Ares Management (ARES) 10-K 27 Feb 25 2024 FY Annual report Financial data

Cover Page

Cover Page - USD ($)	12 Months Ended
	Dec. 31, 2024	Feb. 21, 2025	Jun. 30, 2024
Entity Information [Line Items]
Document Type	10-K
Document Annual Report	true
Current Fiscal Year End Date	--12-31
Document Period End Date	Dec. 31, 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	1800 Avenue of the Stars
Entity Address, Address Line Two	Suite 1400
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
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 25,545,399,693
Documents Incorporated by Reference	Part III of this Form 10-K incorporates by reference information from the registrant’s definitive proxy statement related to the 2025 annual meeting of stockholders.
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Central Index Key	0001176948
Class A common stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	Class A common stock, par value $0.01 per share
Trading Symbol	ARES
Security Exchange Name	NYSE
6.75% Series B Mandatory Convertible Preferred Stock, par value $0.01 per share
Entity Information [Line Items]
Title of 12(b) Security	6.75% Series B mandatory convertible preferred stock, par value $0.01 per share
Trading Symbol	ARES.PRB
Security Exchange Name	NYSE
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		204,107,275
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		107,811,420
Series B Mandatory Convertible Preferred Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		30,000,000

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2024
Auditor Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Los Angeles, California

Consolidated Statements of Fina

Consolidated Statements of Financial Condition - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Intangible assets, net	$ 408,028	$ 490,695
Goodwill	1,162,636	1,123,976
Total assets	24,884,308	24,730,500
Liabilities
Operating lease liabilities	641,864
Total liabilities	17,485,922	19,709,151
Commitments and contingencies (Note 8)
Stockholders’ Equity
Additional paid-in-capital	2,936,794	2,391,036
Accumulated deficit	(837,294)	(495,083)
Accumulated other comprehensive loss, net of tax	(17,757)	(5,630)
Total stockholders’ equity	3,543,646	1,893,399
Total equity	6,824,190	4,474,313
Total liabilities, redeemable interest, non-controlling interests and equity	24,884,308	24,730,500
Series B Mandatory Convertible Preferred Stock
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding as of December 31, 2024)	1,458,771	0
Class A Common Stock
Stockholders’ Equity
Common stock	1,999	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	1,098	1,170
Consolidated Entity, Excluding VIE, Including Parent
Assets
Total assets	24,884,308	24,730,500
Liabilities
Total liabilities	17,485,922	19,709,151
Ares Management L.P
Assets
Cash and cash equivalents	1,507,976	348,274
Investments (includes accrued carried interest of $3,495,115 and $3,413,007 as of December 31, 2024 and 2023, respectively)	4,644,775	4,624,932
Due from affiliates	1,056,608	896,746
Other assets	774,654	429,979
Right-of-use operating lease assets	511,319	249,326
Intangible assets, net	975,828	1,058,495
Goodwill	1,162,636	1,123,976
Liabilities
Accounts payable, accrued expenses and other liabilities	363,872	233,884
Accrued compensation	280,894	287,259
Due to affiliates	500,480	240,254
Performance related compensation payable	2,537,203	2,514,610
Debt obligations	2,558,914	2,965,480
Operating lease liabilities	641,864	319,572
Redeemable interest	23,496	24,098
Non-controlling interests in Ares Operating Group entities	1,254,878	1,322,469
Stockholders’ Equity
Additional paid-in-capital	2,936,794	2,391,036
Accumulated deficit	(837,294)	(495,083)
Accumulated other comprehensive loss, net of tax	(17,757)	(5,630)
Total stockholders’ equity	3,543,646	1,893,399
Ares Management L.P | Series B Mandatory Convertible Preferred Stock
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding as of December 31, 2024)	1,458,771
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,999	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	1,098	1,170
Consolidated Funds
Assets
Cash and cash equivalents	1,227,489	1,149,511
Other assets	82,397	100,823
Investments held in trust account	550,800	523,038
Investments, at fair value	12,187,044	14,078,549
Receivable for securities sold	202,782	146,851
Liabilities
Accounts payable, accrued expenses and other liabilities	323,100	189,523
Due to affiliates	0	3,554
Payable for securities purchased	332,406	484,117
CLO loan obligations, at fair value	9,672,189	12,345,657
Fund borrowings	275,000	125,241
Redeemable interest	550,700	522,938
Non-controlling interests in Ares Operating Group entities	$ 2,025,666	$ 1,258,445

Consolidated Statements of Fi_2

Consolidated Statements of Financial Condition (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Common stock, shares outstanding (in shares)	313,170,171	307,585,576
Series B Mandatory Convertible Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000
Preferred stock, shares issued (in shares)	30,000,000
Preferred stock, shares outstanding (in shares)	30,000,000
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)	199,872,571	187,069,907
Common stock, shares outstanding (in shares)	199,872,571	187,069,907
Non-voting Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	3,489,911
Common stock, shares outstanding (in shares)	3,489,911	3,489,911
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C Common Stock
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	499,999,000	499,999,000
Common stock, shares issued (in shares)	109,806,689	117,024,758
Common stock, shares outstanding (in shares)	109,806,689	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:	$ 3,495,115	$ 3,413,007
Consolidated Funds
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 3,884,781	$ 3,631,884	$ 3,055,443
Expenses
Compensation and benefits	1,731,747	1,486,698	1,498,590
Performance related compensation	449,564	607,522	518,829
General, administrative and other expenses	736,501	660,146	695,256
Expenses of Consolidated Funds	20,879	43,492	36,410
Total expenses	2,938,691	2,797,858	2,749,085
Other income (expense)
Total other income, net	329,262	499,037	204,448
Income before taxes	1,275,352	1,333,063	510,806
Income tax expense	164,617	172,971	71,891
Net income	1,110,735	1,160,092	438,915
Less: Net income attributable to non-controlling interests in Consolidated Funds	295,772
Net income (loss)	814,963
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	103
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	351,118
Net income attributable to Ares Management Corporation	463,742	474,326	167,541
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	440,961	474,326	167,541
Series B Mandatory Convertible Preferred Stock
Other income (expense)
Less: Series B mandatory convertible preferred stock dividends declared	22,781	0	0
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	$ 440,961	$ 474,326	$ 167,541
Net income per share of Class A and non-voting common stock:
Basic (in dollars per share)	$ 2.04	$ 2.44	$ 0.87
Diluted (in dollars per share)	$ 2.04	$ 2.42	$ 0.87
Weighted-average shares of Class A and non-voting common stock:
Basic (in shares)	198,054,451	184,523,524	175,510,798
Diluted (in shares)	198,054,451	195,773,426	175,510,798
Consolidated Funds
Expenses
Expenses of Consolidated Funds	$ 20,879
Other income (expense)
Net realized and unrealized gains on investments	313,963	$ 262,700	$ 73,386
Interest expense	(835,335)	(754,600)	(411,361)
Interest and other income of Consolidated Funds	933,349	995,545	586,529
Income tax expense	7,074	3,823	331
Less: Net income attributable to non-controlling interests in Consolidated Funds	295,772	274,296	119,333
Ares Operating Group
Other income (expense)
Net realized and unrealized gains on investments	16,570	77,573	4,732
Interest and dividend income	43,054	19,276	9,399
Interest expense	(142,966)	(106,276)	(71,356)
Other income, net	627	4,819	13,119
Net income (loss)	814,963	885,796	319,582
Less: Net income (loss) attributable to redeemable interest in Ares Operating Group entities	103	226	(851)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	351,118	411,244	152,892
Management fees
Revenues
Total revenues	2,942,126	2,551,150	2,136,433
Carried interest allocation
Revenues
Total revenues	390,180	618,579	458,012
Incentive fees
Revenues
Total revenues	344,157	276,627	301,187
Principal investment income
Revenues
Total revenues	45,424	36,516	12,279
Administrative, transaction and other fees
Revenues
Total revenues	$ 162,894	$ 149,012	$ 147,532

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income	$ 1,110,735	$ 1,160,092	$ 438,915
Foreign currency translation adjustments, net of tax	(32,221)	19,855	(33,911)
Total comprehensive income	1,078,514	1,179,947	405,004
Consolidated Funds
Less: Comprehensive income attributable to non-controlling interests in Consolidated Funds	283,042	278,813	107,793
Ares Operating Group
Less: Comprehensive income (loss) attributable to redeemable interest in Ares Operating Group entities	(300)	185	(1,277)
Less: Comprehensive income attributable to non-controlling interests in Ares Operating Group entities	344,157	417,267	144,078
Ares Management Corporation | Ares Management L.P
Comprehensive income attributable to Ares Management Corporation	$ 451,615	$ 483,682	$ 154,410

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Additional Paid-in-Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Non-Controlling interest Ares Operating Group	Non-Controlling interest Consolidated Funds	Series B Mandatory Convertible Preferred Stock Preferred Stock	Class A Common Stock Common Stock	Non-voting Common Stock Common Stock	Class C Common Stock Common Stock
Beginning balance at Dec. 31, 2021	$ 3,814,426	$ 1,913,559	$ (89,382)	$ (1,855)	$ 1,397,747	$ 591,452	$ 0	$ 1,684	$ 35	$ 1,186
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(198,058)	(96,413)			(105,680)	4,006		43		(14)
Issuances of common stock	12,835	12,834						1
Capital contributions	554,591				5,195	549,396
Dividends/distributions	(1,012,768)		(447,634)		(386,843)	(178,291)
Net income	439,766		167,541		152,892	119,333
Currency translation adjustment, net of tax	(33,485)			(13,131)	(8,814)	(11,540)
Equity compensation	200,106	119,580			80,526
Stock option exercises	21,205	21,194						11
Ending balance at Dec. 31, 2022	3,798,618	1,970,754	(369,475)	(14,986)	1,135,023	1,074,356	0	1,739	35	1,172
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(280,523)	(60,755)			93,956	(313,781)		59		(2)
Issuances of common stock	239,545	239,519						26
Capital contributions	324,072				3,887	320,185
Dividends/distributions	(1,128,911)		(599,934)		(427,849)	(101,128)
Net income	1,159,866		474,326		411,244	274,296
Currency translation adjustment, net of tax	19,896			9,356	6,023	4,517
Equity compensation	255,791	155,606			100,185
Stock option exercises	85,959	85,912						47
Ending balance at Dec. 31, 2023	4,474,313	2,391,036	(495,083)	(5,630)	1,322,469	1,258,445	0	1,871	35	1,170
Increase (Decrease) in Stockholders' Equity
Changes in ownership interests and related tax benefits	(142,050)	(87,278)			(23,841)	(30,954)		96		(73)
Net proceeds from issuance of Series B mandatory convertible preferred stock	1,458,771						1,458,771
Issuances of common stock	414,849	407,093			7,724			31		1
Capital contributions	642,527				3,373	639,154
Dividends/distributions	(1,457,396)		(783,172)		(527,422)	(124,021)	(22,781)
Net income	1,110,632		440,961		351,118	295,772	22,781
Currency translation adjustment, net of tax	(31,818)			(12,127)	(6,961)	(12,730)
Equity compensation	352,851	224,433			128,418
Stock option exercises	1,511	1,510						1
Ending balance at Dec. 31, 2024	$ 6,824,190	$ 2,936,794	$ (837,294)	$ (17,757)	$ 1,254,878	$ 2,025,666	$ 1,458,771	$ 1,999	$ 35	$ 1,098

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 1,110,735	$ 1,160,092	$ 438,915
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Net cash provided by (used in) operating activities	2,791,154	(233,261)	(734,112)
Cash flows from investing activities:
Net cash used in investing activities	(159,404)	(111,079)	(337,379)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(1,431,594)	292,126	1,128,063
Effect of exchange rate changes	(40,454)	10,501	(10,240)
Net change in cash and cash equivalents	1,159,702	(41,713)	46,332
Cash and cash equivalents, beginning of period	348,274	389,987
Cash and cash equivalents, end of period	1,507,976	348,274	389,987
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	21,002	239,545	12,835
Equity issued in connection with settlement of management incentive program	0	245,647	0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	866,760	722,643	320,329
Cash paid during the period for income taxes	107,570	62,007	104,864
Consolidated Funds
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized (gains) losses on investments	(313,963)	(262,700)	(73,386)
Other (income) expense, net	(48,963)	(101,465)	(33,822)
Investments purchased	(5,927,444)	(8,847,856)	(9,434,029)
Proceeds from sale of investments	7,569,165	8,149,617	8,198,812
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds	(77,978)	(424,870)	324,550
Net cash relinquished with deconsolidation of Consolidated Funds	(46,205)	(623)	0
Change in other assets and receivables held at Consolidated Funds	(49,774)	(20,247)	151,895
Change in other liabilities and payables held at Consolidated Funds	46,998	219,046	(733,417)
Cash flows from investing activities:
Acquisitions, net of cash acquired			(301,583)
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	639,154	855,456	549,396
Distributions to non-controlling interests in Consolidated Funds	(124,021)	(101,128)	(178,291)
Redemptions of redeemable interests in Consolidated Funds	0	(1,045,874)	0
Borrowings under loan obligations by Consolidated Funds	359,351	1,387,297	1,140,680
Repayments under loan obligations by Consolidated Funds	(2,228,351)	(398,864)	(145,222)
Ares Management L.P
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	352,851	255,965	200,391
Depreciation and amortization	158,578	231,712	341,341
Net realized and unrealized (gains) losses on investments	(21,463)	(90,737)	10,929
Other (income) expense, net	11,755	74	0
Investments purchased	(580,744)	(507,932)	(371,124)
Proceeds from sale of investments	683,638	206,163	182,493
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(188,174)	(48,858)	(20,612)
Due to/from affiliates	223,498	(220,421)	39,073
Other assets	(252,644)	21,532	(105,205)
Accrued compensation and benefits	(7,096)	20,383	200,769
Accounts payable, accrued expenses and other liabilities	148,384	27,864	(51,685)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(91,509)	(67,183)	(35,796)
Acquisitions, net of cash acquired	(67,895)	(43,896)	(301,583)
Cash flows from financing activities:
Net proceeds from issuance of Series B mandatory convertible preferred stock	1,458,771	0	0
Net proceeds from issuance of Class A common stock	407,124	0	0
Proceeds from Credit Facility	1,210,000	1,410,000	1,380,000
Proceeds from issuance of senior notes	736,010	499,010	488,915
Repayments of Credit Facility	(2,105,000)	(1,215,000)	(1,095,000)
Repayment of senior notes	(250,000)	0	0
Dividends and distributions	(1,310,896)	(1,030,666)	(836,364)
Stock option exercises	1,511	85,959	21,205
Taxes paid related to net share settlement of equity awards	(227,532)	(157,007)	(201,311)
Other financing activities	2,285	2,943	4,055
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	348,274	389,987	343,655
Cash and cash equivalents, end of period	$ 1,507,976	$ 348,274	389,987
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			320,329
Cash paid during the period for income taxes			$ 104,864

ORGANIZATION

ORGANIZATION	12 Months Ended
	Dec. 31, 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 14. 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 audited financial statements include the consolidated results of the Company and its subsidiaries. The Company is a holding company that operates and controls all of the businesses and affairs of and conducts all of its material business activities through Ares Holdings L.P. (“Ares Holdings”). Ares Holdings represents all the activities of the “Ares Operating Group” or “AOG” and may be referred to interchangeably. The Company, indirectly through its wholly owned subsidiary, Ares Holdco LLC, is the general partner of the Ares Operating Group entity. The Company 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 consolidated financial statements. However, the Consolidated Funds results included herein have no direct effect on the net income attributable to Ares Management Corporation or to its stockholders’ equity, except where accounting for a redemption or liquidation preference requires the reallocation of ownership based on specific terms of a profit sharing agreement. Instead, economic ownership interests of the investors in the Consolidated Funds are reflected as redeemable and non-controlling interests in Consolidated Funds. Further, cash flows allocable to redeemable and non-controlling interest in Consolidated Funds are specifically identifiable within the Consolidated Statements of Cash Flows.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis within the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP. All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values within the Company’s Consolidated Statements of Financial Condition. Net income attributable to holders of subordinated notes of the CLOs is presented within net income attributable to non-controlling interests in Consolidated Funds within the Consolidated Statements of Operations. The Company has reclassified certain prior period amounts to conform to the current year presentation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other income (expense) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements. Principles of Consolidation The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model (“VIEs”) or voting interest model (“VOE”). As such, the Company consolidates (i) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (ii) entities that the Company concludes are variable interest entities in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, carried interest, incentive fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model. Variable Interest Model The Company considers an entity to be a VIE if any of the following conditions exist: (i) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (ii) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns; or (iii) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary. The Company determines it is the primary beneficiary when it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. The Company determines whether it is the primary beneficiary of a VIE at the time it becomes involved with a VIE and continuously reconsiders the conclusion. In evaluating whether the Company is the primary beneficiary, the Company evaluates its direct and indirect economic interests in the entity. The consolidation analysis is generally performed qualitatively, however, if the primary beneficiary is not readily determinable, a quantitative analysis may also be performed. This analysis requires judgment. These judgments include: (i) determining whether the equity investment at risk is sufficient to permit the entity to finance its activities without additional subordinated financial support; (ii) evaluating whether the equity holders, as a group, can make decisions that have a significant effect on the success of the entity; (iii) determining whether two or more parties’ equity interests should be aggregated; (iv) determining whether the equity investors have proportionate voting rights to their obligations to absorb losses or rights to receive returns from an entity; and (v) evaluating the nature of relationships and activities of the parties involved in determining which party within a related-party group is most closely associated with a VIE and hence would be deemed the primary beneficiary. Consolidated CLOs As of December 31, 2024 and 2023, the Company consolidated 27 and 28 CLOs (“Consolidated CLOs”), respectively. The Company has determined that the fair value of the financial assets of the Consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its Consolidated CLOs, which are mostly Level III liabilities within the GAAP fair value hierarchy. As a result, the financial assets of Consolidated CLOs are measured at fair value and the financial liabilities of the Consolidated CLOs are measured in consolidation as: (i) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company). The loan obligations issued by the CLOs are collateralized by diversified asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent incentive fee income. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO. Fair Value Measurements GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I —Quoted prices in active markets for identical instruments. • Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. Management's determination of fair value includes various valuation techniques. These techniques may include market approach, recent transaction price, net asset value (“NAV”) approach, discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA or revenue multiples, discount rates, weighted average cost of capital, exit multiples, terminal growth rates and other unobservable inputs. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period (see “Note 5. Fair Value” for further detail). Cash and Cash Equivalents Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds. As of December 31, 2024 and 2023, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions. Investments held in trust account Investments held in trust account represents funds raised through the initial public offerings of the Company’s sponsored SPACs that are presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust agreement. The portfolio of investments for the SPACs is comprised of United States (“U.S.”) government securities or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. The U.S. Treasury securities typically have original maturities of six months or less when purchased and are recorded at fair value. Interest income received on such investments is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds within the Consolidated Statements of Operations. Any remaining change in fair value of such investments, that is not recognized as interest income, is recognized within net realized and unrealized gains on investments of Consolidated Funds within the Consolidated Statements of Operations. As of December 31, 2024 and 2023, the SPACs are invested in U.S Treasury securities. Investments The investments of the Company are reflected within the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net realized and unrealized gains on investments within the Consolidated Statements of Operations. Certain investments are denominated in foreign currency and are translated into U.S. dollars at each reporting date. Equity Method Investments The Company accounts for its investments in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments within the Consolidated Statements of Financial Condition. The carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is presented either within principal investment income or net realized and unrealized gains on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued carried interest is presented within investments within the Consolidated Statements of Financial Condition. In addition, certain of the Company's equity method investments are reported at fair value. The fair value option has been elected to simplify the accounting for certain financial instruments. The fair value option election is irrevocable and is applied to financial instruments on an individual basis at initial recognition or at eligible remeasurement events. Changes in the fair value of such instruments with the fair value option elected are presented within net realized and unrealized gains on investments within the Consolidated Statements of Operations. Derivative Instruments In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against interest rate and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company uses various derivative instruments from time to time depending on the risks being managed and generally include foreign currency forward contracts, interest rate swaps, asset swaps and warrants. The Company reports each of its derivative instruments at fair value within the Consolidated Statements of Financial Condition as either other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss). Upon settlement of the instrument, the Company records any realized gain (loss). Changes in value are reflected within net realized and unrealized gains on investments within the Consolidated Statements of Operations. Business Combinations The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition, including the fair value of certain elements of contingent consideration, is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase consideration is recognized as a bargain purchase gain. Critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. The acquisition method of accounting allows for a measurement period for up to one year after the acquisition date to make adjustments to the purchase price allocation as the Company obtains more information regarding asset valuations and liabilities assumed. Acquisition-related costs incurred in connection with a business combination are expensed as incurred. Intangible Assets The Company’s finite-lived intangible assets consists primarily of contractual rights to earn future management fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 1.0 to 13.5 years. The purchase price of an acquired management contract is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses within the Consolidated Statements of Operations. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated undiscounted cash flows attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using a discounted future cash flow methodology. The Company tests indefinite-lived intangible assets annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of impairment as the excess of the carrying amount of the indefinite-lived intangible asset over its fair value. The Company also tests indefinite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable or if these assets are subsequently determined to have a finite useful life. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s strategic plans with regard to the indefinite-lived intangible assets. Goodwill Goodwill represents the excess of purchase price of an acquired business over the fair value of its identifiable net assets. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company will evaluate impairment quantitatively and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates . Fixed Assets Fixed assets, consisting of furniture, fixtures, computer hardware, equipment, internal-use software and leasehold improvements are recorded at cost, less accumulated depreciation and amortization. Fixed assets are presented within other assets within the Company’s Consolidated Statements of Financial Condition. Direct costs associated with developing, purchasing or otherwise acquiring software for internal use are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. Fixed assets are depreciated or amortized on a straight-line basis over an asset’s estimated useful life, with the corresponding depreciation and amortization expense presented within general, administrative and other expenses within the Company’s Consolidated Statements of Operations. The estimated useful life for leasehold improvements is the lesser of the lease term or the life of the asset, with a maximum of ten years, while other fixed assets and internal-use software are generally depreciated between three Leases The Company has entered into operating and finance leases for corporate offices and certain equipment and makes the determination if an arrangement constitutes a lease at inception. Operating leases are presented within right-of-use operating lease assets and operating lease liabilities within the Company’s Consolidated Statements of Financial Condition. Finance lease assets are capitalized as a component of fixed assets and finance lease liabilities are presented within accounts payable, accrued expenses and other liabilities within the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are expensed as incurred and not capitalized within the Consolidated Statements of Financial Condition. Right-of-use operating lease assets represent the Company’s right to use an underlying asset for the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease right-of-use assets and corresponding lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The right-of-use operating lease asset also includes any lease prepayments and excludes lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the company will exercise that option. Lease expense is primarily recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components, which are generally accounted for separately. Non-Controlling Interests The non-controlling interests in AOG entities represent a component of equity and net income attributable to the owners of the Ares Operating Group Units (“AOG Units”) that are not held directly or indirectly by the Company. These owners consist predominantly of Ares Owners Holdings L.P. but also include other strategic distribution partnerships with whom the Company has established joint ventures and other non-controlling strategic investors. Non-controlling interests in AOG entities are adjusted for contributions to and distributions from AOG during the reporting period and are allocated income from the AOG entities either based on their historical ownership percentage for the proportional number of days in the reporting period or based on the activity associated with certain membership interests. The non-controlling interests in Consolidated Funds represents a component of equity and net income attributable to ownership interests that third parties hold in Consolidated Funds. Redeemable Interest Redeemable interest in AOG entities was established in connection with the SSG Acquisition as described in “Note 13. Equity and Redeemable Interest.” Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity within the Consolidated Statements of Financial Condition. Income (loss) is allocated based on the ownership percentage attributable to the redeemable interest. The Company determined that the redemption of the redeemable interest is probable as of the date of acquisition. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount, to the extent that the redemption amount exceeds the initial measurement on the date of acquisition. The Company recognizes changes in the redemption amount with corresponding adjustments against retained earnings, or additional paid-in-capital in the absence of retained earnings, within stockholders’ equity within the Consolidated Statements of Financial Condition. Redeemable interest in Consolidated Funds represent the Class A ordinary shares issued by each of the Company’s sponsored SPACs, as applicable. The Class A ordinary shares issued by the SPACs (the “Class A ordinary shares”) are redeemable for cash by the public shareholders in the event that they do not complete a business combination or tender offer associated with shareholder approval provisions. The Class A ordinary shareholders have redemption rights that are considered to be outside of the SPAC’s control. Revenue Recognition The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, NAV, NAV plus unfunded commitments, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability. Management fees also include a quarterly fee on the net investment income (“Part I Fees”) of the following publicly-traded and perpetual wealth vehicles: Vehicle Annual Fee Rate Strategy Fee Base Credit Group ARCC Part I Fees 20.00% U.S. Direct Lending Net investment income (before ARCC Part I Fees and ARCC Part II Fees), subject to a fixed hurdle rate of 1.75% per quarter, or 7.00% per annum. No fees are recognized until net investment income exceeds a 1.75% hurdle rate, with a catch-up provision to ensure that the Company receives 20.00% of the net investment income from the first dollar earned ASIF Part I Fees 12.50% U.S. Direct Lending Net investment income (before ASIF Part I Fees and ASIF Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned CADC Part I Fees 15.00% U.S. Direct Lending Net investment income (before CADC Part I Fees), subject to a fixed hurdle rate of 1.50% per quarter, or 6.00% per annum. No fees are recognized until net investment income exceeds the hurdle rate, with a catch-up provision to ensure that the Company receives 15.00% of the net investment income from the first dollar earned Open-ended European Direct Lending Fund Part I Fees 12.50% European Direct Lending Net investment income (before open-ended European direct lending fund Part I Fees and open-ended European direct lending fund Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned Real Assets Group Infrastructure Private BDC Part I Fees 12.50% Infrastructure Opportunities Net investment income (before infrastructure private BDC Part I Fees and infrastructure private BDC Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned Carried Interest Allocation In certain fund structures, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either: (i) positive performance resulting in an increase in the carried interest allocated to the Company; or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued carried interest as of the reporting date is recorded within investments within the Consolidated Statements of Financial Condition. Carried interest is realized when an underlying investment is profitably disposed of, or upon the return of each limited partner’s capital plus a preferred return, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repaym

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 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 December 31, 2024 As of December 31, 2024 2023 Management contracts 4.0 $ 590,675 $ 604,242 Client relationships 7.7 210,720 200,920 Other 0.0 500 500 Finite-lived intangible assets 801,895 805,662 Foreign currency translation (789) 1,126 Total finite-lived intangible assets 801,106 806,788 Less: accumulated amortization (393,078) (316,093) Finite-lived intangible assets, net 408,028 490,695 Indefinite-lived management contracts 567,800 567,800 Intangible assets, net $ 975,828 $ 1,058,495 On December 1, 2024, a subsidiary of the Company completed the acquisition of all the equity interests in Walton Street Capital Mexico S. de R.L. de C.V. and certain of its affiliates (“WSM”) (the “WSM Acquisition”). WSM is a real estate asset management platform focused primarily on the industrial real estate sector in Mexico. The results of WSM are presented within the Real Assets Group. The Company allocated $27.0 million and $9.8 million of the purchase price to the fair value of the acquired management contracts and client relationships, respectively. The acquired management contracts and client relationships had a weighted average amortization period from the date of acquisition of 6.7 years and 10.0 years, respectively. During the year ended December 31, 2024, the Company recorded a non-cash impairment charge of $8.9 million to the fair value of management contracts of certain funds within the Credit Group, Real Assets Group and Secondaries Group. The primary indicator of impairment was the lower than expected future fee revenue generated from these funds. During the year ended December 31, 2023, the Company recorded a non-cash impairment charge of $78.7 million primarily related to the value of client relationships from the acquisition of Landmark Partners, LLC (the “Landmark Acquisition”). The primary indicator of impairment was the lower than expected fee paying assets under management in a private equity secondaries fund from existing investors as of the date of the Landmark Acquisition. During the year ended December 31, 2022, the Company recorded non-cash impairment charges of $181.6 million related to rebranding of its secondaries group as Ares Secondaries and discontinued the ongoing use of the Landmark trade name, and fair value of management contracts in connection with lower than expected fee paying assets under management. Amortization expense associated with intangible assets, excluding the accelerated amortization described above, was $116.3 million, $126.0 million and $133.6 million for the years ended December 31, 2024, 2023 and 2022, respectively, and has been presented within general, administrative and other expenses within in the Consolidated Statements of Operations. During the year ended December 31, 2024, the Company removed $47.5 million of fully-amortized management contracts. As of December 31, 2024, future annual amortization of finite-lived intangible assets for the years 2025 through 2029 and thereafter is estimated to be: Year Amortization 2025 $ 107,317 2026 81,538 2027 70,153 2028 46,236 2029 39,859 Thereafter 62,925 Total $ 408,028 Goodwill The following table summarizes the carrying value of the Company’s goodwill: Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Balance as of December 31, 2022 $ 32,196 $ 277,183 $ 48,070 $ 417,620 $ 224,587 $ 999,656 Acquisitions — 22 124,392 — — 124,414 Reallocation 224,587 — — — (224,587) — Foreign currency translation (104) — — 10 — (94) Balance as of December 31, 2023 256,679 277,205 172,462 417,630 — 1,123,976 Acquisitions — 35,091 4,605 — — 39,696 Reallocation 55,658 — (55,658) — — — Foreign currency translation (305) (727) (1) (3) — (1,036) Balance as of December 31, 2024 $ 312,032 $ 311,569 $ 121,408 $ 417,627 $ — $ 1,162,636 In connection with the WSM Acquisition, the Company allocated $28.4 million of the purchase price to goodwill. In connection with the segment reorganization of the former special opportunities strategy as described in “Note 14. 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. In connection with the acquisition of the investment management business and related operating entities collectively doing business as Crescent Point Capital (“Crescent Point”) (the “Crescent Point Acquisition”) in the fourth quarter of 2023, the Company allocated $124.4 million of the purchase price to goodwill. In connection with the SSG Buyout in the first quarter of 2023 as described in “Note 13. Equity and Redeemable Interest, the former Ares SSG reporting unit has been transferred in its entirety to the Credit Group and the total goodwill of $224.6 million has been reallocated accordingly. There was no impairment of goodwill recorded during the years ended December 31, 2024 and 2023. The impact of foreign currency translation adjustments are reflected within the Consolidated Statements of Comprehensive Income.

INVESTMENTS

INVESTMENTS	12 Months Ended
	Dec. 31, 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 December 31, December 31, 2024 2023 2024 2023 Equity method investments: Equity method - carried interest $ 3,495,115 $ 3,413,007 75.2% 73.8% Equity method private investment partnership interests - principal 536,912 535,292 11.6 11.6 Equity method private investment partnership interests and other (held at fair value) 411,417 418,778 8.9 9.0 Equity method private investment partnership interests and other 55,461 44,989 1.2 1.0 Total equity method investments 4,498,905 4,412,066 96.9 95.4 Collateralized loan obligations 19,040 20,799 0.4 0.4 Fixed income securities 22,793 105,495 0.5 2.3 Collateralized loan obligations and fixed income securities, at fair value 41,833 126,294 0.9 2.7 Common stock, at fair value 104,037 86,572 2.2 1.9 Total investments $ 4,644,775 $ 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 years ended December 31, 2024, 2023 and 2022, no individual equity method investment held by the Company met the significance criteria. The following tables present summarized financial information for the Company’s equity method investments, which are primarily funds managed by the Company: As of and for the Year Ended December 31, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Statement of Financial Condition Investments $ 24,635,069 $ 19,966,560 $ 5,906,807 $ 15,191,773 $ 35,804 $ 65,736,013 Total assets 27,987,915 21,368,342 5,897,152 15,632,653 36,519 70,922,581 Total liabilities 6,403,988 7,535,764 151,502 4,304,893 100 18,396,247 Total equity 21,583,927 13,832,578 5,745,650 11,327,760 36,419 52,526,334 Statement of Operations Revenues $ 2,357,057 $ 1,018,717 $ 196,756 $ 10,508 $ — $ 3,583,038 Expenses (893,272) (564,678) (67,667) (507,192) (1,001) (2,033,810) Net realized and unrealized gains (losses) from investments 556,170 382,681 496,096 208,947 (417) 1,643,477 Income tax expense (5,884) (9,341) (27,554) — — (42,779) Net income (loss) $ 2,014,071 $ 827,379 $ 597,631 $ (287,737) $ (1,418) $ 3,149,926 As of and for the Year Ended December 31, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Statement of Financial Condition Investments $ 23,032,497 $ 17,757,664 $ 5,305,566 $ 13,497,266 $ 38,212 $ 59,631,205 Total assets 24,694,682 18,792,446 5,431,332 13,808,556 38,284 62,765,300 Total liabilities 5,163,355 6,528,302 119,894 3,632,879 418 15,444,848 Total equity 19,531,327 12,264,144 5,311,438 10,175,677 37,866 47,320,452 Statement of Operations Revenues $ 2,584,262 $ 1,036,710 $ 133,749 $ 1,960 $ — $ 3,756,681 Expenses (862,257) (632,433) (88,841) (482,478) (1,658) (2,067,667) Net realized and unrealized gains (losses) from investments 525,776 (599,200) 322,165 373,064 (7,316) 614,489 Income tax benefit (expense) (28,334) (10,197) 22,587 — (19) (15,963) Net income (loss) $ 2,219,447 $ (205,120) $ 389,660 $ (107,454) $ (8,993) $ 2,287,540 As of and for the Year Ended December 31, 2022 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Statement of Operations Revenues $ 1,552,306 $ 618,796 $ 60,935 $ 2,874 $ — $ 2,234,911 Expenses (515,535) (357,845) (76,527) (289,741) (1,500) (1,241,148) Net realized and unrealized gains (losses) from investments (230,076) 304,068 (239,720) (11,173) 1,365 (175,536) Income tax benefit (expense) (5,870) (36,501) 1,238 — (10) (41,143) Net income (loss) $ 800,825 $ 528,518 $ (254,074) $ (298,040) $ (145) $ 777,084 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 Consolidated Statements of Operations: Year ended December 31, 2024 2023 2022 Total other income, net related to equity method investments $ 52,350 $ 86,729 $ 21,657 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 Consolidated Statements of Operations: Year ended December 31, 2024 2023 2022 Equity method private investment partnership interests and other (held at fair value) $ (4,762) $ 50,772 $ 5,626 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 December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Fixed income investments: Loans and securitization vehicles $ 7,907,449 $ 10,616,458 62.1% 72.7% Money market funds and U.S. treasury securities 550,800 523,038 4.3 3.6 Bonds 418,069 578,949 3.3 4.0 Total fixed income investments 8,876,318 11,718,445 69.7 80.3 Partnership interests 2,000,380 1,642,489 15.7 11.2 Equity securities 1,861,146 1,240,653 14.6 8.5 Total investments, at fair value $ 12,737,844 $ 14,601,587 As of December 31, 2024 and 2023, no

FAIR VALUE

FAIR VALUE	12 Months Ended
	Dec. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	5. FAIR VALUE Financial Instrument Valuations The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment. CLOs and CLO loan obligations: The fair value of CLOs held by the Company are estimated based on either a third-party pricing service or broker quote and are classified as Level III. The Company measures its CLO loan obligations of the Consolidated Funds by first determining whether the fair values of the financial assets or financial liabilities of its Consolidated CLOs are more observable. Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a probability weighted expected return method, including the Monte Carlo simulation model. These models consider a range of assumptions including historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management’s own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. Once the associated targets are achieved, the contingent consideration is reported at the settlement amount. The fair value of the Company’s contingent consideration liabilities are classified as Level III. Liabilities recorded in connection with the Company’s contingent consideration are included within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income, net in the Consolidated Statements of Operations. Corporate debt, bonds, bank loans, securitization vehicles and derivative instruments: The fair value of corporate debt, bonds, bank loans, securitization vehicles and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified as Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If management is only able to obtain a single broker quote, or utilizes a pricing model, such securities will generally be classified as Level III. Equity and equity-related securities: Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. Securities that have market prices that are not readily available, utilize valuation models of third-party pricing service or internal models using unobservable inputs to determine the fair value are classified as Level III. Money market funds and U.S. treasury securities: The fair value of money market funds that invest in treasury-backed securities and U.S. treasury securities is estimated using quoted market prices in active markets. These investments are classified as Level I. Partnership interests: The Company generally values its investments using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses. As of December 31, 2024 and 2023, NAV per share represents the fair value of the Company’s investments in partnership interests. The substantial majority of the Company’s private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interests other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. The Company also has open-ended and evergreen funds where investors have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods generally ranging from one month to three years. In addition, the Company has minority investments in vehicles that may only have a single other investor that may allow such investors to terminate the fund pursuant to the terms of the applicable constituent documents of such vehicle. Fair Value of Financial Instruments Held by the Company and Consolidated Funds The following tables summarize the financial assets and financial liabilities measured at fair value for the Company and the Consolidated Funds as of December 31, 2024: Financial Instruments of the Company Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Cash equivalents: Money market funds $ 1,071,071 $ — $ — $ — $ 1,071,071 Investments: Common stock and other equity securities — 104,037 411,179 — 515,216 Collateralized loan obligations and fixed income securities — — 41,833 — 41,833 Partnership interests — — — 238 238 Total investments, at fair value — 104,037 453,012 238 557,287 Derivatives-foreign currency forward contracts — 3,737 — — 3,737 Total assets, at fair value $ 1,071,071 $ 107,774 $ 453,012 $ 238 $ 1,632,095 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (216) $ — $ — $ (216) Contingent consideration — — (17,550) — (17,550) Total liabilities, at fair value $ — $ (216) $ (17,550) $ — $ (17,766) 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 $ — $ 7,313,632 $ 593,817 $ — $ 7,907,449 U.S. treasury securities 550,800 — — — 550,800 Bonds — 418,069 — — 418,069 Total fixed income investments 550,800 7,731,701 593,817 — 8,876,318 Partnership interests — — — 2,000,380 2,000,380 Equity securities 28,603 2,615 1,829,928 — 1,861,146 Total investments, at fair value 579,403 7,734,316 2,423,745 2,000,380 12,737,844 Derivatives-foreign currency forward contracts — 2,995 — — 2,995 Total assets, at fair value $ 579,403 $ 7,737,311 $ 2,423,745 $ 2,000,380 $ 12,740,839 Liabilities, at fair value Loan obligations of CLOs $ — $ (9,672,189) $ — $ — $ (9,672,189) Derivatives: Foreign currency forward contracts — (2,888) — — (2,888) Asset swaps — — (1,846) — (1,846) Total derivative liabilities, at fair value — (2,888) (1,846) — (4,734) Total liabilities, at fair value $ — $ (9,675,077) $ (1,846) $ — $ (9,676,923) 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 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 Contingent Consideration Total Balance as of December 31, 2023 $ 412,491 $ 126,294 $ — $ 538,785 Established in connection with acquisition (see Note 8) — — (17,550) (17,550) Transfer in (1) — 39,636 — 39,636 Transfer out (1) (872) — — (872) Purchases (2) 1,453 436,649 — 438,102 Sales/settlements (3) (2,382) (561,492) — (563,874) Realized and unrealized appreciation, net 489 746 — 1,235 Balance as of December 31, 2024 $ 411,179 $ 41,833 $ (17,550) $ 435,462 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (904) $ 2,172 $ — $ 1,268 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 (1) — 87,505 — 87,505 Transfer out (1) (1,017) (154,961) — (155,978) Purchases (2) 518,369 877,311 130 1,395,810 Sales/settlements (3) (114) (960,839) — (960,953) Realized and unrealized appreciation (depreciation), net 122,289 4,688 (685) 126,292 Balance as of December 31, 2024 $ 1,829,927 $ 593,817 $ (1,846) $ 2,421,898 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 123,659 $ 2,237 $ (744) $ 125,152 (1) Transfers in and out include changes in the observability of inputs used in valuations, and changes due to the consolidation and deconsolidation of funds. (2) Purchases include paid-in-kind interest and securities received in connection with restructurings. (3) 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) 244,335 88,480 332,815 Sales/settlements (2) (2) (37,332) (37,334) Realized and unrealized appreciation (depreciation), net 46,373 (1,788) 44,585 Balance as of December 31, 2023 $ 412,491 $ 126,294 $ 538,785 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 46,161 $ (1,577) $ 44,584 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 in (3) — 247,661 — — 247,661 Transfer out (3) (38,757) (508,600) (374,049) — (921,406) Purchases (1) 347,583 813,564 49,000 — 1,210,147 Sales/settlements (2) (2,595) (700,944) (48,889) (154) (752,582) Realized and unrealized appreciation, net 153,289 18,764 5,283 2,419 179,755 Balance as of December 31, 2023 $ 1,190,400 $ 740,113 $ — $ (1,291) $ 1,929,222 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 152,336 $ (15,623) $ — $ 1,590 $ 138,303 (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. (3) Transfers in and out include changes in the observability of inputs used in valuations, and changes due to the consolidation and deconsolidation of funds. Transfers out of Level III were generally attributable to certain investments that experienced a more significant level of market activity during the period and thus were valued using observable inputs either from independent pricing services or multiple brokers. Transfers into Level III were generally attributable to certain investments that experienced a less significant level of market activity during the period and thus were only able to obtain one or fewer quotes from a broker or independent pricing service. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 2024: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 168,387 Transaction price (1) N/A N/A N/A 100,000 Market approach Yield 8.0% 8.0% 57,659 Market approach Multiple of book value 1.0x - 1.1x 1.0x Discounted cash flow Discount rate 10.0% - 14.0% 12.0% 56,918 Market approach Multiple of book value 1.2x - 1.7x 1.4x 19,205 Option pricing model Volatility 35.0% 35.0% 8,489 Market approach Earnings multiple 15.4x 15.4x 521 Discounted cash flow Discount rate 18.5% - 21.5% 20.0% Fixed income investments 22,283 Transaction price (1) N/A N/A N/A 19,040 Broker quotes and/or 3rd party pricing services N/A N/A N/A 510 Other N/A N/A N/A Total assets $ 453,012 Liabilities Contingent consideration $ (17,550) Monte Carlo simulation Discount rate 6.6% - 6.9% 6.8% Volatility 11.1% 11.1% Total liabilities $ (17,550) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 985,109 Discounted cash flow Discount rate 10.0% - 20.0% 13.0% 835,432 Market approach Multiple of book value 1.0x - 1.7x 1.4x 8,598 Market approach EBITDA multiple (2) 5.6x - 34.6x 10.7x 789 Other N/A N/A N/A Fixed income investments 308,675 Broker quotes and/or 3rd party pricing services N/A N/A N/A 284,950 Market approach Yield 7.4% - 28.6% 9.9% 192 Other N/A N/A N/A Total assets $ 2,423,745 Liabilities Derivative instruments $ (1,846) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,846) (1) Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 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 131,864 Transaction price (1) N/A N/A N/A 6,447 Market approach Earnings multiple 15.4x 15.4x 874 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 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 December 31, 2024 2023 Investments (held at fair value) $ 2,000,380 $ 1,642,489 Unfunded commitments 932,473 738,621

DEBT

DEBT	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
DEBT	6. DEBT The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of December 31, 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 $ — —% $ 895,000 6.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 N/A N/A 249,427 4.21 2028 Senior Notes (3) 11/10/2023 11/10/2028 500,000 495,677 6.42 494,863 6.42 2030 Senior Notes (4) 6/15/2020 6/15/2030 400,000 397,501 3.28 397,050 3.28 2052 Senior Notes (5) 1/21/2022 2/1/2052 500,000 484,601 3.77 484,199 3.77 2054 Senior Notes (6) 10/11/2024 10/11/2054 750,000 736,010 5.65 N/A N/A 2051 Subordinated Notes (7) 6/30/2021 6/30/2051 450,000 445,125 4.13 444,941 4.13 Total debt obligations $ 2,558,914 $ 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 December 31, 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 ESG-related targets, the Company’s applicable margin and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2025. (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. On October 8, 2024 the Company repaid the 2024 Senior Notes at maturity. (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 2054 Senior Notes were issued in October 2024 by the Company, at 99.24% of the face amount with interest paid semi-annually. The Company may redeem the 2054 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2054 Senior Notes. (7) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five As of December 31, 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 various senior notes (the “Senior Notes”) and the subordinated notes (the “Subordinated Notes”) are recorded as a reduction of the corresponding debt obligation, and debt issuance costs related to the Credit Facility are included within other assets within the Consolidated Statements of Financial Condition. All debt issuance costs are amortized over the remaining term of the related obligation into interest expense within the Consolidated Statements of Operations. The following table presents the activity of the Company’s debt issuance costs: Credit Facility Senior Notes Subordinated Notes Unamortized debt issuance costs as of December 31, 2022 $ 5,510 $ 8,393 $ 5,243 Debt issuance costs incurred — 4,315 — Amortization of debt issuance costs (1,297) (924) (184) Unamortized debt issuance costs as of December 31, 2023 4,213 11,784 5,059 Debt issuance costs incurred 1,832 8,662 — Amortization of debt issuance costs (1,187) (1,721) (184) Unamortized debt issuance costs as of December 31, 2024 $ 4,858 $ 18,725 $ 4,875 Loan Obligations of the Consolidated CLOs Loan obligations of the Consolidated Funds that are CLOs (“Consolidated CLOs”) represent amounts due to holders of debt securities issued by the Consolidated CLOs. The Company measures the loan obligations of the Consolidated CLOs using the fair value of the financial assets of its Consolidated CLOs. The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of December 31, 2024 2023 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 8,937,972 6.08% 8.0 $ 11,606,289 6.64% 8.2 Subordinated notes (1) 734,217 N/A 5.6 739,368 N/A 6.9 Total loan obligations of Consolidated CLOs $ 9,672,189 $ 12,345,657 (1) The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to 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 December 31, 2024 and 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 December 31, 2024 2023 Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 7/1/2024 $ 18,000 (2) N/A N/A $ 15,241 6.88% 9/25/2025 150,000 $ 121,000 8.00% N/A N/A 9/24/2026 150,000 — — — N/A 6/26/2027 200,000 154,000 7.15 110,000 8.29 9/12/2027 54,000 — — — N/A Total borrowings of Consolidated Funds $ 275,000 $ 125,241 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) Represents a credit facility of a Consolidated Fund that was repaid on maturity date. The amount represents the total capacity as of December 31, 2023.

OTHER ASSETS

OTHER ASSETS	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
OTHER ASSETS	7. OTHER ASSETS The components of other assets were as follows: As of December 31, 2024 2023 Other assets of the Company: Accounts and interest receivable $ 169,007 $ 128,756 Fixed assets, net 177,671 122,223 Deferred tax assets, net 241,894 21,549 Other assets 186,082 157,451 Total other assets of the Company $ 774,654 $ 429,979 Other assets of Consolidated Funds: Dividends and interest receivable $ 70,657 $ 88,196 Income tax and other receivables 11,740 12,627 Total other assets of Consolidated Funds $ 82,397 $ 100,823 Fixed Assets, Net The components of fixed assets were as follows: As of December 31, 2024 2023 Office and computer equipment $ 62,920 $ 52,681 Internal-use software 29,119 51,226 Leasehold improvements 166,250 134,272 Fixed assets, at cost 258,289 238,179 Less: accumulated depreciation (80,618) (115,956) Fixed assets, net $ 177,671 $ 122,223

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES Indemnification Arrangements Consistent with standard business practices in the normal course of business, the Company enters into contracts that contain indemnities for affiliates of the Company, persons acting on behalf of the Company or such affiliates and third parties. The terms of the indemnities vary from contract to contract and the Company’s maximum exposure under these arrangements cannot be determined and has not been recorded within the Consolidated Statements of Financial Condition. As of December 31, 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 December 31, 2024 and 2023, the Company had aggregate unfunded commitments to invest in funds it manages or to support certain strategic initiatives of $1,451.4 million and $1,030.6 million, respectively. Guarantees The guarantee agreements that the Company enters into with financial institutions are primarily to guarantee credit facilities held by certain funds. In the ordinary course of business, the guarantee of credit facilities held by funds may indicate control and result in consolidation of the fund. As of December 31, 2024 and 2023, the Company’s maximum exposure to losses from guarantees was $1.1 million and $122.3 million, respectively. Contingent Liabilities WSM Earnout and WSM MIP In connection with the WSM Acquisition during the fourth quarter of 2024, the Company established two arrangements with the seller and certain professionals, including (i) an earnout arrangement (“WSM Earnout”) based on the achievement of revenue targets from the fundraising of a real estate equity fund; and (ii) a management incentive program (the “WSM MIP”) based on the achievement of certain revenue targets associated with growing revenue sources from new business ventures. The WSM Earnout and WSM MIP represent contingent liabilities not to exceed $40.0 million and $25.0 million, respectively. The portion of the WSM Earnout and WSM MIP attributable to the sellers is, 59.1% and 30.0%, respectively, and represents a component of purchase consideration that will be accounted for as contingent consideration. The fair value of these contingent liabilities as of the acquisition date was $17.6 million. The contingent liabilities are subject to change over the measurement periods, which will end: (i) on the final fundraising date of the real estate equity fund for the WSM Earnout; and (ii) no later than December 31, 2027 for the WSM MIP. Changes in fair value from the acquisition date will be recorded within other income (expense), net within the Consolidated Statements of Operations. Following the measurement period end dates, the contingent liabilities will be settled in cash. As of December 31, 2024, the fair value of the contingent liabilities was $17.6 million and recorded within accrued compensation within the Consolidated Statements of Financial Condition. The portion of the WSM Earnout and WSM MIP attributable to the professionals is, 40.9% and 70.0%, respectively, and requires continued service through the measurement periods. The Company expects to settle the contingent liabilities at the Company's discretion with a component of cash and the remaining balance in equity awards as follows: (i) no less than 60.0% cash for the WSM Earnout; and (ii) no less than 50.0% cash for the WSM MIP. The WSM Earnout and WSM MIP are remeasured each period with incremental changes in fair value for the cash and equity components of these liabilities recognized within compensation and benefits expense within the Consolidated Statements of Operations. As of December 31, 2024, the fair value of the contingent liabilities were $15.6 million. Compensation expense of $0.8 million for the year ended December 31, 2024 is presented within compensation and benefits within the Consolidated Statements of Operations with an equal offset presented within accrued compensation within the Consolidated Statements of Financial Condition. Following the measurement period end dates, the cash components will be paid and the equity awards will be granted at fair value for the balance of the liability. The unpaid liabilities at the respective measurement period end dates will be reclassified from liability to additional paid-in-capital. Any compensation expense associated with the WSM Earnout and WSM MIP that was not previously recorded through the final measurement period end dates will be recognized as equity-based compensation expense over the remaining service periods of four years and two years for the WSM Earnout and WSM MIP, respectively. Crescent Point MIP In connection with the Crescent Point Acquisition during the fourth quarter of 2023, 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, which will end on the final fundraising date for the fund. The Company expects to settle the liability with a combination of 33.0% cash and 67.0% equity awards. Expense associated with the cash and equity components are recognized ratably over the measurement period. The Crescent Point MIP is remeasured each period with incremental changes in fair value included within compensation and benefits expense within the 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 that will be granted at fair value. As of December 31, 2024 and 2023, the contingent liability was $75.0 million. As of December 31, 2024 and 2023, the Company has recorded $25.0 million and $5.0 million, respectively, within accrued compensation within the Consolidated Statements of Financial Condition. Compensation expense of $20.0 million and $5.0 million for the years ended December 31, 2024 and 2023, respectively, is presented within compensation and benefits within the Consolidated Statements of Operations. Infrastructure Debt MIP 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 three infrastructure debt funds during the measurement periods. The Company expects to settle each portion of the liability with a combination of 15.0% cash and 85.0% 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. 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 Consolidated Statements of Operations. Following each of the measurement period end dates, the cash component will be paid and equity awards 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 achieved 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 December 31, 2024, the maximum contingent liability associated with the Infrastructure Debt MIP for the two remaining infrastructure debt funds was $15.0 million. During the fourth quarter of 2024, it was determined that it is not probable for one of the infrastructure debt funds to achieve its revenue target by the end of its measurement period. As a result, the Company reversed previously recorded expenses of $1.6 million associated with this fund from compensation and benefits within the Consolidated Statements of Operations. As of December 31, 2024 and 2023, the fair value of the contingent liability associated with the remaining infrastructure debt fund was $9.0 million for both periods. As of December 31, 2024 and 2023, the Company has recorded $4.1 million and $2.8 million, respectively, within accrued compensation within the Consolidated Statements of Financial Condition. Compensation expense associated with the remaining Infrastructure Debt MIP of $1.3 million, $1.5 million and $1.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, is presented within compensation and benefits within the 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 exceed the preferred return threshold or the general partner has received 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 December 31, 2024 and 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 $59.6 million and $78.5 million, respectively, of which approximately $39.5 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 December 31, 2024 and 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’s 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 December 31, 2024 2025 $ 56,074 2026 61,178 2027 56,546 2028 69,900 2029 64,927 Thereafter 703,955 Total future payments 1,012,580 Less: interest 370,716 Total operating lease liabilities $ 641,864 Year ended December 31, Classification within general, administrative and other expenses 2024 2023 2022 Operating lease expense $ 66,812 $ 49,531 $ 42,746 Year ended December 31, Supplemental information on the measurement of operating lease liabilities 2024 2023 2022 Operating cash flows for operating leases $ 55,439 $ 45,103 $ 46,558 Leased assets obtained in exchange for new operating lease liabilities 308,377 168,876 43,331 As of December 31, Lease term and discount rate 2024 2023 Weighted-average remaining lease terms (in years) 14.1 8.4 Weighted-average discount rate 5.8% 4.3%

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	9. RELATED PARTY TRANSACTIONS Substantially all of the Company’s revenue is earned from its affiliates. The related accounts receivable are included within due from affiliates within the Consolidated Statements of Financial Condition, except that accrued carried interest, which is predominantly due from affiliated funds, is presented separately within investments within the Consolidated Statements of Financial Condition. The Company has investment management agreements with the Ares Funds that it manages. In accordance with these agreements, these Ares Funds may bear certain operating costs and expenses which are initially paid by the Company and subsequently reimbursed by the Ares Funds. Employees and other related parties may be permitted to participate in co-investment vehicles that generally invest in Ares Funds alongside fund investors. Participation is limited by law to individuals who qualify under applicable securities laws. These co-investment vehicles generally do not require these individuals to pay management fees, carried interest or incentive fees. Carried interest and incentive fees from the funds can be distributed to professionals or their related entities on a current basis, subject, in the case of carried interest programs, to repayment by the subsidiary of the Company that acts as general partner of the relevant fund in the event that certain specified return thresholds are not ultimately achieved. The professionals have personally guaranteed, subject to certain limitations, the obligations of these subsidiaries in respect of this general partner obligation. Such guarantees are several, and not joint, and are limited to distributions received by the relevant recipient. The Company considers its professionals and non-consolidated funds to be affiliates. Amounts due from and to affiliates were composed of the following: As of December 31, 2024 2023 Due from affiliates: Management fees receivable from non-consolidated funds $ 636,835 $ 560,629 Incentive fee receivable from non-consolidated funds 172,235 159,098 Payments made on behalf of and amounts due from non-consolidated funds and employees 247,538 177,019 Due from affiliates—Company $ 1,056,608 $ 896,746 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 5,767 $ 9,585 Tax receivable agreement liability 402,359 191,299 Carried interest and incentive fees payable 78,692 33,374 Payments made by non-consolidated funds on behalf of and payable by the Company 13,662 5,996 Due to affiliates—Company $ 500,480 $ 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	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	10. INCOME TAXES The Company’s effective income tax rate is dependent on many factors, including the estimated nature and amounts of income and expenses allocated to the non-controlling interests without being subject to federal, state and local income taxes at the corporate level. Additionally, the Company’s effective tax rate is influenced by the amount of income tax provision recorded for any affiliated funds and co-investment vehicles that are consolidated in the Company’s consolidated financial statements. The Company files its tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by U.S. federal, state, local and foreign tax authorities. With limited exceptions, the Company is no longer subject to income tax audits by taxing authorities for any years prior to 2021. Although the outcome of tax audits is always uncertain, the Company does not believe the outcome of any future audit will have a material adverse effect on the Company’s consolidated financial statements. The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following: Year ended December 31, Provision for Income Taxes 2024 2023 2022 The Company Current: U.S. federal income tax expense $ 63,292 $ 34,051 $ 42,452 State and local income tax expense 14,326 13,316 7,614 Foreign income tax expense 24,841 24,029 14,119 102,459 71,396 64,185 Deferred: U.S. federal income tax expense 50,182 85,610 10,660 State and local income tax expense 7,819 15,872 2,131 Foreign income tax benefit (2,917) (3,730) (5,416) 55,084 97,752 7,375 Total: U.S. federal income tax expense 113,474 119,661 53,112 State and local income tax expense 22,145 29,188 9,745 Foreign income tax expense 21,924 20,299 8,703 Income tax expense 157,543 169,148 71,560 Consolidated Funds Current: Foreign income tax expense (benefit) (1,331) 3,823 331 (1,331) 3,823 331 Deferred: U.S. federal income tax expense 8,405 — — 8,405 — — Total: U.S. federal income tax expense 8,405 — — Foreign income tax expense (benefit) (1,331) 3,823 331 Income tax expense 7,074 3,823 331 Total Provision for Income Taxes Total current income tax expense 101,128 75,219 64,516 Total deferred income tax expense 63,489 97,752 7,375 Income tax expense $ 164,617 $ 172,971 $ 71,891 The effective income tax rate differed from the federal statutory rate for the following reasons: Year ended December 31, 2024 2023 2022 Income tax expense at federal statutory rate 21.0% 21.0% 21.0% Income passed through to non-controlling interests (9.3) (9.6) (8.9) State and local taxes, net of federal benefit 1.4 1.7 2.2 Foreign taxes (0.7) (0.7) (1.4) Permanent items 0.1 0.2 0.6 Disallowed executive compensation 0.3 0.2 0.1 Other, net 0.1 0.3 0.3 Valuation allowance — (0.1) 0.2 Total effective rate 12.9% 13.0% 14.1% Deferred Taxes The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2024 and 2023. Deferred tax assets, net are included within other assets within the Consolidated Statements of Financial Condition. As of December 31, Deferred Tax Assets and Liabilities of the Company 2024 2023 Deferred tax assets Amortizable tax basis for AOG Unit exchanges $ 451,343 $ 205,627 Net operating losses and capital loss carryforwards 1,888 1,829 Other, net 9,793 6,511 Total gross deferred tax assets 463,024 213,967 Valuation allowance (941) (942) Total net deferred tax assets 462,083 213,025 Deferred tax liabilities Investment in partnerships (220,189) (191,476) Total deferred tax liabilities (220,189) (191,476) Deferred tax assets, net $ 241,894 $ 21,549 As of December 31, Deferred Tax Assets and Liabilities of the Consolidated Funds 2024 2023 Deferred tax assets Net operating losses $ 7,932 $ 2,598 Total gross deferred tax assets 7,932 2,598 Valuation allowance (1,229) (2,598) Total net deferred tax assets 6,703 — Deferred tax liabilities Investments in partnerships (15,108) — Total deferred tax liabilities (15,108) — Deferred tax assets (liabilities), net $ (8,405) $ — In assessing the realizability of deferred tax assets, the Company considers whether it is probable that some or all of the deferred tax assets will not be realized. In determining whether the deferred taxes are realizable, the Company considers the period of expiration of the tax asset, historical and projected taxable income, and tax liabilities for the tax jurisdiction in which the tax asset is located. Valuation allowances are provided to reduce the amounts of deferred tax assets to an amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. The Company’s income tax provision includes corporate income taxes and other entity level income taxes, as well as income taxes incurred by Consolidated Funds. As of December 31, 2024 and 2023, the valuation allowance for the Company’s deferred tax assets was $0.9 million. The deferred tax assets related to operating losses in foreign jurisdictions and certain capital loss carryforwards do not meet the more likely than not threshold and have a valuation allowance recorded for the net balance. As of December 31, 2024 and 2023, the Company had $36.4 million and $10.6 million, respectively, of net operating loss (“NOL”) carryforwards and other tax attributes related to its Consolidated Funds available to reduce future income taxes for which a full valuation allowance has been provided. The NOL carryforwards generally have no expiry. As of, and for the years ended December 31, 2024, 2023 and 2022, the Company had no significant uncertain tax positions.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	11. 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 and if-converted methods. For the years ended December 31, 2024 and 2022, the two-class method was the more dilutive method. For the year ended December 31, 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 under the treasury stock method: Year ended December 31, 2024 2023 2022 Restricted units N/A 2,071 N/A AOG Units N/A 118,804,252 N/A The following table presents the computation of basic and diluted earnings per common share: Year ended December 31, 2024 2023 2022 Basic earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 440,961 $ 474,326 $ 167,541 Dividends declared and paid on Class A and non-voting common stock (742,970) (571,923) (429,104) Distributions on unvested restricted units (30,766) (21,303) (14,096) Dividends in excess of earnings available to Class A and non-voting common stockholders $ (332,775) $ (118,900) $ (275,659) Basic weighted-average shares of Class A and non-voting common stock 198,054,451 184,523,524 175,510,798 Dividends in excess of earnings per share of Class A and non-voting common stock $ (1.68) $ (0.64) $ (1.57) Dividend declared and paid per Class A and non-voting common stock 3.72 3.08 2.44 Basic earnings per share of Class A and non-voting common stock $ 2.04 $ 2.44 $ 0.87 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 $ 440,961 $ 474,326 $ 167,541 Distributions on unvested restricted units (30,766) — (14,096) Net income available to Class A and non-voting common stockholders $ 410,195 $ 474,326 $ 153,445 Effect of dilutive shares: Restricted units — 9,347,318 — Options — 1,902,584 — Diluted weighted-average shares of Class A and non-voting common stock 198,054,451 195,773,426 175,510,798 Diluted earnings per share of Class A and non-voting common stock $ 2.04 $ 2.42 $ 0.87

EQUITY COMPENSATION

EQUITY COMPENSATION	12 Months Ended
	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
EQUITY COMPENSATION	12. EQUITY COMPENSATION Equity Incentive Plan Equity-based compensation is granted under the Company’s 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 December 31, 2024, 62,634,307 shares remained available for issuance. Generally, unvested awards 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 unvested awards is presented in the following table: Year ended December 31, 2024 2023 2022 Unvested awards $ 352,851 $ 255,965 $ 200,391 Unvested Awards Each unvested award represents either a share of the Company’s Class A common stock that is subject to restriction or a restricted unit, representing an unfunded, unsecured right of the holder to receive a share of the Company’s Class A common stock on a specific date. The unvested awards generally vest and the restrictions lapse or are settled in shares of Class A common stock, as applicable, at a rate of either: (i) one-quarter per year, beginning on the second anniversary of the grant date or the holder’s employment commencement date; or (ii) 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 unvested awards is recognized on a straight-line basis over the requisite service period of the award. Restricted units are delivered net of the holder’s payroll-related taxes upon vesting. For the year ended December 31, 2024, 4.2 million restricted units vested and 2.3 million shares of Class A common stock were delivered to the holders. For the year ended December 31, 2023, 3.8 million restricted units vested and 2.2 million shares of Class A common stock were delivered to the holders. The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the year ended December 31, 2024: Record Date Dividends Per Share Dividend Equivalents Paid March 15, 2024 $ 0.93 $ 16,294 June 14, 2024 0.93 16,008 September 16, 2024 0.93 16,242 December 17, 2024 0.93 16,098 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 units 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 awards’ activity: Unvested Awards Weighted Average Balance as of December 31, 2023 17,359,829 $ 59.20 Granted 5,167,328 124.88 Vested (4,151,900) 52.27 Forfeited (406,317) 85.06 Balance as of December 31, 2024 17,968,940 $ 79.11 The total compensation expense expected to be recognized in all future periods associated with unvested awards is approximately $909.7 million as of December 31, 2024 and is expected to be recognized over the remaining weighted average period of 3.5 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 year ended December 31, 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 December 31, 2024 — $ — — $ —

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity Note [Abstract]
EQUITY AND REDEEMABLE INTEREST	13. EQUITY AND REDEEMABLE INTEREST Common Stock The Company’s common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. Sumitomo Mitsui Banking Corporation (“SMBC”) is the sole holder of the non-voting common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock. Except as otherwise expressly provided in the Company’s Certificate of Incorporation (the “Certificate of Incorporation”), the Company’s common stockholders are entitled to vote on all matters on which stockholders of a corporation are generally entitled to vote under the Delaware General Corporation Law (the “DGCL”), including the election of the Company’s board of directors. Holders of shares of the Company’s Class A common stock are entitled to one vote per share of the Company’s Class A common stock. On any date on which the Ares Ownership Condition (as defined in the Certificate of Incorporation) is satisfied, holders of shares of the Company’s Class B common stock are, in the aggregate, entitled to a number of votes equal to (x) four times the aggregate number of votes attributable to the Company’s Class A common stock minus (y) the aggregate number of votes attributable to the Company’s Class C common stock. On any date on which the Ares Ownership Condition is not satisfied, holders of shares of the Company’s Class B common stock are not entitled to vote on any matter submitted to a vote of the Company’s stockholders. The holder of shares of the Company’s Class C common stock is generally entitled to a number of votes equal to the number of AOG Units (as defined in the Certificate of Incorporation) held of record by each Ares Operating Group Limited Partner (as defined in the Certificate of Incorporation) other than the Company and its subsidiaries. Issuances of Class C common stock correspond with increases in Ares Owners Holdings L.P.’s ownership interest in the AOG entities. The Company has a stock repurchase program that allows for the repurchase of up to $150.0 million of shares of Class A common stock. Under the program, shares may be repurchased from time to time in open market purchases, privately negotiated transactions or otherwise, including in reliance on Rule 10b5-1 of the Securities Act. The renewal of the program is subject to authorization by the Company’s board of directors on an annual basis. As of December 31, 2024, the program was scheduled to expire in March 2025. In February 2025, the renewal of the program was authorized by the Company’s board of directors and will expire in March 2026, with an increase in size up to $750.0 million. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the years ended December 31, 2024, 2023 and 2022, the Company did not repurchase any shares as part of the stock repurchase program. The Company issued and sold 3,047,500 shares of Class A common stock during the year ended December 31, 2024 (the “Offering”). The Offering resulted in net proceeds of approximately $407.2 million (after deducting underwriting discounts and offering expenses). 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 Issuance of common stock 3,122,628 — — 63,179 3,185,807 Exchanges of AOG Units 7,281,248 — — (7,281,248) — Stock option exercises, net of shares withheld for tax 79,524 — — — 79,524 Vesting of restricted unit awards, net of shares withheld for tax 2,319,264 — — — 2,319,264 Balance as of December 31, 2024 199,872,571 3,489,911 1,000 109,806,689 313,170,171 The following table presents each partner’s 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 December 31, 2024 As of December 31, 2023 Year ended December 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2024 2023 2022 Ares Management Corporation 203,362,482 64.94% 190,559,818 61.95% 63.61% 60.83% 59.76% Ares Owners Holdings, L.P. 109,806,689 35.06 117,024,758 38.05 36.39 39.17 40.24 Total 313,169,171 100.00% 307,584,576 100.00% The Company’s ownership percentage of the AOG Units will continue to change upon: (i) the vesting of restricted units that were granted under the Equity Incentive Plan; (ii) the exchange of AOG Units for shares of Class A common stock; (iii) the cancellation of AOG Units in connection with certain individuals’ forfeiture of AOG Units upon termination of employment; and (iv) the issuance of new AOG Units, including in connection with acquisitions, among other strategic reasons. Holders of the AOG Units, subject to any applicable transfer restrictions, may up to four times each year (subject to the terms of the exchange agreement) exchange their AOG Units for shares of Class A common stock on a one-for-one basis. Equity is reallocated among partners upon a change in ownership to ensure each partners’ capital account properly reflects their respective claim on the residual value of the Company. This change is reflected as either a reallocation of interest or as dilution within the Consolidated Statements of Changes in Equity. Preferred Stock In October 2024, the Company issued 30,000,000 shares of its Series B mandatory convertible preferred stock for total proceeds of $1,462.5 million (after deducting underwriting discounts but before offering expenses). As of December 31, 2024, the Company had 30,000,000 shares of Series B mandatory convertible preferred stock outstanding. When, as and if declared by the Company’s board of directors, dividends on the Series B mandatory convertible preferred stock are payable quarterly at a rate per annum equal to 6.75% on January 1, April 1, July 1 and October 1 of each year, beginning on January 1, 2025 and concluding on October 1, 2027. Declared dividends on the Series B mandatory convertible preferred stock will be payable, at the Company’s election, in cash, shares of its Class A common stock or a combination of cash and shares of its Class A common stock. Dividends on Series B mandatory convertible preferred stock are cumulative and the Series B mandatory convertible preferred stock, unless previously converted or redeemed, will automatically convert into the Company’s Class A common stock on October 1, 2027. Redeemable Interest On July 1, 2020, the Company completed its acquisition of a majority interest in SSG Capital Holdings Limited and its operating subsidiaries (“SSG” and subsequently rebranded as “Ares SSG”) (the “SSG Acquisition”). In connection with the SSG Acquisition, the former owners of SSG retained a 20% ownership interest in the operations acquired by the Company. During the year ended December 31, 2023, the Company purchased a portion of the redeemable interest in AOG entities (the “SSG Buyout”), and the Company now owns 100% of Ares SSG’s fee-generating business. The remaining redeemable interest in AOG entities represents ownership in certain investments that were not included in the 20% ownership interest buyout arrangement, and continues to be presented at the redemption amount within mezzanine equity within the Consolidated Statements of Financial Condition. During the year ended December 31, 2023, Ares Acquisition Corporation II (NYSE: AACT) (“AAC II”), the Company’s second sponsored SPAC, consummated its initial public offering and generated gross proceeds of $500.0 million. As of December 31, 2024, the 50,000,000 AAC II Class A ordinary shares are presented at the redemption amount within mezzanine equity within the Consolidated Statements of Financial Condition. The following table summarizes the activities associated with the redeemable interest in AOG entities: Total Balance as of December 31, 2021 $ 96,008 Distributions (1,887) Net loss (851) Currency translation adjustment, net of tax (426) Equity compensation 285 Balance as of December 31, 2022 93,129 Changes in ownership interests and related tax benefits (66,507) Distributions (2,883) Net income 226 Currency translation adjustment, net of tax (41) Equity compensation 174 Balance as of December 31, 2023 24,098 Distributions (302) Net income 103 Currency translation adjustment, net of tax (403) Balance as of December 31, 2024 $ 23,496 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance as of December 31, 2022 $ 1,013,282 Gross proceeds from the initial public offering of AAC II 500,000 Change in redemption value 55,530 Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (1,045,874) Balance as of December 31, 2023 522,938 Change in redemption value 27,762 Balance as of December 31, 2024 $ 550,700

SEGMENT REPORTING

SEGMENT REPORTING	12 Months Ended
	Dec. 31, 2024
Segment Reporting [Abstract]
SEGMENT REPORTING	14. 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; (ii) the SPACs sponsored by the Company; and (iii) a venture capital business with fund strategies that are focused on applied artificial intelligence, 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, including Ares Wealth Management Solutions, LLC (“AWMS”). AWMS 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 may 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 Measure: Realized income (“RI”), which includes fee related earnings (“FRE”) as a component, supplements and should be considered in addition to, and not in lieu of, the Consolidated Statements of Operations prepared in accordance with GAAP. RI, a non-GAAP measure, 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. FRE, a non-GAAP measure that is a component of RI, 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. The Company’s CODM is its Chief Executive Officer. The CODM 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 CODM in evaluating the segments. Many of the Ares Funds managed by the Company have mandates that allow for investing across different geographic regions, including North America, Europe, APAC and the Middle East. The primary geographic region in which the Company invests in is North America and the majority of its revenues are generated in North America. The following tables present the financial results for the Company’s operating segments, as well as the OMG: Year ended December 31, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 2,177,816 $ 401,968 $ 137,130 $ 197,287 $ 43,229 $ 2,957,430 $ — $ 2,957,430 Fee related performance revenues 202,703 — — 28,834 — 231,537 — 231,537 Other fees 41,819 27,263 1,695 222 523 71,522 20,357 91,879 Compensation and benefits (692,309) (160,357) (56,830) (66,290) (21,482) (997,268) (421,268) (1,418,536) General, administrative and other expenses (161,872) (56,768) (21,449) (33,881) (6,584) (280,554) (220,019) (500,573) Fee related earnings 1,568,157 212,106 60,546 126,172 15,686 1,982,667 (620,930) 1,361,737 Performance income—realized 326,202 60,317 43,299 361 — 430,179 — 430,179 Performance related compensation—realized (207,794) (37,283) (36,334) 110 — (281,301) — (281,301) Realized net performance income 118,408 23,034 6,965 471 — 148,878 — 148,878 Investment income (loss)—realized 21,159 5,184 1,926 2,565 9,467 40,301 (650) 39,651 Interest income 11,671 7,649 1,970 972 35,810 58,072 1,723 59,795 Interest expense (34,578) (24,131) (22,632) (10,240) (50,659) (142,240) (701) (142,941) Realized net investment income (loss) (1,748) (11,298) (18,736) (6,703) (5,382) (43,867) 372 (43,495) Realized income $ 1,684,817 $ 223,842 $ 48,775 $ 119,940 $ 10,304 $ 2,087,678 $ (620,558) $ 1,467,120 Year ended December 31, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,853,326 $ 389,437 $ 126,721 $ 174,942 $ 27,087 $ 2,571,513 $ — $ 2,571,513 Fee related performance revenues 167,333 334 — 12,782 — 180,449 — 180,449 Other fees 36,640 29,695 1,693 22 374 68,424 23,685 92,109 Compensation and benefits (624,741) (153,870) (58,408) (62,160) (15,812) (914,991) (361,124) (1,276,115) General, administrative and other expenses (115,546) (46,789) (16,949) (21,199) (3,119) (203,602) (200,613) (404,215) Fee related earnings 1,317,012 218,807 53,057 104,387 8,530 1,701,793 (538,052) 1,163,741 Performance income—realized 323,733 20,990 65,716 5,460 — 415,899 — 415,899 Performance related compensation—realized (211,976) (12,768) (52,984) (4,678) — (282,406) — (282,406) Realized net performance income 111,757 8,222 12,732 782 — 133,493 — 133,493 Investment income (loss)—realized 36,490 3,392 (712) 4,523 2,962 46,655 (470) 46,185 Interest income 9,788 3,165 38 344 13,831 27,166 1,218 28,384 Interest expense (29,732) (16,391) (18,990) (8,980) (32,026) (106,119) (156) (106,275) Realized net investment income (loss) 16,546 (9,834) (19,664) (4,113) (15,233) (32,298) 592 (31,706) Realized income $ 1,445,315 $ 217,195 $ 46,125 $ 101,056 $ (6,703) $ 1,802,988 $ (537,460) $ 1,265,528 Year ended December 31, 2022 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,490,674 $ 347,808 $ 125,681 $ 176,694 $ 11,671 $ 2,152,528 $ — $ 2,152,528 Fee related performance revenues 71,497 167,693 — 235 — 239,425 — 239,425 Other fees 32,637 35,879 1,243 — 274 70,033 24,529 94,562 Compensation and benefits (483,167) (240,015) (66,075) (53,743) (12,108) (855,108) (317,396) (1,172,504) General, administrative and other expenses (93,715) (39,739) (16,416) (12,685) (2,089) (164,644) (155,017) (319,661) Fee related earnings 1,017,926 271,626 44,433 110,501 (2,252) 1,442,234 (447,884) 994,350 Performance income—realized 237,839 133,130 42,896 4,156 — 418,021 — 418,021 Performance related compensation—realized (153,538) (83,105) (34,383) (3,515) — (274,541) — (274,541) Realized net performance income 84,301 50,025 8,513 641 — 143,480 — 143,480 Investment income (loss)—realized 27,831 9,898 4,001 3,640 1,850 47,220 (1,678) 45,542 Interest income 8,290 2,262 222 43 8,141 18,958 53 19,011 Interest expense (18,401) (11,346) (13,484) (5,660) (21,781) (70,672) (684) (71,356) Realized net investment income (loss) 17,720 814 (9,261) (1,977) (11,790) (4,494) (2,309) (6,803) Realized income $ 1,119,947 $ 322,465 $ 43,685 $ 109,165 $ (14,042) $ 1,581,220 $ (450,193) $ 1,131,027 The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss): Year ended December 31, 2024 2023 2022 Segment revenues Management fees $ 2,957,430 $ 2,571,513 $ 2,152,528 Fee related performance revenues 231,537 180,449 239,425 Other fees 71,522 68,424 70,033 Performance income—realized 430,179 415,899 418,021 Total segment revenues $ 3,690,668 $ 3,236,285 $ 2,880,007 Segment expenses Compensation and benefits $ 997,268 $ 914,991 $ 855,108 General, administrative and other expenses 280,554 203,602 164,644 Performance related compensation—realized 281,301 282,406 274,541 Total segment expenses $ 1,559,123 $ 1,400,999 $ 1,294,293 Segment realized net investment income (loss) Investment income—realized $ 40,301 $ 46,655 $ 47,220 Interest income 58,072 27,166 18,958 Interest expense (142,240) (106,119) (70,672) Total segment realized net investment loss $ (43,867) $ (32,298) $ (4,494) The following table reconciles the Company’s consolidated revenues to segment revenue: Year ended December 31, 2024 2023 2022 Total consolidated revenue $ 3,884,781 $ 3,631,884 $ 3,055,443 Performance income—unrealized (109,533) (305,370) (107,153) Management fees of Consolidated Funds eliminated in consolidation 46,597 48,201 46,324 Performance income of Consolidated Funds eliminated in consolidation 28,135 13,672 11,529 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 525 7,166 17,013 Administrative fees (1) (70,363) (63,144) (69,414) OMG revenue (20,357) (23,685) (24,354) Principal investment income, net of eliminations (45,424) (36,516) (12,278) Net revenue of non-controlling interests in consolidated subsidiaries (23,693) (35,923) (37,103) Total consolidation adjustments and reconciling items (194,113) (395,599) (175,436) Total segment revenue $ 3,690,668 $ 3,236,285 $ 2,880,007 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. The following table reconciles the Company’s consolidated expenses to segment expenses: Year ended December 31, 2024 2023 2022 Total consolidated expenses $ 2,938,691 $ 2,797,858 $ 2,749,085 Performance related compensation-unrealized (36,823) (206,923) (88,502) Expenses of Consolidated Funds added in consolidation (69,320) (93,167) (86,988) Expenses of Consolidated Funds eliminated in consolidation 48,441 50,108 50,833 Administrative fees (1) (70,363) (62,773) (68,255) OMG expenses (641,287) (561,737) (472,413) Acquisition and merger-related expense (57,360) (12,000) (15,197) Equity compensation expense (352,851) (255,790) (200,106) Acquisition-related compensation expense (2) (38,150) (7,334) (206,252) Placement fee adjustment (5,715) 5,819 (2,088) Depreciation and amortization expense (157,341) (233,185) (335,083) Expense of non-controlling interests in consolidated subsidiaries 1,201 (19,877) (30,741) Total consolidation adjustments and reconciling items (1,379,568) (1,396,859) (1,454,792) Total segment expenses $ 1,559,123 $ 1,400,999 $ 1,294,293 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents bonus payments and contingent liabilities (“earnouts”) resulting from the acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. See “Note 8. Commitments and Contingencies” for a further description of the contingent liabilities related to the various acquisitions. The following table reconciles the Company’s consolidated other income to segment realized net investment loss: Year ended December 31, 2024 2023 2022 Total consolidated other income $ 329,262 $ 499,037 $ 204,448 Investment income—unrealized (5,613) (178,481) (12,834) Other income, net from Consolidated Funds added in consolidation (379,090) (492,848) (250,144) Other expense, net from Consolidated Funds eliminated in consolidation (12,835) (16,485) (16,484) OMG other (income) expense (4,413) 1,074 14,419 Principal investment income 38,367 155,632 48,223 Other (income) expense, net (12,172) 976 1,873 Other (income) loss of non-controlling interests in consolidated subsidiaries 2,627 (1,203) 6,005 Total consolidation adjustments and reconciling items (373,129) (531,335) (208,942) Total segment realized net investment loss $ (43,867) $ (32,298) $ (4,494) The following table presents the reconciliation of income before taxes as reported in the Consolidated Statements of Operations to segment results of RI and FRE: Year ended December 31, 2024 2023 2022 Income before taxes $ 1,275,352 $ 1,333,063 $ 510,806 Adjustments: Depreciation and amortization expense 157,341 233,185 335,083 Equity compensation expense 352,851 255,419 198,948 Acquisition-related compensation expense (1) 38,150 7,334 206,252 Acquisition and merger-related expense 57,360 12,000 15,197 Placement fee adjustment 5,715 (5,819) 2,088 OMG expense, net 616,517 539,126 462,478 Other (income) expense, net (12,172) 976 1,874 Income before taxes of non-controlling interests in consolidated subsidiaries (22,267) (17,249) (357) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (302,846) (278,119) (119,664) Total performance income—unrealized (109,533) (305,370) (107,153) Total performance related compensation—unrealized 36,823 206,923 88,502 Total net investment income—unrealized (5,613) (178,481) (12,834) Realized income 2,087,678 1,802,988 1,581,220 Total performance income—realized (430,179) (415,899) (418,021) Total performance related compensation—realized 281,301 282,406 274,541 Total net investment loss—realized 43,867 32,298 4,494 Fee related earnings $ 1,982,667 $ 1,701,793 $ 1,442,234 (1) Represents bonus payments and earnouts resulting from the acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. See “Note 8. Commitments and Contingencies” for a further description of the contingent liabilities related to the various acquisitions.

CONSOLIDATION

CONSOLIDATION	12 Months Ended
	Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]
CONSOLIDATION	15. 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 VIE as it no longer has a significant economic interest. During the year ended December 31, 2024, the Company deconsolidated one CLO as a result of significant change in ownership. During the year ended December 31, 2023, the Company deconsolidated one SPAC as a result of liquidation and one private fund experienced a significant change in ownership that resulted in deconsolidation of the entity. During the year ended December 31, 2022, the Company did not deconsolidate any entity. Investments in Consolidated Variable Interest Entities The Company consolidates entities in which the Company has a variable interest and as the general partner or investment manager, has both the power to direct the most significant activities and a potentially significant economic interest. Investments in the consolidated VIEs are reported at fair value and represent the Company’s maximum exposure to loss. Investments in Non-Consolidated Variable Interest Entities The Company holds interests in certain VIEs that are not consolidated as the Company is not the primary beneficiary. The Company’s interest in such entities generally is in the form of direct equity interests, fixed fee arrangements or both. The maximum exposure to loss represents the potential loss of assets by the Company relating to 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 Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Consolidated Statements of Operations, are as follows: As of December 31, 2024 2023 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs $ 386,927 $ 503,376 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs 791,133 910,600 Assets of consolidated VIEs 13,698,611 15,484,962 Liabilities of consolidated VIEs 10,879,735 13,409,257 Year ended December 31, 2024 2023 2022 Net income attributable to non-controlling interests related to consolidated VIEs $ 269,743 $ 204,571 $ 105,797 Consolidating Schedules The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows: As of December 31, 2024 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 1,507,976 $ — $ — $ 1,507,976 Investments (includes $3,495,115 of accrued carried interest) 5,485,012 — (840,237) 4,644,775 Due from affiliates 1,236,450 — (179,842) 1,056,608 Other assets 774,654 — — 774,654 Right-of-use operating lease assets 511,319 — — 511,319 Intangible assets, net 975,828 — — 975,828 Goodwill 1,162,636 — — 1,162,636 Assets of Consolidated Funds Cash and cash equivalents — 1,227,489 — 1,227,489 Investments held in trust account — 550,800 — 550,800 Investments, at fair value — 12,187,044 — 12,187,044 Receivable for securities sold — 202,782 — 202,782 Other assets — 82,397 — 82,397 Total assets $ 11,653,875 $ 14,250,512 $ (1,020,079) $ 24,884,308 Liabilities Accounts payable, accrued expenses and other liabilities $ 364,152 $ — $ (280) $ 363,872 Accrued compensation 280,894 — — 280,894 Due to affiliates 500,480 — — 500,480 Performance related compensation payable 2,537,203 — — 2,537,203 Debt obligations 2,558,914 — — 2,558,914 Operating lease liabilities 641,864 — — 641,864 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 323,566 (466) 323,100 Due to affiliates — 178,409 (178,409) — Payable for securities purchased — 332,406 — 332,406 CLO loan obligations, at fair value — 9,793,645 (121,456) 9,672,189 Fund borrowings — 275,000 — 275,000 Total liabilities 6,883,507 10,903,026 (300,611) 17,485,922 Commitments and contingencies Redeemable interest in Consolidated Funds — 550,700 — 550,700 Redeemable interest in Ares Operating Group entities 23,496 — — 23,496 Non-controlling interest in Consolidated Funds — 2,796,786 (771,120) 2,025,666 Non-controlling interest in Ares Operating Group entities 1,236,767 — 18,111 1,254,878 Stockholders’ Equity Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding) 1,458,771 — — 1,458,771 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (199,872,571 shares issued and outstanding) 1,999 — — 1,999 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 (109,806,689 shares issued and outstanding) 1,098 — — 1,098 Additional paid-in-capital 2,903,253 — 33,541 2,936,794 Accumulated deficit (837,294) — — (837,294) Accumulated other comprehensive loss, net of tax (17,757) — — (17,757) Total stockholders’ equity 3,510,105 — 33,541 3,543,646 Total equity 4,746,872 2,796,786 (719,468) 6,824,190 Total liabilities, redeemable interest, non-controlling interests and equity $ 11,653,875 $ 14,250,512 $ (1,020,079) $ 24,884,308 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 Year ended December 31, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,988,723 $ — $ (46,597) $ 2,942,126 Carried interest allocation 416,995 — (26,815) 390,180 Incentive fees 345,477 — (1,320) 344,157 Principal investment income 38,367 — 7,057 45,424 Administrative, transaction and other fees 163,419 — (525) 162,894 Total revenues 3,952,981 — (68,200) 3,884,781 Expenses Compensation and benefits 1,731,747 — — 1,731,747 Performance related compensation 449,564 — — 449,564 General, administrative and other expense 736,501 — — 736,501 Expenses of the Consolidated Funds — 69,320 (48,441) 20,879 Total expenses 2,917,812 69,320 (48,441) 2,938,691 Other income (expense) Net realized and unrealized gains on investments 31,214 — (14,644) 16,570 Interest and dividend income 48,484 — (5,430) 43,054 Interest expense (142,966) — — (142,966) Other income, net 605 — 22 627 Net realized and unrealized gains on investments of the Consolidated Funds — 291,534 22,429 313,963 Interest and other income of the Consolidated Funds — 933,349 — 933,349 Interest expense of the Consolidated Funds — (845,793) 10,458 (835,335) Total other income (expense), net (62,663) 379,090 12,835 329,262 Income before taxes 972,506 309,770 (6,924) 1,275,352 Income tax expense 157,543 7,074 — 164,617 Net income 814,963 302,696 (6,924) 1,110,735 Less: Net income attributable to non-controlling interests in Consolidated Funds — 302,696 (6,924) 295,772 Net income attributable to Ares Operating Group entities 814,963 — — 814,963 Less: Net income attributable to redeemable interest in Ares Operating Group entities 103 — — 103 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 351,118 — — 351,118 Net income attributable to Ares Management Corporation 463,742 — — 463,742 Less: Series B mandatory convertible preferred stock dividends declared 22,781 — — 22,781 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 440,961 $ — $ — $ 440,961 Year ended December 31, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,599,351 $ — $ (48,201) $ 2,551,150 Carried interest allocation 631,150 — (12,571) 618,579 Incentive fees 277,728 — (1,101) 276,627 Principal investment income 155,632 — (119,116) 36,516 Administrative, transaction and other fees 156,178 — (7,166) 149,012 Total revenues 3,820,039 — (188,155) 3,631,884 Expenses Compensation and benefits 1,486,698 — — 1,486,698 Performance related compensation 607,522 — — 607,522 General, administrative and other expense 660,579 — (433) 660,146 Expenses of the Consolidated Funds — 93,167 (49,675) 43,492 Total expenses 2,754,799 93,167 (50,108) 2,797,858 Other income (expense) Net realized and unrealized gains on investments 76,415 — 1,158 77,573 Interest and dividend income 29,850 — (10,574) 19,276 Interest expense (106,276) — — (106,276) Other income (expense), net (10,285) — 15,104 4,819 Net realized and unrealized gains on investments of the Consolidated Funds — 239,802 22,898 262,700 Interest and other income of the Consolidated Funds — 1,010,649 (15,104) 995,545 Interest expense of the Consolidated Funds — (757,603) 3,003 (754,600) Total other income (expense), net (10,296) 492,848 16,485 499,037 Income before taxes 1,054,944 399,681 (121,562) 1,333,063 Income tax expense 169,148 3,823 — 172,971 Net income 885,796 395,858 (121,562) 1,160,092 Less: Net income attributable to non-controlling interests in Consolidated Funds — 395,858 (121,562) 274,296 Net income attributable to Ares Operating Group entities 885,796 — — 885,796 Less: Net income attributable to redeemable interest in Ares Operating Group entities 226 — — 226 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 411,244 — — 411,244 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 474,326 $ — $ — $ 474,326 Year ended December 31, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,182,757 $ — $ (46,324) $ 2,136,433 Carried interest allocation 465,561 — (7,549) 458,012 Incentive fees 305,167 — (3,980) 301,187 Principal investment income 48,222 — (35,943) 12,279 Administrative, transaction and other fees 164,545 — (17,013) 147,532 Total revenues 3,166,252 — (110,809) 3,055,443 Expenses Compensation and benefits 1,498,590 — — 1,498,590 Performance related compensation 518,829 — — 518,829 General, administrative and other expense 695,511 — (255) 695,256 Expenses of the Consolidated Funds — 86,988 (50,578) 36,410 Total expenses 2,712,930 86,988 (50,833) 2,749,085 Other income (expense) Net realized and unrealized gains (losses) on investments (27,924) — 32,656 4,732 Interest and dividend income 25,196 — (15,797) 9,399 Interest expense (71,356) — — (71,356) Other income, net 11,904 — 1,215 13,119 Net realized and unrealized gains on investments of the Consolidated Funds — 87,287 (13,901) 73,386 Interest and other income of the Consolidated Funds — 587,744 (1,215) 586,529 Interest expense of the Consolidated Funds — (424,887) 13,526 (411,361) Total other income (expense), net (62,180) 250,144 16,484 204,448 Income before taxes 391,142 163,156 (43,492) 510,806 Income tax expense 71,560 331 — 71,891 Net income 319,582 162,825 (43,492) 438,915 Less: Net income attributable to non-controlling interests in Consolidated Funds — 162,825 (43,492) 119,333 Net income attributable to Ares Operating Group entities 319,582 — — 319,582 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (851) — — (851) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 152,892 — — 152,892 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,541 $ — $ — $ 167,541 Year ended December 31, 2024 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 814,963 $ 302,696 $ (6,924) $ 1,110,735 Adjustments to reconcile net income to net cash provided by operating activities: Equity compensation expense 352,851 — — 352,851 Depreciation and amortization 158,578 — — 158,578 Net realized and unrealized gains on investments (3,399) — (18,064) (21,463) Other non-cash amounts 11,755 — — 11,755 Investments purchased (606,536) — 25,792 (580,744) Proceeds from sale of investments 799,221 — (115,583) 683,638 Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (291,534) (22,429) (313,963) Other non-cash amounts — (48,963) — (48,963) Investments purchased — (5,927,444) — (5,927,444) Proceeds from sale of investments — 7,569,165 — 7,569,165 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (214,989) — 26,815 (188,174) Due to/from affiliates 214,999 — 8,499 223,498 Other assets (252,644) — — (252,644) Accrued compensation and benefits (7,096) — — (7,096) Accounts payable, accrued expenses and other liabilities 137,021 — 11,363 148,384 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — (77,978) (77,978) Net cash relinquished with deconsolidation of Consolidated Funds — (46,205) — (46,205) Change in other assets and receivables held at Consolidated Funds — (44,647) (5,127) (49,774) Change in other liabilities and payables held at Consolidated Funds — 47,464 (466) 46,998 Net cash provided by operating activities 1,404,724 1,560,532 (174,102) 2,791,154 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (91,509) — — (91,509) Acquisitions, net of cash acquired (67,895) — — (67,895) Net cash used in investing activities (159,404) — — (159,404) Cash flows from financing activities: Net proceeds from issuance of Series B mandatory convertible preferred stock 1,458,771 — — 1,458,771 Net proceeds from issuance of Class A common stock 407,124 — — 407,124 Proceeds from Credit Facility 1,210,000 — — 1,210,000 Proceeds from issuance of senior notes 736,010 — — 736,010 Repayments of Credit Facility (2,105,000) — — (2,105,000) Repayment of senior notes (250,000) — — (250,000) Dividends and distributions (1,310,896) — — (1,310,896) Stock option exercises 1,511 — — 1,511 Taxes paid related to net share settlement of equity awards (227,532) — — (227,532) Other financing activities 2,285 — — 2,285 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 569,479 69,675 639,154 Distributions to non-controlling interests in Consolidated Funds — (150,470) 26,449 (124,021) Borrowings under loan obligations by Consolidated Funds — 359,351 — 359,351 Repayments under loan obligations by Consolidated Funds — (2,228,351) — (2,228,351) Net cash used in financing activities (77,727) (1,449,991) 96,124 (1,431,594) Effect of exchange rate changes (7,892) (32,562) — (40,454) Net change in cash and cash equivalents 1,159,701 77,979 (77,978) 1,159,702 Cash and cash equivalents, beginning of period 348,274 1,149,511 (1,149,511) 348,274 Cash and cash equivalents, end of period $ 1,507,975 $ 1,227,490 $ (1,227,489) $ 1,507,976 Supplemental disclosure of non-cash financing activities: Equity issued in connection with acquisition-related activities $ 21,002 $ — $ — $ 21,002 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 132,645 $ 734,115 $ — $ 866,760 Cash paid during the period for income taxes $ 107,193 $ 377 $ — $ 107,570 Year ended December 31, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 885,796 $ 395,858 $ (121,562) $ 1,160,092 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity compensation expense 255,965 — — 255,965 Depreciation and amortization 231,712 — — 231,712 Net realized and unrealized gains on investments (197,874) — 107,137 (90,737) Other non-cash amounts 74 — — 74 Investments purchased (726,051) — 218,119 (507,932) Proceeds from sale of investments 214,938 — (8,775) 206,163 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (239,802) (22,898) (262,700) Other non-cash amounts — (101,465) — (101,465) Investments purchased — (8,847,856) — (8,847,856) Proceeds from sale of investments — 8,149,617 — 8,149,617 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (61,429) — 12,571 (48,858) Due to/from affiliates (200,704) — (19,717) (220,421) Other assets 21,532 — — 21,532 Accrued compensation and benefits 20,383 — — 20,383 Accounts payable, accrued expenses and other liabilities 28,765 — (901) 27,864 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — (424,870) (424,870) Net cash relinquished with deconsolidation of Consolidated Funds — (623) — (623) Change in other assets and receivables held at Consolidated Funds — (53,916) 33,669 (20,247) Change in other liabilities and payables held at Consolidated Funds — 219,046 — 219,046 Net cash provided by (used in) operating activities 473,107 (479,141) (227,227) (233,261) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (67,183) — — (67,183) Acquisitions, net of cash acquired (43,896) — — (43,896) Net cash used in investing activities (111,079) — — (111,079) Cash flows from financing activities: Proceeds from Credit Facility 1,410,000 — — 1,410,000 Proceeds from issuance of senior notes 499,010 — — 499,010 Repayments of Credit Facility (1,215,000) — — (1,215,000) Dividends and distributions (1,030,666) — — (1,030,666) Stock option exercises 85,959 — — 85,959 Taxes paid related to net share settlement of equity awards (157,007) — — (157,007) Other financing activities 2,943 — — 2,943 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 1,071,575 (216,119) 855,456 Distributions to non-controlling interests in Consolidated Funds — (119,604) 18,476 (101,128) Redemptions of redeemable interests in Consolidated Funds — (1,045,874) — (1,045,874) Borrowings under loan obligations by Consolidated Funds — 1,387,297 — 1,387,297 Repayments under loan obligations by Consolidated Funds — (398,864) — (398,864) Net cash provided by (used in) financing activities (404,761) 894,530 (197,643) 292,126 Effect of exchange rate changes 1,020 9,481 — 10,501 Net change in cash and cash equivalents (41,713) 424,870 (424,870) (41,713) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 348,274 $ 1,149,511 $ (1,149,511) $ 348,274 Supplemental disclosure of non-cash financing activities: Equity issued in connection with acquisition-related activities $ 239,545 $ — $ — $ 239,545 Equity issued in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 98,920 $ 623,723 $ — $ 722,643 Cash paid during the period for income taxes $ 61,563 $ 444 $ — $ 62,007 Year ended December 31, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 319,582 $ 162,825 $ (43,492) $ 438,915 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity compensation expense 200,391 — — 200,391 Depreciation and amortization 341,341 — — 341,341 Net realized and unrealized losses on investments 15,717 — (4,788) 10,929 Investments purchased (443,505) — 72,381 (371,124) Proceeds from sale of investments 303,987 — (121,494) 182,493 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (87,287) 13,901 (73,386) Other non-cash amounts — (33,822) — (33,822) Investments purchased — (9,408,078) (25,951) (9,434,029) Proceeds from sale of investments — 8,198,812 — 8,198,812 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (28,161) — 7,549 (20,612) Due to/from affiliates (125,407) — 164,480 39,073 Other assets (101,275) — (3,930) (105,205) Accrued compensation and benefits 200,769 — — 200,769 Accounts payable, accrued expenses and other liabilities (50,471) — (1,214) (51,685) Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — 324,550 324,550 Change in other assets and receivables held at Consolidated Funds — 286,895 (135,000) 151,895 Change in other liabilities and payables held at Consolidated Funds — (733,417) — (733,417) Net cash provided by (used in) operating activities 632,968 (1,614,072) 246,992 (734,112) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (35,796) — — (35,796) Acquisitions, net of cash acquired (301,583) — — (301,583) Net cash used in investing activities (337,379) — — (337,379) Cash flows from financing activities: Proceeds from Credit Facility 1,380,000 — — 1,380,000 Proceeds from issuance of senior notes 488,915 — — 488,915 Repayments of Credit Facility (1,095,000) — — (1,095,000) Dividends and distributions (836,364) — — (836,364) Stock option exercises 21,205 — — 21,205 Taxes paid related to net share settlement of equity awards (201,311) — — (201,311) Other financing activities 4,055 — — 4,055 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 596,777 (47,381) 549,396 Distributions to non-controlling interests in Consolidated Funds — (303,230) 124,939 (178,291) Borrowings under loan obligations by Consolidated Funds — 1,140,680 — 1,140,680 Repayments under loan obligations by Consolidated Funds — (145,222) — (145,222) Net cash provided by financing activities (238,500) 1,289,005 77,558 1,128,063 Effect of exchange rate changes (10,757) 517 — (10,240) Net change in cash and cash equivalents 46,332 (324,550) 324,550 46,332 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 389,987 $ 724,641 $ (724,641) $ 389,987 Supplemental disclosure of non-cash financing activities: Equity issued in connection with acquisition-related activities $ 12,835 $ — $ — $ 12,835 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 59,463 $ 260,866 $ — $ 320,329 Cash paid during the period for income taxes $ 104,544 $ 320 $ — $ 104,864

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	16. SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred after December 31, 2024 through the date the consolidated financial statements were issued. During this period, the Company had the following material subsequent events that require disclosure: In February 2025, the Company’s board of directors declared a quarterly dividend of $1.12 per share of Class A and non-voting common stock payable on March 31, 2025 to common stockholders of record at the close of business on March 17, 2025. In February 2025, the Company’s board of directors declared a quarterly dividend of $0.84375 per share of Series B mandatory convertible preferred stock payable on April 1, 2025 to preferred stockholders of record on March 15, 2025.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net income attributable to Ares Management Corporation	$ 463,742	$ 474,326	$ 167,541

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	12 Months Ended
	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		During the three months ended December 31, 2024, certain of our executive officers and directors 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 our 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 November 19, 2024 100,000 August 15, 2025 David Kaplan, Director and Co-Founder November 19, 2024 100,000 August 15, 2025 Michael Arougheti, Co-Founder & Chief Executive Officer December 13, 2024 1,880,845 January 31, 2026
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	November 19, 2024
Expiration Date	August 15, 2025
Arrangement Duration	269 days
Aggregate Available	100,000	100,000
David Kaplan [Member]
Trading Arrangements, by Individual
Name	David Kaplan
Title	Director and Co-Founder
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 19, 2024
Expiration Date	August 15, 2025
Arrangement Duration	269 days
Aggregate Available	100,000	100,000
Michael Arougheti [Member]
Trading Arrangements, by Individual
Name	Michael Arougheti
Title	Co-Founder & Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 13, 2024
Expiration Date	January 31, 2026
Arrangement Duration	414 days
Aggregate Available	1,880,845	1,880,845

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Assessment, Identification and Management of Material Risks from Cybersecurity Threats Our cybersecurity strategy prioritizes the detection and analysis of, and response to, known, anticipated or unexpected threats, effective management of security risks and resilience against cyber incidents. Our enterprise-wide cybersecurity program is aligned to the National Institute of Standards and Technology Cybersecurity Framework. Our cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, tools and related services, which include tools and services from third-party providers, and management oversight to assess, identify and manage risks from cybersecurity threats. We have implemented and continue to implement risk-based controls designed to prevent, detect and respond to information security threats and protect our information, our information systems, and the information of our investors, employees and other third parties who entrust us with their sensitive information. Our cybersecurity program includes physical, administrative and technical safeguards, and we maintain plans and procedures designed to help us prevent and timely and effectively respond to cybersecurity threats and incidents. Through our cybersecurity risk management process, we seek to monitor cybersecurity vulnerabilities and potential attack vectors, evaluate the potential operational and financial effects of any threat and mitigate such threats. The assessment of cybersecurity threats is integrated into our Enterprise Risk Management program, which is overseen by our Enterprise Risk Committee (the “ERC”), as discussed below. In addition, we periodically engage third-party consultants and engage with key vendors to assist us in assessing, enhancing, implementing, and monitoring our cybersecurity risk management programs and responding to incidents. Our cybersecurity risk management and awareness programs include periodic identification and testing of vulnerabilities, regular phishing simulations and annual general cybersecurity awareness and data protection training. We also have annual certification requirements for employees with respect to certain policies supporting the cybersecurity program including information security and electronic communications, data protection and privacy. We undertake periodic internal security reviews of our information systems and related controls, including systems affecting personal data and the cybersecurity risks of our critical third-party service providers and other partners. We also complete periodic external reviews of our cybersecurity program and practices, which include assessments of our data protection practices and targeted attack simulations. In the event of a cybersecurity incident, we have developed an incident response plan that provides guidelines for responding to an incident and facilitates coordination across multiple operational functions. The incident response plan includes notification to the applicable members of cybersecurity leadership, including the Chief Information Security Officer (“CISO”), and, as appropriate, escalation to the full ERC and/or an internal ad-hoc group of senior employees, tasked with helping to manage the cybersecurity incident. Depending on their nature, incidents may also be reported to our audit committee of the board of directors and to our full board of directors, if appropriate. Material Impact of Risks from Cybersecurity Threats We have not experienced an information security breach incident that has materially affected our business strategy, results of operations or financial condition. The expenses we have incurred from information security breach incidents have been immaterial, and we are not aware of any cybersecurity risks that are reasonably likely to materially affect our business. However, future incidents could have a material impact on our business strategy, results of operations or financial condition. For additional discussion of the risks posed by cybersecurity threats, see “Item 1A. Risk Factors—General Risk Factors—Security incidents or cyber-attacks could adversely affect our business by causing a disruption to our operations, a compromise or corruption of our confidential, personal or other sensitive information and/or damage to our business relationships or reputation, any of which could negatively impact our business, financial condition and operating results.”
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Our cybersecurity strategy prioritizes the detection and analysis of, and response to, known, anticipated or unexpected threats, effective management of security risks and resilience against cyber incidents. Our enterprise-wide cybersecurity program is aligned to the National Institute of Standards and Technology Cybersecurity Framework. Our cybersecurity risk management processes include technical security controls, policy enforcement mechanisms, monitoring systems, tools and related services, which include tools and services from third-party providers, and management oversight to assess, identify and manage risks from cybersecurity threats. We have implemented and continue to implement risk-based controls designed to prevent, detect and respond to information security threats and protect our information, our information systems, and the information of our investors, employees and other third parties who entrust us with their sensitive information.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our cybersecurity program is managed by a dedicated internal cybersecurity team, which is responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes. The team is led by our CISO who has a Master’s degree in Cybersecurity from Brown University and over 25 years of experience advising on, and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures. The CISO reports cybersecurity updates to the ERC. The ERC is a committee that governs and oversees our Enterprise Risk Program, including cybersecurity. The ERC includes our Chief Executive Officer, Co-Presidents, Chief Financial Officer, General Counsel, Global Chief Compliance Officer and Head of Enterprise Risk, who acts as chairperson of the ERC. The ERC, through regular consultation with the internal cybersecurity team, assesses, discusses, and prioritizes our approach to high-level risks, mitigating controls, and ongoing cybersecurity efforts. The audit committee has primary responsibility for oversight and review of guidelines and policies with respect to risk assessment and risk management, including cybersecurity. Periodically, reports are provided to our audit committee as well as the full board of directors, as appropriate, on cybersecurity matters, primarily through presentations by the CISO and the Head of Enterprise Risk. Such reporting includes updates on our cybersecurity program, the external threat environment, and our programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on our preparedness, prevention, detection, responsiveness, and recovery with respect to cyber incidents.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our cybersecurity program is managed by a dedicated internal cybersecurity team, which is responsible for enterprise-wide cybersecurity strategy, policies, standards, engineering, architecture and processes.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The audit committee has primary responsibility for oversight and review of guidelines and policies with respect to risk assessment and risk management, including cybersecurity.
Cybersecurity Risk Role of Management [Text Block]	The ERC includes our Chief Executive Officer, Co-Presidents, Chief Financial Officer, General Counsel, Global Chief Compliance Officer and Head of Enterprise Risk, who acts as chairperson of the ERC.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	The ERC is a committee that governs and oversees our Enterprise Risk Program, including cybersecurity. The ERC includes our Chief Executive Officer, Co-Presidents, Chief Financial Officer, General Counsel, Global Chief Compliance Officer and Head of Enterprise Risk, who acts as chairperson of the ERC. The ERC, through regular consultation with the internal cybersecurity team, assesses, discusses, and prioritizes our approach to high-level risks, mitigating controls, and ongoing cybersecurity efforts.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	The team is led by our CISO who has a Master’s degree in Cybersecurity from Brown University and over 25 years of experience advising on, and managing risks from cybersecurity threats as well as developing and implementing cybersecurity policies and procedures.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	Periodically, reports are provided to our audit committee as well as the full board of directors, as appropriate, on cybersecurity matters, primarily through presentations by the CISO and the Head of Enterprise Risk. Such reporting includes updates on our cybersecurity program, the external threat environment, and our programs to address and mitigate the risks associated with the evolving cybersecurity threat environment. These reports also include updates on our preparedness, prevention, detection, responsiveness, and recovery with respect to cyber incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements are prepared in accordance with the generally accepted accounting principles in the United States (“GAAP”). The Company’s Consolidated Funds are investment companies under GAAP based on the following characteristics: the Consolidated Funds obtain funds from one or more investors and provide investment management services and the Consolidated Funds’ business purpose and substantive activities are investing funds for returns from capital appreciation and/or investment income. Therefore, investments of Consolidated Funds are recorded at fair value and the unrealized appreciation (depreciation) in an investment’s fair value is recognized on a current basis within the Consolidated Statements of Operations. Additionally, the Consolidated Funds do not consolidate their majority-owned and controlled investments in portfolio companies. In the preparation of these consolidated financial statements, the Company has retained the investment company accounting for the Consolidated Funds under GAAP. All of the investments held and CLO loan obligations issued by the Consolidated Funds are presented at their estimated fair values within the Company’s Consolidated Statements of Financial Condition. Net income attributable to holders of subordinated notes of the CLOs is presented within net income attributable to non-controlling interests in Consolidated Funds within the Consolidated Statements of Operations.
Reclassifications	The Company has reclassified certain prior period amounts to conform to the current year presentation.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires management to make assumptions and estimates that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenses and other income (expense) during the reporting periods. Assumptions and estimates regarding the valuation of investments involve a high degree of judgment and complexity and may have a significant impact on net income. Actual results could differ from these estimates and such differences could be material to the consolidated financial statements.
Principles of Consolidation	The Company consolidates those entities in which it has a direct or indirect controlling financial interest based on either a variable interest model (“VIEs”) or voting interest model (“VOE”). As such, the Company consolidates (i) entities in which it holds a majority voting interest or has majority ownership and control over the operational, financial and investing decisions of that entity and (ii) entities that the Company concludes are variable interest entities in which the Company has more than insignificant economic interest and power to direct the activities that most significantly impact the entities, and for which the Company is deemed to be the primary beneficiary. The Company determines whether an entity should be consolidated by first evaluating whether it holds a variable interest in the entity. Fees that are customary and commensurate with the level of services provided by the Company, and where the Company does not hold other economic interests in the entity that would absorb more than an insignificant amount of the expected losses or returns of the entity, would not be considered a variable interest. The Company factors in all economic interests, including proportionate interests through related parties, to determine if fees are considered a variable interest. As the Company’s interests in funds are primarily management fees, carried interest, incentive fees, and/or insignificant direct or indirect equity interests through related parties, the Company is not considered to have a variable interest in these entities. Entities that are not VIEs are further evaluated for consolidation under the voting interest model. Variable Interest Model The Company considers an entity to be a VIE if any of the following conditions exist: (i) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (ii) the holders of equity investment at risk, as a group, lack either the direct or indirect ability through voting rights or similar rights to make decisions that have a significant effect on the success of the entity or the obligation to absorb the expected losses or right to receive the expected residual returns; or (iii) the voting rights of some equity investors are disproportionate to their obligation to absorb losses of the entity, their rights to receive returns from an entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The Company consolidates all VIEs for which it is the primary beneficiary. The Company determines it is the primary beneficiary when it has the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.
Consolidated CLOs	As of December 31, 2024 and 2023, the Company consolidated 27 and 28 CLOs (“Consolidated CLOs”), respectively. The Company has determined that the fair value of the financial assets of the Consolidated CLOs, which are mostly Level II assets within the GAAP fair value hierarchy, are more observable than the fair value of the financial liabilities of its Consolidated CLOs, which are mostly Level III liabilities within the GAAP fair value hierarchy. As a result, the financial assets of Consolidated CLOs are measured at fair value and the financial liabilities of the Consolidated CLOs are measured in consolidation as: (i) the sum of the fair value of the financial assets, and the carrying value of any nonfinancial assets held temporarily, less (ii) the sum of the fair value of any beneficial interests retained by the Company (other than those that represent compensation for services), and the Company’s carrying value of any beneficial interests that represent compensation for services. The resulting amount is allocated to the individual financial liabilities (other than the beneficial interests retained by the Company). The loan obligations issued by the CLOs are collateralized by diversified asset portfolios and by structured debt or equity. In exchange for managing the collateral for the CLOs, the Company typically earns a variety of management fees, including senior and subordinated management fees, and in some cases, contingent incentive fee income. Investors in the CLOs generally have no recourse against the Company for any losses sustained in the capital structure of each CLO.
Fair Value Measurements	GAAP establishes a hierarchical disclosure framework that prioritizes the inputs used in measuring financial instruments at fair value into three levels based on their market price observability. Market price observability is affected by a number of factors, including the type of instrument and the characteristics specific to the instrument. Financial instruments with readily available quoted prices from an active market or for which fair value can be measured based on actively quoted prices generally have a higher degree of market price observability and a lesser degree of judgment inherent in measuring fair value. Financial assets and liabilities measured and reported at fair value are classified as follows: • Level I —Quoted prices in active markets for identical instruments. • Level II —Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in inactive markets; and model-derived valuations with directly or indirectly observable significant inputs. Level II inputs include prices in markets with few transactions, non-current prices, prices for which little public information exists or prices that vary substantially over time or among brokered market makers. Other inputs include interest rate, yield curve, volatility, prepayment risk, loss severity, credit risk and default rate. • Level III —Valuations that rely on one or more significant unobservable inputs. These inputs reflect the Company’s assessment of the assumptions that market participants would use to value the instrument based on the best information available. Management's determination of fair value includes various valuation techniques. These techniques may include market approach, recent transaction price, net asset value (“NAV”) approach, discounted cash flows, and may use one or more significant unobservable inputs such as EBITDA or revenue multiples, discount rates, weighted average cost of capital, exit multiples, terminal growth rates and other unobservable inputs. In some instances, an instrument may fall into more than one level of the fair value hierarchy. In such instances, the instrument’s level within the fair value hierarchy is based on the lowest of the three levels (with Level III being the lowest) that is significant to the fair value measurement. The Company’s assessment of the significance of an input requires judgment and considers factors specific to the instrument. The Company accounts for the transfer of assets into or out of each fair value hierarchy level as of the beginning of the reporting period (see “Note 5. Fair Value” for further detail). Financial Instrument Valuations The valuation techniques used by the Company to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The valuation techniques applied to investments held by the Company and by the Consolidated Funds vary depending on the nature of the investment. CLOs and CLO loan obligations: The fair value of CLOs held by the Company are estimated based on either a third-party pricing service or broker quote and are classified as Level III. The Company measures its CLO loan obligations of the Consolidated Funds by first determining whether the fair values of the financial assets or financial liabilities of its Consolidated CLOs are more observable. Contingent consideration: The Company generally determines the fair value of its contingent consideration liabilities by using a probability weighted expected return method, including the Monte Carlo simulation model. These models consider a range of assumptions including historical experience, prior period performance, current progress towards targets, probability-weighted scenarios, and management’s own assumptions. The discount rate used is determined based on the weighted average cost of capital for the Company. Once the associated targets are achieved, the contingent consideration is reported at the settlement amount. The fair value of the Company’s contingent consideration liabilities are classified as Level III. Liabilities recorded in connection with the Company’s contingent consideration are included within accounts payable, accrued expenses and other liabilities in the Consolidated Statements of Financial Condition and the associated changes in fair value are included within other income, net in the Consolidated Statements of Operations. Corporate debt, bonds, bank loans, securitization vehicles and derivative instruments: The fair value of corporate debt, bonds, bank loans, securitization vehicles and derivative instruments is estimated based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs. These investments are generally classified as Level II. The Company obtains prices from independent pricing services that generally utilize broker quotes and may use various other pricing techniques, which take into account appropriate factors such as yield, quality, coupon rate, maturity, type of issue, trading characteristics and other data. If management is only able to obtain a single broker quote, or utilizes a pricing model, such securities will generally be classified as Level III. Equity and equity-related securities: Securities traded on a national securities exchange are stated at the last reported sales price on the day of valuation. To the extent these securities are actively traded and valuation adjustments are not applied, they are classified as Level I. Securities that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs obtained by the Company from independent pricing services are classified as Level II. Securities that have market prices that are not readily available, utilize valuation models of third-party pricing service or internal models using unobservable inputs to determine the fair value are classified as Level III. Money market funds and U.S. treasury securities: The fair value of money market funds that invest in treasury-backed securities and U.S. treasury securities is estimated using quoted market prices in active markets. These investments are classified as Level I. Partnership interests: The Company generally values its investments using the NAV per share equivalent calculated by the investment manager as a practical expedient to determining an independent fair value or estimates based on various valuation models of third-party pricing services, as well as internal models. The Company does not categorize within the fair value hierarchy investments where fair value is measured using the net asset value per share practical expedient. In limited circumstances, the Company may determine, based on its own due diligence and investment procedures, that NAV per share does not represent fair value. In such circumstances, the Company will estimate the fair value in good faith and in a manner that it reasonably chooses. As of December 31, 2024 and 2023, NAV per share represents the fair value of the Company’s investments in partnership interests. The substantial majority of the Company’s private commingled funds are closed-ended, and accordingly, do not permit investors to redeem their interests other than in limited circumstances that are beyond the control of the Company, such as instances in which retaining the interest could cause the investor to violate a law, regulation or rule. The Company also has open-ended and evergreen funds where investors have the right to withdraw their capital, subject to the terms of the respective constituent documents, over periods generally ranging from one month to three years. In addition, the Company has minority investments in vehicles that may only have a single other investor that may allow such investors to terminate the fund pursuant to the terms of the applicable constituent documents of such vehicle.
Cash and Cash Equivalents	Cash and cash equivalents for the Company includes investments with maturities at purchase of less than three months, money market funds and demand deposits. Cash and cash equivalents held at Consolidated Funds represents cash that, although not legally restricted, is not available to support the general liquidity needs of the Company, as the use of such amounts is generally limited to the activities of the Consolidated Funds. As of December 31, 2024 and 2023, the Company had cash balances with financial institutions in excess of Federal Deposit Insurance Corporation insured limits. The Company monitors the credit standing of these financial institutions.
Investments	Investments held in trust account represents funds raised through the initial public offerings of the Company’s sponsored SPACs that are presented within Consolidated Funds. The funds raised are held in a trust account that is restricted for use and may only be used for purposes of completing an initial business combination or redemption of public shares as set forth in the trust agreement. The portfolio of investments for the SPACs is comprised of United States (“U.S.”) government securities or money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act that invest only in direct U.S. government treasury obligation. The U.S. Treasury securities typically have original maturities of six months or less when purchased and are recorded at fair value. Interest income received on such investments is separately presented from the overall change in fair value and is recognized within interest and other income of Consolidated Funds within the Consolidated Statements of Operations. Any remaining change in fair value of such investments, that is not recognized as interest income, is recognized within net realized and unrealized gains on investments of Consolidated Funds within the Consolidated Statements of Operations. As of December 31, 2024 and 2023, the SPACs are invested in U.S Treasury securities. Investments The investments of the Company are reflected within the Consolidated Statements of Financial Condition at fair value, with unrealized appreciation (depreciation) resulting from changes in fair value reflected as a component of net realized and unrealized gains on investments within the Consolidated Statements of Operations. Certain investments are denominated in foreign currency and are translated into U.S. dollars at each reporting date.
Equity Method Investments	The Company accounts for its investments in which it has or is otherwise presumed to have significant influence, including investments in unconsolidated funds, strategic investments and carried interest, using the equity method of accounting. The carrying amounts of equity method investments are reflected in investments within the Consolidated Statements of Financial Condition. The carrying value of investments accounted for using equity method accounting is determined based on amounts invested by the Company, adjusted for the equity in earnings or losses of the investee allocated based on the respective partnership agreements, less distributions received. The Company evaluates the equity method investments for impairment whenever events or changes in circumstances indicate that the carrying amounts of such investments may not be recoverable. Except for carried interest, the Company’s share of the investee’s income and expenses for the Company’s equity method investments is presented either within principal investment income or net realized and unrealized gains on investments within the Consolidated Statements of Operations. Carried interest allocation is presented separately as a revenue line item within the Consolidated Statements of Operations, and the accrued carried interest is presented within investments within the Consolidated Statements of Financial Condition. In addition, certain of the Company's equity method investments are reported at fair value. The fair value option has been elected to simplify the accounting for certain financial instruments. The fair value option election is irrevocable and is applied to financial instruments on an individual basis at initial recognition or at eligible remeasurement events. Changes in the fair value of such instruments with the fair value option elected are presented within net realized and unrealized gains on investments within the Consolidated Statements of Operations.
Derivative Instruments	In the normal course of business, the Company and the Consolidated Funds are exposed to certain risks relating to their ongoing operations and use various types of derivative instruments primarily to mitigate against interest rate and foreign exchange risk. The derivative instruments are not designated as hedging instruments under the accounting standards for derivatives and hedging. The Company uses various derivative instruments from time to time depending on the risks being managed and generally include foreign currency forward contracts, interest rate swaps, asset swaps and warrants. The Company reports each of its derivative instruments at fair value within the Consolidated Statements of Financial Condition as either other assets or accounts payable, accrued expenses and other liabilities, respectively. These amounts may be offset to the extent that there is a legal right to offset and if elected by management. Derivative instruments are marked-to-market daily based upon quotations from pricing services or by the Company and the change in value, if any, is recorded as an unrealized gain (loss). Upon settlement of the instrument, the Company records any realized gain (loss). Changes in value are reflected within net realized and unrealized gains on investments within the Consolidated Statements of Operations.
Business Combinations	The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition, including the fair value of certain elements of contingent consideration, is allocated to the assets acquired and liabilities assumed using the fair values determined by management as of the acquisition date. Contingent consideration obligations are recognized as of the acquisition date at fair value based on the probability that contingency will be realized. Any fair value of purchase consideration in excess of the fair value of the assets acquired less liabilities assumed is recorded as goodwill. Conversely, any excess of the fair value of the net assets acquired over the purchase consideration is recognized as a bargain purchase gain. Critical estimates in valuing certain of the intangible assets acquired include, but are not limited to, future expected cash inflows and outflows, future fundraising assumptions, expected useful life, discount rates and income tax rates. The acquisition method of accounting allows for a measurement period for up to one year after the acquisition date to make adjustments to the purchase price allocation as the Company obtains more information regarding asset valuations and liabilities assumed. Acquisition-related costs incurred in connection with a business combination are expensed as incurred.
Goodwill and Intangible Assets	Intangible Assets The Company’s finite-lived intangible assets consists primarily of contractual rights to earn future management fees from the acquired management contracts. Finite-lived intangible assets are amortized on a straight-line basis over their estimated useful lives, ranging from approximately 1.0 to 13.5 years. The purchase price of an acquired management contract is treated as an intangible asset and is amortized over the life of the contract. Amortization is included as part of general, administrative and other expenses within the Consolidated Statements of Operations. The Company tests finite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable. The Company evaluates impairment by comparing the estimated undiscounted cash flows attributable to the intangible asset being evaluated with its carrying amount. If an impairment is determined to exist by management, the Company accelerates amortization expense so that the carrying amount represents fair value. The Company estimates fair value using a discounted future cash flow methodology. The Company tests indefinite-lived intangible assets annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the indefinite-lived intangible asset is less than its carrying amount, the Company will evaluate impairment quantitatively to determine and record the amount of impairment as the excess of the carrying amount of the indefinite-lived intangible asset over its fair value. The Company also tests indefinite-lived intangible assets for impairment if certain events occur or circumstances change indicating that the carrying amount of the intangible asset may not be recoverable or if these assets are subsequently determined to have a finite useful life. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s strategic plans with regard to the indefinite-lived intangible assets. Goodwill Goodwill represents the excess of purchase price of an acquired business over the fair value of its identifiable net assets. The Company tests goodwill annually for impairment. If, after assessing qualitative factors, the Company believes that it is more likely than not that the fair value of the reporting unit is less than its carrying amount, the Company will evaluate impairment quantitatively and record the amount of goodwill impairment as the excess of the carrying amount of the reporting unit over its fair value. The Company also tests goodwill for impairment in other periods if an event occurs or circumstances change such that it is more likely than not to reduce the fair value of the reporting unit below its carrying amount. Inherent in such fair value determinations are certain judgments and estimates relating to future cash flows, including the Company’s interpretation of current economic indicators and market valuations, and assumptions about the Company’s strategic plans with regard to its operations. Due to the uncertainties associated with such estimates, actual results could differ from such estimates .
Fixed Assets	Fixed assets, consisting of furniture, fixtures, computer hardware, equipment, internal-use software and leasehold improvements are recorded at cost, less accumulated depreciation and amortization. Fixed assets are presented within other assets within the Company’s Consolidated Statements of Financial Condition. Direct costs associated with developing, purchasing or otherwise acquiring software for internal use are capitalized and amortized on a straight-line basis over the expected useful life of the software, beginning when the software is ready for its intended purpose. Costs incurred for upgrades and enhancements that will not result in additional functionality are expensed as incurred. three
Leases	The Company has entered into operating and finance leases for corporate offices and certain equipment and makes the determination if an arrangement constitutes a lease at inception. Operating leases are presented within right-of-use operating lease assets and operating lease liabilities within the Company’s Consolidated Statements of Financial Condition. Finance lease assets are capitalized as a component of fixed assets and finance lease liabilities are presented within accounts payable, accrued expenses and other liabilities within the Consolidated Statements of Financial Condition. Leases with an initial term of 12 months or less are expensed as incurred and not capitalized within the Consolidated Statements of Financial Condition.
Redeemable Interest	Redeemable interest in AOG entities was established in connection with the SSG Acquisition as described in “Note 13. Equity and Redeemable Interest.” Redeemable interest in AOG entities was initially recorded at fair value on the date of acquisition within mezzanine equity within the Consolidated Statements of Financial Condition. Income (loss) is allocated based on the ownership percentage attributable to the redeemable interest. The Company determined that the redemption of the redeemable interest is probable as of the date of acquisition. At each balance sheet date, the carrying value of the redeemable interest is presented at the redemption amount, to the extent that the redemption amount exceeds the initial measurement on the date of acquisition. The Company recognizes changes in the redemption amount with corresponding adjustments against retained earnings, or additional paid-in-capital in the absence of retained earnings, within stockholders’ equity within the Consolidated Statements of Financial Condition.
Revenue Recognition	The Company recognizes revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. The Company’s revenue is based on contracts with a determinable transaction price and distinct performance obligations with probable collectability. Revenues are not recognized until the performance obligation(s) are satisfied. Management Fees Management fees are generally based on a defined percentage of fair value of assets, total commitments, invested capital, NAV, NAV plus unfunded commitments, total assets or par value of the investment portfolios managed by the Company. Principally all management fees are earned from affiliated funds of the Company. The contractual terms of management fees vary by fund structure and investment strategy. Management fees are recognized as revenue in the period advisory services are rendered, subject to the Company’s assessment of collectability. Management fees also include a quarterly fee on the net investment income (“Part I Fees”) of the following publicly-traded and perpetual wealth vehicles: Vehicle Annual Fee Rate Strategy Fee Base Credit Group ARCC Part I Fees 20.00% U.S. Direct Lending Net investment income (before ARCC Part I Fees and ARCC Part II Fees), subject to a fixed hurdle rate of 1.75% per quarter, or 7.00% per annum. No fees are recognized until net investment income exceeds a 1.75% hurdle rate, with a catch-up provision to ensure that the Company receives 20.00% of the net investment income from the first dollar earned ASIF Part I Fees 12.50% U.S. Direct Lending Net investment income (before ASIF Part I Fees and ASIF Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned CADC Part I Fees 15.00% U.S. Direct Lending Net investment income (before CADC Part I Fees), subject to a fixed hurdle rate of 1.50% per quarter, or 6.00% per annum. No fees are recognized until net investment income exceeds the hurdle rate, with a catch-up provision to ensure that the Company receives 15.00% of the net investment income from the first dollar earned Open-ended European Direct Lending Fund Part I Fees 12.50% European Direct Lending Net investment income (before open-ended European direct lending fund Part I Fees and open-ended European direct lending fund Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned Real Assets Group Infrastructure Private BDC Part I Fees 12.50% Infrastructure Opportunities Net investment income (before infrastructure private BDC Part I Fees and infrastructure private BDC Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned Carried Interest Allocation In certain fund structures, carried interest is allocated to the Company based on cumulative fund performance to date, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. At the end of each reporting period, a fund will allocate carried interest applicable to the Company based upon an assumed liquidation of that fund’s net assets on the reporting date, irrespective of whether such amounts have been realized. Carried interest is recorded to the extent such amounts have been allocated, and may be subject to reversal to the extent that the amount allocated exceeds the amount due to the general partner or investment manager based on a fund’s cumulative investment returns. As the fair value of underlying assets varies between reporting periods, it is necessary to make adjustments to amounts recorded as carried interest to reflect either: (i) positive performance resulting in an increase in the carried interest allocated to the Company; or (ii) negative performance that would cause the amount due to the Company to be less than the amount previously recognized as revenue, resulting in a reversal of previously recognized carried interest allocated to the Company. Accrued carried interest as of the reporting date is recorded within investments within the Consolidated Statements of Financial Condition. Carried interest is realized when an underlying investment is profitably disposed of, or upon the return of each limited partner’s capital plus a preferred return, and the fund’s cumulative returns are in excess of the specific hurdle rates as defined in the applicable investment management agreements or governing documents. Since carried interest is subject to reversal, the Company may need to accrue for potential repayment of previously received carried interest. This accrual represents all amounts previously distributed to the Company that would need to be repaid to the funds if the funds were to be liquidated based on the current fair value of the underlying funds’ investments as of the reporting date. The actual repayment obligations, however, generally does not become realized until the end of a fund’s life. The Company accounts for carried interest, which represents a performance-based capital allocation from an investment fund to the Company, as earnings from financial assets within the scope of ASC 323, Investments—Equity Method and Joint Ventures . The Company recognizes carried interest allocation as a separate revenue line item in the Consolidated Statements of Operations with accrued carried interest as of the reporting date reported within investments within the Consolidated Statements of Financial Condition. Carried interest allocation is earned from affiliated funds of the Company. Incentive Fees Incentive fees earned on the performance of certain fund structures, typically in credit funds and certain real estate and secondaries funds, are recognized based on the fund’s performance during the period, subject to the achievement of minimum return levels in accordance with the respective terms set out in each fund’s investment management agreement. Incentive fees are realized at the end of a measurement period, typically annually. Once realized, such fees are no longer subject to reversal. Principal Investment Income Principal investment income consists of interest and dividend income and net realized and unrealized gain (loss) from the equity method investments that the Company manages. Administrative, Transaction and Other Fees
Equity-Based Compensation	The Company recognizes expense related to equity-based compensation for which it receives employee services in exchange for equity instruments of the Company. Equity-based compensation expense represents expenses associated with restricted units and restricted stock (collectively, “unvested awards”) granted under the 2023 Equity Incentive Plan (the “Equity Incentive Plan”). Equity-based compensation expense for unvested awards is determined based on the fair value of the respective equity award on the grant date and is recognized on a straight-line basis over the requisite service period with a corresponding increase in additional paid-in-capital. The grant date fair value of these equity awards is determined by the most recent closing price of shares of the Company’s Class A common stock. The Company recognizes share-based award forfeitures in the period they occur as a reversal of previously recognized compensation expense. The reduction in compensation expense is determined based on the specific awards forfeited during that period. The holders of restricted units, other than awards that have not yet been issued as described in Note 12. Equity Compensation, generally have the right to receive as current compensation an amount in cash equal to: (i) the amount of any dividend paid with respect to a share of Class A common stock multiplied by (ii) the number of restricted units held at the time such dividends are declared (“Dividend Equivalent”). When units are forfeited, the cumulative amount of Dividend Equivalents previously paid is reclassified to compensation and benefits expense within the Consolidated Statements of Operations. The Company records deferred tax assets or liabilities for equity compensation plan awards based on deductions for income tax purposes of equity-based compensation recognized at the statutory tax rate in the jurisdiction in which the Company is expected to receive a tax deduction. In addition, differences between the deferred tax assets recognized in accordance with GAAP and the actual tax deduction reported in the Company’s income tax returns are presented within income tax expense within the Consolidated Statements of Operations before taking into consideration the tax effects of the investment in AOG. Equity-based compensation expense is presented within compensation and benefits within the Consolidated Statements of Operations.
Performance Related Compensation	The Company has agreed to pay to certain professionals a portion of the carried interest and incentive fees earned from certain funds, including income from Consolidated Funds that is eliminated in consolidation. Depending on the nature of each fund, carried interest and incentive fees may be structured as a fixed percentage subject to vesting based on continued employment or service (a period not to exceed six years) or as an annual award that is payable for the particular performance year if the recipient remains employed through the payment date. Other limitations may apply to carried interest and incentive fees as set forth in the applicable governing documents of the fund or award documentation. Performance related compensation is recognized in the same period that the related carried interest and incentive fees are recognized. Performance related compensation can be reversed during periods when there is a reversal of carried interest that was previously recognized. Performance related compensation payable represents the amounts payable to professionals who are entitled to a proportionate share of carried interest in one or more funds and include the associated payroll-related taxes. The liability is calculated based upon the changes to realized and unrealized carried interest. Performance related compensation payable may include any unpaid allocations to charitable organizations as part of the Company’s philanthropic initiatives.
Net Realized and Unrealized Gains/(Losses) on Investments	Realized gains (losses) may occur when the Company redeems all or a portion of its investment, when the Company receives dividends or distributions, or at the end of an investment’s life. Unrealized appreciation (depreciation) results from changes in the fair value of the underlying investment as well as from the reversal of previously recognized unrealized appreciation (depreciation) at the time an investment is realized. Realized and unrealized gains (losses) are presented together as net realized and unrealized gains on investments within the Consolidated Statements of Operations. Also, the Company’s share of the investee’s income and expenses for the Company’s equity method investments that it does not manage is presented within net realized and unrealized gains on investments.
Interest and Dividend Income	Interest, dividends and other investment income are included within interest and dividend income. Interest income is recognized on an accrual basis using the effective interest method to the extent that such amounts are expected to be collected. Dividends and other investment income are recorded when the right to receive payment is established .
Foreign Currency	The U.S. dollar is the Company’s functional currency; however, certain transactions of the Company may not be denominated in U.S. dollars. Income and expense and gain and loss transactions denominated in foreign currencies are generally translated into U.S. dollars monthly using the average exchange rates during the respective transaction period. Foreign exchange revaluation arising from these transactions is recognized within other income, net within the Consolidated Statements of Operations. For the year ended December 31, 2024, the Company recognized $0.6 million in transaction gains related to foreign currencies revaluation. For the years ended December 31, 2023 and 2022, the Company recognized $9.1 million and $13.5 million, respectively, in transaction losses related to foreign currencies revaluation.
Income Taxes	The Company elects to be taxed as a corporation and all earnings allocated to the Company are subject to U.S. corporate income taxes. A provision for corporate level income taxes imposed on unrealized gains and income items as well as taxes imposed on certain subsidiaries’ earnings is included in the consolidated tax provision. Also included in the consolidated tax provision are entity level income taxes incurred by certain Consolidated Funds. The portion of consolidated earnings not allocated to the Company flows through to owners of the AOG entities without being taxed at the corporate level. Income taxes are accounted for using the liability method of accounting. Under this method, deferred tax assets and liabilities are recognized for the expected future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis, using tax rates in effect for the year in which the differences are expected to reverse. The effect on deferred assets and liabilities of a change in tax rates is recognized as income, in the period when the change is enacted. Deferred tax assets are reduced by a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Current and deferred tax liabilities are reported on a net basis and the deferred tax assets, net is presented within other assets within the Consolidated Statements of Financial Condition. The Company analyzes its tax filing positions in all U.S. federal, state, local and foreign tax jurisdictions where it is required to file income tax returns for all open tax years in these jurisdictions. The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized. The amount of unrecognized tax benefits (“UTBs”) is adjusted as appropriate for changes in facts and circumstances, such as significant amendments to existing tax law, new regulations or interpretations by the taxing authorities, new information obtained during a tax examination, or resolution of an examination. Both accrued interest and penalties related to UTBs, when incurred, are presented within general, administrative and other expenses within the Consolidated Statements of Operations. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in determining tax expense and in evaluating tax positions, including evaluating uncertainties under GAAP. The Company reviews its tax positions quarterly and adjusts its tax balances as new legislation is passed or new information becomes available.
Earnings Per Share	Basic earnings per share of Class A and non-voting common stock is computed by dividing income available to Class A and non-voting common stockholders by the weighted-average number shares of Class A and non-voting common stock outstanding during the period. Income available to Ares Management Corporation represents net income attributable to Class A and non-voting common stockholders after giving effect to the Series B mandatory convertible preferred stock dividends declared. Basic earnings per share of Class A and non-voting common stock is computed by using the two-class method. The two-class method is an earnings allocation method under which earnings per share is calculated for shares of Class A and non-voting common stock and participating securities considering both dividends declared (or accumulated) and participation rights in undistributed earnings as if all such earnings had been distributed during the period. Because the holders of unvested restricted units have the right to participate in dividends when declared, the unvested restricted units are considered participating securities to the extent they are expected to vest.
Comprehensive Income	Comprehensive income consists of net income and foreign currency translation adjustments.
Recent Accounting Pronouncements	The Company considers the applicability and impact of all accounting standard updates (“ASU”) issued by the Financial Accounting Standards Board (“FASB”). ASUs not listed below were assessed and either determined to be not applicable or expected to have minimal impact on its consolidated financial statements. In 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 15, 2024 and for the Company’s interim periods beginning with the first quarter ended 2025. Early adoption is permitted and the amendments in this update are required to be applied on a retrospective basis. The Company has concluded this guidance does not have a material impact on its consolidated financial statements. Information presented within “Note 14. Segment Reporting” reflects the impact from adoption of ASU 2023-07. 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. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses . ASU 2024-03 requires disaggregated disclosure of certain expenses in the notes to the consolidated financial statements, including purchases of inventory, employee compensation, depreciation and intangible asset amortization. The amendments in this update also require disclosure of: (i) the expense captions from the Consolidated Statements of Operations that include each of the relevant expense categories; (ii) a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (iii) total selling expenses and a definition of such expenses. ASU 2024-03 is effective for the Company’s fiscal year ending December 31, 2027. Early adoption is permitted and the amendments in this update may be applied on a prospective or retrospective basis. 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; (ii) the SPACs sponsored by the Company; and (iii) a venture capital business with fund strategies that are focused on applied artificial intelligence, 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, including Ares Wealth Management Solutions, LLC (“AWMS”). AWMS 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 may 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 Measure: Realized income (“RI”), which includes fee related earnings (“FRE”) as a component, supplements and should be considered in addition to, and not in lieu of, the Consolidated Statements of Operations prepared in accordance with GAAP. RI, a non-GAAP measure, 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. FRE, a non-GAAP measure that is a component of RI, 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. The Company’s CODM is its Chief Executive Officer. The CODM 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 CODM in evaluating the segments.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Schedule of Management Fee on the Net Investment Income	Management fees also include a quarterly fee on the net investment income (“Part I Fees”) of the following publicly-traded and perpetual wealth vehicles: Vehicle Annual Fee Rate Strategy Fee Base Credit Group ARCC Part I Fees 20.00% U.S. Direct Lending Net investment income (before ARCC Part I Fees and ARCC Part II Fees), subject to a fixed hurdle rate of 1.75% per quarter, or 7.00% per annum. No fees are recognized until net investment income exceeds a 1.75% hurdle rate, with a catch-up provision to ensure that the Company receives 20.00% of the net investment income from the first dollar earned ASIF Part I Fees 12.50% U.S. Direct Lending Net investment income (before ASIF Part I Fees and ASIF Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned CADC Part I Fees 15.00% U.S. Direct Lending Net investment income (before CADC Part I Fees), subject to a fixed hurdle rate of 1.50% per quarter, or 6.00% per annum. No fees are recognized until net investment income exceeds the hurdle rate, with a catch-up provision to ensure that the Company receives 15.00% of the net investment income from the first dollar earned Open-ended European Direct Lending Fund Part I Fees 12.50% European Direct Lending Net investment income (before open-ended European direct lending fund Part I Fees and open-ended European direct lending fund Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned Real Assets Group Infrastructure Private BDC Part I Fees 12.50% Infrastructure Opportunities Net investment income (before infrastructure private BDC Part I Fees and infrastructure private BDC Part II Fees), subject to a fixed hurdle rate of 1.25% per quarter, or 5.00% per annum. No fees are recognized until net investment income exceeds a 1.25% hurdle rate, with a catch-up provision to ensure that the Company receives 12.50% of the net investment income from the first dollar earned

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 As of December 31, 2024 2023 Management contracts 4.0 $ 590,675 $ 604,242 Client relationships 7.7 210,720 200,920 Other 0.0 500 500 Finite-lived intangible assets 801,895 805,662 Foreign currency translation (789) 1,126 Total finite-lived intangible assets 801,106 806,788 Less: accumulated amortization (393,078) (316,093) Finite-lived intangible assets, net 408,028 490,695 Indefinite-lived management contracts 567,800 567,800 Intangible assets, net $ 975,828 $ 1,058,495
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	As of December 31, 2024, future annual amortization of finite-lived intangible assets for the years 2025 through 2029 and thereafter is estimated to be: Year Amortization 2025 $ 107,317 2026 81,538 2027 70,153 2028 46,236 2029 39,859 Thereafter 62,925 Total $ 408,028
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 Other Total Balance as of December 31, 2022 $ 32,196 $ 277,183 $ 48,070 $ 417,620 $ 224,587 $ 999,656 Acquisitions — 22 124,392 — — 124,414 Reallocation 224,587 — — — (224,587) — Foreign currency translation (104) — — 10 — (94) Balance as of December 31, 2023 256,679 277,205 172,462 417,630 — 1,123,976 Acquisitions — 35,091 4,605 — — 39,696 Reallocation 55,658 — (55,658) — — — Foreign currency translation (305) (727) (1) (3) — (1,036) Balance as of December 31, 2024 $ 312,032 $ 311,569 $ 121,408 $ 417,627 $ — $ 1,162,636

INVESTMENTS (Tables)

INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, December 31, 2024 2023 2024 2023 Equity method investments: Equity method - carried interest $ 3,495,115 $ 3,413,007 75.2% 73.8% Equity method private investment partnership interests - principal 536,912 535,292 11.6 11.6 Equity method private investment partnership interests and other (held at fair value) 411,417 418,778 8.9 9.0 Equity method private investment partnership interests and other 55,461 44,989 1.2 1.0 Total equity method investments 4,498,905 4,412,066 96.9 95.4 Collateralized loan obligations 19,040 20,799 0.4 0.4 Fixed income securities 22,793 105,495 0.5 2.3 Collateralized loan obligations and fixed income securities, at fair value 41,833 126,294 0.9 2.7 Common stock, at fair value 104,037 86,572 2.2 1.9 Total investments $ 4,644,775 $ 4,624,932 The following table summarizes investments held in the Consolidated Funds: Fair Value as of Percentage of total investments as of December 31, December 31, December 31, December 31, 2024 2023 2024 2023 Fixed income investments: Loans and securitization vehicles $ 7,907,449 $ 10,616,458 62.1% 72.7% Money market funds and U.S. treasury securities 550,800 523,038 4.3 3.6 Bonds 418,069 578,949 3.3 4.0 Total fixed income investments 8,876,318 11,718,445 69.7 80.3 Partnership interests 2,000,380 1,642,489 15.7 11.2 Equity securities 1,861,146 1,240,653 14.6 8.5 Total investments, at fair value $ 12,737,844 $ 14,601,587
Schedule of Equity Method Investments	The following tables present summarized financial information for the Company’s equity method investments, which are primarily funds managed by the Company: As of and for the Year Ended December 31, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Statement of Financial Condition Investments $ 24,635,069 $ 19,966,560 $ 5,906,807 $ 15,191,773 $ 35,804 $ 65,736,013 Total assets 27,987,915 21,368,342 5,897,152 15,632,653 36,519 70,922,581 Total liabilities 6,403,988 7,535,764 151,502 4,304,893 100 18,396,247 Total equity 21,583,927 13,832,578 5,745,650 11,327,760 36,419 52,526,334 Statement of Operations Revenues $ 2,357,057 $ 1,018,717 $ 196,756 $ 10,508 $ — $ 3,583,038 Expenses (893,272) (564,678) (67,667) (507,192) (1,001) (2,033,810) Net realized and unrealized gains (losses) from investments 556,170 382,681 496,096 208,947 (417) 1,643,477 Income tax expense (5,884) (9,341) (27,554) — — (42,779) Net income (loss) $ 2,014,071 $ 827,379 $ 597,631 $ (287,737) $ (1,418) $ 3,149,926 As of and for the Year Ended December 31, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Statement of Financial Condition Investments $ 23,032,497 $ 17,757,664 $ 5,305,566 $ 13,497,266 $ 38,212 $ 59,631,205 Total assets 24,694,682 18,792,446 5,431,332 13,808,556 38,284 62,765,300 Total liabilities 5,163,355 6,528,302 119,894 3,632,879 418 15,444,848 Total equity 19,531,327 12,264,144 5,311,438 10,175,677 37,866 47,320,452 Statement of Operations Revenues $ 2,584,262 $ 1,036,710 $ 133,749 $ 1,960 $ — $ 3,756,681 Expenses (862,257) (632,433) (88,841) (482,478) (1,658) (2,067,667) Net realized and unrealized gains (losses) from investments 525,776 (599,200) 322,165 373,064 (7,316) 614,489 Income tax benefit (expense) (28,334) (10,197) 22,587 — (19) (15,963) Net income (loss) $ 2,219,447 $ (205,120) $ 389,660 $ (107,454) $ (8,993) $ 2,287,540 As of and for the Year Ended December 31, 2022 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Statement of Operations Revenues $ 1,552,306 $ 618,796 $ 60,935 $ 2,874 $ — $ 2,234,911 Expenses (515,535) (357,845) (76,527) (289,741) (1,500) (1,241,148) Net realized and unrealized gains (losses) from investments (230,076) 304,068 (239,720) (11,173) 1,365 (175,536) Income tax benefit (expense) (5,870) (36,501) 1,238 — (10) (41,143) Net income (loss) $ 800,825 $ 528,518 $ (254,074) $ (298,040) $ (145) $ 777,084 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 Consolidated Statements of Operations: Year ended December 31, 2024 2023 2022 Total other income, net related to equity method investments $ 52,350 $ 86,729 $ 21,657 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 Consolidated Statements of Operations: Year ended December 31, 2024 2023 2022 Equity method private investment partnership interests and other (held at fair value) $ (4,762) $ 50,772 $ 5,626

FAIR VALUE (Tables)

FAIR VALUE (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024: Financial Instruments of the Company Level I Level II Level III Investments Measured at NAV Total Assets, at fair value Cash equivalents: Money market funds $ 1,071,071 $ — $ — $ — $ 1,071,071 Investments: Common stock and other equity securities — 104,037 411,179 — 515,216 Collateralized loan obligations and fixed income securities — — 41,833 — 41,833 Partnership interests — — — 238 238 Total investments, at fair value — 104,037 453,012 238 557,287 Derivatives-foreign currency forward contracts — 3,737 — — 3,737 Total assets, at fair value $ 1,071,071 $ 107,774 $ 453,012 $ 238 $ 1,632,095 Liabilities, at fair value Derivatives-foreign currency forward contracts $ — $ (216) $ — $ — $ (216) Contingent consideration — — (17,550) — (17,550) Total liabilities, at fair value $ — $ (216) $ (17,550) $ — $ (17,766) 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 $ — $ 7,313,632 $ 593,817 $ — $ 7,907,449 U.S. treasury securities 550,800 — — — 550,800 Bonds — 418,069 — — 418,069 Total fixed income investments 550,800 7,731,701 593,817 — 8,876,318 Partnership interests — — — 2,000,380 2,000,380 Equity securities 28,603 2,615 1,829,928 — 1,861,146 Total investments, at fair value 579,403 7,734,316 2,423,745 2,000,380 12,737,844 Derivatives-foreign currency forward contracts — 2,995 — — 2,995 Total assets, at fair value $ 579,403 $ 7,737,311 $ 2,423,745 $ 2,000,380 $ 12,740,839 Liabilities, at fair value Loan obligations of CLOs $ — $ (9,672,189) $ — $ — $ (9,672,189) Derivatives: Foreign currency forward contracts — (2,888) — — (2,888) Asset swaps — — (1,846) — (1,846) Total derivative liabilities, at fair value — (2,888) (1,846) — (4,734) Total liabilities, at fair value $ — $ (9,675,077) $ (1,846) $ — $ (9,676,923) 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 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 Contingent Consideration Total Balance as of December 31, 2023 $ 412,491 $ 126,294 $ — $ 538,785 Established in connection with acquisition (see Note 8) — — (17,550) (17,550) Transfer in (1) — 39,636 — 39,636 Transfer out (1) (872) — — (872) Purchases (2) 1,453 436,649 — 438,102 Sales/settlements (3) (2,382) (561,492) — (563,874) Realized and unrealized appreciation, net 489 746 — 1,235 Balance as of December 31, 2024 $ 411,179 $ 41,833 $ (17,550) $ 435,462 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ (904) $ 2,172 $ — $ 1,268 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 (1) — 87,505 — 87,505 Transfer out (1) (1,017) (154,961) — (155,978) Purchases (2) 518,369 877,311 130 1,395,810 Sales/settlements (3) (114) (960,839) — (960,953) Realized and unrealized appreciation (depreciation), net 122,289 4,688 (685) 126,292 Balance as of December 31, 2024 $ 1,829,927 $ 593,817 $ (1,846) $ 2,421,898 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 123,659 $ 2,237 $ (744) $ 125,152 (1) Transfers in and out include changes in the observability of inputs used in valuations, and changes due to the consolidation and deconsolidation of funds. (2) Purchases include paid-in-kind interest and securities received in connection with restructurings. (3) 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) 244,335 88,480 332,815 Sales/settlements (2) (2) (37,332) (37,334) Realized and unrealized appreciation (depreciation), net 46,373 (1,788) 44,585 Balance as of December 31, 2023 $ 412,491 $ 126,294 $ 538,785 Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date $ 46,161 $ (1,577) $ 44,584 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 in (3) — 247,661 — — 247,661 Transfer out (3) (38,757) (508,600) (374,049) — (921,406) Purchases (1) 347,583 813,564 49,000 — 1,210,147 Sales/settlements (2) (2,595) (700,944) (48,889) (154) (752,582) Realized and unrealized appreciation, net 153,289 18,764 5,283 2,419 179,755 Balance as of December 31, 2023 $ 1,190,400 $ 740,113 $ — $ (1,291) $ 1,929,222 Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date $ 152,336 $ (15,623) $ — $ 1,590 $ 138,303 (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. (3) Transfers in and out include changes in the observability of inputs used in valuations, and changes due to the consolidation and deconsolidation of funds.
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 December 31, 2024: Level III Measurements of the Company Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 168,387 Transaction price (1) N/A N/A N/A 100,000 Market approach Yield 8.0% 8.0% 57,659 Market approach Multiple of book value 1.0x - 1.1x 1.0x Discounted cash flow Discount rate 10.0% - 14.0% 12.0% 56,918 Market approach Multiple of book value 1.2x - 1.7x 1.4x 19,205 Option pricing model Volatility 35.0% 35.0% 8,489 Market approach Earnings multiple 15.4x 15.4x 521 Discounted cash flow Discount rate 18.5% - 21.5% 20.0% Fixed income investments 22,283 Transaction price (1) N/A N/A N/A 19,040 Broker quotes and/or 3rd party pricing services N/A N/A N/A 510 Other N/A N/A N/A Total assets $ 453,012 Liabilities Contingent consideration $ (17,550) Monte Carlo simulation Discount rate 6.6% - 6.9% 6.8% Volatility 11.1% 11.1% Total liabilities $ (17,550) Level III Measurements of the Consolidated Funds Fair Value Valuation Technique(s) Significant Unobservable Input(s) Range Weighted Average Assets Equity securities $ 985,109 Discounted cash flow Discount rate 10.0% - 20.0% 13.0% 835,432 Market approach Multiple of book value 1.0x - 1.7x 1.4x 8,598 Market approach EBITDA multiple (2) 5.6x - 34.6x 10.7x 789 Other N/A N/A N/A Fixed income investments 308,675 Broker quotes and/or 3rd party pricing services N/A N/A N/A 284,950 Market approach Yield 7.4% - 28.6% 9.9% 192 Other N/A N/A N/A Total assets $ 2,423,745 Liabilities Derivative instruments $ (1,846) Broker quotes and/or 3rd party pricing services N/A N/A N/A Total liabilities $ (1,846) (1) Transaction price consists of securities purchased or restructured. The Company determined that there was no change to the valuation based on the underlying assumptions used at the closing of such transactions. (2) “EBITDA” in the table above is a non-GAAP financial measure and refers to earnings before interest, tax, depreciation and amortization. The following tables summarize the quantitative inputs and assumptions used for the Company’s and the Consolidated Funds’ Level III measurements as of December 31, 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 131,864 Transaction price (1) N/A N/A N/A 6,447 Market approach Earnings multiple 15.4x 15.4x 874 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 December 31, 2024 2023 Investments (held at fair value) $ 2,000,380 $ 1,642,489 Unfunded commitments 932,473 738,621

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2024
Debt Disclosure [Abstract]
Schedule of Borrowings Outstanding	The following table summarizes the Company’s and its subsidiaries’ debt obligations: As of December 31, 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 $ — —% $ 895,000 6.37% 2024 Senior Notes (2) 10/8/2014 10/8/2024 $ 250,000 N/A N/A 249,427 4.21 2028 Senior Notes (3) 11/10/2023 11/10/2028 500,000 495,677 6.42 494,863 6.42 2030 Senior Notes (4) 6/15/2020 6/15/2030 400,000 397,501 3.28 397,050 3.28 2052 Senior Notes (5) 1/21/2022 2/1/2052 500,000 484,601 3.77 484,199 3.77 2054 Senior Notes (6) 10/11/2024 10/11/2054 750,000 736,010 5.65 N/A N/A 2051 Subordinated Notes (7) 6/30/2021 6/30/2051 450,000 445,125 4.13 444,941 4.13 Total debt obligations $ 2,558,914 $ 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 December 31, 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 ESG-related targets, the Company’s applicable margin and unused commitment fee have been reduced by 0.05% and 0.01%, respectively, from July 2023 through June 2025. (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. On October 8, 2024 the Company repaid the 2024 Senior Notes at maturity. (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 2054 Senior Notes were issued in October 2024 by the Company, at 99.24% of the face amount with interest paid semi-annually. The Company may redeem the 2054 Senior Notes prior to maturity, subject to the terms of the indenture governing the 2054 Senior Notes. (7) The 2051 Subordinated Notes were issued in June 2021 by Ares Finance Co. III LLC, an indirect subsidiary of the Company with interest paid semi-annually at a fixed rate of 4.125%. Beginning June 30, 2026, the interest rate will reset on every fifth year based on the five-year U.S. Treasury Rate plus 3.237%. The Company may redeem the 2051 Subordinated Notes prior to maturity or defer interest payments up to five The following table presents the activity of the Company’s debt issuance costs: Credit Facility Senior Notes Subordinated Notes Unamortized debt issuance costs as of December 31, 2022 $ 5,510 $ 8,393 $ 5,243 Debt issuance costs incurred — 4,315 — Amortization of debt issuance costs (1,297) (924) (184) Unamortized debt issuance costs as of December 31, 2023 4,213 11,784 5,059 Debt issuance costs incurred 1,832 8,662 — Amortization of debt issuance costs (1,187) (1,721) (184) Unamortized debt issuance costs as of December 31, 2024 $ 4,858 $ 18,725 $ 4,875 The following loan obligations were outstanding and classified as liabilities of the Consolidated CLOs: As of December 31, 2024 2023 Fair Value of Weighted Weighted Fair Value of Weighted Weighted Senior secured notes $ 8,937,972 6.08% 8.0 $ 11,606,289 6.64% 8.2 Subordinated notes (1) 734,217 N/A 5.6 739,368 N/A 6.9 Total loan obligations of Consolidated CLOs $ 9,672,189 $ 12,345,657 (1) The notes do not have contractual interest rates; instead, holders of the notes receive a variable rate of interest amounting to the excess cash flows generated by each Consolidated CLO. The Consolidated Funds had the following revolving bank credit facilities outstanding: As of December 31, 2024 2023 Maturity Date Total Capacity Outstanding Loan (1) Effective Rate Outstanding Loan (1) Effective Rate Credit Facilities: 7/1/2024 $ 18,000 (2) N/A N/A $ 15,241 6.88% 9/25/2025 150,000 $ 121,000 8.00% N/A N/A 9/24/2026 150,000 — — — N/A 6/26/2027 200,000 154,000 7.15 110,000 8.29 9/12/2027 54,000 — — — N/A Total borrowings of Consolidated Funds $ 275,000 $ 125,241 (1) The fair values of the borrowings approximate the carrying value as the interest rate on the borrowings is a floating rate. (2) Represents a credit facility of a Consolidated Fund that was repaid on maturity date. The amount represents the total capacity as of December 31, 2023.

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	12 Months Ended
	Dec. 31, 2024
Other Assets [Abstract]
Schedule of Components of Other Assets	The components of other assets were as follows: As of December 31, 2024 2023 Other assets of the Company: Accounts and interest receivable $ 169,007 $ 128,756 Fixed assets, net 177,671 122,223 Deferred tax assets, net 241,894 21,549 Other assets 186,082 157,451 Total other assets of the Company $ 774,654 $ 429,979 Other assets of Consolidated Funds: Dividends and interest receivable $ 70,657 $ 88,196 Income tax and other receivables 11,740 12,627 Total other assets of Consolidated Funds $ 82,397 $ 100,823
Schedule of Fixed Assets, Net	The components of fixed assets were as follows: As of December 31, 2024 2023 Office and computer equipment $ 62,920 $ 52,681 Internal-use software 29,119 51,226 Leasehold improvements 166,250 134,272 Fixed assets, at cost 258,289 238,179 Less: accumulated depreciation (80,618) (115,956) Fixed assets, net $ 177,671 $ 122,223

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	12 Months Ended
	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
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 December 31, 2024 2025 $ 56,074 2026 61,178 2027 56,546 2028 69,900 2029 64,927 Thereafter 703,955 Total future payments 1,012,580 Less: interest 370,716 Total operating lease liabilities $ 641,864
Schedule Of Lease Cost	The tables below present certain supplemental quantitative disclosures regarding the Company’s operating leases: Year ended December 31, Classification within general, administrative and other expenses 2024 2023 2022 Operating lease expense $ 66,812 $ 49,531 $ 42,746 Year ended December 31, Supplemental information on the measurement of operating lease liabilities 2024 2023 2022 Operating cash flows for operating leases $ 55,439 $ 45,103 $ 46,558 Leased assets obtained in exchange for new operating lease liabilities 308,377 168,876 43,331 As of December 31, Lease term and discount rate 2024 2023 Weighted-average remaining lease terms (in years) 14.1 8.4 Weighted-average discount rate 5.8% 4.3%

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2024 2023 Due from affiliates: Management fees receivable from non-consolidated funds $ 636,835 $ 560,629 Incentive fee receivable from non-consolidated funds 172,235 159,098 Payments made on behalf of and amounts due from non-consolidated funds and employees 247,538 177,019 Due from affiliates—Company $ 1,056,608 $ 896,746 Due to affiliates: Management fee received in advance and rebates payable to non-consolidated funds $ 5,767 $ 9,585 Tax receivable agreement liability 402,359 191,299 Carried interest and incentive fees payable 78,692 33,374 Payments made by non-consolidated funds on behalf of and payable by the Company 13,662 5,996 Due to affiliates—Company $ 500,480 $ 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)	12 Months Ended
	Dec. 31, 2024
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The provision for income taxes attributable to the Company and the Consolidated Funds, consisted of the following: Year ended December 31, Provision for Income Taxes 2024 2023 2022 The Company Current: U.S. federal income tax expense $ 63,292 $ 34,051 $ 42,452 State and local income tax expense 14,326 13,316 7,614 Foreign income tax expense 24,841 24,029 14,119 102,459 71,396 64,185 Deferred: U.S. federal income tax expense 50,182 85,610 10,660 State and local income tax expense 7,819 15,872 2,131 Foreign income tax benefit (2,917) (3,730) (5,416) 55,084 97,752 7,375 Total: U.S. federal income tax expense 113,474 119,661 53,112 State and local income tax expense 22,145 29,188 9,745 Foreign income tax expense 21,924 20,299 8,703 Income tax expense 157,543 169,148 71,560 Consolidated Funds Current: Foreign income tax expense (benefit) (1,331) 3,823 331 (1,331) 3,823 331 Deferred: U.S. federal income tax expense 8,405 — — 8,405 — — Total: U.S. federal income tax expense 8,405 — — Foreign income tax expense (benefit) (1,331) 3,823 331 Income tax expense 7,074 3,823 331 Total Provision for Income Taxes Total current income tax expense 101,128 75,219 64,516 Total deferred income tax expense 63,489 97,752 7,375 Income tax expense $ 164,617 $ 172,971 $ 71,891
Schedule of Effective Income Tax Rate Reconciliation	The effective income tax rate differed from the federal statutory rate for the following reasons: Year ended December 31, 2024 2023 2022 Income tax expense at federal statutory rate 21.0% 21.0% 21.0% Income passed through to non-controlling interests (9.3) (9.6) (8.9) State and local taxes, net of federal benefit 1.4 1.7 2.2 Foreign taxes (0.7) (0.7) (1.4) Permanent items 0.1 0.2 0.6 Disallowed executive compensation 0.3 0.2 0.1 Other, net 0.1 0.3 0.3 Valuation allowance — (0.1) 0.2 Total effective rate 12.9% 13.0% 14.1%
Schedule of Deferred Tax Assets and Liabilities	The income tax effects of temporary differences that give rise to significant portions of deferred tax assets and liabilities were as follows as of December 31, 2024 and 2023. Deferred tax assets, net are included within other assets within the Consolidated Statements of Financial Condition. As of December 31, Deferred Tax Assets and Liabilities of the Company 2024 2023 Deferred tax assets Amortizable tax basis for AOG Unit exchanges $ 451,343 $ 205,627 Net operating losses and capital loss carryforwards 1,888 1,829 Other, net 9,793 6,511 Total gross deferred tax assets 463,024 213,967 Valuation allowance (941) (942) Total net deferred tax assets 462,083 213,025 Deferred tax liabilities Investment in partnerships (220,189) (191,476) Total deferred tax liabilities (220,189) (191,476) Deferred tax assets, net $ 241,894 $ 21,549 As of December 31, Deferred Tax Assets and Liabilities of the Consolidated Funds 2024 2023 Deferred tax assets Net operating losses $ 7,932 $ 2,598 Total gross deferred tax assets 7,932 2,598 Valuation allowance (1,229) (2,598) Total net deferred tax assets 6,703 — Deferred tax liabilities Investments in partnerships (15,108) — Total deferred tax liabilities (15,108) — Deferred tax assets (liabilities), net $ (8,405) $ —

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Earnings per Share Computation	The computation of diluted earnings per share excludes the following restricted units and AOG Units as their effect would have been anti-dilutive under the treasury stock method: Year ended December 31, 2024 2023 2022 Restricted units N/A 2,071 N/A AOG Units N/A 118,804,252 N/A
Schedule of the Computation of Basic and Diluted Earnings per Common Share	The following table presents the computation of basic and diluted earnings per common share: Year ended December 31, 2024 2023 2022 Basic earnings per share of Class A and non-voting common stock: Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 440,961 $ 474,326 $ 167,541 Dividends declared and paid on Class A and non-voting common stock (742,970) (571,923) (429,104) Distributions on unvested restricted units (30,766) (21,303) (14,096) Dividends in excess of earnings available to Class A and non-voting common stockholders $ (332,775) $ (118,900) $ (275,659) Basic weighted-average shares of Class A and non-voting common stock 198,054,451 184,523,524 175,510,798 Dividends in excess of earnings per share of Class A and non-voting common stock $ (1.68) $ (0.64) $ (1.57) Dividend declared and paid per Class A and non-voting common stock 3.72 3.08 2.44 Basic earnings per share of Class A and non-voting common stock $ 2.04 $ 2.44 $ 0.87 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 $ 440,961 $ 474,326 $ 167,541 Distributions on unvested restricted units (30,766) — (14,096) Net income available to Class A and non-voting common stockholders $ 410,195 $ 474,326 $ 153,445 Effect of dilutive shares: Restricted units — 9,347,318 — Options — 1,902,584 — Diluted weighted-average shares of Class A and non-voting common stock 198,054,451 195,773,426 175,510,798 Diluted earnings per share of Class A and non-voting common stock $ 2.04 $ 2.42 $ 0.87

EQUITY COMPENSATION (Tables)

EQUITY COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 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 unvested awards is presented in the following table: Year ended December 31, 2024 2023 2022 Unvested awards $ 352,851 $ 255,965 $ 200,391
Schedule of Dividends Declared and Paid	The following table summarizes the Company’s dividends declared and Dividend Equivalents paid during the year ended December 31, 2024: Record Date Dividends Per Share Dividend Equivalents Paid March 15, 2024 $ 0.93 $ 16,294 June 14, 2024 0.93 16,008 September 16, 2024 0.93 16,242 December 17, 2024 0.93 16,098
Schedule of Unvested Restricted Units Activity	The following table presents unvested awards’ activity: Unvested Awards Weighted Average Balance as of December 31, 2023 17,359,829 $ 59.20 Granted 5,167,328 124.88 Vested (4,151,900) 52.27 Forfeited (406,317) 85.06 Balance as of December 31, 2024 17,968,940 $ 79.11
Schedule of Unvested Options Activity	A summary of options activity during the year ended December 31, 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 December 31, 2024 — $ — — $ —

EQUITY AND REDEEMABLE INTEREST

EQUITY AND REDEEMABLE INTEREST (Tables)	12 Months Ended
	Dec. 31, 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 Issuance of common stock 3,122,628 — — 63,179 3,185,807 Exchanges of AOG Units 7,281,248 — — (7,281,248) — Stock option exercises, net of shares withheld for tax 79,524 — — — 79,524 Vesting of restricted unit awards, net of shares withheld for tax 2,319,264 — — — 2,319,264 Balance as of December 31, 2024 199,872,571 3,489,911 1,000 109,806,689 313,170,171
Schedule of Ownership Interests	The following table presents each partner’s 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 December 31, 2024 As of December 31, 2023 Year ended December 31, AOG Units Direct Ownership Interest AOG Units Direct Ownership Interest 2024 2023 2022 Ares Management Corporation 203,362,482 64.94% 190,559,818 61.95% 63.61% 60.83% 59.76% Ares Owners Holdings, L.P. 109,806,689 35.06 117,024,758 38.05 36.39 39.17 40.24 Total 313,169,171 100.00% 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, 2021 $ 96,008 Distributions (1,887) Net loss (851) Currency translation adjustment, net of tax (426) Equity compensation 285 Balance as of December 31, 2022 93,129 Changes in ownership interests and related tax benefits (66,507) Distributions (2,883) Net income 226 Currency translation adjustment, net of tax (41) Equity compensation 174 Balance as of December 31, 2023 24,098 Distributions (302) Net income 103 Currency translation adjustment, net of tax (403) Balance as of December 31, 2024 $ 23,496 The following table summarizes the activities associated with the redeemable interest in Consolidated Funds: Total Balance as of December 31, 2022 $ 1,013,282 Gross proceeds from the initial public offering of AAC II 500,000 Change in redemption value 55,530 Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (1,045,874) Balance as of December 31, 2023 522,938 Change in redemption value 27,762 Balance as of December 31, 2024 $ 550,700

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	12 Months Ended
	Dec. 31, 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: Year ended December 31, 2024 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 2,177,816 $ 401,968 $ 137,130 $ 197,287 $ 43,229 $ 2,957,430 $ — $ 2,957,430 Fee related performance revenues 202,703 — — 28,834 — 231,537 — 231,537 Other fees 41,819 27,263 1,695 222 523 71,522 20,357 91,879 Compensation and benefits (692,309) (160,357) (56,830) (66,290) (21,482) (997,268) (421,268) (1,418,536) General, administrative and other expenses (161,872) (56,768) (21,449) (33,881) (6,584) (280,554) (220,019) (500,573) Fee related earnings 1,568,157 212,106 60,546 126,172 15,686 1,982,667 (620,930) 1,361,737 Performance income—realized 326,202 60,317 43,299 361 — 430,179 — 430,179 Performance related compensation—realized (207,794) (37,283) (36,334) 110 — (281,301) — (281,301) Realized net performance income 118,408 23,034 6,965 471 — 148,878 — 148,878 Investment income (loss)—realized 21,159 5,184 1,926 2,565 9,467 40,301 (650) 39,651 Interest income 11,671 7,649 1,970 972 35,810 58,072 1,723 59,795 Interest expense (34,578) (24,131) (22,632) (10,240) (50,659) (142,240) (701) (142,941) Realized net investment income (loss) (1,748) (11,298) (18,736) (6,703) (5,382) (43,867) 372 (43,495) Realized income $ 1,684,817 $ 223,842 $ 48,775 $ 119,940 $ 10,304 $ 2,087,678 $ (620,558) $ 1,467,120 Year ended December 31, 2023 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,853,326 $ 389,437 $ 126,721 $ 174,942 $ 27,087 $ 2,571,513 $ — $ 2,571,513 Fee related performance revenues 167,333 334 — 12,782 — 180,449 — 180,449 Other fees 36,640 29,695 1,693 22 374 68,424 23,685 92,109 Compensation and benefits (624,741) (153,870) (58,408) (62,160) (15,812) (914,991) (361,124) (1,276,115) General, administrative and other expenses (115,546) (46,789) (16,949) (21,199) (3,119) (203,602) (200,613) (404,215) Fee related earnings 1,317,012 218,807 53,057 104,387 8,530 1,701,793 (538,052) 1,163,741 Performance income—realized 323,733 20,990 65,716 5,460 — 415,899 — 415,899 Performance related compensation—realized (211,976) (12,768) (52,984) (4,678) — (282,406) — (282,406) Realized net performance income 111,757 8,222 12,732 782 — 133,493 — 133,493 Investment income (loss)—realized 36,490 3,392 (712) 4,523 2,962 46,655 (470) 46,185 Interest income 9,788 3,165 38 344 13,831 27,166 1,218 28,384 Interest expense (29,732) (16,391) (18,990) (8,980) (32,026) (106,119) (156) (106,275) Realized net investment income (loss) 16,546 (9,834) (19,664) (4,113) (15,233) (32,298) 592 (31,706) Realized income $ 1,445,315 $ 217,195 $ 46,125 $ 101,056 $ (6,703) $ 1,802,988 $ (537,460) $ 1,265,528 Year ended December 31, 2022 Credit Group Real Assets Group Private Equity Group Secondaries Group Other Total Segments OMG Total Management fees $ 1,490,674 $ 347,808 $ 125,681 $ 176,694 $ 11,671 $ 2,152,528 $ — $ 2,152,528 Fee related performance revenues 71,497 167,693 — 235 — 239,425 — 239,425 Other fees 32,637 35,879 1,243 — 274 70,033 24,529 94,562 Compensation and benefits (483,167) (240,015) (66,075) (53,743) (12,108) (855,108) (317,396) (1,172,504) General, administrative and other expenses (93,715) (39,739) (16,416) (12,685) (2,089) (164,644) (155,017) (319,661) Fee related earnings 1,017,926 271,626 44,433 110,501 (2,252) 1,442,234 (447,884) 994,350 Performance income—realized 237,839 133,130 42,896 4,156 — 418,021 — 418,021 Performance related compensation—realized (153,538) (83,105) (34,383) (3,515) — (274,541) — (274,541) Realized net performance income 84,301 50,025 8,513 641 — 143,480 — 143,480 Investment income (loss)—realized 27,831 9,898 4,001 3,640 1,850 47,220 (1,678) 45,542 Interest income 8,290 2,262 222 43 8,141 18,958 53 19,011 Interest expense (18,401) (11,346) (13,484) (5,660) (21,781) (70,672) (684) (71,356) Realized net investment income (loss) 17,720 814 (9,261) (1,977) (11,790) (4,494) (2,309) (6,803) Realized income $ 1,119,947 $ 322,465 $ 43,685 $ 109,165 $ (14,042) $ 1,581,220 $ (450,193) $ 1,131,027
Schedule of Segment Revenue, Expenses and Realized Net Investment Income (Expense)	The following table presents the components of the Company’s operating segments’ revenue, expenses and realized net investment income (loss): Year ended December 31, 2024 2023 2022 Segment revenues Management fees $ 2,957,430 $ 2,571,513 $ 2,152,528 Fee related performance revenues 231,537 180,449 239,425 Other fees 71,522 68,424 70,033 Performance income—realized 430,179 415,899 418,021 Total segment revenues $ 3,690,668 $ 3,236,285 $ 2,880,007 Segment expenses Compensation and benefits $ 997,268 $ 914,991 $ 855,108 General, administrative and other expenses 280,554 203,602 164,644 Performance related compensation—realized 281,301 282,406 274,541 Total segment expenses $ 1,559,123 $ 1,400,999 $ 1,294,293 Segment realized net investment income (loss) Investment income—realized $ 40,301 $ 46,655 $ 47,220 Interest income 58,072 27,166 18,958 Interest expense (142,240) (106,119) (70,672) Total segment realized net investment loss $ (43,867) $ (32,298) $ (4,494)
Schedule of Segment Revenues Components	The following table reconciles the Company’s consolidated revenues to segment revenue: Year ended December 31, 2024 2023 2022 Total consolidated revenue $ 3,884,781 $ 3,631,884 $ 3,055,443 Performance income—unrealized (109,533) (305,370) (107,153) Management fees of Consolidated Funds eliminated in consolidation 46,597 48,201 46,324 Performance income of Consolidated Funds eliminated in consolidation 28,135 13,672 11,529 Administrative, transaction and other fees of Consolidated Funds eliminated in consolidation 525 7,166 17,013 Administrative fees (1) (70,363) (63,144) (69,414) OMG revenue (20,357) (23,685) (24,354) Principal investment income, net of eliminations (45,424) (36,516) (12,278) Net revenue of non-controlling interests in consolidated subsidiaries (23,693) (35,923) (37,103) Total consolidation adjustments and reconciling items (194,113) (395,599) (175,436) Total segment revenue $ 3,690,668 $ 3,236,285 $ 2,880,007 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting.
Schedule of Segment Expenses Components	The following table reconciles the Company’s consolidated expenses to segment expenses: Year ended December 31, 2024 2023 2022 Total consolidated expenses $ 2,938,691 $ 2,797,858 $ 2,749,085 Performance related compensation-unrealized (36,823) (206,923) (88,502) Expenses of Consolidated Funds added in consolidation (69,320) (93,167) (86,988) Expenses of Consolidated Funds eliminated in consolidation 48,441 50,108 50,833 Administrative fees (1) (70,363) (62,773) (68,255) OMG expenses (641,287) (561,737) (472,413) Acquisition and merger-related expense (57,360) (12,000) (15,197) Equity compensation expense (352,851) (255,790) (200,106) Acquisition-related compensation expense (2) (38,150) (7,334) (206,252) Placement fee adjustment (5,715) 5,819 (2,088) Depreciation and amortization expense (157,341) (233,185) (335,083) Expense of non-controlling interests in consolidated subsidiaries 1,201 (19,877) (30,741) Total consolidation adjustments and reconciling items (1,379,568) (1,396,859) (1,454,792) Total segment expenses $ 1,559,123 $ 1,400,999 $ 1,294,293 (1) Represents administrative fees from expense reimbursements that are presented within administrative, transaction and other fees within the Company’s Consolidated Statements of Operations and are netted against the respective expenses for segment reporting. (2) Represents bonus payments and contingent liabilities (“earnouts”) resulting from the acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. See “Note 8. Commitments and Contingencies” for a further description of the contingent liabilities related to the various acquisitions.
Schedule of Segment Other Income Components	The following table reconciles the Company’s consolidated other income to segment realized net investment loss: Year ended December 31, 2024 2023 2022 Total consolidated other income $ 329,262 $ 499,037 $ 204,448 Investment income—unrealized (5,613) (178,481) (12,834) Other income, net from Consolidated Funds added in consolidation (379,090) (492,848) (250,144) Other expense, net from Consolidated Funds eliminated in consolidation (12,835) (16,485) (16,484) OMG other (income) expense (4,413) 1,074 14,419 Principal investment income 38,367 155,632 48,223 Other (income) expense, net (12,172) 976 1,873 Other (income) loss of non-controlling interests in consolidated subsidiaries 2,627 (1,203) 6,005 Total consolidation adjustments and reconciling items (373,129) (531,335) (208,942) Total segment realized net investment loss $ (43,867) $ (32,298) $ (4,494)
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 Consolidated Statements of Operations to segment results of RI and FRE: Year ended December 31, 2024 2023 2022 Income before taxes $ 1,275,352 $ 1,333,063 $ 510,806 Adjustments: Depreciation and amortization expense 157,341 233,185 335,083 Equity compensation expense 352,851 255,419 198,948 Acquisition-related compensation expense (1) 38,150 7,334 206,252 Acquisition and merger-related expense 57,360 12,000 15,197 Placement fee adjustment 5,715 (5,819) 2,088 OMG expense, net 616,517 539,126 462,478 Other (income) expense, net (12,172) 976 1,874 Income before taxes of non-controlling interests in consolidated subsidiaries (22,267) (17,249) (357) Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations (302,846) (278,119) (119,664) Total performance income—unrealized (109,533) (305,370) (107,153) Total performance related compensation—unrealized 36,823 206,923 88,502 Total net investment income—unrealized (5,613) (178,481) (12,834) Realized income 2,087,678 1,802,988 1,581,220 Total performance income—realized (430,179) (415,899) (418,021) Total performance related compensation—realized 281,301 282,406 274,541 Total net investment loss—realized 43,867 32,298 4,494 Fee related earnings $ 1,982,667 $ 1,701,793 $ 1,442,234 (1) Represents bonus payments and earnouts resulting from the acquisitions that are recorded as compensation expense and are presented within compensation and benefits within the Company’s Consolidated Statements of Operations. See “Note 8. Commitments and Contingencies” for a further description of the contingent liabilities related to the various acquisitions.

CONSOLIDATION (Tables)

CONSOLIDATION (Tables)	12 Months Ended
	Dec. 31, 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 Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Consolidated Statements of Operations, are as follows: As of December 31, 2024 2023 Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs $ 386,927 $ 503,376 Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs 791,133 910,600 Assets of consolidated VIEs 13,698,611 15,484,962 Liabilities of consolidated VIEs 10,879,735 13,409,257 Year ended December 31, 2024 2023 2022 Net income attributable to non-controlling interests related to consolidated VIEs $ 269,743 $ 204,571 $ 105,797
Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition	The following supplemental financial information illustrates the consolidating effects of the Consolidated Funds on the Company’s financial condition, results from operations and cash flows: As of December 31, 2024 Consolidated Consolidated Eliminations Consolidated Assets Cash and cash equivalents $ 1,507,976 $ — $ — $ 1,507,976 Investments (includes $3,495,115 of accrued carried interest) 5,485,012 — (840,237) 4,644,775 Due from affiliates 1,236,450 — (179,842) 1,056,608 Other assets 774,654 — — 774,654 Right-of-use operating lease assets 511,319 — — 511,319 Intangible assets, net 975,828 — — 975,828 Goodwill 1,162,636 — — 1,162,636 Assets of Consolidated Funds Cash and cash equivalents — 1,227,489 — 1,227,489 Investments held in trust account — 550,800 — 550,800 Investments, at fair value — 12,187,044 — 12,187,044 Receivable for securities sold — 202,782 — 202,782 Other assets — 82,397 — 82,397 Total assets $ 11,653,875 $ 14,250,512 $ (1,020,079) $ 24,884,308 Liabilities Accounts payable, accrued expenses and other liabilities $ 364,152 $ — $ (280) $ 363,872 Accrued compensation 280,894 — — 280,894 Due to affiliates 500,480 — — 500,480 Performance related compensation payable 2,537,203 — — 2,537,203 Debt obligations 2,558,914 — — 2,558,914 Operating lease liabilities 641,864 — — 641,864 Liabilities of Consolidated Funds Accounts payable, accrued expenses and other liabilities — 323,566 (466) 323,100 Due to affiliates — 178,409 (178,409) — Payable for securities purchased — 332,406 — 332,406 CLO loan obligations, at fair value — 9,793,645 (121,456) 9,672,189 Fund borrowings — 275,000 — 275,000 Total liabilities 6,883,507 10,903,026 (300,611) 17,485,922 Commitments and contingencies Redeemable interest in Consolidated Funds — 550,700 — 550,700 Redeemable interest in Ares Operating Group entities 23,496 — — 23,496 Non-controlling interest in Consolidated Funds — 2,796,786 (771,120) 2,025,666 Non-controlling interest in Ares Operating Group entities 1,236,767 — 18,111 1,254,878 Stockholders’ Equity Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding) 1,458,771 — — 1,458,771 Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (199,872,571 shares issued and outstanding) 1,999 — — 1,999 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 (109,806,689 shares issued and outstanding) 1,098 — — 1,098 Additional paid-in-capital 2,903,253 — 33,541 2,936,794 Accumulated deficit (837,294) — — (837,294) Accumulated other comprehensive loss, net of tax (17,757) — — (17,757) Total stockholders’ equity 3,510,105 — 33,541 3,543,646 Total equity 4,746,872 2,796,786 (719,468) 6,824,190 Total liabilities, redeemable interest, non-controlling interests and equity $ 11,653,875 $ 14,250,512 $ (1,020,079) $ 24,884,308 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	Year ended December 31, 2024 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,988,723 $ — $ (46,597) $ 2,942,126 Carried interest allocation 416,995 — (26,815) 390,180 Incentive fees 345,477 — (1,320) 344,157 Principal investment income 38,367 — 7,057 45,424 Administrative, transaction and other fees 163,419 — (525) 162,894 Total revenues 3,952,981 — (68,200) 3,884,781 Expenses Compensation and benefits 1,731,747 — — 1,731,747 Performance related compensation 449,564 — — 449,564 General, administrative and other expense 736,501 — — 736,501 Expenses of the Consolidated Funds — 69,320 (48,441) 20,879 Total expenses 2,917,812 69,320 (48,441) 2,938,691 Other income (expense) Net realized and unrealized gains on investments 31,214 — (14,644) 16,570 Interest and dividend income 48,484 — (5,430) 43,054 Interest expense (142,966) — — (142,966) Other income, net 605 — 22 627 Net realized and unrealized gains on investments of the Consolidated Funds — 291,534 22,429 313,963 Interest and other income of the Consolidated Funds — 933,349 — 933,349 Interest expense of the Consolidated Funds — (845,793) 10,458 (835,335) Total other income (expense), net (62,663) 379,090 12,835 329,262 Income before taxes 972,506 309,770 (6,924) 1,275,352 Income tax expense 157,543 7,074 — 164,617 Net income 814,963 302,696 (6,924) 1,110,735 Less: Net income attributable to non-controlling interests in Consolidated Funds — 302,696 (6,924) 295,772 Net income attributable to Ares Operating Group entities 814,963 — — 814,963 Less: Net income attributable to redeemable interest in Ares Operating Group entities 103 — — 103 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 351,118 — — 351,118 Net income attributable to Ares Management Corporation 463,742 — — 463,742 Less: Series B mandatory convertible preferred stock dividends declared 22,781 — — 22,781 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 440,961 $ — $ — $ 440,961 Year ended December 31, 2023 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,599,351 $ — $ (48,201) $ 2,551,150 Carried interest allocation 631,150 — (12,571) 618,579 Incentive fees 277,728 — (1,101) 276,627 Principal investment income 155,632 — (119,116) 36,516 Administrative, transaction and other fees 156,178 — (7,166) 149,012 Total revenues 3,820,039 — (188,155) 3,631,884 Expenses Compensation and benefits 1,486,698 — — 1,486,698 Performance related compensation 607,522 — — 607,522 General, administrative and other expense 660,579 — (433) 660,146 Expenses of the Consolidated Funds — 93,167 (49,675) 43,492 Total expenses 2,754,799 93,167 (50,108) 2,797,858 Other income (expense) Net realized and unrealized gains on investments 76,415 — 1,158 77,573 Interest and dividend income 29,850 — (10,574) 19,276 Interest expense (106,276) — — (106,276) Other income (expense), net (10,285) — 15,104 4,819 Net realized and unrealized gains on investments of the Consolidated Funds — 239,802 22,898 262,700 Interest and other income of the Consolidated Funds — 1,010,649 (15,104) 995,545 Interest expense of the Consolidated Funds — (757,603) 3,003 (754,600) Total other income (expense), net (10,296) 492,848 16,485 499,037 Income before taxes 1,054,944 399,681 (121,562) 1,333,063 Income tax expense 169,148 3,823 — 172,971 Net income 885,796 395,858 (121,562) 1,160,092 Less: Net income attributable to non-controlling interests in Consolidated Funds — 395,858 (121,562) 274,296 Net income attributable to Ares Operating Group entities 885,796 — — 885,796 Less: Net income attributable to redeemable interest in Ares Operating Group entities 226 — — 226 Less: Net income attributable to non-controlling interests in Ares Operating Group entities 411,244 — — 411,244 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 474,326 $ — $ — $ 474,326 Year ended December 31, 2022 Consolidated Consolidated Eliminations Consolidated Revenues Management fees $ 2,182,757 $ — $ (46,324) $ 2,136,433 Carried interest allocation 465,561 — (7,549) 458,012 Incentive fees 305,167 — (3,980) 301,187 Principal investment income 48,222 — (35,943) 12,279 Administrative, transaction and other fees 164,545 — (17,013) 147,532 Total revenues 3,166,252 — (110,809) 3,055,443 Expenses Compensation and benefits 1,498,590 — — 1,498,590 Performance related compensation 518,829 — — 518,829 General, administrative and other expense 695,511 — (255) 695,256 Expenses of the Consolidated Funds — 86,988 (50,578) 36,410 Total expenses 2,712,930 86,988 (50,833) 2,749,085 Other income (expense) Net realized and unrealized gains (losses) on investments (27,924) — 32,656 4,732 Interest and dividend income 25,196 — (15,797) 9,399 Interest expense (71,356) — — (71,356) Other income, net 11,904 — 1,215 13,119 Net realized and unrealized gains on investments of the Consolidated Funds — 87,287 (13,901) 73,386 Interest and other income of the Consolidated Funds — 587,744 (1,215) 586,529 Interest expense of the Consolidated Funds — (424,887) 13,526 (411,361) Total other income (expense), net (62,180) 250,144 16,484 204,448 Income before taxes 391,142 163,156 (43,492) 510,806 Income tax expense 71,560 331 — 71,891 Net income 319,582 162,825 (43,492) 438,915 Less: Net income attributable to non-controlling interests in Consolidated Funds — 162,825 (43,492) 119,333 Net income attributable to Ares Operating Group entities 319,582 — — 319,582 Less: Net loss attributable to redeemable interest in Ares Operating Group entities (851) — — (851) Less: Net income attributable to non-controlling interests in Ares Operating Group entities 152,892 — — 152,892 Net income attributable to Ares Management Corporation Class A and non-voting common stockholders $ 167,541 $ — $ — $ 167,541
Schedule of Cash Flows	Year ended December 31, 2024 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 814,963 $ 302,696 $ (6,924) $ 1,110,735 Adjustments to reconcile net income to net cash provided by operating activities: Equity compensation expense 352,851 — — 352,851 Depreciation and amortization 158,578 — — 158,578 Net realized and unrealized gains on investments (3,399) — (18,064) (21,463) Other non-cash amounts 11,755 — — 11,755 Investments purchased (606,536) — 25,792 (580,744) Proceeds from sale of investments 799,221 — (115,583) 683,638 Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (291,534) (22,429) (313,963) Other non-cash amounts — (48,963) — (48,963) Investments purchased — (5,927,444) — (5,927,444) Proceeds from sale of investments — 7,569,165 — 7,569,165 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (214,989) — 26,815 (188,174) Due to/from affiliates 214,999 — 8,499 223,498 Other assets (252,644) — — (252,644) Accrued compensation and benefits (7,096) — — (7,096) Accounts payable, accrued expenses and other liabilities 137,021 — 11,363 148,384 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — (77,978) (77,978) Net cash relinquished with deconsolidation of Consolidated Funds — (46,205) — (46,205) Change in other assets and receivables held at Consolidated Funds — (44,647) (5,127) (49,774) Change in other liabilities and payables held at Consolidated Funds — 47,464 (466) 46,998 Net cash provided by operating activities 1,404,724 1,560,532 (174,102) 2,791,154 Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (91,509) — — (91,509) Acquisitions, net of cash acquired (67,895) — — (67,895) Net cash used in investing activities (159,404) — — (159,404) Cash flows from financing activities: Net proceeds from issuance of Series B mandatory convertible preferred stock 1,458,771 — — 1,458,771 Net proceeds from issuance of Class A common stock 407,124 — — 407,124 Proceeds from Credit Facility 1,210,000 — — 1,210,000 Proceeds from issuance of senior notes 736,010 — — 736,010 Repayments of Credit Facility (2,105,000) — — (2,105,000) Repayment of senior notes (250,000) — — (250,000) Dividends and distributions (1,310,896) — — (1,310,896) Stock option exercises 1,511 — — 1,511 Taxes paid related to net share settlement of equity awards (227,532) — — (227,532) Other financing activities 2,285 — — 2,285 Allocable to redeemable and non-controlling interests in Consolidated Funds: Contributions from redeemable and non-controlling interests in Consolidated Funds — 569,479 69,675 639,154 Distributions to non-controlling interests in Consolidated Funds — (150,470) 26,449 (124,021) Borrowings under loan obligations by Consolidated Funds — 359,351 — 359,351 Repayments under loan obligations by Consolidated Funds — (2,228,351) — (2,228,351) Net cash used in financing activities (77,727) (1,449,991) 96,124 (1,431,594) Effect of exchange rate changes (7,892) (32,562) — (40,454) Net change in cash and cash equivalents 1,159,701 77,979 (77,978) 1,159,702 Cash and cash equivalents, beginning of period 348,274 1,149,511 (1,149,511) 348,274 Cash and cash equivalents, end of period $ 1,507,975 $ 1,227,490 $ (1,227,489) $ 1,507,976 Supplemental disclosure of non-cash financing activities: Equity issued in connection with acquisition-related activities $ 21,002 $ — $ — $ 21,002 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 132,645 $ 734,115 $ — $ 866,760 Cash paid during the period for income taxes $ 107,193 $ 377 $ — $ 107,570 Year ended December 31, 2023 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 885,796 $ 395,858 $ (121,562) $ 1,160,092 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity compensation expense 255,965 — — 255,965 Depreciation and amortization 231,712 — — 231,712 Net realized and unrealized gains on investments (197,874) — 107,137 (90,737) Other non-cash amounts 74 — — 74 Investments purchased (726,051) — 218,119 (507,932) Proceeds from sale of investments 214,938 — (8,775) 206,163 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (239,802) (22,898) (262,700) Other non-cash amounts — (101,465) — (101,465) Investments purchased — (8,847,856) — (8,847,856) Proceeds from sale of investments — 8,149,617 — 8,149,617 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (61,429) — 12,571 (48,858) Due to/from affiliates (200,704) — (19,717) (220,421) Other assets 21,532 — — 21,532 Accrued compensation and benefits 20,383 — — 20,383 Accounts payable, accrued expenses and other liabilities 28,765 — (901) 27,864 Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — (424,870) (424,870) Net cash relinquished with deconsolidation of Consolidated Funds — (623) — (623) Change in other assets and receivables held at Consolidated Funds — (53,916) 33,669 (20,247) Change in other liabilities and payables held at Consolidated Funds — 219,046 — 219,046 Net cash provided by (used in) operating activities 473,107 (479,141) (227,227) (233,261) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (67,183) — — (67,183) Acquisitions, net of cash acquired (43,896) — — (43,896) Net cash used in investing activities (111,079) — — (111,079) Cash flows from financing activities: Proceeds from Credit Facility 1,410,000 — — 1,410,000 Proceeds from issuance of senior notes 499,010 — — 499,010 Repayments of Credit Facility (1,215,000) — — (1,215,000) Dividends and distributions (1,030,666) — — (1,030,666) Stock option exercises 85,959 — — 85,959 Taxes paid related to net share settlement of equity awards (157,007) — — (157,007) Other financing activities 2,943 — — 2,943 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 1,071,575 (216,119) 855,456 Distributions to non-controlling interests in Consolidated Funds — (119,604) 18,476 (101,128) Redemptions of redeemable interests in Consolidated Funds — (1,045,874) — (1,045,874) Borrowings under loan obligations by Consolidated Funds — 1,387,297 — 1,387,297 Repayments under loan obligations by Consolidated Funds — (398,864) — (398,864) Net cash provided by (used in) financing activities (404,761) 894,530 (197,643) 292,126 Effect of exchange rate changes 1,020 9,481 — 10,501 Net change in cash and cash equivalents (41,713) 424,870 (424,870) (41,713) Cash and cash equivalents, beginning of period 389,987 724,641 (724,641) 389,987 Cash and cash equivalents, end of period $ 348,274 $ 1,149,511 $ (1,149,511) $ 348,274 Supplemental disclosure of non-cash financing activities: Equity issued in connection with acquisition-related activities $ 239,545 $ — $ — $ 239,545 Equity issued in connection with settlement of management incentive program $ 245,647 $ — $ — $ 245,647 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 98,920 $ 623,723 $ — $ 722,643 Cash paid during the period for income taxes $ 61,563 $ 444 $ — $ 62,007 Year ended December 31, 2022 Consolidated Consolidated Eliminations Consolidated Cash flows from operating activities: Net income $ 319,582 $ 162,825 $ (43,492) $ 438,915 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity compensation expense 200,391 — — 200,391 Depreciation and amortization 341,341 — — 341,341 Net realized and unrealized losses on investments 15,717 — (4,788) 10,929 Investments purchased (443,505) — 72,381 (371,124) Proceeds from sale of investments 303,987 — (121,494) 182,493 Adjustments to reconcile net income to net cash used in operating activities allocable to non-controlling interests in Consolidated Funds: Net realized and unrealized gains on investments — (87,287) 13,901 (73,386) Other non-cash amounts — (33,822) — (33,822) Investments purchased — (9,408,078) (25,951) (9,434,029) Proceeds from sale of investments — 8,198,812 — 8,198,812 Cash flows due to changes in operating assets and liabilities: Net carried interest and incentive fees receivable (28,161) — 7,549 (20,612) Due to/from affiliates (125,407) — 164,480 39,073 Other assets (101,275) — (3,930) (105,205) Accrued compensation and benefits 200,769 — — 200,769 Accounts payable, accrued expenses and other liabilities (50,471) — (1,214) (51,685) Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds: Change in cash and cash equivalents held at Consolidated Funds — — 324,550 324,550 Change in other assets and receivables held at Consolidated Funds — 286,895 (135,000) 151,895 Change in other liabilities and payables held at Consolidated Funds — (733,417) — (733,417) Net cash provided by (used in) operating activities 632,968 (1,614,072) 246,992 (734,112) Cash flows from investing activities: Purchase of furniture, equipment and leasehold improvements, net of disposals (35,796) — — (35,796) Acquisitions, net of cash acquired (301,583) — — (301,583) Net cash used in investing activities (337,379) — — (337,379) Cash flows from financing activities: Proceeds from Credit Facility 1,380,000 — — 1,380,000 Proceeds from issuance of senior notes 488,915 — — 488,915 Repayments of Credit Facility (1,095,000) — — (1,095,000) Dividends and distributions (836,364) — — (836,364) Stock option exercises 21,205 — — 21,205 Taxes paid related to net share settlement of equity awards (201,311) — — (201,311) Other financing activities 4,055 — — 4,055 Allocable to non-controlling interests in Consolidated Funds: Contributions from non-controlling interests in Consolidated Funds — 596,777 (47,381) 549,396 Distributions to non-controlling interests in Consolidated Funds — (303,230) 124,939 (178,291) Borrowings under loan obligations by Consolidated Funds — 1,140,680 — 1,140,680 Repayments under loan obligations by Consolidated Funds — (145,222) — (145,222) Net cash provided by financing activities (238,500) 1,289,005 77,558 1,128,063 Effect of exchange rate changes (10,757) 517 — (10,240) Net change in cash and cash equivalents 46,332 (324,550) 324,550 46,332 Cash and cash equivalents, beginning of period 343,655 1,049,191 (1,049,191) 343,655 Cash and cash equivalents, end of period $ 389,987 $ 724,641 $ (724,641) $ 389,987 Supplemental disclosure of non-cash financing activities: Equity issued in connection with acquisition-related activities $ 12,835 $ — $ — $ 12,835 Supplemental disclosure of cash flow information: Cash paid during the period for interest $ 59,463 $ 260,866 $ — $ 320,329 Cash paid during the period for income taxes $ 104,544 $ 320 $ — $ 104,864

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) loan_obligation	Dec. 31, 2023 USD ($) loan_obligation	Dec. 31, 2022 USD ($)
Summary of Significant Accounting Policies [Line Items]
Number of CLOs consolidated | loan_obligation	27	28
Foreign currency transaction gains (losses) | $	$ 0.6	$ (9.1)	$ (13.5)
ARCC
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	20%
Hurdle rate per quarter	1.75%
Hurdle rate per annum	7%
Percentage of net investment income received from first dollar earned	20%
ASIF
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	12.50%
Hurdle rate per quarter	1.25%
Hurdle rate per annum	5%
Percentage of net investment income received from first dollar earned	12.50%
CADC
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	15%
Hurdle rate per quarter	1.50%
Hurdle rate per annum	6%
Percentage of net investment income received from first dollar earned	15%
AESIF
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	12.50%
Hurdle rate per quarter	1.25%
Hurdle rate per annum	5%
Percentage of net investment income received from first dollar earned	12.50%
ACI
Summary of Significant Accounting Policies [Line Items]
Management fees as a percentage of net investment income	12.50%
Hurdle rate per quarter	1.25%
Hurdle rate per annum	5%
Percentage of net investment income received from first dollar earned	12.50%
Minimum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives, intangible assets	1 year
Minimum | Property Plant And Equipment Other Than Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, fixed assets	3 years
Maximum
Summary of Significant Accounting Policies [Line Items]
Estimated useful lives, intangible assets	13 years 6 months
Performance fee compensation, employment or service period	6 years
Maximum | Property Plant And Equipment Other Than Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, fixed assets	7 years
Maximum | Leasehold Improvements
Summary of Significant Accounting Policies [Line Items]
Estimated useful life, fixed assets	10 years

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Carrying Value of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite-lived intangible assets, net
Finite-lived intangible assets	$ 801,895	$ 805,662
Foreign currency translation	(789)	1,126
Total finite-lived intangible assets	801,106	806,788
Less: accumulated amortization	(393,078)	(316,093)
Finite-lived intangible assets, net	408,028	490,695
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Intangible assets, net	975,828	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	$ 590,675	604,242
Client relationships
Finite-lived intangible assets, net
Weighted average amortization period	7 years 8 months 12 days
Finite-lived intangible assets	$ 210,720	200,920
Other
Finite-lived intangible assets, net
Weighted average amortization period	0 years
Finite-lived intangible assets	$ 500	$ 500

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)		3 Months Ended			12 Months Ended
	Dec. 01, 2024	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Impairment Of Intangible Asset Finite Lived, Statement Of Income Or Comprehensive Income, Extensible Enumeration Not Disclosed Flag					non-cash impairment charge
Amortization expense					$ 116,300,000	$ 126,000,000	$ 133,600,000
Purchase price allocated to goodwill					39,696,000	124,414,000
Reallocation					0	0
Goodwill impairment					0	0
Secondaries Group
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges							$ 181,600,000
Purchase price allocated to goodwill					0	0
Reallocation					0	0
From Private Equity Group To Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Reallocation		$ 55,700,000
Credit Group
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price allocated to goodwill					0	0
Reallocation				$ 224,600,000	55,658,000	224,587,000
Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Fully amortized intangibles, amount removed during the period					47,500,000
Management contracts | Credit Group, Real Assets Group and Secondaries Group
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges					8,900,000
Client relationships | Secondaries Group
Acquired Finite-Lived Intangible Assets [Line Items]
Non-cash impairment charges						$ 78,700,000
Walton Street Capital Mexico
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price allocated to goodwill					$ 28,400,000
Walton Street Capital Mexico | Management contracts
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 27,000,000
Acquired finite lived intangible assets useful life	6 years 8 months 12 days
Walton Street Capital Mexico | Client relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets acquired	$ 9,800,000
Acquired finite lived intangible assets useful life	10 years
Crescent Point Capital
Acquired Finite-Lived Intangible Assets [Line Items]
Purchase price allocated to goodwill			$ 124,400,000

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2025	$ 107,317
2026	81,538
2027	70,153
2028	46,236
2029	39,859
Thereafter	62,925
Finite-lived intangible assets, net	$ 408,028	$ 490,695

GOODWILL AND INTANGIBLE ASSET_5

GOODWILL AND INTANGIBLE ASSETS - Schedule of Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 999,656	$ 1,123,976	$ 999,656
Acquisitions		39,696	124,414
Reallocation		0	0
Foreign currency translation		(1,036)	(94)
Goodwill, ending balance		1,162,636	1,123,976
Credit Group
Goodwill [Roll Forward]
Goodwill, beginning balance	32,196	256,679	32,196
Acquisitions		0	0
Reallocation	224,600	55,658	224,587
Foreign currency translation		(305)	(104)
Goodwill, ending balance		312,032	256,679
Real Assets Group
Goodwill [Roll Forward]
Goodwill, beginning balance	277,183	277,205	277,183
Acquisitions		35,091	22
Reallocation		0	0
Foreign currency translation		(727)	0
Goodwill, ending balance		311,569	277,205
Private Equity Group
Goodwill [Roll Forward]
Goodwill, beginning balance	48,070	172,462	48,070
Acquisitions		4,605	124,392
Reallocation		(55,658)	0
Foreign currency translation		(1)	0
Goodwill, ending balance		121,408	172,462
Secondaries Group
Goodwill [Roll Forward]
Goodwill, beginning balance	417,620	417,630	417,620
Acquisitions		0	0
Reallocation		0	0
Foreign currency translation		(3)	10
Goodwill, ending balance		417,627	417,630
Other
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 224,587	0	224,587
Acquisitions		0	0
Reallocation		0	(224,587)
Foreign currency translation		0	0
Goodwill, ending balance		$ 0	$ 0

INVESTMENTS - Schedule of Inves

INVESTMENTS - Schedule of Investments (Details) - Ares Management L.P - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments
Equity method private investment partnership interests and other	$ 238	$ 6,287
Fixed income securities	557,287	631,644
Common stock, at fair value	515,216	499,063
Total investments	4,644,775	4,624,932
Partnership Interests
Investments
Equity method investments:	$ 4,498,905	$ 4,412,066
Percentage of total investments as of	96.90%	95.40%
Collateralized loan obligations and fixed income securities
Investments
Collateralized loan obligations	$ 41,833	$ 126,294
Percentage of total investments as of	0.90%	2.70%
Collateralized loan obligations
Investments
Collateralized loan obligations	$ 19,040	$ 20,799
Percentage of total investments as of	0.40%	0.40%
Fixed income securities
Investments
Fixed income securities	$ 22,793	$ 105,495
Percentage of total investments as of	0.50%	2.30%
Common stock, at fair value
Investments
Common stock, at fair value	$ 104,037	$ 86,572
Percentage of total investments as of	2.20%	1.90%
Equity method - carried interest
Investments
Equity method investments:	$ 3,495,115	$ 3,413,007
Percentage of total investments as of	75.20%	73.80%
Partnership Interests
Investments
Equity method investments:	$ 536,912	$ 535,292
Percentage of total investments as of	11.60%	11.60%
Equity method private investment partnership interests and other (held at fair value)
Investments
Equity method investments:	$ 411,417	$ 418,778
Percentage of total investments as of	8.90%	9%
Equity method private investment partnership interests and other
Investments
Equity method private investment partnership interests and other	$ 55,461	$ 44,989
Percentage of total investments as of	1.20%	1%

INVESTMENTS - Schedule of Finan

INVESTMENTS - Schedule of Financial Information for the Company’s Equity Method Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments
Total assets	$ 24,884,308	$ 24,730,500
Total liabilities	17,485,922	19,709,151
Total equity	6,824,190	4,474,313	$ 3,798,618	$ 3,814,426
Total revenues	3,884,781	3,631,884	3,055,443
Expenses	(2,938,691)	(2,797,858)	(2,749,085)
Income tax expense	(164,617)	(172,971)	(71,891)
Net income (loss)	814,963
Equity Method Investment, Nonconsolidated Investee
Investments
Total investments	65,736,013	59,631,205
Total assets	70,922,581	62,765,300
Total liabilities	18,396,247	15,444,848
Total equity	52,526,334	47,320,452
Total revenues	3,583,038	3,756,681	2,234,911
Expenses	(2,033,810)	(2,067,667)	(1,241,148)
Net realized and unrealized gains (losses) from investments	1,643,477	614,489	(175,536)
Income tax expense	(42,779)	(15,963)	(41,143)
Net income (loss)	3,149,926	2,287,540	777,084
Equity Method Investment, Nonconsolidated Investee | Credit Group
Investments
Total investments	24,635,069	23,032,497
Total assets	27,987,915	24,694,682
Total liabilities	6,403,988	5,163,355
Total equity	21,583,927	19,531,327
Total revenues	2,357,057	2,584,262	1,552,306
Expenses	(893,272)	(862,257)	(515,535)
Net realized and unrealized gains (losses) from investments	556,170	525,776	(230,076)
Income tax expense	(5,884)	(28,334)	(5,870)
Net income (loss)	2,014,071	2,219,447	800,825
Equity Method Investment, Nonconsolidated Investee | Real Assets Group
Investments
Total investments	19,966,560	17,757,664
Total assets	21,368,342	18,792,446
Total liabilities	7,535,764	6,528,302
Total equity	13,832,578	12,264,144
Total revenues	1,018,717	1,036,710	618,796
Expenses	(564,678)	(632,433)	(357,845)
Net realized and unrealized gains (losses) from investments	382,681	(599,200)	304,068
Income tax expense	(9,341)	(10,197)	(36,501)
Net income (loss)	827,379	(205,120)	528,518
Equity Method Investment, Nonconsolidated Investee | Private Equity Group
Investments
Total investments	5,906,807	5,305,566
Total assets	5,897,152	5,431,332
Total liabilities	151,502	119,894
Total equity	5,745,650	5,311,438
Total revenues	196,756	133,749	60,935
Expenses	(67,667)	(88,841)	(76,527)
Net realized and unrealized gains (losses) from investments	496,096	322,165	(239,720)
Income tax expense	(27,554)	22,587	1,238
Net income (loss)	597,631	389,660	(254,074)
Equity Method Investment, Nonconsolidated Investee | Secondaries Group
Investments
Total investments	15,191,773	13,497,266
Total assets	15,632,653	13,808,556
Total liabilities	4,304,893	3,632,879
Total equity	11,327,760	10,175,677
Total revenues	10,508	1,960	2,874
Expenses	(507,192)	(482,478)	(289,741)
Net realized and unrealized gains (losses) from investments	208,947	373,064	(11,173)
Income tax expense	0	0	0
Net income (loss)	(287,737)	(107,454)	(298,040)
Equity Method Investment, Nonconsolidated Investee | Other
Investments
Total investments	35,804	38,212
Total assets	36,519	38,284
Total liabilities	100	418
Total equity	36,419	37,866
Total revenues	0	0	0
Expenses	(1,001)	(1,658)	(1,500)
Net realized and unrealized gains (losses) from investments	(417)	(7,316)	1,365
Income tax expense	0	(19)	(10)
Net income (loss)	$ (1,418)	$ (8,993)	$ (145)

INVESTMENTS - Schedule of Equit

INVESTMENTS - Schedule of Equity Method Investments Net Other Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Total other income, net related to equity method investments	$ 52,350	$ 86,729	$ 21,657

INVESTMENTS - Schedule of Equ_2

INVESTMENTS - Schedule of Equity Method Investment Held at Fair Value (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity method private investment partnership interests and other (held at fair value)	$ (4,762)	$ 50,772	$ 5,626

INVESTMENTS - Schedule of Inv_2

INVESTMENTS - Schedule of Investments of the Consolidated Funds (Details) - Consolidated Funds  - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Investments
Total investments, at fair value	$ 12,737,844	$ 14,601,587
Fixed income investments:
Investments
Total investments, at fair value	$ 8,876,318	$ 11,718,445
Percentage of total investments	69.70%	80.30%
Fixed income investments: | Loans and securitization vehicles
Investments
Total investments, at fair value	$ 7,907,449	$ 10,616,458
Percentage of total investments	62.10%	72.70%
Fixed income investments: | Money market funds and U.S. treasury securities
Investments
Total investments, at fair value	$ 550,800	$ 523,038
Percentage of total investments	4.30%	3.60%
Fixed income investments: | Bonds
Investments
Total investments, at fair value	$ 418,069	$ 578,949
Percentage of total investments	3.30%	4%
Partnership interests
Investments
Total investments, at fair value	$ 2,000,380	$ 1,642,489
Percentage of total investments	15.70%	11.20%
Equity securities
Investments
Total investments, at fair value	$ 1,861,146	$ 1,240,653
Percentage of total investments	14.60%	8.50%

INVESTMENTS - Narrative (Detail

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

FAIR VALUE - Narrative (Details

FAIR VALUE - Narrative (Details)	12 Months Ended
	Dec. 31, 2024
Minimum
FAIR VALUE
Right to withdraw period	1 month
Maximum
FAIR VALUE
Right to withdraw period	3 years

FAIR VALUE - Schedule of Assets

FAIR VALUE - Schedule of Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Consolidated Funds
Investments:
Common stock and other equity securities	$ 1,861,146	$ 1,240,653
Collateralized loan obligations and fixed income securities	8,876,318	11,718,445
Alternative Investment	2,000,380	1,642,489
Total investments, at fair value	12,737,844	14,601,587
Total assets, at fair value	12,740,839	14,610,713
Liabilities, at fair value
Loan obligations of CLOs	(9,672,189)	(12,345,657)
Derivative liabilities	(4,734)	(10,782)
Total liabilities, at fair value	$ (9,676,923)	$ (12,356,439)
Derivative liability, statement of financial position	Total liabilities	Total liabilities
Consolidated Funds  | Derivatives-foreign currency forward contracts
Investments:
Derivatives-foreign currency forward contracts	$ 2,995	$ 9,126
Liabilities, at fair value
Derivative liabilities	(2,888)	(9,491)
Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	(1,846)	(1,291)
Consolidated Funds  | Loans and securitization vehicles
Investments:
Collateralized loan obligations and fixed income securities	7,907,449	10,616,458
Consolidated Funds  | U.S. treasury securities
Investments:
Collateralized loan obligations and fixed income securities	550,800	523,038
Consolidated Funds  | Bonds
Investments:
Collateralized loan obligations and fixed income securities	418,069	578,949
Level I  | Consolidated Funds
Investments:
Common stock and other equity securities	28,603	47,503
Collateralized loan obligations and fixed income securities	550,800	523,038
Alternative Investment	0	0
Total investments, at fair value	579,403	570,541
Total assets, at fair value	579,403	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
Investments:
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
Investments:
Collateralized loan obligations and fixed income securities	0	0
Level I  | Consolidated Funds  | U.S. treasury securities
Investments:
Collateralized loan obligations and fixed income securities	550,800	523,038
Level I  | Consolidated Funds  | Bonds
Investments:
Collateralized loan obligations and fixed income securities	0	0
Level II  | Consolidated Funds
Investments:
Common stock and other equity securities	2,615	2,750
Collateralized loan obligations and fixed income securities	7,731,701	10,455,294
Alternative Investment	0	0
Total investments, at fair value	7,734,316	10,458,044
Total assets, at fair value	7,737,311	10,467,170
Liabilities, at fair value
Loan obligations of CLOs	(9,672,189)	(12,345,657)
Derivative liabilities	(2,888)	(9,491)
Total liabilities, at fair value	(9,675,077)	(12,355,148)
Level II  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Investments:
Derivatives-foreign currency forward contracts	2,995	9,126
Liabilities, at fair value
Derivative liabilities	(2,888)	(9,491)
Level II  | Consolidated Funds  | Asset swaps
Liabilities, at fair value
Derivative liabilities	0	0
Level II  | Consolidated Funds  | Loans and securitization vehicles
Investments:
Collateralized loan obligations and fixed income securities	7,313,632	9,879,915
Level II  | Consolidated Funds  | U.S. treasury securities
Investments:
Collateralized loan obligations and fixed income securities	0	0
Level II  | Consolidated Funds  | Bonds
Investments:
Collateralized loan obligations and fixed income securities	418,069	575,379
Level III  | Consolidated Funds
Investments:
Common stock and other equity securities	1,829,928	1,190,400
Collateralized loan obligations and fixed income securities	593,817	740,113
Alternative Investment	0	0
Total investments, at fair value	2,423,745	1,930,513
Total assets, at fair value	2,423,745	1,930,513
Liabilities, at fair value
Loan obligations of CLOs	0	0
Derivative liabilities	(1,846)	(1,291)
Total liabilities, at fair value	(1,846)	(1,291)
Level III  | Consolidated Funds  | Derivatives-foreign currency forward contracts
Investments:
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	(1,846)	(1,291)
Level III  | Consolidated Funds  | Loans and securitization vehicles
Investments:
Collateralized loan obligations and fixed income securities	593,817	736,543
Level III  | Consolidated Funds  | U.S. treasury securities
Investments:
Collateralized loan obligations and fixed income securities	0	0
Level III  | Consolidated Funds  | Bonds
Investments:
Collateralized loan obligations and fixed income securities	0	3,570
Investments Measured at NAV | Consolidated Funds
Investments:
Common stock and other equity securities	0	0
Collateralized loan obligations and fixed income securities	0	0
Alternative Investment	2,000,380	1,642,489
Total investments, at fair value	2,000,380	1,642,489
Total assets, at fair value	2,000,380	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
Investments:
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
Investments:
Collateralized loan obligations and fixed income securities	0	0
Investments Measured at NAV | Consolidated Funds  | U.S. treasury securities
Investments:
Collateralized loan obligations and fixed income securities	0	0
Investments Measured at NAV | Consolidated Funds  | Bonds
Investments:
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P
Cash equivalents:
Money market funds	1,071,071
Investments:
Common stock and other equity securities	515,216	499,063
Alternative Investment	238	6,287
Total investments, at fair value	557,287	631,644
Total assets, at fair value	1,632,095	632,773
Liabilities, at fair value
Contingent consideration	17,550
Total liabilities, at fair value	(17,766)	(2,645)
Ares Management L.P | Derivatives-foreign currency forward contracts
Investments:
Derivatives-foreign currency forward contracts	3,737	1,129
Liabilities, at fair value
Derivative liabilities	(216)	(2,645)
Ares Management L.P | Collateralized loan obligations and fixed income securities
Investments:
Collateralized loan obligations and fixed income securities	41,833	126,294
Ares Management L.P | Level I
Cash equivalents:
Money market funds	1,071,071
Investments:
Common stock and other equity securities	0	0
Alternative Investment	0	0
Total investments, at fair value	0	0
Total assets, at fair value	1,071,071	0
Liabilities, at fair value
Contingent consideration	0
Total liabilities, at fair value	0	0
Ares Management L.P | Level I  | Derivatives-foreign currency forward contracts
Investments:
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
Investments:
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P | Level II
Cash equivalents:
Money market funds	0
Investments:
Common stock and other equity securities	104,037	86,572
Alternative Investment	0	0
Total investments, at fair value	104,037	86,572
Total assets, at fair value	107,774	87,701
Liabilities, at fair value
Contingent consideration	0
Total liabilities, at fair value	(216)	(2,645)
Ares Management L.P | Level II  | Derivatives-foreign currency forward contracts
Investments:
Derivatives-foreign currency forward contracts	3,737	1,129
Liabilities, at fair value
Derivative liabilities	(216)	(2,645)
Ares Management L.P | Level II  | Collateralized loan obligations and fixed income securities
Investments:
Collateralized loan obligations and fixed income securities	0	0
Ares Management L.P | Level III
Cash equivalents:
Money market funds	0
Investments:
Common stock and other equity securities	411,179	412,491
Alternative Investment	0	0
Total investments, at fair value	453,012	538,785
Total assets, at fair value	453,012	538,785
Liabilities, at fair value
Contingent consideration	17,550
Total liabilities, at fair value	(17,550)	0
Ares Management L.P | Level III  | Derivatives-foreign currency forward contracts
Investments:
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
Investments:
Collateralized loan obligations and fixed income securities	41,833	126,294
Ares Management L.P | Investments Measured at NAV
Cash equivalents:
Money market funds	0
Investments:
Common stock and other equity securities	0	0
Alternative Investment	238	6,287
Total investments, at fair value	238	6,287
Total assets, at fair value	238	6,287
Liabilities, at fair value
Contingent consideration	0
Total liabilities, at fair value	0	0
Ares Management L.P | Investments Measured at NAV | Derivatives-foreign currency forward contracts
Investments:
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
Investments:
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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Consolidated Funds
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,929,222	$ 1,965,647
Transfer in	87,505	247,661
Transfer out	(155,978)	(921,406)
Purchases	1,395,810	1,210,147
Sales/settlements	(960,953)	(752,582)
Realized and unrealized appreciation (depreciation), net	126,292	179,755
Balance, end of period	2,421,898	1,929,222
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	$ 125,152	$ 138,303
Level III Liabilities of the Company
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Net realized and unrealized gains (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
Consolidated Funds  | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	$ 1,190,400	$ 730,880
Transfer in	0	0
Transfer out	(1,017)	(38,757)
Purchases	518,369	347,583
Sales/settlements	(114)	(2,595)
Realized and unrealized appreciation (depreciation), net	122,289	153,289
Balance, end of period	1,829,927	1,190,400
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	123,659	152,336
Consolidated Funds  | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	740,113	869,668
Transfer in	87,505	247,661
Transfer out	(154,961)	(508,600)
Purchases	877,311	813,564
Sales/settlements	(960,839)	(700,944)
Realized and unrealized appreciation (depreciation), net	4,688	18,764
Balance, end of period	593,817	740,113
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	2,237	(15,623)
Consolidated Funds  | Derivatives, Net
Level III Net Assets of Consolidated Funds
Balance, beginning of period	(1,291)	(3,556)
Transfer in	0	0
Transfer out	0	0
Purchases	130	0
Sales/settlements	0	(154)
Realized and unrealized appreciation (depreciation), net	(685)	2,419
Balance, end of period	(1,846)	(1,291)
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(744)	1,590
Consolidated Funds  | Partnership Interests
Level III Net Assets of Consolidated Funds
Balance, beginning of period	0	368,655
Transfer in		0
Transfer out		(374,049)
Purchases		49,000
Sales/settlements		(48,889)
Realized and unrealized appreciation (depreciation), net		5,283
Balance, end of period		0
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date		0
Ares Management L.P
Level III Net Assets of Consolidated Funds
Balance, beginning of period	538,785	198,719
Transfer in	39,636
Transfer out	(872)
Purchases	438,102	332,815
Sales/settlements	(563,874)	(37,334)
Realized and unrealized appreciation (depreciation), net	1,235	44,585
Balance, end of period	435,462	538,785
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	1,268	44,584
Level III Liabilities of the Company
Established in connection with acquisition	(17,550)
Ares Management L.P | Equity securities
Level III Net Assets of Consolidated Funds
Balance, beginning of period	412,491	121,785
Established in connection with acquisition	0
Transfer in	0
Transfer out	(872)
Purchases	1,453	244,335
Sales/settlements	(2,382)	(2)
Realized and unrealized appreciation (depreciation), net	489	46,373
Balance, end of period	411,179	412,491
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	(904)	46,161
Ares Management L.P | Fixed Income
Level III Net Assets of Consolidated Funds
Balance, beginning of period	126,294	76,934
Established in connection with acquisition	0
Transfer in	39,636
Transfer out	0
Purchases	436,649	88,480
Sales/settlements	(561,492)	(37,332)
Realized and unrealized appreciation (depreciation), net	746	(1,788)
Balance, end of period	41,833	126,294
Change in net unrealized appreciation/depreciation included in earnings related to financial assets and liabilities still held at the reporting date	2,172	(1,577)
Ares Management L.P | Contingent Consideration
Level III Liabilities of the Company
Balance, beginning of period	0
Established in connection with acquisition	(17,550)
Transfers in	0
Transfers out	0
Purchases	0
Sales/settlements	0
Realized and unrealized appreciation (depreciation), net	0
Balance, ending of period	(17,550)	$ 0
Change in net unrealized appreciation/depreciation included in earnings related to financial assets still held at the reporting date	$ 0

FAIR VALUE - Schedule of Quanti

FAIR VALUE - Schedule of Quantitative Inputs and Assumptions used for Level III Inputs (Details) $ in Thousands	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Consolidated Funds
Assets
Equity securities	$ 1,861,146	$ 1,240,653
Fixed income investments	8,876,318	11,718,445
Total assets, at fair value	12,740,839	14,610,713
Liabilities
Derivative instruments	(4,734)	(10,782)
Total liabilities, at fair value	(9,676,923)	(12,356,439)
Consolidated Funds  | Level III
Assets
Equity securities	1,829,928	1,190,400
Fixed income investments	593,817	740,113
Total assets, at fair value	2,423,745	1,930,513
Liabilities
Derivative instruments	(1,846)	(1,291)
Total liabilities, at fair value	(1,846)	(1,291)
Consolidated Funds  | Level III  | Market approach
Assets
Fixed income investments	284,950
Consolidated Funds  | Level III  | Market approach | Equity Securities One
Assets
Equity securities	835,432	537,733
Consolidated Funds  | Level III  | Market approach | Equity Securities Two
Assets
Equity securities	$ 8,598	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 | Yield | Minimum
Significant Unobservable Input(s)
Fixed income investments	0.074
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	0.286
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	0.099
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 | 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	1.4	1.3
Consolidated Funds  | Level III  | Market approach | EBITDA multiple | Minimum | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	5.6	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	34.6	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	10.7	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  | Other
Assets
Equity securities	$ 789	$ 177
Fixed income investments	192	449
Consolidated Funds  | Level III  | Discounted cash flow
Assets
Equity securities	$ 985,109	648,581
Fixed income investments		$ 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
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Maximum
Significant Unobservable Input(s)
Equity securities	0.200	0.160
Consolidated Funds  | Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.130	13
Fixed income investments		0.123
Consolidated Funds  | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Fixed income investments	$ 308,675	$ 548,264
Liabilities
Derivative instruments	(1,846)	(1,291)
Ares Management L.P
Assets
Equity securities	515,216	499,063
Total assets, at fair value	1,632,095	632,773
Liabilities
Contingent consideration	17,550
Total liabilities, at fair value	(17,766)	(2,645)
Ares Management L.P | Level III
Assets
Equity securities	411,179	412,491
Total assets, at fair value	453,012	538,785
Liabilities
Contingent consideration	17,550
Total liabilities, at fair value	$ (17,550)	0
Ares Management L.P | Level III  | Volatility | Minimum
Significant Unobservable Input(s)
Contingent consideration	0.111
Ares Management L.P | Level III  | Volatility | Weighted Average
Significant Unobservable Input(s)
Contingent consideration	0.111
Ares Management L.P | Level III  | Transaction Price
Assets
Equity securities	$ 168,387	131,864
Fixed income investments	22,283	83,000
Ares Management L.P | Level III  | Market approach
Assets
Equity securities	100,000
Ares Management L.P | Level III  | Market approach | Equity Securities One
Assets
Equity securities	57,659	118,846
Ares Management L.P | Level III  | Market approach | Equity Securities Two
Assets
Equity securities	56,918	$ 6,447
Ares Management L.P | Level III  | Market approach | Equity Securities Three
Assets
Equity securities	$ 8,489
Ares Management L.P | Level III  | Market approach | Yield | Minimum
Significant Unobservable Input(s)
Equity securities	0.080
Ares Management L.P | Level III  | Market approach | Yield | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.080
Ares Management L.P | Level III  | Market approach | Multiple of book value | Minimum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1	1.3
Ares Management L.P | Level III  | Market approach | Multiple of book value | Minimum | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	1.2
Ares Management L.P | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1.1	1.6
Ares Management L.P | Level III  | Market approach | Multiple of book value | Maximum | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	1.7
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities One
Significant Unobservable Input(s)
Equity securities	1	1.5
Ares Management L.P | Level III  | Market approach | Multiple of book value | Weighted Average | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	1.4
Ares Management L.P | Level III  | Market approach | Earnings multiple | Equity Securities Two
Significant Unobservable Input(s)
Equity securities		15.4
Ares Management L.P | Level III  | Market approach | Earnings multiple | Equity Securities Three
Significant Unobservable Input(s)
Equity securities	15.4
Ares Management L.P | Level III  | Market approach | Earnings multiple | Weighted Average | Equity Securities Two
Significant Unobservable Input(s)
Equity securities		15.4
Ares Management L.P | Level III  | Market approach | Earnings multiple | Weighted Average | Equity Securities Three
Significant Unobservable Input(s)
Equity securities	15.4
Ares Management L.P | Level III  | Other
Assets
Equity securities		$ 874
Fixed income investments	$ 510	22,495
Ares Management L.P | Level III  | Option pricing model
Assets
Equity securities	$ 19,205
Ares Management L.P | Level III  | Option pricing model | Volatility
Significant Unobservable Input(s)
Equity securities	0.350
Ares Management L.P | Level III  | Option pricing model | Volatility | Weighted Average
Significant Unobservable Input(s)
Equity securities	0.350
Ares Management L.P | Level III  | Discounted cash flow
Assets
Equity securities		$ 154,460
Ares Management L.P | Level III  | Discounted cash flow | Equity Securities Two
Assets
Equity securities	$ 521
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Minimum
Significant Unobservable Input(s)
Equity securities		20
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Minimum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	0.100
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Minimum | Equity Securities Two
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 | Maximum | Equity Securities One
Significant Unobservable Input(s)
Equity securities	0.140
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Maximum | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	0.215
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Weighted Average
Significant Unobservable Input(s)
Equity securities		25
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Weighted Average | Equity Securities One
Significant Unobservable Input(s)
Equity securities	0.120
Ares Management L.P | Level III  | Discounted cash flow | Discount rate | Weighted Average | Equity Securities Two
Significant Unobservable Input(s)
Equity securities	0.200
Ares Management L.P | Level III  | Broker quotes and/or 3rd party pricing services
Assets
Fixed income investments	$ 19,040	$ 20,799
Ares Management L.P | Level III  | Monte Carlo simulation
Liabilities
Contingent consideration	$ 17,550
Ares Management L.P | Level III  | Monte Carlo simulation | Discount rate | Minimum
Significant Unobservable Input(s)
Contingent consideration	0.066
Ares Management L.P | Level III  | Monte Carlo simulation | Discount rate | Maximum
Significant Unobservable Input(s)
Contingent consideration	0.069
Ares Management L.P | Level III  | Monte Carlo simulation | Discount rate | Weighted Average
Significant Unobservable Input(s)
Contingent consideration	0.068

FAIR VALUE - Schedule of Invest

FAIR VALUE - Schedule of Investments Using NAV per Share (Details) - Consolidated Funds  - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
FAIR VALUE
Investments (held at fair value)	$ 2,000,380	$ 1,642,489
Investments Measured at NAV
FAIR VALUE
Investments (held at fair value)	2,000,380	1,642,489
Investments Measured at NAV | Non-core investments
FAIR VALUE
Investments (held at fair value)	2,000,380	1,642,489
Unfunded commitments	$ 932,473	$ 738,621

DEBT - Schedule of Debt Obligat

DEBT - Schedule of Debt Obligations (Details) - Ares Management L.P - USD ($) $ in Thousands	1 Months Ended						12 Months Ended	24 Months Ended
	Oct. 31, 2024	Nov. 30, 2023	Jan. 31, 2022	Jun. 30, 2021	Jun. 30, 2020	Oct. 31, 2014	Dec. 31, 2024	Jun. 30, 2025	Mar. 28, 2024	Mar. 27, 2024	Dec. 31, 2023
DEBT
Carrying Value							$ 2,558,914				$ 2,965,480
Credit Facility
DEBT
Carrying Value							$ 0				$ 895,000
Interest Rate							0%				6.37%
Unused commitment fees							0.10%
Credit Facility | Forecast
DEBT
Interest rate spread								0.05%
Unused commitment fees								0.01%
Credit Facility | Minimum
DEBT
Interest rate							0%
Credit Facility | Secured Overnight Financing Rate (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
Carrying Value											$ 249,427
Interest Rate											4.21%
Debt issuance rate						98.27%
Senior Notes 2028
DEBT
Original Borrowing Amount							500,000
Carrying Value							$ 495,677				$ 494,863
Interest Rate							6.42%				6.42%
Debt issuance rate		99.80%
Senior Notes 2030
DEBT
Original Borrowing Amount							$ 400,000
Carrying Value							$ 397,501				$ 397,050
Interest Rate							3.28%				3.28%
Debt issuance rate					99.77%
Senior Notes 2052
DEBT
Original Borrowing Amount							$ 500,000
Carrying Value							$ 484,601				$ 484,199
Interest Rate							3.77%				3.77%
Debt issuance rate			97.78%
Senior Notes 2054
DEBT
Original Borrowing Amount							$ 750,000
Carrying Value							$ 736,010
Interest Rate							5.65%
Debt issuance rate	99.24%
Subordinated Notes 2051
DEBT
Original Borrowing Amount							$ 450,000
Carrying Value							$ 445,125				$ 444,941
Interest Rate							4.13%				4.13%
Interest rate				4.125%
Debt term				5 years
Subordinated Notes 2051 | US Treasury
DEBT
Interest rate				3.237%

DEBT - Schedule of Debt Issuanc

DEBT - Schedule of Debt Issuance Costs (Details) - Ares Management L.P - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Credit Facility
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	$ 4,213	$ 5,510
Debt issuance costs incurred	1,832	0
Amortization of debt issuance costs	(1,187)	(1,297)
Unamortized debt issuance costs, ending balance	4,858	4,213
Senior Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	11,784	8,393
Debt issuance costs incurred	8,662	4,315
Amortization of debt issuance costs	(1,721)	(924)
Unamortized debt issuance costs, ending balance	18,725	11,784
Subordinated Notes
Debt Issuance Costs
Unamortized debt issuance costs, beginning balance	5,059	5,243
Debt issuance costs incurred	0	0
Amortization of debt issuance costs	(184)	(184)
Unamortized debt issuance costs, ending balance	$ 4,875	$ 5,059

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	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
DEBT
Fair Value of Loan Obligations	$ 9,672,189	$ 12,345,657
Senior secured notes
DEBT
Fair Value of Loan Obligations	$ 8,937,972	$ 11,606,289
Weighted  Average Interest Rate	6.08%	6.64%
Weighted  Average Remaining Maturity  (in years)	8 years	8 years 2 months 12 days
Subordinated notes
DEBT
Fair Value of Loan Obligations	$ 734,217	$ 739,368
Weighted  Average Remaining Maturity  (in years)	5 years 7 months 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	Dec. 31, 2024	Dec. 31, 2023
DEBT
Total borrowings of Consolidated Funds	$ 275,000	$ 125,241
Credit Facility Maturing 7/1/2024
DEBT
Total Capacity	18,000
Outstanding loan		$ 15,241
Effective Rate		6.88%
Credit Facility Maturing 9/25/2025
DEBT
Total Capacity	150,000
Outstanding loan	$ 121,000
Effective Rate	8%
Credit Facility Maturing 9/24/2026
DEBT
Total Capacity	$ 150,000
Outstanding loan	$ 0	$ 0
Effective Rate	0%
Credit Facility Maturing 6/26/2027
DEBT
Total Capacity	$ 200,000
Outstanding loan	$ 154,000	$ 110,000
Effective Rate	7.15%	8.29%
Credit Facility Maturing 9/12/2027
DEBT
Total Capacity	$ 54,000
Outstanding loan	$ 0	$ 0
Effective Rate	0%

OTHER ASSETS - Schedule of Comp

OTHER ASSETS - Schedule of Components of Other Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Consolidated Funds
Other Assets [Line Items]
Dividends and interest receivable	$ 70,657	$ 88,196
Income tax and other receivables	11,740	12,627
Total other assets	82,397	100,823
Ares Management L.P
Other Assets [Line Items]
Accounts and interest receivable	169,007	128,756
Fixed assets, net	177,671	122,223
Deferred tax assets, net	241,894	21,549
Other assets	186,082	157,451
Total other assets	$ 774,654	$ 429,979

OTHER ASSETS - Schedule of Fixe

OTHER ASSETS - Schedule of Fixed Assets, Net (Details) - Ares Management L.P - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 258,289	$ 238,179
Less: accumulated depreciation	(80,618)	(115,956)
Fixed assets, net	177,671	122,223
Office and computer equipment
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	62,920	52,681
Internal-use software
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	29,119	51,226
Leasehold improvements
Property, Plant and Equipment [Line Items]
Fixed assets, at cost	$ 166,250	$ 134,272

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Depreciation	$ 32.2	$ 31.4	$ 26.2
Fully depreciated fixed assets disposed	$ 71.5

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details)		3 Months Ended		12 Months Ended
	Dec. 01, 2024 USD ($)	Dec. 31, 2024 USD ($) infrastructureDebtFund	Dec. 31, 2022 infrastructureDebtFund	Dec. 31, 2024 USD ($) infrastructureDebtFund	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Mar. 31, 2022 USD ($)
COMMITMENTS AND CONTINGENCIES
Unfunded capital commitments		$ 1,451,400,000		$ 1,451,400,000	$ 1,030,600,000
Maximum exposure from guarantees		1,100,000		1,100,000	122,300,000
Carried interest, contingent repayment obligations		0		0	0
Performance income
COMMITMENTS AND CONTINGENCIES
Performance income subject to potential clawback provision		59,600,000		59,600,000	78,500,000
Performance income subject to potential claw back provision that are reimbursable by professionals		$ 39,500,000		$ 39,500,000	54,500,000
Maximum
COMMITMENTS AND CONTINGENCIES
Lease terms		19 years		19 years
Minimum
COMMITMENTS AND CONTINGENCIES
Lease terms		1 year		1 year
Walton Street Capital Mexico | Due to Affiliates | Affiliated entity
COMMITMENTS AND CONTINGENCIES
Contingent consideration	$ 17,600,000
Walton Street Capital Mexico | Earnout Arrangement And Management Incentive Program
COMMITMENTS AND CONTINGENCIES
Deferred compensation expense				$ 800,000
Walton Street Capital Mexico | Earnout Arrangement And Management Incentive Program | Due to Affiliates | Affiliated entity
COMMITMENTS AND CONTINGENCIES
Contingent consideration		$ 17,600,000		17,600,000
Walton Street Capital Mexico | Earnout Arrangement And Management Incentive Program | Accrued Compensation
COMMITMENTS AND CONTINGENCIES
Contingent consideration		15,600,000		$ 15,600,000
Walton Street Capital Mexico | Earnout Arrangement
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	$ 40,000,000
Walton Street Capital Mexico | Earnout Arrangement | Due to Affiliates | Affiliated entity
COMMITMENTS AND CONTINGENCIES
Contingent consideration, liability (as a percent)	59.10%
Walton Street Capital Mexico | Earnout Arrangement | Accrued Compensation
COMMITMENTS AND CONTINGENCIES
Contingent consideration, liability, remaining (as a percent)				40.90%
Contingent consideration, liability, paid in cash (as a percent)				60%
Walton Street Capital Mexico | Management Incentive Program
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount	$ 25,000,000
Walton Street Capital Mexico | Management Incentive Program | Due to Affiliates | Affiliated entity
COMMITMENTS AND CONTINGENCIES
Contingent consideration, liability (as a percent)	30%
Walton Street Capital Mexico | Management Incentive Program | Accrued Compensation
COMMITMENTS AND CONTINGENCIES
Contingent consideration, liability, remaining (as a percent)				70%
Contingent consideration, liability, paid in cash (as a percent)	50%
Crescent Point Capital
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount		75,000,000		$ 75,000,000
Contingent liability		75,000,000		75,000,000	75,000,000
Management incentive program, amount accrued		$ 25,000,000		25,000,000	5,000,000
Compensation expense				$ 20,000,000	5,000,000
Crescent Point Capital | Management Incentive Program
COMMITMENTS AND CONTINGENCIES
Contingent consideration, liability, paid in cash (as a percent)				33%
Contingent consideration, liability, paid in equity awards (as a percent)				67%
Infrastructure Debt Acquisition
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount							$ 48,500,000
Contingent consideration, liability, paid in cash (as a percent)				15%
Contingent consideration, liability, paid in equity awards (as a percent)				85%
Recognition period				4 years
Number of infrastructure debt funds remaining | infrastructureDebtFund		2		2
Infrastructure Debt Acquisition | Revenue Target
COMMITMENTS AND CONTINGENCIES
Commitment, maximum amount		$ 15,000,000		$ 15,000,000
Contingent liability		9,000,000		9,000,000	9,000,000
Management incentive program, amount accrued		$ 4,100,000		4,100,000	2,800,000
Compensation expense				1,300,000	$ 1,500,000	$ 1,300,000
Number of infrastructure debt funds revenue targets achieved | infrastructureDebtFund			1
Number of infrastructure debt funds revenue targets not achieved | infrastructureDebtFund		1
Management incentive program, expenses				$ 1,600,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Schedule of Maturity of Lease Liabilities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
As of December 31, 2024
2025	$ 56,074
2026	61,178
2027	56,546
2028	69,900
2029	64,927
Thereafter	703,955
Total future payments	1,012,580
Less: interest	370,716
Total operating lease liabilities	$ 641,864

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Schedule of Classification of Operating Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease expense	$ 66,812	$ 49,531	$ 42,746

COMMITMENTS AND CONTINGENCIES_4

COMMITMENTS AND CONTINGENCIES - Schedule of Supplemental information on the measurement of operating lease liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplemental information on the measurement of operating lease liabilities
Operating cash flows for operating leases	$ 55,439	$ 45,103	$ 46,558
Leased assets obtained in exchange for new operating lease liabilities	$ 308,377	$ 168,876	$ 43,331

COMMITMENTS AND CONTINGENCIES_5

COMMITMENTS AND CONTINGENCIES - Schedule of Lease Term and Discount Rate (Details)	Dec. 31, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Weighted-average remaining lease terms (in years)	14 years 1 month 6 days	8 years 4 months 24 days
Weighted-average discount rate	5.80%	4.30%

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Affiliated entity | Amounts due to portfolio companies and non-consolidated funds
Due to affiliates:
Due to affiliates	$ 0	$ 3,554
Consolidated Funds  | Affiliated entity
Due to affiliates:
Due to affiliates	0	3,554
Ares Management L.P
Due from affiliates:
Due from affiliates	1,056,608	896,746
Due to affiliates:
Due to affiliates	500,480	240,254
Ares Management L.P | Affiliated entity
Due from affiliates:
Due from affiliates	1,056,608	896,746
Due to affiliates:
Due to affiliates	500,480	240,254
Ares Management L.P | Affiliated entity | Management fees receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	636,835	560,629
Ares Management L.P | Affiliated entity | Incentive fee receivable from non-consolidated funds
Due from affiliates:
Due from affiliates	172,235	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	247,538	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	5,767	9,585
Ares Management L.P | Affiliated entity | Tax receivable agreement liability
Due to affiliates:
Due to affiliates	402,359	191,299
Ares Management L.P | Affiliated entity | Carried interest and incentive fees payable
Due to affiliates:
Due to affiliates	78,692	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	$ 13,662	$ 5,996

INCOME TAXES - Schedule of Comp

INCOME TAXES - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Total current income tax expense	$ 101,128	$ 75,219	$ 64,516
Total deferred income tax expense	63,489	97,752	7,375
Income tax expense	164,617	172,971	71,891
Consolidated Funds
Income Tax Contingency [Line Items]
Foreign income tax expense (benefit)	(1,331)	3,823	331
Total current income tax expense	(1,331)	3,823	331
U.S. federal income tax expense	8,405	0	0
Total deferred income tax expense	8,405	0	0
U.S. federal income tax expense	8,405	0	0
Foreign income tax expense	(1,331)	3,823	331
Income tax expense	7,074	3,823	331
Ares Management L.P
Income Tax Contingency [Line Items]
U.S. federal income tax expense	63,292	34,051	42,452
State and local income tax expense	14,326	13,316	7,614
Foreign income tax expense (benefit)	24,841	24,029	14,119
Total current income tax expense	102,459	71,396	64,185
U.S. federal income tax expense	50,182	85,610	10,660
State and local income tax expense	7,819	15,872	2,131
Foreign income tax benefit	(2,917)	(3,730)	(5,416)
Total deferred income tax expense	55,084	97,752	7,375
U.S. federal income tax expense	113,474	119,661	53,112
State and local income tax expense	22,145	29,188	9,745
Foreign income tax expense	21,924	20,299	8,703
Income tax expense	$ 157,543	$ 169,148	$ 71,560

INCOME TAXES - Schedule of Effe

INCOME TAXES - Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income tax expense at federal statutory rate	21%	21%	21%
Income passed through to non-controlling interests	(9.30%)	(9.60%)	(8.90%)
State and local taxes, net of federal benefit	1.40%	1.70%	2.20%
Foreign taxes	(0.70%)	(0.70%)	(1.40%)
Permanent items	0.10%	0.20%	0.60%
Disallowed executive compensation	0.30%	0.20%	0.10%
Other, net	0.10%	0.30%	0.30%
Valuation allowance	0%	(0.10%)	0.20%
Total effective rate	12.90%	13%	14.10%

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Income Tax Contingency [Line Items]
Net operating losses and capital loss carryforwards	$ 36,400	$ 10,600
Valuation allowance	(900)	(900)
Consolidated Funds
Income Tax Contingency [Line Items]
Net operating losses and capital loss carryforwards	7,932	2,598
Total gross deferred tax assets	7,932	2,598
Valuation allowance	(1,229)	(2,598)
Total net deferred tax assets	6,703	0
Investment in partnerships	(15,108)	0
Total deferred tax liabilities	(15,108)	0
Deferred tax assets, net	(8,405)	0
Ares Management L.P
Income Tax Contingency [Line Items]
Amortizable tax basis for AOG Unit exchanges	451,343	205,627
Net operating losses and capital loss carryforwards	1,888	1,829
Other, net	9,793	6,511
Total gross deferred tax assets	463,024	213,967
Valuation allowance	(941)	(942)
Total net deferred tax assets	462,083	213,025
Investment in partnerships	(220,189)	(191,476)
Total deferred tax liabilities	(220,189)	(191,476)
Deferred tax assets, net	$ 241,894	$ 21,549

INCOME TAXES - Narrative (Detai

INCOME TAXES - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Valuation allowance	$ (900,000)	$ (900,000)
Net operating losses and capital loss carryforwards	36,400,000	10,600,000
Unrecognized tax	$ 0	$ 0	$ 0

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Antidilutive Securities Excluded (Details)	12 Months Ended
	Dec. 31, 2023 shares
Restricted units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	2,071
AOG Units
Earnings per common unit
Antidilutive securities excluded from calculation of earnings per common unit (in shares)	118,804,252

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				12 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Basic earnings per share of Class A and non-voting common stock:
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders					$ 440,961	$ 474,326	$ 167,541
Distributions on unvested restricted units					(30,766)	(21,303)	(14,096)
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)	$ 0.93	$ 0.93	$ 0.93	$ 0.93
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					440,961	474,326	167,541
Distributions on unvested restricted units					(30,766)	0	(14,096)
Net income available to Class A and non-voting common stockholders					$ 410,195	$ 474,326	$ 153,445
Restricted units
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)					0	9,347,318	0
Options
Diluted earnings per share of Class A and non-voting common stock:
Effect of dilutive shares (in shares)					0	1,902,584	0
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					$ 440,961	$ 474,326	$ 167,541
Dividends declared and paid on Class A and non-voting common stock					(742,970)	(571,923)	(429,104)
Dividends in excess of earnings available to Class A and non-voting common stockholders					$ (332,775)	$ (118,900)	$ (275,659)
Basic weighted-average shares of Class A and non-voting common stock (in shares)					198,054,451	184,523,524	175,510,798
Dividends in excess of earnings per share of Class A and non-voting common stock (in dollars per share)					$ (1.68)	$ (0.64)	$ (1.57)
Dividend declared and paid per Class A and non-voting common stock (in dollars per share)					3.72	3.08	2.44
Basic earnings per share of Class A and non-voting common stock (in dollars per share)					$ 2.04	$ 2.44	$ 0.87
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					$ 440,961	$ 474,326	$ 167,541
Diluted weighted-average shares of Class A and non-voting common stock (in shares)					198,054,451	195,773,426	175,510,798
Diluted earnings per share of Class A and non-voting common stock (in dollars per share)					$ 2.04	$ 2.42	$ 0.87

EQUITY COMPENSATION - Narrative

EQUITY COMPENSATION - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Jan. 01, 2024
Equity compensation
Net cash proceeds from exercises of stock options	$ 1.5
Tax benefits of exercises	$ 1.4
Class A Common Stock
Equity compensation
Shares delivered in period (in shares)	2,300,000	2,200,000
Restricted units
Equity compensation
Shares delivered in period (in shares)	4,200,000	3,800,000
Cost not yet recognized	$ 909.7
Cost not yet recognized, period for recognition	3 years 6 months
Restricted units | Minimum
Equity compensation
Annual award vesting percentage	25%
Restricted units | Maximum
Equity compensation
Annual award vesting percentage	33.30%
Options
Equity compensation
Shares purchased (in shares)	1
Ares Management L.P
Equity compensation
Total number of shares available for grant under the equity incentive plan (in shares)	62,634,307		69,122,318

EQUITY COMPENSATION - Schedule

EQUITY COMPENSATION - Schedule of Equity Incentive Plan (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restricted units
Equity compensation
Unvested awards	$ 352,851	$ 255,965	$ 200,391

EQUITY COMPENSATION - Schedul_2

EQUITY COMPENSATION - Schedule of Dividends Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Dividends per share (in dollars per shares)	$ 0.93	$ 0.93	$ 0.93	$ 0.93
Dividend declared (in dollars per share)	$ 0.93	$ 0.93	$ 0.93	$ 0.93
Dividend Equivalents Paid	$ 16,098	$ 16,242	$ 16,008	$ 16,294

EQUITY COMPENSATION - Schedul_3

EQUITY COMPENSATION - Schedule of Unvested Restricted Units Activity (Details) - Restricted units	12 Months Ended
	Dec. 31, 2024 $ / shares shares
Unvested Awards
Balance at the beginning of the period (in shares) | shares	17,359,829
Granted (in shares) | shares	5,167,328
Vested (in shares) | shares	(4,151,900)
Forfeited (in shares) | shares	(406,317)
Balance at the end of the period (in shares) | shares	17,968,940
Weighted Average Grant Date Fair Value Per Unvested Award
Balance at the beginning of the period (in dollars per share) | $ / shares	$ 59.20
Granted (in dollars per share) | $ / shares	124.88
Vested (in dollars per share) | $ / shares	52.27
Forfeited (in dollars per share) | $ / shares	85.06
Balance at the end of the period (in dollars per share) | $ / shares	$ 79.11

EQUITY COMPENSATION - Schedul_4

EQUITY COMPENSATION - Schedule of Unvested Options Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 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
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 Remaining Life (in years)
Weighted average remaining life		3 months 18 days
Aggregate Intrinsic Value
Outstanding intrinsic value	$ 0	$ 7,946

EQUITY AND REDEEMABLE INTERES_2

EQUITY AND REDEEMABLE INTEREST - Common Stock (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 shares	Feb. 28, 2025 USD ($)
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	307,585,576
Stock option exercises (in shares)	79,524
Vesting of restricted unit awards, net of shares withheld for tax (in shares)	2,319,264
Ending balance (in shares)	313,170,171	307,585,576
Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)	3,185,807
Exchanges of common stocks (in shares)	0
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number of votes per share | vote	1
Authorized amount | $	$ 150
Repurchase of stock (in shares)	0	0	0
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	187,069,907
Stock option exercises (in shares)	79,524
Vesting of restricted unit awards, net of shares withheld for tax (in shares)	2,319,264
Ending balance (in shares)	199,872,571	187,069,907
Class A Common Stock | Subsequent event
Class of Stock [Line Items]
Authorized amount | $				$ 750
Class A Common Stock | Underwritten
Class of Stock [Line Items]
Number of shares sold (in shares)	3,047,500
Proceeds from issuance of stock | $	$ 407.2
Class A Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)	3,122,628
Exchanges of common stocks (in shares)	7,281,248
Non-voting Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	3,489,911
Stock option exercises (in shares)	0
Vesting of restricted unit awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	3,489,911	3,489,911
Non-voting Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)	0
Exchanges of common stocks (in shares)	0
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Number votes per share, mulitplier | vote	4
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	1,000
Stock option exercises (in shares)	0
Vesting of restricted unit awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	1,000	1,000
Class B Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)	0
Exchanges of common stocks (in shares)	0
Class C Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Increase (Decrease) in Stockholders' Equity
Beginning balance (in shares)	117,024,758
Stock option exercises (in shares)	0
Vesting of restricted unit awards, net of shares withheld for tax (in shares)	0
Ending balance (in shares)	109,806,689	117,024,758
Class C Common Stock | Ares Operating Group
Increase (Decrease) in Stockholders' Equity
Issuance of common stock (in shares)	63,179
Exchanges of common stocks (in shares)	(7,281,248)

EQUITY AND REDEEMABLE INTERES_3

EQUITY AND REDEEMABLE INTEREST - Common Stock Offering (Details) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
AOG units (in shares)	313,169,171	307,584,576
Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	100%	100%
Ares Owners Holdings, L.P.
Class of Stock [Line Items]
AOG units (in shares)	109,806,689	117,024,758
Ares Owners Holdings, L.P. | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	35.06%	38.05%
Daily Average Ownership	36.39%	39.17%	40.24%
Ares Operating Group
Class of Stock [Line Items]
AOG units (in shares)	203,362,482	190,559,818
Ares Operating Group | Ares Operating Group
Class of Stock [Line Items]
Direct Ownership Interest	64.94%	61.95%
Daily Average Ownership	63.61%	60.83%	59.76%

EQUITY AND REDEEMABLE INTERES_4

EQUITY AND REDEEMABLE INTEREST - Preferred Stock (Details) - Series B Mandatory Convertible Preferred Stock - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Oct. 31, 2024	Dec. 31, 2024
Class of Stock [Line Items]
Issuance of common stock (in shares)	30,000,000
Proceeds from issuance of preferred stock	$ 1,462.5
Preferred stock, shares outstanding (in shares)		30,000,000
Dividend rate, percentage		6.75%

EQUITY AND REDEEMABLE INTERES_5

EQUITY AND REDEEMABLE INTEREST - Redeemable Interests (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 01, 2020
Ares SSG's Fee-Generating Business
Temporary Equity [Line Items]
Ownership percentage	100%
Ownership percentage acquired	20%
SSG Former Owners | Ares SSG
Temporary Equity [Line Items]
Direct Ownership Interest				20%
Ares Acquisition Corporation II
Temporary Equity [Line Items]
Gross proceeds from the initial public offering of AAC II		$ 500,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Gross proceeds from the initial public offering of AAC II		500,000
Ares Acquisition Corporation II | Class A Common Stock
Temporary Equity [Line Items]
Temporary equity, shares outstanding (in shares)	50,000,000
Ares Operating Group
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	$ 24,098	93,129	$ 96,008
Changes in ownership interests and related tax benefits		(66,507)
Distributions	(302)	(2,883)	(1,887)
Net income	103	226	(851)
Currency translation adjustment, net of tax	(403)	(41)	(426)
Equity compensation		174	285
Ending balance	23,496	24,098	93,129
Consolidated Funds
Temporary Equity [Line Items]
Gross proceeds from the initial public offering of AAC II		500,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance	522,938	1,013,282
Gross proceeds from the initial public offering of AAC II		500,000
Change in redemption value	27,762	55,530
Redemptions from Class A ordinary shares of Ares Acquisition Corporation (formerly NYSE: AAC) (“AAC I”)		(1,045,874)
Ending balance	$ 550,700	$ 522,938	$ 1,013,282

SEGMENT REPORTING - Schedule of

SEGMENT REPORTING - Schedule of Financial Results for Company's Operating Segments and OMG (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment reporting
Total revenues	$ 3,884,781	$ 3,631,884	$ 3,055,443
Compensation and benefits	(1,731,747)	(1,486,698)	(1,498,590)
General, administrative and other expenses	(736,501)	(660,146)	(695,256)
Total
Segment reporting
Compensation and benefits	(1,418,536)	(1,276,115)	(1,172,504)
General, administrative and other expenses	(500,573)	(404,215)	(319,661)
Fee related earnings	1,361,737	1,163,741	994,350
Performance income—realized	430,179	415,899	418,021
Performance related compensation—realized	(281,301)	(282,406)	(274,541)
Realized net performance income	148,878	133,493	143,480
Investment income (loss)—realized	39,651	46,185	45,542
Interest income	59,795	28,384	19,011
Interest expense	(142,941)	(106,275)	(71,356)
Realized net investment income (loss)	(43,495)	(31,706)	(6,803)
Realized income	1,467,120	1,265,528	1,131,027
Operating segment
Segment reporting
Fee related earnings	(1,982,667)	(1,701,793)	(1,442,234)
Performance income—realized	430,179	415,899	418,021
Performance related compensation—realized	(281,301)	(282,406)	(274,541)
Realized income	(2,087,678)	(1,802,988)	(1,581,220)
OMG
Segment reporting
Compensation and benefits	(421,268)	(361,124)	(317,396)
General, administrative and other expenses	(220,019)	(200,613)	(155,017)
Fee related earnings	(620,930)	(538,052)	(447,884)
Performance income—realized	0	0	0
Performance related compensation—realized	0	0	0
Realized net performance income	0	0	0
Investment income (loss)—realized	(650)	(470)	(1,678)
Interest income	1,723	1,218	53
Interest expense	(701)	(156)	(684)
Realized net investment income (loss)	372	592	(2,309)
Realized income	(620,558)	(537,460)	(450,193)
Ares Management L.P
Segment reporting
Total revenues	3,884,781	3,631,884	3,055,443
Ares Management L.P | Operating segment
Segment reporting
Compensation and benefits	(997,268)	(914,991)	(855,108)
General, administrative and other expenses	(280,554)	(203,602)	(164,644)
Fee related earnings	1,982,667	1,701,793	1,442,234
Performance income—realized	430,179	415,899	418,021
Performance related compensation—realized	(281,301)	(282,406)	(274,541)
Realized net performance income	148,878	133,493	143,480
Investment income (loss)—realized	40,301	46,655	47,220
Interest income	58,072	27,166	18,958
Interest expense	(142,240)	(106,119)	(70,672)
Realized net investment income (loss)	(43,867)	(32,298)	(4,494)
Realized income	2,087,678	1,802,988	1,581,220
Ares Management L.P | Operating segment | Credit Group
Segment reporting
Compensation and benefits	(692,309)	(624,741)	(483,167)
General, administrative and other expenses	(161,872)	(115,546)	(93,715)
Fee related earnings	1,568,157	1,317,012	1,017,926
Performance income—realized	326,202	323,733	237,839
Performance related compensation—realized	(207,794)	(211,976)	(153,538)
Realized net performance income	118,408	111,757	84,301
Investment income (loss)—realized	21,159	36,490	27,831
Interest income	11,671	9,788	8,290
Interest expense	(34,578)	(29,732)	(18,401)
Realized net investment income (loss)	(1,748)	16,546	17,720
Realized income	1,684,817	1,445,315	1,119,947
Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Compensation and benefits	(160,357)	(153,870)	(240,015)
General, administrative and other expenses	(56,768)	(46,789)	(39,739)
Fee related earnings	212,106	218,807	271,626
Performance income—realized	60,317	20,990	133,130
Performance related compensation—realized	(37,283)	(12,768)	(83,105)
Realized net performance income	23,034	8,222	50,025
Investment income (loss)—realized	5,184	3,392	9,898
Interest income	7,649	3,165	2,262
Interest expense	(24,131)	(16,391)	(11,346)
Realized net investment income (loss)	(11,298)	(9,834)	814
Realized income	223,842	217,195	322,465
Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Compensation and benefits	(56,830)	(58,408)	(66,075)
General, administrative and other expenses	(21,449)	(16,949)	(16,416)
Fee related earnings	60,546	53,057	44,433
Performance income—realized	43,299	65,716	42,896
Performance related compensation—realized	(36,334)	(52,984)	(34,383)
Realized net performance income	6,965	12,732	8,513
Investment income (loss)—realized	1,926	(712)	4,001
Interest income	1,970	38	222
Interest expense	(22,632)	(18,990)	(13,484)
Realized net investment income (loss)	(18,736)	(19,664)	(9,261)
Realized income	48,775	46,125	43,685
Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Compensation and benefits	(66,290)	(62,160)	(53,743)
General, administrative and other expenses	(33,881)	(21,199)	(12,685)
Fee related earnings	126,172	104,387	110,501
Performance income—realized	361	5,460	4,156
Performance related compensation—realized	110	(4,678)	(3,515)
Realized net performance income	471	782	641
Investment income (loss)—realized	2,565	4,523	3,640
Interest income	972	344	43
Interest expense	(10,240)	(8,980)	(5,660)
Realized net investment income (loss)	(6,703)	(4,113)	(1,977)
Realized income	119,940	101,056	109,165
Ares Management L.P | Operating segment | Other
Segment reporting
Compensation and benefits	(21,482)	(15,812)	(12,108)
General, administrative and other expenses	(6,584)	(3,119)	(2,089)
Fee related earnings	15,686	8,530	(2,252)
Performance income—realized	0	0	0
Performance related compensation—realized	0	0	0
Realized net performance income	0	0	0
Investment income (loss)—realized	9,467	2,962	1,850
Interest income	35,810	13,831	8,141
Interest expense	(50,659)	(32,026)	(21,781)
Realized net investment income (loss)	(5,382)	(15,233)	(11,790)
Realized income	10,304	(6,703)	(14,042)
Management fees
Segment reporting
Total revenues	2,942,126	2,551,150	2,136,433
Management fees | Total
Segment reporting
Total revenues	2,957,430	2,571,513	2,152,528
Management fees | OMG
Segment reporting
Total revenues	0	0	0
Management fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	2,957,430	2,571,513	2,152,528
Management fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	2,177,816	1,853,326	1,490,674
Management fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	401,968	389,437	347,808
Management fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	137,130	126,721	125,681
Management fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	197,287	174,942	176,694
Management fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	43,229	27,087	11,671
Fee related performance revenues | Total
Segment reporting
Total revenues	231,537	180,449	239,425
Fee related performance revenues | OMG
Segment reporting
Total revenues	0	0	0
Fee related performance revenues | Ares Management L.P | Operating segment
Segment reporting
Total revenues	231,537	180,449	239,425
Fee related performance revenues | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	202,703	167,333	71,497
Fee related performance revenues | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	0	334	167,693
Fee related performance revenues | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	0	0	0
Fee related performance revenues | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	28,834	12,782	235
Fee related performance revenues | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	0	0	0
Other fees | Total
Segment reporting
Total revenues	91,879	92,109	94,562
Other fees | OMG
Segment reporting
Total revenues	20,357	23,685	24,529
Other fees | Ares Management L.P | Operating segment
Segment reporting
Total revenues	71,522	68,424	70,033
Other fees | Ares Management L.P | Operating segment | Credit Group
Segment reporting
Total revenues	41,819	36,640	32,637
Other fees | Ares Management L.P | Operating segment | Real Assets Group
Segment reporting
Total revenues	27,263	29,695	35,879
Other fees | Ares Management L.P | Operating segment | Private Equity Group
Segment reporting
Total revenues	1,695	1,693	1,243
Other fees | Ares Management L.P | Operating segment | Secondaries Group
Segment reporting
Total revenues	222	22	0
Other fees | Ares Management L.P | Operating segment | Other
Segment reporting
Total revenues	$ 523	$ 374	$ 274

SEGMENT REPORTING - Schedule _2

SEGMENT REPORTING - Schedule of Segment Revenue Expenses and Realized Net Investment Income (Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment revenues
Total revenues	$ 3,884,781	$ 3,631,884	$ 3,055,443
Total segment revenues	3,690,668	3,236,285	2,880,007
Segment expenses
Compensation and benefits	1,731,747	1,486,698	1,498,590
General, administrative and other expenses	736,501	660,146	695,256
Operating expenses	2,938,691	2,797,858	2,749,085
Segment realized net investment loss
Total other income, net	329,262	499,037	204,448
Management fees
Segment revenues
Total revenues	2,942,126	2,551,150	2,136,433
Operating segment
Segment revenues
Performance income—realized	430,179	415,899	418,021
Segment expenses
Performance related compensation—realized	281,301	282,406	274,541
Ares Management L.P
Segment revenues
Total revenues	3,884,781	3,631,884	3,055,443
Ares Management L.P | Operating segment
Segment revenues
Performance income—realized	430,179	415,899	418,021
Total segment revenues	3,690,668	3,236,285	2,880,007
Segment expenses
Compensation and benefits	997,268	914,991	855,108
General, administrative and other expenses	280,554	203,602	164,644
Performance related compensation—realized	281,301	282,406	274,541
Operating expenses	1,559,123	1,400,999	1,294,293
Segment realized net investment loss
Investment income—realized	40,301	46,655	47,220
Interest income	58,072	27,166	18,958
Interest expense	(142,240)	(106,119)	(70,672)
Total other income, net	(43,867)	(32,298)	(4,494)
Ares Management L.P | Operating segment | Management fees
Segment revenues
Total revenues	2,957,430	2,571,513	2,152,528
Ares Management L.P | Operating segment | Fee related performance revenues
Segment revenues
Total revenues	231,537	180,449	239,425
Ares Management L.P | Operating segment | Other fees
Segment revenues
Total revenues	$ 71,522	$ 68,424	$ 70,033

SEGMENT REPORTING - Schedule _3

SEGMENT REPORTING - Schedule of Segment Revenue Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenue adjustment
Total revenues	$ 3,884,781	$ 3,631,884	$ 3,055,443
Total segment revenue	3,690,668	3,236,285	2,880,007
Ares Management L.P
Revenue adjustment
Total revenues	3,884,781	3,631,884	3,055,443
Operating segment | Ares Management L.P
Revenue adjustment
Performance income—unrealized	(109,533)	(305,370)	(107,153)
Total segment revenue	3,690,668	3,236,285	2,880,007
Reconciling items
Revenue adjustment
Total segment revenue	(194,113)	(395,599)	(175,436)
Principal investment income, net of eliminations	(38,367)	(155,632)	(48,223)
Reconciling items | Non-Controlling interest | Subsidiaries
Revenue adjustment
Total segment revenue	(23,693)	(35,923)	(37,103)
OMG
Revenue adjustment
OMG revenue	(20,357)	(23,685)	(24,354)
Consolidated Funds
Revenue adjustment
OMG revenue	313,963	262,700	73,386
Management fees
Revenue adjustment
Total revenues	2,942,126	2,551,150	2,136,433
Management fees | Operating segment | Ares Management L.P
Revenue adjustment
Total revenues	2,957,430	2,571,513	2,152,528
Management fees | OMG
Revenue adjustment
Total revenues	0	0	0
Management fees | Consolidated Funds  | Eliminations
Revenue adjustment
Total segment revenue	46,597	48,201	46,324
Carried interest
Revenue adjustment
Total revenues	390,180	618,579	458,012
Carried interest | Consolidated Funds  | Eliminations
Revenue adjustment
Total revenues	28,135	13,672	11,529
Administrative, transaction and other fees
Revenue adjustment
Total revenues	162,894	149,012	147,532
Administrative, transaction and other fees | Reconciling items
Revenue adjustment
Total revenues	(70,363)	(63,144)	(69,414)
Administrative, transaction and other fees | Consolidated Funds  | Reconciling items
Revenue adjustment
Total revenues	525	7,166	17,013
Principal investment income
Revenue adjustment
Total revenues	45,424	36,516	12,279
Principal investment income | Reconciling items
Revenue adjustment
Principal investment income, net of eliminations	$ (45,424)	$ (36,516)	$ (12,278)

SEGMENT REPORTING - Schedule _4

SEGMENT REPORTING - Schedule of Segment Expenses Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	$ 2,938,691	$ 2,797,858	$ 2,749,085
Depreciation and amortization expense	(116,300)	(126,000)	(133,600)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Acquisition and merger-related expense	(57,360)	(12,000)	(15,197)
Equity-based compensation expense	(352,851)	(255,419)	(198,948)
Acquisition-related compensation expense	(38,150)	(7,334)	(206,252)
Placement fee adjustment	5,715	(5,819)	2,088
Depreciation and amortization expense	(157,341)	(233,185)	(335,083)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	1,559,123	1,400,999	1,294,293
Performance related compensation-unrealized	(36,823)	(206,923)	(88,502)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	2,938,691	2,797,858	2,749,085
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	1,379,568	1,396,859	1,454,792
Administrative fees	(70,363)	(62,773)	(68,255)
Acquisition and merger-related expense	(57,360)	(12,000)	(15,197)
Equity-based compensation expense	(352,851)	(255,790)	(200,106)
Acquisition-related compensation expense	(38,150)	(7,334)	(206,252)
Placement fee adjustment	(5,715)	5,819	(2,088)
Depreciation and amortization expense	(157,341)	(233,185)	(335,083)
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	(1,201)	19,877	30,741
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Expenses of Consolidated Funds added in consolidation	(69,320)	(93,167)	(86,988)
Expenses of Consolidated Funds eliminated in consolidation	48,441	50,108	50,833
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total expenses	$ 641,287	$ 561,737	$ 472,413

SEGMENT REPORTING - Schedule _5

SEGMENT REPORTING - Schedule of Segment Other Income Components (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	$ 329,262	$ 499,037	$ 204,448
Total segment realized net investment loss	(43,867)	(32,298)	(4,494)
Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense, net	(11,755)	(74)	0
Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other (income) expense, net	48,963	101,465	33,822
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Investment income—unrealized	(5,613)	(178,481)	(12,834)
Other (income) expense, net	12,172	(976)	(1,874)
Operating segment | Ares Management L.P
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(43,867)	(32,298)	(4,494)
Investment income—unrealized	(5,613)	(178,481)	(12,834)
Operating segment | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	329,262	499,037	204,448
Reconciling items
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	(373,129)	(531,335)	(208,942)
Principal investment income	38,367	155,632	48,223
Other (income) expense, net	(12,172)	976	1,873
Reconciling items | Subsidiaries | Non-Controlling interest
Segment Reporting, Other Significant Reconciling Item [Line Items]
Total consolidated other income	2,627	(1,203)	6,005
Reconciling items | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other income, net from Consolidated Funds added in consolidation	(379,090)	(492,848)	(250,144)
Eliminations | Consolidated Funds
Segment Reporting, Other Significant Reconciling Item [Line Items]
Other expense, net from Consolidated Funds eliminated in consolidation	(12,835)	(16,485)	(16,484)
OMG
Segment Reporting, Other Significant Reconciling Item [Line Items]
OMG other (income) expense	$ (4,413)	$ 1,074	$ 14,419

SEGMENT REPORTING - Schedule _6

SEGMENT REPORTING - Schedule of Reconciliation of Segment Results to the Company's Income before Taxes and Total Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Adjustments:
Depreciation and amortization expense	$ 116,300	$ 126,000	$ 133,600
Consolidated Funds
Adjustments:
Other (income) expense, net	(48,963)	(101,465)	(33,822)
Total net investment loss—realized	(933,349)	(995,545)	(586,529)
Operating segment
Segment Reporting, Other Significant Reconciling Item [Line Items]
Income before taxes	1,275,352	1,333,063	510,806
Adjustments:
Depreciation and amortization expense	157,341	233,185	335,083
Equity compensation expense	352,851	255,419	198,948
Acquisition-related compensation expense	38,150	7,334	206,252
Acquisition and merger-related expense	57,360	12,000	15,197
Placement fee adjustment	5,715	(5,819)	2,088
Other (income) expense, net	(12,172)	976	1,874
Total performance income—unrealized	(109,533)	(305,370)	(107,153)
Total performance related compensation—unrealized	36,823	206,923	88,502
Total net investment income—unrealized	(5,613)	(178,481)	(12,834)
Realized income	2,087,678	1,802,988	1,581,220
Total performance income—realized	(430,179)	(415,899)	(418,021)
Total performance related compensation—realized	281,301	282,406	274,541
Total net investment loss—realized	43,867	32,298	4,494
Fee related earnings	1,982,667	1,701,793	1,442,234
Operating segment | Consolidated Funds
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(302,846)	(278,119)	(119,664)
Operating segment | Subsidiaries
Adjustments:
Income before taxes of non-controlling interests in Consolidated Funds, net of eliminations	(22,267)	(17,249)	(357)
OMG
Adjustments:
OMG expense, net	616,517	539,126	462,478
Realized income	620,558	537,460	450,193
Total performance income—realized	0	0	0
Total performance related compensation—realized	0	0	0
Fee related earnings	$ 620,930	$ 538,052	$ 447,884

CONSOLIDATION - Narrative (Deta

CONSOLIDATION - Narrative (Details)	12 Months Ended
	Dec. 31, 2024 cLO	Dec. 31, 2023 sPAC	Dec. 31, 2023 privateFund
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of entities deconsolidated that experienced a liquidation or significant change in ownership or control	1	1	1

CONSOLIDATION - Schedule of Int

CONSOLIDATION - Schedule of Interest in VIEs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	$ 24,884,308	$ 24,730,500
Liabilities of consolidated VIEs	17,485,922	19,709,151
Non-Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	386,927	503,376
Consolidated VIEs
Variable Interest Entity [Line Items]
Maximum exposure to loss attributable to the company's investment in VIEs	791,133	910,600
Consolidated VIEs | Consolidated Funds
Variable Interest Entity [Line Items]
Assets of consolidated VIEs	13,698,611	15,484,962
Liabilities of consolidated VIEs	10,879,735	13,409,257
Net income attributable to non-controlling interests related to consolidated VIEs	$ 269,743	$ 204,571	$ 105,797

CONSOLIDATION - Schedule of Con

CONSOLIDATION - Schedule of Consolidating Effects of the Consolidated Funds on the Company's Financial Condition (Details) - USD ($) $ / shares in Units, $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Intangible assets, net	$ 408,028	$ 490,695
Goodwill	1,162,636	1,123,976	$ 999,656
Total assets	24,884,308	24,730,500
Liabilities
Operating lease liabilities	641,864
Total liabilities	17,485,922	19,709,151
Commitments and contingencies (Note 8)
Stockholders’ Equity
Additional paid-in-capital	2,936,794	2,391,036
Accumulated deficit	(837,294)	(495,083)
Accumulated other comprehensive loss, net of tax	(17,757)	(5,630)
Total stockholders’ equity	3,543,646	1,893,399
Total equity	6,824,190	4,474,313	$ 3,798,618	$ 3,814,426
Total liabilities, redeemable interest, non-controlling interests and equity	$ 24,884,308	$ 24,730,500
Common stock, shares outstanding (in shares)	313,170,171	307,585,576
Series B Mandatory Convertible Preferred Stock
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)	$ 1,458,771	$ 0
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized (in shares)	1,000,000,000
Preferred stock, shares outstanding (in shares)	30,000,000
Preferred stock, shares issued (in shares)	30,000,000
Class A Common Stock
Stockholders’ Equity
Common stock	$ 1,999	$ 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)	199,872,571	187,069,907
Common stock, shares outstanding (in shares)	199,872,571	187,069,907
Non-voting Common Stock
Stockholders’ Equity
Common stock	$ 35	$ 35
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	3,489,911	3,489,911
Common stock, shares outstanding (in shares)	3,489,911	3,489,911
Class B Common Stock
Stockholders’ Equity
Common stock	$ 0	$ 0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,000	1,000
Common stock, shares issued (in shares)	1,000	1,000
Common stock, shares outstanding (in shares)	1,000	1,000
Class C Common Stock
Stockholders’ Equity
Common stock	$ 1,098	$ 1,170
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	499,999,000	499,999,000
Common stock, shares issued (in shares)	109,806,689	117,024,758
Common stock, shares outstanding (in shares)	109,806,689	117,024,758
Eliminations
Assets
Total assets	$ (1,020,079)	$ (1,104,263)
Liabilities
Total liabilities	(300,611)	(295,594)
Commitments and contingencies (Note 8)
Stockholders’ Equity
Total equity	(719,468)	(808,669)
Total liabilities, redeemable interest, non-controlling interests and equity	(1,020,079)	(1,104,263)
Ares Management L.P
Assets
Cash and cash equivalents	1,507,976	348,274
Investments (includes $3,495,115 of accrued carried interest)	4,644,775	4,624,932
Due from affiliates	1,056,608	896,746
Other assets	774,654	429,979
Right-of-use operating lease assets	511,319	249,326
Intangible assets, net	975,828	1,058,495
Goodwill	$ 1,162,636	$ 1,123,976
Other Receivable, after Allowance for Credit Loss, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Liabilities
Accounts payable, accrued expenses and other liabilities	$ 363,872	$ 233,884
Accrued compensation	280,894	287,259
Due to affiliates	500,480	240,254
Performance related compensation payable	2,537,203	2,514,610
Debt obligations	2,558,914	2,965,480
Operating lease liabilities	$ 641,864	$ 319,572
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Redeemable interest	$ 23,496	$ 24,098
Non-controlling interests in Ares Operating Group entities	1,254,878	1,322,469
Stockholders’ Equity
Additional paid-in-capital	2,936,794	2,391,036
Accumulated deficit	(837,294)	(495,083)
Accumulated other comprehensive loss, net of tax	(17,757)	(5,630)
Total stockholders’ equity	3,543,646	1,893,399
Ares Management L.P | Series B Mandatory Convertible Preferred Stock
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)	1,458,771
Ares Management L.P | Class A Common Stock
Stockholders’ Equity
Common stock	1,999	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	1,098	1,170
Ares Management L.P | Carried interest
Stockholders’ Equity
Equity method investments:	3,495,115	3,413,007
Ares Management L.P | Reportable legal entity
Assets
Cash and cash equivalents	1,507,976	348,274
Investments (includes $3,495,115 of accrued carried interest)	5,485,012	5,546,209
Due from affiliates	1,236,450	1,068,089
Other assets	774,654	429,979
Right-of-use operating lease assets	511,319	249,326
Intangible assets, net	975,828	1,058,495
Goodwill	1,162,636	1,123,976
Total assets	11,653,875	9,824,348
Liabilities
Accounts payable, accrued expenses and other liabilities	364,152	245,526
Accrued compensation	280,894	287,259
Due to affiliates	500,480	240,254
Performance related compensation payable	2,537,203	2,514,610
Debt obligations	2,558,914	2,965,480
Operating lease liabilities	641,864	319,572
Total liabilities	6,883,507	6,572,701
Commitments and contingencies (Note 8)
Redeemable interest	23,496	24,098
Non-controlling interests in Ares Operating Group entities	1,236,767	1,326,913
Stockholders’ Equity
Additional paid-in-capital	2,903,253	2,398,273
Accumulated deficit	(837,294)	(495,083)
Accumulated other comprehensive loss, net of tax	(17,757)	(5,630)
Total stockholders’ equity	3,510,105	1,900,636
Total equity	4,746,872	3,227,549
Total liabilities, redeemable interest, non-controlling interests and equity	11,653,875	9,824,348
Ares Management L.P | Reportable legal entity | Series B Mandatory Convertible Preferred Stock
Stockholders’ Equity
Series B mandatory convertible preferred stock, $0.01 par value, 1,000,000,000 shares authorized (30,000,000 shares issued and outstanding)	1,458,771
Ares Management L.P | Reportable legal entity | Class A Common Stock
Stockholders’ Equity
Common stock	1,999	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	1,098	1,170
Ares Management L.P | Eliminations
Assets
Investments (includes $3,495,115 of accrued carried interest)	(840,237)	(921,277)
Due from affiliates	(179,842)	(171,343)
Liabilities
Accounts payable, accrued expenses and other liabilities	(280)	(11,642)
Due to affiliates	0
Non-controlling interests in Ares Operating Group entities	18,111	(4,444)
Stockholders’ Equity
Additional paid-in-capital	33,541	(7,237)
Total stockholders’ equity	33,541	(7,237)
Consolidated Funds
Assets
Cash and cash equivalents	1,227,489	1,149,511
Other assets	82,397	100,823
Investments held in trust account	550,800	523,038
Investments, at fair value	12,187,044	14,078,549
Receivable for securities sold	202,782	146,851
Liabilities
Accounts payable, accrued expenses and other liabilities	323,100	189,523
Due to affiliates	0	3,554
Payable for securities purchased	332,406	484,117
CLO loan obligations, at fair value	9,672,189	12,345,657
Fund borrowings	$ 275,000	$ 125,241
Accounts Payable, Related Party, Type [Extensible Enumeration]	Affiliated entity	Affiliated entity
Redeemable interest	$ 550,700	$ 522,938
Non-controlling interests in Ares Operating Group entities	2,025,666	1,258,445
Consolidated Funds | Reportable legal entity
Assets
Cash and cash equivalents	1,227,489	1,149,511
Other assets	82,397	112,466
Investments held in trust account	550,800	523,038
Investments, at fair value	12,187,044	14,078,549
Receivable for securities sold	202,782	146,851
Total assets	14,250,512	16,010,415
Liabilities
Accounts payable, accrued expenses and other liabilities	323,566	189,523
Due to affiliates	178,409	174,897
Payable for securities purchased	332,406	484,117
CLO loan obligations, at fair value	9,793,645	12,458,266
Fund borrowings	275,000	125,241
Total liabilities	10,903,026	13,432,044
Commitments and contingencies (Note 8)
Redeemable interest	550,700	522,938
Non-controlling interests in Ares Operating Group entities	2,796,786	2,055,433
Stockholders’ Equity
Total equity	2,796,786	2,055,433
Total liabilities, redeemable interest, non-controlling interests and equity	14,250,512	16,010,415
Consolidated Funds | Eliminations
Assets
Other assets	0	(11,643)
Investments, at fair value	0
Liabilities
Accounts payable, accrued expenses and other liabilities	(466)
Due to affiliates	(178,409)	(171,343)
CLO loan obligations, at fair value	(121,456)	(112,609)
Non-controlling interests in Ares Operating Group entities	$ (771,120)	$ (796,988)

CONSOLIDATION - Schedule of Res

CONSOLIDATION - Schedule of Results from Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Total revenues	$ 3,884,781	$ 3,631,884	$ 3,055,443
Expenses
Compensation and benefits	1,731,747	1,486,698	1,498,590
Performance related compensation	449,564	607,522	518,829
General, administrative and other expenses	736,501	660,146	695,256
Expenses of Consolidated Funds	20,879	43,492	36,410
Total expenses	2,938,691	2,797,858	2,749,085
Other income (expense)
Total other income, net	329,262	499,037	204,448
Income before taxes	1,275,352	1,333,063	510,806
Income tax expense	164,617	172,971	71,891
Net income	1,110,735	1,160,092	438,915
Less: Net income attributable to non-controlling interests in Consolidated Funds	295,772
Net income (loss)	814,963
Less: Net income attributable to redeemable interest in Ares Operating Group entities	103
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	351,118
Net income attributable to Ares Management Corporation	463,742	474,326	167,541
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	440,961	474,326	167,541
Series B Mandatory Convertible Preferred Stock
Other income (expense)
Less: Series B mandatory convertible preferred stock dividends declared	22,781	0	0
Eliminations
Revenues
Total revenues	(68,200)	(188,155)	(110,809)
Expenses
Compensation and benefits			0
Performance related compensation			0
General, administrative and other expenses		(433)	(255)
Expenses of Consolidated Funds		(49,675)
Total expenses	(48,441)	(50,108)	(50,833)
Other income (expense)
Total other income, net	12,835	16,485	16,484
Income before taxes	(6,924)	(121,562)	(43,492)
Income tax expense			0
Net income	(6,924)	(121,562)	(43,492)
Less: Net income attributable to non-controlling interests in Consolidated Funds	(6,924)
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	0		0
Ares Operating Group
Other income (expense)
Net realized and unrealized gains (losses) from investments	16,570	77,573	4,732
Interest and dividend income	43,054	19,276	9,399
Interest expense	(142,966)	(106,276)	(71,356)
Other income, net	627	4,819	13,119
Net income (loss)	814,963	885,796	319,582
Less: Net income attributable to redeemable interest in Ares Operating Group entities	103	226	(851)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	351,118	411,244	152,892
Ares Operating Group | Eliminations
Other income (expense)
Net realized and unrealized gains (losses) from investments	(14,644)	1,158	32,656
Interest and dividend income	(5,430)	(10,574)	(15,797)
Other income, net	22	15,104	1,215
Consolidated Funds
Expenses
Expenses of Consolidated Funds	20,879
Other income (expense)
Net realized and unrealized gains (losses) from investments	313,963	262,700	73,386
Interest expense	(835,335)	(754,600)	(411,361)
Interest and other income of Consolidated Funds	933,349	995,545	586,529
Income tax expense	7,074	3,823	331
Less: Net income attributable to non-controlling interests in Consolidated Funds	295,772	274,296	119,333
Consolidated Funds  | Eliminations
Expenses
Expenses of Consolidated Funds	(48,441)		(50,578)
Other income (expense)
Net realized and unrealized gains (losses) from investments	22,429	22,898	(13,901)
Interest expense	10,458	3,003	13,526
Interest and other income of Consolidated Funds		(15,104)	(1,215)
Less: Net income attributable to non-controlling interests in Consolidated Funds		(121,562)	(43,492)
Consolidated Company Entities
Revenues
Total revenues	3,884,781	3,631,884	3,055,443
Other income (expense)
Income tax expense	157,543	169,148	71,560
Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	3,952,981	3,820,039	3,166,252
Expenses
Compensation and benefits	1,731,747	1,486,698	1,498,590
Performance related compensation	449,564	607,522	518,829
General, administrative and other expenses	736,501	660,579	695,511
Total expenses	2,917,812	2,754,799	2,712,930
Other income (expense)
Total other income, net	(62,663)	(10,296)	(62,180)
Income before taxes	972,506	1,054,944	391,142
Income tax expense	157,543	169,148	71,560
Net income	814,963	885,796	319,582
Net income (loss)	814,963
Less: Net income attributable to redeemable interest in Ares Operating Group entities	103
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	351,118
Net income attributable to Ares Management Corporation	463,742
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	440,961	474,326	167,541
Consolidated Company Entities  | Reportable legal entity | Series B Mandatory Convertible Preferred Stock
Other income (expense)
Less: Series B mandatory convertible preferred stock dividends declared	22,781
Consolidated Company Entities  | Ares Operating Group | Reportable legal entity
Other income (expense)
Net realized and unrealized gains (losses) from investments	31,214	76,415	(27,924)
Interest and dividend income	48,484	29,850	25,196
Interest expense	(142,966)	(106,276)	(71,356)
Other income, net	605	(10,285)	11,904
Net income (loss)		885,796	319,582
Less: Net income attributable to redeemable interest in Ares Operating Group entities		226	(851)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities		411,244	152,892
Consolidated Funds | Reportable legal entity
Revenues
Total revenues	0	0	0
Expenses
Expenses of Consolidated Funds		93,167
Total expenses	69,320	93,167	86,988
Other income (expense)
Total other income, net	379,090	492,848	250,144
Income before taxes	309,770	399,681	163,156
Income tax expense	7,074	3,823	331
Net income	302,696	395,858	162,825
Less: Net income attributable to non-controlling interests in Consolidated Funds	302,696
Consolidated Funds | Consolidated Funds  | Reportable legal entity
Expenses
Expenses of Consolidated Funds	69,320		86,988
Other income (expense)
Net realized and unrealized gains (losses) from investments	291,534	239,802	87,287
Interest expense	(845,793)	(757,603)	(424,887)
Interest and other income of Consolidated Funds	933,349	1,010,649	587,744
Net income			162,825
Less: Net income attributable to non-controlling interests in Consolidated Funds		395,858	162,825
Management fees
Revenues
Total revenues	2,942,126	2,551,150	2,136,433
Management fees | Eliminations
Revenues
Total revenues	(46,597)	(48,201)	(46,324)
Management fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	2,988,723	2,599,351	2,182,757
Carried interest allocation
Revenues
Total revenues	390,180	618,579	458,012
Carried interest allocation | Eliminations
Revenues
Total revenues	(26,815)	(12,571)	(7,549)
Carried interest allocation | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	416,995	631,150	465,561
Incentive fees
Revenues
Total revenues	344,157	276,627	301,187
Incentive fees | Eliminations
Revenues
Total revenues	(1,320)	(1,101)	(3,980)
Incentive fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	345,477	277,728	305,167
Principal investment income (loss)
Revenues
Total revenues	45,424	36,516	12,279
Principal investment income (loss) | Eliminations
Revenues
Total revenues	7,057	(119,116)	(35,943)
Principal investment income (loss) | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	38,367	155,632	48,222
Administrative, transaction and other fees
Revenues
Total revenues	162,894	149,012	147,532
Administrative, transaction and other fees | Eliminations
Revenues
Total revenues	(525)	(7,166)	(17,013)
Administrative, transaction and other fees | Consolidated Company Entities  | Reportable legal entity
Revenues
Total revenues	$ 163,419	$ 156,178	$ 164,545

CONSOLIDATION - Schedule of Cas

CONSOLIDATION - Schedule of Cash Flows (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net income	$ 1,110,735	$ 1,160,092	$ 438,915
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Net cash provided by (used in) operating activities	2,791,154	(233,261)	(734,112)
Cash flows from investing activities:
Net cash used in investing activities	(159,404)	(111,079)	(337,379)
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(1,431,594)	292,126	1,128,063
Effect of exchange rate changes	(40,454)	10,501	(10,240)
Net change in cash and cash equivalents	1,159,702	(41,713)	46,332
Cash and cash equivalents, beginning of period	348,274	389,987
Cash and cash equivalents, end of period	1,507,976	348,274	389,987
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	21,002	239,545	12,835
Equity issued in connection with settlement of management incentive program	0	245,647	0
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	866,760	722,643	320,329
Cash paid during the period for income taxes	107,570	62,007	104,864
Reportable legal entity
Cash flows from financing activities:
Proceeds from issuance of senior notes		499,010
Eliminations
Cash flows from operating activities:
Net income	(6,924)	(121,562)	(43,492)
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized (gains) losses on investments	(18,064)	107,137	(4,788)
Investments purchased	25,792	218,119	72,381
Proceeds from sale of investments	(115,583)	(8,775)	(121,494)
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	26,815	12,571	7,549
Due to/from affiliates	8,499	(19,717)	164,480
Other assets		0	(3,930)
Accrued compensation and benefits		0
Accounts payable, accrued expenses and other liabilities	11,363	(901)	(1,214)
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Net cash provided by (used in) operating activities	(174,102)	(227,227)	246,992
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	96,124	(197,643)	77,558
Effect of exchange rate changes	0
Net change in cash and cash equivalents	(77,978)	(424,870)	324,550
Cash and cash equivalents, beginning of period	(1,149,511)	(724,641)	(1,049,191)
Cash and cash equivalents, end of period	(1,227,489)	(1,149,511)	(724,641)
Consolidated Funds
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized (gains) losses on investments	(313,963)	(262,700)	(73,386)
Other (income) expense, net	(48,963)	(101,465)	(33,822)
Investments purchased	(5,927,444)	(8,847,856)	(9,434,029)
Proceeds from sale of investments	7,569,165	8,149,617	8,198,812
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	(77,978)	(424,870)	324,550
Net cash relinquished with deconsolidation of Consolidated Funds	(46,205)	(623)	0
Change in other assets and receivables held at Consolidated Funds	(49,774)	(20,247)	151,895
Change in other liabilities and payables held at Consolidated Funds	46,998	219,046	(733,417)
Cash flows from investing activities:
Acquisitions, net of cash acquired			(301,583)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	639,154	855,456	549,396
Distributions to non-controlling interests in Consolidated Funds	(124,021)	(101,128)	(178,291)
Redemptions of redeemable interests in Consolidated Funds	0	(1,045,874)	0
Borrowings under loan obligations by Consolidated Funds	359,351	1,387,297	1,140,680
Repayments under loan obligations by Consolidated Funds	(2,228,351)	(398,864)	(145,222)
Consolidated Funds  | Eliminations
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized (gains) losses on investments	(22,429)	(22,898)	13,901
Investments purchased		0	25,951
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Change in cash and cash equivalents held at Consolidated Funds	(77,978)	(424,870)	324,550
Change in other assets and receivables held at Consolidated Funds	(5,127)	33,669	(135,000)
Change in other liabilities and payables held at Consolidated Funds	(466)		0
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	(69,675)	(216,119)	(47,381)
Distributions to non-controlling interests in Consolidated Funds	26,449	18,476	124,939
Borrowings under loan obligations by Consolidated Funds			0
Repayments under loan obligations by Consolidated Funds			0
Ares Management L.P
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	352,851	255,965	200,391
Depreciation and amortization	158,578	231,712	341,341
Net realized and unrealized (gains) losses on investments	(21,463)	(90,737)	10,929
Other (income) expense, net	11,755	74	0
Investments purchased	(580,744)	(507,932)	(371,124)
Proceeds from sale of investments	683,638	206,163	182,493
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(188,174)	(48,858)	(20,612)
Due to/from affiliates	223,498	(220,421)	39,073
Other assets	(252,644)	21,532	(105,205)
Accrued compensation and benefits	(7,096)	20,383	200,769
Accounts payable, accrued expenses and other liabilities	148,384	27,864	(51,685)
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(91,509)	(67,183)	(35,796)
Acquisitions, net of cash acquired	(67,895)	(43,896)	(301,583)
Cash flows from financing activities:
Net proceeds from issuance of Series B mandatory convertible preferred stock	1,458,771	0	0
Net proceeds from issuance of Class A common stock	407,124	0	0
Proceeds from Credit Facility	1,210,000	1,410,000	1,380,000
Proceeds from issuance of senior notes	736,010	499,010	488,915
Repayments of Credit Facility	(2,105,000)	(1,215,000)	(1,095,000)
Repayment of senior notes	(250,000)	0	0
Dividends and distributions	(1,310,896)	(1,030,666)	(836,364)
Stock option exercises	1,511	85,959	21,205
Taxes paid related to net share settlement of equity awards	(227,532)	(157,007)	(201,311)
Other financing activities	2,285	2,943	4,055
Allocable to non-controlling interests in Consolidated Funds:
Cash and cash equivalents, beginning of period	348,274	389,987	343,655
Cash and cash equivalents, end of period	1,507,976	348,274	389,987
Supplemental disclosure of cash flow information:
Cash paid during the period for interest			320,329
Cash paid during the period for income taxes			104,864
Ares Management L.P | Reportable legal entity
Cash flows from operating activities:
Net income	814,963	885,796	319,582
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Equity compensation expense	352,851	255,965	200,391
Depreciation and amortization	158,578	231,712	341,341
Net realized and unrealized (gains) losses on investments	(3,399)	(197,874)	15,717
Other (income) expense, net	11,755	74
Investments purchased	(606,536)	(726,051)	(443,505)
Proceeds from sale of investments	799,221	214,938	303,987
Cash flows due to changes in operating assets and liabilities:
Net carried interest and incentive fees receivable	(214,989)	(61,429)	(28,161)
Due to/from affiliates	214,999	(200,704)	(125,407)
Other assets	(252,644)	21,532	(101,275)
Accrued compensation and benefits	(7,096)	20,383	200,769
Accounts payable, accrued expenses and other liabilities	137,021	28,765	(50,471)
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Net cash provided by (used in) operating activities	1,404,724	473,107	632,968
Cash flows from investing activities:
Purchase of furniture, equipment and leasehold improvements, net of disposals	(91,509)	(67,183)	(35,796)
Acquisitions, net of cash acquired	(67,895)	(43,896)
Net cash used in investing activities	(159,404)	(111,079)	(337,379)
Cash flows from financing activities:
Net proceeds from issuance of Series B mandatory convertible preferred stock	1,458,771
Net proceeds from issuance of Class A common stock	407,124
Proceeds from Credit Facility	1,210,000	1,410,000	1,380,000
Proceeds from issuance of senior notes	736,010
Repayments of Credit Facility	(2,105,000)	(1,215,000)	(1,095,000)
Repayment of senior notes	(250,000)
Dividends and distributions	(1,310,896)	(1,030,666)	(836,364)
Stock option exercises	1,511	85,959	21,205
Taxes paid related to net share settlement of equity awards	(227,532)	(157,007)	(201,311)
Other financing activities	2,285	2,943	4,055
Allocable to non-controlling interests in Consolidated Funds:
Net cash provided by (used in) financing activities	(77,727)	(404,761)	(238,500)
Effect of exchange rate changes	(7,892)	1,020	(10,757)
Net change in cash and cash equivalents	1,159,701	(41,713)	46,332
Cash and cash equivalents, beginning of period	348,274	389,987	343,655
Cash and cash equivalents, end of period	1,507,975	348,274	389,987
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	21,002	239,545	12,835
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	132,645	98,920	59,463
Cash paid during the period for income taxes	107,193	61,563	104,544
Ares Management L.P | Ares Operating Group | Reportable legal entity
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with settlement of management incentive program		245,647
Consolidated Funds | Reportable legal entity
Cash flows from operating activities:
Net income	302,696	395,858	162,825
Consolidated Funds | Consolidated Funds  | Reportable legal entity
Cash flows from operating activities:
Net income			162,825
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Net realized and unrealized (gains) losses on investments	(291,534)	(239,802)	(87,287)
Other (income) expense, net	(48,963)	(101,465)	(33,822)
Investments purchased	(5,927,444)	(8,847,856)	(9,408,078)
Proceeds from sale of investments	7,569,165	8,149,617	8,198,812
Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds:
Net cash relinquished with deconsolidation of Consolidated Funds	(46,205)	(623)
Change in other assets and receivables held at Consolidated Funds	(44,647)	(53,916)	286,895
Change in other liabilities and payables held at Consolidated Funds	47,464	219,046	(733,417)
Net cash provided by (used in) operating activities	1,560,532	(479,141)	(1,614,072)
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	569,479	1,071,575	596,777
Distributions to non-controlling interests in Consolidated Funds	(150,470)	(119,604)	(303,230)
Redemptions of redeemable interests in Consolidated Funds		(1,045,874)
Borrowings under loan obligations by Consolidated Funds	359,351	1,387,297	1,140,680
Repayments under loan obligations by Consolidated Funds	(2,228,351)	(398,864)	(145,222)
Net cash provided by (used in) financing activities	(1,449,991)	894,530	1,289,005
Effect of exchange rate changes	(32,562)	9,481	517
Net change in cash and cash equivalents	77,979	424,870	(324,550)
Cash and cash equivalents, beginning of period	1,149,511	724,641	1,049,191
Cash and cash equivalents, end of period	1,227,490	1,149,511	724,641
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	734,115	623,723	260,866
Cash paid during the period for income taxes	$ 377	$ 444	$ 320

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - $ / shares	1 Months Ended	3 Months Ended
	Feb. 24, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Subsequent events
Common stock dividends per share declared (in dollars per share)		$ 0.93	$ 0.93	$ 0.93	$ 0.93
Dividends per share (in dollars per shares)		$ 0.93	$ 0.93	$ 0.93	$ 0.93
Non-voting Common Stock | Subsequent event
Subsequent events
Common stock dividends per share declared (in dollars per share)	$ 1.12
Dividends per share (in dollars per shares)	1.12
Class A Common Stock | Subsequent event
Subsequent events
Common stock dividends per share declared (in dollars per share)	1.12
Dividends per share (in dollars per shares)	1.12
Series B Mandatory Convertible Preferred Stock | Subsequent event
Subsequent events
Dividends per share (in dollars per shares)	0.84375
Preferred stock dividends per share declared (in dollars per share)	$ 0.84375