s fiscal year ending December 31, 2024 and for the Company’s interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of disaggregated income taxes paid in both U.S. and foreign jurisdictions, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s fiscal year ending December 31, 2025. Early adoption is permitted and the amendments in this update should be applied on a prospective basis, though retrospective adoption is permitted. The Company is currently evaluating the impact of this guidance.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	3. GOODWILL AND INTANGIBLE ASSETS Intangible Assets, Net The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets: Weighted Average Amortization Period (in years) as of June 30, 2024 As of June 30, As of December 31, 2024 2023 Management contracts 4.0 $ 580,635 $ 604,242 Client relationships 8.1 200,920 200,920 Other 0.3 500 500 Finite-lived intangible assets 782,055 805,662 Foreign currency translation (128) 1,126 Total finite-lived intangible assets 781,927 806,788 Less: accumulated amortization (348,601) (316,093) Finite-lived intangible assets, net 433,326 490,695 Indefinite-lived management contracts 567,800 567,800 Intangible assets, net $ 1,001,126 $ 1,058,495 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, in connection with lower than expected future fee revenue generated from these funds. During the first quarter of 2023, the Company rebranded and discontinued the use of the SSG trade name acquired through the acquisition of SSG Capital Holdings Limited and its operating subsidiaries (“SSG”) in 2020. As a result, the Company recorded a non-cash impairment charge equal to the SSG trade name’s carrying value of $7.8 million to accelerate the amortization expense in the first quarter of 2023. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $29.0 million and $30.4 million for the three months ended June 30, 2024 and 2023, respectively, and $58.2 million and $64.0 million for the six months ended June 30, 2024 and 2023, respectively, and is presented within general, administrative and other expenses within the Condensed Consolidated Statements of Operations. During the six months ended June 30, 2024, the Company removed $24.9 million of fully-amortized intangible assets. Goodwill The following table summarizes the carrying value of the Company’s goodwill: Credit Group Real Assets Group Private Equity Group Secondaries Group Total Balance as of December 31, 2023 $ 256,679 $ 277,205 $ 172,462 $ 417,630 $ 1,123,976 Acquisitions — 6,710 644 — 7,354 Reallocation 55,658 — (55,658) — — Foreign currency translation (1,001) — — (2) (1,003) Balance as of June 30, 2024 $ 311,336 $ 283,915 $ 117,448 $ 417,628 $ 1,130,327 In connection with the segment reorganization of the former special opportunities strategy as described in “Note 13. Segment Reporting,” the Company had an associated change in its reporting units and reallocated goodwill of $55.7 million from the Private Equity Group to the Credit Group using a relative fair value allocation approach in the first quarter of 2024. There was no impairment of goodwill recorded during the three and six months ended June 30, 2024 and 2023. The impact of foreign currency translation is reflected within other comprehensive income within the Condensed Consolidated Statements of Comprehensive Income.

INVESTMENTS

INVESTMENTS	6 Months Ended
	Jun. 30, 2024
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 June 30, December 31, June 30, December 31, 2024 2023 2024 2023 Equity method investments: Equity method - carried interest $ 3,222,927 $ 3,413,007 73.0% 73.8% Equity method private investment partnership interests - principal 559,674 535,292 12.7 11.6 Equity method private investment partnership interests and other (held at fair value) 381,784 418,778 8.6 9.0 Equity method private investment partnership interests and other 57,377 44,989 1.3 1.0 Total equity method investments 4,221,762 4,412,066 95.6 95.4 Collateralized loan obligations 20,413 20,799 0.5 0.4 Fixed income securities 71,961 105,495 1.6 2.3 Collateralized loan obligations and fixed income securities, at fair value 92,374 126,294 2.1 2.7 Common stock, at fair value 101,292 86,572 2.3 1.9 Total investments $ 4,415,428 $ 4,624,932 Equity Method Investments The Company’s equity method investments include investments that are not consolidated but over which the Company exerts significant influence. The Company evaluates each of its equity method investments to determine if any were significant as defined by guidance from the SEC. As of and for the three and six months ended June 30, 2024 and 2023, no individual equity method investment held by the Company met the significance criteria. The following table presents the Company’s other income, net from its equity method investments, which were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Total other income, net related to equity method investments $ 33,414 $ 9,142 $ 43,541 $ 33,055 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. The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains on investments within the Condensed Consolidated Statements of Operations: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Equity method private investment partnership interests and other (held at fair value) $ (431) $ 2,937 $ 2,048 $ 6,036 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 June 30, December 31, June 30, December 31, 2024 2023 2024 2023 Fixed income investments: Loans and securitization vehicles $ 9,696,739 $ 10,616,458 68.2% 72.7% Money market funds and U.S. treasury securities 536,846 523,038 3.8 3.6 Bonds 464,120 578,949 3.3 4.0 Total fixed income investments 10,697,705 11,718,445 75.3 80.3 Partnership interests 1,895,160 1,642,489 13.3 11.2 Equity securities 1,622,115 1,240,653 11.4 8.5 Total investments, at fair value $ 14,214,980 $ 14,601,587 As of June 30, 2024 and December 31, 2023, no

FAIR VALUE

FAIR VALUE	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	5. FAIR VALUE Fair Value of Financial Instruments Held by the Company and Consolidated Funds The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of June 30, 2024: 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 $ — $ 101,292 $ 379,443 $ — $ 480,735 Collateralized loan obligations and fixed income securities — — 92,374 — 92,374 Partnership interests — — — 2,341 2,341 Total investments, at fair value — 101,292 471,817 2,341 575,450 Derivatives-foreign currency forward contracts — 1,830 — — 1,830 Total assets, at fair value $ — $ 103,122 $ 471,817 $ 2,341 $ 577,280 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (990) $ — $ — $ (990) Total liabilities, at fair value $ — $ (990) $ — $ — $ (990) 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 and securitization vehicles $ — $ 8,893,242 $ 803,497 $ — $ 9,696,739 Money market funds and U.S. treasury securities 536,846 — — — 536,846 Bonds — 464,120 — — 464,120 Total fixed income investments 536,846 9,357,362 803,497 — 10,697,705 Partnership interests — — — 1,895,160 1,895,160 Equity securities 33,006 2,255 1,586,854 — 1,622,115 Total investments, at fair value 569,852 9,359,617 2,390,351 1,895,160 14,214,980 Derivatives-foreign currency forward contracts — 4,427 — — 4,427 Total assets, at fair value $ 569,852 $ 9,364,044 $ 2,390,351 $ 1,895,160 $ 14,219,407 Liabilities, at fair value Loan obligations of CLOs $ — $ (11,491,761) $ — $ — $ (11,491,761) Derivatives: Foreign currency forward contracts — (4,430) — — (4,430) Asset swaps — — (1,615) — (1,615) Total derivative liabilities, at fair value — (4,430) (1,615) — (6,045) Total liabilities, at fair value $ — $ (11,496,191) $ (1,615) $ — $ (11,497,806) 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, 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 $ — $ 86,572 $ 412,491 $ — $ 499,063 Collateralized loan obligations and fixed income securities — — 126,294 — 126,294 Partnership interests — — — 6,287 6,287 Total investments, at fair value — 86,572 538,785 6,287 631,644 Derivatives-foreign currency forward contracts — 1,129 — — 1,129 Total assets, at fair value $ — $ 87,701 $ 538,785 $ 6,287 $ 632,773 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (2,645) $ — $ — $ (2,645) Total liabilities, at fair value $ — $ (2,645) $ — $ — $ (2,645) 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 and securitization vehicles $ — $ 9,879,915 $ 736,543 $ — $ 10,616,458 Bonds — 575,379 3,570 — 578,949 Money market funds and U.S. treasury securities 523,038 — — — 523,038 Total fixed income investments 523,038 10,455,294 740,113 — 11,718,445 Partnership interests — — — 1,642,489 1,642,489 Equity securities 47,503 2,750 1,190,400 — 1,240,653 Total investments, at fair value 570,541 10,458,044 1,930,513 1,642,489 14,601,587 Derivatives-foreign currency forward contracts — 9,126 — — 9,126 Total assets, at fair value $ 570,541 $ 10,467,170 $ 1,930,513 $ 1,642,489 $ 14,610,713 Liabilities, at fair value Loan obligations of CLOs $ — $ (12,345,657) $ — $ — $ (12,345,657) Derivatives: Foreign currency forward contracts — (9,491) — — (9,491) Asset swaps — — (1,291) — (1,291) Total derivative liabilities, at fair value — (9,491) (1,291) — (10,782) Total liabilities, at fair value $ — $ (12,355,148) $ (1,291) $ — $ (12,356,439) 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 March 31, 2024 $ 416,874 $ 21,588 $ 438,462 Transfer in — 60,917 60,917 Transfer out (37,587) — (37,587) Purchases (1) 1,650 263,407 265,057 Sales/settlements (2) (1,790) (251,374) (253,164) Realized and unrealized appreciation (depreciation), net 296 (2,164) (1,868) Balance as of June 30, 2024 $ 379,443 $ 92,374 $ 471,817 Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date $ (1,354) $ (1,556) $ (2,910) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of March 31, 2024 $ 1,366,464 $ 639,318 $ (1,574) $ 2,004,208 Transfer in 413 212,632 — 213,045 Transfer out — (203,255) — (203,255) Purchases (1) 191,639 355,692 67 547,398 Sales/settlements (2) — (199,490) — (199,490) Realized and unrealized appreciation (depreciation), net 28,338 (1,400) (108) 26,830 Balance as of June 30, 2024 $ 1,586,854 $ 803,497 $ (1,615) $ 2,388,736 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 30,259 $ (1,868) $ (169) $ 28,222 (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. Level III Assets and Liabilities of the Company Equity Securities Fixed Income Total Balance as of March 31, 2023 $ 125,073 $ 75,169 $ 200,242 Purchases (1) 38,208 771 38,979 Sales/settlements (2) (881) (841) (1,722) Realized and unrealized appreciation (depreciation), net 2,971 (1,322) 1,649 Balance as of June 30, 2023 $ 165,371 $ 73,777 $ 239,148 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,971 $ (1,322) $ 1,649 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of March 31, 2023 $ 932,635 $ 732,804 $ 374,049 $ (1,698) $ 2,037,790 Transfer out due to changes in consolidation (2,076) (4,563) (374,049) — (380,688) Transfer in — 57,540 — — 57,540 Transfer out — (214,205) — — (214,205) Purchases (1) 48,645 250,912 — — 299,557 Sales/settlements (2) (4) (177,095) — (149) (177,248) Realized and unrealized appreciation (depreciation), net 86,865 2,738 — (846) 88,757 Balance as of June 30, 2023 $ 1,066,065 $ 648,131 $ — $ (2,693) $ 1,711,503 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 86,879 $ (27,469) $ — $ (1,055) $ 58,355 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. Level III Assets of the Company Equity Securities Fixed Income Total Balance as of December 31, 2023 $ 412,491 $ 126,294 $ 538,785 Transfer in — 60,917 60,917 Transfer out (37,587) — (37,587) Purchases (1) 1,680 265,673 267,353 Sales/settlements (2) (2,572) (359,734) (362,306) Realized and unrealized appreciation (depreciation), net 5,431 (776) 4,655 Balance as of June 30, 2024 $ 379,443 $ 92,374 $ 471,817 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 3,780 $ (167) $ 3,613 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of December 31, 2023 $ 1,190,400 $ 740,113 $ (1,291) $ 1,929,222 Transfer in 475 148,817 — 149,292 Transfer out — (298,030) — (298,030) Purchases (1) 346,112 634,880 113 981,105 Sales/settlements (2) — (424,037) — (424,037) Realized and unrealized appreciation (depreciation), net 49,867 1,754 (437) 51,184 Balance as of June 30, 2024 $ 1,586,854 $ 803,497 $ (1,615) $ 2,388,736 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 51,952 $ 1,028 $ (442) $ 52,538 (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. 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) 38,260 1,966 40,226 Sales/settlements (2) (836) (2,377) (3,213) Realized and unrealized appreciation (depreciation), net 6,162 (2,746) 3,416 Balance as of June 30, 2023 $ 165,371 $ 73,777 $ 239,148 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 5,949 $ (2,533) $ 3,416 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance 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 — 195,575 — — 195,575 Transfer out — (489,165) — — (489,165) Purchases (1) 229,016 391,086 49,000 — 669,102 Sales/settlements (2) (126) (325,968) (48,889) (149) (375,132) Realized and unrealized appreciation, net 108,371 11,498 5,283 1,012 126,164 Balance as of June 30, 2023 $ 1,066,065 $ 648,131 $ — $ (2,693) $ 1,711,503 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 108,324 $ (20,381) $ — $ 814 $ 88,757 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of June 30, 2024: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 125,238 Discounted cash flow Discount rate 18.5% - 30.0% 25.0% 115,858 Market approach Multiple of book value 1.2x - 1.4x 1.3x 100,000 Market yield analysis Market interest rate 8.0% 8.0% 6,750 Market approach Enterprise value / Earnings multiple 15.4x 15.4x 31,597 Other N/A N/A N/A Fixed income investments 71,111 Market yield analysis Market interest rate 10.0% - 12.0% 11.0% 20,413 Broker quotes and/or 3rd party pricing services N/A N/A N/A 850 Other N/A N/A N/A Total assets $ 471,817 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 875,073 Discounted cash flow Discount rate 10.0% - 18.7% 13.0% 704,180 Market approach Multiple of book value 1.0x - 1.7x 1.3x 6,116 Market approach EBITDA multiple (1) 5.2x - 28.5x 6.1x 871 Transaction price (2) N/A N/A N/A 614 Other N/A N/A N/A Fixed income investments 593,596 Broker quotes and/or 3rd party pricing services N/A N/A N/A 206,062 Market approach Yield 7.9% - 24.0% 11.4% 3,654 Discounted cash flow Discount rate 12.3% - 12.7% 12.7% 185 Transaction price (2) N/A N/A N/A Total assets $ 2,390,351 Liabilities Derivative instruments $ (1,615) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,615) (1) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. (2) 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. 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, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 154,460 Discounted cash flow Discount rate 20.0% - 30.0% 25.0% 118,846 Market approach Multiple of book value 1.3x - 1.6x 1.5x 100,000 Transaction price (1) N/A N/A N/A 6,447 Market approach Enterprise value / Earnings multiple 15.4x 15.4x 32,738 Other N/A N/A N/A Fixed income investments 83,000 Transaction price (1) N/A N/A N/A 20,799 Broker quotes and/or 3rd party pricing services N/A N/A N/A 22,495 Other N/A N/A N/A Total assets $ 538,785 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 648,581 Discounted cash flow Discount rate 10.0% - 16.0% 13.0% 537,733 Market approach Multiple of book value 1.0x - 1.7x 1.3x 3,909 Market approach EBITDA multiple (2) 4.5x - 32.4x 8.9x 177 Other N/A N/A N/A Fixed income investments 548,264 Broker quotes and/or 3rd party pricing services N/A N/A N/A 188,322 Market approach Yield 8.3% - 24.1% 12.2% 2,974 Market approach EBITDA multiple (2) 4.5x - 32.4x 9.0x 104 Discounted cash flow Discount rate 12.3% 12.3% 449 Other N/A N/A N/A Total assets $ 1,930,513 Liabilities Derivative instruments $ (1,291) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,291) (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 Consolidated Funds have limited partnership interests in private equity funds managed by the Company that are valued using net asset value (“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 table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share: As of June 30, 2024 As of December 31, 2023 Investments (held at fair value) $ 1,895,160 $ 1,642,489 Unfunded commitments 988,337 738,621

DEBT

DEBT	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
DEBT	6. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of June 30, 2024 As of December 31, 2023 Debt Origination Date Maturity Original Borrowing Amount Carrying Value Interest Rate Carrying Value Interest Rate Credit Facility (1) Revolving 3/31/2029 N/A $ 495,000 6.39% $ 895,000 6.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 249,800 4.21 249,427 4.21 2028 Senior Notes (3) 11/10/2023 11/10/2028 500,000 495,380 6.42 494,863 6.42 2030 Senior Notes (4) 6/15/2020 6/15/2030 400,000 397,275 3.28 397,050 3.28 2052 Senior Notes (5) 1/21/2022 2/1/2052 500,000 484,399 3.77 484,199 3.77 2051 Subordinated Notes (6) 6/30/2021 6/30/2051 450,000 445,033 4.13 444,941 4.13 Total debt obligations $ 2,566,887 $ 2,965,480 (1) On March 28, 2024, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.325 billion to $1.400 billion, with an accordion feature of $600.0 million, and extend the maturity date from March 2027 to March 2029. 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 June 30, 2024, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. Due to the achievement of the ESG-related targets in the second quarter of 2023, 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. (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 Senior Notes. (3) The 2028 Senior Notes were issued in November 2023 by the Company, at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the 2028 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2028 Senior Notes. (4) 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 Senior Notes. (5) 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 Senior Notes. (6) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five As of June 30, 2024, 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, 2028, 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, 2023 $ 4,213 $ 11,784 $ 5,059 Debt issuance costs incurred 1,784 — — Amortization of debt issuance costs (613) (821) (92) Unamortized debt issuance costs as of June 30, 2024 $ 5,384 $ 10,963 $ 4,967 Loan Obligations of the Consolidated CLOs Loan obligations of the Consolidated Funds that are CLOs (“Consolidated CLOs”) represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs. The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of June 30, 2024 As of December 31, 2023 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 10,708,660 6.69% 8.1 $ 11,606,289 6.64% 8.2 Subordinated notes (1) 783,101 N/A 6.1 739,368 N/A 6.9 Total loan obligations of Consolidated CLOs $ 11,491,761 $ 12,345,657 (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 net assets of the Consolidated Funds or the unfunded capital commitments of the Consolidated Funds’ limited partners, bear an annual commitment fee based on unfunded commitments and contain various affirmative and negative covenants and reporting obligations, including restrictions on additional indebtedness, liens, margin stock, affiliate transactions, dividends and distributions, release of capital commitments and portfolio asset dispositions. The creditors of these facilities have no recourse to the Company and only have recourse to a subsidiary of the Company to the extent the debt is guaranteed by such subsidiary. As of June 30, 2024 and December 31, 2023, the Consolidated Funds were in compliance with all covenants under such credit facilities. The Consolidated Funds had the following revolving bank credit facilities outstanding: As of June 30, 2024 As of December 31, 2023 Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 7/1/2024 $ 18,000 $ 15,241 6.88% $ 15,241 6.88% 9/24/2026 150,000 — N/A — N/A 6/26/2027 200,000 122,000 8.19 110,000 8.29 9/12/2027 54,000 — N/A — N/A Total borrowings of Consolidated Funds $ 137,241 $ 125,241 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	7. COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded within the Condensed Consolidated Statements of Financial Condition. As of June 30, 2024, the Company has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote. Commitments As of June 30, 2024 and December 31, 2023, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $1,247.6 million and $1,030.6 million, respectively. Guarantees The Company has entered into agreements with financial institutions to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund. As of June 30, 2024 and December 31, 2023, the Company’s maximum exposure to losses from guarantees was $16.4 million and $122.3 million, respectively. Contingent Liabilities The Company acquired the investment management business and related operating entities collectively doing business as Crescent Point Capital (“Crescent Point”) (the “Crescent Point Acquisition”) during the fourth quarter of 2023. In connection with the Crescent Point Acquisition, the Company established a management incentive program (the “Crescent Point MIP”) with certain professionals. The Crescent Point MIP represents a contingent liability not to exceed $75.0 million and is based on the achievement of revenue targets from the fundraising of a future private equity fund during the measurement period. The Company expects to settle the liability with a combination of 33% cash and 67% equity awards. Expense associated with the cash and equity components are recognized ratably over the measurement period, which represents the service period and will end on the final fundraising date for the fund. The Crescent Point 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 the measurement period end date, the cash component will be paid and the equity component will be settled with shares of the Company’s Class A common stock and granted at fair value. As of June 30, 2024 and December 31, 2023, the contingent liability was $75.0 million. As of June 30, 2024 and December 31, 2023, the Company has recorded $15.0 million and $5.0 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense of $5.0 million and $10.0 million for the three and six months ended June 30, 2024, respectively, is presented within compensation and benefits within the Condensed Consolidated Statements of Operations. 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 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 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 and the associated liability for this portion of the award was settled during the first quarter of 2023. As of June 30, 2024, the maximum contingent liability associated with the remaining Infrastructure Debt MIP was $15.0 million. As of June 30, 2024 and December 31, 2023, the contingent liability was $13.6 million. As of June 30, 2024 and December 31, 2023, the Company has recorded $5.4 million and $4.4 million, respectively, within accrued compensation within the Condensed Consolidated Statements of Financial Condition. Compensation expense associated with the remaining Infrastructure Debt MIP of $0.4 million and $0.6 million for the three months ended June 30, 2024 and 2023, respectively, and $0.9 million and $1.2 million for the six months ended June 30, 2024 and 2023, 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 June 30, 2024 and December 31, 2023, 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 $75.3 million and $78.5 million, respectively, of which approximately $52.2 million and $54.5 million, respectively, is reimbursable to the Company by certain professionals who are the recipients of such carried interest. Management believes the possibility of all of the investments becoming worthless is remote. As of June 30, 2024 and December 31, 2023, if the funds were liquidated at their fair values, there would be no contingent repayment obligation or liability. Litigation From time to time, the Company is named as a defendant in legal actions relating to transactions conducted in the ordinary course of business. Although there can be no assurance of the outcome of such legal actions, in the opinion of management, the Company does not have a potential liability related to any current legal proceeding or claim that would individually or in the aggregate materially affect its results of operations, financial condition or cash flows. Leases The Company leases primarily consists of operating leases for office space and certain office equipment. The Company’s leases have remaining lease terms of one Maturity of operating lease liabilities As of June 30, 2024 2024 $ 25,333 2025 53,356 2026 48,871 2027 38,041 2028 27,914 Thereafter 181,782 Total future payments 375,297 Less: interest 71,092 Total operating lease liabilities $ 304,205 Three months ended June 30, Six months ended June 30, Classification within general, administrative and other expenses 2024 2023 2024 2023 Operating lease expense $ 15,376 $ 10,411 $ 30,586 $ 22,299 Six months ended June 30, Supplemental information on the measurement of operating lease liabilities 2024 2023 Operating cash flows for operating leases $ 27,139 $ 22,724 Leased assets obtained in exchange for new operating lease liabilities 6,738 37,277 As of June 30, As of December 31, Lease term and discount rate 2024 2023 Weighted-average remaining lease terms (in years) 8.3 8.4 Weighted-average discount rate 4.4% 4.3%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2024
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, 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 publicly-traded and non-traded vehicles. In addition, certain private funds pay administrative fees based on invested capital. The Company is also party to agreements with certain funds which pay fees to the Company to provide various property-related services, such as acquisition, development and property management as well as fees for the sale and distribution of fund shares in non-traded vehicles. Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares Funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management fees, carried interest or incentive fees. Carried interest and incentive fees from the funds can be distributed to professionals or their related entities on a current basis, subject, in the case of carried interest programs, to repayment by the subsidiary of the Company that acts as general partner of the relevant fund in the event that certain specified return thresholds are not ultimately achieved. The professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several, and not joint, and are limited to distributions received by the relevant recipient. The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of June 30, As of December 31, 2024 2023 Due from affiliates: Management fees receivable from non-consolidated funds $ 590,545 $ 560,629 Incentive fee receivable from non-consolidated funds 20,495 159,098 Payments made on behalf of and amounts due from non-consolidated funds and employees 205,495 177,019 Due from affiliates—Company $ 816,535 $ 896,746 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 5,654 $ 9,585 Tax receivable agreement liability 288,847 191,299 Undistributed carried interest and incentive fees 49,912 33,374 Payments made by non-consolidated funds on behalf of and payable by the Company 4,809 5,996 Due to affiliates—Company $ 349,222 $ 240,254 Amounts due to portfolio companies and non-consolidated funds $ — $ 3,554 Due to affiliates—Consolidated Funds $ — $ 3,554 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. Certain expenses initially paid by the Company, primarily professional services, travel and other costs associated with particular portfolio company holdings, are subject to reimbursement by the portfolio companies.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2024
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 for the period: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Income tax expense $ 41,074 $ 49,714 $ 68,307 $ 83,520 The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment vehicles that are consolidated in the Company’s unaudited condensed consolidated financial statements. For the three and six months ended June 30, 2024 and 2023, the Company recorded its interim income tax provision utilizing the estimated annual effective tax rate. The income tax effects of temporary differences give rise to significant portions of deferred tax assets and liabilities, which are presented on a net basis. As of June 30, 2024 and December 31, 2023, the Company recorded a net deferred tax asset of $150.6 million and $21.5 million, respectively, within other assets within the Condensed Consolidated Statements of Financial Condition. As of June 30, 2024, a deferred tax liability of $5.3 million was recorded and presented as a liability for the Consolidated Funds within accounts payable, accrued expenses and other liabilities 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 2020. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s unaudited condensed consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	10. EARNINGS PER SHARE The Company has Class A and non-voting common stock outstanding. The non-voting common stock has the same economic rights as the Class A common stock; therefore, earnings per share is presented on a combined basis. Income of the Company has been allocated on a proportionate basis to the two common stock classes. Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. Diluted earnings per share of Class A and non-voting common stock is computed using the more dilutive method of either the two-class method or the treasury stock method. For the three and six months ended June 30, 2024, the two-class method was the more dilutive method. For the three and six months ended June 30, 2023, the treasury stock method was the more dilutive method. The computation of diluted earnings per share excludes the following restricted units and AOG Units as their effect would have been anti-dilutive: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Restricted units — — — 4,131 AOG Units — 120,137,310 — 119,391,357 The following table presents the computation of basic and diluted earnings per common share: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Basic earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 94,938 $ 144,514 $ 167,965 $ 238,553 Dividends declared and paid on Class A and non-voting common stock (185,241) (142,220) (366,170) (280,640) Distributions on unvested restricted units (7,594) (5,316) (14,864) (10,630) Dividends in excess of earnings available to Class A and non-voting common stockholders $ (97,897) $ (3,022) $ (213,069) $ (52,717) Basic weighted-average shares of Class A and non-voting common stock 196,186,922 182,999,515 194,404,932 180,998,934 Dividends in excess of earnings per share of Class A and non-voting common stock $ (0.50) $ (0.02) $ (1.10) $ (0.29) Dividend declared and paid per Class A and non-voting common stock 0.93 0.77 1.86 1.54 Basic earnings per share of Class A and non-voting common stock $ 0.43 $ 0.75 $ 0.76 $ 1.25 Diluted earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 94,938 $ 144,514 $ 167,965 $ 238,553 Distributions on unvested restricted units (7,594) — (14,864) — Net income available to Class A and non-voting common stockholders $ 87,344 $ 144,514 $ 153,101 $ 238,553 Effect of dilutive shares: Restricted units — 8,489,883 — 7,991,062 Options — 2,568,643 — 3,171,820 Diluted weighted-average shares of Class A and non-voting common stock 196,186,922 194,058,041 194,404,932 192,161,816 Diluted earnings per share of Class A and non-voting common stock $ 0.43 $ 0.74 $ 0.76 $ 1.24

EQUITY COMPENSATION

EQUITY COMPENSATION	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	11. EQUITY COMPENSATION Equity Incentive Plan Equity-based compensation is granted under the Company’s 2023 Equity Incentive Plan (the “Equity Incentive Plan”). The total number of shares available to be issued under the Equity Incentive Plan resets based on a formula defined in the Equity Incentive Plan and may increase on January 1 of each year. On January 1, 2024, the total number of shares available for issuance under the Equity Incentive Plan reset to 69,122,318 shares and as of June 30, 2024, 63,097,171 shares remained available for issuance. Generally, unvested restricted units are forfeited upon termination of employment in accordance with the Equity Incentive Plan. The Company recognizes forfeitures as a reversal of previously recognized compensation expense in the period the forfeiture occurs. Equity-based compensation expense, net of forfeitures, recorded by the Company for restricted units is presented in the following table: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Restricted units $ 88,232 $ 62,282 $ 180,654 $ 131,533 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 at a rate of either: (i) one-third per year, beginning on the third anniversary of the grant date; (ii) one-quarter per year, beginning on the second anniversary of the grant date or the holder’s employment commencement date; or (iii) one-third per year, beginning on the first anniversary of the grant date, in each case generally subject to the holder’s continued employment as of the applicable vesting date (subject to accelerated vesting upon certain qualifying terminations of employment or retirement eligibility provisions). Compensation expense associated with restricted units is recognized on a straight-line basis over the requisite service period of the award. Restricted units are delivered net of the holder’s payroll related taxes upon vesting. For the six months ended June 30, 2024, 3.8 million restricted units vested and 2.1 million shares of Class A common stock were delivered to the holders. For the six months ended June 30, 2023, 3.4 million restricted units vested and 1.9 million shares of Class A common stock were delivered to the holders. 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; and (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). When units are forfeited, the cumulative amount of Dividend Equivalents previously paid is reclassified to compensation and benefits expense within the Condensed Consolidated Statements of Operations. The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the six months ended June 30, 2024: Record Date Dividends Per Share Dividend Equivalents Paid March 15, 2024 $ 0.93 $ 16,294 June 16, 2024 0.93 16,008 During the first quarter of 2024, the Company approved the future grant of restricted units to certain senior executives in each of 2025 and 2026, subject to the holder’s continued employment and acceleration in certain instances. These restricted awards vest before July 1, 2029, at a rate of either: (i) one-quarter per year, beginning on the first anniversary of the grant date; or (ii) one-third per year, beginning on the first 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, 2023 17,359,829 $ 59.20 Granted 4,647,748 121.38 Vested (3,807,926) 52.08 Forfeited (349,601) 85.23 Balance as of June 30, 2024 17,850,050 $ 76.41 The total compensation expense expected to be recognized in all future periods associated with the restricted units is approximately $1,005.5 million as of June 30, 2024 and is expected to be recognized over the remaining weighted average period of 3.7 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. A summary of options activity during the six months ended June 30, 2024 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value Balance as of December 31, 2023 79,524 $ 19.00 0.3 $ 7,946 Exercised (79,524) 19.00 — — Balance as of June 30, 2024 — $ — 0.0 $ — Exercisable as of June 30, 2024 — $ — 0.0 $ —

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	6 Months Ended
	Jun. 30, 2024
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 January 2024, 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 2025. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the six months ended June 30, 2024 and 2023, the Company did not repurchase any shares as part of the stock repurchase program. On June 12, 2024, the Company entered into an underwriting agreement pursuant to which the Company agreed to issue and sell 2,650,000 shares of the Class A common stock (the “Offering”). The Offering closed on June 14, 2024 and resulted in net proceeds to the Company of approximately $354.4 million (after deducting underwriting discounts and offering expenses). Subsequent to June 30, 2024, the underwriters exercised the 30-day option to purchase additional shares of Class A common stock. See “Note 15. Subsequent Events” for further details. 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, 2023 187,069,907 3,489,911 1,000 117,024,758 307,585,576 Issuances of common stock (1) 2,650,000 — — 63,179 2,713,179 Exchanges of common stock 3,764,150 — — (3,764,150) — Stock option exercises 79,524 — — — 79,524 Vesting of restricted stock awards, net of shares withheld for tax 2,134,403 — — — 2,134,403 Balance as of June 30, 2024 195,697,984 3,489,911 1,000 113,323,787 312,512,682 (1) 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 Ares Operating Group Units (“AOG Units”) and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities: Daily Average Ownership As of June 30, 2024 As of December 31, 2023 Three months ended June 30, Six months ended June 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2024 2023 2024 2023 Ares Management Corporation 199,187,895 63.74 % 190,559,818 61.95 % 63.21 % 60.37 % 62.77 % 60.25 % Ares Owners Holdings, L.P. 113,323,787 36.26 117,024,758 38.05 36.79 39.63 37.23 39.75 Total 312,511,682 100.00 % 307,584,576 100.00 % Redeemable Interest The following table summarizes the activities associated with the redeemable interest in AOG entities: Total 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 Net income 558 Currency translation adjustment, net of tax 364 Balance as of December 31, 2023 24,098 Net income 73 Currency translation adjustment, net of tax (257) Distributions (302) Balance as of March 31, 2024 23,612 Net loss (387) Currency translation adjustment, net of tax (47) Balance as of June 30, 2024 $ 23,178 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance as of December 31, 2022 $ 1,013,282 Change in redemption value 10,504 Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”) (538,985) Balance as of March 31, 2023 484,801 Gross proceeds from the initial public offering of Ares Acquisition Corporation II (NYSE: AACT) (“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 Redemptions from Class A ordinary shares of AAC I (14,733) Balance as of September 30, 2023 1,002,587 Change in redemption value 12,507 Redemptions from Class A ordinary shares of AAC I (492,156) Balance as of December 31, 2023 522,938 Change in redemption value 6,849 Balance as of March 31, 2024 529,787 Change in redemption value 6,959 Balance as of June 30, 2024 $ 536,746 As of June 30, 2024 and December 31, 2023, 50,000,000 of AAC II Class A ordinary shares are presented at the redemption amount within mezzanine equity within the Condensed Consolidated Statements of Financial Condition.

SEGMENT REPORTING

SEGMENT REPORTING	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	13. SEGMENT REPORTING The Company operates through its distinct operating segments. On January 1, 2024, the Company changed its segment composition. The special opportunities strategy, historically part of the Private Equity Group, is now referred to as opportunistic credit and is presented within the Credit Group. 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, opportunistic credit, direct lending and Asia-Pacific (“APAC”) credit. Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments. Private Equity Group : The Private Equity Group broadly categorizes its investment strategies as corporate private equity and APAC private equity. 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. 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 Operations Management Group (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 either equal to the costs of services provided or as a percentage of invested capital. 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 Ares 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 eligible to be 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 adjusts 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 of upfront fees to placement agents that is presented 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 in advance in accordance with GAAP. For periods in which the amortization of upfront fees for segment purposes is higher than the GAAP expense, the placement fee adjustment is presented as a reduction to RI. Management believes RI is a more appropriate metric to evaluate the Company’s current business operations. Management makes operating decisions and assesses the performance of each of the Company’s business segments based on financial and operating metrics and other data that is presented before giving effect to the consolidation of any of the Consolidated Funds. Consequently, all segment data excludes the assets, liabilities and operating results related to the Consolidated Funds and non-consolidated funds. Total assets by segments is not disclosed because such information is not used by the Company’s chief operating decision maker in evaluating the segments. The following tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended June 30, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 534,664 $ 99,609 $ 33,572 $ 48,145 $ 10,121 $ 726,111 $ — $ 726,111 Fee related performance revenues 6,404 — — 15,163 — 21,567 — 21,567 Other fees 10,481 6,445 447 54 168 17,595 5,480 23,075 Compensation and benefits (142,658) (39,125) (14,075) (20,825) (5,100) (221,783) (98,370) (320,153) General, administrative and other expenses (40,610) (15,286) (5,490) (8,896) (1,892) (72,174) (53,910) (126,084) Fee related earnings 368,281 51,643 14,454 33,641 3,297 471,316 (146,800) 324,516 Performance income—realized 98,256 5,206 5,819 361 — 109,642 — 109,642 Performance related compensation—realized (60,942) (3,503) (4,661) 110 — (68,996) — (68,996) Realized net performance income 37,314 1,703 1,158 471 — 40,646 — 40,646 Investment income (loss)—realized (519) 125 188 — 1,650 1,444 — 1,444 Interest and other investment income (expense)—realized 11,596 (4,526) 277 148 25,917 33,412 640 34,052 Interest expense (8,774) (6,729) (5,768) (2,578) (13,546) (37,395) (105) (37,500) Realized net investment income (loss) 2,303 (11,130) (5,303) (2,430) 14,021 (2,539) 535 (2,004) Realized income $ 407,898 $ 42,216 $ 10,309 $ 31,682 $ 17,318 $ 509,423 $ (146,265) $ 363,158 Three months ended June 30, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 448,358 $ 95,239 $ 29,822 $ 41,785 $ 6,548 $ 621,752 $ — $ 621,752 Fee related performance revenues 222 334 — 298 — 854 — 854 Other fees 9,459 11,846 421 5 135 21,866 7,848 29,714 Compensation and benefits (129,857) (40,638) (13,413) (16,623) (3,386) (203,917) (86,011) (289,928) General, administrative and other expenses (27,576) (10,863) (3,601) (4,151) (588) (46,779) (49,467) (96,246) Fee related earnings 300,606 55,918 13,229 21,314 2,709 393,776 (127,630) 266,146 Performance income—realized 86,529 2,737 45,909 5,460 — 140,635 — 140,635 Performance related compensation—realized (55,730) (1,668) (37,033) (4,678) — (99,109) — (99,109) Realized net performance income 30,799 1,069 8,876 782 — 41,526 — 41,526 Investment income (loss)—realized 17,565 (1,549) 2,084 — — 18,100 — 18,100 Interest and other investment income—realized 7,344 2,393 191 182 1,839 11,949 328 12,277 Interest expense (8,617) (4,106) (5,119) (2,451) (5,535) (25,828) (11) (25,839) Realized net investment income (loss) 16,292 (3,262) (2,844) (2,269) (3,696) 4,221 317 4,538 Realized income $ 347,697 $ 53,725 $ 19,261 $ 19,827 $ (987) $ 439,523 $ (127,313) $ 312,210 Six months ended June 30, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,045,630 $ 193,423 $ 68,505 $ 92,566 $ 19,352 $ 1,419,476 $ — $ 1,419,476 Fee related performance revenues 7,159 — — 18,125 — 25,284 — 25,284 Other fees 20,392 11,520 886 58 282 33,138 9,813 42,951 Compensation and benefits (277,507) (77,043) (28,860) (33,539) (10,692) (427,641) (192,527) (620,168) General, administrative and other expenses (74,976) (29,739) (10,706) (17,964) (3,582) (136,967) (104,390) (241,357) Fee related earnings 720,698 98,161 29,825 59,246 5,360 913,290 (287,104) 626,186 Performance income—realized 115,022 8,883 8,557 361 — 132,823 — 132,823 Performance related compensation—realized (69,676) (5,731) (6,855) 110 — (82,152) — (82,152) Realized net performance income 45,346 3,152 1,702 471 — 50,671 — 50,671 Investment income (loss)—realized (917) (332) 308 — 1,650 709 — 709 Interest and other investment income (expense)—realized 16,526 (691) 461 358 32,326 48,980 1,092 50,072 Interest expense (17,787) (12,678) (11,657) (5,276) (27,781) (75,179) (145) (75,324) Realized net investment income (loss) (2,178) (13,701) (10,888) (4,918) 6,195 (25,490) 947 (24,543) Realized income $ 763,866 $ 87,612 $ 20,639 $ 54,799 $ 11,555 $ 938,471 $ (286,157) $ 652,314 Six months ended June 30, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 878,825 $ 192,709 $ 59,662 $ 81,648 $ 11,527 $ 1,224,371 $ — $ 1,224,371 Fee related performance revenues 822 334 — 3,569 — 4,725 — 4,725 Other fees 18,608 18,308 815 5 185 37,921 12,488 50,409 Compensation and benefits (251,757) (78,624) (30,039) (30,035) (6,526) (396,981) (170,978) (567,959) General, administrative and other expenses (54,252) (23,147) (8,086) (8,443) (1,196) (95,124) (95,639) (190,763) Fee related earnings 592,246 109,580 22,352 46,744 3,990 774,912 (254,129) 520,783 Performance income—realized 93,939 8,823 63,549 5,460 — 171,771 — 171,771 Performance related compensation—realized (61,611) (5,426) (51,253) (4,678) — (122,968) — (122,968) Realized net performance income 32,328 3,397 12,296 782 — 48,803 — 48,803 Investment income (loss)—realized 18,071 (3,321) 2,963 — 170 17,883 — 17,883 Interest and other investment income—realized 15,457 4,214 357 1,407 8,187 29,622 236 29,858 Interest expense (17,247) (8,002) (9,924) (4,756) (10,859) (50,788) (37) (50,825) Realized net investment income (loss) 16,281 (7,109) (6,604) (3,349) (2,502) (3,283) 199 (3,084) Realized income $ 640,855 $ 105,868 $ 28,044 $ 44,177 $ 1,488 $ 820,432 $ (253,930) $ 566,502 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Segment revenues Management fees $ 726,111 $ 621,752 $ 1,419,476 $ 1,224,371 Fee related performance revenues 21,567 854 25,284 4,725 Other fees 17,595 21,866 33,138 37,921 Performance income—realized 109,642 140,635 132,823 171,771 Total segment revenues $ 874,915 $ 785,107 $ 1,610,721 $ 1,438,788 Segment expenses Compensation and benefits $ 221,783 $ 203,917 $ 427,641 $ 396,981 General, administrative and other expenses 72,174 46,779 136,967 95,124 Performance related compensation—realized 68,996 99,109 82,152 122,968 Total segment expenses $ 362,953 $ 349,805 $ 646,760 $ 615,073 Segment realized net investment income (expense) Investment income—realized $ 1,444 $ 18,100 $ 709 $ 17,883 Interest and other investment income —realized 33,412 11,949 48,980 29,622 Interest expense (37,395) (25,828) (75,179) (50,788) Total segment realized net investment income (expense) $ (2,539) $ 4,221 $ (25,490) $ (3,283) The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Total consolidated revenue $ 788,682 $ 1,093,286 $ 1,496,045 $ 1,906,648 Performance (income) loss—unrealized 122,318 (288,220) 167,794 (415,933) Management fees of Consolidated Funds eliminated in consolidation 12,002 12,005 24,455 23,606 Performance income of Consolidated Funds eliminated in consolidation 11,527 3,946 17,452 7,491 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 168 2,135 281 6,978 Administrative fees (1) (17,701) (16,888) (34,108) (30,538) OMG revenue (5,481) (7,848) (9,814) (12,488) Principal investment income, net of eliminations (29,458) (6,888) (36,508) (29,646) Net revenue of non-controlling interests in consolidated subsidiaries (7,142) (6,421) (14,876) (17,330) Total consolidation adjustments and reconciling items 86,233 (308,179) 114,676 (467,860) Total segment revenue $ 874,915 $ 785,107 $ 1,610,721 $ 1,438,788 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. The following table reconciles the Company’s consolidated expenses to segment expenses: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Total consolidated expenses $ 564,544 $ 837,738 $ 1,103,037 $ 1,466,374 Performance related compensation-unrealized 107,182 (215,496) 171,696 (300,646) Expenses of Consolidated Funds added in consolidation (16,409) (25,395) (34,117) (45,036) Expenses of Consolidated Funds eliminated in consolidation 12,170 12,171 25,165 24,303 Administrative fees (1) (17,701) (16,890) (34,108) (30,167) OMG expenses (152,280) (135,478) (296,917) (266,617) Acquisition and merger-related expense (3,650) (2,757) (14,228) (7,712) Equity compensation expense (88,232) (62,282) (180,654) (131,359) Acquisition-related compensation expense (2) (5,435) (600) (10,939) (1,242) Placement fee adjustment 230 3,744 (5,310) 6,976 Depreciation and amortization expense (36,251) (42,991) (72,895) (88,650) Expense of non-controlling interests in consolidated subsidiaries (1,215) (1,959) (3,970) (11,151) Total consolidation adjustments and reconciling items (201,591) (487,933) (456,277) (851,301) Total segment expenses $ 362,953 $ 349,805 $ 646,760 $ 615,073 (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 (“earnouts”) resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations. The following table reconciles the Company’s consolidated other income to segment realized net investment income: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Total consolidated other income $ 93,187 $ 126,421 $ 155,365 $ 182,817 Investment (income) loss—unrealized 22,471 (43,939) 18,786 (72,924) Interest and other investment (income) loss—unrealized 437 4,310 (165) 4,518 Other income, net from Consolidated Funds added in consolidation (108,326) (146,934) (188,303) (209,851) Other expense, net from Consolidated Funds eliminated in consolidation (1,233) (10,492) (331) (14,943) OMG other (income) expense (233) 1,153 (782) 1,804 Principal investment income (loss) 603 65,242 (2,063) 100,699 Other (income) expense, net (11,430) 212 (11,299) 303 Other loss of non-controlling interests in consolidated subsidiaries 1,985 8,248 3,302 4,294 Total consolidation adjustments and reconciling items (95,726) (122,200) (180,855) (186,100) Total segment realized net investment income (expense) $ (2,539) $ 4,221 $ (25,490) $ (3,283) The following table presents the reconciliation of income before taxes as reported in the Condensed Consolidated Statements of Operations to segment results of RI and FRE: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Income before taxes $ 317,325 $ 381,969 $ 548,373 $ 623,091 Adjustments: Depreciation and amortization expense 36,251 42,991 72,895 88,650 Equity compensation expense 88,234 62,284 180,655 130,988 Acquisition-related compensation expense (1) 5,435 600 10,939 1,242 Acquisition and merger-related expense 3,650 2,757 14,228 7,712 Placement fee adjustment (230) (3,744) 5,310 (6,976) OMG expense, net 146,567 128,783 286,322 255,933 Other (income) expense, net (11,430) 212 (11,299) 303 (Income) loss before taxes of non-controlling interests in consolidated subsidiaries (3,942) 3,786 (7,604) (1,885) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (110,481) (67,762) (176,067) (94,933) Total performance (income) loss—unrealized 122,318 (288,220) 167,794 (415,933) Total performance related compensation—unrealized (107,182) 215,496 (171,696) 300,646 Total investment (income) loss—unrealized 22,908 (39,629) 18,621 (68,406) Realized income 509,423 439,523 938,471 820,432 Total performance income—realized (109,642) (140,635) (132,823) (171,771) Total performance related compensation—realized 68,996 99,109 82,152 122,968 Total investment (income) loss—realized 2,539 (4,221) 25,490 3,283 Fee related earnings $ 471,316 $ 393,776 $ 913,290 $ 774,912 (1) Represents earnouts resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.

CONSOLIDATION

CONSOLIDATION	6 Months Ended
	Jun. 30, 2024
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	14. CONSOLIDATION Deconsolidation of Funds Certain funds that have historically been consolidated in the financial statements that are no longer consolidated because, as of the reporting period: (i) such funds have been liquidated or dissolved; or (ii) the Company is no longer deemed to be the primary beneficiary of the variable interest entities (“VIEs”) as it no longer has a significant economic interest. During the six months ended June 30, 2024, the Company did not deconsolidate any entity. During the six months ended June 30, 2023, one private fund experienced a significant change in ownership that resulted in deconsolidation of the entity. Investments in Consolidated Variable Interest Entities The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company’s interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to its direct investments in these non-consolidated entities. Investments in the non-consolidated VIEs are carried at fair value. The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows: As of June 30, As of December 31, 2024 2023 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 397,841 $ 503,376 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 781,921 910,600 Assets of consolidated VIEs 15,207,028 15,484,962 Liabilities of consolidated VIEs 12,572,337 13,409,257 (1) As of June 30, 2024 and December 31, 2023, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of the Company’s capital interest in CLOs and totaled $95.0 million and $83.1 million, respectively. Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income attributable to non-controlling interests related to consolidated VIEs $ 100,969 $ 63,461 $ 159,325 $ 100,592 Consolidating Schedules The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows: As of June 30, 2024 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 284,445 $ — $ — $ 284,445 Investments (includes $3,222,927 of accrued carried interest) 5,224,834 — (809,406) 4,415,428 Due from affiliates 989,036 — (172,501) 816,535 Other assets 579,509 — — 579,509 Right-of-use operating lease assets 231,518 — — 231,518 Intangible assets, net 1,001,126 — — 1,001,126 Goodwill 1,130,327 — — 1,130,327 Assets of Consolidated Funds Cash and cash equivalents — 1,241,041 — 1,241,041 Investments held in trust account — 536,846 — 536,846 Investments, at fair value — 13,678,134 — 13,678,134 Receivable for securities sold — 182,945 — 182,945 Other assets — 106,676 (11,973) 94,703 Total assets $ 9,440,795 $ 15,745,642 $ (993,880) $ 24,192,557 Liabilities Accounts payable, accrued expenses and other liabilities $ 286,116 $ — $ (11,972) $ 274,144 Accrued compensation 296,784 — — 296,784 Due to affiliates 349,222 — — 349,222 Performance related compensation payable 2,341,094 — — 2,341,094 Debt obligations 2,566,887 — — 2,566,887 Operating lease liabilities 304,205 — — 304,205 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 170,672 — 170,672 Due to affiliates — 172,501 (172,501) — Payable for securities purchased — 503,533 — 503,533 CLO loan obligations, at fair value — 11,611,359 (119,598) 11,491,761 Fund borrowings — 137,241 — 137,241 Total liabilities 6,144,308 12,595,306 (304,071) 18,435,543 Commitments and contingencies Redeemable interest in Consolidated Funds — 536,746 — 536,746 Redeemable interest in Ares Operating Group entities 23,178 — — 23,178 Non-controlling interest in Consolidated Funds — 2,613,590 (707,669) 1,905,921 Non-controlling interest in Ares Operating Group entities 1,282,925 — 6,476 1,289,401 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (195,697,984 shares issued and outstanding) 1,957 — — 1,957 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 (113,323,787 shares issued and outstanding) 1,133 — — 1,133 Additional paid-in-capital 2,710,596 — 11,384 2,721,980 Accumulated deficit (712,856) — — (712,856) Accumulated other comprehensive loss, net of tax (10,481) — — (10,481) Total stockholders’ equity 1,990,384 — 11,384 2,001,768 Total equity 3,273,309 2,613,590 (689,809) 5,197,090 Total liabilities, redeemable interest, non-controlling interests and equity $ 9,440,795 $ 15,745,642 $ (993,880) $ 24,192,557 As of December 31, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 348,274 $ — $ — $ 348,274 Investments (includes $3,413,007 of accrued carried interest) 5,546,209 — (921,277) 4,624,932 Due from affiliates 1,068,089 — (171,343) 896,746 Other assets 429,979 — — 429,979 Right-of-use operating lease assets 249,326 — — 249,326 Intangible assets, net 1,058,495 — — 1,058,495 Goodwill 1,123,976 — — 1,123,976 Assets of Consolidated Funds Cash and cash equivalents — 1,149,511 — 1,149,511 Investments held in trust account — 523,038 — 523,038 Investments, at fair value — 14,078,549 — 14,078,549 Receivable for securities sold — 146,851 — 146,851 Other assets — 112,466 (11,643) 100,823 Total assets $ 9,824,348 $ 16,010,415 $ (1,104,263) $ 24,730,500 Liabilities Accounts payable, accrued expenses and other liabilities $ 245,526 $ — $ (11,642) $ 233,884 Accrued compensation 287,259 — — 287,259 Due to affiliates 240,254 — — 240,254 Performance related compensation payable 2,514,610 — — 2,514,610 Debt obligations 2,965,480 — — 2,965,480 Operating lease liabilities 319,572 — — 319,572 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 189,523 — 189,523 Due to affiliates — 174,897 (171,343) 3,554 Payable for securities purchased — 484,117 — 484,117 CLO loan obligations, at fair value — 12,458,266 (112,609) 12,345,657 Fund borrowings — 125,241 — 125,241 Total liabilities 6,572,701 13,432,044 (295,594) 19,709,151 Commitments and contingencies Redeemable interest in Consolidated Funds — 522,938 — 522,938 Redeemable interest in Ares Operating Group entities 24,098 — — 24,098 Non-controlling interest in Consolidated Funds — 2,055,433 (796,988) 1,258,445 Non-controlling interest in Ares Operating Group entities 1,326,913 — (4,444) 1,322,469 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding) 1,871 — — 1,871 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 (117,024,758 shares issued and outstanding) 1,170 — — 1,170 Additional paid-in-capital 2,398,273 — (7,237) 2,391,036 Accumulated deficit (495,083) — — (495,083) Accumulated other comprehensive loss, net of tax (5,630) — — (5,630) Total stockholders’ equity 1,900,636 — (7,237) 1,893,399 Total equity 3,227,549 2,055,433 (808,669) 4,474,313 Total liabilities, redeemable interest, non-controlling interests and equity $ 9,824,348 $ 16,010,415 $ (1,104,263) $ 24,730,500 Three months ended June 30, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 733,683 $ — $ (12,002) $ 721,681 Carried interest allocation (39,640) — (11,527) (51,167) Incentive fees 47,734 — — 47,734 Principal investment income 603 — 28,858 29,461 Administrative, transaction and other fees 41,141 — (168) 40,973 Total revenues 783,521 — 5,161 788,682 Expenses Compensation and benefits 419,858 — — 419,858 Performance related compensation (28,985) — — (28,985) General, administrative and other expense 169,432 — — 169,432 Expenses of the Consolidated Funds — 16,409 (12,170) 4,239 Total expenses 560,305 16,409 (12,170) 564,544 Other income (expense) Net realized and unrealized gains on investments 12,999 — (4,660) 8,339 Interest and dividend income 10,052 — (3,035) 7,017 Interest expense (37,500) — — (37,500) Other expense, net (1,923) — 985 (938) Net realized and unrealized gains on investments of the Consolidated Funds — 86,119 7,404 93,523 Interest and other income of the Consolidated Funds — 240,898 (539) 240,359 Interest expense of the Consolidated Funds — (218,691) 1,078 (217,613) Total other income (expense), net (16,372) 108,326 1,233 93,187 Income before taxes 206,844 91,917 18,564 317,325 Income tax expense 36,082 4,992 — 41,074 Net income 170,762 86,925 18,564 276,251 Less: Net income attributable to non-controlling interests in Consolidated Funds — 86,925 18,564 105,489 Net income attributable to Ares Operating Group entities 170,762 — — 170,762 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (387) — — (387) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 76,211 — — 76,211 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 94,938 $ — $ — $ 94,938 Three months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 627,276 $ — $ (12,005) $ 615,271 Carried interest allocation 422,412 — (3,946) 418,466 Incentive fees 7,950 — — 7,950 Principal investment income 65,242 — (58,354) 6,888 Administrative, transaction and other fees 46,846 — (2,135) 44,711 Total revenues 1,169,726 — (76,440) 1,093,286 Expenses Compensation and benefits 367,550 — — 367,550 Performance related compensation 315,780 — — 315,780 General, administrative and other expense 141,184 — (31) 141,153 Expenses of the Consolidated Funds — 25,395 (12,140) 13,255 Total expenses 824,514 25,395 (12,171) 837,738 Other income (expense) Net realized and unrealized gains (losses) on investments (4,555) — 10,036 5,481 Interest and dividend income 5,487 — (2,797) 2,690 Interest expense (25,839) — — (25,839) Other expense, net (6,098) — 211 (5,887) Net realized and unrealized gains on investments of the Consolidated Funds — 96,288 2,138 98,426 Interest and other income of the Consolidated Funds — 234,665 (211) 234,454 Interest expense of the Consolidated Funds — (184,019) 1,115 (182,904) Total other income (expense), net (31,005) 146,934 10,492 126,421 Income before taxes 314,207 121,539 (53,777) 381,969 Income tax expense 49,633 81 — 49,714 Net income 264,574 121,458 (53,777) 332,255 Less: Net income attributable to non-controlling interests in Consolidated Funds — 121,458 (53,777) 67,681 Net income attributable to Ares Operating Group entities 264,574 — — 264,574 Less: Net income attributable to redeemable interest in Ares Operating Group entities 734 — — 734 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 119,326 — — 119,326 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 144,514 $ — $ — $ 144,514 Six months ended June 30, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,433,828 $ — $ (24,455) $ 1,409,373 Carried interest allocation (66,190) — (17,455) (83,645) Incentive fees 56,398 — 3 56,401 Principal investment income (loss) (2,062) — 38,573 36,511 Administrative, transaction and other fees 77,686 — (281) 77,405 Total revenues 1,499,660 — (3,615) 1,496,045 Expenses Compensation and benefits 832,809 — — 832,809 Performance related compensation (79,517) — — (79,517) General, administrative and other expense 340,793 — (433) 340,360 Expenses of the Consolidated Funds — 34,117 (24,732) 9,385 Total expenses 1,094,085 34,117 (25,165) 1,103,037 Other income (expense) Net realized and unrealized gains on investments 25,356 — (6,501) 18,855 Interest and dividend income 18,144 — (5,745) 12,399 Interest expense (75,324) — — (75,324) Other expense, net (1,445) — 777 (668) Net realized and unrealized gains on investments of the Consolidated Funds — 118,471 9,476 127,947 Interest and other income of the Consolidated Funds — 497,965 (330) 497,635 Interest expense of the Consolidated Funds — (428,133) 2,654 (425,479) Total other income (expense), net (33,269) 188,303 331 155,365 Income before taxes 372,306 154,186 21,881 548,373 Income tax expense 64,445 3,862 — 68,307 Net income 307,861 150,324 21,881 480,066 Less: Net income attributable to non-controlling interests in Consolidated Funds — 150,324 21,881 172,205 Net income attributable to Ares Operating Group entities 307,861 — — 307,861 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (314) — — (314) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 140,210 — — 140,210 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,965 $ — $ — $ 167,965 Six months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,239,393 $ — $ (23,606) $ 1,215,787 Carried interest allocation 577,307 — (7,353) 569,954 Incentive fees 17,011 — (138) 16,873 Principal investment income 100,699 — (71,053) 29,646 Administrative, transaction and other fees 81,366 — (6,978) 74,388 Total revenues 2,015,776 — (109,128) 1,906,648 Expenses Compensation and benefits 728,331 — — 728,331 Performance related compensation 427,438 — — 427,438 General, administrative and other expense 289,872 — (374) 289,498 Expenses of the Consolidated Funds — 45,036 (23,929) 21,107 Total expenses 1,445,641 45,036 (24,303) 1,466,374 Other income (expense) Net realized and unrealized gains on investments 3,297 — 3,699 6,996 Interest and dividend income 12,663 — (6,134) 6,529 Interest expense (50,825) — — (50,825) Other expense, net (7,112) — 302 (6,810) Net realized and unrealized gains on investments of the Consolidated Funds — 94,219 14,907 109,126 Interest and other income of the Consolidated Funds — 457,694 (302) 457,392 Interest expense of the Consolidated Funds — (342,062) 2,471 (339,591) Total other income (expense), net (41,977) 209,851 14,943 182,817 Income before taxes 528,158 164,815 (69,882) 623,091 Income tax expense 82,961 559 — 83,520 Net income 445,197 164,256 (69,882) 539,571 Less: Net income attributable to non-controlling interests in Consolidated Funds — 164,256 (69,882) 94,374 Net income attributable to Ares Operating Group entities 445,197 — — 445,197 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,090) — — (1,090) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 207,734 — — 207,734 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 238,553 $ — $ — $ 238,553 Six months ended June 30, 2024 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 307,861 $ 150,324 $ 21,881 $ 480,066 Adjustments to reconcile net income to net cash provided by operating activities 432,686 — (129,326) 303,360 Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds — 332,840 (9,476) 323,364 Cash flows due to changes in operating assets and liabilities 139,106 — 18,283 157,389 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (32,091) (89,871) (121,962) Net cash provided by operating activities 879,653 451,073 (188,509) 1,142,217 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (55,309) — — (55,309) Acquisitions (8,000) — — (8,000) Net cash used in investing activities (63,309) — — (63,309) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 354,395 — — 354,395 Proceeds from Credit Facility 650,000 — — 650,000 Repayments of Credit Facility (1,050,000) — — (1,050,000) Dividends and distributions (632,260) — — (632,260) Stock option exercises 1,511 — — 1,511 Taxes paid related to net share settlement of equity awards (203,076) — — (203,076) Other financing activities 1,303 — — 1,303 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 434,961 76,649 511,610 Distributions to non-controlling interests in Consolidated Funds — (67,934) 20,330 (47,604) Borrowings under loan obligations by Consolidated Funds — 167,135 — 167,135 Repayments under loan obligations by Consolidated Funds — (878,545) — (878,545) Net cash used in financing activities (878,127) (344,383) 96,979 (1,125,531) Effect of exchange rate changes (2,046) (15,160) — (17,206) Net change in cash and cash equivalents (63,829) 91,530 (91,530) (63,829) Cash and cash equivalents, beginning of period 348,274 1,149,511 (1,149,511) 348,274 Cash and cash equivalents, end of period $ 284,445 $ 1,241,041 $ (1,241,041) $ 284,445 Supplemental disclosure of non-cash financing activities: Issuance of common stock in connection with acquisition-related activities $ 7,724 $ — $ — $ 7,724 Six months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 445,197 $ 164,256 $ (69,882) $ 539,571 Adjustments to reconcile net income to net cash provided by (used in) operating activities (108,264) — 258,037 149,773 Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds — (869,324) (14,907) (884,231) Cash flows due to changes in operating assets and liabilities 130,743 — (61,317) 69,426 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 144,378 (10,397) 133,981 Net cash provided by (used in) operating activities 467,676 (560,690) 101,534 8,520 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (21,127) — — (21,127) Net cash used in investing activities (21,127) — — (21,127) Cash flows from financing activities: Proceeds from Credit Facility 495,000 — — 495,000 Repayments of Credit Facility (470,000) — — (470,000) Dividends and distributions (510,501) — — (510,501) Stock option exercises 53,140 — — 53,140 Taxes paid related to net share settlement of equity awards (133,570) — — (133,570) Other financing activities 1,554 — — 1,554 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 880,426 (199,435) 680,991 Distributions to non-controlling interests in Consolidated Funds — (46,303) 10,378 (35,925) Redemptions of redeemable interests in Consolidated Funds — (538,985) — (538,985) Borrowings under loan obligations by Consolidated Funds — 535,464 — 535,464 Repayments under loan obligations by Consolidated Funds — (174,669) — (174,669) Net cash provided by (used in) financing activities (564,377) 655,933 (189,057) (97,501) Effect of exchange rate changes 4,668 (7,720) — (3,052) Net change in cash and cash equivalents (113,160) 87,523 (87,523) (113,160) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 276,827 $ 812,164 $ (812,164) $ 276,827 Supplemental disclosure of non-cash financing activities: Issuance of common stock in connection with acquisition-related activities $ 116,101 $ — $ — $ 116,101 Issuance of common stock in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after June 30, 2024 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 July 2024, the underwriters exercised the 30-day option to purchase an additional 397,500 shares of Class A common stock granted in the Offering pursuant to the underwriting agreement, which resulted in additional proceeds of $52.9 million (after deducting underwriting discounts but before offering expenses). In August 2024, the Company’s board of directors declared a quarterly dividend of $0.93 per share of Class A and non-voting common stock payable on September 30, 2024 to common stockholders of record at the close of business on September 16, 2024.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	6 Months Ended
	Jun. 30, 2024 shares	Jun. 30, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended June 30, 2024, certain executive officers and directors of the Company or a vehicle controlled by them (each, a “Plan Participant”) entered into Rule 10b5-1 trading plan (a “Rule 10b5-1 Trading Plan”) to sell shares of the Company’s Class A common stock, in each case, subject to any applicable volume limitations. The table below provides certain information regarding each Plan Participant’s Rule 10b5-1 Trading Plan. Name and Title Plan Date Maximum Shares That May Be Sold Under the Plan Plan Expiration Date Bennett Rosenthal, Director, Co-Founder and Chairman of Private Equity Group May 16, 2024 250,000 May 1, 2025 David Kaplan, Director and Co-Founder May 16, 2024 250,000 May 1, 2025 Ryan Berry, Chief Marketing and Strategy Officer June 6, 2024 250,000 September 1, 2025
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Bennett Rosenthal [Member]
Trading Arrangements, by Individual
Name	Bennett Rosenthal
Title	Director, Co-Founder and Chairman of Private Equity Group
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 16, 2024
Expiration Date	May 1, 2025
Arrangement Duration	350 days
Aggregate Available	250,000	250,000
David Kaplan [Member]
Trading Arrangements, by Individual
Name	David Kaplan
Title	Director and Co-Founder
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 16, 2024
Expiration Date	May 1, 2025
Arrangement Duration	350 days
Aggregate Available	250,000	250,000
Ryan Berry [Member]
Trading Arrangements, by Individual
Name	Ryan Berry
Title	Chief Marketing and Strategy Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	June 6, 2024
Expiration Date	September 1, 2025
Arrangement Duration	452 days
Aggregate Available	250,000	250,000

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
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 (“U.S.”) (“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, 2023 filed with the Securities and Exchange Commission (“SEC”). The unaudited condensed consolidated financial statements include the accounts and activities of the Ares Operating Group entities (“AOG entities”), their consolidated subsidiaries and certain Consolidated Funds. All intercompany balances and transactions have been eliminated upon consolidation.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its unaudited condensed consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures. ASU 2023-07 requires disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items to reconcile to segment profit or loss, and the title and position of the Company’s CODM. The amendments in this update also expand the interim segment disclosure requirements. ASU 2023-07 is effective for the Company’s fiscal year ending December 31, 2024 and for the Company’s interim periods beginning with the quarter ended March 31, 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company is currently evaluating the impact of this guidance. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of disaggregated income taxes paid in both U.S. and foreign jurisdictions, prescribes standard categories for the components of the effective tax rate reconciliation and modifies other income tax-related disclosures. ASU 2023-09 is effective for the Company’s fiscal year ending December 31, 2025. Early adoption is permitted and the amendments in this update should be applied on a prospective basis, though retrospective adoption is permitted. The Company is currently evaluating the impact of this guidance.
Segment Reporting	The Company operates through its distinct operating segments. On January 1, 2024, the Company changed its segment composition. The special opportunities strategy, historically part of the Private Equity Group, is now referred to as opportunistic credit and is presented within the Credit Group. 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, opportunistic credit, direct lending and Asia-Pacific (“APAC”) credit. Real Assets Group: The Real Assets Group manages comprehensive equity and debt strategies across real estate and infrastructure investments. Private Equity Group : The Private Equity Group broadly categorizes its investment strategies as corporate private equity and APAC private equity. 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. 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 Operations Management Group (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 either equal to the costs of services provided or as a percentage of invested capital. 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 Ares 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 eligible to be 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 adjusts 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 of upfront fees to placement agents that is presented 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 in advance in accordance with GAAP. For periods in which the amortization of upfront 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)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Carrying Value for the Company's Intangible Assets	The following table summarizes the carrying value, net of accumulated amortization, of the Company’s intangible assets: Weighted Average Amortization Period (in years) as of June 30, 2024 As of June 30, As of December 31, 2024 2023 Management contracts 4.0 $ 580,635 $ 604,242 Client relationships 8.1 200,920 200,920 Other 0.3 500 500 Finite-lived intangible assets 782,055 805,662 Foreign currency translation (128) 1,126 Total finite-lived intangible assets 781,927 806,788 Less: accumulated amortization (348,601) (316,093) Finite-lived intangible assets, net 433,326 490,695 Indefinite-lived management contracts 567,800 567,800 Intangible assets, net $ 1,001,126 $ 1,058,495
Schedule of Goodwill Rollforward	The following table summarizes the carrying value of the Company’s goodwill: Credit Group Real Assets Group Private Equity Group Secondaries Group Total Balance as of December 31, 2023 $ 256,679 $ 277,205 $ 172,462 $ 417,630 $ 1,123,976 Acquisitions — 6,710 644 — 7,354 Reallocation 55,658 — (55,658) — — Foreign currency translation (1,001) — — (2) (1,003) Balance as of June 30, 2024 $ 311,336 $ 283,915 $ 117,448 $ 417,628 $ 1,130,327

INVESTMENTS (Tables)

INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2024
Investments in and Advances to Affiliates [Abstract]
Schedule of Investments Held	The following table summarizes the Company’s investments: As of Percentage of total investments as of June 30, December 31, June 30, December 31, 2024 2023 2024 2023 Equity method investments: Equity method - carried interest $ 3,222,927 $ 3,413,007 73.0% 73.8% Equity method private investment partnership interests - principal 559,674 535,292 12.7 11.6 Equity method private investment partnership interests and other (held at fair value) 381,784 418,778 8.6 9.0 Equity method private investment partnership interests and other 57,377 44,989 1.3 1.0 Total equity method investments 4,221,762 4,412,066 95.6 95.4 Collateralized loan obligations 20,413 20,799 0.5 0.4 Fixed income securities 71,961 105,495 1.6 2.3 Collateralized loan obligations and fixed income securities, at fair value 92,374 126,294 2.1 2.7 Common stock, at fair value 101,292 86,572 2.3 1.9 Total investments $ 4,415,428 $ 4,624,932 The following table summarizes investments held in the Consolidated Funds: Fair Value as of Percentage of total investments as of June 30, December 31, June 30, December 31, 2024 2023 2024 2023 Fixed income investments: Loans and securitization vehicles $ 9,696,739 $ 10,616,458 68.2% 72.7% Money market funds and U.S. treasury securities 536,846 523,038 3.8 3.6 Bonds 464,120 578,949 3.3 4.0 Total fixed income investments 10,697,705 11,718,445 75.3 80.3 Partnership interests 1,895,160 1,642,489 13.3 11.2 Equity securities 1,622,115 1,240,653 11.4 8.5 Total investments, at fair value $ 14,214,980 $ 14,601,587
Schedule of Equity Method Investments	The following table presents the Company’s other income, net from its equity method investments, which were included within principal investment income, net realized and unrealized gains on investments, and interest and dividend income within the Condensed Consolidated Statements of Operations: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Total other income, net related to equity method investments $ 33,414 $ 9,142 $ 43,541 $ 33,055 The following table summarizes the changes in fair value of the Company’s equity method investments held at fair value, which are included within net realized and unrealized gains on investments within the Condensed Consolidated Statements of Operations: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Equity method private investment partnership interests and other (held at fair value) $ (431) $ 2,937 $ 2,048 $ 6,036

FAIR VALUE (Tables)

FAIR VALUE (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Valuation of Investments and Other Financial Instruments by Fair Value Hierarchy Levels	The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of June 30, 2024: 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 $ — $ 101,292 $ 379,443 $ — $ 480,735 Collateralized loan obligations and fixed income securities — — 92,374 — 92,374 Partnership interests — — — 2,341 2,341 Total investments, at fair value — 101,292 471,817 2,341 575,450 Derivatives-foreign currency forward contracts — 1,830 — — 1,830 Total assets, at fair value $ — $ 103,122 $ 471,817 $ 2,341 $ 577,280 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (990) $ — $ — $ (990) Total liabilities, at fair value $ — $ (990) $ — $ — $ (990) 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 and securitization vehicles $ — $ 8,893,242 $ 803,497 $ — $ 9,696,739 Money market funds and U.S. treasury securities 536,846 — — — 536,846 Bonds — 464,120 — — 464,120 Total fixed income investments 536,846 9,357,362 803,497 — 10,697,705 Partnership interests — — — 1,895,160 1,895,160 Equity securities 33,006 2,255 1,586,854 — 1,622,115 Total investments, at fair value 569,852 9,359,617 2,390,351 1,895,160 14,214,980 Derivatives-foreign currency forward contracts — 4,427 — — 4,427 Total assets, at fair value $ 569,852 $ 9,364,044 $ 2,390,351 $ 1,895,160 $ 14,219,407 Liabilities, at fair value Loan obligations of CLOs $ — $ (11,491,761) $ — $ — $ (11,491,761) Derivatives: Foreign currency forward contracts — (4,430) — — (4,430) Asset swaps — — (1,615) — (1,615) Total derivative liabilities, at fair value — (4,430) (1,615) — (6,045) Total liabilities, at fair value $ — $ (11,496,191) $ (1,615) $ — $ (11,497,806) 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, 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 $ — $ 86,572 $ 412,491 $ — $ 499,063 Collateralized loan obligations and fixed income securities — — 126,294 — 126,294 Partnership interests — — — 6,287 6,287 Total investments, at fair value — 86,572 538,785 6,287 631,644 Derivatives-foreign currency forward contracts — 1,129 — — 1,129 Total assets, at fair value $ — $ 87,701 $ 538,785 $ 6,287 $ 632,773 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (2,645) $ — $ — $ (2,645) Total liabilities, at fair value $ — $ (2,645) $ — $ — $ (2,645) 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 and securitization vehicles $ — $ 9,879,915 $ 736,543 $ — $ 10,616,458 Bonds — 575,379 3,570 — 578,949 Money market funds and U.S. treasury securities 523,038 — — — 523,038 Total fixed income investments 523,038 10,455,294 740,113 — 11,718,445 Partnership interests — — — 1,642,489 1,642,489 Equity securities 47,503 2,750 1,190,400 — 1,240,653 Total investments, at fair value 570,541 10,458,044 1,930,513 1,642,489 14,601,587 Derivatives-foreign currency forward contracts — 9,126 — — 9,126 Total assets, at fair value $ 570,541 $ 10,467,170 $ 1,930,513 $ 1,642,489 $ 14,610,713 Liabilities, at fair value Loan obligations of CLOs $ — $ (12,345,657) $ — $ — $ (12,345,657) Derivatives: Foreign currency forward contracts — (9,491) — — (9,491) Asset swaps — — (1,291) — (1,291) Total derivative liabilities, at fair value — (9,491) (1,291) — (10,782) Total liabilities, at fair value $ — $ (12,355,148) $ (1,291) $ — $ (12,356,439)
Schedule 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: Level III Assets of the Company Equity Securities Fixed Income Total Balance as of March 31, 2024 $ 416,874 $ 21,588 $ 438,462 Transfer in — 60,917 60,917 Transfer out (37,587) — (37,587) Purchases (1) 1,650 263,407 265,057 Sales/settlements (2) (1,790) (251,374) (253,164) Realized and unrealized appreciation (depreciation), net 296 (2,164) (1,868) Balance as of June 30, 2024 $ 379,443 $ 92,374 $ 471,817 Change in net unrealized depreciation included in earnings related to financial assets still held at the reporting date $ (1,354) $ (1,556) $ (2,910) Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of March 31, 2024 $ 1,366,464 $ 639,318 $ (1,574) $ 2,004,208 Transfer in 413 212,632 — 213,045 Transfer out — (203,255) — (203,255) Purchases (1) 191,639 355,692 67 547,398 Sales/settlements (2) — (199,490) — (199,490) Realized and unrealized appreciation (depreciation), net 28,338 (1,400) (108) 26,830 Balance as of June 30, 2024 $ 1,586,854 $ 803,497 $ (1,615) $ 2,388,736 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 30,259 $ (1,868) $ (169) $ 28,222 (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. Level III Assets and Liabilities of the Company Equity Securities Fixed Income Total Balance as of March 31, 2023 $ 125,073 $ 75,169 $ 200,242 Purchases (1) 38,208 771 38,979 Sales/settlements (2) (881) (841) (1,722) Realized and unrealized appreciation (depreciation), net 2,971 (1,322) 1,649 Balance as of June 30, 2023 $ 165,371 $ 73,777 $ 239,148 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 2,971 $ (1,322) $ 1,649 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance as of March 31, 2023 $ 932,635 $ 732,804 $ 374,049 $ (1,698) $ 2,037,790 Transfer out due to changes in consolidation (2,076) (4,563) (374,049) — (380,688) Transfer in — 57,540 — — 57,540 Transfer out — (214,205) — — (214,205) Purchases (1) 48,645 250,912 — — 299,557 Sales/settlements (2) (4) (177,095) — (149) (177,248) Realized and unrealized appreciation (depreciation), net 86,865 2,738 — (846) 88,757 Balance as of June 30, 2023 $ 1,066,065 $ 648,131 $ — $ (2,693) $ 1,711,503 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 86,879 $ (27,469) $ — $ (1,055) $ 58,355 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings. Level III Assets of the Company Equity Securities Fixed Income Total Balance as of December 31, 2023 $ 412,491 $ 126,294 $ 538,785 Transfer in — 60,917 60,917 Transfer out (37,587) — (37,587) Purchases (1) 1,680 265,673 267,353 Sales/settlements (2) (2,572) (359,734) (362,306) Realized and unrealized appreciation (depreciation), net 5,431 (776) 4,655 Balance as of June 30, 2024 $ 379,443 $ 92,374 $ 471,817 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 3,780 $ (167) $ 3,613 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Derivatives, Net Total Balance as of December 31, 2023 $ 1,190,400 $ 740,113 $ (1,291) $ 1,929,222 Transfer in 475 148,817 — 149,292 Transfer out — (298,030) — (298,030) Purchases (1) 346,112 634,880 113 981,105 Sales/settlements (2) — (424,037) — (424,037) Realized and unrealized appreciation (depreciation), net 49,867 1,754 (437) 51,184 Balance as of June 30, 2024 $ 1,586,854 $ 803,497 $ (1,615) $ 2,388,736 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 51,952 $ 1,028 $ (442) $ 52,538 (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. 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) 38,260 1,966 40,226 Sales/settlements (2) (836) (2,377) (3,213) Realized and unrealized appreciation (depreciation), net 6,162 (2,746) 3,416 Balance as of June 30, 2023 $ 165,371 $ 73,777 $ 239,148 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 5,949 $ (2,533) $ 3,416 Level III Net Assets of Consolidated Funds Equity Securities Fixed Income Partnership Interests Derivatives, Net Total Balance 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 — 195,575 — — 195,575 Transfer out — (489,165) — — (489,165) Purchases (1) 229,016 391,086 49,000 — 669,102 Sales/settlements (2) (126) (325,968) (48,889) (149) (375,132) Realized and unrealized appreciation, net 108,371 11,498 5,283 1,012 126,164 Balance as of June 30, 2023 $ 1,066,065 $ 648,131 $ — $ (2,693) $ 1,711,503 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 108,324 $ (20,381) $ — $ 814 $ 88,757 (1) Purchases include paid-in-kind interest and securities received in connection with restructurings. (2) Sales/settlements include distributions, principal redemptions and securities disposed of in connection with restructurings.
Schedule of Quantitative Inputs and Assumptions used for Level III Inputs	The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of June 30, 2024: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 125,238 Discounted cash flow Discount rate 18.5% - 30.0% 25.0% 115,858 Market approach Multiple of book value 1.2x - 1.4x 1.3x 100,000 Market yield analysis Market interest rate 8.0% 8.0% 6,750 Market approach Enterprise value / Earnings multiple 15.4x 15.4x 31,597 Other N/A N/A N/A Fixed income investments 71,111 Market yield analysis Market interest rate 10.0% - 12.0% 11.0% 20,413 Broker quotes and/or 3rd party pricing services N/A N/A N/A 850 Other N/A N/A N/A Total assets $ 471,817 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 875,073 Discounted cash flow Discount rate 10.0% - 18.7% 13.0% 704,180 Market approach Multiple of book value 1.0x - 1.7x 1.3x 6,116 Market approach EBITDA multiple (1) 5.2x - 28.5x 6.1x 871 Transaction price (2) N/A N/A N/A 614 Other N/A N/A N/A Fixed income investments 593,596 Broker quotes and/or 3rd party pricing services N/A N/A N/A 206,062 Market approach Yield 7.9% - 24.0% 11.4% 3,654 Discounted cash flow Discount rate 12.3% - 12.7% 12.7% 185 Transaction price (2) N/A N/A N/A Total assets $ 2,390,351 Liabilities Derivative instruments $ (1,615) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,615) (1) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. (2) 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. 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, 2023: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 154,460 Discounted cash flow Discount rate 20.0% - 30.0% 25.0% 118,846 Market approach Multiple of book value 1.3x - 1.6x 1.5x 100,000 Transaction price (1) N/A N/A N/A 6,447 Market approach Enterprise value / Earnings multiple 15.4x 15.4x 32,738 Other N/A N/A N/A Fixed income investments 83,000 Transaction price (1) N/A N/A N/A 20,799 Broker quotes and/or 3rd party pricing services N/A N/A N/A 22,495 Other N/A N/A N/A Total assets $ 538,785 Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 648,581 Discounted cash flow Discount rate 10.0% - 16.0% 13.0% 537,733 Market approach Multiple of book value 1.0x - 1.7x 1.3x 3,909 Market approach EBITDA multiple (2) 4.5x - 32.4x 8.9x 177 Other N/A N/A N/A Fixed income investments 548,264 Broker quotes and/or 3rd party pricing services N/A N/A N/A 188,322 Market approach Yield 8.3% - 24.1% 12.2% 2,974 Market approach EBITDA multiple (2) 4.5x - 32.4x 9.0x 104 Discounted cash flow Discount rate 12.3% 12.3% 449 Other N/A N/A N/A Total assets $ 1,930,513 Liabilities Derivative instruments $ (1,291) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,291) (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 table summarizes the investments held at fair value and unfunded commitments of the Consolidated Funds interests valued using NAV per share: As of June 30, 2024 As of December 31, 2023 Investments (held at fair value) $ 1,895,160 $ 1,642,489 Unfunded commitments 988,337 738,621

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of June 30, 2024 As of December 31, 2023 Debt Origination Date Maturity Original Borrowing Amount Carrying Value Interest Rate Carrying Value Interest Rate Credit Facility (1) Revolving 3/31/2029 N/A $ 495,000 6.39% $ 895,000 6.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 249,800 4.21 249,427 4.21 2028 Senior Notes (3) 11/10/2023 11/10/2028 500,000 495,380 6.42 494,863 6.42 2030 Senior Notes (4) 6/15/2020 6/15/2030 400,000 397,275 3.28 397,050 3.28 2052 Senior Notes (5) 1/21/2022 2/1/2052 500,000 484,399 3.77 484,199 3.77 2051 Subordinated Notes (6) 6/30/2021 6/30/2051 450,000 445,033 4.13 444,941 4.13 Total debt obligations $ 2,566,887 $ 2,965,480 (1) On March 28, 2024, the Company amended the Credit Facility to, among other things, increase the revolver commitments from $1.325 billion to $1.400 billion, with an accordion feature of $600.0 million, and extend the maturity date from March 2027 to March 2029. 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 June 30, 2024, base rate loans bear interest calculated based on the prime rate and the SOFR loans bear interest calculated based on SOFR plus 1.00%. The unused commitment fee is 0.10% per annum. There is a base rate and SOFR floor of zero. Due to the achievement of the ESG-related targets in the second quarter of 2023, 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. (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 Senior Notes. (3) The 2028 Senior Notes were issued in November 2023 by the Company, at 99.80% of the face amount with interest paid semi-annually. The Company may redeem the 2028 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2028 Senior Notes. (4) 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 Senior Notes. (5) 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 Senior Notes. (6) 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, 2023 $ 4,213 $ 11,784 $ 5,059 Debt issuance costs incurred 1,784 — — Amortization of debt issuance costs (613) (821) (92) Unamortized debt issuance costs as of June 30, 2024 $ 5,384 $ 10,963 $ 4,967 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of June 30, 2024 As of December 31, 2023 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 10,708,660 6.69% 8.1 $ 11,606,289 6.64% 8.2 Subordinated notes (1) 783,101 N/A 6.1 739,368 N/A 6.9 Total loan obligations of Consolidated CLOs $ 11,491,761 $ 12,345,657 (1) The notes do not have contractual interest rates; instead, holders of the notes receive distributions from the excess cash flows generated by each Consolidated CLO. The Consolidated Funds had the following revolving bank credit facilities outstanding: As of June 30, 2024 As of December 31, 2023 Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 7/1/2024 $ 18,000 $ 15,241 6.88% $ 15,241 6.88% 9/24/2026 150,000 — N/A — N/A 6/26/2027 200,000 122,000 8.19 110,000 8.29 9/12/2027 54,000 — N/A — N/A Total borrowings of Consolidated Funds $ 137,241 $ 125,241 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate.

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Schedule Of Lease Cost	The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases: Three months ended June 30, Six months ended June 30, Classification within general, administrative and other expenses 2024 2023 2024 2023 Operating lease expense $ 15,376 $ 10,411 $ 30,586 $ 22,299 Six months ended June 30, Supplemental information on the measurement of operating lease liabilities 2024 2023 Operating cash flows for operating leases $ 27,139 $ 22,724 Leased assets obtained in exchange for new operating lease liabilities 6,738 37,277 As of June 30, As of December 31, Lease term and discount rate 2024 2023 Weighted-average remaining lease terms (in years) 8.3 8.4 Weighted-average discount rate 4.4% 4.3%
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 June 30, 2024 2024 $ 25,333 2025 53,356 2026 48,871 2027 38,041 2028 27,914 Thereafter 181,782 Total future payments 375,297 Less: interest 71,092 Total operating lease liabilities $ 304,205

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Transactions [Abstract]
Schedule of Amounts Due from and to Affiliates	The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of June 30, As of December 31, 2024 2023 Due from affiliates: Management fees receivable from non-consolidated funds $ 590,545 $ 560,629 Incentive fee receivable from non-consolidated funds 20,495 159,098 Payments made on behalf of and amounts due from non-consolidated funds and employees 205,495 177,019 Due from affiliates—Company $ 816,535 $ 896,746 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 5,654 $ 9,585 Tax receivable agreement liability 288,847 191,299 Undistributed carried interest and incentive fees 49,912 33,374 Payments made by non-consolidated funds on behalf of and payable by the Company 4,809 5,996 Due to affiliates—Company $ 349,222 $ 240,254 Amounts due to portfolio companies and non-consolidated funds $ — $ 3,554 Due to affiliates—Consolidated Funds $ — $ 3,554

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit)	The following table presents the income tax expense for the period: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Income tax expense $ 41,074 $ 49,714 $ 68,307 $ 83,520

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Earnings per Common Unit	The computation of diluted earnings per share excludes the following restricted units and AOG Units as their effect would have been anti-dilutive: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Restricted units — — — 4,131 AOG Units — 120,137,310 — 119,391,357
Schedule of the Computation of Basic and Diluted Earnings per Common Unit	The following table presents the computation of basic and diluted earnings per common share: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Basic earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 94,938 $ 144,514 $ 167,965 $ 238,553 Dividends declared and paid on Class A and non-voting common stock (185,241) (142,220) (366,170) (280,640) Distributions on unvested restricted units (7,594) (5,316) (14,864) (10,630) Dividends in excess of earnings available to Class A and non-voting common stockholders $ (97,897) $ (3,022) $ (213,069) $ (52,717) Basic weighted-average shares of Class A and non-voting common stock 196,186,922 182,999,515 194,404,932 180,998,934 Dividends in excess of earnings per share of Class A and non-voting common stock $ (0.50) $ (0.02) $ (1.10) $ (0.29) Dividend declared and paid per Class A and non-voting common stock 0.93 0.77 1.86 1.54 Basic earnings per share of Class A and non-voting common stock $ 0.43 $ 0.75 $ 0.76 $ 1.25 Diluted earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 94,938 $ 144,514 $ 167,965 $ 238,553 Distributions on unvested restricted units (7,594) — (14,864) — Net income available to Class A and non-voting common stockholders $ 87,344 $ 144,514 $ 153,101 $ 238,553 Effect of dilutive shares: Restricted units — 8,489,883 — 7,991,062 Options — 2,568,643 — 3,171,820 Diluted weighted-average shares of Class A and non-voting common stock 196,186,922 194,058,041 194,404,932 192,161,816 Diluted earnings per share of Class A and non-voting common stock $ 0.43 $ 0.74 $ 0.76 $ 1.24

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-based Compensation Expense, Net of Forfeitures	Equity-based compensation expense, net of forfeitures, recorded by the Company for restricted units is presented in the following table: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Restricted units $ 88,232 $ 62,282 $ 180,654 $ 131,533
Schedule of Dividends Declared and Paid	The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the six months ended June 30, 2024: Record Date Dividends Per Share Dividend Equivalents Paid March 15, 2024 $ 0.93 $ 16,294 June 16, 2024 0.93 16,008
Schedule of Unvested Restricted Units Activity	The following table presents unvested restricted units’ activity: Restricted Units Weighted Average Balance as of December 31, 2023 17,359,829 $ 59.20 Granted 4,647,748 121.38 Vested (3,807,926) 52.08 Forfeited (349,601) 85.23 Balance as of June 30, 2024 17,850,050 $ 76.41
Schedule of Unvested Options Activity	A summary of options activity during the six months ended June 30, 2024 is presented below: Options Weighted Average Exercise Price Weighted Average Remaining Life Aggregate Intrinsic Value Balance as of December 31, 2023 79,524 $ 19.00 0.3 $ 7,946 Exercised (79,524) 19.00 — — Balance as of June 30, 2024 — $ — 0.0 $ — Exercisable as of June 30, 2024 — $ — 0.0 $ —

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	6 Months Ended
	Jun. 30, 2024
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, 2023 187,069,907 3,489,911 1,000 117,024,758 307,585,576 Issuances of common stock (1) 2,650,000 — — 63,179 2,713,179 Exchanges of common stock 3,764,150 — — (3,764,150) — Stock option exercises 79,524 — — — 79,524 Vesting of restricted stock awards, net of shares withheld for tax 2,134,403 — — — 2,134,403 Balance as of June 30, 2024 195,697,984 3,489,911 1,000 113,323,787 312,512,682 (1) 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 Ares Operating Group Units (“AOG Units”) and corresponding ownership interest in each of the AOG entities, as well as its daily average ownership of AOG Units in each of the AOG entities: Daily Average Ownership As of June 30, 2024 As of December 31, 2023 Three months ended June 30, Six months ended June 30, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2024 2023 2024 2023 Ares Management Corporation 199,187,895 63.74 % 190,559,818 61.95 % 63.21 % 60.37 % 62.77 % 60.25 % Ares Owners Holdings, L.P. 113,323,787 36.26 117,024,758 38.05 36.79 39.63 37.23 39.75 Total 312,511,682 100.00 % 307,584,576 100.00 %
Schedule of Redeemable Interests	The following table summarizes the activities associated with the redeemable interest in AOG entities: Total 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 Net income 558 Currency translation adjustment, net of tax 364 Balance as of December 31, 2023 24,098 Net income 73 Currency translation adjustment, net of tax (257) Distributions (302) Balance as of March 31, 2024 23,612 Net loss (387) Currency translation adjustment, net of tax (47) Balance as of June 30, 2024 $ 23,178 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance as of December 31, 2022 $ 1,013,282 Change in redemption value 10,504 Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”) (538,985) Balance as of March 31, 2023 484,801 Gross proceeds from the initial public offering of Ares Acquisition Corporation II (NYSE: AACT) (“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 Redemptions from Class A ordinary shares of AAC I (14,733) Balance as of September 30, 2023 1,002,587 Change in redemption value 12,507 Redemptions from Class A ordinary shares of AAC I (492,156) Balance as of December 31, 2023 522,938 Change in redemption value 6,849 Balance as of March 31, 2024 529,787 Change in redemption value 6,959 Balance as of June 30, 2024 $ 536,746

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Schedule of Financial Results for Company's Operating Segments and OMG	The following tables present the financial results for the Company’s operating segments, as well as the OMG: Three months ended June 30, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 534,664 $ 99,609 $ 33,572 $ 48,145 $ 10,121 $ 726,111 $ — $ 726,111 Fee related performance revenues 6,404 — — 15,163 — 21,567 — 21,567 Other fees 10,481 6,445 447 54 168 17,595 5,480 23,075 Compensation and benefits (142,658) (39,125) (14,075) (20,825) (5,100) (221,783) (98,370) (320,153) General, administrative and other expenses (40,610) (15,286) (5,490) (8,896) (1,892) (72,174) (53,910) (126,084) Fee related earnings 368,281 51,643 14,454 33,641 3,297 471,316 (146,800) 324,516 Performance income—realized 98,256 5,206 5,819 361 — 109,642 — 109,642 Performance related compensation—realized (60,942) (3,503) (4,661) 110 — (68,996) — (68,996) Realized net performance income 37,314 1,703 1,158 471 — 40,646 — 40,646 Investment income (loss)—realized (519) 125 188 — 1,650 1,444 — 1,444 Interest and other investment income (expense)—realized 11,596 (4,526) 277 148 25,917 33,412 640 34,052 Interest expense (8,774) (6,729) (5,768) (2,578) (13,546) (37,395) (105) (37,500) Realized net investment income (loss) 2,303 (11,130) (5,303) (2,430) 14,021 (2,539) 535 (2,004) Realized income $ 407,898 $ 42,216 $ 10,309 $ 31,682 $ 17,318 $ 509,423 $ (146,265) $ 363,158 Three months ended June 30, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 448,358 $ 95,239 $ 29,822 $ 41,785 $ 6,548 $ 621,752 $ — $ 621,752 Fee related performance revenues 222 334 — 298 — 854 — 854 Other fees 9,459 11,846 421 5 135 21,866 7,848 29,714 Compensation and benefits (129,857) (40,638) (13,413) (16,623) (3,386) (203,917) (86,011) (289,928) General, administrative and other expenses (27,576) (10,863) (3,601) (4,151) (588) (46,779) (49,467) (96,246) Fee related earnings 300,606 55,918 13,229 21,314 2,709 393,776 (127,630) 266,146 Performance income—realized 86,529 2,737 45,909 5,460 — 140,635 — 140,635 Performance related compensation—realized (55,730) (1,668) (37,033) (4,678) — (99,109) — (99,109) Realized net performance income 30,799 1,069 8,876 782 — 41,526 — 41,526 Investment income (loss)—realized 17,565 (1,549) 2,084 — — 18,100 — 18,100 Interest and other investment income—realized 7,344 2,393 191 182 1,839 11,949 328 12,277 Interest expense (8,617) (4,106) (5,119) (2,451) (5,535) (25,828) (11) (25,839) Realized net investment income (loss) 16,292 (3,262) (2,844) (2,269) (3,696) 4,221 317 4,538 Realized income $ 347,697 $ 53,725 $ 19,261 $ 19,827 $ (987) $ 439,523 $ (127,313) $ 312,210 Six months ended June 30, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,045,630 $ 193,423 $ 68,505 $ 92,566 $ 19,352 $ 1,419,476 $ — $ 1,419,476 Fee related performance revenues 7,159 — — 18,125 — 25,284 — 25,284 Other fees 20,392 11,520 886 58 282 33,138 9,813 42,951 Compensation and benefits (277,507) (77,043) (28,860) (33,539) (10,692) (427,641) (192,527) (620,168) General, administrative and other expenses (74,976) (29,739) (10,706) (17,964) (3,582) (136,967) (104,390) (241,357) Fee related earnings 720,698 98,161 29,825 59,246 5,360 913,290 (287,104) 626,186 Performance income—realized 115,022 8,883 8,557 361 — 132,823 — 132,823 Performance related compensation—realized (69,676) (5,731) (6,855) 110 — (82,152) — (82,152) Realized net performance income 45,346 3,152 1,702 471 — 50,671 — 50,671 Investment income (loss)—realized (917) (332) 308 — 1,650 709 — 709 Interest and other investment income (expense)—realized 16,526 (691) 461 358 32,326 48,980 1,092 50,072 Interest expense (17,787) (12,678) (11,657) (5,276) (27,781) (75,179) (145) (75,324) Realized net investment income (loss) (2,178) (13,701) (10,888) (4,918) 6,195 (25,490) 947 (24,543) Realized income $ 763,866 $ 87,612 $ 20,639 $ 54,799 $ 11,555 $ 938,471 $ (286,157) $ 652,314 Six months ended June 30, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 878,825 $ 192,709 $ 59,662 $ 81,648 $ 11,527 $ 1,224,371 $ — $ 1,224,371 Fee related performance revenues 822 334 — 3,569 — 4,725 — 4,725 Other fees 18,608 18,308 815 5 185 37,921 12,488 50,409 Compensation and benefits (251,757) (78,624) (30,039) (30,035) (6,526) (396,981) (170,978) (567,959) General, administrative and other expenses (54,252) (23,147) (8,086) (8,443) (1,196) (95,124) (95,639) (190,763) Fee related earnings 592,246 109,580 22,352 46,744 3,990 774,912 (254,129) 520,783 Performance income—realized 93,939 8,823 63,549 5,460 — 171,771 — 171,771 Performance related compensation—realized (61,611) (5,426) (51,253) (4,678) — (122,968) — (122,968) Realized net performance income 32,328 3,397 12,296 782 — 48,803 — 48,803 Investment income (loss)—realized 18,071 (3,321) 2,963 — 170 17,883 — 17,883 Interest and other investment income—realized 15,457 4,214 357 1,407 8,187 29,622 236 29,858 Interest expense (17,247) (8,002) (9,924) (4,756) (10,859) (50,788) (37) (50,825) Realized net investment income (loss) 16,281 (7,109) (6,604) (3,349) (2,502) (3,283) 199 (3,084) Realized income $ 640,855 $ 105,868 $ 28,044 $ 44,177 $ 1,488 $ 820,432 $ (253,930) $ 566,502
Schedule of Segment Revenue, Expenses and Realized Net Investment Income	The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Segment revenues Management fees $ 726,111 $ 621,752 $ 1,419,476 $ 1,224,371 Fee related performance revenues 21,567 854 25,284 4,725 Other fees 17,595 21,866 33,138 37,921 Performance income—realized 109,642 140,635 132,823 171,771 Total segment revenues $ 874,915 $ 785,107 $ 1,610,721 $ 1,438,788 Segment expenses Compensation and benefits $ 221,783 $ 203,917 $ 427,641 $ 396,981 General, administrative and other expenses 72,174 46,779 136,967 95,124 Performance related compensation—realized 68,996 99,109 82,152 122,968 Total segment expenses $ 362,953 $ 349,805 $ 646,760 $ 615,073 Segment realized net investment income (expense) Investment income—realized $ 1,444 $ 18,100 $ 709 $ 17,883 Interest and other investment income —realized 33,412 11,949 48,980 29,622 Interest expense (37,395) (25,828) (75,179) (50,788) Total segment realized net investment income (expense) $ (2,539) $ 4,221 $ (25,490) $ (3,283)
Schedule of Segment Revenues Components	The following table reconciles the Company’s consolidated revenues to segment revenue: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Total consolidated revenue $ 788,682 $ 1,093,286 $ 1,496,045 $ 1,906,648 Performance (income) loss—unrealized 122,318 (288,220) 167,794 (415,933) Management fees of Consolidated Funds eliminated in consolidation 12,002 12,005 24,455 23,606 Performance income of Consolidated Funds eliminated in consolidation 11,527 3,946 17,452 7,491 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 168 2,135 281 6,978 Administrative fees (1) (17,701) (16,888) (34,108) (30,538) OMG revenue (5,481) (7,848) (9,814) (12,488) Principal investment income, net of eliminations (29,458) (6,888) (36,508) (29,646) Net revenue of non-controlling interests in consolidated subsidiaries (7,142) (6,421) (14,876) (17,330) Total consolidation adjustments and reconciling items 86,233 (308,179) 114,676 (467,860) Total segment revenue $ 874,915 $ 785,107 $ 1,610,721 $ 1,438,788 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Condensed Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
Schedule of Segment Expenses Components	The following table reconciles the Company’s consolidated expenses to segment expenses: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Total consolidated expenses $ 564,544 $ 837,738 $ 1,103,037 $ 1,466,374 Performance related compensation-unrealized 107,182 (215,496) 171,696 (300,646) Expenses of Consolidated Funds added in consolidation (16,409) (25,395) (34,117) (45,036) Expenses of Consolidated Funds eliminated in consolidation 12,170 12,171 25,165 24,303 Administrative fees (1) (17,701) (16,890) (34,108) (30,167) OMG expenses (152,280) (135,478) (296,917) (266,617) Acquisition and merger-related expense (3,650) (2,757) (14,228) (7,712) Equity compensation expense (88,232) (62,282) (180,654) (131,359) Acquisition-related compensation expense (2) (5,435) (600) (10,939) (1,242) Placement fee adjustment 230 3,744 (5,310) 6,976 Depreciation and amortization expense (36,251) (42,991) (72,895) (88,650) Expense of non-controlling interests in consolidated subsidiaries (1,215) (1,959) (3,970) (11,151) Total consolidation adjustments and reconciling items (201,591) (487,933) (456,277) (851,301) Total segment expenses $ 362,953 $ 349,805 $ 646,760 $ 615,073 (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 (“earnouts”) resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.
Schedule of Segment Other Income (Expense) Components	The following table reconciles the Company’s consolidated other income to segment realized net investment income: Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Total consolidated other income $ 93,187 $ 126,421 $ 155,365 $ 182,817 Investment (income) loss—unrealized 22,471 (43,939) 18,786 (72,924) Interest and other investment (income) loss—unrealized 437 4,310 (165) 4,518 Other income, net from Consolidated Funds added in consolidation (108,326) (146,934) (188,303) (209,851) Other expense, net from Consolidated Funds eliminated in consolidation (1,233) (10,492) (331) (14,943) OMG other (income) expense (233) 1,153 (782) 1,804 Principal investment income (loss) 603 65,242 (2,063) 100,699 Other (income) expense, net (11,430) 212 (11,299) 303 Other loss of non-controlling interests in consolidated subsidiaries 1,985 8,248 3,302 4,294 Total consolidation adjustments and reconciling items (95,726) (122,200) (180,855) (186,100) Total segment realized net investment income (expense) $ (2,539) $ 4,221 $ (25,490) $ (3,283)
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 June 30, Six months ended June 30, 2024 2023 2024 2023 Income before taxes $ 317,325 $ 381,969 $ 548,373 $ 623,091 Adjustments: Depreciation and amortization expense 36,251 42,991 72,895 88,650 Equity compensation expense 88,234 62,284 180,655 130,988 Acquisition-related compensation expense (1) 5,435 600 10,939 1,242 Acquisition and merger-related expense 3,650 2,757 14,228 7,712 Placement fee adjustment (230) (3,744) 5,310 (6,976) OMG expense, net 146,567 128,783 286,322 255,933 Other (income) expense, net (11,430) 212 (11,299) 303 (Income) loss before taxes of non-controlling interests in consolidated subsidiaries (3,942) 3,786 (7,604) (1,885) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (110,481) (67,762) (176,067) (94,933) Total performance (income) loss—unrealized 122,318 (288,220) 167,794 (415,933) Total performance related compensation—unrealized (107,182) 215,496 (171,696) 300,646 Total investment (income) loss—unrealized 22,908 (39,629) 18,621 (68,406) Realized income 509,423 439,523 938,471 820,432 Total performance income—realized (109,642) (140,635) (132,823) (171,771) Total performance related compensation—realized 68,996 99,109 82,152 122,968 Total investment (income) loss—realized 2,539 (4,221) 25,490 3,283 Fee related earnings $ 471,316 $ 393,776 $ 913,290 $ 774,912 (1) Represents earnouts resulting from the Infrastructure Debt Acquisition and the Crescent Point Acquisition that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Condensed Consolidated Statements of Operations.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	6 Months Ended
	Jun. 30, 2024
Condensed Financial Information Disclosure [Abstract]
Schedule of Interest in VIEs	The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows: As of June 30, As of December 31, 2024 2023 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs (1) $ 397,841 $ 503,376 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs (1) 781,921 910,600 Assets of consolidated VIEs 15,207,028 15,484,962 Liabilities of consolidated VIEs 12,572,337 13,409,257 (1) As of June 30, 2024 and December 31, 2023, the Company’s maximum exposure of loss for CLO securities was equal to the cumulative fair value of the Company’s capital interest in CLOs and totaled $95.0 million and $83.1 million, respectively. Three months ended June 30, Six months ended June 30, 2024 2023 2024 2023 Net income attributable to non-controlling interests related to consolidated VIEs $ 100,969 $ 63,461 $ 159,325 $ 100,592
Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows: As of June 30, 2024 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 284,445 $ — $ — $ 284,445 Investments (includes $3,222,927 of accrued carried interest) 5,224,834 — (809,406) 4,415,428 Due from affiliates 989,036 — (172,501) 816,535 Other assets 579,509 — — 579,509 Right-of-use operating lease assets 231,518 — — 231,518 Intangible assets, net 1,001,126 — — 1,001,126 Goodwill 1,130,327 — — 1,130,327 Assets of Consolidated Funds Cash and cash equivalents — 1,241,041 — 1,241,041 Investments held in trust account — 536,846 — 536,846 Investments, at fair value — 13,678,134 — 13,678,134 Receivable for securities sold — 182,945 — 182,945 Other assets — 106,676 (11,973) 94,703 Total assets $ 9,440,795 $ 15,745,642 $ (993,880) $ 24,192,557 Liabilities Accounts payable, accrued expenses and other liabilities $ 286,116 $ — $ (11,972) $ 274,144 Accrued compensation 296,784 — — 296,784 Due to affiliates 349,222 — — 349,222 Performance related compensation payable 2,341,094 — — 2,341,094 Debt obligations 2,566,887 — — 2,566,887 Operating lease liabilities 304,205 — — 304,205 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 170,672 — 170,672 Due to affiliates — 172,501 (172,501) — Payable for securities purchased — 503,533 — 503,533 CLO loan obligations, at fair value — 11,611,359 (119,598) 11,491,761 Fund borrowings — 137,241 — 137,241 Total liabilities 6,144,308 12,595,306 (304,071) 18,435,543 Commitments and contingencies Redeemable interest in Consolidated Funds — 536,746 — 536,746 Redeemable interest in Ares Operating Group entities 23,178 — — 23,178 Non-controlling interest in Consolidated Funds — 2,613,590 (707,669) 1,905,921 Non-controlling interest in Ares Operating Group entities 1,282,925 — 6,476 1,289,401 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (195,697,984 shares issued and outstanding) 1,957 — — 1,957 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 (113,323,787 shares issued and outstanding) 1,133 — — 1,133 Additional paid-in-capital 2,710,596 — 11,384 2,721,980 Accumulated deficit (712,856) — — (712,856) Accumulated other comprehensive loss, net of tax (10,481) — — (10,481) Total stockholders’ equity 1,990,384 — 11,384 2,001,768 Total equity 3,273,309 2,613,590 (689,809) 5,197,090 Total liabilities, redeemable interest, non-controlling interests and equity $ 9,440,795 $ 15,745,642 $ (993,880) $ 24,192,557 As of December 31, 2023 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 348,274 $ — $ — $ 348,274 Investments (includes $3,413,007 of accrued carried interest) 5,546,209 — (921,277) 4,624,932 Due from affiliates 1,068,089 — (171,343) 896,746 Other assets 429,979 — — 429,979 Right-of-use operating lease assets 249,326 — — 249,326 Intangible assets, net 1,058,495 — — 1,058,495 Goodwill 1,123,976 — — 1,123,976 Assets of Consolidated Funds Cash and cash equivalents — 1,149,511 — 1,149,511 Investments held in trust account — 523,038 — 523,038 Investments, at fair value — 14,078,549 — 14,078,549 Receivable for securities sold — 146,851 — 146,851 Other assets — 112,466 (11,643) 100,823 Total assets $ 9,824,348 $ 16,010,415 $ (1,104,263) $ 24,730,500 Liabilities Accounts payable, accrued expenses and other liabilities $ 245,526 $ — $ (11,642) $ 233,884 Accrued compensation 287,259 — — 287,259 Due to affiliates 240,254 — — 240,254 Performance related compensation payable 2,514,610 — — 2,514,610 Debt obligations 2,965,480 — — 2,965,480 Operating lease liabilities 319,572 — — 319,572 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 189,523 — 189,523 Due to affiliates — 174,897 (171,343) 3,554 Payable for securities purchased — 484,117 — 484,117 CLO loan obligations, at fair value — 12,458,266 (112,609) 12,345,657 Fund borrowings — 125,241 — 125,241 Total liabilities 6,572,701 13,432,044 (295,594) 19,709,151 Commitments and contingencies Redeemable interest in Consolidated Funds — 522,938 — 522,938 Redeemable interest in Ares Operating Group entities 24,098 — — 24,098 Non-controlling interest in Consolidated Funds — 2,055,433 (796,988) 1,258,445 Non-controlling interest in Ares Operating Group entities 1,326,913 — (4,444) 1,322,469 Stockholders’ Equity Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (187,069,907 shares issued and outstanding) 1,871 — — 1,871 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 (117,024,758 shares issued and outstanding) 1,170 — — 1,170 Additional paid-in-capital 2,398,273 — (7,237) 2,391,036 Accumulated deficit (495,083) — — (495,083) Accumulated other comprehensive loss, net of tax (5,630) — — (5,630) Total stockholders’ equity 1,900,636 — (7,237) 1,893,399 Total equity 3,227,549 2,055,433 (808,669) 4,474,313 Total liabilities, redeemable interest, non-controlling interests and equity $ 9,824,348 $ 16,010,415 $ (1,104,263) $ 24,730,500
Schedule of Results from Operations	Six months ended June 30, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,433,828 $ — $ (24,455) $ 1,409,373 Carried interest allocation (66,190) — (17,455) (83,645) Incentive fees 56,398 — 3 56,401 Principal investment income (loss) (2,062) — 38,573 36,511 Administrative, transaction and other fees 77,686 — (281) 77,405 Total revenues 1,499,660 — (3,615) 1,496,045 Expenses Compensation and benefits 832,809 — — 832,809 Performance related compensation (79,517) — — (79,517) General, administrative and other expense 340,793 — (433) 340,360 Expenses of the Consolidated Funds — 34,117 (24,732) 9,385 Total expenses 1,094,085 34,117 (25,165) 1,103,037 Other income (expense) Net realized and unrealized gains on investments 25,356 — (6,501) 18,855 Interest and dividend income 18,144 — (5,745) 12,399 Interest expense (75,324) — — (75,324) Other expense, net (1,445) — 777 (668) Net realized and unrealized gains on investments of the Consolidated Funds — 118,471 9,476 127,947 Interest and other income of the Consolidated Funds — 497,965 (330) 497,635 Interest expense of the Consolidated Funds — (428,133) 2,654 (425,479) Total other income (expense), net (33,269) 188,303 331 155,365 Income before taxes 372,306 154,186 21,881 548,373 Income tax expense 64,445 3,862 — 68,307 Net income 307,861 150,324 21,881 480,066 Less: Net income attributable to non-controlling interests in Consolidated Funds — 150,324 21,881 172,205 Net income attributable to Ares Operating Group entities 307,861 — — 307,861 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (314) — — (314) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 140,210 — — 140,210 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,965 $ — $ — $ 167,965 Six months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 1,239,393 $ — $ (23,606) $ 1,215,787 Carried interest allocation 577,307 — (7,353) 569,954 Incentive fees 17,011 — (138) 16,873 Principal investment income 100,699 — (71,053) 29,646 Administrative, transaction and other fees 81,366 — (6,978) 74,388 Total revenues 2,015,776 — (109,128) 1,906,648 Expenses Compensation and benefits 728,331 — — 728,331 Performance related compensation 427,438 — — 427,438 General, administrative and other expense 289,872 — (374) 289,498 Expenses of the Consolidated Funds — 45,036 (23,929) 21,107 Total expenses 1,445,641 45,036 (24,303) 1,466,374 Other income (expense) Net realized and unrealized gains on investments 3,297 — 3,699 6,996 Interest and dividend income 12,663 — (6,134) 6,529 Interest expense (50,825) — — (50,825) Other expense, net (7,112) — 302 (6,810) Net realized and unrealized gains on investments of the Consolidated Funds — 94,219 14,907 109,126 Interest and other income of the Consolidated Funds — 457,694 (302) 457,392 Interest expense of the Consolidated Funds — (342,062) 2,471 (339,591) Total other income (expense), net (41,977) 209,851 14,943 182,817 Income before taxes 528,158 164,815 (69,882) 623,091 Income tax expense 82,961 559 — 83,520 Net income 445,197 164,256 (69,882) 539,571 Less: Net income attributable to non-controlling interests in Consolidated Funds — 164,256 (69,882) 94,374 Net income attributable to Ares Operating Group entities 445,197 — — 445,197 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (1,090) — — (1,090) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 207,734 — — 207,734 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 238,553 $ — $ — $ 238,553
Schedule of Cash Flows	Six months ended June 30, 2024 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 307,861 $ 150,324 $ 21,881 $ 480,066 Adjustments to reconcile net income to net cash provided by operating activities 432,686 — (129,326) 303,360 Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds — 332,840 (9,476) 323,364 Cash flows due to changes in operating assets and liabilities 139,106 — 18,283 157,389 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — (32,091) (89,871) (121,962) Net cash provided by operating activities 879,653 451,073 (188,509) 1,142,217 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (55,309) — — (55,309) Acquisitions (8,000) — — (8,000) Net cash used in investing activities (63,309) — — (63,309) Cash flows from financing activities: Net proceeds from issuance of Class A common stock 354,395 — — 354,395 Proceeds from Credit Facility 650,000 — — 650,000 Repayments of Credit Facility (1,050,000) — — (1,050,000) Dividends and distributions (632,260) — — (632,260) Stock option exercises 1,511 — — 1,511 Taxes paid related to net share settlement of equity awards (203,076) — — (203,076) Other financing activities 1,303 — — 1,303 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 434,961 76,649 511,610 Distributions to non-controlling interests in Consolidated Funds — (67,934) 20,330 (47,604) Borrowings under loan obligations by Consolidated Funds — 167,135 — 167,135 Repayments under loan obligations by Consolidated Funds — (878,545) — (878,545) Net cash used in financing activities (878,127) (344,383) 96,979 (1,125,531) Effect of exchange rate changes (2,046) (15,160) — (17,206) Net change in cash and cash equivalents (63,829) 91,530 (91,530) (63,829) Cash and cash equivalents, beginning of period 348,274 1,149,511 (1,149,511) 348,274 Cash and cash equivalents, end of period $ 284,445 $ 1,241,041 $ (1,241,041) $ 284,445 Supplemental disclosure of non-cash financing activities: Issuance of common stock in connection with acquisition-related activities $ 7,724 $ — $ — $ 7,724 Six months ended June 30, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 445,197 $ 164,256 $ (69,882) $ 539,571 Adjustments to reconcile net income to net cash provided by (used in) operating activities (108,264) — 258,037 149,773 Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds — (869,324) (14,907) (884,231) Cash flows due to changes in operating assets and liabilities 130,743 — (61,317) 69,426 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds — 144,378 (10,397) 133,981 Net cash provided by (used in) operating activities 467,676 (560,690) 101,534 8,520 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (21,127) — — (21,127) Net cash used in investing activities (21,127) — — (21,127) Cash flows from financing activities: Proceeds from Credit Facility 495,000 — — 495,000 Repayments of Credit Facility (470,000) — — (470,000) Dividends and distributions (510,501) — — (510,501) Stock option exercises 53,140 — — 53,140 Taxes paid related to net share settlement of equity awards (133,570) — — (133,570) Other financing activities 1,554 — — 1,554 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 880,426 (199,435) 680,991 Distributions to non-controlling interests in Consolidated Funds — (46,303) 10,378 (35,925) Redemptions of redeemable interests in Consolidated Funds — (538,985) — (538,985) Borrowings under loan obligations by Consolidated Funds — 535,464 — 535,464 Repayments under loan obligations by Consolidated Funds — (174,669) — (174,669) Net cash provided by (used in) financing activities (564,377) 655,933 (189,057) (97,501) Effect of exchange rate changes 4,668 (7,720) — (3,052) Net change in cash and cash equivalents (113,160) 87,523 (87,523) (113,160) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 276,827 $ 812,164 $ (812,164) $ 276,827 Supplemental disclosure of non-cash financing activities: Issuance of common stock in connection with acquisition-related activities $ 116,101 $ — $ — $ 116,101 Issuance of common stock in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 782,055	$ 805,662
Foreign currency translation	(128)	1,126
Total finite-lived intangible assets	781,927	806,788
Less: accumulated amortization	(348,601)	(316,093)
Finite-Lived Intangible Assets, Net, Total	433,326	490,695
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	1,001,126	1,058,495
Management contracts
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived management contracts	$ 567,800	567,800
Management contracts
Finite-lived intangible assets, net
Weighted average amortization period	4 years
Finite-lived intangible assets	$ 580,635	604,242
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	8 years 1 month 6 days
Finite-lived intangible assets	$ 200,920	200,920
Other
Finite-lived intangible assets, net
Weighted average amortization period	3 months 18 days
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Depreciation and amortization expense	$ 29,000,000		$ 30,400,000		$ 58,200,000	$ 64,000,000
Fully amortized intangibles, amount removed during the period					24,900,000
Reallocation					0
Goodwill impairment	$ 0		0		0	$ 0
Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation					0
Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation					$ 55,658,000
From Private Equity Group To Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation		$ 55,700,000
Management contracts | Real Assets Group
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges			4,400,000
Management contracts | Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges			$ 700,000
Trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges				$ 7,800,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 1,123,976
Acquisitions	7,354
Reallocation	0
Foreign currency translation	(1,003)
Goodwill, ending balance	1,130,327
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	256,679
Acquisitions	0
Reallocation	55,658
Foreign currency translation	(1,001)
Goodwill, ending balance	311,336
Real Assets Group
Goodwill [Roll Forward]
Goodwill, beginning balance	277,205
Acquisitions	6,710
Reallocation	0
Foreign currency translation	0
Goodwill, ending balance	283,915
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance	172,462
Acquisitions	644
Reallocation	(55,658)
Foreign currency translation	0
Goodwill, ending balance	117,448
Secondaries Group
Goodwill [Roll Forward]
Goodwill, beginning balance	417,630
Acquisitions	0
Reallocation	0
Foreign currency translation	(2)
Goodwill, ending balance	$ 417,628

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments
Equity method private investment partnership interests and other	$ 2,341	$ 6,287
Fixed income securities	575,450	631,644
Common stock, at fair value	480,735	499,063
Total investments	4,415,428	4,624,932
Partnership Interests
Investments
Equity method investments:	$ 4,221,762	$ 4,412,066
Percentage of total investments as of	95.60%	95.40%
Collateralized loan obligations and fixed income securities
Investments
Collateralized loan obligations	$ 92,374	$ 126,294
Percentage of total investments as of	2.10%	2.70%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 20,413	$ 20,799
Percentage of total investments as of	0.50%	0.40%
Fixed income securities
Investments
Fixed income securities	$ 71,961	$ 105,495
Percentage of total investments as of	1.60%	2.30%
Common stock, at fair value
Investments
Common stock, at fair value	$ 101,292	$ 86,572
Percentage of total investments as of	2.30%	1.90%
Equity method - carried interest
Investments
Equity method investments:	$ 3,222,927	$ 3,413,007
Percentage of total investments as of	73%	73.80%
Partnership Interests
Investments
Equity method investments:	$ 559,674	$ 535,292
Percentage of total investments as of	12.70%	11.60%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 381,784	$ 418,778
Percentage of total investments as of	8.60%	9%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 57,377	$ 44,989
Percentage of total investments as of	1.30%	1%

INVESTMENTS - Schedule of Equit

INVESTMENTS - Schedule of Equity Method Investments Net Other Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, All Other Investments [Abstract]
Total other income, net related to equity method investments	$ 33,414	$ 9,142	$ 43,541	$ 33,055

INVESTMENTS - Schedule of Equ_2

INVESTMENTS - Schedule of Equity Method Investment Held at Fair Value (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Equity method private investment partnership interests and other (held at fair value)	$ (431)	$ 2,937	$ 2,048	$ 6,036

INVESTMENTS - Schedule of Inv_2

INVESTMENTS - Schedule of Investments of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments
Total investments, at fair value	$ 14,214,980	$ 14,601,587
Fixed income investments:
Investments
Total investments, at fair value	$ 10,697,705	$ 11,718,445
Percentage of total investments	75.30%	80.30%
Fixed income investments: | Loans and securitization vehicles
Investments
Total investments, at fair value	$ 9,696,739	$ 10,616,458
Percentage of total investments	68.20%	72.70%
Fixed income investments: | Money market funds and U.S. treasury securities
Investments
Total investments, at fair value	$ 536,846	$ 523,038
Percentage of total investments	3.80%	3.60%
Fixed income investments: | Bonds
Investments
Total investments, at fair value	$ 464,120	$ 578,949
Percentage of total investments	3.30%	4%
Partnership interests
Investments
Total investments, at fair value	$ 1,895,160	$ 1,642,489
Percentage of total investments	13.30%	11.20%
Equity securities
Investments
Total investments, at fair value	$ 1,622,115	$ 1,240,653
Percentage of total investments	11.40%	8.50%

INVESTMENTS - Narrative (Detail

INVESTMENTS - Narrative (Details)	Jun. 30, 2024	Dec. 31, 2023
Consolidated Funds
Summary of Investment Holdings [Line Items]
Percent of total assets threshold	5%	5%

FAIR VALUE - Schedule of Assets

FAIR VALUE - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Consolidated Funds
Assets, at fair value
Common stock and other equity securities	$ 1,622,115	$ 1,240,653
Collateralized loan obligations and fixed income securities	10,697,705	11,718,445
Partnership interests	1,895,160	1,642,489
Total investments, at fair value	14,214,980	14,601,587
Total assets, at fair value	14,219,407	14,610,713
Liabilities, at fair value
Loan obligations of CLOs	(11,491,761)	(12,345,657)
Derivative liabilities	(6,045)	(10,782)
Total liabilities, at fair value	$ (11,497,806)	$ (12,356,439)
Derivative liability, statement of financial position	Liabilities	Liabilities
Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	$ 4,427	$ 9,126
Liabilities, at fair value
Derivative liabilities	(4,430)	(9,491)
Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	(1,615)	(1,291)
Consolidated Funds  | Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	9,696,739	10,616,458
Consolidated Funds  | Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	536,846	523,038
Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	464,120	578,949
Level I  | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	33,006	47,503
Collateralized loan obligations and fixed income securities	536,846	523,038
Partnership interests	0	0
Total investments, at fair value	569,852	570,541
Total assets, at fair value	569,852	570,541
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	0	0
Total liabilities, at fair value	0	0
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  | Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level I  | Consolidated Funds  | Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Level I  | Consolidated Funds  | Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	536,846	523,038
Level I  | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Level II  | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	2,255	2,750
Collateralized loan obligations and fixed income securities	9,357,362	10,455,294
Partnership interests	0	0
Total investments, at fair value	9,359,617	10,458,044
Total assets, at fair value	9,364,044	10,467,170
Liabilities, at fair value
Loan obligations of CLOs	(11,491,761)	(12,345,657)
Derivative liabilities	(4,430)	(9,491)
Total liabilities, at fair value	(11,496,191)	(12,355,148)
Level II  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	4,427	9,126
Liabilities, at fair value
Derivative liabilities	(4,430)	(9,491)
Level II  | Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level II  | Consolidated Funds  | Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	8,893,242	9,879,915
Level II  | Consolidated Funds  | Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Level II  | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	464,120	575,379
Level III  | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	1,586,854	1,190,400
Collateralized loan obligations and fixed income securities	803,497	740,113
Partnership interests	0	0
Total investments, at fair value	2,390,351	1,930,513
Total assets, at fair value	2,390,351	1,930,513
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	(1,615)	(1,291)
Total liabilities, at fair value	(1,615)	(1,291)
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  | Asset swaps
Liabilities, at fair value
Derivative liabilities	(1,615)	(1,291)
Level III  | Consolidated Funds  | Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	803,497	736,543
Level III  | Consolidated Funds  | Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Level III  | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	3,570
Investments Measured at NAV | Consolidated Funds
Assets, at fair value
Common stock and other equity securities	0	0
Collateralized loan obligations and fixed income securities	0	0
Partnership interests	1,895,160	1,642,489
Total investments, at fair value	1,895,160	1,642,489
Total assets, at fair value	1,895,160	1,642,489
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  | Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Investments Measured at NAV | Consolidated Funds  | Loans and securitization vehicles
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Investments Measured at NAV | Consolidated Funds  | Money market funds and U.S. treasury securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Investments Measured at NAV | Consolidated Funds  | Bonds
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P
Assets, at fair value
Common stock and other equity securities	480,735	499,063
Partnership interests	2,341	6,287
Total investments, at fair value	575,450	631,644
Total assets, at fair value	577,280	632,773
Liabilities, at fair value
Total liabilities, at fair value	(990)	(2,645)
Ares Management L.P | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	1,830	1,129
Liabilities, at fair value
Derivative liabilities	(990)	(2,645)
Ares Management L.P | Collateralized loan obligations and fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	92,374	126,294
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 fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P | Level II
Assets, at fair value
Common stock and other equity securities	101,292	86,572
Partnership interests	0	0
Total investments, at fair value	101,292	86,572
Total assets, at fair value	103,122	87,701
Liabilities, at fair value
Total liabilities, at fair value	(990)	(2,645)
Ares Management L.P | Level II  | Derivatives-foreign currency forward contracts
Assets, at fair value
Derivatives-foreign currency forward contracts	1,830	1,129
Liabilities, at fair value
Derivative liabilities	(990)	(2,645)
Ares Management L.P | Level II  | Collateralized loan obligations and fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P | Level III
Assets, at fair value
Common stock and other equity securities	379,443	412,491
Partnership interests	0	0
Total investments, at fair value	471,817	538,785
Total assets, at fair value	471,817	538,785
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 fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	92,374	126,294
Ares Management L.P | Investments Measured at NAV
Assets, at fair value
Common stock and other equity securities	0	0
Partnership interests	2,341	6,287
Total investments, at fair value	2,341	6,287
Total assets, at fair value	2,341	6,287
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 fixed income securities
Assets, at fair value
Collateralized loan obligations and fixed income securities	$ 0	$ 0

FAIR VALUE - Schedule of Change

FAIR VALUE - Schedule of Changes in Fair Value of Level III Measurements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 2,004,208	$ 2,037,790	$ 1,929,222	$ 1,965,647
Transfer in (out) due to changes in consolidated		380,688		(380,688)
Transfer in	213,045	57,540	149,292	195,575
Transfer out	(203,255)	(214,205)	(298,030)	(489,165)
Purchases	547,398	299,557	981,105	669,102
Sales/settlements	(199,490)	(177,248)	(424,037)	(375,132)
Realized and unrealized appreciation (depreciation), net	26,830	88,757	51,184	126,164
Balance, end of period	2,388,736	1,711,503	2,388,736	1,711,503
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 28,222	$ 58,355	$ 52,538	$ 88,757
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from 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 (losses) from investments	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments	Net realized and unrealized gains (losses) from investments
Consolidated Funds  | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,366,464	$ 932,635	$ 1,190,400	$ 730,880
Transfer in (out) due to changes in consolidated		2,076		(2,076)
Transfer in	413	0	475	0
Transfer out	0	0	0	0
Purchases	191,639	48,645	346,112	229,016
Sales/settlements	0	(4)	0	(126)
Realized and unrealized appreciation (depreciation), net	28,338	86,865	49,867	108,371
Balance, end of period	1,586,854	1,066,065	1,586,854	1,066,065
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	30,259	86,879	51,952	108,324
Consolidated Funds  | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	639,318	732,804	740,113	869,668
Transfer in (out) due to changes in consolidated		4,563		(4,563)
Transfer in	212,632	57,540	148,817	195,575
Transfer out	(203,255)	(214,205)	(298,030)	(489,165)
Purchases	355,692	250,912	634,880	391,086
Sales/settlements	(199,490)	(177,095)	(424,037)	(325,968)
Realized and unrealized appreciation (depreciation), net	(1,400)	2,738	1,754	11,498
Balance, end of period	803,497	648,131	803,497	648,131
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(1,868)	(27,469)	1,028	(20,381)
Consolidated Funds  | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period		374,049		368,655
Transfer in (out) due to changes in consolidated		374,049		(374,049)
Transfer in		0		0
Transfer out		0		0
Purchases		0		49,000
Sales/settlements		0		(48,889)
Realized and unrealized appreciation (depreciation), net		0		5,283
Balance, end of period		0		0
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date		0		0
Consolidated Funds  | Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(1,574)	(1,698)	(1,291)	(3,556)
Transfer in (out) due to changes in consolidated		0		0
Transfer in	0	0	0	0
Transfer out	0	0	0	0
Purchases	67	0	113	0
Sales/settlements	0	(149)	0	(149)
Realized and unrealized appreciation (depreciation), net	(108)	(846)	(437)	1,012
Balance, end of period	(1,615)	(2,693)	(1,615)	(2,693)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(169)	(1,055)	(442)	814
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	438,462	200,242	538,785	198,719
Transfer in	60,917		60,917
Transfer out	(37,587)		(37,587)
Purchases	265,057	38,979	267,353	40,226
Sales/settlements	(253,164)	(1,722)	(362,306)	(3,213)
Realized and unrealized appreciation (depreciation), net	(1,868)	1,649	4,655	3,416
Balance, end of period	471,817	239,148	471,817	239,148
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(2,910)	1,649	3,613	3,416
Ares Management L.P | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	416,874	125,073	412,491	121,785
Transfer in	0		0
Transfer out	(37,587)		(37,587)
Purchases	1,650	38,208	1,680	38,260
Sales/settlements	(1,790)	(881)	(2,572)	(836)
Realized and unrealized appreciation (depreciation), net	296	2,971	5,431	6,162
Balance, end of period	379,443	165,371	379,443	165,371
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	(1,354)	2,971	3,780	5,949
Ares Management L.P | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	21,588	75,169	126,294	76,934
Transfer in	60,917		60,917
Transfer out	0		0
Purchases	263,407	771	265,673	1,966
Sales/settlements	(251,374)	(841)	(359,734)	(2,377)
Realized and unrealized appreciation (depreciation), net	(2,164)	(1,322)	(776)	(2,746)
Balance, end of period	92,374	73,777	92,374	73,777
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ (1,556)	$ (1,322)	$ (167)	$ (2,533)

FAIR VALUE - Schedule of Quanti

FAIR VALUE - Schedule of Quantitative Inputs and Assumptions used for Level III Inputs (Details) $ in Thousands	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)
Level III  | Discounted cash flow
Assets
Equity securities		$ 154,460
Level III  | Discounted cash flow | Discount rate | Minimum
Significant Unobservable Input(s)
Equity securities		20
Level III  | Discounted cash flow | Discount rate | Maximum
Significant Unobservable Input(s)
Equity securities		0.300
Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities		25
Consolidated Funds
Assets
Equity securities	$ 1,622,115	$ 1,240,653
Fixed income investments	10,697,705	11,718,445
Total assets, at fair value	14,219,407	14,610,713
Liabilities
Derivative instruments	(6,045)	(10,782)
Total liabilities, at fair value	(11,497,806)	(12,356,439)
Consolidated Funds  | Level III
Assets
Equity securities	1,586,854	1,190,400
Fixed income investments	803,497	740,113
Total assets, at fair value	2,390,351	1,930,513
Liabilities
Derivative instruments	(1,615)	(1,291)
Total liabilities, at fair value	(1,615)	(1,291)
Consolidated Funds  | Level III  | Discounted cash flow
Assets
Equity securities	875,073	648,581
Fixed income investments	$ 3,654	$ 104
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate
Significant Unobservable Input(s)
Fixed income investments		0.123
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Minimum
Significant Unobservable Input(s)
Equity securities	0.100	0.100
Fixed income investments	0.123
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Maximum
Significant Unobservable Input(s)
Equity securities	0.187	0.160
Fixed income investments	0.127
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.130	13
Fixed income investments	0.127	0.123
Consolidated Funds  | Level III  | Market approach
Assets
Fixed income investments	$ 206,062
Consolidated Funds  | Level III  | Market approach | Equity Securities One
Assets
Equity securities	704,180	$ 537,733
Consolidated Funds  | Level III  | Market approach | Equity Securities Two
Assets
Equity securities	$ 6,116	3,909
Consolidated Funds  | Level III  | Market approach | Fixed Income Investments One
Assets
Fixed income investments		188,322
Consolidated Funds  | Level III  | Market approach | Fixed Income Investments Two
Assets
Fixed income investments		$ 2,974
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Minimum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1	1
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.7	1.7
Consolidated Funds  | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.3	1.3
Consolidated Funds  | Level III  | Market approach | Yield | Minimum
Significant Unobservable Input(s)
Fixed income investments	0.079
Consolidated Funds  | Level III  | Market approach | Yield | Minimum | Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments		0.083
Consolidated Funds  | Level III  | Market approach | Yield | Maximum
Significant Unobservable Input(s)
Fixed income investments	0.240
Consolidated Funds  | Level III  | Market approach | Yield | Maximum | Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments		0.241
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average
Significant Unobservable Input(s)
Fixed income investments	0.114
Consolidated Funds  | Level III  | Market approach | Yield | Weighted Average | Fixed Income Investments One
Significant Unobservable Input(s)
Fixed income investments		0.122
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	5.2	4.5
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum | Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments		4.5
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	28.5	32.4
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Maximum | Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments		32.4
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	6.1	8.9
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Weighted Average | Fixed Income Investments Two
Significant Unobservable Input(s)
Fixed income investments		9
Consolidated Funds  | Level III  | Transaction Price
Assets
Equity securities	$ 871
Fixed income investments	185
Consolidated Funds  | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Fixed income investments	593,596	$ 548,264
Liabilities
Derivative instruments	(1,615)	(1,291)
Consolidated Funds  | Level III  | Other
Assets
Equity securities	614	177
Fixed income investments		449
Ares Management L.P
Assets
Equity securities	480,735	499,063
Total assets, at fair value	577,280	632,773
Liabilities
Total liabilities, at fair value	(990)	(2,645)
Ares Management L.P | Level III
Assets
Equity securities	379,443	412,491
Total assets, at fair value	471,817	538,785
Liabilities
Total liabilities, at fair value	0	0
Ares Management L.P | Level III  | Discounted cash flow
Assets
Equity securities	$ 125,238
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Minimum
Significant Unobservable Input(s)
Equity securities	0.185
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Maximum
Significant Unobservable Input(s)
Equity securities	0.300
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.250
Ares Management L.P | Level III  | Market approach | Equity Securities One
Assets
Equity securities	$ 115,858	118,846
Ares Management L.P | Level III  | Market approach | Equity Securities Two
Assets
Equity securities	$ 6,750	$ 6,447
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 | Minimum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.2
Ares Management L.P | Level III  | Market approach | Multiple of book value | Maximum
Significant Unobservable Input(s)
Equity securities		1.6
Ares Management L.P | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.4
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average
Significant Unobservable Input(s)
Equity securities		1.5
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.3
Ares Management L.P | Level III  | Market approach | Enterprise value / Earnings multiple | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	15.4	15.4
Ares Management L.P | Level III  | Market approach | Enterprise value / Earnings multiple | Weighted Average | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	15.4	15.4
Ares Management L.P | Level III  | Market yield analysis
Assets
Equity securities	$ 100,000
Fixed income investments	$ 71,111
Ares Management L.P | Level III  | Market yield analysis | Market interest rate
Significant Unobservable Input(s)
Equity securities	0.080
Ares Management L.P | Level III  | Market yield analysis | Market interest rate | Minimum
Significant Unobservable Input(s)
Fixed income investments	0.100
Ares Management L.P | Level III  | Market yield analysis | Market interest rate | Maximum
Significant Unobservable Input(s)
Fixed income investments	0.120
Ares Management L.P | Level III  | Market yield analysis | Market interest rate | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.080
Fixed income investments	0.110
Ares Management L.P | Level III  | Transaction Price
Assets
Equity securities		$ 100,000
Fixed income investments		83,000
Ares Management L.P | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Fixed income investments	$ 20,413	20,799
Ares Management L.P | Level III  | Other
Assets
Equity securities	31,597	32,738
Fixed income investments	$ 850	$ 22,495

FAIR VALUE - Schedule of Invest

FAIR VALUE - Schedule of Investments Using NAV per Share (Details) - Consolidated Funds  - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
FAIR VALUE
Investments (held at fair value)	$ 1,895,160	$ 1,642,489
Investments Measured at NAV
FAIR VALUE
Investments (held at fair value)	1,895,160	1,642,489
Investments Measured at NAV | Non-core investments
FAIR VALUE
Investments (held at fair value)	1,895,160	1,642,489
Unfunded commitments	$ 988,337	$ 738,621

DEBT - Schedule of Debt Obligat

DEBT - Schedule of Debt Obligations (Details) - Ares Management L.P - USD ($) $ in Thousands	1 Months Ended					6 Months Ended	12 Months Ended
	Nov. 30, 2023	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Jun. 30, 2024	Jun. 30, 2024	Mar. 28, 2024	Mar. 27, 2024	Dec. 31, 2023
DEBT
Carrying Value						$ 2,566,887	$ 2,566,887			$ 2,965,480
Credit Facility
DEBT
Carrying Value						$ 495,000	$ 495,000			$ 895,000
Interest Rate						6.39%	6.39%			6.37%
Interest rate spread							0.05%
Unused commitment fees						0.10%	0.01%
Credit Facility | Minimum
DEBT
Interest rate						0%	0%
Credit Facility | SOFR
DEBT
Interest rate spread						1%
Credit Facility | Revolving Credit Facility
DEBT
Maximum borrowing capacity								$ 1,400,000
Credit Facility | Revolving Credit Facility | Line of Credit
DEBT
Maximum borrowing capacity								$ 600,000	$ 1,325,000
Senior Notes 2024
DEBT
Original Borrowing Amount						$ 250,000	$ 250,000
Carrying Value						$ 249,800	$ 249,800			$ 249,427
Interest Rate						4.21%	4.21%			4.21%
Debt issuance rate					98.27%
Senior Notes 2028
DEBT
Original Borrowing Amount						$ 500,000	$ 500,000
Carrying Value						$ 495,380	$ 495,380			$ 494,863
Interest Rate						6.42%	6.42%			6.42%
Debt issuance rate	99.80%
Senior Notes 2030
DEBT
Original Borrowing Amount						$ 400,000	$ 400,000
Carrying Value						$ 397,275	$ 397,275			$ 397,050
Interest Rate						3.28%	3.28%			3.28%
Debt issuance rate				99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount						$ 500,000	$ 500,000
Carrying Value						$ 484,399	$ 484,399			$ 484,199
Interest Rate						3.77%	3.77%			3.77%
Debt issuance rate		97.78%
Subordinated Notes 2051
DEBT
Original Borrowing Amount						$ 450,000	$ 450,000
Carrying Value						$ 445,033	$ 445,033			$ 444,941
Interest Rate						4.13%	4.13%			4.13%
Interest rate			4.125%
Debt term			5 years
Subordinated Notes 2051 | US Treasury
DEBT
Interest rate			3.237%

DEBT - Schedule of Debt Issuanc

DEBT - Schedule of Debt Issuance Costs (Details) - Ares Management L.P $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 4,213
Debt issuance costs incurred	1,784
Amortization of debt issuance costs	(613)
Unamortized debt issuance costs, ending balance	5,384
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	11,784
Debt issuance costs incurred	0
Amortization of debt issuance costs	(821)
Unamortized debt issuance costs, ending balance	10,963
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,059
Debt issuance costs incurred	0
Amortization of debt issuance costs	(92)
Unamortized debt issuance costs, ending balance	$ 4,967

DEBT - Schedule of Loan Obligat

DEBT - Schedule of Loan Obligations of the Consolidated CLOs (Details) - Consolidated Funds  - Loan obligations of Consolidated CLOs - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
DEBT
Fair Value of Loan Obligations	$ 11,491,761	$ 12,345,657
Senior secured notes
DEBT
Fair Value of Loan Obligations	$ 10,708,660	$ 11,606,289
Weighted  Average Interest Rate	6.69%	6.64%
Weighted  Average Remaining Maturity  (in years)	8 years 1 month 6 days	8 years 2 months 12 days
Subordinated notes
DEBT
Fair Value of Loan Obligations	$ 783,101	$ 739,368
Weighted  Average Remaining Maturity  (in years)	6 years 1 month 6 days	6 years 10 months 24 days

DEBT - Schedule of Credit Facil

DEBT - Schedule of Credit Facilities of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
DEBT
Total borrowings of Consolidated Funds	$ 137,241	$ 125,241
Credit Facility Maturing 7/1/2024
DEBT
Total Capacity	18,000
Outstanding loan	$ 15,241	$ 15,241
Effective Rate	6.88%	6.88%
Credit Facility Maturing 9/24/2026
DEBT
Total Capacity	$ 150,000
Outstanding loan	0	$ 0
Credit Facility Maturing 6/24/2027
DEBT
Total Capacity	200,000
Outstanding loan	$ 122,000	$ 110,000
Effective Rate	8.19%	8.29%
Credit Facility Maturing 9/12/2027
DEBT
Total Capacity	$ 54,000
Outstanding loan	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 infrastructureDebtFund	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments	$ 1,247,600,000			$ 1,247,600,000		$ 1,030,600,000
Maximum exposure from guarantees	16,400,000			16,400,000		122,300,000
Carried interest, contingent repayment obligations	$ 0			$ 0		0
Minimum
COMMITMENTS AND CONTINGENCIES
Lease terms	1 year			1 year
Maximum
COMMITMENTS AND CONTINGENCIES
Lease terms	12 years			12 years
Performance income
COMMITMENTS AND CONTINGENCIES
Performance income subject to potential clawback provision	$ 75,300,000			$ 75,300,000		78,500,000
Performance income subject to potential claw back provision that are reimbursable by professionals	52,200,000			52,200,000		54,500,000
Crescent Point Capital
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	75,000,000			$ 75,000,000
Business combination, percentage				33%
Business combination equity awards percentage				67%
Contingent liability	75,000,000			$ 75,000,000		75,000,000
Management incentive program, amount accrued	15,000,000			15,000,000		5,000,000
Compensation expense	5,000,000			10,000,000
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	13,600,000			$ 13,600,000		13,600,000
Management incentive program, amount accrued	5,400,000			5,400,000		$ 4,400,000
Compensation expense	$ 400,000	$ 600,000		$ 900,000	$ 1,200,000
Recognition period				4 years
Infrastructure Debt Acquisition | Revenue Target
COMMITMENTS AND CONTINGENCIES
Number of infrastructure debt funds revenue targets achieved | infrastructureDebtFund			1

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Jun. 30, 2024 USD ($)
As of June 30, 2024
2024	$ 25,333
2025	53,356
2026	48,871
2027	38,041
2028	27,914
Thereafter	181,782
Total future payments	375,297
Less: interest	71,092
Total operating lease liabilities	$ 304,205

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Schedule of Classification of Operating Lease Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 15,376	$ 10,411	$ 30,586	$ 22,299

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental information on the measurement of operating lease liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Supplemental information on the measurement of operating lease liabilities
Operating cash flows for operating leases	$ 27,139	$ 22,724
Leased assets obtained in exchange for new operating lease liabilities	$ 6,738	$ 37,277

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Term and Discount Rate (Details)	Jun. 30, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms (in years)	8 years 3 months 18 days	8 years 4 months 24 days
Weighted-average discount rate	4.40%	4.30%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Consolidated Funds  | Affiliated entity
Due to affiliates:
Due to affiliates	$ 0	$ 3,554
Consolidated Funds  | Affiliated entity | Amounts due to portfolio companies and non-consolidated funds
Due to affiliates:
Due to affiliates	0	3,554
Ares Management L.P
Due from affiliates:
Due from affiliates	816,535	896,746
Due to affiliates:
Due to affiliates	349,222	240,254
Ares Management L.P | Affiliated entity
Due from affiliates:
Due from affiliates	816,535	896,746
Due to affiliates:
Due to affiliates	349,222	240,254
Ares Management L.P | Affiliated entity | Management fees receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	590,545	560,629
Ares Management L.P | Affiliated entity | Incentive fee receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	20,495	159,098
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	205,495	177,019
Ares Management L.P | Affiliated entity | Management fee received in advance and rebates payable to non-consolidated funds
Due to affiliates:
Due to affiliates	5,654	9,585
Ares Management L.P | Affiliated entity | Tax receivable agreement liability
Due to affiliates:
Due to affiliates	288,847	191,299
Ares Management L.P | Affiliated entity | Undistributed carried interest and incentive fees
Due to affiliates:
Due to affiliates	49,912	33,374
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	$ 4,809	$ 5,996

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Valuation Allowance [Line Items]
Income tax expense	$ 41,074	$ 49,714	$ 68,307	$ 83,520
Deferred tax asset	150,600		150,600		$ 21,500
Consolidated Entity, Excluding VIE
Valuation Allowance [Line Items]
Deferred tax liability, net	$ 5,300		$ 5,300

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	0	0	4,131
AOG Units | Ares Operating Group
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	0	120,137,310	0	119,391,357

EARNINGS PER SHARE - Schedule_2

EARNINGS PER SHARE - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Basic earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 94,938	$ 144,514	$ 167,965	$ 238,553
Distributions on unvested restricted units	(7,594)	(5,316)	(14,864)	(10,630)
Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	94,938	144,514	167,965	238,553
Distributions on unvested restricted units	(7,594)	0	(14,864)	0
Net income available to Class A and non-voting common stockholders	$ 87,344	$ 144,514	$ 153,101	$ 238,553
Diluted weighted-average shares of Class A and non-voting common stock (in shares)				192,161,816
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)	0	8,489,883	0	7,991,062
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)	0	2,568,643	0	3,171,820
Class A Common Stock and Non-Voting Common Stock
Basic earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 94,938	$ 144,514	$ 167,965	$ 238,553
Dividends declared and paid on Class A and non-voting common stock	(185,241)	(142,220)	(366,170)	(280,640)
Dividends in excess of earnings available to Class A and non-voting common stockholders	$ (97,897)	$ (3,022)	$ (213,069)	$ (52,717)
Basic weighted-average shares of Class A and non-voting common stock (in shares)	196,186,922	182,999,515	194,404,932	180,998,934
Dividends in excess of earnings per share of Class A and non-voting common stock (in dollars per share)	$ (0.50)	$ (0.02)	$ (1.10)	$ (0.29)
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	0.93	0.77	1.86	1.54
Basic earnings per share of Class A and non-voting common stock (in dollars per share)	$ 0.43	$ 0.75	$ 0.76	$ 1.25
Diluted earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$ 94,938	$ 144,514	$ 167,965	$ 238,553
Diluted weighted-average shares of Class A and non-voting common stock (in shares)	196,186,922	194,058,041	194,404,932	192,161,816
Diluted earnings per share of Class A and non-voting common stock (in dollars per share)	$ 0.43	$ 0.74	$ 0.76	$ 1.24

EQUITY COMPENSATION - Equity In

EQUITY COMPENSATION - Equity Incentive Plan (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Jan. 01, 2024
Restricted units
Equity compensation
Equity-based compensation expense	$ 88,232	$ 62,282	$ 180,654	$ 131,533
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	63,097,171		63,097,171		69,122,318

EQUITY COMPENSATION - Restricte

EQUITY COMPENSATION - Restricted Units (Details) - shares shares in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)	2.1	1.9
Restricted units
Equity compensation
Shares delivered in period (in shares)	3.8	3.4
Restricted units | Tranche I
Equity compensation
Annual award vesting percentage	33.33%
Restricted units | Tranche II
Equity compensation
Annual award vesting percentage	33.33%
Restricted units | Tranche III
Equity compensation
Annual award vesting percentage	33.33%

EQUITY COMPENSATION - Schedule

EQUITY COMPENSATION - Schedule of Dividends Declared and Paid (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares
Dividend Tranche One
Equity compensation
Dividends per share (in dollars per shares)	$ 0.93
Dividend declared (in dollars per share)	$ 0.93
Dividend Equivalents Paid | $	$ 16,294
Dividend Tranche Two
Equity compensation
Dividends per share (in dollars per shares)	$ 0.93
Dividend declared (in dollars per share)	$ 0.93
Dividend Equivalents Paid | $	$ 16,008

EQUITY COMPENSATION - Schedul_2

EQUITY COMPENSATION - Schedule of Unvested Restricted Units Activity (Details) - Restricted units $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) $ / shares shares
Restricted Units
Balance at the beginning of the period (in shares) | shares	17,359,829
Granted (in shares) | shares	4,647,748
Vested (in shares) | shares	(3,807,926)
Forfeited (in shares) | shares	(349,601)
Balance at the end of the period (in shares) | shares	17,850,050
Weighted Average Grant Date Fair Value Per Unit
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 59.20
Granted (in dollars per share) | $ / shares	121.38
Vested (in dollars per share) | $ / shares	52.08
Forfeited (in dollars per share) | $ / shares	85.23
Balance at the end of the period (in dollars per share) | $ / shares	$ 76.41
Unrecognized compensation expenses | $	$ 1,005.5
Weighted average period of compensation expense expected to be recognized	3 years 8 months 12 days

EQUITY COMPENSATION - Schedul_3

EQUITY COMPENSATION - Schedule of Unvested Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Options
Balance at the beginning of the period (in shares)	79,524
Exercised (in shares)	(79,524)
Balance at the end of the period (in shares)	0	79,524
Options, Exercisable at the end of the period (in shares)	0
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per shares)	$ 19
Exercised (in dollars per shares)	19
Balance at the end of the period (in dollars per shares)	0	$ 19
Weighted average exercise price, Exercisable at the end of the period (in dollars per shares)	$ 0
Weighted Average Remaining Life (in years)
Weighted average remaining life	0 years	3 months 18 days
Exercisable at the end of the period	0 years
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 0	$ 7,946
Exercisable	0
Net cash proceeds from exercises of stock options	1,500
Tax benefits of exercises	$ 1,400
Options
Equity compensation
Shares purchased (in shares)	1

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	6 Months Ended
	Jun. 12, 2024	Jul. 31, 2024	Jun. 30, 2024	Jun. 30, 2023	Jan. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		312,512,682	307,585,576
Exchanges of common stocks (in shares)			0
Stock option exercises (in shares)			79,524
Vesting of restricted stock awards, net of shares withheld for tax (in shares)			2,134,403
Ending balance (in shares)			312,512,682
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			2,713,179
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)		195,697,984	187,069,907
Exchanges of common stocks (in shares)			3,764,150
Stock option exercises (in shares)			79,524
Vesting of restricted stock awards, net of shares withheld for tax (in shares)			2,134,403
Ending balance (in shares)			195,697,984
Class A Common Stock | Underwritten
Class of Stock [Line Items]
Number of shares sold (in shares)	2,650,000
Proceeds from issuance of stock	$ 354.4
Class A Common Stock | Underwritten | Subsequent event
Class of Stock [Line Items]
Number of shares sold (in shares)		397,500
Option to purchase additional shares, number of days		30 days
Class A Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			2,650,000
Non-voting Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		3,489,911	3,489,911
Exchanges of common stocks (in shares)			0
Stock option exercises (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 common stock (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	1,000
Exchanges of common stocks (in shares)			0
Stock option exercises (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 common stock (in shares)			0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)			$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)		113,323,787	117,024,758
Exchanges of common stocks (in shares)			(3,764,150)
Stock option exercises (in shares)			0
Vesting of restricted stock awards, net of shares withheld for tax (in shares)			0
Ending balance (in shares)			113,323,787
Class C Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)			63,179

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
AOG units (in shares)	312,511,682		312,511,682		307,584,576
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)	113,323,787		113,323,787		117,024,758
Ares Owners Holdings, L.P. | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	36.26%		36.26%		38.05%
Daily Average Ownership	36.79%	39.63%	37.23%	39.75%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	199,187,895		199,187,895		190,559,818
Ares Operating Group | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	63.74%		63.74%		61.95%
Daily Average Ownership	63.21%	60.37%	62.77%	60.25%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 23,612	$ 24,098	$ 23,176	$ 22,517	$ 21,942	$ 93,129
Changes in ownership interests and related tax benefits						(66,506)
Net income (loss)	(387)	73	558	758	734	(1,824)
Currency translation adjustment, net of tax	(47)	(257)	364	(99)	(159)	(148)
Equity compensation						174
Distributions		(302)				(2,883)
Ending balance	23,178	23,612	24,098	23,176	22,517	21,942
Consolidated Funds
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	529,787	522,938	1,002,587	1,000,749	484,801	1,013,282
Change in redemption value	6,959	6,849	12,507	16,571	15,948	10,504
Redemptions from Class A ordinary shares of AAC I			(492,156)	(14,733)		(538,985)
Gross proceeds from the initial public offering of AAC II					500,000
Ending balance	$ 536,746	$ 529,787	$ 522,938	$ 1,002,587	$ 1,000,749	$ 484,801
Ares Acquisition Corporation II | Class A Common Stock
Increase (Decrease) in Temporary Equity [Roll Forward]
Temporary equity, shares outstanding (in shares)	50,000,000		50,000,000

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Financial Results for Company's Operating Segments and OMG (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment reporting
Total revenues	$ 788,682	$ 1,093,286	$ 1,496,045	$ 1,906,648
Compensation and benefits	(419,858)	(367,550)	(832,809)	(728,331)
General, administrative and other expenses	(169,432)	(141,153)	(340,360)	(289,498)
Total
Segment reporting
Compensation and benefits	(320,153)	(289,928)	(620,168)	(567,959)
General, administrative and other expenses	(126,084)	(96,246)	(241,357)	(190,763)
Fee related earnings	324,516	266,146	626,186	520,783
Performance income—realized	109,642	140,635	132,823	171,771
Performance related compensation—realized	(68,996)	(99,109)	(82,152)	(122,968)
Realized net performance income	40,646	41,526	50,671	48,803
Investment income (loss)—realized	1,444	18,100	709	17,883
Interest and other investment income (expense)—realized	34,052	12,277	50,072	29,858
Interest expense	(37,500)	(25,839)	(75,324)	(50,825)
Realized net investment income (loss)	(2,004)	4,538	(24,543)	(3,084)
Realized income	363,158	312,210	652,314	566,502
Operating segment
Segment reporting
Fee related earnings	(471,316)	(393,776)	(913,290)	(774,912)
Performance income—realized	109,642	140,635	132,823	171,771
Performance related compensation—realized	(68,996)	(99,109)	(82,152)	(122,968)
Realized income	(509,423)	(439,523)	(938,471)	(820,432)
OMG
Segment reporting
Total revenues	(5,481)	(7,848)	(9,814)	(12,488)
Compensation and benefits	(98,370)	(86,011)	(192,527)	(170,978)
General, administrative and other expenses	(53,910)	(49,467)	(104,390)	(95,639)
Fee related earnings	(146,800)	(127,630)	(287,104)	(254,129)
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income	0	0	0	0
Investment income (loss)—realized	0	0	0	0
Interest and other investment income (expense)—realized	640	328	1,092	236
Interest expense	(105)	(11)	(145)	(37)
Realized net investment income (loss)	535	317	947	199
Realized income	(146,265)	(127,313)	(286,157)	(253,930)
Ares Management L.P
Segment reporting
Total revenues	788,682	1,093,286	1,496,045	1,906,648
Ares Management L.P | Operating segment
Segment reporting
Compensation and benefits	(221,783)	(203,917)	(427,641)	(396,981)
General, administrative and other expenses	(72,174)	(46,779)	(136,967)	(95,124)
Fee related earnings	471,316	393,776	913,290	774,912
Performance income—realized	109,642	140,635	132,823	171,771
Performance related compensation—realized	(68,996)	(99,109)	(82,152)	(122,968)
Realized net performance income	40,646	41,526	50,671	48,803
Investment income (loss)—realized	1,444	18,100	709	17,883
Interest and other investment income (expense)—realized	33,412	11,949	48,980	29,622
Interest expense	(37,395)	(25,828)	(75,179)	(50,788)
Realized net investment income (loss)	(2,539)	4,221	(25,490)	(3,283)
Realized income	509,423	439,523	938,471	820,432
Ares Management L.P | Operating segment | Credit Group
Segment reporting
Compensation and benefits	(142,658)	(129,857)	(277,507)	(251,757)
General, administrative and other expenses	(40,610)	(27,576)	(74,976)	(54,252)
Fee related earnings	368,281	300,606	720,698	592,246
Performance income—realized	98,256	86,529	115,022	93,939
Performance related compensation—realized	(60,942)	(55,730)	(69,676)	(61,611)
Realized net performance income	37,314	30,799	45,346	32,328
Investment income (loss)—realized	(519)	17,565	(917)	18,071
Interest and other investment income (expense)—realized	11,596	7,344	16,526	15,457
Interest expense	(8,774)	(8,617)	(17,787)	(17,247)
Realized net investment income (loss)	2,303	16,292	(2,178)	16,281
Realized income	407,898	347,697	763,866	640,855
Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Compensation and benefits	(39,125)	(40,638)	(77,043)	(78,624)
General, administrative and other expenses	(15,286)	(10,863)	(29,739)	(23,147)
Fee related earnings	51,643	55,918	98,161	109,580
Performance income—realized	5,206	2,737	8,883	8,823
Performance related compensation—realized	(3,503)	(1,668)	(5,731)	(5,426)
Realized net performance income	1,703	1,069	3,152	3,397
Investment income (loss)—realized	125	(1,549)	(332)	(3,321)
Interest and other investment income (expense)—realized	(4,526)	2,393	(691)	4,214
Interest expense	(6,729)	(4,106)	(12,678)	(8,002)
Realized net investment income (loss)	(11,130)	(3,262)	(13,701)	(7,109)
Realized income	42,216	53,725	87,612	105,868
Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Compensation and benefits	(14,075)	(13,413)	(28,860)	(30,039)
General, administrative and other expenses	(5,490)	(3,601)	(10,706)	(8,086)
Fee related earnings	14,454	13,229	29,825	22,352
Performance income—realized	5,819	45,909	8,557	63,549
Performance related compensation—realized	(4,661)	(37,033)	(6,855)	(51,253)
Realized net performance income	1,158	8,876	1,702	12,296
Investment income (loss)—realized	188	2,084	308	2,963
Interest and other investment income (expense)—realized	277	191	461	357
Interest expense	(5,768)	(5,119)	(11,657)	(9,924)
Realized net investment income (loss)	(5,303)	(2,844)	(10,888)	(6,604)
Realized income	10,309	19,261	20,639	28,044
Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Compensation and benefits	(20,825)	(16,623)	(33,539)	(30,035)
General, administrative and other expenses	(8,896)	(4,151)	(17,964)	(8,443)
Fee related earnings	33,641	21,314	59,246	46,744
Performance income—realized	361	5,460	361	5,460
Performance related compensation—realized	110	(4,678)	110	(4,678)
Realized net performance income	471	782	471	782
Investment income (loss)—realized	0	0	0	0
Interest and other investment income (expense)—realized	148	182	358	1,407
Interest expense	(2,578)	(2,451)	(5,276)	(4,756)
Realized net investment income (loss)	(2,430)	(2,269)	(4,918)	(3,349)
Realized income	31,682	19,827	54,799	44,177
Ares Management L.P | Operating segment | Other
Segment reporting
Compensation and benefits	(5,100)	(3,386)	(10,692)	(6,526)
General, administrative and other expenses	(1,892)	(588)	(3,582)	(1,196)
Fee related earnings	3,297	2,709	5,360	3,990
Performance income—realized	0	0	0	0
Performance related compensation—realized	0	0	0	0
Realized net performance income	0	0	0	0
Investment income (loss)—realized	1,650	0	1,650	170
Interest and other investment income (expense)—realized	25,917	1,839	32,326	8,187
Interest expense	(13,546)	(5,535)	(27,781)	(10,859)
Realized net investment income (loss)	14,021	(3,696)	6,195	(2,502)
Realized income	17,318	(987)	11,555	1,488
Management fees
Segment reporting
Total revenues	721,681	615,271	1,409,373	1,215,787
Management fees | Total
Segment reporting
Total revenues	726,111	621,752	1,419,476	1,224,371
Management fees | OMG
Segment reporting
Total revenues	0	0	0	0
Management fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	726,111	621,752	1,419,476	1,224,371
Management fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	534,664	448,358	1,045,630	878,825
Management fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	99,609	95,239	193,423	192,709
Management fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	33,572	29,822	68,505	59,662
Management fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	48,145	41,785	92,566	81,648
Management fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	10,121	6,548	19,352	11,527
Fee related performance revenues
Segment reporting
Total revenues	21,567	854
Fee related performance revenues | Total
Segment reporting
Total revenues			25,284	4,725
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	21,567	854	25,284	4,725
Fee related performance revenues | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	6,404	222	7,159	822
Fee related performance revenues | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	0	334	0	334
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 | Secondaries Group
Segment reporting
Total revenues	15,163	298	18,125	3,569
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	23,075	29,714	42,951	50,409
Other fees | OMG
Segment reporting
Total revenues	5,480	7,848	9,813	12,488
Other fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	17,595	21,866	33,138	37,921
Other fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	10,481	9,459	20,392	18,608
Other fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	6,445	11,846	11,520	18,308
Other fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	447	421	886	815
Other fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	54	5	58	5
Other fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	$ 168	$ 135	$ 282	$ 185

SEGMENT REPORTING - Schedule _2

SEGMENT REPORTING - Schedule of Segment Revenue Expenses and Realized Net Investment Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment revenues
Total revenues	$ 788,682	$ 1,093,286	$ 1,496,045	$ 1,906,648
Total segment revenues	874,915	785,107	1,610,721	1,438,788
Segment expenses
Compensation and benefits	419,858	367,550	832,809	728,331
General, administrative and other expenses	169,432	141,153	340,360	289,498
Total expenses	564,544	837,738	1,103,037	1,466,374
Segment realized net investment income (expense)
Total other income, net	93,187	126,421	155,365	182,817
Management fees
Segment revenues
Total revenues	721,681	615,271	1,409,373	1,215,787
Fee related performance revenues
Segment revenues
Total revenues	21,567	854
Operating segment
Segment revenues
Performance income—realized	109,642	140,635	132,823	171,771
Segment expenses
Performance related compensation—realized	68,996	99,109	82,152	122,968
Ares Management L.P
Segment revenues
Total revenues	788,682	1,093,286	1,496,045	1,906,648
Ares Management L.P | Operating segment
Segment revenues
Performance income—realized	109,642	140,635	132,823	171,771
Total segment revenues	874,915	785,107	1,610,721	1,438,788
Segment expenses
Compensation and benefits	221,783	203,917	427,641	396,981
General, administrative and other expenses	72,174	46,779	136,967	95,124
Performance related compensation—realized	68,996	99,109	82,152	122,968
Total expenses	362,953	349,805	646,760	615,073
Segment realized net investment income (expense)
Investment income—realized	1,444	18,100	709	17,883
Interest and other investment income —realized	33,412	11,949	48,980	29,622
Interest expense	(37,395)	(25,828)	(75,179)	(50,788)
Total other income, net	(2,539)	4,221	(25,490)	(3,283)
Ares Management L.P | Operating segment | Management fees
Segment revenues
Total revenues	726,111	621,752	1,419,476	1,224,371
Ares Management L.P | Operating segment | Fee related performance revenues
Segment revenues
Total revenues	21,567	854	25,284	4,725
Ares Management L.P | Operating segment | Other fees
Segment revenues
Total revenues	$ 17,595	$ 21,866	$ 33,138	$ 37,921

SEGMENT REPORTING - Schedule _3

SEGMENT REPORTING - Schedule of Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue adjustment
Total revenues	$ 788,682	$ 1,093,286	$ 1,496,045	$ 1,906,648
Total segment revenue	874,915	785,107	1,610,721	1,438,788
Ares Management L.P
Revenue adjustment
Total revenues	788,682	1,093,286	1,496,045	1,906,648
Operating segment | Ares Management L.P
Revenue adjustment
Performance (income) loss—unrealized	122,318	(288,220)	167,794	(415,933)
Total segment revenue	874,915	785,107	1,610,721	1,438,788
Reconciling items
Revenue adjustment
Total segment revenue	86,233	(308,179)	114,676	(467,860)
Principal investment income, net of eliminations	(603)	(65,242)	2,063	(100,699)
Reconciling items | Non-Controlling interest | Subsidiaries
Revenue adjustment
Total segment revenue	(7,142)	(6,421)	(14,876)	(17,330)
OMG
Revenue adjustment
Total revenues	(5,481)	(7,848)	(9,814)	(12,488)
Management fees
Revenue adjustment
Total revenues	721,681	615,271	1,409,373	1,215,787
Management fees | Operating segment | Ares Management L.P
Revenue adjustment
Total revenues	726,111	621,752	1,419,476	1,224,371
Management fees | OMG
Revenue adjustment
Total revenues	0	0	0	0
Management fees | Consolidated Funds  | Eliminations
Revenue adjustment
Total segment revenue	12,002	12,005	24,455	23,606
Carried interest
Revenue adjustment
Total revenues	(51,167)	418,466	(83,645)	569,954
Carried interest | Consolidated Funds  | Eliminations
Revenue adjustment
Total revenues	11,527	3,946	17,452	7,491
Administrative, transaction and other fees
Revenue adjustment
Total revenues	40,973	44,711	77,405	74,388
Administrative, transaction and other fees | Reconciling items
Revenue adjustment
Total revenues	(17,701)	(16,888)	(34,108)	(30,538)
Administrative, transaction and other fees | Consolidated Funds  | Reconciling items
Revenue adjustment
Total revenues	168	2,135	281	6,978
Principal investment income
Revenue adjustment
Total revenues	29,461	6,888	36,511	29,646
Principal investment income | Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	$ (29,458)	$ (6,888)	$ (36,508)	$ (29,646)

SEGMENT REPORTING - Schedule _4

SEGMENT REPORTING - Schedule of Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	$ 564,544	$ 837,738	$ 1,103,037	$ 1,466,374
Depreciation and amortization expense	29,000	30,400	58,200	64,000
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(3,650)	(2,757)	(14,228)	(7,712)
Equity-based compensation expense	(88,234)	(62,284)	(180,655)	(130,988)
Acquisition-related compensation expense	(5,435)	(600)	(10,939)	(1,242)
Placement fee adjustment	(230)	(3,744)	5,310	(6,976)
Depreciation and amortization expense	36,251	42,991	72,895	88,650
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	362,953	349,805	646,760	615,073
Performance related compensation-unrealized	107,182	(215,496)	171,696	(300,646)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	564,544	837,738	1,103,037	1,466,374
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	201,591	487,933	456,277	851,301
Administrative fees	(17,701)	(16,890)	(34,108)	(30,167)
Acquisition and merger-related expense	(3,650)	(2,757)	(14,228)	(7,712)
Equity-based compensation expense	(88,232)	(62,282)	(180,654)	(131,359)
Acquisition-related compensation expense	(5,435)	(600)	(10,939)	(1,242)
Placement fee adjustment	230	3,744	(5,310)	6,976
Depreciation and amortization expense	(36,251)	(42,991)	(72,895)	(88,650)
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	1,215	1,959	3,970	11,151
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(16,409)	(25,395)	(34,117)	(45,036)
Expenses of Consolidated Funds eliminated in consolidation	12,170	12,171	25,165	24,303
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total segment expenses	$ 152,280	$ 135,478	$ 296,917	$ 266,617

SEGMENT REPORTING - Schedule _5

SEGMENT REPORTING - Schedule of Other Income (Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 93,187	$ 126,421	$ 155,365	$ 182,817
Total segment realized net investment income (expense)	(2,539)	4,221	(25,490)	(3,283)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment (income) loss—unrealized	22,908	(39,629)	18,621	(68,406)
Other (income) expense, net	11,430	(212)	11,299	(303)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(2,539)	4,221	(25,490)	(3,283)
Investment (income) loss—unrealized	22,471	(43,939)	18,786	(72,924)
Interest and other investment (income) loss—unrealized	437	4,310	(165)	4,518
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	93,187	126,421	155,365	182,817
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(95,726)	(122,200)	(180,855)	(186,100)
Principal investment income (loss)	603	65,242	(2,063)	100,699
Other (income) expense, net	(11,430)	212	(11,299)	303
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	1,985	8,248	3,302	4,294
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net from Consolidated Funds added in consolidation	(108,326)	(146,934)	(188,303)	(209,851)
Eliminations | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other expense, net from Consolidated Funds eliminated in consolidation	(1,233)	(10,492)	(331)	(14,943)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 233	$ (1,153)	$ 782	$ (1,804)

SEGMENT REPORTING - Schedule _6

SEGMENT REPORTING - Schedule of Reconciliation of Income Before Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Adjustments:
Depreciation and amortization expense	$ 29,000	$ 30,400	$ 58,200	$ 64,000
Consolidated Funds
Adjustments:
Total investment (income) loss—realized	(240,359)	(234,454)	(497,635)	(457,392)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income before taxes	317,325	381,969	548,373	623,091
Adjustments:
Depreciation and amortization expense	36,251	42,991	72,895	88,650
Equity compensation expense	88,234	62,284	180,655	130,988
Acquisition-related compensation expense	5,435	600	10,939	1,242
Acquisition and merger-related expense	3,650	2,757	14,228	7,712
Placement fee adjustment	(230)	(3,744)	5,310	(6,976)
Other (income) expense, net	(11,430)	212	(11,299)	303
Total performance (income) loss—unrealized	122,318	(288,220)	167,794	(415,933)
Total performance related compensation—unrealized	(107,182)	215,496	(171,696)	300,646
Investment (income) loss—unrealized	22,908	(39,629)	18,621	(68,406)
Realized income	509,423	439,523	938,471	820,432
Total performance income—realized	(109,642)	(140,635)	(132,823)	(171,771)
Total performance related compensation—realized	68,996	99,109	82,152	122,968
Total investment (income) loss—realized	2,539	(4,221)	25,490	3,283
Fee related earnings	471,316	393,776	913,290	774,912
Operating segment | Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(110,481)	(67,762)	(176,067)	(94,933)
Operating segment | Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(3,942)	3,786	(7,604)	(1,885)
OMG
Adjustments:
OMG expense, net	146,567	128,783	286,322	255,933
Realized income	146,265	127,313	286,157	253,930
Total performance income—realized	0	0	0	0
Total performance related compensation—realized	0	0	0	0
Fee related earnings	$ 146,800	$ 127,630	$ 287,104	$ 254,129

CONSOLIDATION - Variable Intere

CONSOLIDATION - Variable Interest Entities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 24,192,557		$ 24,192,557		$ 24,730,500
Liabilities of consolidated VIEs	18,435,543		18,435,543		19,709,151
Collateralized loan obligations
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	95,000		95,000		83,100
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	397,841		397,841		503,376
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	781,921		781,921		910,600
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	15,207,028		15,207,028		15,484,962
Liabilities of consolidated VIEs	12,572,337		12,572,337		$ 13,409,257
Net income attributable to non-controlling interests related to consolidated VIEs	$ 100,969	$ 63,461	$ 159,325	$ 100,592

CONSOLIDATION - Balance Sheet (

CONSOLIDATION - Balance Sheet (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Intangible assets, net	$ 433,326		$ 490,695
Goodwill	1,130,327		1,123,976
Total assets	24,192,557		24,730,500
Liabilities
Operating lease liabilities	304,205
Total liabilities	18,435,543		19,709,151
Commitments and contingencies
Stockholders’ Equity
Additional paid-in-capital	2,721,980		2,391,036
Accumulated deficit	(712,856)		(495,083)
Accumulated other comprehensive loss, net of tax	(10,481)		(5,630)
Total stockholders’ equity	2,001,768		1,893,399
Total equity	5,197,090	$ 4,477,072	4,474,313	$ 4,018,454	$ 3,992,470	$ 4,079,370	$ 3,798,618
Total liabilities, redeemable interest, non-controlling interests and equity	$ 24,192,557		$ 24,730,500
Common stock, shares outstanding (in shares)	312,512,682		307,585,576
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,957		$ 1,871
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)	195,697,984		187,069,907
Common stock, shares outstanding (in shares)	195,697,984		187,069,907
Non-voting Common Stock
Stockholders’ Equity
Common stock	$ 35		$ 35
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	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	$ 1,133		$ 1,170
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized (in shares)	499,999,000
Common stock, shares issued (in shares)	113,323,787		117,024,758
Common stock, shares outstanding (in shares)	113,323,787		117,024,758
Eliminations
Assets
Total assets	$ (993,880)		$ (1,104,263)
Liabilities
Total liabilities	(304,071)		(295,594)
Commitments and contingencies
Stockholders’ Equity
Total equity	(689,809)		(808,669)
Total liabilities, redeemable interest, non-controlling interests and equity	(993,880)		(1,104,263)
Ares Management L.P
Assets
Cash and cash equivalents	284,445		348,274
Investments (includes $3,222,927 of accrued carried interest)	$ 4,415,428		$ 4,624,932
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity		Affiliated entity
Due from affiliates	$ 816,535		$ 896,746
Other assets	579,509		429,979
Right-of-use operating lease assets	231,518		249,326
Intangible assets, net	1,001,126		1,058,495
Goodwill	1,130,327		1,123,976
Liabilities
Accounts payable, accrued expenses and other liabilities	274,144		233,884
Accrued compensation	$ 296,784		$ 287,259
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity		Affiliated entity
Due to affiliates	$ 349,222		$ 240,254
Performance related compensation payable	2,341,094		2,514,610
Debt obligations	2,566,887		2,965,480
Operating lease liabilities	304,205		319,572
Redeemable interest	23,178		24,098
Non-controlling interests in Ares Operating Group entities	1,289,401		1,322,469
Stockholders’ Equity
Additional paid-in-capital	2,721,980		2,391,036
Accumulated deficit	(712,856)		(495,083)
Accumulated other comprehensive loss, net of tax	(10,481)		(5,630)
Total stockholders’ equity	2,001,768		1,893,399
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,957		1,871
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	1,133		1,170
Ares Management L.P | Carried interest
Stockholders’ Equity
Equity method investments:	3,222,927		3,413,007
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	284,445		348,274
Investments (includes $3,222,927 of accrued carried interest)	5,224,834		5,546,209
Due from affiliates	989,036		1,068,089
Other assets	579,509		429,979
Right-of-use operating lease assets	231,518		249,326
Intangible assets, net	1,001,126		1,058,495
Goodwill	1,130,327		1,123,976
Total assets	9,440,795		9,824,348
Liabilities
Accounts payable, accrued expenses and other liabilities	286,116		245,526
Accrued compensation	296,784		287,259
Due to affiliates	349,222		240,254
Performance related compensation payable	2,341,094		2,514,610
Debt obligations	2,566,887		2,965,480
Operating lease liabilities	304,205		319,572
Total liabilities	6,144,308		6,572,701
Commitments and contingencies
Redeemable interest	23,178		24,098
Non-controlling interests in Ares Operating Group entities	1,282,925		1,326,913
Stockholders’ Equity
Additional paid-in-capital	2,710,596		2,398,273
Accumulated deficit	(712,856)		(495,083)
Accumulated other comprehensive loss, net of tax	(10,481)		(5,630)
Total stockholders’ equity	1,990,384		1,900,636
Total equity	3,273,309		3,227,549
Total liabilities, redeemable interest, non-controlling interests and equity	9,440,795		9,824,348
Ares Management L.P | Reportable legal entity | Class A Common Stock
Stockholders’ Equity
Common stock	1,957		1,871
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	1,133		1,170
Ares Management L.P | Eliminations
Assets
Investments (includes $3,222,927 of accrued carried interest)	(809,406)		(921,277)
Due from affiliates	(172,501)		(171,343)
Other assets	0		0
Liabilities
Accounts payable, accrued expenses and other liabilities	(11,972)		(11,642)
Non-controlling interests in Ares Operating Group entities	6,476		(4,444)
Stockholders’ Equity
Additional paid-in-capital	11,384		(7,237)
Total stockholders’ equity	11,384		(7,237)
Consolidated Entity, Excluding VIE
Assets
Cash and cash equivalents	1,241,041		1,149,511
Other assets	94,703		100,823
Investments held in trust account	536,846		523,038
Investments, at fair value	13,678,134		14,078,549
Receivable for securities sold	182,945		146,851
Liabilities
Accounts payable, accrued expenses and other liabilities	$ 170,672		$ 189,523
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity		Affiliated entity
Due to affiliates	$ 0		$ 3,554
Payable for securities purchased	503,533		484,117
CLO loan obligations, at fair value	11,491,761		12,345,657
Fund borrowings	137,241		125,241
Redeemable interest	536,746		522,938
Non-controlling interests in Ares Operating Group entities	1,905,921		1,258,445
Consolidated Entity, Excluding VIE | Reportable legal entity
Assets
Cash and cash equivalents	1,241,041		1,149,511
Other assets	106,676		112,466
Investments held in trust account	536,846		523,038
Investments, at fair value	13,678,134		14,078,549
Receivable for securities sold	182,945		146,851
Total assets	15,745,642		16,010,415
Liabilities
Accounts payable, accrued expenses and other liabilities	170,672		189,523
Due to affiliates	172,501		174,897
Payable for securities purchased	503,533		484,117
CLO loan obligations, at fair value	11,611,359		12,458,266
Fund borrowings	137,241		125,241
Total liabilities	12,595,306		13,432,044
Commitments and contingencies
Redeemable interest	536,746		522,938
Non-controlling interests in Ares Operating Group entities	2,613,590		2,055,433
Stockholders’ Equity
Total equity	2,613,590		2,055,433
Total liabilities, redeemable interest, non-controlling interests and equity	15,745,642		16,010,415
Consolidated Entity, Excluding VIE | Eliminations
Assets
Other assets	(11,973)		(11,643)
Investments, at fair value	0		0
Liabilities
Accounts payable, accrued expenses and other liabilities	0		0
Due to affiliates	(172,501)		(171,343)
CLO loan obligations, at fair value	(119,598)		(112,609)
Non-controlling interests in Ares Operating Group entities	$ (707,669)		$ (796,988)

CONSOLIDATION - Income Statemen

CONSOLIDATION - Income Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 788,682	$ 1,093,286	$ 1,496,045	$ 1,906,648
Expenses
Compensation and benefits	419,858	367,550	832,809	728,331
Performance related compensation	(28,985)	315,780	(79,517)	427,438
General, administrative and other expenses	169,432	141,153	340,360	289,498
Expenses of Consolidated Funds	4,239	13,255	9,385
Total expenses	564,544	837,738	1,103,037	1,466,374
Other income (expense)
Total other income, net	93,187	126,421	155,365	182,817
Income before taxes	317,325	381,969	548,373	623,091
Income tax expense	41,074	49,714	68,307	83,520
Net income	276,251	332,255	480,066	539,571
Less: Net income attributable to non-controlling interests in Consolidated Funds	105,489	67,681	172,205
Net income (loss)	170,762	264,574	307,861	445,197
Less: Net income (loss) attributable to redeemable interest	(387)	734	(314)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	76,211	119,326	140,210
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	94,938	144,514	167,965	238,553
Eliminations
Revenues
Total revenues	5,161	(76,440)	(3,615)	(109,128)
Expenses
Compensation and benefits	0	0
Performance related compensation	0	0
General, administrative and other expenses	0	(31)	(433)	(374)
Expenses of Consolidated Funds	(12,170)	(12,140)	(24,732)	(23,929)
Total expenses	(12,170)	(12,171)	(25,165)	(24,303)
Other income (expense)
Total other income, net	1,233	10,492	331	14,943
Income before taxes	18,564	(53,777)	21,881	(69,882)
Net income	18,564	(53,777)	21,881	(69,882)
Less: Net income attributable to non-controlling interests in Consolidated Funds	18,564	(53,777)	21,881	(69,882)
Net income (loss)	0	0
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0	0	0
Ares Operating Group
Other income (expense)
Net realized and unrealized gains (losses) from investments	8,339	5,481	18,855	6,996
Interest and dividend income	7,017	2,690	12,399	6,529
Interest expense	(37,500)	(25,839)	(75,324)	(50,825)
Other expense, net	(938)	(5,887)	(668)	(6,810)
Net income (loss)	170,762	264,574	307,861	445,197
Less: Net income (loss) attributable to redeemable interest	(387)	734	(314)	(1,090)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	76,211	119,326	140,210	207,734
Ares Operating Group | Eliminations
Other income (expense)
Net realized and unrealized gains (losses) from investments	(4,660)	10,036	(6,501)	3,699
Interest and dividend income	(3,035)	(2,797)	(5,745)	(6,134)
Other expense, net	985	211	777	302
Consolidated Funds
Expenses
Expenses of Consolidated Funds	4,239	13,255	9,385	21,107
Other income (expense)
Net realized and unrealized gains (losses) from investments	93,523	98,426	127,947	109,126
Interest expense	(217,613)	(182,904)	(425,479)	(339,591)
Interest and other income of Consolidated Funds	240,359	234,454	497,635	457,392
Less: Net income attributable to non-controlling interests in Consolidated Funds	105,489	67,681	172,205	94,374
Consolidated Funds  | Eliminations
Other income (expense)
Net realized and unrealized gains (losses) from investments	7,404	2,138	9,476	14,907
Interest expense	1,078	1,115	2,654	2,471
Interest and other income of Consolidated Funds	(539)	(211)	(330)	(302)
Consolidated Company Entities
Revenues
Total revenues	788,682	1,093,286	1,496,045	1,906,648
Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	783,521	1,169,726	1,499,660	2,015,776
Expenses
Compensation and benefits	419,858	367,550	832,809	728,331
Performance related compensation	(28,985)	315,780	(79,517)	427,438
General, administrative and other expenses	169,432	141,184	340,793	289,872
Total expenses	560,305	824,514	1,094,085	1,445,641
Other income (expense)
Total other income, net	(16,372)	(31,005)	(33,269)	(41,977)
Income before taxes	206,844	314,207	372,306	528,158
Income tax expense	36,082	49,633	64,445	82,961
Net income	170,762	264,574	307,861	445,197
Net income (loss)	170,762	264,574	307,861	445,197
Less: Net income (loss) attributable to redeemable interest	(387)	734	(314)	(1,090)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	76,211	119,326	140,210	207,734
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	94,938	144,514	167,965	238,553
Consolidated Company Entities  | Ares Operating Group | Reportable legal entity
Other income (expense)
Net realized and unrealized gains (losses) from investments	12,999	(4,555)	25,356	3,297
Interest and dividend income	10,052	5,487	18,144	12,663
Interest expense	(37,500)	(25,839)	(75,324)	(50,825)
Other expense, net	(1,923)	(6,098)	(1,445)	(7,112)
Consolidated Entity, Excluding VIE | Reportable legal entity
Revenues
Total revenues	0	0	0	0
Expenses
Expenses of Consolidated Funds	16,409	25,395	34,117	45,036
Total expenses	16,409	25,395	34,117	45,036
Other income (expense)
Total other income, net	108,326	146,934	188,303	209,851
Income before taxes	91,917	121,539	154,186	164,815
Income tax expense	4,992	81	3,862	559
Net income	86,925	121,458	150,324	164,256
Less: Net income attributable to non-controlling interests in Consolidated Funds	86,925	121,458	150,324	164,256
Consolidated Entity, Excluding VIE | Consolidated Funds  | Reportable legal entity
Other income (expense)
Net realized and unrealized gains (losses) from investments	86,119	96,288	118,471	94,219
Interest expense	(218,691)	(184,019)	(428,133)	(342,062)
Interest and other income of Consolidated Funds	240,898	234,665	497,965	457,694
Management fees
Revenues
Total revenues	721,681	615,271	1,409,373	1,215,787
Management fees | Eliminations
Revenues
Total revenues	(12,002)	(12,005)	(24,455)	(23,606)
Management fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	733,683	627,276	1,433,828	1,239,393
Carried interest allocation
Revenues
Total revenues	(51,167)	418,466	(83,645)	569,954
Carried interest allocation | Eliminations
Revenues
Total revenues	(11,527)	(3,946)	(17,455)	(7,353)
Carried interest allocation | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	(39,640)	422,412	(66,190)	577,307
Incentive fees
Revenues
Total revenues	47,734	7,950	56,401	16,873
Incentive fees | Eliminations
Revenues
Total revenues	0	0	3	(138)
Incentive fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	47,734	7,950	56,398	17,011
Principal investment income (loss)
Revenues
Total revenues	29,461	6,888	36,511	29,646
Principal investment income (loss) | Eliminations
Revenues
Total revenues	28,858	(58,354)	38,573	(71,053)
Principal investment income (loss) | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	603	65,242	(2,062)	100,699
Administrative, transaction and other fees
Revenues
Total revenues	40,973	44,711	77,405	74,388
Administrative, transaction and other fees | Eliminations
Revenues
Total revenues	(168)	(2,135)	(281)	(6,978)
Administrative, transaction and other fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	$ 41,141	$ 46,846	$ 77,686	$ 81,366

CONSOLIDATION - Cash Flow State

CONSOLIDATION - Cash Flow Statement (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 276,251	$ 332,255	$ 480,066	$ 539,571
Net cash provided by operating activities			1,142,217	8,520
Cash flows from investing activities:
Net cash used in investing activities			(63,309)	(21,127)
Allocable to non-controlling interests in Consolidated Funds:
Net cash used in financing activities			(1,125,531)	(97,501)
Effect of exchange rate changes			(17,206)	(3,052)
Net change in cash and cash equivalents			(63,829)	(113,160)
Cash and cash equivalents, beginning of period			348,274
Cash and cash equivalents, end of period	284,445	276,827	284,445	276,827
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities			7,724	116,101
Issuance of common stock in connection with settlement of management incentive program			0	245,647
Eliminations
Cash flows from operating activities:
Net income	18,564	(53,777)	21,881	(69,882)
Net cash provided by operating activities			(188,509)	101,534
Allocable to non-controlling interests in Consolidated Funds:
Net cash used in financing activities			96,979	(189,057)
Effect of exchange rate changes			0
Net change in cash and cash equivalents			(91,530)	(87,523)
Cash and cash equivalents, beginning of period			(1,149,511)	(724,641)
Cash and cash equivalents, end of period	(1,241,041)	(812,164)	(1,241,041)	(812,164)
Consolidated Funds
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			323,364	(884,231)
Change in cash and cash equivalents held at Consolidated Funds			(121,962)	133,981
Allocable to non-controlling interests in Consolidated Funds:
Redemption of Series A Preferred Stock			(511,610)	(680,991)
Distributions to non-controlling interests in Consolidated Funds			(47,604)	(35,925)
Redemptions of redeemable interests in Consolidated Funds			0	(538,985)
Borrowings under loan obligations by Consolidated Funds			167,135	535,464
Repayments under loan obligations by Consolidated Funds			(878,545)	(174,669)
Consolidated Funds  | Reportable legal entity
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			332,840	(869,324)
Change in cash and cash equivalents held at Consolidated Funds			(32,091)	144,378
Net cash provided by operating activities			451,073	(560,690)
Allocable to non-controlling interests in Consolidated Funds:
Redemption of Series A Preferred Stock			(434,961)	(880,426)
Distributions to non-controlling interests in Consolidated Funds			(67,934)	(46,303)
Redemptions of redeemable interests in Consolidated Funds				(538,985)
Borrowings under loan obligations by Consolidated Funds			167,135	535,464
Repayments under loan obligations by Consolidated Funds			(878,545)	(174,669)
Net cash used in financing activities			(344,383)	655,933
Effect of exchange rate changes			(15,160)	(7,720)
Net change in cash and cash equivalents			91,530	87,523
Cash and cash equivalents, beginning of period			1,149,511	724,641
Cash and cash equivalents, end of period	1,241,041	812,164	1,241,041	812,164
Consolidated Funds  | Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			(9,476)	(14,907)
Change in cash and cash equivalents held at Consolidated Funds			(89,871)	(10,397)
Allocable to non-controlling interests in Consolidated Funds:
Redemption of Series A Preferred Stock			76,649	199,435
Distributions to non-controlling interests in Consolidated Funds			20,330	10,378
Ares Management L.P
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			303,360	149,773
Cash flows due to changes in operating assets and liabilities			157,389	69,426
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(55,309)	(21,127)
Acquisitions			(8,000)	0
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock			354,395	0
Proceeds from Credit Facility			650,000	495,000
Repayments of Credit Facility			(1,050,000)	(470,000)
Dividends and distributions			(632,260)	(510,501)
Stock option exercises			1,511	53,140
Taxes paid related to net share settlement of equity awards			(203,076)	(133,570)
Other financing activities			1,303	1,554
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period			348,274	389,987
Cash and cash equivalents, end of period	284,445	276,827	284,445	276,827
Ares Management L.P | Reportable legal entity
Cash flows from operating activities:
Net income	170,762	264,574	307,861	445,197
Adjustments to reconcile net income to net cash provided by operating activities			432,686	(108,264)
Cash flows due to changes in operating assets and liabilities			139,106	130,743
Net cash provided by operating activities			879,653	467,676
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals			(55,309)	(21,127)
Acquisitions			(8,000)
Net cash used in investing activities			(63,309)	(21,127)
Cash flows from financing activities:
Net proceeds from issuance of Class A common stock			354,395
Proceeds from Credit Facility			650,000	495,000
Repayments of Credit Facility			(1,050,000)	(470,000)
Dividends and distributions			(632,260)	(510,501)
Stock option exercises			1,511	53,140
Taxes paid related to net share settlement of equity awards			(203,076)	(133,570)
Other financing activities			1,303	1,554
Allocable to non-controlling interests in Consolidated Funds:
Net cash used in financing activities			(878,127)	(564,377)
Effect of exchange rate changes			(2,046)	4,668
Net change in cash and cash equivalents			(63,829)	(113,160)
Cash and cash equivalents, beginning of period			348,274	389,987
Cash and cash equivalents, end of period	$ 284,445	$ 276,827	284,445	276,827
Supplemental disclosure of non-cash financing activities:
Issuance of common stock in connection with acquisition-related activities			7,724	116,101
Ares Management L.P | Eliminations
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities			(129,326)	258,037
Cash flows due to changes in operating assets and liabilities			$ 18,283	(61,317)
Ares Management L.P | Ares Operating Group | Reportable legal entity
Supplemental disclosure of non-cash financing activities:
Issuance of common stock 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
	Aug. 07, 2024	Jun. 12, 2024	Jul. 31, 2024
Class A Common Stock | Underwritten
Subsequent events
Number of shares sold (in shares)		2,650,000
Class A Common Stock | Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.93
Class A Common Stock | Subsequent event | Underwritten
Subsequent events
Number of shares sold (in shares)			397,500
Option to purchase additional shares, number of days			30 days
Proceeds from sale of shares			$ 52.9
Non-voting Common Stock | Subsequent event
Subsequent events
Dividend declared (in dollars per share)	$ 0.93