v3.26.1
EQUITY AND REDEEMABLE INTEREST
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
EQUITY AND REDEEMABLE INTEREST
12. EQUITY AND REDEEMABLE INTEREST
Common Stock

The Company’s common stock consists of Class A, Class B, Class C and non-voting common stock, each $0.01 par value per share. The non-voting common stock has the same economic rights as the Class A common stock. The Class B common stock and Class C common stock are non-economic and holders are not entitled to dividends from the Company or to receive any assets of the Company in the event of any dissolution, liquidation or winding up of the Company. Ares Management GP LLC is the sole holder of the Class B common stock and Ares Voting LLC (“Ares Voting”) is the sole holder of the Class C common stock.
In February 2026, the Company’s board of directors authorized the renewal of the stock repurchase program that allows for the repurchase of up to $750.0 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 program is scheduled to expire in March 2027. Repurchases under the program, if any, will depend on the prevailing market conditions and other factors. During the three months ended March 31, 2026 and 2025, the Company did not repurchase any shares as part of the stock repurchase program.
The following table presents the changes in each class of common stock:

Class A Common StockNon-Voting Common StockClass B Common StockClass C Common StockTotal
Balance as of December 31, 2025218,465,429 3,489,911 1,000 105,079,121 327,035,461 
Issuance of common stock, net of unvested share forfeitures105,992 — — — 105,992 
Exchanges of common stock750,827 — — (750,827)— 
Vesting of restricted unit awards, net of shares withheld for tax2,639,448 — — — 2,639,448 
Balance as of March 31, 2026221,961,696 3,489,911 1,000 104,328,294 329,780,901 
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 March 31, 2026As of December 31, 2025Three months ended March 31,
AOG UnitsDirect Ownership InterestAOG UnitsDirect Ownership Interest20262025
Ares Management Corporation225,451,607 68.36%221,955,340 67.87%68.13%65.77%
Ares Owners Holdings, L.P.104,328,294 31.64105,079,121 32.1331.8734.23
Total329,779,901 100.00 %327,034,461 100.00 %

Preferred Stock

As of March 31, 2026 and December 31, 2025, 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%. 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. Unless converted earlier in accordance with its terms, each share of Series B mandatory convertible preferred stock will automatically convert on the mandatory conversion date into between 0.2717 and 0.3260 shares of the Company’s Class A common stock, in each case, subject to customary anti-dilution adjustments. The conversion rate that will apply to mandatory conversions will be determined based on the average of the daily volume-weighted average prices over the 20 consecutive trading days beginning on, and including, the 21st scheduled trading day immediately before October 1, 2027.
Holders of shares of Series B mandatory convertible preferred stock have the option to convert all or any portion of their shares of Series B mandatory convertible preferred stock at any time. The conversion rate applicable to any early conversion may in certain circumstances be increased to compensate holders of the Series B mandatory convertible preferred stock for certain unpaid accumulated dividends.
Redeemable Interest

The following table summarizes the activities associated with the redeemable interest in AOG entities:
Total
Balance as of December 31, 2024
$23,496 
Net income316 
Currency translation adjustment, net of tax198 
Distributions(300)
Balance as of March 31, 2025
23,710 
Net loss(274)
Currency translation adjustment, net of tax699 
Balance as of June 30, 2025
24,135 
Net income1,797 
Currency translation adjustment, net of tax(182)
Balance as of September 30, 2025
25,750 
Net loss(490)
Currency translation adjustment, net of tax36 
Balance as of December 31, 2025
25,296 
Net loss(1,113)
Currency translation adjustment, net of tax(7)
Distributions(297)
Balance as of March 31, 2026
$23,879 

The following table summarizes the activities associated with the redeemable interest in Consolidated Funds:
Total
Balance as of December 31, 2024$550,700 
Change in redemption value5,698 
Balance as of March 31, 2025556,398 
Redemptions from Class A ordinary shares of Ares Acquisition Corporation II (“AAC II”) (subsequently renamed to Kodiak AI, Inc. (Nasdaq: KDK))(7,143)
Change in redemption value8,795 
Balance as of June 30, 2025558,050 
Redemptions from Class A ordinary shares of AAC II(502,360)
Change in redemption value7,214 
Deconsolidation of AAC II(62,904)
Balance as of September 30, 2025
$— 

As of March 31, 2026 and December 31, 2025, there was no redeemable interest in Consolidated Funds.