v3.26.1
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities    
Net income $ 253,049 $ 123,501
Net cash provided by operating activities 406,515 1,994,203
Cash flows from investing activities    
Net cash used in investing activities (7,166) (1,744,690)
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Net cash used in financing activities (292,911) (1,177,727)
Effect of exchange rate changes (26,555) 38,774
Net change in cash and cash equivalents 79,883 (889,440)
Cash and cash equivalents, beginning of period 488,896  
Cash and cash equivalents, end of period 568,779 618,536
Supplemental disclosure of non-cash financing activities:    
Equity issued in connection with acquisition-related activities 15,997 1,657,881
Consolidated Funds     
Cash flows from operating activities    
Adjustments to reconcile net income to net cash provided (used in) by operating activities (351,911) 968,969
Cash flows due to changes in operating assets and liabilities allocable to redeemable and non-controlling interest in Consolidated Funds 197,833 363,694
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Contributions from redeemable and non-controlling interests in Consolidated Funds 337,686 89,080
Distributions to non-controlling interests in Consolidated Funds (79,832) (318,174)
Borrowings under loan obligations by Consolidated Funds 824,531 172,606
Repayments under loan obligations by Consolidated Funds (991,250) (1,264,886)
Ares Management L.P    
Cash flows from operating activities    
Adjustments to reconcile net income to net cash provided (used in) by operating activities 252,867 310,333
Cash flows due to changes in operating assets and liabilities 54,677 227,706
Cash flows from investing activities    
Purchase of furniture, equipment and leasehold improvements, net of disposals (15,643) (21,975)
Acquisitions, net of cash acquired 8,477 (1,722,715)
Cash flows from financing activities    
Proceeds from Credit Facility 505,000 1,125,000
Proceeds from Term Loan 399,415 0
Repayments of Credit Facility (460,000) (140,000)
Dividends and distributions  (522,752) (445,088)
Taxes paid related to net share settlement of equity awards (318,428) (396,722)
Other financing activities 12,719 457
Allocable to redeemable and non-controlling interests in Consolidated Funds:    
Cash and cash equivalents, beginning of period 488,896 1,507,976
Cash and cash equivalents, end of period $ 568,779 $ 618,536