CONSOLIDATION (Tables)

3 Months Ended

Mar. 31, 2026

Condensed Financial Information Disclosure [Abstract]

The Company’s interests in consolidated and non-consolidated VIEs, as presented within the Condensed Consolidated Statements of Financial Condition, its respective maximum exposure to loss relating to non-consolidated VIEs, and its net income attributable to non-controlling interests related to consolidated VIEs, as presented within the Condensed Consolidated Statements of Operations, are as follows:


	As of March 31,		As of December 31,

	2026		2025
Maximum exposure to loss attributable to the Company’s investment in non-consolidated VIEs	$	442,385	$	469,455
Maximum exposure to loss attributable to the Company’s investment in consolidated VIEs	1,363,147		1,346,592
Assets of consolidated VIEs	12,786,632		13,468,979
Liabilities of consolidated VIEs	8,556,436		9,354,024


	Three months ended March 31,
	2026		2025
Net income attributable to non-controlling interests related to consolidated VIEs	$	27,025	$	52,976

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 March 31, 2026
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	568,779	$	—	$	—	$	568,779
Investments (includes $4,029,460 of accrued carried interest)	6,997,871		—		(1,478,194)		5,519,677
Due from affiliates	1,364,027		—		(16,382)		1,347,645
Other assets	1,042,457		—		—		1,042,457
Right-of-use operating lease assets	564,572		—		—		564,572
Intangible assets, net	2,141,645		—		—		2,141,645
Goodwill	3,463,416		—		—		3,463,416
Assets of Consolidated Funds
Cash and cash equivalents	—		869,305		—		869,305

Investments, at fair value	—		12,709,020		—		12,709,020

Receivable for securities sold	—		95,079		—		95,079
Other assets	—		73,338		—		73,338
Total assets	$	16,142,767	$	13,746,742	$	(1,494,576)	$	28,394,933
Liabilities
Accounts payable, accrued expenses and other liabilities	$	1,231,541	$	—	$	(148)	$	1,231,393
Accrued compensation	422,524		—		—		422,524
Due to affiliates	796,802		—		—		796,802
Performance related compensation payable	3,018,340		—		—		3,018,340
Debt obligations	4,386,476		—		—		4,386,476

Operating lease liabilities	730,133		—		—		730,133
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		113,760		(756)		113,004
Due to affiliates	—		15,369		(15,369)		—
Payable for securities purchased	—		281,807		—		281,807
CLO loan obligations, at fair value	—		6,861,827		(63,017)		6,798,810
Fund borrowings	—		2,232,365		—		2,232,365
Total liabilities	10,585,816		9,505,128		(79,290)		20,011,654
Commitments and contingencies

Redeemable interest in Ares Operating Group entities	23,879		—		—		23,879
Non-controlling interest in Consolidated Funds	—		4,241,614		(1,264,923)		2,976,691
Non-controlling interest in Ares Operating Group entities	1,404,842		—		(47,568)		1,357,274
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)	1,460,030		—		—		1,460,030
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (221,961,696 shares issued and outstanding)	2,220		—		—		2,220
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 (104,328,294 shares issued and outstanding)	1,043		—		—		1,043
Additional paid-in-capital	4,307,484		—		(102,795)		4,204,689
Accumulated deficit	(1,656,571)		—		—		(1,656,571)
Accumulated other comprehensive income, net of tax	13,989		—		—		13,989
Total stockholders’ equity	4,128,230		—		(102,795)		4,025,435
Total equity	5,533,072		4,241,614		(1,415,286)		8,359,400
Total liabilities, redeemable interest, non-controlling interests and equity	$	16,142,767	$	13,746,742	$	(1,494,576)	$	28,394,933


	As of December 31, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Assets
Cash and cash equivalents	$	488,896	$	—	$	—	$	488,896
Investments (includes $3,972,748 of accrued carried interest)	6,940,314		—		(1,431,867)		5,508,447
Due from affiliates	1,446,083		—		(25,865)		1,420,218
Other assets	1,032,138		—		—		1,032,138
Right-of-use operating lease assets	517,351		—		—		517,351
Intangible assets, net	2,115,830		—		—		2,115,830
Goodwill	3,454,107		—		—		3,454,107
Assets of Consolidated Funds
Cash and cash equivalents	—		959,088		—		959,088

Investments, at fair value	—		12,844,886		—		12,844,886

Receivable for securities sold	—		228,442		—		228,442
Other assets	—		63,966		—		63,966
Total assets	$	15,994,719	$	14,096,382	$	(1,457,732)	$	28,633,369
Liabilities
Accounts payable, accrued expenses and other liabilities	$	1,204,618	$	—	$	(151)	$	1,204,467
Accrued compensation	472,978		—		—		472,978
Due to affiliates	810,409		—		—		810,409
Performance related compensation payable	2,951,333		—		—		2,951,333
Debt obligations	3,941,415		—		—		3,941,415
Operating lease liabilities	669,999		—		—		669,999
Liabilities of Consolidated Funds
Accounts payable, accrued expenses and other liabilities	—		105,722		(585)		105,137
Due to affiliates	—		25,021		(25,021)		—
Payable for securities purchased	—		165,391		—		165,391
CLO loan obligations, at fair value	—		7,424,717		(65,645)		7,359,072
Fund borrowings	—		2,251,780		—		2,251,780
Total liabilities	10,050,752		9,972,631		(91,402)		19,931,981
Commitments and contingencies

Redeemable interest in Ares Operating Group entities	25,296		—		—		25,296
Non-controlling interest in Consolidated Funds	—		4,123,751		(1,219,893)		2,903,858
Non-controlling interest in Ares Operating Group entities	1,543,823		—		(47,052)		1,496,771
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)	1,460,030		—		—		1,460,030
Class A common stock, $0.01 par value, 1,500,000,000 shares authorized (218,465,429 shares issued and outstanding)	2,185		—		—		2,185
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 (105,079,121 shares issued and outstanding)	1,051		—		—		1,051
Additional paid-in-capital	4,342,063		—		(99,385)		4,242,678
Accumulated deficit	(1,452,259)		—		—		(1,452,259)
Accumulated other comprehensive income, net of tax	21,743		—		—		21,743
Total stockholders’ equity	4,374,848		—		(99,385)		4,275,463
Total equity	5,918,671		4,123,751		(1,366,330)		8,676,092
Total liabilities, redeemable interest, non-controlling interests and equity	$	15,994,719	$	14,096,382	$	(1,457,732)	$	28,633,369

Schedule of Results from Operations


	Three months ended March 31, 2026
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	1,011,040	$	—	$	(21,513)	$	989,527
Carried interest allocation	162,749		—		(16,118)		146,631
Incentive fees	161,934		—		—		161,934
Principal investment income	29,012		—		(28,535)		477
Administrative, transaction and other fees	97,950		—		(83)		97,867
Total revenues	1,462,685		—		(66,249)		1,396,436
Expenses
Compensation and benefits	692,407		—		—		692,407
Performance related compensation	228,336		—		—		228,336
General, administrative and other expenses	240,437		—		—		240,437
Expenses of the Consolidated Funds	—		28,878		(21,595)		7,283
Total expenses	1,161,180		28,878		(21,595)		1,168,463
Other income (expense)
Net realized and unrealized gains (losses) on investments	(2,842)		—		6,231		3,389
Interest and dividend income	7,099		—		—		7,099
Interest expense	(50,760)		—		—		(50,760)
Other income, net	24,495		—		65		24,560
Net realized and unrealized gains on investments of the Consolidated Funds	—		139,908		(5,892)		134,016
Interest and other income of the Consolidated Funds	—		105,445		—		105,445
Interest expense of the Consolidated Funds	—		(138,633)		(168)		(138,801)
Total other income (expense), net	(22,008)		106,720		236		84,948
Income before taxes	279,497		77,842		(44,418)		312,921
Income tax expense	56,095		3,777		—		59,872
Net income	223,402		74,065		(44,418)		253,049
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		74,065		(44,418)		29,647
Net income attributable to Ares Operating Group entities	223,402		—		—		223,402
Less: Net loss attributable to redeemable interest in Ares Operating Group entities	(1,113)		—		—		(1,113)
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	81,926		—		—		81,926
Net income attributable to Ares Management Corporation	142,589		—		—		142,589
Less: Series B mandatory convertible preferred stock dividends declared	25,313		—		—		25,313
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	117,276	$	—	$	—	$	117,276


	Three months ended March 31, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Revenues
Management fees	$	826,881	$	—	$	(9,894)	$	816,987
Carried interest allocation	165,126		—		(5,118)		160,008
Incentive fees	32,058		—		(10)		32,048
Principal investment income	26,839		—		(4,841)		21,998
Administrative, transaction and other fees	57,888		—		(124)		57,764
Total revenues	1,108,792		—		(19,987)		1,088,805
Expenses
Compensation and benefits	657,125		—		—		657,125
Performance related compensation	122,633		—		—		122,633
General, administrative and other expenses	227,914		—		—		227,914
Expenses of the Consolidated Funds	—		16,684		(10,028)		6,656
Total expenses	1,007,672		16,684		(10,028)		1,014,328
Other income (expense)
Net realized and unrealized gains on investments	10,631		—		(10,363)		268
Interest and dividend income	18,203		—		(547)		17,656
Interest expense	(36,387)		—		—		(36,387)
Other expense, net	(10,508)		—		(206)		(10,714)
Net realized and unrealized gains on investments of the Consolidated Funds	—		83,727		4,679		88,406
Interest and other income of the Consolidated Funds	—		160,072		—		160,072
Interest expense of the Consolidated Funds	—		(157,377)		4,637		(152,740)
Total other income (expense), net	(18,061)		86,422		(1,800)		66,561
Income before taxes	83,059		69,738		(11,759)		141,038
Income tax expense	15,535		2,002		—		17,537
Net income	67,524		67,736		(11,759)		123,501
Less: Net income attributable to non-controlling interests in Consolidated Funds	—		67,736		(11,759)		55,977
Net income attributable to Ares Operating Group entities	67,524		—		—		67,524
Less: Net income attributable to redeemable interest in Ares Operating Group entities	316		—		—		316
Less: Net income attributable to non-controlling interests in Ares Operating Group entities	20,038		—		—		20,038
Net income attributable to Ares Management Corporation	47,170		—		—		47,170
Less: Series B mandatory convertible preferred stock dividends declared	25,313		—		—		25,313
Net income attributable to Ares Management Corporation Class A and non-voting common stockholders	$	21,857	$	—	$	—	$	21,857

Schedule of Cash Flows


	Three months ended March 31, 2026
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities
Net income	$	223,402	$	74,065	$	(44,418)	$	253,049
Adjustments to reconcile net income to net cash provided by (used in) operating activities	236,257		—		16,610		252,867







Adjustments to reconcile net income to net cash provided by (used in) operating activities allocable to non-controlling interests in Consolidated Funds	—		(357,804)		5,893		(351,911)




Cash flows due to changes in operating assets and liabilities	34,441		—		20,236		54,677





Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds	—		101,833		96,000		197,833




Net cash provided by (used in) operating activities	494,100		(181,906)		94,321		406,515
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals	(15,643)		—		—		(15,643)
Acquisitions, net of cash acquired	8,477		—		—		8,477
Net cash used in investing activities	(7,166)		—		—		(7,166)
Cash flows from financing activities


Proceeds from Credit Facility	505,000		—		—		505,000
Proceeds from Term Loan	399,415		—		—		399,415

Repayments of Credit Facility	(460,000)		—		—		(460,000)


Dividends and distributions	(522,752)		—		—		(522,752)



Taxes paid related to net share settlement of equity awards	(318,428)		—		—		(318,428)
Other financing activities	12,719		—		—		12,719
Allocable to redeemable and non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		344,448		(6,762)		337,686
Distributions to non-controlling interests in Consolidated Funds	—		(82,056)		2,224		(79,832)

Borrowings under loan obligations by Consolidated Funds	—		824,531		—		824,531
Repayments under loan obligations by Consolidated Funds	—		(991,250)		—		(991,250)
Net cash provided by (used in) financing activities	(384,046)		95,673		(4,538)		(292,911)
Effect of exchange rate changes	(23,005)		(3,550)		—		(26,555)
Net change in cash and cash equivalents	79,883		(89,783)		89,783		79,883
Cash and cash equivalents, beginning of period	488,896		959,088		(959,088)		488,896
Cash and cash equivalents, end of period	$	568,779	$	869,305	$	(869,305)	$	568,779
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	$	15,997	$	—	$	—	$	15,997


	Three months ended March 31, 2025
	Consolidated Company Entities		Consolidated Funds		Eliminations		Consolidated
Cash flows from operating activities
Net income	$	67,524	$	67,736	$	(11,759)	$	123,501
Adjustments to reconcile net income to net cash provided by operating activities	267,697		—		42,636		310,333







Adjustments to reconcile net income to net cash provided by operating activities allocable to non-controlling interests in Consolidated Funds	—		980,313		(11,344)		968,969





Cash flows due to changes in operating assets and liabilities	372,073		—		(144,367)		227,706





Cash flows due to changes in operating assets and liabilities allocable to non-controlling interest in Consolidated Funds	—		164,586		199,108		363,694




Net cash provided by operating activities	707,294		1,212,635		74,274		1,994,203
Cash flows from investing activities
Purchase of furniture, equipment and leasehold improvements, net of disposals	(21,975)		—		—		(21,975)
Acquisitions, net of cash acquired	(1,722,715)		—		—		(1,722,715)
Net cash used in investing activities	(1,744,690)		—		—		(1,744,690)
Cash flows from financing activities


Proceeds from Credit Facility	1,125,000		—		—		1,125,000


Repayments of Credit Facility	(140,000)		—		—		(140,000)


Dividends and distributions	(445,088)		—		—		(445,088)




Taxes paid related to net share settlement of equity awards	(396,722)		—		—		(396,722)
Other financing activities	457		—		—		457
Allocable to non-controlling interests in Consolidated Funds:
Contributions from redeemable and non-controlling interests in Consolidated Funds	—		123,707		(34,627)		89,080
Distributions to non-controlling interests in Consolidated Funds	—		(321,741)		3,567		(318,174)

Borrowings under loan obligations by Consolidated Funds	—		172,606		—		172,606
Repayments under loan obligations by Consolidated Funds	—		(1,264,886)		—		(1,264,886)
Net cash provided by (used in) financing activities	143,647		(1,290,314)		(31,060)		(1,177,727)
Effect of exchange rate changes	4,309		34,465		—		38,774
Net change in cash and cash equivalents	(889,440)		(43,214)		43,214		(889,440)
Cash and cash equivalents, beginning of period	1,507,976		1,227,489		(1,227,489)		1,507,976
Cash and cash equivalents, end of period	$	618,536	$	1,184,275	$	(1,184,275)	$	618,536
Supplemental disclosure of non-cash financing activities:
Equity issued in connection with acquisition-related activities	$	1,657,881	$	—	$	—	$	1,657,881

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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